Document:

EX-10.11

 Exhibit 10.11 

Execution Version 

LICENSE AGREEMENT 

between 
 MEDIMMUNE
LIMITED 
 and 

PHASEBIO PHARMACEUTICALS, INC. 

Dated as of November 21, 2017 
  

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	 DEFINITIONS
	  	 	1	 
			
	 ARTICLE 2
	 	 GRANT OF RIGHTS
	  	 	22	 
			
	 2.1.
	 	 Grants to Licensee
	  	 	22	 
	 2.2.
	 	 Grants to MedImmune
	  	 	23	 
	 2.3.
	 	 Sublicenses
	  	 	23	 
	 2.4.
	 	 Retention of Rights; Limitations Applicable to License Grants
	  	 	26	 
	 2.5.
	 	 Exclusivity
	  	 	28	 
	 2.6.
	 	 Trademark License Agreement
	  	 	29	 
			
	 ARTICLE 3
	 	 MANUFACTURING, DEVELOPMENT, REGULATORY AND COMMERCIALIZATION ACTIVITIES
	  	 	30	 
			
	 3.1.
	 	 Technical Services
	  	 	30	 
	 3.2.
	 	 Manufacturing
	  	 	30	 
	 3.3.
	 	 Development
	  	 	32	 
	 3.4.
	 	 Regulatory Activities
	  	 	32	 
	 3.5.
	 	 Commercialization
	  	 	34	 
	 3.6.
	 	 Statements and Compliance with Applicable Law
	  	 	38	 
	 3.7.
	 	 Markings
	  	 	41	 
	 3.8.
	 	 Subcontracting
	  	 	42	 
	 3.9.
	 	 Alliance Managers
	  	 	42	 
	 3.10.
	 	 Product Positioning Principles
	  	 	42	 
			
	 ARTICLE 4
	 	 PAYMENTS AND RECORDS
	  	 	43	 
			
	 4.1.
	 	 Upfront Payment
	  	 	43	 
	 4.2.
	 	 [***] Fee
	  	 	43	 
	 4.3.
	 	 Technical Services Costs
	  	 	43	 
	 4.4.
	 	 Milestones
	  	 	44	 
	 4.5.
	 	 Royalties
	  	 	46	 
	 4.6.
	 	 Royalty Payments and Reports
	  	 	47	 
	 4.7.
	 	 Mode of Payment; Offsets
	  	 	48	 
	 4.8.
	 	 Taxes
	  	 	48	 
	 4.9.
	 	 Interest on Late Payments
	  	 	49	 
	 4.10.
	 	 Financial Records
	  	 	50	 
	 4.11.
	 	 Audit
	  	 	50	 
	 4.12.
	 	 Audit Dispute
	  	 	50	 

  

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 5
	 	 INTELLECTUAL PROPERTY
	  	 	51	 
			
	 5.1.
	 	 Ownership of Intellectual Property
	  	 	51	 
	 5.2.
	 	 Maintenance and Prosecution of Patents
	  	 	54	 
	 5.3.
	 	 Enforcement of Patents
	  	 	57	 
	 5.4.
	 	 Infringement Claims by Third Parties
	  	 	62	 
	 5.5.
	 	 Invalidity or Unenforceability Defenses or Actions
	  	 	63	 
	 5.6.
	 	 Product Trademarks
	  	 	64	 
	 5.7.
	 	 Corporate Names, Licensed Trademarks and Product Trademarks
	  	 	65	 
			
	 ARTICLE 6
	 	 CONFIDENTIALITY AND NON-DISCLOSURE
	  	 	66	 
			
	 6.1.
	 	 Confidentiality Obligations
	  	 	66	 
	 6.2.
	 	 Permitted Disclosures
	  	 	67	 
	 6.3.
	 	 Use of Name
	  	 	70	 
	 6.4.
	 	 Public Announcements
	  	 	70	 
	 6.5.
	 	 Publications
	  	 	72	 
	 6.6.
	 	 Securities Laws
	  	 	72	 
	 6.7.
	 	 Return of Confidential Information
	  	 	73	 
			
	 ARTICLE 7
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	73	 
			
	 7.1.
	 	 Mutual Representations and Warranties
	  	 	73	 
	 7.2.
	 	 Additional Representations and Warranties of MedImmune
	  	 	74	 
	 7.3.
	 	 DISCLAIMER OF WARRANTIES
	  	 	75	 
	 7.4.
	 	 Anti-Bribery and Anti-Corruption Compliance
	  	 	75	 
			
	 ARTICLE 8
	 	 INDEMNITY
	  	 	75	 
			
	 8.1.
	 	 Indemnification of MedImmune
	  	 	75	 
	 8.2.
	 	 Indemnification of Licensee
	  	 	76	 
	 8.3.
	 	 Indemnification Procedures
	  	 	76	 
	 8.4.
	 	 Special, Indirect and Other Losses
	  	 	78	 
	 8.5.
	 	 Insurance
	  	 	78	 
			
	 ARTICLE 9
	 	 TERM AND TERMINATION
	  	 	78	 
			
	 9.1.
	 	 Term and Expiration
	  	 	78	 
	 9.2.
	 	 Termination
	  	 	79	 
	 9.3.
	 	 Rights in Bankruptcy
	  	 	84	 

  

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

ii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 9.4.
	 	 Consequences of Termination
	  	 	85	 
	 9.5.
	 	 Remedies
	  	 	97	 
	 9.6.
	 	 Accrued Rights; Surviving Obligations
	  	 	97	 
			
	 ARTICLE 10
	 	 MISCELLANEOUS
	  	 	99	 
			
	 10.1.
	 	 Force Majeure
	  	 	99	 
	 10.2.
	 	 Export Control
	  	 	99	 
	 10.3.
	 	 Assignment
	  	 	99	 
	 10.4.
	 	 Certain Transactions Involving MedImmune and its Affiliates
	  	 	100	 
	 10.5.
	 	 Severability
	  	 	101	 
	 10.6.
	 	 Dispute Resolution
	  	 	102	 
	 10.7.
	 	 Expedited Determination of Royalty Rate
	  	 	103	 
	 10.8.
	 	 Governing Law, Jurisdiction and Service
	  	 	104	 
	 10.9.
	 	 Notices
	  	 	105	 
	 10.10.
	 	 Entire Agreement; Amendments
	  	 	106	 
	 10.11.
	 	 English Language
	  	 	107	 
	 10.12.
	 	 Equitable Relief
	  	 	107	 
	 10.13.
	 	 Waiver and Non-Exclusion of Remedies
	  	 	107	 
	 10.14.
	 	 No Benefit to Third Parties
	  	 	107	 
	 10.15.
	 	 Further Assurance
	  	 	107	 
	 10.16.
	 	 Relationship of the Parties
	  	 	108	 
	 10.17.
	 	 References
	  	 	108	 
	 10.18.
	 	 Construction
	  	 	108	 
	 10.19.
	 	 Counterparts
	  	 	108	 

  

			
	SCHEDULES	  	
		
	Schedule 1.46	  	Emerging Market Countries
	Schedule 1.79	  	Licensed Know-How
	Schedule 1.80	  	Licensed Patents
	Schedule 1.85	  	Licensee Corporate Names
	Schedule 1.96	  	MEDI2452
	Schedule 1.98	  	MedImmune Corporate Names
	Schedule 3.1.1	  	Technical Transfer Documents
	Schedule 3.1.2(a)	  	Transferred Inventory
	Schedule 3.1.2(b)	  	GLP Samples
	Schedule 3.1.4	  	IND Deliverables

  

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

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 TABLE OF CONTENTS 

 

			
	 	  	Page
	Schedule 3.3.1(d)	  	Supply of Ticagrelor Active Metabolite ([***])
	Schedule 3.4.1(b)	  	Existing Regulatory Documentation
	Schedule 3.4.4(e)	  	Serious Adverse Event Reporting Timelines

  

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

iv 

 LICENSE AGREEMENT 

This License Agreement (this “Agreement”) is made and entered into as of November 21, 2017 (the
“Effective Date”) by and between MedImmune Limited, a limited liability company formed under the laws of the United Kingdom having a place of business at Milstein Building, Granta Park, Cambridge CB21 6GH, United Kingdom
(“MedImmune”) and PhaseBio Pharmaceuticals, Inc., a corporation formed under the laws of Delaware having its place of business at 1 Great Valley Parkway, Suite 30, Malvern, Pennsylvania 19355, United States
(“Licensee”). MedImmune and Licensee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

Recitals 
 WHEREAS,
MedImmune owns or controls certain intellectual property rights with respect to MEDI2452 (as defined herein) and Licensed Products (as defined herein) in the Territory (as defined herein); and 

WHEREAS, MedImmune wishes to grant to Licensee, and Licensee wishes to take, a license under such intellectual property rights to
develop and commercialize Licensed Products in the Field in the Territory, in each case in accordance with the terms and conditions set forth below. 

NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Unless otherwise specifically provided herein, the following terms shall have the following meanings: 

1.1. “AAA” has the meaning set forth in Section 10.6.3. 

1.2. “Acceptance” means, with respect to a Drug Approval Application, that the applicable Regulatory Authority has
accepted such Drug Approval Application for substantive review as evidenced by Licensee’s receipt of notice from such Regulatory Authority of such acceptance or other evidence that such Regulatory Authority has commenced its substantive review
of such Drug Approval Application. 
 1.3. “Additional Compound” means any anti-ticagrelor antibody or antibody
fragment other than MEDI2452: that is either (a) covered or claimed by the Licensed Patents or 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
(b) a Derivative, excluding in each case any Excluded Compound. For clarity, an Additional Compound excludes the Ticagrelor Compound and any AstraZeneca Product. 

1.4. “Affiliate” means, with respect to a Person, any Person that, directly or indirectly, through one (1) or more
intermediaries, controls, is controlled by or is under common control with such first Person at any time for so long as such Person controls, is controlled by or is under common control with such first Person. For purposes of this definition,
“control” and, with correlative meanings, the terms “controlled by” and “under common control with” means: (a) the possession, directly or indirectly, of the power to direct the management or policies of a business
entity, whether through the ownership of voting securities, by contract relating to voting rights or corporate governance or otherwise; or (b) the ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities or
other ownership interests of a business entity (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity). 

1.5. “Agreement” has the meaning set forth in the preamble hereto. 

1.6. “Alliance Manager” has the meaning set forth in Section 3.9. 

1.7. “Anti-Corruption Laws” means the U.S. Foreign Corrupt Practices Act, as amended, the UK Bribery Act 2010, as
amended, and any other applicable anti-corruption laws and laws for the prevention of fraud, racketeering, money laundering or terrorism. 

1.8. “Applicable Law” means applicable laws, rules and regulations, including any rules, regulations, guidelines or
other requirements of the Regulatory Authorities, that may be in effect from time to time, including the FFDCA, the PHSA and the Anti-Corruption Laws. 

1.9. “Approved Product Positioning Principles” has the meaning set forth in Section 3.10. 

1.10. “Arbitration Notice” has the meaning set forth in Section 10.6.2. 

1.11. “Arbitrators” has the meaning set forth in Section 10.6.3. 

1.12. “Assigned Regulatory Documentation” has the meaning set forth in Section 3.4.1(b). 

1.13. “AstraZeneca Product” means any drug product containing the Ticagrelor Compound, including any such products
sold, offered for sale or distributed by MedImmune or any of its Affiliates, licensees or successors-in-interest. 

1.14. “AstraZeneca Product Improvements” means any invention, discovery, development or modification with respect to
the AstraZeneca Product or relating to the Exploitation thereof, whether or not patented or patentable, including any enhancement in the 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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efficiency, operation, manufacture, ingredients, preparation, presentation, formulation, means of delivery or dosage of the AstraZeneca Product, any discovery or development of any new or
expanded methods of treatment, use or indications for the AstraZeneca Product or any discovery or development that improves the stability, safety or efficacy of the AstraZeneca Product, in each case that are conceived, discovered, developed or
otherwise made by or on behalf of one or both of the Parties or their Affiliates, or in the case of Licensee or its Affiliates, its or their Sublicensees (including by its or their Third Party contractors) under or in connection with this Agreement
or the conduct of any activities hereunder, including in the case of Licensee or its Affiliates or any of its or their Sublicensees (or its or their Third Party contractors), in connection with any Exploitation of any Licensed Compound or Licensed
Product. 
 1.15. “AstraZeneca Product Know-How” means: (a) to the
extent owned or controlled by MedImmune or any of its Affiliates, Information related to the AstraZeneca Product or AstraZeneca Product Improvements or the Exploitation thereof; and (b) Information related to the AstraZeneca Product or
AstraZeneca Product Improvements or the Exploitation thereof that, in each case, is generated by or on behalf of Licensee or its Affiliates or any of its or their Sublicensees, in connection with any Exploitation of any Licensed Compound or Licensed
Product, other than any such Information that: (i) has been published by MedImmune or any of its Affiliates and is not claimed by a Valid Claim of a Patent owned or controlled by MedImmune or any of its Affiliates; or (ii) has been
published by a Third Party (other than a Sublicensee) that did not receive such Information directly or indirectly from Licensee or any of its Affiliates or Sublicensees and did not generate such Information on behalf of Licensee or any of its
Affiliates or Sublicensees. 
 1.16. “AstraZeneca Product Patents” means any Patent that claims AstraZeneca Product Know-How or otherwise claims any AstraZeneca Product Improvement or the Exploitation thereof. 
 1.17.
“AstraZeneca Product References” means any and all references to, mentions of or claims with respect to the AstraZeneca Product (including any and all references to, mentions of or claims with respect to the Ticagrelor
Compound). 
 1.18. “Auditor” has the meaning set forth in Section 4.11. 

1.19. “Biosimilar Filer” has the meaning set forth in Section 5.3.8. 

1.20. “Biosimilar Product” means, with respect to a particular Licensed Product in a particular country in the
Territory, any pharmaceutical product that (a) is claimed to be interchangeable with such Licensed Product or otherwise references or relies on the prior approval (or the safety or efficacy data submitted in support of the prior approval) of
such Licensed Product to support a Drug Approval Application submitted under Section 351(k) of the PHSA or any corresponding foreign application in the Territory; (b) is approved for sale for at least one indication that is the same as an
indication for which the License Product is approved 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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for sale in such country; and (c) is sold in such country by a Third Party that is not a direct or indirect sublicensee of Licensee or its Affiliates. 

1.21. “BLA” means a biologics license application (within the meaning of 21 C.F.R. 601.2) filed with the FDA
seeking Regulatory Approval to market and sell any Licensed Product as a biologic in the United States. 
 1.22. “BPCI
Act” means the Biologics Price Competition and Innovation Act of 2009, Public Law 111-148, title VII, subtitle A, as may be amended from time to time, together with any rules, regulations and
requirements promulgated thereunder (including all additions, supplements, extensions and modifications thereto). 
 1.23.
“Breaching Party” has the meaning set forth in Section 9.2.1(a). 
 1.24. “Brilinta Competing
Product” means any P2Y12 receptor antagonist, other than the AstraZeneca Product or Generic Ticagrelor Product. 
 1.25.
“Business Day” means a day other than a Saturday or Sunday or a day on which banking institutions in New York, New York, United States, London, United Kingdom or Mölndal, Sweden are permitted or required to be closed. 

1.26. “Calendar Quarter” means each successive period of three (3) calendar months commencing on January 1,
April 1, July 1 and October 1, except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the day immediately prior to the first to occur of January 1, April 1, July 1 or
October 1 after the Effective Date and the last Calendar Quarter shall end on the last day of the Term. 
 1.27.
“Calendar Year” means each successive period of twelve (12) calendar months commencing on January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date
and end on December 31 of the year in which the Effective Date occurs and the last Calendar Year of the Term shall commence on January 1 of the year in which the Term ends and end on the last day of the Term. 

1.28. “Combination Product” means a pharmaceutical product that is comprised of or contains a Licensed Compound as an
active ingredient together with one (1) or more other active ingredients and is sold either as a fixed dose/unit or as separate doses/units in a single package. 

1.29. “Commercialization” means, in respect of a Licensed Compound or Licensed Product, any and all activities directed
to the preparation for sale of, offering for sale of or sale of such product, including activities related to marketing, promoting, distributing and importing such product and interacting with Regulatory Authorities regarding any of the foregoing.
When used as a verb, “to Commercialize” and “Commercializing” means to engage in Commercialization and “Commercialized” has a corresponding meaning. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 4 

 1.30. “Commercialization Dispute” has the meaning set forth in
Section 3.5.7. 
 1.31. “Commercialization Plan” has the meaning set forth in Section 3.5.4. 

1.32. “Commercially Reasonable Efforts” means, with respect to the performance of Development, Manufacturing or
Commercialization activities with respect to a Licensed Compound or a Licensed Product by Licensee, the carrying out of such activities in a sustained and diligent manner and using efforts and resources comparable to the efforts and resources
commonly used by biopharmaceutical companies of a size and with resources or access to resources similar to that of Licensee, for high-priority compounds or products of such companies at a similar stage in development or product life, taking into
account issues of patent coverage, measures of relative safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of such Licensed Product, the regulatory structure involved and other relevant technical,
legal, scientific and medical considerations. With respect to efforts to Commercialize a Licensed Product, “Commercially Reasonable Efforts” shall be determined on a
Market-by-Market basis, without regard to the particular circumstances of Licensee, including any other product opportunities of Licensee and without regard to any
payments owed by Licensee to MedImmune under this Agreement; provided, however, that in determining whether Licensee is using Commercially Reasonable Efforts to Commercialize a Licensed Product in Canada or Mexico, it is appropriate to
consider the effect that the Commercialization of such Licensed Product in Canada or Mexico reasonably could have on the Commercialization of such Licensed Product in the United States (including the establishment of government-approved pricing for
such Licensed Product). 
 1.33. “Commercial Viability Issue” means, with respect to the Licensed Products in each of
the United States, the EU Market and China, the existence of objective circumstances arising after the Effective Date with respect to such Market (other than a Safety/Efficacy Issue), as a result of which a company in the biopharmaceutical industry
would reasonably be expected to elect not to continue to fund or conduct the development or commercialization of the Licensed Products for such Market in light of the overall business case with respect to the Licensed Products in such Market, taking
into account relevant commercial factors, including the additional time and Development costs required to obtain or maintain Regulatory Approval in such Market, the product profile, the competitiveness of the marketplace and the proprietary position
of the Licensed Products and other commercial factors customarily considered in a business case analysis (e.g., forecasted sales volumes, net selling price per unit, cost of goods per unit, commercialization costs and other data indicating
anticipated revenues in such Market or country, as applicable (including, with respect to the EU Market, for each Major European Market)). 

1.34. “Competing Product” means any agent intended to neutralize, abrogate or reverse the antiplatelet activity of the
Ticagrelor Compound. 
 1.35. “Confidential Information” has the meaning set forth in Section 6.1. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 5 

 1.36. “Control” means, with respect to any item of Information,
Regulatory Documentation, material, Patent or other intellectual property right, and subject to Section 10.3, possession by a Person of the right, whether directly or indirectly and whether by ownership, license or otherwise (other than by
virtue of any license granted to a Party pursuant to this Agreement), to grant a license, sublicense or other right (including the right to reference Regulatory Documentation) to or under such Information, Regulatory Documentation, material, Patent
or other intellectual property right as provided for herein without violating the terms of any agreement with any Third Party. 
 1.37.
“Derivative” means, provided that the conditions set forth in Section 2.4.4(a) or Section 2.4.4(b) are and continue to be satisfied, an anti-ticagrelor antibody or antibody fragment that satisfies the following
conditions ((a) and (b)): (a) directly or indirectly, in whole or in part, uses or otherwise relates to, or modifies or is otherwise derived from, (i) MEDI2452, (ii) any anti-ticagrelor antibody or antibody fragment covered or claimed
by the Licensed Patents, or (iii) any Licensed Know-How, and (b) is conceived or discovered by or on behalf of Licensee or any of its Affiliates or Sublicensees in the course or as a result of
activities conducted pursuant to, and in accordance with the terms and conditions of, this Agreement. 
 1.38.
“Development” means, in respect of a Licensed Compound or Licensed Product, all activities related to research, pre-clinical and other non-clinical
testing, test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, qualification and validation, quality assurance/quality control, clinical studies,
including Manufacturing in support thereof, statistical analysis and report writing, the preparation and submission of Drug Approval Applications, regulatory affairs with respect to the foregoing and all other activities necessary or reasonably
useful or otherwise requested or required by a Regulatory Authority as a condition or in support of obtaining or maintaining a Regulatory Approval for such Licensed Compound or Licensed Product. When used as a verb, “Develop” means
to engage in Development. 
 1.39. “Development Plan” has the meaning set forth in Section 3.3.3. 

1.40. “Dispute” has the meaning set forth in Section 10.6.1. 

1.41. “Dispute Auditor” has the meaning set forth in Section 4.12. 

1.42. “Dollars” or “$” means United States Dollars. 

1.43. “Drug Approval Application” means a BLA or any corresponding foreign application in the Territory, including,
with respect to a country in the European Union, a marketing authorization application filed with the EMA pursuant to the centralized approval procedure or with the applicable Regulatory Authority of a country in the European Union with respect to
the mutual recognition or any other national approval. 
 1.44. “Effective Date” has the meaning set forth in the
preamble hereto. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 6 

 1.45. “EMA” means the European Medicines Agency and any successor
agency thereto. 
 1.46. “Emerging Market Country” means each country set forth on
Schedule 1.46. 
 1.47. “EU Market” means all countries in the European Union taken as a
whole. 
 1.48. “European Union” means the economic, scientific and political organization of European Union member
states as it may be constituted from time to time, specifically including any territory that was a European Union member state as of the Effective Date, whether or not such territory is a participating member as of the applicable time. 

1.49. “Excluded Compound” has the meaning set forth in Section 2.4.4(c). 

1.50. “Excluded Distributor” means a Third Party distributor of Licensed Product appointed or contracted by Licensee or
any of its Affiliates or any of its or their respective Sublicensees in a particular country of the Territory, in circumstances where such Third Party purchases its requirements of Licensed Product from Licensee or its Affiliates or any of its or
their respective Sublicensees, which Third Party distributor either: (a) has no royalty or other payment obligation to Licensee or any of its Affiliates or any of its or their respective Sublicensees that is calculated based on amounts invoiced
or received by or on behalf of such Third Party distributor (or any of its Affiliates) for sales of Licensed Product in such country; or (b) does not take title to Licensed Product, does not invoice Licensed Product sales to Third Party
customers in such country, and is responsible only for inventory management and distribution on behalf of Licensee or any of its Affiliates or any of its or their respective Sublicensees in such country. 

1.51. “Exclusive Period” means, subject to Section 9.4.2(j), Section 9.4.3(j) and Section 10.4.2,
(a) in the case of the conduct of human clinical trials with respect to a Competing Product, the period of five (5) years beginning on the Effective Date, and (b) in the case of the sale or offer for sale of a Competing Product, the
period of seven (7) years beginning on the Effective Date. 
 1.52. “Exploit” means, in respect of a compound or
product, to use, sell, have sold or offer for sale, including to develop (including Develop), make, have made, manufacture (including Manufacture and have Manufactured), commercialize (including Commercialize), register, hold or keep (whether for
disposal or otherwise), have used, import, export, transport, distribute, promote, market or have sold or otherwise dispose of such compound or product. “Exploitation” means the act of Exploiting a compound or product. 

1.53. “FDA” means the United States Food and Drug Administration and any successor agency thereto. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.54. “FFDCA” means the United States Food, Drug, and
Cosmetic Act, as amended from time to time, together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions and modifications thereto). 

1.55. “Field” means any use or purpose, including the treatment, palliation, diagnosis or prevention of any human
disorder or condition. 
 1.56. “First Commercial Sale” means, with respect to a Licensed Product and a country in
the Territory, the first sale for monetary value for use or consumption by the end user of such Licensed Product in such country after approval of a Drug Approval Application for such Licensed Product has been obtained in such country. 

1.57. “FTE” means the equivalent of the work of one (1) employee full time for one (1) Calendar Year
(consisting of at least a total of eighteen hundred fifty (1850) hours per Calendar Year) of work directly related to the performance of the Technical Services by MedImmune or its Affiliate. 

1.58. “FTE Costs” means, with respect to MedImmune or its Affiliate for any period, the applicable FTE Rate multiplied
by the applicable number of FTEs of MedImmune or such Affiliate performing Technical Services during such period. 
 1.59.
“FTE Rate” means, as of the Effective Date, [***]. 
 1.60. “GAAP” means, with respect to a
Party or its Affiliates or its or their sublicensees, United States generally accepted accounting principles, International Financial Reporting Standards or such other similar national standards as such Party, Affiliates or its or their sublicense
adopts, in each case, consistently applied. 
 1.61. “Generic Competition Threshold” means (a) with respect to
[***], the end of the second (2nd) consecutive Calendar Quarter in which unit sales of Generic Ticagrelor Products in [***] represent [***] percent [***] or more of aggregate unit sales of the AstraZeneca Product and Generic Ticagrelor Products
combined in [***], (b) with respect to [***], the end of the second (2nd) consecutive Calendar Quarter in which unit sales of Generic Ticagrelor Products in [***] represent [***] percent [***] or more of aggregate unit sales of the AstraZeneca
Product and Generic Ticagrelor Products combined in [***], and (c) with respect to [***], the end of the second (2nd) consecutive Calendar Quarter in which unit sales of Generic Ticagrelor Products in [***] represent [***] percent [***] or more
of aggregate unit sales of the AstraZeneca Product and Generic Ticagrelor Products combined in [***]; in each case ((a) through (c)), as determined by taking into consideration applicable and available sales data obtained from a reputable
independent source (e.g., IQVIA) selected by MedImmune and reasonably acceptable to Licensee. For purposes of this definition, references to AstraZeneca Product exclude Generic Ticagrelor Products. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.62. “Generic Ticagrelor Product” means an oral formulation of the
Ticagrelor Compound that is (a) sold, offered for sale or distributed under: (i) in the U.S., an ANDA (as defined in the FFDCA) that refers to the AstraZeneca Product as the reference listed drug, (ii) in the EU, a marketing
authorization for a generic medicinal product granted in accordance with Article 10 of Directive 2001/83/EC or (iii) in any other country or jurisdiction, an equivalent of provisions set forth in clause (i) or clause (ii) and
(b) approved in the applicable country or jurisdiction for at least one of the indications for which the AstraZeneca Product is approved in such country or jurisdiction. For purposes of this definition, references to AstraZeneca Product exclude
Generic Ticagrelor Products. 
 1.63. “Global Commercial Viability Issue” means, with respect to the Licensed
Products, that a Commercial Viability Issue exists in both the United States and the EU Market. 
 1.64. “Global
Safety/Efficacy Issue” has the meaning set forth in Section 1.132. 
 1.65. “GLP Samples” has the
meaning set forth in Section 3.1.2. 
 1.66. “Governmental Authority” means any federal, state, national, state,
provincial or local government, or political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing
authority or power, any court or tribunal (or any department, bureau or division thereof, or any governmental arbitrator or arbitral body). 

1.67. “IND” means (a) an investigational new drug application filed with the FDA for authorization to commence
clinical studies and its equivalent in other countries or regulatory jurisdictions and (b) all supplements and amendments that may be filed with respect to the foregoing. 

1.68. “Indemnification Claim Notice” has the meaning set forth in Section 8.3.1. 

1.69. “Indemnified Party” has the meaning set forth in Section 8.3.1. 

1.70. “Independent Expert” has the meaning set forth in Section 9.2.4(c). 

1.71. “Information” means technical or scientific know-how, trade secrets,
methods, processes, formulae, designs, specifications and data, including: biological, chemical, pharmacological, toxicological, pre-clinical, clinical, safety, manufacturing and quality control data and
assays; in each case, whether or not confidential, proprietary, patented or patentable. 
 1.72. “Infringement” has
the meaning set forth in Section 5.3.1. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.73. “Initiation” means, with respect to a Phase II Clinical Trial
or a Pivotal Trial, the dosing of the first patient with a Licensed Product in the specified clinical trial. 
 1.74.
“Invention” means any invention, whether or not patentable, made, conceived, generated or reduced to practice in the course or as a result of the conduct of activities conducted pursuant to this Agreement. 

1.75. “Joint Invention” means any Invention made jointly by, on the one hand, one or more employees, consultants or
contractors of MedImmune or AstraZeneca and, on the other hand, one or more employees, consultants or contractors of Licensee, excluding AstraZeneca Product Improvements. 

1.76. “Joint Patents” means Patents claiming Joint Inventions, excluding AstraZeneca Product Patents. 

1.77. “Knowledge” means, with respect to MedImmune, the actual knowledge, without any duty to conduct any
investigation, with respect to such facts and information of the following: (a) MedImmune’s Patent Attorney who, as of the Effective Date, is engaged in the development program with respect to MEDI2452 and (b) MedImmune’s Vice
President, Global Intellectual Property. 
 1.78. “Licensed Compound” means (a) MEDI2452 and (b) any
Additional Compound, in each case excluding Excluded Compounds. 
 1.79. “Licensed
Know-How” means the Information Controlled by MedImmune and its Affiliates that is set forth on Schedule 1.79, transferred pursuant to
Schedule 3.1.4 or otherwise included in the Technical Transfer Documents, but excluding any AstraZeneca Product Know-How (whether or not included or disclosed in Information set forth
on Schedule 1.79, Schedule 3.1.4 or included in the Technical Transfer Documents). For clarity, Licensed Know-How excludes any research, discovery or
development tools or technology, including Information with respect to any such research, discovery or development tools or technology used by MedImmune in relation to: (a) MEDI2452; or (b) any anti-ticagrelor antibody or antibody fragment
other than MEDI2452 that is covered or claimed by the Licensed Patents. 
 1.80. “Licensed Patents” means
(a) the Patents set forth on Schedule 1.80 and (b) any Patents filed with MedImmune’s consent pursuant to the last two sentences of Section 5.1.2, but, in each case, excluding any AstraZeneca Product
Patents. 
 1.81. “Licensed Product” means any product that is comprised of or contains a Licensed Compound, alone or
in combination with one (1) or more other active ingredients, in any and all forms, presentations, dosages and formulations. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.82. “Licensed Product Agreement” means, with respect to a Licensed
Product, any agreement entered into by and between Licensee or any of its Affiliates or its or their Sublicensees, on the one hand, and one (1) or more Third Parties, on the other hand, relating to the Exploitation of such Licensed Product in
the Field in the Territory, including (a) any agreement pursuant to which Licensee, its Affiliates or its or their Sublicensees receives any license or other rights to Exploit such Licensed Product (including pursuant to Section 4.5.3(c)),
(b) supply agreements pursuant to which Licensee, its Affiliates or its or their Sublicensees obtain or will obtain quantities of such Licensed Product, (c) clinical trial agreements with respect to such Licensed Product, (d) contract
research organization agreements relating to such Licensed Product, and (e) service agreements relating to such Licensed Product. 

1.83. “Licensed Trademarks” means any Trademarks with respect to the AstraZeneca Product designated in the
Trademark License Agreement that are licensed or sublicensed by MedImmune to Licensee pursuant to the Trademark License Agreement. 

1.84. “Licensee” has the meaning set forth in the preamble hereto. 

1.85. “Licensee Corporate Names” means the Trademarks, names and logos of Licensee identified on
Schedule 1.85 and such other Trademarks, names and logos as Licensee may designate in writing from time to time. 

1.86. “Licensee Indemnitees” has the meaning set forth in Section 8.2. 

1.87. “Licensee Regulatory Documentation” means Regulatory Documentation Controlled by Licensee or any of its
Affiliates with respect to a Licensed Compound or a Licensed Product at any time during the Term. 
 1.88. “Licensee
Termination Know-How” means: 
 (a) any Information covered or claimed by the PhaseBio
Selected Patents; and 
 (b) without limitation to clause (a), to the extent Controlled by Licensee or any of its Affiliates or its or their
Sublicensees during the Term, any other Information that (i) was actually used, practiced or incorporated by Licensee or any of its Affiliates or its or their Sublicensees or (ii) both (A) was actually used, practiced or incorporated
by a Third Party contractor on behalf of Licensee or any of its Affiliates or its or their Sublicensees and (B) is Controlled by Licensee or any of its Affiliates or its or their Sublicensees; in each case, in the Development, Manufacture or
Exploitation of any Licensed Compound or Licensed Product prior to termination of this Agreement. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.89. “Licensee Termination Patents” means: 

(a) PhaseBio Selected Patents that are reasonably necessary or useful (or, with respect to patent applications, would be reasonably necessary
or useful if such Patent applications were to issue as patents) for the Exploitation of any Licensed Compound or Licensed Product; and 

(b) without limitation to clause (a), any other PhaseBio Patent that claims any invention or discovery that either: (i) was actually
used, practiced or incorporated by Licensee or any of its Affiliates or its or their Sublicensees in the course or as a result of the Development, Manufacture or Exploitation of any Licensed Compound or Licensed Product prior to termination of this
Agreement; or (ii) both (A) was actually used, practiced or incorporated by a Third Party contractor on behalf of Licensee or any of its Affiliates or its or their Sublicensees in the course or as a result of the Development, Manufacture
or other Exploitation of any Licensed Compound or Licensed Product prior to termination of this Agreement and (B) is Controlled by Licensee or any of its Affiliates or its or their Sublicensees. 

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

1.91. “Major European Country” means any of France, Germany, Italy, Spain and the United Kingdom. 

1.92. “Manufacture” and “Manufacturing” means, in respect of a Licensed Compound or Licensed Product,
all activities related to the production, manufacture, processing, filling, finishing, packaging, labeling, shipping and holding of such Licensed Compound or Licensed Product or any intermediate thereof, including process development, process
qualification and validation, scale-up, pre-clinical, clinical and commercial manufacture and analytic development, product characterization, stability testing, quality
assurance and quality control. 
 1.93. “Market” means each Emerging Market Country, the EU Market or any country
that is neither an Emerging Market Country nor a country within the EU Market. 
 1.94. “Market-Specific Safety/Efficacy
Issue” has the meaning set forth in Section 1.132. 
 1.95. “Material Anti-Corruption Law Violation”
means a violation by a Party or its Affiliate of an Anti-Corruption Law relating to the subject matter of this Agreement that would, if it were publicly known, have a material adverse effect on the other Party or its Affiliate because of its
relationship with such Party. 
 1.96. “MEDI2452” means the anti-ticagrelor antibody fragment product known as
MEDI2452, as further defined by the protein sequence set forth in Schedule 1.96. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.97. “MedImmune” has the meaning set forth in the preamble hereto.

 1.98. “MedImmune Corporate Names” means the Trademarks, names and logos of MedImmune identified on
Schedule 1.98 and such other Trademarks, names and logos as MedImmune may designate in writing from time to time. 

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

1.100. “NDA” means a New Drug Application filed with the FDA in conformance with Applicable Law, or the foreign
equivalent of any such application in any other country filed with a Regulatory Authority to obtain marketing approval for a pharmaceutical product. 

1.101. “Net Sales” means, with respect to a Licensed Product for any period, the gross amount invoiced by Licensee, its
Affiliates or its or their Sublicensees (each, a “Selling Party”) to Third Parties (including Excluded Distributors) for the sale of a Licensed Product (“Invoiced Sales”) after deduction for: 

1.101.1. [***]; 

1.101.2. [***];  

1.101.3. [***]; 

1.101.4. [***]; 

1.101.5. [***]; 

1.101.6. [***]; and 

1.101.7. [***]; 
 provided that,
in each case, 1.101.1 through 1.101.7, (a) each such deduction is calculated in a manner consistent with Licensee’s customary practice for pharmaceutical products and consistent with GAAP, (b) each such deduction is directly allocable
or apportioned on a good faith and fair basis to Licensed Products, and (c) no amount is deducted more than once. 
 Any of the
deductions listed above that involves a payment by a Selling Party shall be taken as a deduction in the Calendar Quarter in which the payment is accrued by such Selling Party. For purposes of determining Net Sales, a Licensed Product shall be deemed
to be sold when invoiced. Sale of a Licensed Product by a Selling Party to another Selling Party for resale by such entity to a Third Party (including Excluded Distributors) for use or consumption by the end user shall not be deemed a sale for
purposes of this definition of “Net Sales,” provided that the subsequent resale of such Licensed Product to a Third Party (including Excluded 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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Distributors) is included in the computation of Net Sales. In addition, transfers or dispositions of Licensed Products as free promotional samples in commercially reasonable amounts, consistent
with prevailing pharmaceutical industry standards, or in any patient assistance, test marketing program, named-patient program or compassionate use program (so long as such Licensed Products are provided without charge) and Licensed Products donated
to non-profit institutions or government agencies, or used in research, development or regulatory activities, including, without limitation, clinical trials, shall be disregarded in determining Net Sales. 

In the event that a Licensed Product is sold in any country in the form of a Combination Product, Net Sales of such Combination Product for
the purpose of determining royalties due hereunder shall be calculated as follows: 
 (a) where both such Licensed Product containing the
applicable Licensed Compound as its sole active pharmaceutical ingredient (“Single-Agent Product”) and product containing only the Other Active(s) in such Combination Product as active pharmaceutical ingredients are sold separately
in such country, with respect to a Calendar Quarter, Net Sales shall be calculated by multiplying actual Net Sales of such Combination Product in such country during such Calendar Quarter calculated pursuant to the foregoing definition of “Net
Sales” by [***]; provided that the invoice price in a country for each Single-Agent Product that contains only the Licensed Compound(s) and each product that contains solely the Other Active(s) included in the Combination Product shall
be for a quantity comparable to that used in such Combination Product and of substantially the same class, purity and potency; 
 (b) if the
Single-Agent Product is sold in such country, but none of the Other Active(s) is sold separately in such country, with respect to a Calendar Quarter, Net Sales shall be calculated by multiplying actual Net Sales of such Combination Product in such
country during such Calendar Quarter calculated pursuant to the foregoing definition of “Net Sales” by [***]; 
 (c) if no
Single-Agent Product is sold in such country, but product containing the Other Active(s) in such Combination Product are sold separately in such country, with respect to a Calendar Quarter, Net Sales shall be calculated by multiplying actual Net
Sales of such Combination Product in such country during such Calendar Quarter calculated pursuant to the foregoing definition of “Net Sales” by [***]. 

(d) if neither Single-Agent Product nor product containing the Other Active(s) in such Combination Product as its sole active ingredient(s) is
sold separately in such country, the Parties [***]. 
 In the case of pharmacy incentive programs, hospital performance incentive programs,
chargebacks, disease management programs, similar programs or discounts on portfolio product offerings, all rebates, discounts and other forms of reimbursements [***]; provided that (a) any such allocation to a Licensed Product shall be
done in accordance with Applicable Law, 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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including any price reporting laws, rules and regulations and (b) subject to clause (a), all such rebates, discounts and other forms of reimbursements [***]. 

Subject to the above, Net Sales shall be calculated in accordance with the standard internal policies and procedures of Licensee, its Affiliates or its or
their Sublicensees, which must be in accordance with GAAP. 
 1.102. “Non-Breaching
Party” has the meaning set forth in Section 9.2.1(a). 
 1.103. “Notice Period” means the
Section 9.2.1(a) Notice Period or the Section 9.2.1(b) Notice Period, as applicable. 
 1.104. “Other
Active” means any active pharmaceutical ingredient contained in a Combination Product that is not a Licensed Compound. 
 1.105.
“Other Adverse Event” has the meaning set forth in Section 3.4.4(f). 
 1.106. “Out-of-Pocket Expenses” means, with respect to the Technical Services, MedImmune’s or its Affiliate’s actual, documented, out-of-pocket expenses incurred in performing such Technical Services. 
 1.107.
“Party” and “Parties” have the meaning set forth in the preamble hereto. 
 1.108.
“Patents” means: (a) all national, regional and international patents and patent applications, including provisional patent applications; (b) all patent applications filed either from such patents, patent applications
or provisional applications or from an application claiming priority from either of these, including divisionals, continuations, continuations-in-part, provisionals,
converted provisionals and continued examination applications; (c) any and all patents that have issued or in the future issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents, innovation patents and
design patents and certificates of invention; (d) any and all extensions or restorations by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and
extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent applications ((a), (b) and (c)); and (e) any similar rights, including so-called pipeline
protection or any importation, revalidation, confirmation or introduction patent or registration patent or patent of additions to any of such foregoing patent applications and patents. 

1.109. “Payment” has the meaning set forth in Section 4.8.1. 

1.110. “Permitted Competing Product” has the meaning set forth in Section 10.4.1. 

1.111. “Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability
partnership, corporation, limited liability company, business trust, 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a
government. 
 1.112. “Pharmacovigilance Agreement” has the meaning set forth in Section 3.4.4(a). 

1.113. “Phase II Clinical Trial” means a human clinical trial that would satisfy the definition of “Phase 2”
set forth in 21 C.F.R. 312.21(b) (as amended or any replacement thereof), regardless of where such trial is conducted. 
 1.114.
“Phase III Clinical Trial” means a human clinical trial that would satisfy the definition of “Phase 3” set forth in 21 C.F.R. 312.21(c) (as amended or any replacement thereof), regardless of where such trial is
conducted. 
 1.115. “PhaseBio Know-How” means: 

(a) all Information that is Controlled by Licensee or any of its Affiliates as of the Effective Date or at any time during the Term and
directed to any Licensed Compound or Licensed Product; and 
 (b) without limitation to clause (a), all Information that (i) is
conceived or developed by Licensee or any of its Affiliates or any of its or their Sublicensees in the course or as a result of Development, Manufacture or other Exploitation of any Licensed Compound or Licensed Product or (ii) both (A) is
conceived or developed by a Third Party contractor on behalf of Licensee or any of its Affiliates or any of its or their Sublicensees in the course or as a result of Development, Manufacture or other Exploitation of any Licensed Compound or Licensed
Product and (B) is Controlled by Licensee or any of its Affiliates or any of its or their Sublicensees; 
 but excluding in each case ((a) and (b))
AstraZeneca Product Know-How, Joint Know-How and any Information to the extent covered or claimed by any Patent described in clause (b) of the definition of
Licensed Patents. 
 1.116. “PhaseBio Patents” means: 

(a) all Patents Controlled by Licensee or any of its Affiliates as of the Effective Date or at any time during the Term that claim any
Licensed Compound or Licensed Product or the Exploitation thereof; and 
 (b) without limitation to clause (a), any Patent that claims
PhaseBio Know-How described in clause (b) of the definition of PhaseBio Know-How; 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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but excluding in each case ((a) and (b)) AstraZeneca Product Patents, Joint Patents, and any Patent described in clause (b) of the definition of Licensed Patents. 

1.117. “PhaseBio Selected Patents” means any PhaseBio Patent that claims any invention, discovery, development or
modification with respect to a Licensed Compound or Licensed Product, including any new or expanded method of treatment or use of a Licensed Compound or Licensed Product, or any modification or improvement to the formulation, means of delivery or
dosage or method of Manufacture of a Licensed Compound or Licensed Product, which invention, discovery, development or modification in each case (a) is conceived or developed by Licensee or any of its Affiliates or any of its or their
Sublicensees in the course or as a result of Development, Manufacture or other Exploitation of any Licensed Compound or Licensed Product or (b) both (i) is conceived or developed by a Third Party contractor on behalf of Licensee or any of
its Affiliates or any of its or their Sublicensees in the course or as a result of Development, Manufacture or other Exploitation of any Licensed Compound or Licensed Product and (ii) is Controlled by Licensee or any of its Affiliates or any of
its or their Sublicensees. 
 1.118. “PHSA” means the Public Health Service Act as set forth at 42 U.S.C. Chapter 6A,
as may be amended from time to time, together with any rules, regulations and requirements promulgated thereunder (including all additions, supplements, extensions and modifications thereto). 

1.119. “Pivotal Trial” means a human clinical trial (whether or not a Phase III Clinical Trial) of a
pharmaceutical product that is prospectively designed to, together with prior data and information concerning such product, (a) establish that such product is safe and effective for its intended use in any indication, and (b) form the
primary basis (alone or with one or more additional Pivotal Trials) of an effectiveness claim in support of an initial Regulatory Approval for such product in the United States for any indication or its foreign counterpart. 

1.120. “Product Labeling” means, with respect to a Licensed Product in a country in the Territory, (a) the
Regulatory Authority-approved full prescribing information for such Licensed Product for such country, including any required patient information and (b) all labels and other written, printed or graphic
matter upon a container, wrapper or any package insert utilized with or for such Licensed Product in such country. 
 1.121.
“Product Trademarks” means the Trademark(s) with respect to any Licensed Product used or to be used by Licensee or its Affiliates or its or their Sublicensees for the Commercialization of Licensed Products in the Territory and
any registrations thereof or any pending applications relating thereto in the Territory, including any unregistered Trademark rights related to the Licensed Products as may exist through use before, on or after the Effective Date (excluding, in any
event, any Licensed Trademarks, MedImmune Corporate Names, Licensee Corporate Names and any Trademarks that consist of or include any corporate name or corporate logo of the Parties or their Affiliates or its or their (sub)licensees (or
Sublicensees)). 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 1.122. “Promotional Materials” means all written, printed,
electronic or graphic material created, utilized or distributed by Licensee or any of its Affiliates or its or their Sublicensees or Third Party contractors for the promotion, sale or marketing of Licensed Products. 

1.123. “Proposed Product Positioning Principles” has the meaning set forth in Section 3.10. 

1.124. “Redacted Agreement” has the meaning set forth in Section 6.2.7. 

1.125. “Regulatory Approval” means, with respect to a particular Licensed Product and a particular country in the
Territory, any and all approvals (including approvals of Drug Approval Applications), licenses, registrations or authorizations of any Regulatory Authority necessary to commercially distribute, sell or market such Licensed Product in such
country, including, where applicable, (a) pricing or reimbursement approval in such country, (b) pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or
authorization related thereto), and (c) labeling approval. 
 1.126. “Regulatory Authority” means any applicable
supra-national, federal, national, regional, state, provincial or local regulatory agencies, departments, bureaus, commissions, councils or other government entities regulating or otherwise exercising authority with respect to the Exploitation of
any Licensed Compound or Licensed Products in the Territory, including the FDA in the United States and the EMA in the European Union. 

1.127. “Regulatory Documentation” means: all (a) applications (including all INDs and Drug Approval Applications),
registrations, licenses, authorizations and approvals (including Regulatory Approvals); (b) correspondence and reports submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any
communications with any Regulatory Authority) and all supporting documents with respect thereto, including all adverse event files and complaint files; and (c) clinical and other data contained or relied upon in any of the foregoing; in each
case ((a), (b) and (c)) relating to any Licensed Compound or Licensed Product. 
 1.128. “Regulatory Exclusivity
Period” means, with respect to a Licensed Product in a country in the Territory, any period of exclusivity (other than Patent exclusivity) granted or afforded by Applicable Law or by a Regulatory Authority in such country that confers
exclusive marketing rights with respect to such Licensed Product in such country. 
 1.129. “Representatives” has the
meaning set forth in Section 7.4. 
 1.130. “Responsible Party” has the meaning set forth in Section 5.2.5.

 1.131. “Royalty Term” means, with respect to each Licensed Product and each country in the Territory, the period
beginning on the date of the First Commercial Sale of such 

  
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CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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Licensed Product in such country and ending on the latest to occur of (a) the tenth (10th) anniversary of the First Commercial Sale of such Licensed Product in such country, (b) the
expiration of the last-to-expire Licensed Patent covering the manufacture, use or sale of such Licensed Product in such country, and (c) the expiration of
Regulatory Exclusivity Period, if any, for such Licensed Product in such country. 
 1.132. “Safety/Efficacy Issue”
means, with respect to a Licensed Product: (a) a Regulatory Authority or safety data review board for the clinical trials of such Licensed Product has required (i) termination or suspension of all clinical trials of such Licensed Product
in a country due to safety issues or (ii) following approval of a Drug Approval Application for a Licensed Product in a country, a Regulatory Authority withdraws such approval in such country due to safety issues, in each case ((i) and (ii))
for reasons related to a Licensed Compound and not, for example, due to Other Actives contained in such Licensed Product or to Manufacturing-related deficiencies or defects (in either case ((i) or (ii)), a “Market-Specific Safety/Efficacy
Issue” with respect to the applicable country); or (b) it is reasonably determined that (i) the medical risk/benefit of such Licensed Product is so unfavorable that it would be incompatible with the welfare of patients to Develop
or Commercialize (or to continue to Develop or Commercialize) such Licensed Product or (ii) the efficacy of such Licensed Product, as evidenced by the ability of a Licensed Compound to bind to or inactivate antiplatelet efficacy of the
Ticagrelor Compound or its active metabolite, is so minimal that it would not be commercially reasonable to continue to Develop such Licensed Product, in each case ((i) and (ii)) for reasons related to a Licensed Compound and not, for example, due
to Other Actives contained in such Licensed Product or to Manufacturing-related deficiencies or defects (in either case ((i) or (ii)), a “Global Safety/Efficacy Issue”). 

1.133. “Safety Team” has the meaning set forth in Section 3.4.4(a). 

1.134. “Sale Transaction” has the meaning set forth in Section 10.3.1. 

1.135. “Section 9.2.1(a) Notice Period” has the meaning set forth in Section 9.2.1(a). 

1.136. “Section 9.2.1(a) Termination Notice” has the meaning set forth in Section 9.2.1(a).

 1.137. “Section 9.2.1(b) Notice Period” has the meaning set forth in Section 9.2.1(b).

 1.138. “Section 9.2.1(b) Termination Notice” has the meaning set forth in
Section 9.2.1(b). 
 1.139. “Section 9.2.4 Matter” has the meaning set forth in
Section 9.2.4(a). 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 19 

 1.140. “Senior Officer” means, with respect to MedImmune, its senior
representative for the cardiovascular therapy area and with respect to Licensee, its Chief Executive Officer. 
 1.141.
“Serious Adverse Event” has the meaning set forth in Section 3.4.4(e). 
 1.142. “Spontaneous
Adverse Event” has the meaning set forth in Section 3.4.4(c). 
 1.143. “Standby License” has the
meaning set forth in Section 2.3.2. 
 1.144. “Standby License Request” has the meaning set forth in
Section 2.3.2. 
 1.145. “Strategic Transaction” has the meaning set forth in Section 10.4.1. 

1.146. “Sublicense” means a sublicense under the grants in Section 2.1. 

1.147. “Sublicensee” means a Third Party that is granted a Sublicense, but excluding any Excluded Distributor. 

1.148. “Surviving Sublicense” has the meaning set forth in Section 2.3.2. 

1.149. “Surviving Sublicense Requirements” has the meaning set forth in Section 2.3.2. 

1.150. “Technical Services” means the activities performed, and the deliverables provided, by or on behalf of MedImmune
pursuant to Section 3.1.1, Section 3.1.2, Section 3.1.3, Section 3.1.4, Section 3.1.5 and the last sentence of Section 5.2.2. For the avoidance of doubt, the Technical Services specifically exclude
(a) MedImmune’s review of and comment on Development Plans, Commercialization Plans, Promotional Materials, and Licensee’s medical materials, (b) MedImmune’s drafting and negotiation of the Pharmacovigilance Agreement,
(c) MedImmune’s review of and comment on Licensee’s Patent prosecution, maintenance, enforcement and defense activities, (d) MedImmune’s exercise of any other review and comment rights under this Agreement. 

1.151. “Technical Services Costs” means the FTE Costs and Out-of-Pocket Expenses that are incurred by MedImmune or its Affiliate on or after the Effective Date in performing the Technical Services; provided, however, that with respect to the Technical
Services set forth in Section 3.1.1, Technical Services Costs shall not include any FTE Costs with respect to such Technical Services. For the avoidance of doubt, the Technical Services Costs specifically exclude any labor costs, out-of-pocket expenses, or other costs or expenses incurred by MedImmune or its Affiliate in: (a) reviewing and commenting on Development Plans, Commercialization Plans,
Promotional Materials, and Licensee’s medical materials, (b) drafting and negotiating the Pharmacovigilance Agreement, (c) reviewing and commenting 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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on Licensee’s Patent prosecution, maintenance, enforcement and defense activities, and (d) exercising any other review and comment rights of MedImmune under this Agreement. 

1.152. “Technical Transfer Documents” has the meaning set forth in Section 3.1.1. 

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

1.154. “Terminated Territory” means each country or Market with respect to which this Agreement is terminated by
MedImmune pursuant to Section 9.2.1(b) or by Licensee pursuant to Section 9.2.4(d)(i), Section 9.2.4(d)(iii) or Section 9.2.5, or if this Agreement is terminated in its entirety, the entire Territory. 

1.155. “Terminated Territory Discussion Period” has the meaning set forth in Section 9.4.3(d)(i). 

1.156. “Termination Discussion Period” has the meaning set forth in Section 9.4.2(d)(i). 

1.157. “Termination Notice” means the Section 9.2.1(a) Termination Notice or the Section 9.2.1(b) Termination
Notice, as applicable. 
 1.158. “Territory” means the entire world, other than the Terminated Territory. 

1.159. “Third Party” means any Person other than MedImmune, Licensee and their respective Affiliates. 

1.160. “Third Party Acquirer” has the meaning set forth in Section 10.3.1. 

1.161. “Third Party Claims” has the meaning set forth in Section 8.1. 

1.162. “Third Party Infringement Claim” has the meaning set forth in Section 5.4. 

1.163. “Third Party Patent Right” has the meaning set forth in Section 4.5.3(c). 

1.164. “Ticagrelor Compound” means 
(1S,2S,3R,5S)-3-[7-{[(1R,2S)-2-(3,4-difluorophenyl)cyclopropyl]amino}-5-(propylthio) -3H-[1,2,3]-triazolo[4,5-d]pyrimidin-3-yl]-5-(2-hydroxyethoxy)cyclopentane-1,2-diol.
 
 1.165. “Trademark” means any word, name,
symbol, color, shape, designation or any combination thereof, including any trademark, service mark, trade name, brand name, sub-brand name, trade dress, product configuration rights, program name, delivery
form name, certification mark, collective mark, logo, tagline, slogan, design or business symbol, that functions as an identifier of source, origin or quality, whether or not registered, and all statutory

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 21 

 
and common law rights therein and all registrations and applications therefor, together with all goodwill associated with, or symbolized by, any of the foregoing. 

1.166. “Trademark License Agreement” has the meaning set forth in Section 2.6. 

1.167. “Transferred Inventory” has the meaning set forth in Section 3.1.2. 

1.168. “United States” or “U.S.” means the United States of America and its territories and
possessions (including the District of Columbia and Puerto Rico). 
 1.169. “Valid Claim” means (a) a claim of
any issued and unexpired Patent whose validity, enforceability or patentability has not been affected by (i) irretrievable lapse, abandonment, revocation, dedication to the public or disclaimer or (ii) a holding, finding or decision of
invalidity, unenforceability or non-patentability by a court, governmental agency, national or regional patent office or other appropriate body that has competent jurisdiction, such holding, finding or
decision being final and unappealable or unappealed within the time allowed for appeal, or (b) a claim of a pending Patent application that was filed and is being prosecuted in good faith and has not been intentionally abandoned without the
possibility of reinstatement and that has been pending for less than seven (7) years from the filing date from which such claim takes priority. If a claim of a patent application that ceased to be a Valid Claim under clause (b) of the
preceding sentence because of the passage of time later issues as a part of a patent within clause (a) of the preceding sentence, then it shall again be considered a Valid Claim effective as of the issuance of such patent. 

1.170. “VAT” has the meaning set forth in Section 4.8.3.  

1.171. “Wacker” means Wacker Biotech GmbH. 

1.172. “Withholding Taxes” has the meaning set forth in Section 4.8.1. 

ARTICLE 2 
 GRANT OF
RIGHTS 
 2.1. Grants to Licensee. Subject to Section 2.3 and Section 2.4 and the other terms and conditions of this
Agreement, MedImmune hereby grants to Licensee an exclusive (including with regard to MedImmune and its Affiliates) license, with the right to grant sublicenses in accordance with Section 2.3, under the Licensed
Know-How, Licensed Patents, and MedImmune’s interest in Joint Inventions and Joint Patents, solely to Exploit the Licensed Compounds and Licensed Products in the Field in the Territory and for no
other purpose; provided, however, that the license granted to Licensee in this Section 2.1 shall include each Additional Compound solely to the extent that Licensee complies with Section 2.4.4 with respect to such Additional
Compound and only for as long as such Additional Compound is not an Excluded Compound. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 2.2. Grants to MedImmune. Licensee hereby grants to MedImmune and its Affiliates:
(a) a worldwide, non-exclusive, royalty-free, irrevocable license and right of reference, with the right to grant sublicenses through multiple tiers of sublicensees and further rights of reference under
Licensee’s interests in the Assigned Regulatory Documentation and the Licensee Regulatory Documentation; and (b) a non-exclusive license, with the right to grant sublicenses through multiple tiers of
sublicensees, to use the Product Trademarks (as such use is approved by Licensee in advance in writing, such approval not to be unreasonably withheld, conditioned or delayed), in each case ((a) and (b)), solely (x) to Exploit the AstraZeneca
Product and any AstraZeneca Product Improvements and (y) to perform or exercise MedImmune’s obligations or rights under this Agreement and for no other purpose. 

2.3. Sublicenses. 

2.3.1. In General. Licensee shall have the right to grant sublicenses (or further rights of reference), through multiple tiers of
sublicensees, under the license and rights of reference granted in Section 2.1, to its Affiliates and Third Parties; provided that any such sublicenses shall be consistent with, and expressly made subject to, the terms and conditions of
this Agreement. Licensee shall cause each Sublicensee to comply with the applicable terms and conditions of this Agreement to the same extent as applicable to Licensee hereunder (in each case, regardless of whether a particular term or condition of
this Agreement makes express reference to Sublicensees), including, for clarity, Section 2.5.2, Section 3.5.5, Section 3.5.6, Section 3.5.7, Section 5.1.2, Section 5.1.6, Section 6.4, Section 6.5,
Section 9.4.2 and Section 9.4.3. Licensee hereby (a) guarantees the performance of its Affiliates and Sublicensees and the grant of any such sublicense shall not relieve Licensee of its obligations under this Agreement, except to the
extent they are satisfactorily performed by such Affiliate or Sublicensee and (b) waives any requirement that MedImmune exhaust any right, power or remedy, or proceed against any Affiliate or Sublicensee for any obligation or performance under
this Agreement prior to proceeding directly against Licensee. A copy of any sublicense agreement executed by Licensee pursuant to which Licensee sublicenses any license or rights of reference granted hereunder shall be provided to MedImmune within
[***] after its execution; provided that the terms of any such sublicense agreement to the extent not pertinent to an understanding of a Party’s obligations or benefits under this Agreement may be redacted. 

2.3.2. Selected Sublicense Arrangements. Prior to entering into any sublicense with any Third Party pursuant to Section 2.3.1 with
respect to the U.S., EU Market or China, Licensee shall have the right, at its election, to request that MedImmune consider in good faith agreeing to provide such proposed Sublicensee with certain rights, including, as appropriate, a direct standby
license of applicable intellectual property rights, to enable such proposed Sublicensee to retain its role with respect to the Licensed Products in such Market following termination of this Agreement by MedImmune pursuant to Section 9.2.1 or
Section 9.2.2 in its entirety, or by MedImmune pursuant to Section 9.2.1 with respect to such Market, as applicable (such rights, collectively, a “Standby License”). Licensee may make such request by written notice to
MedImmune, which notice shall identify the proposed Sublicensee 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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and the scope of the Sublicense that Licensee proposes to grant to such proposed Sublicensee (a “Standby License Request”). If Licensee delivers a Standby License Request to
MedImmune, the Parties shall promptly engage in good faith discussions with Licensee regarding the terms and conditions pursuant to which MedImmune would consider agreeing to grant such Standby License, which terms and conditions shall at a minimum
include the following ((a) through (f), collectively, the “Surviving Sublicense Requirements”): 
 (a) an agreement by the
proposed Sublicensee that, following such termination of this Agreement, such proposed Sublicensee will perform and continue to perform the relevant activities with respect to the Licensed Product(s) proposed to be sublicensed to it that Licensee
would have been obligated to perform under this Agreement with respect to such Licensed Product(s) under this Agreement in the absence of such termination of this Agreement, in each case in the applicable Market(s) or to the extent otherwise
reasonably necessary to enable Exploitation of the Licensed Product(s) for such Market(s); 
 (b) that MedImmune will not be required to
assume any obligations or liabilities in respect of such Sublicense that are in addition to, or greater in scope than, MedImmune’s obligations or liabilities set forth in this Agreement, unless MedImmune otherwise agrees in writing; 

(c) an express acknowledgment and agreement by such proposed Sublicensee that, following such termination of this Agreement, the obligations
of Licensee under this Agreement and the Pharmacovigilance Agreement (i) to the extent applicable to the rights and licenses granted to such Sublicensee and required by MedImmune pursuant to the Surviving Sublicense will be direct obligations
of such Sublicensee to MedImmune (and that, without limitation to Section 9.6, termination of this Agreement in its entirety or in a Terminated Territory with respect to Licensee will not terminate such obligations with respect to such
Sublicensee), and (ii) MedImmune will have the right to enforce (x) such obligations and (y) any terms of this Agreement which are otherwise applicable to such Sublicensee, in each case ((x) and (y)) directly against such Sublicensee;

 (d) that, effective upon termination of this Agreement by MedImmune pursuant to Section 9.2.1 or Section 9.2.2, (i) any
payment obligations to Licensee arising after such termination under such Sublicense in consideration for such Sublicense will become direct payment obligations of such Sublicensee to MedImmune, directly payable to MedImmune (it being understood,
however, that, except with respect to any payments due as compensation for any performance obligations that MedImmune elects to assume or perform in connection with a Standby License, MedImmune would not be entitled to receive payments due to
Licensee under such sublicense that are for value other than, and not in consideration for, such Sublicense– e.g., payments of Licensee’s fully-burdened cost of performing bona fide research and development activities for or with
such Sublicensee, reimbursements of reasonable and documented external costs incurred by Licensee in performing such activities, and payments for 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 24 

 
equity or debt securities of Licensee or any of its Affiliates), and (ii) MedImmune will have the right to enforce such obligations directly against such Sublicensee; 

(e) that in the event of any subsequent termination of any such Sublicense, MedImmune will automatically receive from such Sublicensee the
full scope of rights provided in Section 9.4.2 or 9.4.3, as applicable, with respect to the applicable Licensed Product(s) in the applicable Market(s) as if such Sublicensee were subject to such terms without qualifying as having a
“Surviving Sublicense” as such term is used in such sections; and 
 (f) that any rights afforded to such Sublicensee under any
Standby License will require that any such Sublicensee remain in compliance with this Agreement and the applicable Sublicense. 
 MedImmune
shall consider any such Standby License Request in good faith and shall provide Licensee with its decision as to whether MedImmune agrees to provide such Standby License within [***] from delivery of the applicable Standby License Request. MedImmune
shall not unreasonably withhold, condition, or delay its agreement with respect to the grant of a Standby License (it being understood, without limitation, that MedImmune may not condition its agreement with respect to such Standby License on the
payment by Licensee, its Affiliate or the applicable Third Party of any additional financial consideration to MedImmune or any of its Affiliates beyond the payments negotiated between Licensee and such Third Party except as compensation for any
additional performance obligations that MedImmune elects to assume or perform); provided, however, that MedImmune shall retain sole discretion to withhold agreement with respect to any other grant of rights in connection therewith or the
assumption of any obligations or liabilities in addition to, or that are greater in scope than, MedImmune’s obligations or liabilities set forth in this Agreement but shall not unreasonably delay its response to any such Standby License
Request. Any Standby License (or other rights) granted by MedImmune to a proposed Sublicensee pursuant to this Section 2.3.2 shall be deemed a “Surviving Sublicense”. In addition, in the event that MedImmune agrees to grant a
Standby License to any Sublicensee with respect to a country other than the U.S., a country in the EU Market or China, then upon entering into such agreement, such agreement shall also be referred to as a Surviving Sublicense for purposes of this
Agreement. 
 2.3.3. Acknowledgments Regarding Sublicensing. 

(a) MedImmune acknowledges that Licensee’s ability to comply with its diligence obligations under Sections 3.3.1 and 3.5.1 with
respect to Licensed Products in the Field in each of the EU Market and China may depend on its ability to grant Sublicenses to Third Parties in such Markets. 

(b) MedImmune further acknowledges that if (i) Licensee delivers a Standby License Request to MedImmune requesting MedImmune’s
agreement to grant a Standby License to a bona fide proposed Sublicensee of Licensed Products in the Field in the EU Market or China that is both willing to agree to terms and conditions of Sublicense that

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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would comply with the requirements of Section 2.3.1 and the Surviving Sublicense Requirements, and unwilling to enter into a Sublicense agreement with Licensee for such Market without such
Standby License, and (ii) MedImmune does not agree to grant such Standby License, or does not respond to such Standby License Request, or does not engage in good faith discussions with Licensee regarding such Standby License within [***] of
such Standby License Request, such refusal by MedImmune may impede the Development and Commercialization of Licensed Products in the Field in such Market and have an adverse effect on Licensee’s timelines for such Development and
Commercialization. 
 2.4. Retention of Rights; Limitations Applicable to License Grants. 

2.4.1. Retained Rights of MedImmune. Notwithstanding anything to the contrary in this Agreement and without limitation of any rights
granted or reserved to MedImmune pursuant to any other term or condition of this Agreement, MedImmune hereby expressly retains, on behalf of itself and its Affiliates (and on behalf of its licensors, (sub)licensees and contractors) the non-exclusive right under the Licensed Know-How and Licensed Patents, in each case for MedImmune and its Affiliates (a) to (i) perform MedImmune’s obligations
and to exercise their respective rights under this Agreement, (ii) Exploit the AstraZeneca Product in any field (including the Field) anywhere in the Territory and (iii) subject to Section 2.5.1, Exploit any compound or product other
than any Licensed Compound or Licensed Product and (b) without limitation to clause (a), in the case of Licensed Know-How, subject to Section 2.5.1, to Exploit any compound other than
(x) MEDI2452 or (y) any compound claimed in the Licensed Patents or, in each case ((x) and (y)), any product containing a compound covered by clause (x) or (y). 

2.4.2. No Other Rights Granted by MedImmune. Except as expressly provided herein, MedImmune grants no other right or license, including
any rights or licenses to the Licensed Know-How, the Licensed Patents, the MedImmune Corporate Names, or any other Patent, Trademark or other intellectual property rights not otherwise expressly granted
herein. Without limitation to the foregoing, the Parties agree that the rights and licenses granted to Licensee under this Agreement do not include rights or licenses to develop, manufacture or commercialize, or otherwise Exploit, the Ticagrelor
Compound or any AstraZeneca Product for any purpose. 
 2.4.3. No Other Rights Granted by Licensee. Except as expressly provided
herein, Licensee grants no other right or license, including any rights or licenses to the PhaseBio Know-How, PhaseBio Patents, Licensee Termination Patents, Licensee Termination
Know-How, the Assigned Regulatory Documentation, the Licensee Regulatory Documentation, the Product Trademarks, or any other Patent, Trademark or other intellectual property rights not otherwise expressly
granted herein. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 2.4.4. Rights with Respect to Additional Compounds. Notwithstanding the
license grants in Section 2.1, Licensee shall have the right and license to Exploit Additional Compounds solely in accordance with this Section 2.4.4. 

(a) In the event that Licensee has continued to satisfy its obligations pursuant to Section 3.3.1 to use Commercially Reasonable Efforts
to Develop MEDI2452, and MEDI2452 is advancing through clinical development, or in the event that a Drug Approval Application for MEDI2452 has received Regulatory Approval in one or more Markets, Licensee may (directly, or indirectly through one or
more Affiliates or Sublicensees), on at least [***] prior written notice to MedImmune at its sole expense, and while continuing to pursue Development, Regulatory Approval and Commercialization of MEDI2452 in accordance with this Agreement, also
Exploit one or more Additional Compounds (and Licensed Products containing any such Additional Compound(s)) under and in accordance with this Agreement; provided that such Exploitation does not adversely affect the clinical development of, or
obtaining or maintaining regulatory approval for, MEDI2452, including the timelines with respect thereto. 
 (b) In the event a
Safety/Efficacy Issue occurs or exists with respect to MEDI2452, then Licensee shall so notify MedImmune and Licensee may, with MedImmune’s prior written consent, not to be unreasonably withheld, conditioned or delayed, at its sole expense,
elect to Exploit one or more Additional Compounds (and Licensed Products containing any such Additional Compound(s)) under and in accordance with this Agreement. 

(c) Without limitation to Section 2.4.4(a) or Section 2.4.4(b) or Licensee’s reporting and other obligations with respect to
Licensed Compounds under Article 3, at least [***] prior to any IND filing by or on behalf of Licensee (or any Affiliate or Sublicensee) with respect to any Additional Compound, Licensee shall (i) identify to MedImmune the protein sequence
of the applicable antibody or antibody fragment and (ii) provide to MedImmune such evidence or other documentation demonstrating that such antibody or antibody fragment satisfies the definition of an Additional Compound. If MedImmune reasonably
determines that such antibody or antibody fragment does not satisfy the definition of an Additional Compound and so notifies Licensee in writing, or if Licensee fails to identify to MedImmune the protein sequence of, or provide to MedImmune the
evidence or other documentation with respect to, such antibody or antibody fragment pursuant to the foregoing sentence, such antibody or antibody fragment shall automatically be deemed to be excluded from the definition of an Additional Compound and
the license grants under Section 2.1 unless MedImmune otherwise expressly agrees pursuant to an amendment to this Agreement entered into pursuant to Section 10.10. Each antibody or antibody fragment that is deemed to be so excluded
pursuant to the foregoing sentence from and after such exclusion shall be an “Excluded Compound”. 
 (d) Without limitation
to Section 2.4.1 or Section 2.4.2 or any other term or condition of this Agreement, Licensee covenants to MedImmune that, subject 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 27 

 
to Section 2.4.4(a) and Section 2.4.4(b), none of Licensee, any of its Affiliates or its or their successors or any Sublicensee, directly or indirectly shall Exploit any Excluded
Compound or any product containing an Excluded Compound. In the event of Licensee’s breach of this Section 2.4.4, without limitation to any claim for damages or other right or remedy of MedImmune hereunder or at law or in equity, Licensee
shall pay to MedImmune, in relation to any such Excluded Compound and any product containing an Excluded Compound or any Exploitation thereof, an amount equal to the milestones and royalties that would have otherwise been payable pursuant to
Article 4 as if such Excluded Compound or product was a Licensed Product hereunder. For clarity, nothing contained herein is intended to imply, and shall not be construed, to grant to Licensee any license rights to Exploit any Excluded Compound
or use any Licensed Compound for any purpose in connection with any product other than a Licensed Product. 
 2.4.5. Licensed Know-How. MedImmune has used good faith efforts to identify and set forth on Schedule 1.79 all of the material Information Controlled by MedImmune and its Affiliates that satisfies all
of clauses (a), (b) and (c) as follows: (a) is in the possession and Control of MedImmune or its Affiliates and can be transferred to Licensee, (b) was generated by MedImmune or any of its Affiliates and was actually used by
MedImmune or any of its Affiliates, in each case in the conduct of MedImmune’s and its Affiliates’ development program for MEDI2452 prior to the Effective Date and (c) is reasonably necessary for the further Development of, or to
obtain or maintain any Patent with respect to, MEDI2452 or any Licensed Product containing MEDI2452 as each exists as of the Effective Date. In the event that, within [***] following the Effective Date, Licensee reasonably determines that MedImmune
omitted any such material Information from Schedule 1.79, Licensee’s sole and exclusive remedy with respect to such omission shall be for MedImmune to transfer to Licensee the applicable Information. Licensee
acknowledges and agrees that (i) neither the Licensed Know-How nor the Technical Transfer Documents are intended to, and shall not be construed to, convey, license or otherwise transfer to Licensee any
rights with respect to Information owned by or in the possession of [***] and the Licensed Know-How excludes any such Information and (ii) the Licensed Know-How
excludes any research, discovery or development tools or technology, including Information with respect to any such research, discovery or development tools or technology used by MedImmune in relation to: (A) MEDI2452 or (B) any
anti-ticagrelor antibody or antibody fragment other than MEDI2452 that is covered or claimed by the Licensed Patents. 
 2.5.
Exclusivity. 
 2.5.1. Exclusivity Commitment of MedImmune. Subject to Section 3.3.1(e) and Sections 10.3 and 10.4,
during the applicable Exclusive Period, MedImmune shall not, and shall cause its Affiliates not to, either by itself or through a Third Party, conduct human clinical trials of, or sell, offer for sale or have sold, any Competing Product.
Notwithstanding the foregoing, (a) nothing herein is intended to prevent, or shall be construed as preventing, MedImmune or its Affiliates from performing its regulatory obligations 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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with respect to the AstraZeneca Product and (b) if with respect to any country, (i) in order to obtain or maintain regulatory approval for the AstraZeneca Product in such country a
Regulatory Authority requires that a product that acts as an antidote to, or neutralizes, abrogates or reverses the antiplatelet activity of the Ticagrelor Compound be developed or commercialized in such country, and (ii) MedImmune has provided
Licensee an opportunity for the Parties to discuss in good faith but the Parties have not reached agreement as to whether, and the terms on which, MedImmune would be granted the right to Develop, obtain and maintain Regulatory Approval for and
commercialize a Licensed Product in such country pursuant to Section 3.3.1(e), then MedImmune or its Affiliate shall be permitted to conduct human clinical trials for, and sell, offer for sale and have sold, a Competing Product in such country
unless Licensee can reasonably demonstrate that Licensee (x) is continuing to Develop, and (y) has used and is continuing to use Commercially Reasonable Efforts to Develop, in each case ((x) and (y)) a Licensed Compound and a Licensed
Product for such country, including taking all necessary steps to obtain and maintain Regulatory Approval with respect to such Licensed Product in such country. 

2.5.2. Exclusivity Commitment of Licensee. During the applicable Exclusive Period, Licensee shall not, and shall cause its Affiliates
and Sublicensees not to, either by itself or through a Third Party, conduct human clinical trials of, or sell, offer for sale or have sold: 

(a) any Competing Product (other than a Licensed Compound or Licensed Product) alone or in combination (whether fixed dose or co-packaged) with one (1) or more other active ingredients; 
 (b) any combination (whether fixed
dose or co-packaged) with one (1) or more other active ingredients of Licensed Compound or Licensed Product and a Competing Product; 

(c) any agent that is intended as an antidote to, or is intended to neutralize, abrogate or reverse the antiplatelet activity of, (i) any
Brilinta Competing Product alone or in combination (whether fixed dose or co-packaged) with one (1) or more other active ingredients or (ii) both the Ticagrelor Compound and a Brilinta Competing
Product; 
 (d) without limitation to the foregoing, any agent with dual activity as (i) an antidote to, or for use as an agent to
neutralize, abrogate or reverse the antiplatelet activity of, the Ticagrelor Compound and (ii) an antidote to, or for use as an agent to neutralize, abrogate or reverse the antiplatelet activity of, any Brilinta Competing Product; or 

(e) any Brilinta Competing Product. 

2.6. Trademark License Agreement. No later than the date on which Licensee files the first Drug Approval Application with
respect to any Licensed Product, or such earlier date as the Parties may mutually agree, upon the request of either Party, the Parties shall negotiate in good faith the terms and conditions of a trademark license agreement (the

  
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“Trademark License Agreement”) pursuant to which MedImmune would grant Licensee a non-exclusive license (or sublicense), with the right to
grant sublicenses as approved by MedImmune in advance in writing (such approval not to be unreasonably withheld, conditioned or delayed), to use the Licensed Trademarks (a) to make additional submissions to Regulatory Authorities with respect
to obtaining and maintaining Regulatory Approval with respect to a Licensed Product, (b) in Promotional Materials that comply with Section 3.5.6, and (c) as may be otherwise approved by MedImmune in advance in writing. In addition to
such other terms and conditions as may be agreed by the Parties, any such Trademark License Agreement shall include (i) a list of the Licensed Trademarks, which may be updated by MedImmune from time to time on written notice to Licensee, and
(ii) the jurisdictions in or for which each such Licensed Trademark may be used. No royalties or other payments in addition to those set forth in Article 4 shall be due by Licensee in respect of any license granted pursuant to the
Trademark License Agreement. 
 ARTICLE 3 

MANUFACTURING, DEVELOPMENT, REGULATORY 

AND COMMERCIALIZATION ACTIVITIES 

3.1. Technical Services. 

3.1.1. Technical Transfer. As promptly as practicable after the Effective Date, but in any event within [***] after the Effective Date,
MedImmune shall transfer, or shall cause to be transferred, to Licensee via the electronic data room established by MedImmune in connection with the negotiation of this Agreement or any other method as mutually agreed between the Parties copies of
the technical documents set forth on Schedule 3.1.1 (the “Technical Transfer Documents”). MedImmune shall ensure that such technical documents in the electronic data room are downloadable and printable and
that downloaded and printed versions of such technical documents do not bear any watermark. For clarity, MedImmune shall have no obligation to perform a Manufacturing technology transfer with respect to any Licensed Compound or Licensed Product;
provided, however, that the transfer pursuant to this Section 3.1.1 includes the identification of, and written documentation with respect to, the assay(s) used for stability testing of MEDI2452, in each case to the extent included in
the Technical Transfer Documents. MedImmune provides no assurances or guarantee that the Technical Transfer Documents alone will, following such transfer, enable Licensee to Manufacture successfully any Licensed Compound or any Licensed Product.

 3.1.2. Transfer of Existing Inventory and GLP Samples. Subject to the terms and conditions of this Agreement, effective as of the
Effective Date, MedImmune shall, or shall cause its applicable Affiliates to convey and assign to Licensee or its designee, and Licensee shall accept from MedImmune or such Affiliates, (a) the inventory of existing MEDI2452 drug substance and
drug product, drug product reference standards, stability study samples and IVSS bag protectant solely with respect to inventory owned by and in the possession of MedImmune (the “Transferred Inventory”), which Transferred Inventory
as of 

  
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the Effective Date is set forth on Schedule 3.1.2(a) and (b) the existing GLP toxicology samples of MEDI2452 (the “GLP Samples”), including those located at
Cryostore, Greenwich London, which GLP Samples existing as of the Effective Date are set forth on Schedule 3.1.2(b). Unless otherwise agreed, MedImmune shall continue to arrange for the storage of the GLP Samples at a Third Party
contractor’s facility for a period of up to [***] following the Effective Date and Licensee shall reimburse MedImmune for any reasonable costs incurred in connection with such storage within [***] after receipt of an invoice therefor. Licensee
acknowledges that neither the Transferred Inventory nor the GLP Samples are intended for commercial sale. Licensee shall use the Transferred Inventory and GLP Samples solely for Development purposes. Licensee shall, pursuant to Section 4.3,
reimburse MedImmune for its Technical Services Costs incurred in connection with such transfer and storage, including the packaging, documentation production, releasing and other Manufacturing activities performed by MedImmune or its Affiliates in
connection with the transfer of the Transferred Inventory and GLP Samples to Licensee. Licensee shall arrange for shipping of the Transferred Inventory and GLP Samples (following any storage period) at Licensee’s cost. Within [***] after the
Effective Date, with respect to the Transferred Inventory, and at such time prior to the first anniversary of the Effective Date as Licensee has made suitable arrangements to receive delivery of the GLP Samples, with respect to the GLP Samples,
MedImmune shall deliver or have delivered the Transferred Inventory or GLP Samples, as applicable to Licensee EXW (as defined in Incoterms 2010) MedImmune’s Third Party vendor’s warehouses set forth on
Schedule 3.1.2(a) or (b), as applicable. Notwithstanding the foregoing or any other term or condition of this Agreement, Licensee acknowledges and agrees that MedImmune shall have no liability to Licensee with respect to,
and shall have no obligation to replace, any Transferred Inventory, GLP Samples or any quantities of active metabolite provided under Section 3.3.1(d) that are lost or destroyed, or spoil or expire, prior to delivery to Licensee. 

3.1.3. Wacker Manufacturing. Licensee shall be solely responsible for (a) obtaining from Wacker any documentation
with respect to the Manufacturing process utilized by Wacker for the supply of Licensed Compounds and Licensed Products (including material batch records, cell bank testing results, and upstream process development reports), and (b) negotiating
a license, supply or other agreement with Wacker for continued Development and Manufacturing with respect to Licensed Compounds and Licensed Products. 

3.1.4. IND Deliverables. As promptly as practicable after the Effective Date, but in any event within [***] after the Effective
Date, MedImmune shall deliver to Licensee the deliverables set forth on Schedule 3.1.4 for Licensee’s use in preparing an IND with respect to Licensed Product. Licensee shall, pursuant to Section 4.3, reimburse
MedImmune for its Technical Services Costs incurred after the Effective Date in preparing and delivering such deliverables. 
 3.1.5.
Consultation with MedImmune. Licensee shall have the right for a period of [***] after the Effective Date to request reasonable consultation with relevant employees of MedImmune or its Affiliates with respect to the Licensed Compounds or
Licensed 

  
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Products, which consultation shall be provided at MedImmune’s discretion, not to be unreasonably withheld; provided that such consultation shall not materially disrupt
MedImmune’s business. Licensee shall, pursuant to Section 4.3, reimburse MedImmune for its Technical Services Costs incurred in connection with any such consultation. MedImmune expressly disclaims any representation or warranty with
respect to any consultation or any Information provided in connection therewith by MedImmune or its Affiliates. 
 3.1.6. Limitation of
MedImmune Support and FTEs. Except to the extent specifically included in the Technical Services or expressly set forth in the preceding provisions of this Section 3.1 or the last sentence of Section 5.2.2, MedImmune shall have no
obligation to provide transition or other support with respect to the Technical Transfer Documents, the Licensed Patents, the Licensed Know-How, the Assigned Regulatory Documentation, any Licensed Compound or
Licensed Product or otherwise. Notwithstanding anything to the contrary hereunder, unless otherwise agreed by the Parties in writing, MedImmune shall not be required to perform Technical Services (a) after the Effective Date in excess of [***]
in the aggregate or (b) after [***]the Effective Date, nor shall Licensee be obligated to compensate MedImmune for Technical Services in excess of one (1) FTE in the aggregate. 

3.2. Manufacturing. From and after the Effective Date, subject to MedImmune’s retained rights under Section 2.4.1, as between
the Parties, Licensee shall be solely responsible for all aspects of the Manufacturing of Licensed Compounds and Licensed Products in the Field in the Territory at Licensee’s own cost and expense. For clarity, MedImmune shall not be required to
provide any support with respect to Manufacturing other than those obligations of MedImmune expressly provided in Section 3.1. Licensee shall use Commercially Reasonable Efforts to Manufacture Licensed Compounds and Licensed Products in
sufficient quantities for the conduct of the Development Plans and Commercialization Plans and to otherwise comply with its obligations under this Agreement. 

3.3. Development. 

3.3.1. Diligence. 
 (a)
After the Effective Date, subject to MedImmune’s retained rights under Section 2.4.1 and to Section 3.3.3, and except as set forth in Section 3.3.1(d), as between the Parties, Licensee shall be solely responsible for all aspects
of the Development of Licensed Compounds and Licensed Products in the Field in the Territory at Licensee’s own cost and expense, including (i) obtaining any quantities of the AstraZeneca Product required for Licensee’s Development
activities from commercially available channels; (ii) identifying and engaging a contract research organization or other vendor to perform testing of Licensed Compound drug substance or drug product; and (iii) sourcing an assay reagent for
the performance of stability assays. 

  
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 (b) Licensee shall use Commercially Reasonable Efforts to Develop, and obtain and maintain
Regulatory Approvals for, Licensed Products for use in the Field (x) in the United States, China and the Major European Countries and (y) in other countries throughout the Territory where it is commercially reasonable (consistent with the
definition of Commercially Reasonable Efforts) to do so; provided that, in the case of any other country covered by clause (y), Licensee shall not be required pursuant to this sentence to Develop or obtain Regulatory Approval for a
Licensed Product in such country if the reasonably expected period of exclusivity for such Licensed Product in such country (whether by virtue of an anticipated Valid Claim of a Licensed Patent or the Regulatory Exclusivity Period with respect to
which the Licensed Product is expected to be eligible upon receipt of Regulatory Approval or other available data or similar exclusivity) is less than five (5) years assuming the exercise of Commercially Reasonable Efforts to Develop, and
obtain and maintain Regulatory Approval for, such Licensed Product in such country. For clarity, the Parties acknowledge that Developing, and obtaining and maintaining Regulatory Approvals for, Licensed Products for use in the Field in the United
States and the Major European Countries is a higher timing priority in Licensee’s global development strategy than Developing, and obtaining and maintaining Regulatory Approvals for, Licensed Products for use in the Field in China, and that,
accordingly, the use of Commercially Reasonable Efforts to perform such activities in (i) the U.S. and the Major European Countries, on the one hand, and (ii) China, on the other hand, does not require that such activities in China be
conducted on the same or similar timeline as such activities in the U.S. and the Major European Countries. 
 (c) In the event that Licensee
achieves First Commercial Sale of a Licensed Product in the United States, a Major European Country or China on or before December 31, 2021, Licensee shall so notify MedImmune in writing and provide supporting documentation with respect thereto
and the commencement of the Royalty Term shall be delayed until July 1, 2022. 
 (d) Without limitation to the last sentence of
Section 2.5.1, upon Licensee’s request, MedImmune shall (or shall cause its applicable Affiliates to) use commercially reasonable efforts to supply Licensee or its designee those quantities of existing ticagrelor active metabolite (AR-C124910XX) on the terms and conditions set forth on Schedule 3.3.1(d) for Licensee’s use in analytical assay development with respect to the Licensed Compounds and Licensed
Products. 
 (e) If Licensee elects, including pursuant to the first sentence of Section 3.3.1(b), not to Develop or seek or obtain
Regulatory Approval for a Licensed Product, or to Commercialize a Licensed Product in any country or jurisdiction in the Territory where the AstraZeneca Product is being developed or commercialized by or on behalf of MedImmune or its Affiliates or
its or their (sub)licensees or successors and the applicable Regulatory Authority conditions the marketing or sale of the AstraZeneca Product on the availability of a Licensed Product, Licensee shall promptly notify MedImmune in writing of such
election, and, upon MedImmune’s request, the Parties shall discuss in good faith the terms and 

  
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conditions pursuant to which MedImmune may obtain the right, but not the obligation, to Develop or obtain Regulatory Approval for and Commercialize such Licensed Product in such country or
jurisdiction. 
 3.3.2. Development Records. Licensee shall, and shall cause its Affiliates and its and their Sublicensees to,
maintain, in good scientific manner, complete and accurate books and records pertaining to Development of the Licensed Compounds and Licensed Products hereunder, in sufficient detail to verify compliance with its obligations under this Agreement.
Such books and records shall (a) be appropriate for patent and regulatory purposes, (b) be in compliance with Applicable Law, (c) properly reflect all work done and results achieved in the performance of its Development activities
hereunder, and (d) be retained by Licensee for such period as may be required by Applicable Law. In the event (i) of a dispute with respect to Licensee’s performance of its Development obligations set forth in Section 3.3.1,
(ii) of termination of this Agreement in its entirety or with respect to any Market, or (iii) that access to such books and records is reasonably required by MedImmune or its Affiliates in connection with the exercise of its rights under
Article 5, MedImmune shall have the right, during normal business hours and upon reasonable notice, to inspect and copy any or all such books and records pursuant to this Section 3.3.2; provided that MedImmune shall maintain such
records and information disclosed therein in accordance with Article 6. 
 3.3.3. Development Plans. No later than [***],
Licensee shall provide MedImmune with an initial written development plan for the Licensed Products. In addition, and without limiting Section 3.3.2, prior to Licensee’s receipt of Regulatory Approval in the United States, China and at
least one Major European Country, within [***] following the end of each Calendar Year beginning with Calendar Year 2018, Licensee shall provide MedImmune with Licensee’s then-current written development plan for the Licensed Products,
including a listing of those countries in the Territory with respect to which Licensee is pursuing Development or intends to seek Regulatory Approval (each, a “Development Plan”). MedImmune shall have the right to review and provide
comments to Licensee on each Development Plan within [***] of receipt of such Development Plan, which comments Licensee shall consider in good faith. Without limiting the generality of the foregoing, Licensee promptly shall provide MedImmune with
key Development results from any clinical trial with respect to a Licensed Product, including top-line data from any Pivotal Trial readout, in each case reasonably in advance of any public announcement of such
results. 
 3.4. Regulatory Activities. 

3.4.1. Regulatory Approvals; Assigned Regulatory Documentation. 

(a) Subject to MedImmune’s retained rights under Section 2.4.1, except as otherwise set forth in this Section 3.4, Licensee
shall have the sole right and responsibility, at Licensee’s own cost and expense, to prepare, submit, obtain, and maintain 

  
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Drug Approval Applications (including the setting of the overall regulatory strategy therefor), Regulatory Approvals, and other submissions (including INDs) to Regulatory Authorities, and to
conduct communications with the Regulatory Authorities, for Licensed Products in the Field in the Territory, in its name. The Parties acknowledge that regulatory matters with respect to the Licensed Compounds or Licensed Products will reasonably
require coordination with regulatory matters with respect to the AstraZeneca Product and agree to cooperate in good faith with each other as reasonably necessary for and in relation to each Party to obtain and maintain regulatory approvals
(including Regulatory Approvals) with respect to the product that such Party has the right to commercialize (including Commercialize) under this Agreement (i.e., Licensed Product in the case of Licensee and AstraZeneca Product in the case of
MedImmune). Prior to submitting any written or electronic communication to a Regulatory Authority in a country of the Territory with respect to AstraZeneca Product that would reasonably be expected to require a change to the Regulatory Authority-approved full prescribing information for the AstraZeneca Product for such country, Licensee shall consult with MedImmune in good faith. Licensee shall keep MedImmune reasonably informed of its efforts to
obtain and maintain Regulatory Approval for any Licensed Product in the Territory and developments with respect thereto, including Licensee’s expected timing with respect to submission and receipt of any and all Regulatory Approvals. 

(b) Except to the extent prohibited by Applicable Law, MedImmune hereby assigns to Licensee or its designated Affiliate all Regulatory
Documentation possessed and owned by MedImmune or any of its Affiliates exclusively relating to MEDI2452 (the “Assigned Regulatory Documentation”). MedImmune has used good faith efforts to identify and set forth on
Schedule 3.4.1(b) all such material Regulatory Documentation Controlled by MedImmune or its Affiliates in existence on the Effective Date. Notwithstanding the foregoing, MedImmune shall be permitted to retain copies of the
Assigned Regulatory Documentation for purposes of Exploiting the AstraZeneca Product and otherwise. 
 3.4.2. Regulatory Interactions.
Without limitation to Section 3.3.3 or Section 3.4.1(a), Licensee shall, except to the extent a need for exigent action prevents it from doing so, provide MedImmune with copies of Licensee’s initial Drug Approval Application
relating to each Licensed Compound or Licensed Product to the FDA or EMA, as applicable, and to such other Regulatory Authorities as MedImmune may reasonably request, a reasonable amount of time (but no less than [***]) prior to the anticipated date
for the applicable submission to allow MedImmune to review and comment on such Drug Approval Application, and Licensee shall consider all comments and proposed revisions from MedImmune in good faith in connection with effecting such submission.
Licensee shall consult with MedImmune regarding, and keep MedImmune informed of, the status of the preparation of the dossier rationale and proposed labeling with respect to each Licensed Product. Upon MedImmune’s request, Licensee shall
promptly (and in any event, within [***]) provide to MedImmune access to and copies of any Regulatory Documentation necessary or reasonably useful for MedImmune to Exploit the AstraZeneca Product or update the label with respect thereto. 

  
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 3.4.3. Recalls, Suspensions or Withdrawals. Licensee shall notify MedImmune promptly
(but in no event later than [***] in the case of commercially distributed Licensed Product) following its determination that any event, incident or circumstance has occurred that may result in the need for a recall, market suspension, or market
withdrawal of a Licensed Product in the Field in the Territory and shall include in such notice the reasoning behind such determination and any supporting facts. As between the Parties, Licensee shall have the right to make the final determination
whether to voluntarily implement any such recall, market suspension, or market withdrawal in the Field in the Territory; provided that, to the extent practicable under the circumstances, prior to any implementation of such a recall of a
commercially distributed Licensed Product (including samples), or market suspension or market withdrawal of a Licensed Product, Licensee shall consult with MedImmune and shall consider MedImmune’s comments in good faith. If a recall, market
suspension, or market withdrawal of a Licensed Product in the Field in the Territory is mandated by a Regulatory Authority in the Territory, then, as between the Parties, Licensee shall initiate such a recall, market suspension, or market withdrawal
in compliance with Applicable Law. For all recalls, market suspensions, or market withdrawals undertaken pursuant to this Section 3.4.3, as between the Parties, Licensee shall be solely responsible for the execution thereof. Subject to
Article 8, Licensee shall be responsible for all costs of any such recall, market suspension, or market withdrawal. 
 3.4.4.
Pharmacovigilance. 
 (a) Promptly after the Effective Date, the Parties and their respective Affiliates shall appoint a joint safety
governance team (the “Safety Team”) comprised of an equal number of representatives of each Party to discuss (i) the exchange of safety information with respect to the Licensed Products and AstraZeneca Products and
(ii) the negotiation of a written safety agreement (the “Pharmacovigilance Agreement”), which shall be agreed and executed as promptly as practicable following the Effective Date but in any event no later than [***] after the
Effective Date. The Safety Team shall be advisory only and shall not have any decision-making authority. The Pharmacovigilance Agreement will (A) address the Parties’ responsibilities in the Territory in relation to pharmacovigilance
obligations for the Development and Commercialization of Licensed Compounds and Licensed Products and AstraZeneca Products in the Territory under 21 C.F.R. sections 312.32 or 314.80 or under corresponding Applicable Law outside the United States)
with respect to pre-clinical or clinical laboratory, animal toxicology and pharmacology studies, clinical studies and commercial experiences with a Licensed Product and AstraZeneca Products and
(B) include such specific responsibilities of the Safety Team and such guidelines for the operation of the Safety Team as the Parties may agree. 

(b) Notwithstanding Section 3.4.4(a), Licensee shall establish, hold and maintain a safety database for the Licensed Compounds and
Licensed Products and Licensee shall be solely responsible for complying with its pharmacovigilance responsibilities in the Territory, as applicable. MedImmune and its Affiliates shall have the right, during normal business hours and upon reasonable
notice, to access and copy safety 

  
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reporting information for the Licensed Products in the Territory. To the extent reasonably required by Licensee in relation to the Exploitation of a Licensed Product or obtaining and maintaining
Regulatory Approval for a Licensed Product, MedImmune shall cooperate in good faith to provide Licensee with appropriate access to material safety reporting information for the AstraZeneca Product solely for use in relation to the Exploitation of a
Licensed Product in accordance with the terms of this Agreement. 
 (c) With respect to any AstraZeneca Product, unless otherwise agreed by
the Parties in writing, Licensee shall notify in writing MedImmune or such Affiliate as MedImmune may designate of any adverse events and other safety-relevant information and complaints associated with such AstraZeneca Product in the Territory
(each, a “Spontaneous Adverse Event”) of which Licensee becomes aware, outside the conduct of clinical studies within [***] after Licensee first learns of such Spontaneous Adverse Event. 

(d) Licensee shall notify MedImmune according to the timelines above, regardless of seriousness, causality, and whether or not the AstraZeneca
Product was used in accordance with the authorized Summary of Product Characteristics (SPC) or any other conditions laid down for marketing of the AstraZeneca Product in accordance with applicable legal requirements including: (i) reports of
suspected transmission of an infectious agent for the AstraZeneca Product and (ii) reports of lack of effect, pregnancy, lactation/paternal exposure, medication error, overdose, off-label use, drug
interaction, abuse or misuse of the AstraZeneca Product, falsified/counterfeit product, or occupational exposure with or without an associated adverse event of the AstraZeneca Product. 

(e) Additionally, unless otherwise agreed, Licensee shall notify in writing MedImmune or such Affiliate as MedImmune may designate, of any
serious adverse events and other safety-relevant information and complaints associated with such AstraZeneca Product in the Territory (each, a “Serious Adverse Event”) of which Licensee becomes aware under the conduct of clinical
studies within timelines set forth on Schedule 3.4.4(e), after Licensee first learns of such Serious Adverse Event, as a processed report (e.g., CIOMS or E2B file). 

(f) Licensee shall notify in writing MedImmune of any other safety-relevant information and complaints associated with such AstraZeneca
Product in the Territory that is not a Serious Adverse Event (each, an “Other Adverse Event”) of which Licensee becomes aware in the course of conducting clinical trials promptly after Licensee first learns of such Other Adverse
Event. 
 (g) Licensee shall cooperate with MedImmune to investigate and follow-up on any such
Serious Adverse Events or Other Adverse Events associated with such AstraZeneca Product. For clarity, MedImmune or its Affiliate shall have final decision-making authority as to whether and how to report safety information pertaining to

  
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any AstraZeneca Product, and Licensee shall have final decision-making authority as to whether and how to report safety information pertaining to any Licensed Product. 

(h) Without limitation to any of the foregoing, Licensee shall ensure that all applicable patient authorizations and consents required under
Applicable Law, including the Health Insurance Portability and Accountability Act of 1996 and the EU Data Protection Directive 95/46/EC, in connection with safety information pertaining to the Licensed Compounds and Licensed Products from any
sources, permit such sharing of safety information with MedImmune or its Affiliate, including patient information required to contact the reporter where the source is outside the conduct of a clinical study. 

3.5. Commercialization. 

3.5.1. Diligence. As between the Parties, Licensee shall, subject to the remainder of this Section 3.5, be solely
responsible for Commercialization of the Licensed Products in the Field throughout the Territory at Licensee’s own cost and expense. Licensee shall use Commercially Reasonable Efforts to Commercialize the Licensed Products in the
Field (x) in the United States, China and the Major European Countries and (y) in each other Market throughout the Territory in which it is commercially reasonable to Commercialize the Licensed Products. For clarity, the Parties
acknowledge that, based on Licensee’s global development strategy (as described in Section 3.3.1(b)), Commercializing Licensed Products in the Field in the United States and the Major European Countries is a higher timing priority in
Licensee’s global development strategy than Commercializing Licensed Products in the Field in China, and that, accordingly, the use of Commercially Reasonable Efforts to perform such activities in (i) the U.S. and the Major European
Countries, on the one hand, and (ii) China, on the other hand, does not require that such activities in China be conducted on the same or similar timeline as such activities in the U.S. and the Major European Countries. 

3.5.2. Booking of Sales; Distribution. Licensee shall invoice and book sales, establish all terms of sale (including pricing and
discounts), and warehouse and distribute the Licensed Products in the Field in the Territory and perform or cause to be performed all related services. Subject to Section 3.4.3, Licensee shall handle all returns, recalls or withdrawals, order
processing, invoicing, collection, distribution, and inventory management with respect to the Licensed Products in the Field in the Territory. 

3.5.3. Commercialization Records. Without limitation of Section 4.10, Licensee shall maintain complete and accurate books and
records pertaining to Commercialization of Licensed Products hereunder, in sufficient detail to verify compliance with its obligations under this Agreement, which shall be in compliance with Applicable Law. Such records shall be retained by Licensee
for such period as may be required by Applicable Law. In the event of a dispute with respect to Licensee’s performance of its Commercialization obligations set forth in Section 3.5.1, MedImmune shall have the right, during normal business
hours and upon reasonable notice, to inspect and copy all such books and records with respect to 

  
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such dispute maintained pursuant to this Section 3.5.3; provided that MedImmune shall maintain such records and information disclosed therein in accordance with Article 6. 

3.5.4. Commercialization Plans. Without limiting Section 3.5.3, commencing at least [***] prior to the anticipated filing of the
first Drug Approval Application for each Licensed Product anywhere in the Territory, within [***] following the end of each Calendar Year, Licensee shall provide MedImmune with Licensee’s then-current written Commercialization Plan for the
Licensed Product(s) (each, a “Commercialization Plan”). MedImmune shall have the right to review and provide comments to Licensee on each Commercialization Plan within [***] of receipt of such Commercialization Plan, which comments
Licensee shall consider in good faith; provided, however, that MedImmune’s right to review and provide comments to Licensee, and Licensee’s obligation to consider such comments, with respect to those portions of any
Commercialization Plan relating to a particular Market shall expire on the later of (a) such time as the Generic Competition Threshold in such Market is first met or exceeded and (b) expiration of the last to expire Valid Claim of the
Patents owned or controlled by MedImmune or its Affiliates that claim the manufacture, use or sale of the AstraZeneca Product in such Market. 

3.5.5. Commercialization Strategy. On a
Market-by-Market basis, until the later of (a) such time as the Generic Competition Threshold in a particular Market is first met or exceeded and
(b) expiration of the last to expire Valid Claim of the Patents owned or controlled by MedImmune or its Affiliates that claim the manufacture, use or sale of the AstraZeneca Product in such Market, Licensee shall use Commercially Reasonable
Efforts to align its Commercialization strategy and Promotional Materials of the Licensed Products in such Market with the positioning, brand equity and overall commercial strategy for the AstraZeneca Product in such Market as may be communicated
from time to time to Licensee by MedImmune or its Affiliate; provided, however, Licensee shall not be obligated to so align its Commercialization strategy and Promotional Materials of the Licensed Products in any manner that, upon the
advice of Licensee’s regulatory advisors or legal counsel, Licensee determines would be inconsistent with Applicable Law in such Market. 

3.5.6. Promotional Materials. Without limiting Section 3.5.5 or any term or condition of the Trademark License Agreement,
MedImmune shall have the right to review and approve any and all Promotional Materials (including any information for use on the Internet), and including any updates or modifications thereto, that contain any AstraZeneca Product References. Licensee
shall provide any Promotional Materials to MedImmune for review (by MedImmune and its Affiliates) at least [***] prior to submission of such Promotional Materials (or such updates or modifications) to a Regulatory Authority or [***] prior to the
printing of such materials for distribution to the public, whichever comes first. MedImmune shall notify Licensee whether MedImmune approves such Promotional Materials within [***] of receipt of such Promotional Materials, such approval not to be
unreasonably withheld or conditioned. In no event shall (a) Licensee seek approval of or include in Promotional Materials any AstraZeneca Product Reference that is not (i) supported by the approved labeling for the AstraZeneca Product or
presents an unbalanced view of the AstraZeneca Product considering the approved labeling for the AstraZeneca Product as a whole or (ii) consistent with the approved labeling for the Licensed Product, and (b) MedImmune have any obligation
to approve any 

  
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AstraZeneca Product References that use any Trademark with respect to the AstraZeneca Product other than a Licensed Trademark. Subject to Section 5.7.2, Licensee’s obligation to provide
MedImmune with its Promotional Materials and any updates and modifications thereto and MedImmune’s or such Affiliate’s right to review and approve such Promotional Materials shall expire with respect to such Promotional Materials on a
global basis at such time as the Generic Competition Threshold is first met or exceeded in all of the United States, the EU Market and China. In the event that Licensee reasonably believes MedImmune has breached its obligation to not unreasonably
withhold or condition an approval with respect to Promotional Materials that include AstraZeneca Product References, such dispute shall be decided in accordance with Section 3.5.7. During the resolution of any such dispute, Licensee and its
Affiliates and its and their Sublicensees and Third Party contractors, as applicable, shall be prohibited from using the portion(s) of the Promotional Materials that are subject to the dispute. In addition to any approved AstraZeneca Product
References with respect to the AstraZeneca Product for which Regulatory Approval is owned by AstraZeneca or any of its Affiliates (or its or their successors), Licensee shall have the right to include in Promotional Materials used in a country
references to any Generic Ticagrelor Product that obtained Regulatory Approval from the applicable Regulatory Authorities in such country, provided that all such references (1) are consistent with the approved labeling for each
applicable product, (2) do not present an unbalanced view of the applicable Generic Ticagrelor Product(s), and (3) are subject to the Promotional Material review and approval process set forth above. In addition, Licensee medical
information and materials prepared by Licensee may include reprints of scientific or medical journal articles or reference publications regarding the AstraZeneca Product that, in each case, follow FDA’s “Good Reprint Practices for the
Distribution of Medical Journal Articles and Medical or Scientific Reference Publications on Unapproved New Uses of Approved Drugs and Approved or Cleared Medical Devices” guidance. Notwithstanding the foregoing, MedImmune shall have the right
to withdraw its approval with respect to, or require amendment of, any Promotional Materials containing any AstraZeneca Product Reference that, in the reasonable determination of MedImmune, (A) do not comply with Applicable Law or (B) are
not aligned with the then-current positioning, brand equity and overall commercial strategy for the AstraZeneca Product as determined by MedImmune on an annual basis in connection with MedImmune’s or its Affiliates’ annual brand-planning
cycle and communicated by MedImmune to Licensee annually following the conclusion of such planning cycle. In the event MedImmune withdraws or amends its approval with respect to any AstraZeneca Product Reference, Licensee shall, at its own cost and
expense, use reasonable efforts to cease the use of any Promotional Material containing such AstraZeneca Product Reference or adopt the amended AstraZeneca Product Reference, as applicable, (x) within [***] of MedImmune’s notification or
such shorter period required by Applicable Law, in the case of any such withdrawal or amendment pursuant to clause (A) above; or (y) within [***] of MedImmune’s notification, in the case of any such withdrawal or amendment pursuant to
clause (B) above. 

  
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 3.5.7. Commercialization Disputes. If a dispute arises between the Parties in
connection with or relating to any Commercialization activity of Licensee or right of MedImmune under Section 3.5.4, Section 3.5.5 or Section 3.5.6 (a “Commercialization Dispute”), then either Party shall have the
right to refer such Commercialization Dispute to MedImmune’s senior representative for the AstraZeneca Product and Licensee’s Chief Financial Officer or VP of Marketing/Chief Commercial Officer (or their respective designees) for attempted
resolution by good faith negotiations during a period of [***]. Any final decision mutually agreed to by such senior representatives (or such designees) shall be conclusive and binding on the Parties. If such senior representatives (or such
designees) are unable to resolve any such Commercialization Dispute within such [***] period, then either Party shall have the right to refer such Commercialization Dispute to the Senior Officers for attempted resolution by good faith negotiations
during a period of [***]. Any final decision mutually agreed to by the Senior Officers shall be set forth in writing and signed by both Parties, whereupon it will be conclusive and binding on the Parties. In the event that the Senior Officers do not
agree with respect to any Commercialization Dispute, such Commercialization Dispute shall not be subject to dispute resolution as set forth in Section 10.6, unless a Party is in breach or is alleged to be in breach of its obligations under this
Agreement. 
 3.6. Statements and Compliance with Applicable Law. Licensee shall, and shall cause its Affiliates to, comply with all
Applicable Law with respect to the Exploitation of Licensed Products. Licensee shall avoid, and shall cause its Affiliates and its and their Sublicensees to avoid, taking or failing to take any actions that Licensee knows or reasonably should know
would have an adverse effect on the goodwill or reputation of MedImmune or its Affiliate, the AstraZeneca Product, the Licensed Products or any Trademark associated therewith. Without limitation to the foregoing, Licensee shall in all material
respects conform its practices and procedures relating to the Commercialization of the Licensed Products in the Territory and educating the medical community in the Territory with respect to the Licensed Products to any applicable industry
association regulations, policies and guidelines, as the same may be amended from time to time, and Applicable Law. 
 3.7. Markings.
To the extent requested by MedImmune in writing or otherwise required by Applicable Law, the Promotional Materials (including web and social media content), packaging, and Product Labeling for the Licensed Products used by Licensee, its Affiliates
and its and their Sublicensees in connection with the Commercialization of the Licensed Products in the Territory shall contain such MedImmune Corporate Name(s), as designated by MedImmune, in a manner mutually approved by MedImmune and Licensee and
subject to Section 5.7 (such approval not to be unreasonably withheld by Licensee); provided, however, that in no event shall Licensee or any of its Affiliates or Sublicensees be required to give any such MedImmune Corporate Name the
same or greater prominence than any Licensee Corporate Name or Product Trademark on any such Promotional Materials (including web and social media content), packaging, and Product Labeling for the Licensed Products. 

  
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 3.8. Subcontracting. Licensee may subcontract with a Third Party to perform
obligations of Licensee hereunder (including by appointing one or more distributors); provided that (a) no such permitted subcontracting shall relieve Licensee of any obligation hereunder (except to the extent satisfactorily performed by
such subcontractor) or any liability and Licensee shall be and remain fully responsible and liable therefor and (b) the agreement pursuant to which Licensee engages any Third Party subcontractor must, except as otherwise provided in
Section 5.1.6, (i) be consistent in all material respects with the relevant provisions of this Agreement, and (ii) contain terms obligating such subcontractor to comply with the confidentiality, intellectual property and all other
relevant provisions of this Agreement. Licensee shall be responsible for the compliance of each subcontractor with all of the applicable terms and conditions of this Agreement. 

3.9. Alliance Managers. Each Party shall appoint an individual (each, an “Alliance Manager”) who shall oversee contact
between the Parties for all matters and shall have such other responsibilities as the Parties may agree in writing after the Effective Date. A Party may replace the individual serving as its Alliance Manager at any time by notice in writing to the
other Party. The Alliance Managers shall work together to manage and facilitate communication between the Parties under this Agreement, including the resolution (in accordance with the terms of this Agreement) of issues between the Parties that
arise in connection with this Agreement. The Alliance Managers shall not have final decision-making authority with respect to any matter under this Agreement. 

3.10. Product Positioning Principles. Without limitation to the foregoing or any other term or condition of this Agreement, within [***]
after the Effective Date, the Parties shall meet to discuss MedImmune’s or its Affiliates’ positioning of the AstraZeneca Product. Within [***] of such meeting, Licensee shall provide MedImmune with a written proposal detailing the core
principles for the positioning of the Licensed Product, including the target profile for the Licensed Product, proposed label claims (or the actual label claims, if then applicable) for the Licensed Product and the proposed positioning of the
Licensed Product in relation to the AstraZeneca Product, including proposed AstraZeneca Product References for use in such Proposed Product Positioning Principles. Thereafter, on an annual basis, Licensee shall prepare and provide to MedImmune
proposed updates thereto (any proposed product positioning principles or proposed updates thereto, the “Proposed Product Positioning Principles”). Licensee shall align its Proposed Product Positioning Principles with the
positioning, brand equity and overall commercial strategy for the AstraZeneca Product as may be communicated to Licensee by MedImmune on an annual basis in connection with MedImmune’s or its Affiliates’ annual brand-planning cycle. In
addition to any approved AstraZeneca Product References with respect to the AstraZeneca Product for which the Regulatory Approval is owned by AstraZeneca or any of its Affiliates (or its or their successors), Licensee shall have the right to include
in Proposed Product Positioning Principles references to any Generic Ticagrelor Product that obtained Regulatory Approval from the applicable Regulatory Authorities, provided that all such references (1) are consistent with the approved
labeling for each applicable product, and (2) do not present an unbalanced view of the applicable Generic Ticagrelor Product(s). Proposed Product Positioning Principles may take the form of slide decks, talking points or other similar aids for
use in communications of Licensee or any of its Affiliates or its or their Sublicensees with Third Parties relating to the Licensed Product. Proposed 

  
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Product Positioning Principles may utilize in relation to the AstraZeneca Product only Information that is or becomes part of the public domain by public use, public general knowledge or the like
through no breach of this Agreement by Licensee or any of its Affiliates or its or their Sublicensees and shall not utilize Confidential Information of MedImmune or its Affiliates unless MedImmune consents in writing. MedImmune shall have the right
to review and approve Proposed Product Positioning Principles, including any AstraZeneca Product References used in such Proposed Product Positioning Principles. MedImmune shall notify Licensee whether MedImmune approves any Proposed Product
Positioning Principles within [***] of receipt of such Proposed Product Positioning Principles in accordance with the foregoing, such approval not to be unreasonably withheld or conditioned (any such approved product positioning principles or
approved updates thereto, the “Approved Product Positioning Principles”). In no event shall (a) Licensee seek approval of or include in Proposed Product Positioning Principles (or Approved Product Positioning Principles) any
AstraZeneca Product Reference that is not (i) supported by the approved labeling for the AstraZeneca Product or that present an unbalanced view of the AstraZeneca Product considering the approved labeling for the AstraZeneca Product as a whole
or (ii) consistent with the approved labeling for the Licensed Product (if then applicable), and (b) MedImmune have any obligation to approve any AstraZeneca Product References that use any Trademark with respect to the AstraZeneca Product
other than a Licensed Trademark. Subject to Section 5.7.2, Licensee’s obligation to provide MedImmune with its Proposed Product Positioning Principles and any updates and modifications thereto and MedImmune’s or such Affiliate’s
right to review and approve such Proposed Product Positioning Principles shall expire on a global basis at such time as the Generic Competition Threshold is first met or exceeded in all of the United States, the EU Market and China. 

ARTICLE 4 
 PAYMENTS AND
RECORDS 
 4.1. Upfront Payment. In partial consideration of the rights granted by MedImmune to Licensee hereunder, no later than
[***] following the Effective Date, Licensee shall pay MedImmune a nonrefundable and noncreditable upfront amount of One Hundred Thousand Dollars ($100,000). 

4.2. [***] Fee. No later than [***] following MedImmune’s delivery to Licensee of a true and complete copy of any invoice
issued by [***] to MedImmune for the storage fee payable by MedImmune to [***] pursuant to that certain Storage Agreement by and between MedImmune and [***], effective as of January 1, 2017, Licensee shall reimburse MedImmune for such storage
fee. 
 4.3. Technical Services Costs. Within [***] after the end of each Calendar Quarter after the Effective Date, MedImmune
shall invoice Licensee for the Technical Services 

  
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Costs incurred by MedImmune or its Affiliates in connection with the performance of the Technical Services, which invoice shall include reasonable detail regarding the applicable Technical
Services performed and the FTE Costs and the Out-of-Pocket Expenses incurred in performing such Technical Services and shall be accompanied by appropriate documentation
of Out-of-Pocket Expenses, and Licensee shall reimburse MedImmune for such Technical Services Costs within [***] of Licensee’s receipt of such invoice. 

4.4. Milestones. 

4.4.1. Development and Regulatory Milestones. In partial consideration of the rights granted by MedImmune to Licensee hereunder,
Licensee shall pay to MedImmune each of the following one-time, nonrefundable, noncreditable milestone payments within [***] after the first achievement of the corresponding milestone event: 

 

			
	 Development or Regulatory Milestone Event
	  	 Development or Regulatory Milestone Payment

		
	Initiation of first Phase II Clinical Trial of a Licensed Product	  	[***]
		
	Initiation of first Pivotal Trial of a Licensed Product; provided that if a Pivotal Trial is determined to be a Pivotal Trial after Initiation, then this milestone event shall occur on the earlier of the Initiation of the
next Pivotal Trial for such Licensed Product and the filing of a Drug Approval Application for such Licensed Product	  	[***]
		
	Acceptance by FDA, EMA or the applicable Regulatory Authority of a Major European Country or China (whichever occurs first) of the first Drug Approval Application for a Licensed Product	  	[***]
		
	Approval by FDA, EMA or the applicable Regulatory Authority of a Major European Country or China (whichever occurs first) of the first Drug Approval Application for a Licensed Product	  	[***]

 In the event that the first achievement of a milestone event set forth above in this Section 4.4.1 occurs without any
preceding milestone event having been achieved and the corresponding 

  
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milestone payment having been paid, then the milestone payment corresponding to each such skipped milestone event shall become due and payable concurrently with the milestone payment
corresponding to the achieved milestone event. 
 4.4.2. Commercial Milestones. In partial consideration of the rights granted by
MedImmune to Licensee hereunder, within [***] after end of the Calendar Quarter in which each of the Net Sales milestones set forth below in this Section 4.4.2 is first achieved, Licensee shall pay to MedImmune the corresponding one-time, nonrefundable, noncreditable milestone payment set forth below: 
  

			
	 Commercial Milestone Event
	  	 Milestone Payment

		
	Aggregate worldwide Net Sales of all Licensed Products for any and all indications first equal or exceed Five Hundred Million Dollars ($500,000,000)	  	[***]
		
	Aggregate worldwide Net Sales of all Licensed Products for any and all indications first equal or exceed One Billion Dollars ($1,000,000,000)	  	[***]

 For clarity, in the event that, pursuant to Section 3.3.1(c), the Royalty Term does not take effect until June 30,
2022, Net Sales with respect to the period prior to June 30, 2022 shall nevertheless be counted for purposes of calculating the commercial milestone thresholds set forth in this Section 4.4.2. 

4.4.3. Determination That Milestones Have Occurred. Licensee shall notify MedImmune promptly of the first achievement of each of the
events identified as a milestone in Section 4.4.1 or Section 4.4.2. In the event that, notwithstanding the fact that Licensee has not provided MedImmune such a notice, MedImmune believes that any such milestone has been achieved, it shall
so notify Licensee in writing and the Parties shall promptly meet and discuss in good faith whether such milestone has been achieved. Any dispute under this Section 4.4.3 regarding whether or not such a milestone has been achieved shall be
subject to resolution in accordance with Section 10.6. 

  
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 4.5. Royalties. 

4.5.1. Royalty Rates. As further consideration for the rights granted to Licensee hereunder, subject to Sections 3.3.1(c), 4.5.2
and 4.5.3, Licensee shall pay to MedImmune tiered royalties on increments of aggregate annual Net Sales of all Licensed Products during each Calendar Year at the following rates: 

 

			
	 Portion of aggregate Net Sales of all Licensed Products in the
Territory during
a Calendar Year
	  	 Royalty Rate

		
	Less than or equal to Two Hundred Fifty Million Dollars ($250,000,000)	  	[***]
		
	Greater than Two Hundred Fifty Million Dollars ($250,000,000) but less than or equal to Five Hundred Million Dollars ($500,000,000)	  	[***]
		
	Greater than Five Hundred Million Dollars ($500,000,000)	  	[***]

 For clarity, in the event that, pursuant to Section 3.3.1(c), the Royalty Term does not take effect until
June 30, 2022, Net Sales with respect to the period prior to June 30, 2022 shall nevertheless be counted for purposes of calculating the applicable royalty rate set forth in this Section 4.5.1 for Calendar Year 2022. 

4.5.2. Royalty Term. Licensee shall have no obligation to pay any royalty with respect to Net Sales of Licensed Products in any country
with respect to any period after the Royalty Term in such country has expired, and any Net Sales of Licensed Products in any country with respect to any period after the Royalty Term in such country has expired shall be excluded for purposes of
calculating the applicable royalty rate in Section 4.5.1. 
 4.5.3. Reductions. In the event that: 

(a) in any country in the Territory during any portion of the Royalty Term, a Licensed Product sold in a country in the Territory is not
claimed by a Valid Claim of the Licensed Patents covering such Licensed Product in such country when the Regulatory Exclusivity Period (if any) for such Licensed Product in such country is in effect, the royalty rates set forth in Section 4.5.1
shall be reduced by [***] percent [***] for such Licensed Product in such country. 

  
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 (b) in any country in the Territory during any portion of the Royalty Term, a Licensed
Product sold in a country in the Territory is not claimed by a Valid Claim of the Licensed Patents covering such Licensed Product in such country when no Regulatory Exclusivity Period for such Licensed Product in such country is in effect and,
solely in the case of an Emerging Market Country, the Generic Competition Threshold for such Licensed Product in such Emerging Market Country has been met, the royalty rates set forth in Section 4.5.1 shall be reduced by [***] percent [***] for
such Licensed Product in such country. 
 (c) Licensee enters into an agreement with a Third Party other than [***] or its Affiliates (or
its or their successors) in order to obtain a license to a Patent of a Third Party (other than any Patents Controlled by [***] or any of its Affiliates or its or their successors in interest with respect to any Patents) that is necessary for the
Manufacture, use or sale of a Licensed Product in the Field in a country in the Territory (a “Third Party Patent Right”), Licensee shall be entitled to deduct from royalties payable hereunder in a given Calendar Quarter with respect
to such Licensed Product in such country [***] percent [***] of royalties actually paid to such Third Party with respect to such Calendar Quarter under such agreement, solely to the extent that such royalties are (i) triggered by sales of such
Licensed Product that would, absent such agreement, infringe such a Third Party Patent Right that is licensed in such country in such Calendar Quarter under such agreement and (ii) otherwise exclusively attributable to such Third Party Patent
Right; provided that in no event shall the total deduction under this Section 4.5.3(c) reduce the royalties payable to MedImmune under Section 4.5.1 (as reduced in accordance with Section 4.5.3(a) or Section 4.5.3(b) if
applicable) with respect to a given Licensed Product in a given country in any Calendar Quarter by more than [***] percent [***]. Licensee, upon request by MedImmune, shall provide reasonable evidence, including a copy of any applicable agreement,
of such royalties actually paid to such Third Party with respect to such Third Party Patent Right. For clarity, Licensee shall be solely responsible for, and the foregoing reduction shall not apply to, any royalty or other amount owed to [***]
pursuant to any agreement between Licensee and [***] with respect to the Development or Commercialization of any Licensed Product. 

4.5.4. Maximum Amount of Royalty Reduction. Notwithstanding any term or condition of this Agreement to the contrary, in no event shall
the amounts payable to MedImmune under Section 4.5.1 on a global basis with respect to any Calendar Quarter be less than the amount equal to [***] percent [***] of the amounts that would be payable pursuant to Section 4.5.1 if such amounts
due were calculated (a) without regard to any reductions that may be permitted pursuant to Section 4.5.3 and (b) without limitation to clause (a), in the case of any Combination Product, without regard to any adjustment for
Combination Product that may otherwise be permitted pursuant to the definition of Net Sales. 
 4.6. Royalty Payments and Reports.
Royalties under Section 4.5 shall be calculated and reported for each Calendar Quarter and shall be paid within [***] after the end of the Calendar Quarter. Each such payment shall be accompanied or preceded by a report of Net Sales and
royalties in sufficient detail to permit confirmation of the accuracy of the payment made, including gross sales and Net Sales of Licensed Products on a Licensed Product-by- 

  
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 Licensed Product and
country-by-country basis, details of any royalty credits taken pursuant to Section 4.5.3(c) on a Third Party Patent Right-by-Third Party Patent Right basis, any applicable adjustments made pursuant to the definition of Net Sales (including in relation to Combination Products), Section 4.5.3(a) or
Section 4.5.3(b), the amounts payable, and the exchange rates used. Without limiting the generality of the foregoing, Licensee shall require its Affiliates and Sublicensees to account for their Net Sales and to provide such reports with respect
thereto as necessary for Licensee to comply with the foregoing provisions of this Section 4.6. In addition to the foregoing reports of Net Sales, commencing with the Calendar Year in which the First Commercial Sale of the first Licensed Product
occurs, and continuing for each Calendar Year during the Royalty Term, no later than September 1 of each Calendar Year Licensee shall submit to MedImmune a rolling three (3)-year forecast of Licensed Product global Net Sales, broken out by
calendar month for the first two (2) Calendar Years of each such forecast. 
 4.7. Mode of Payment; Offsets. All payments to
MedImmune under this Agreement shall be made by deposit of Dollars in the requisite amount to such bank account as MedImmune may from time to time designate by notice to Licensee. For the purpose of calculating any sums due under, or otherwise
reimbursable pursuant to, this Agreement (including the calculation of Net Sales expressed in currencies other than Dollars), Licensee shall convert any amount expressed in a foreign currency into Dollar equivalents using its, its Affiliate’s
or Sublicensee’s, as applicable, standard conversion methodology consistent with GAAP. Except as provided in Section 4.5.3(c) or Section 4.8, Licensee shall have no right to offset, set off, or deduct any amounts from or against the
amounts due to MedImmune hereunder. 
 4.8. Taxes. 

4.8.1. General. All amounts payable by Licensee to MedImmune under this Agreement, including the upfront fee set forth in
Section 4.1, the [***] fee set forth in Section 4.2, the Technical Services Costs set forth in Section 4.3, and any milestones and royalties payable by Licensee to MedImmune pursuant to this Agreement (each, a
“Payment”) shall be paid free and clear of any and all taxes (which, for clarity, shall be the responsibility of Licensee), except for any withholding of taxes duties, levies, imposts, assessments, deductions, fees, and other
similar charges required by Applicable Law (“Withholding Taxes”). Except as provided in this Section 4.8, MedImmune shall be solely responsible for paying any and all taxes (other than Withholding Taxes required by Applicable
Law to be deducted from Payments and remitted by Licensee) levied on account of, or measured in whole or in part by reference to, any Payments it receives. Licensee shall deduct or withhold from the Payments any taxes that it is required by
Applicable Law to deduct or withhold. 
 4.8.2. Withholding Tax. If Licensee takes any actions that would increase any required
Withholding Taxes that otherwise would not be required absent such action, including a Sale Transaction, change in tax residence, Sublicense or assignment of this Agreement or any rights or obligations hereunder by law or otherwise, except for any
transaction currently contemplated under this Agreement (other than a Sale Transaction involving Licensee, 

  
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a Sublicense, or an assignment by Licensee of this Agreement, with respect to which this exception shall not apply), Licensee shall increase the amount so payable as necessary so that after such
deduction or withholding of Withholding Taxes has been made, MedImmune receives the amount it would have received had no such deduction or withholding been made. Notwithstanding the foregoing, if MedImmune is entitled under any applicable tax treaty
to a reduction of rate of, or the elimination of, applicable Withholding Tax, it may deliver to Licensee or the appropriate governmental authority (with the assistance of Licensee to the extent that this is reasonably required and is requested in
writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Licensee of its obligation to withhold such tax and Licensee shall apply the reduced rate of withholding or dispense with withholding, as the case may
be. If, in accordance with the foregoing, Licensee withholds any amount, it shall pay to MedImmune the balance when due, make timely payment to the proper taxing authority of the withheld amount and send to MedImmune proof of such payment within
[***] following such payment with reasonable supporting documentation and calculations of such Withholding Taxes sufficient to enable MedImmune to claim such payment of Withholding Taxes or otherwise obtain any tax benefit for such Withholding Taxes
within a reasonable time following such payment, and such Withholding Taxes shall be treated for all purposes of this Agreement as having been paid to MedImmune hereunder. The Parties shall reasonably cooperate to minimize, report and withhold any
such Withholding Taxes, including with respect to all documentation required by any taxing authority. Prior to making any deduction or withholding from any payment under this Agreement, Licensee shall provide at least [***] prior written notice to
MedImmune of the amounts subject to deduction or withholding and the legal basis therefore, and provide to MedImmune a reasonable opportunity to furnish forms, certificates or other items that would reduce or eliminate such deduction or withholding.
If Licensee receives a refund of any such withheld taxes, in whole or in part, and whether in the form of cash, credit or other similar offset, Licensee shall promptly refund such amount to MedImmune. MedImmune shall not be liable for any penalties
or interest due to the failure of Licensee to properly withhold or remit such any withholding or deductions to the governmental authorities, unless such failure is due to incorrect or invalid forms, facts, or other similar information given to
Licensee by MedImmune. 
 4.8.3. Value Added Tax. Notwithstanding anything contained in Section 4.8.1 or Section 4.8.2,
this Section 4.8.3 shall apply with respect to value added tax (“VAT”). All Payments are exclusive of VAT. If any VAT is chargeable in respect of any Payments, Licensee shall pay VAT at the applicable rate in respect of any
such Payments following the receipt of a VAT invoice in the appropriate form issued by MedImmune in respect of those Payments, such VAT to be payable on the later of the due date of the payment of the Payments to which such VAT relates and [***]
after the receipt by Licensee of the applicable invoice relating to that VAT payment. 
 4.9. Interest on Late Payments. If any
payment due to either Party under this Agreement is not paid when due, then such paying Party shall pay interest thereon (before and after any judgment) at an annual rate (but with interest accruing on a daily basis) of three

  
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hundred (300) basis points above the London Interbank Offered Rate for deposits in United States Dollars having a maturity of one (1) month published by the British Bankers’
Association, as adjusted from time to time on the first London business day of each month, such interest to run from the date on which payment of such sum became due until payment thereof in full together with such interest. 

4.10. Financial Records. Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, keep complete and accurate
financial books and records pertaining to the Commercialization of Licensed Products hereunder, including books and records of Net Sales, in sufficient detail to calculate and verify all amounts payable hereunder. Licensee shall, and shall cause its
Affiliates and its and their Sublicensees to, retain such books and records for three (3) Calendar Years after the end of the Calendar Year to which such books and records pertain. 

4.11. Audit. At the request of MedImmune, no more than once each Calendar Year, Licensee shall, and shall cause its Affiliates
and its and their Sublicensees to, permit an independent certified public accounting firm of international standing designated by MedImmune and reasonably acceptable to Licensee (the “Auditor”), at reasonable times and upon at least
[***] prior written notice, to audit the books and records maintained pursuant to Section 4.10 in the location where such books and records are maintained, solely to confirm payments due from Licensee hereunder, including in respect of Net
Sales, Net Sales-based milestone payments and royalties for a period covering not more than the preceding three (3) Calendar Years. No Calendar Year shall be subject to audit under this Section 4.11 more than once. The Auditor will execute
a reasonable written confidentiality agreement with Licensee and will disclose to MedImmune only such information as is reasonably necessary to provide MedImmune with information regarding any actual or potential discrepancies between amounts
reported and actually paid and amounts payable under this Agreement. The Auditor will send a copy of the report to Licensee at the same time it is sent to MedImmune. The report sent to both Parties will include the methodology and calculations used
to determine the results. MedImmune shall bear the full cost of such audit, unless the audit reveals an underreporting or underpayment by Licensee by more than five percent (5%) of the amount due for any Calendar Year, in which case Licensee shall
bear the cost of the audit. Unless disputed pursuant to Section 4.12 below, if such audit concludes that (a) additional amounts were owed by Licensee, Licensee shall pay the additional amounts, with interest from the date originally due as
provided in Section 4.9, or (b) excess payments were made by Licensee, MedImmune shall reimburse such excess payments, in either case ((a) or (b)), within [***] after the date on which the Auditor’s report is delivered to Licensee.

 4.12. Audit Dispute. In the event of a dispute with respect to any audit under Section 4.11, MedImmune and Licensee shall work
in good faith to resolve the disagreement. If the Parties are unable to reach a mutually acceptable resolution of any such dispute within [***], the dispute shall be submitted for resolution to an independent certified public accounting firm of
international standing, other than the Auditor that conducted the audit under Section 4.11, jointly 

  
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selected by each Party’s certified public accountants (the “Dispute Auditor”). The decision of the Dispute Auditor shall be final and the costs of such proceeding as well as
the initial audit shall be borne between the Parties in such manner as the Auditor shall determine. Not later than [***] after such decision and in accordance with such decision, Licensee shall pay the additional amounts, with interest from
the date originally due as provided in Section 4.9, or MedImmune shall reimburse the excess payments, as applicable. 
 ARTICLE 5

 INTELLECTUAL PROPERTY 

5.1. Ownership of Intellectual Property. 

5.1.1. Background Intellectual Property. As between the Parties, each Party shall own and retain all right, title and interest in and
to any and all Information, inventions, Patents and other intellectual property rights that, in each case, are owned or controlled (other than pursuant to the license grants set forth in Section 2.1 and Section 2.2) by such Party or its
Affiliates or its or their (sub)licensees (or Sublicensees) (as applicable) outside of this Agreement, including, in the case of MedImmune, the Licensed Know-How and the Licensed Patents (including, once
filed, any Patents filed with MedImmune’s consent pursuant to the last two sentences of Section 5.1.2). 
 5.1.2. MedImmune
Intellectual Property. As between the Parties, MedImmune shall own and retain all right, title and interest in and to any and all AstraZeneca Product Improvements, AstraZeneca Product Know-How, AstraZeneca
Product Patents, Licensed Know-How and Licensed Patents (including Patents that become Licensed Patents pursuant to the last two sentences of this Section 5.1.2). Licensee shall, and does hereby, assign
to MedImmune and will cause each of its officers, directors, employees and Affiliates, and its and their Sublicensees, to assign to MedImmune all right, title and interest in and to all AstraZeneca Product Improvements, AstraZeneca Product Know-How, AstraZeneca Product Patents and Patents that become Licensed Patents pursuant to the last two sentences of this Section 5.1.2, without additional compensation, as is necessary to fully effect the sole
ownership provided for in the first sentence of this Section 5.1.2. In the event that Licensee desires to prepare and file a Patent claiming any Licensed Know-How (including any Licensed Know-How regarding the formulation of any Licensed Compound), Licensee shall notify MedImmune and shall obtain MedImmune’s written consent, not to be unreasonably withheld, conditioned or delayed, prior to
filing any such Patent with the applicable patent authority. Any Patent filed by Licensee pursuant to the foregoing sentence shall thereafter be deemed to be a Licensed Patent for all purposes hereunder. 

5.1.3. PhaseBio Intellectual Property. As between the Parties, Licensee shall own and retain all right, title and interest in and to
any and all Know-How and Patents covered by clause (b) of the definitions of each of PhaseBio Know-How and PhaseBio Patents. 

  
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 5.1.4. Joint Intellectual Property. Subject to Section 5.1.2, the Parties shall
jointly own all Joint Inventions and all Joint Patents. Subject to the terms and conditions of this Agreement, and except to the extent that a Party has granted the other Party an exclusive license under such Party’s joint ownership interest in
Joint Inventions and Joint Patents, each Party shall have the right to practice, and to grant licenses under, such Party’s own joint ownership interest in Joint Inventions and Joint Patents without the other Party’s consent, and shall have
no duty to account to the other Party for such practice or license, and each Party hereby waives any right it may have under the laws of any country to require such consent or accounting. 

5.1.5. United States Law. The determination of whether Information, Improvements and other inventions are conceived, discovered,
developed or otherwise made by a Party for the purpose of allocating proprietary rights (including Patent, copyright or other intellectual property rights) therein, shall, for purposes of this Agreement, be made in accordance with Applicable Law in
the United States in effect at the time of such conception, discovery, development or making, irrespective of where the same occurs. 

5.1.6. Assignment Obligation. 

(a) Employees, Consultants and Third Party Contractors of Licensee and its Affiliates. 

(i) AstraZeneca Product Improvements. Licensee shall cause each employee, individual consultant and Third Party contractor that
Licensee or its Affiliate proposes to engage to conduct activities involving the AstraZeneca Product, including any use of the Ticagrelor Compound, any AstraZeneca Product or any AstraZeneca Product Know-How
under or in connection with this Agreement on behalf of Licensee or its Affiliates (excluding MedImmune and its Affiliates) who conceives, discovers, develops or otherwise makes any AstraZeneca Product Improvement under or in connection with
activities conducted pursuant to this Agreement to be under an obligation to assign to Licensee their rights in any such AstraZeneca Product Improvement. If (A) Licensee is unable to cause such Third Party contractor or consultant
(including any contractor who is, or a consultant who is employed by, a governmental, not-for-profit, or public institution that has standard policies against such an
assignment) to agree to such assignment obligation with respect to AstraZeneca Product Improvements despite Licensee’s using commercially reasonable efforts to negotiate such assignment obligation, or (B) Applicable Law would prohibit
Licensee from requiring such an assignment from such Third Party contractor or consultant, in each case ((A) and (B)) Licensee shall refrain from using such Third Party contractor or consultant to conduct activities pursuant to this Agreement unless
MedImmune consents in writing, such consent not to be unreasonably withheld, conditioned or delayed. MedImmune shall respond to any such request for consent within [***]. Licensee shall require its and its Affiliates’ Sublicensees to be subject
to the obligations set forth in this Section 5.1.6(a)(i) to the same extent as Licensee. 

  
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 (ii) Information and Inventions Other than AstraZeneca Product Improvements. Except
with respect to any AstraZeneca Product Improvement, which shall be governed by Section 5.1.6(a)(i), Licensee shall cause each employee and individual consultant (excluding MedImmune and its Affiliates) of Licensee or its Affiliates (but
excluding Third Party contractors of Licensee and its Affiliates, which are separately addressed in Section 5.1.6(b)) who conceives, discovers, develops or otherwise makes (i) any Information that is directed to a Licensed Compound or
Licensed Product and was not previously in the public domain or (ii) any other Invention directed to a Licensed Compound or Licensed Product (but, in each case ((i) and (ii)), excluding any AstraZeneca Product Improvement), in connection with
activities conducted relating to this Agreement to be under an obligation to assign to Licensee their rights in any such Information or other Invention. In the case of any consultant of Licensee or its Affiliates (excluding MedImmune and its
Affiliates and Licensee’s and its Affiliates’ Third Party contractors), if Licensee is unable to cause such consultant to agree to such assignment obligation despite Licensee’s using commercially reasonable efforts to negotiate such
assignment obligation, then Licensee shall either: (A) cause such consultant to grant an exclusive license, with the right to sublicense through multiple tiers, under their rights in such Information or other Invention to Exploit the Licensed
Compounds and Licensed Products in the Field in the Territory, except where Applicable Law requires otherwise and except in the case of consultants who are employed by governmental, not-for-profit, or public institutions that have standard policies against such an assignment (in which case, Licensee shall use commercially reasonable efforts to obtain a suitable license, or right to
obtain such a license); or (B) refrain from using such consultant to conduct activities pursuant to this Agreement unless MedImmune consents in writing, such consent not to be unreasonably withheld, conditioned or delayed. MedImmune shall
respond to any such request for consent within [***]. Licensee shall require its and its Affiliates’ Sublicensees to be subject to the obligations set forth in this Section 5.1.6(a)(ii) to the same extent as Licensee. 

(b) Third Party Contractors. Except with respect to any AstraZeneca Product Improvement, which shall be governed by
Section 5.1.6(a)(i), Licensee shall use commercially reasonable efforts to obtain from each Third Party contractor that Licensee or its Affiliate proposes to engage to conduct activities under or in connection with this Agreement on behalf of
Licensee or its Affiliates an assignment, an exclusive license, or a non-exclusive license (in order of preference), with the right to sublicense through multiple tiers, to Licensee of (i) any Information
that is directed to a Licensed Compound or Licensed Product and was not previously in the public domain or (ii) any other Invention directed to a Licensed Compound or Licensed Product, that, in each case ((i) and (ii)), such Third Party
contractor conceives, discovers, develops or otherwise makes in connection with activities conducted relating to this Agreement. The Parties acknowledge that it may not be possible to obtain such assignment or license from any such Third Party
contractor on terms acceptable to Licensee or at all (e.g., technology of broad applicability to the operation of such Third Party contractor’s business, or improvements to such Third Party contractor’s own proprietary technology
used in the performance of services on behalf of Licensee or its Affiliate), and accordingly, the Parties agree that the inability of Licensee or its Affiliate, despite the use of commercially reasonable

  
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efforts, to obtain such assignment or license from a Third Party contractor on terms acceptable to Licensee or at all shall not constitute a breach of Licensee’s obligations under this
Agreement. Licensee shall require its and its Affiliates’ Sublicensees to be subject to the obligations set forth in this Section 5.1.6(b) to the same extent as Licensee. 

5.1.7. Ownership of Licensee Corporate Names and Product Trademarks. As between the Parties, Licensee shall own all right, title and
interest to the Licensee Corporate Names and the Product Trademarks in the Territory. 
 5.1.8. Ownership of MedImmune Corporate
Names. As between the Parties, MedImmune shall retain all right, title and interest in and to the MedImmune Corporate Names and any Trademarks with respect to any AstraZeneca Product (other than Generic Ticagrelor Products). 

5.2. Maintenance and Prosecution of Patents. 

5.2.1. Intent Regarding PhaseBio Patents. Without limiting Section 5.2.2 and Section 5.2.3, Licensee shall use
reasonable efforts to file separately Patents claiming any Licensee-owned invention that is necessary or useful for the development, manufacture, use or sale of any compound (including any Other Active) that is not a Licensed Compound or any product
that is not a Licensed Product. To that end, with respect to any such Patent that claims the composition of matter or formulation of, or any method of treatment or use or Manufacture of, or any means of delivery or dosage of, any Licensed Compound
or Licensed Product, Licensee shall use, and shall instruct its patent counsel to use, reasonable, good faith efforts not to include in any such Patent any claim that would cause such Patent not to be a PhaseBio Selected Patent. In the event
Licensee determines, in good faith and upon advice of outside patent counsel, that it is not practicable or not consistent with applicable patent law and patent office requirements to omit any such claim, or that omitting any such claim is against
Licensee’s interest in establishing strong patent protection for the applicable Invention or against the Parties’ mutual interest in establishing strong patent protection for Licensed Compounds and Licensed Products, Licensee shall so
notify MedImmune at least [***] prior to filing any such Patent, and, subject to execution by the Parties of a reasonable and customary confidentiality and common interest agreement if so requested by Licensee, Licensee shall provide MedImmune with
a draft of such Patent, and the Parties and their respective patent counsel shall promptly confer and attempt in good faith to agree on a course of action. 

5.2.2. Licensed Patents; PhaseBio Selected Patents. As between the Parties, Licensee shall have the first right, but not the
obligation, to prepare, file, prosecute and maintain the Licensed Patents and the PhaseBio Selected Patents, including directing any related interference, re-issuance,
re-examination and opposition proceedings with respect thereto, worldwide, in each case, at its sole cost and expense and through reputable, outside counsel mutually agreed to by the Parties, such agreement
not to be unreasonably withheld, conditioned or delayed, and, with respect to any AstraZeneca Product References in connection with the 

  
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filing, prosecution or maintenance of any such Patents, using only factual statements supported by the approved label for the AstraZeneca Product or presenting a balanced view of the AstraZeneca
Product considering the approved label thereof as a whole. Licensee shall keep MedImmune reasonably informed MedImmune of progress with regard to the preparation, filing, prosecution and maintenance of the Licensed Patents and the PhaseBio Selected
Patents, as applicable, in the Territory, including by providing MedImmune with a copy of material communications to and from any patent authority regarding such Patents and by providing MedImmune drafts of any material filings or responses to be
made to such patent authorities sufficiently in advance of submitting such filings or responses so as to allow for a reasonable opportunity for MedImmune to review and comment thereon. Licensee shall consider in good faith the requests and
suggestions of MedImmune with respect to such drafts and with respect to strategies for filing and prosecuting such Licensed Patents or PhaseBio Selected Patents. If, as between the Parties, Licensee decides not to prepare, file, prosecute or
maintain a Licensed Patent or a PhaseBio Selected Patent in a country in the Territory, Licensee shall provide reasonable prior written notice to MedImmune of such intention and MedImmune shall thereupon have the right, in its sole discretion, to
assume the control and direction of the preparation, filing, prosecution and maintenance of such Licensed Patent at its sole cost and expense in such country. MedImmune shall use commercially reasonable efforts, consistent with Applicable Law, to
make employee inventors available to Licensee for consultation from time to time to facilitate Licensee’s prosecution of the Licensed Patents. 

5.2.3. Other PhaseBio Patents. As between the Parties, Licensee shall have the sole right, but not the obligation, to prepare, file,
prosecute and maintain any PhaseBio Patents that are not PhaseBio Selected Patents, including directing any related interference, re-issuance, re-examination and
opposition proceedings with respect thereto, worldwide, at its sole cost and expense and through counsel of its choice, and, with respect to any AstraZeneca Product References in connection with the filing, prosecution or maintenance of such
Patents, using only factual statements supported by the approved label for the AstraZeneca Product or presenting a balanced view of the AstraZeneca Product considering the approved label thereof as a whole. 

5.2.4. AstraZeneca Product Patents. As between the Parties, MedImmune (or its Affiliate or sublicensee) shall have the sole right, but
not the obligation, to prepare, file, prosecute and maintain the AstraZeneca Product Patents, including directing any related interference, re-issuance, re-examination
and opposition proceedings with respect thereto, worldwide, in each case, at its sole cost and expense and through counsel of its choice. 

5.2.5. Joint Patents. The Parties shall decide on a Joint
Invention-by-Joint Invention basis which Party will have the first right to prosecute and maintain Joint Patents (such Party, the “Responsible Party”),
at its sole cost and expense and by reputable, outside counsel mutually agreed to by the Parties, such agreement not to be unreasonably withheld, conditioned or delayed. The Responsible Party shall keep the other Party reasonably informed of
progress with regard to the prosecution and maintenance of Joint Patents for which the 

  
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Responsible Party is responsible under this Section 5.2.5, and shall consult with, and consider in good faith the requests and suggestions of, the other Party. In the event that the
Responsible Party desires not to file, or desires to abandon or cease prosecution or maintenance of, any Joint Patent in any country, the Responsible Party shall provide written notice to the other Party of such intention promptly after the
Responsible Party makes such determination (which notice shall be given no later than [***] prior to the next deadline for any action that must be taken with respect to such Joint Patent in the relevant patent office). In such case, at the other
Party’s sole discretion, upon written notice to the Responsible Party from the other Party, the other Party may elect to continue prosecution or maintenance of any such Joint Patent, at its sole cost and expense and by counsel of its own
choice. 
 5.2.6. Cooperation. The non-prosecuting Party shall, and as necessary shall cause
its Affiliates to, assist and cooperate with the prosecuting Party, as the prosecuting Party may reasonably request from time to time, in the preparation, filing, prosecution and maintenance of the Licensed Patents, PhaseBio Selected Patents,
AstraZeneca Product Patents and Joint Patents, as applicable. Without limiting the foregoing, the non-prosecuting Party shall, and as necessary shall ensure that its Affiliates, (a) offer its comments, if
any, promptly and (b) provide access to relevant documents and other evidence and make its employees available at reasonable business hours; provided, however, that neither Party shall be required to provide legally privileged
information with respect to such intellectual property unless and until procedures reasonably acceptable to such Party are in place to protect such privilege; and provided, further, that the prosecuting Party shall reimburse the non-prosecuting Party for its reasonable and verifiable out-of-pocket costs and expenses incurred in connection therewith. 

5.2.7. Patent Term Extension and Supplementary Protection Certificate. As between the Parties, regardless of which Party is filing,
prosecuting and maintaining any Licensed Patent, PhaseBio Selected Patent or Joint Patent pursuant to this Section 5.2, the Parties shall attempt to make decisions by mutual agreement regarding patent term extensions, in the
Territory, including the United States with respect to extensions pursuant to 35 U.S.C. §156 et. seq. and in other jurisdictions pursuant to supplementary protection certificates, and in all jurisdictions with respect to any other extensions
that are now or become available in the future, wherever applicable, for the Licensed Patents, the PhaseBio Selected Patents and Joint Patents and with respect to Licensed Compounds and Licensed Products, in each case including whether or not to so
apply. If, with respect to any Licensed Compound or Licensed Product and a country, the Parties cannot agree on which Licensed Patent, PhaseBio Selected Patent or Joint Patent as to which the term is to be extended in such country, then with respect
to Licensed Patents, PhaseBio Selected Patents and Joint Patents in such country, the Parties shall mutually agree on a Third Party patent lawyer (whose costs shall be borne equally (50/50) between the Parties) and shall give such lawyer
instructions to resolve such disagreement in a manner designed to maximize the period of exclusivity for such Licensed Compound or Licensed Product, and the decision of such lawyer shall be binding on the Parties. For clarity, Licensee shall have
the sole right to make decisions regarding, and shall have the sole right to 

  
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apply for, patent term extensions in the Territory with respect to PhaseBio Patents that are not PhaseBio Selected Patents. 

5.2.8. Common Ownership Under Joint Research Agreements. Notwithstanding anything to the contrary in this Article 5, neither
Party shall have the right to make an election under 35 U.S.C. 102(c) when exercising its rights under this Article 5 without the prior written consent of the other Party. With respect to any such permitted election, the Parties shall
coordinate their activities with respect to any submissions, filings or other activities in support thereof. The Parties acknowledge and agree that this Agreement is a “joint research agreement” as defined in 35 U.S.C. 100(h).
 
 5.3. Enforcement of Patents. 

5.3.1. Notice. In the event that either Party receives notice of (a) any alleged or threatened infringement of the Licensed
Patents, PhaseBio Selected Patents or Joint Patents in any jurisdiction in the Territory or (b) any certification filed under the BPCI Act claiming that any Licensed Patents, PhaseBio Selected Patents or Joint Patents are invalid or
unenforceable or claiming that any Licensed Patents, PhaseBio Selected Patents, or Joint Patents would not be infringed by the making, having made, use, offer for sale, sale or import of a product for which an application under the BPCI Act is filed
or any equivalent or similar certification or notice in any other jurisdiction in the Territory (an “Infringement”), such Party shall promptly notify the other Party in writing of such Infringement. 

5.3.2. Licensed Patents; PhaseBio Selected Patents. As between the Parties, Licensee shall have the first right, but not the
obligation, to prosecute Infringement with respect to the Licensed Patents and the PhaseBio Selected Patents, including as a defense or counterclaim in connection with any Third Party Infringement Claim, at Licensee’s sole cost and expense,
using reputable, outside counsel mutually agreed to by the Parties, such agreement not to be unreasonably withheld, conditioned or delayed, and, with respect to any AstraZeneca Product References in connection with the prosecution of Infringement
with respect to any such Patents, using only factual statements contained in the approved label for the AstraZeneca Product or otherwise approved by MedImmune in writing. In the event Licensee prosecutes any such Infringement, MedImmune shall have
the right to join as a party to such claim, suit or proceeding and participate with its own counsel at its sole cost and expense; provided that Licensee shall retain control of the prosecution of such claim, suit or proceeding, including the
response to any defense or defense of any counterclaim raised in connection therewith. If Licensee or its designee does not take and continue to pursue commercially reasonable steps to prosecute an Infringement with respect to the Licensed Patents
or the PhaseBio Selected Patents in the Field within [***] following the date upon which Licensee first receives notice or otherwise learns of such Infringement or such shorter period as may be necessary to preserve MedImmune’s rights to
prosecute such Infringement effectively, unless the Parties otherwise agree in writing, or, provided such date occurs after Licensee receives notice or otherwise learns of such Infringement, [***] before the time limit, if any, set forth in
Applicable Law for filing of 

  
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such actions, whichever comes first, then (i) Licensee shall so notify MedImmune and, (ii) MedImmune may prosecute such alleged or threatened Infringement at its sole cost and expense.

 5.3.3. Other PhaseBio Patents. As between the Parties, Licensee shall have the sole right, but not the obligation, to prosecute
Infringement with respect to any PhaseBio Patents that are not PhaseBio Selected Patents, including as a defense or counterclaim in connection with any Third Party Infringement Claim, at Licensee’s sole cost and expense, using counsel of its
choice and, with respect to any AstraZeneca Product References in connection with the prosecution of Infringement with respect to such Patents, using only factual statements contained in the approved label for the AstraZeneca Product or otherwise
approved by MedImmune in writing. 
 5.3.4. AstraZeneca Product Patents. As between the Parties, MedImmune or its Affiliate shall
have the sole right, but not the obligation, to prosecute Infringement with respect to the AstraZeneca Product Patents, including as a defense or counterclaim in connection with any Third Party Infringement Claim, at MedImmune’s sole cost and
expense, using counsel of its choice. 
 5.3.5. Joint Patents. The Responsible Party shall have the first right, but not the
obligation, to prosecute Infringement with respect to the Joint Patents, including as a defense or counterclaim in connection with any Third Party Infringement Claim, at the Responsible Party’s sole cost and expense, using reputable, outside
counsel mutually agreed to by the Parties, such agreement not to be unreasonably withheld, conditioned or delayed, and, with respect to any AstraZeneca Product References in connection with the prosecution of Infringement with respect to the Joint
Patents, using only factual statements contained in the approved label for the AstraZeneca Product or otherwise approved by MedImmune in writing. In the event the Responsible Party prosecutes any such Infringement, the other Party shall have the
right to join as a party to such claim, suit or proceeding and participate with its own counsel at its sole cost and expense; provided that the Responsible Party shall retain control of the prosecution of such claim, suit or proceeding,
including the response to any defense or defense of any counterclaim raised in connection therewith. If the Responsible Party or its designee does not take and continue to pursue commercially reasonable steps to prosecute an Infringement with
respect to the Joint Patents in the Field within [***] following the date upon which the Responsible Party first receives notice or otherwise learns of such Infringement or such shorter period as may be necessary to preserve the other Party’s
rights to prosecute such Infringement effectively, unless the Parties otherwise agree in writing, or, provided such date occurs after the Responsible Party receives notice or otherwise learns of such Infringement, [***] before the time limit,
if any, set forth in Applicable Law for filing of such actions, whichever comes first, then (a) the Responsible Party shall so notify the other Party and, (b) the other Party may prosecute such alleged or threatened Infringement at its
sole cost and expense. 

  
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 5.3.6. Cooperation. The Parties agree to cooperate fully in any Infringement action
pursuant to this Section 5.3 with respect to any Licensed Patents, PhaseBio Selected Patents or Joint Patents, including by making the inventors, applicable records, and documents (including laboratory notebooks) with respect to the relevant
Patents available to the enforcing Party on the enforcing Party’s request. With respect to any such action controlled by the applicable enforcing Party, the other Party shall, and as necessary shall cause its Affiliates to, assist and cooperate
with the enforcing Party, as the enforcing Party may reasonably request from time to time, in connection with its activities set forth in this Section 5.3, including, where necessary, furnishing a power of attorney solely for such purpose or
joining in, or being named as a necessary party to, such action, providing access to relevant documents and other evidence, and making its employees available at reasonable business hours; provided that the enforcing Party shall
reimburse such other Party for its reasonable and verifiable out-of-pocket costs and expenses incurred in connection therewith. Unless otherwise set forth herein, the
enforcing Party shall have the right to settle such claim; provided that neither Party shall have the right to settle any Infringement litigation under this Section 5.3 in a manner that reasonably may have a material adverse effect on
the rights or interest of the other Party or its Affiliates (including, in the case of MedImmune as the other Party, a material adverse effect on the AstraZeneca Product) or in a manner that imposes any costs or liability on, or involves any
admission by, the other Party, without the express written consent of such other Party (which consent shall not be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing or anything to the contrary in this Agreement, MedImmune
shall have the sole and absolute discretion to settle any claims with respect to the AstraZeneca Product or any AstraZeneca Product Patent, without consultation with Licensee and without regard to the effect of such settlements on any Licensed
Product (provided that, if any such settlement of claims with respect to any AstraZeneca Product also involves a settlement of claims with respect to any Licensed Product, MedImmune shall not settle any claims specifically with respect to the
Licensed Product in a manner that would impose any costs or liability on, or involves any admission by, Licensee, without the express written consent of Licensee). In connection with any activities with respect to an Infringement action prosecuted
by the applicable enforcing Party pursuant to this Section 5.3 involving Licensed Patents, the PhaseBio Selected Patents or Joint Patents, the enforcing Party shall (a) consult with the other Party as to the strategy for the prosecution of
such claim, suit, or proceeding, (b) consider in good faith any comments from the other Party with respect thereto, and (c) keep the other Party reasonably informed of any material steps taken, and provide copies of all material documents
filed, in connection with such action. Notwithstanding the foregoing, MedImmune shall have no obligations under this Section 5.3.6, and no right to settle any Infringement action, with respect to any PhaseBio Patents that are not PhaseBio
Selected Patents. 
 5.3.7. Recovery. Except as otherwise agreed by the Parties in connection with a cost sharing arrangement, any
recovery realized as a result of such litigation described above in this Section 5.3 (whether by way of settlement or otherwise) shall be first allocated to reimburse the Parties for their costs and expenses in making such recovery (which
amounts shall be allocated pro rata if insufficient to cover the totality of such expenses). Any remainder after such reimbursement is made shall be retained by the enforcing Party; provided, 

  
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however, that any recovery realized by Licensee as a result of any action brought and controlled by Licensee with respect to a Licensed Patent pursuant to Section 5.3.2 shall be
allocated as follows: (a) compensatory damages shall: (i) if awarded as lost sales, be treated as Net Sales of Licensed Products in the quarter in which such recovery is received for purposes of Section 4.5; and (ii) if not
awarded as lost sales, be treated as profits or royalties, as appropriate, and shall be used to determine lost sales, which lost sales shall be treated as Net Sales of Licensed Products for purposes of Section 4.5 in the quarter in which such
recovery is received, provided that in no event shall Licensee be obligated to pay to MedImmune more than [***]% of the compensatory damages described in this clause (ii); and
(b) non-compensatory damages shall be allocated [***]% to Licensee and [***]% to MedImmune. 

5.3.8. Biosimilar Applicants. If either Party receives a copy of an application for a Biosimilar Product in the Territory referencing a
Licensed Product, or otherwise becomes aware that such an application has been submitted to a Regulatory Authority for Regulatory Approval in the Territory (such as in an instance described in Section 351(l)(9)(C) of the PHSA), then this
Section 5.3.8 shall apply, and, within [***], such Party shall notify the other Party. The Party that is not the “reference product sponsor,” as defined in Section 351(l)(1)(A) of the PHSA, shall have the right, but not the
obligation, to seek permission or take other steps necessary to view the application and related confidential information from the filer of the application for a Biosimilar Product (“Biosimilar Filer”) to the extent permitted under
Sections 351(l)(1)(B)(iii) and (C) of the PHSA (or the equivalent Applicable Laws in a country other than the U.S. Regardless of the Party that is the “reference product sponsor” for purposes of such Biosimilar Product
application: 
 (a) Licensee shall have the sole right to manage and prosecute biosimilar litigation in the Territory, subject to the
provisions of this Section 5.3.8. 
 (b) Licensee will have the sole right to designate pursuant to Section 351(l)(1)(B)(i) and
(ii) of the PHSA the outside counsel and in-house counsel who will receive confidential access to the Biosimilar Product application and manufacturing process information of the Biosimilar Filer. 

(c) Licensee shall have the sole right to (i) list any Patents, including those licensed hereunder, insofar as they claim or cover the
applicable Licensed Product as required pursuant to Section 351(l)(3)(A), Section 351(l)(5)(b)(i)(II), or Section 351(l)(7) of the PHSA, (ii) respond to any communications with respect to such lists from the Biosimilar Filer
(including as described in 351(l)(3)(C)), and (iii) negotiate with the Biosimilar Filer as to whether to utilize a mechanism for information exchange other than that specified in Section 351(l)(1) of the PHSA and as to the Patents that
will be subject to the initial litigation procedure as described in Section 351(l)(4) of the PHSA, to decide which Patent or Patents shall be selected for initial litigation under Section 351(l)(5)(B)(i)(II) of the PHSA. 

  
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 (d) Licensee shall have the sole right to identify Patents, including those licensed to
Licensee hereunder, or respond to relevant communications under any equivalent or similar listing to those described in the preceding clause (b) in any other jurisdiction outside of the United States. Upon Licensee’s reasonable request,
MedImmune shall assist in the preparation of such list and make such response after consulting with Licensee. 
 (e) Licensee shall consult
with MedImmune prior to identifying any Licensed Patents or PhaseBio Selected Patents to a Biosimilar Filer as contemplated by this Section 5.3.8. Licensee shall consider in good faith advice and suggestions with respect thereto received from
MedImmune, and notify MedImmune of any such lists or communications promptly after they are made, in each case to the extent permitted by Applicable Law. 

(f) Without limitation to the foregoing clauses ((a)-(e)), if a Party receives a notice of commercial marketing from any Biosimilar
Filer pursuant to Section 351(a) of the PHSA, or any equivalent or similar certification or notice in any other country, such Party shall, within [***] of receiving any such notice, notify the other Party and provide the other Party with copies
thereof. Thereafter, the Party controlling any action pursuant to this Section 5.3.8 shall have the first right to seek a preliminary injunction action under Section 351(l)(8)(B) of the PHSA or a declaratory judgment action pursuant to
Section 351(l)(9) of the PHSA, in which event the Parties shall be subject to Section 5.3.6 and Section 5.3.7, to the extent applicable, as if such action had been commenced pursuant to Section 5.3.2. If no such litigation is
ongoing at the time of such notice, then Licensee will have the first right to seek such an injunction. 
 (g) If Licensee elects not to
exercise its rights specified in this Section 5.3.8, it shall notify MedImmune reasonably in advance of the time limits specified for any application for a Biosimilar Product (and in any event within such period as may be necessary to preserve
MedImmune’s rights to exercise such rights), then, to the extent permissible under the PHSA, MedImmune may thereafter elect to exercise those rights with respect to that application for a Biosimilar Product, at MedImmune’s sole expense.
Licensee shall use its commercially reasonable efforts to enable MedImmune to exercise such rights to the maximum extent permitted by Applicable Law, including to provide MedImmune with drafts of any lists or communications described in the
foregoing clauses (b) or (c) prior to providing such lists or communications to the Biosimilar Filer, consider in good faith advice and suggestions with respect thereto received from MedImmune, notify MedImmune of the provision to the
Biosimilar Filer of any such lists or communications promptly after they are made and take such other actions with respect to the Biosimilar Filer on behalf of MedImmune as may be necessary to give effect to the foregoing rights of MedImmune;
provided that MedImmune shall reimburse Licensee for its reasonable and verifiable out-of-pocket costs and expenses incurred in connection therewith. 

  
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 (h) The Parties recognize that procedures other than those set forth above may apply with
respect to applications for Biosimilar Products. In the event that the Parties determine that certain provisions of Applicable Law in the United States or in any other country in the Territory apply to actions taken by the Parties with respect to
applications for Biosimilar Products in such country, the Parties shall comply with any such Applicable Law in such country (and any relevant and reasonable procedures established by Parties) in exercising their rights and obligations with respect
to applications for Biosimilar Products under this Section 5.3.8. The Party that does not control the actions contemplated by this Section 5.3.8 shall cooperate with the controlling Party in implementing any decisions that the controlling
Party elects to take pursuant to this Section 5.3.8. 
 5.4. Infringement Claims by Third Parties. If the Exploitation or
Manufacture of a Licensed Product in the Territory pursuant to this Agreement results in any claim, suit or proceeding by a Third Party against Licensee or any of its Affiliates or its or their Sublicensees alleging infringement (a “Third
Party Infringement Claim”), including any defense or counterclaim in connection with an Infringement action initiated by Licensee or any of its Affiliates pursuant to Section 5.3.2, Licensee shall promptly notify MedImmune thereof in
writing. Except as provided in Section 8.3.2, as between the Parties, Licensee shall have the first right to defend against any such claim, suit or proceeding at its sole cost and expense, using reputable, outside counsel mutually agreed to by
the Parties, such agreement not to be unreasonably withheld, conditioned or delayed, and, with respect to any AstraZeneca Product References in connection with the defense of any such claim, suit or proceeding with respect to a Licensed Patent or
PhaseBio Patent, using only factual statements contained in the approved label for the AstraZeneca Product or otherwise approved by MedImmune in writing; provided that MedImmune shall respond to any request to use an AstraZeneca Product
Reference in connection with any such defense within [***] of receipt of such request. MedImmune may participate in any such claim, suit or proceeding with counsel of its choice at its sole cost and expense; provided that Licensee shall
retain the right to control such claim, suit or proceeding. MedImmune shall, and as necessary shall cause its Affiliates to, assist and cooperate with Licensee, as Licensee may reasonably request from time to time, in connection with its activities
set forth in this Section 5.4, including, where necessary, furnishing a power of attorney solely for such purpose or joining in, or being named as a necessary party to, such action, providing access to relevant documents and other evidence, and
making its employees available at reasonable business hours; provided that Licensee shall reimburse MedImmune for its reasonable and verifiable out-of-pocket
costs and expenses incurred in connection therewith. Licensee shall keep MedImmune reasonably informed of all material developments in connection with any such claim, suit or proceeding. Licensee agrees to provide MedImmune with copies of all
material pleadings filed in such action and to allow MedImmune reasonable opportunity to participate in the defense of the claims. Any damages, or awards, including royalties incurred or awarded in connection with any Third Party Infringement Claim
defended by Licensee under this Section 5.4 shall be borne by Licensee. If Licensee or its designee does not take commercially reasonable steps to defend against such claim, suit or proceeding within [***] following the date upon which Licensee
first receives notice or otherwise learns of such Third Party Infringement 

  
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Claim or, provided such date occurs after Licensee receives notice or otherwise learns of such Third Party Infringement Claim, [***] before the time limit, if any, set forth in Applicable
Law for filing of such actions, whichever comes first, then (a) Licensee shall so notify MedImmune and (b) MedImmune may defend against such Third Party Infringement Claim at its sole cost and expense. For clarity, except as provided in
Section 8.3.2, as between the Parties, MedImmune and its Affiliates shall have and retain the right to defend against any claim, suit or proceeding brought against MedImmune or any of its Affiliates. 

5.5. Invalidity or Unenforceability Defenses or Actions. 

5.5.1. Notice. Each Party shall promptly notify the other Party in writing of any alleged or threatened assertion of invalidity or
unenforceability of any of the Licensed Patents, PhaseBio Selected Patents or Joint Patents by a Third Party of which such Party becomes aware. 

5.5.2. Licensed Patents; PhaseBio Patents. Except as provided in Section 8.3.2, as between the Parties, Licensee shall have
(a) the first right, but not the obligation, to defend and control the defense of the validity and enforceability of the Licensed Patents and the PhaseBio Selected Patents at its sole cost and expense, using reputable, outside counsel mutually
agreed to by the Parties, such agreement not to be unreasonably withheld, conditioned or delayed, and (b) the sole right, but not the obligation, to defend and control the defense of the validity and enforceability of any PhaseBio Patents that
are not PhaseBio Selected Patents at its sole cost and expense, using counsel of Licensee’s choice; including, in each case ((a) and (b)), when such invalidity or unenforceability is raised as a defense or counterclaim in connection with an
Infringement action initiated pursuant to Section 5.3; provided that if any such claim is raised as a defense or counterclaim in connection with an Infringement action initiated pursuant to Section 5.3, then the Party controlling
such Infringement action shall have the first right to defend and control the defense of the validity and enforceability of the applicable Patents. With respect to any such claim, suit or proceeding with respect to any of the Licensed Patents or
PhaseBio Selected Patents, MedImmune may participate in such claim, suit or proceeding with counsel of its choice at its sole cost and expense; provided that Licensee shall retain control of the defense in such claim, suit or proceeding. If
Licensee or its designee elects not to defend or control the defense of the Licensed Patents or PhaseBio Selected Patents or otherwise fails to initiate and maintain the defense of any such claim, suit or proceeding with respect to the Licensed
Patents or PhaseBio Selected Patents, then MedImmune may conduct and control the defense of any such claim, suit or proceeding at its sole cost and expense. 

5.5.3. Joint Patents. Except as provided in Section 8.3.2, as between the Parties, the Responsible Party shall have the first
right, but not the obligation, to defend and control the defense of the validity and enforceability of the Joint Patents at its sole cost and expense, using reputable, outside counsel mutually agreed to by the Parties, such agreement not to be
unreasonably withheld, conditioned or delayed; including when such invalidity or unenforceability is raised as a defense or counterclaim in connection with an Infringement action 

  
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Initiated pursuant to Section 5.3; provided that if any such claim is raised as a defense or counterclaim in connection with an Infringement action initiated pursuant to
Section 5.3, then the Party controlling such Infringement action shall have the first right to defend and control the defense of the validity and enforceability of the applicable Patents. With respect to any such claim, suit or proceeding with
respect to any of the Joint Patents, the other Party may participate in such claim, suit or proceeding with counsel of its choice at its sole cost and expense; provided that the Responsible Party shall retain control of the defense in such
claim, suit or proceeding. If the Responsible Party or its designee elects not to defend or control the defense of the Joint Patents or otherwise fails to initiate and maintain the defense of any such claim, suit or proceeding with respect to the
Joint Patents, then the other Party may conduct and control the defense of any such claim, suit or proceeding at its sole cost and expense. 

5.5.4. AstraZeneca Product Patents. As between the Parties, MedImmune or its Affiliate shall have the sole right, but not the
obligation, to defend and control the defense of the validity and enforceability of the AstraZeneca Product Patents its sole cost and expense, using counsel of MedImmune’s choice, including when such invalidity or unenforceability is raised as
a defense or counterclaim in connection with an Infringement action initiated pursuant to Section 5.3. 
 5.5.5. Cooperation.
The non-controlling Party in any action pursuant to this Section 5.5 shall, and as necessary shall cause its Affiliates to, assist and cooperate with the controlling Party, as such controlling Party may
reasonably request from time to time, in connection with its activities set forth in this Section 5.5, including, where necessary, furnishing a power of attorney solely for such purpose or joining in, or being named as a necessary party to,
such action, providing access to relevant documents and other evidence, and making its employees available at reasonable business hours; provided that the controlling Party shall reimburse the
non-controlling Party for its reasonable and verifiable out-of-pocket costs and expenses incurred in connection therewith;
provided further that MedImmune shall have no obligation under this Section 5.5.5 with respect to any PhaseBio Patents that are not PhaseBio Selected Patents. In connection with any activities with respect to a defense, claim or
counterclaim relating to the Licensed Patents pursuant to this Section 5.5, Licensee shall (a) consult with MedImmune as to the strategy for such activities, (b) consider in good faith any comments from MedImmune, and (c) keep
MedImmune reasonably informed of any material steps taken and provide copies of all material documents filed, in connection with such defense, claim or counterclaim. 

5.6. Product Trademarks. 

5.6.1. Prosecution of Product Trademarks. Licensee shall be responsible for the registration, prosecution, and maintenance of
the Product Trademarks using counsel of its own choice. All costs and expenses of registering, prosecuting and maintaining the Product Trademarks shall be borne solely by Licensee. 

  
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 5.6.2. Enforcement of Product Trademarks. Subject to Sections 9.4.2(b) and
9.4.3(b), Licensee shall have the sole right during the Term to take such action as Licensee deems necessary against a Third Party based on any alleged, threatened or actual infringement, dilution, misappropriation, or other violation of, or unfair
trade practices or any other like offense relating to, the Product Trademarks by a Third Party in the Territory at its sole cost and expense and using counsel of its own choice. Licensee shall retain any damages or other amounts collected in
connection therewith. 
 5.6.3. Third Party Claims. Subject to Sections 9.4.2(b) and 9.4.3(b), Licensee shall have the sole
right during the Term to defend against and settle any alleged, threatened, or actual claim by a Third Party that the use or registration of the Product Trademarks by Licensee or any of its Affiliates or Sublicensees in the Territory
infringes, dilutes, misappropriates, or otherwise violates any Trademark or other right of that Third Party or constitutes unfair trade practices or any other like offense or any other claims as may be brought by a Third Party against a Party in
connection with the use of the Product Trademarks with respect to a Licensed Product in the Territory, at its sole cost and expense and using counsel of its choice. Any damages or awards, including royalties incurred or awarded in connection with
any such claim defended under this Section 5.6.3, shall be for the account of Licensee, except to the extent that any such claim resulted from MedImmune’s, its Affiliate’s or its (sub)licensee’s failure to comply with
Section 5.7.2. 
 5.7. Corporate Names, Licensed Trademarks and Product Trademarks. 

5.7.1. Licensee shall not, and shall not permit its Affiliates or its or their Sublicensees to, (a) use in their respective
businesses, any Trademark that is confusingly similar to, misleading or deceptive with respect to, or that dilutes, any (or any part) of the MedImmune Corporate Names or any Trademarks with respect to any AstraZeneca Product, (b) do any act
that endangers, destroys or similarly affects, in any material respect, the value of the goodwill pertaining to the MedImmune Corporate Names or any Trademarks with respect to any AstraZeneca Product, or (c) attack, dispute or contest the
validity of or ownership of the MedImmune Corporate Names or any Trademarks with respect to any AstraZeneca Product anywhere in the Territory or any registrations issued or issuing with respect thereto or any pending registration thereof. Without
limitation to any term or condition of the Trademark License Agreement, Licensee agrees, and shall cause its Affiliates and Sublicensees, to conform (i) to the customary industry standards for the protection of any Licensed Trademarks and to
such trademark usage guidelines as MedImmune may furnish from time to time with respect to the use of any Licensed Trademarks and (ii) to adhere to and maintain high quality standards with respect to goods sold and services provided under any
Licensed Trademarks. For purposes of Sections 5.7.1 and 5.7.2, references to AstraZeneca Product exclude Generic Ticagrelor Products. 

5.7.2. Without limitation to the foregoing, the use of any Licensed Trademarks by Licensee, its Affiliates and its and their
Sublicensees shall be subject to the terms 

  
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and conditions of this Agreement, including Sections 3.5.6 and 5.7.1, and the applicable Trademark License Agreement. Unless otherwise provided in the Trademark License Agreement, each use
of any Trademark with respect to the AstraZeneca Product by Licensee, its Affiliates and its and their Sublicensees shall be subject to the prior review and approval of MedImmune, such approval not to be unreasonably withheld, conditioned or
delayed. Licensee covenants to MedImmune that, except as expressly permitted in this Agreement and the Trademark License Agreement, Licensee and its Affiliates and its or their Sublicensees shall not (a) in connection with the Development,
Commercialization or other Exploitation of any Licensed Product, use any Licensed Trademark or any other Trademark with respect to the AstraZeneca Product or (b) assist, authorize or enable any Excluded Distributor or other Third Party
contractor of Licensee, its Affiliates or its or their Sublicensees to use any Licensed Trademark or any other Trademark with respect to the AstraZeneca Product. 

5.7.3. MedImmune shall not, and shall not permit its Affiliates or its or their (sub)licensees of the AstraZeneca Product to,
(a) use in their respective businesses, any Trademark that is confusingly similar to, misleading or deceptive with respect to or that dilutes any (or any part) of the Licensee Corporate Names or the Product Trademarks, (b) do any act that
endangers, destroys or similarly affects, in any material respect, the value of the goodwill pertaining to the Licensee Corporate Names or the Product Trademarks, or (c) attack, dispute or contest the validity of or ownership of the Licensee
Corporate Names or the Product Trademarks anywhere in the Territory or any registrations issued or issuing with respect thereto or any pending registration thereof. MedImmune agrees, and shall cause its Affiliates and (sub)licensees, to conform to
the customary industry standards for the protection of the Licensee Corporate Names and the Product Trademarks and to such trademark usage guidelines as Licensee may furnish from time to time with respect to the use of the Licensee Corporate Names
and the Product Trademarks. 
 ARTICLE 6 

CONFIDENTIALITY AND NON-DISCLOSURE 

6.1. Confidentiality Obligations. At all times during the Term and for a period of ten (10) years following termination or
expiration hereof in its entirety, each Party shall and shall cause its officers, directors, employees and agents to, keep confidential and not publish or otherwise disclose to a Third Party and not use, directly or indirectly, for any purpose, any
Confidential Information furnished or otherwise made known to it, directly or indirectly, by the other Party, except to the extent such disclosure or use is expressly permitted by the terms of this Agreement. “Confidential
Information” means any technical, business or other information provided by or on behalf of one Party to the other Party in connection with this Agreement, whether prior to, on or after the Effective Date, including information relating
to the terms of this Agreement (subject to Section 6.4), information relating to any Licensed Compound or Licensed Product (including the Regulatory Documentation), any Development, Manufacture or Commercialization of any Licensed Compound or
Licensed Product, any know-how with respect thereto developed by or on behalf of the disclosing Party or its Affiliates (including Licensed 

  
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Know-How and PhaseBio Know-How, as applicable) or the scientific, regulatory or business affairs or other
activities of such Party. Notwithstanding the foregoing, (a) the terms of this Agreement shall be deemed to be the Confidential Information of both Parties and both Parties shall be deemed to be the receiving Party and the disclosing Party with
respect thereto and (b) any AstraZeneca Product Know-How and any AstraZeneca Product Improvement shall be deemed to be the Confidential Information of MedImmune, and Licensee shall be deemed to be the
receiving Party and MedImmune shall be deemed to be the disclosing Party with respect thereto. Notwithstanding the foregoing, the confidentiality and non-use obligations under this Section 6.1 with
respect to any Confidential Information shall not include any information that the receiving Party can demonstrate by competent evidence: 

6.1.1. is or hereafter becomes part of the public domain by public use, publication, general knowledge or the like through no breach of
this Agreement by the receiving Party; 
 6.1.2. can be demonstrated by documentation or other competent proof to have been in the
receiving Party’s possession prior to disclosure by the disclosing Party without any obligation of confidentiality with respect to such information; 

6.1.3. is subsequently received by the receiving Party on a non-confidential basis from a Third
Party who is not bound by any obligation of confidentiality with respect to such information; 
 6.1.4. has been published by a Third
Party or otherwise enters the public domain through no fault of the receiving Party in breach of this Agreement; or 
 6.1.5. can be
demonstrated by documentation or other competent evidence to have been independently developed by or for the receiving Party without reference to the disclosing Party’s Confidential Information. 

Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or in the possession of the receiving Party merely
because the Confidential Information is embraced by more general information in the public domain or in the possession of the receiving Party. Further, any combination of Confidential Information shall not be considered in the public domain or in
the possession of the receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession of the receiving Party unless the combination and its principles are in the public domain or in
the possession of the receiving Party. 
 6.2. Permitted Disclosures. Each Party may disclose Confidential Information to the extent
that such disclosure is: 
 6.2.1. made in response to a valid order of a court of competent jurisdiction or other supra-national,
federal, national, regional, state, provincial and local 

  
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governmental or regulatory body of competent jurisdiction or, if in the reasonable opinion of the receiving Party’s legal counsel, such disclosure is otherwise required by law, including by
reason of filing with securities regulators; provided, however, that, to the extent practicable under the circumstances, the receiving Party shall first have given notice to the disclosing Party and given the disclosing Party a
reasonable opportunity to quash such order or to obtain a protective order or confidential treatment requiring that the Confidential Information and documents that are the subject of such order be held in confidence by such court or agency or, if
disclosed, be used only for the purposes for which the order was issued; and provided, further, that the Confidential Information disclosed in response to such court or governmental order shall be limited to that information which is
legally required to be disclosed in response to such court or governmental order; 
 6.2.2. made by or on behalf of the receiving
Party in connection with prosecuting or defending litigation; provided, however, that, to the extent practicable under the circumstances, the receiving Party shall first have given notice to the disclosing Party and given the
disclosing Party a reasonable opportunity to obtain a protective order requiring that the Confidential Information and documents that are the subject of such litigation be held in confidence by the Persons prosecuting or defending such litigation
or, if disclosed, be used only for the purposes in connection with such litigation; 
 6.2.3. made by or on behalf of the receiving
Party to the Regulatory Authorities as required in connection with any filing, application or request for Regulatory Approval made consistent with the terms and conditions of this Agreement; provided, however, that reasonable measures
shall be taken to assure confidential treatment of such information to the extent practicable and consistent with Applicable Law; 

6.2.4. made by or on behalf of the receiving Party to a patent authority as required for purposes of obtaining or enforcing a Patent as
permitted by this Agreement; provided, however, that reasonable measures shall be taken to assure confidential treatment of such information, to the extent such protection is available; 

6.2.5. made by the receiving Party to its Affiliates or potential future or actual sublicensees (including Sublicensees) or
distributors, or by the receiving Party or its Affiliates, sublicensees (including Sublicensees) or distributors to Third Parties, in each case, as may be necessary or useful in connection with the Exploitation of any Licensed Compound or Licensed
Product as contemplated by this Agreement, in the case of Licensee, or the Exploitation of the AstraZeneca Product, in the case of MedImmune or its Affiliate, including subcontracting or sublicensing transactions in connection therewith;
provided, however, that such disclosures are made under obligations of confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of
confidentiality and non-use of the receiving Party pursuant to this Article 6 (with a duration of confidentiality and non-use obligations as appropriate that is no
less than five (5) years from the date of disclosure); 

  
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 6.2.6. made by or on behalf of the receiving Party to [***], consultants of such
receiving Party, or other Third Party service providers performing activities on behalf of such receiving Party hereunder or in connection herewith; provided, however, that (a) such disclosure shall be limited to only that Confidential
Information required to enable such Third Party to perform the applicable activities and (b) such Third Party shall be subject to obligations of confidentiality and non-use with respect to such
Confidential Information substantially similar to the obligations of confidentiality and non-use of the receiving Party pursuant to this Article 6 (with a duration of confidentiality and non-use obligations as appropriate that is no less than five (5) years from the date of disclosure); provided, further, that if either Party seeks to disclose the terms of this Agreement to [***] or
other consultants or Third Party service providers, the Party seeking to disclose this Agreement must obtain the other Party’s prior written consent before disclosing this Agreement (such consent not to be unreasonably withheld, delayed or
conditioned); or 
 6.2.7. made by or on behalf of the receiving Party to potential or actual investors, investment bankers, lenders
or acquirers as may be necessary in connection with their evaluation of such potential or actual investment, loan, financing or acquisition; provided, however, that such persons shall be subject to reasonable obligations of confidentiality
and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality and non-use of the receiving Party pursuant to this
Article 6, with a duration of confidentiality and non-use obligations that is no less than five (5) years from the date of disclosure; provided, further, that: (a) upon the written
request of either Party, the Parties shall, within [***] of such request, mutually agree in good faith on a redacted version of this Agreement that may be provided by a Party to a bona fide potential investor, acquirer or divestment partner, such
agreement not to be unreasonably withheld, delayed or conditioned, and such redactions not to be so extensive that they do not permit a potential investor, acquirer or divestment partner to gain a reasonable understanding of the relationship
established by this Agreement or to conduct reasonable due diligence regarding this Agreement (such redacted version, the “Redacted Agreement”), and such Party shall have the right to provide any such bona fide potential investor,
acquirer or divestment partner with the Redacted Agreement or a summary thereof; and (b) if a Party seeks to disclose any terms of this Agreement that were redacted from the Redacted Agreement to potential investors, acquirers or divestment
partners, the Party seeking to disclose such terms must obtain the other Party’s prior written consent before disclosing such terms (such consent not to be unreasonably withheld, delayed or conditioned). In no event shall the Party seeking to
disclose Confidential Information of the other Party or the terms of this Agreement to a potential investor, acquirer or divestment partner be required to disclose the identity of such potential investor, acquirer or divestment partner to the other
Party. 
 Notwithstanding the foregoing, Licensee shall not, without MedImmune’s prior written consent, which may be withheld in MedImmune’s sole
discretion, disclose any AstraZeneca Product Know-How (other than AstraZeneca Product Know-How that is or becomes part of the public domain by public use, public general
knowledge or the like through no breach of this Agreement 

  
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by Licensee or any of its Affiliates or its or their Sublicensees) or any other Confidential Information specifically relating to the AstraZeneca Product, any AstraZeneca Product Improvement or
AstraZeneca Product Patents, except in each case to the extent provided in Section 6.2.1 or, with respect to actual Sublicensees but not with respect to potential future sublicensees, Section 6.2.5. 

6.3. Use of Name. Except as expressly provided herein, neither Party shall mention or otherwise use the name, logo or Trademark of the
other Party or any of its Affiliates or any of its or their (sub)licensees (or Sublicensees) (or any abbreviation or adaptation thereof) in any publication, press release, marketing and promotional material or other form of publicity in connection
with this Agreement or activities hereunder without the prior written approval of such other Party. The restrictions imposed by this Section 6.3 shall not prohibit (a) either Party from making any disclosure identifying the other Party to
the extent required in connection with its exercise of its rights or obligations under this Agreement and (b) either Party from making any disclosure identifying the other Party that is required by Applicable Law or the rules of a stock
exchange on which the securities of the disclosing Party are listed (or to which an application for listing has been submitted). 
 6.4.
Public Announcements. 
 6.4.1. Subject to this Section 6.4.1, neither Party or any of its Affiliates shall issue any public
announcement, press release or other similar formal public disclosure (e.g., a disclosure required to be made in a registration statement, periodic report or similar filing) regarding this Agreement without the other Party’s prior written
consent, such consent not to be unreasonably withheld, delayed or conditioned. The Party proposing to make such public announcement, press release or other similar formal public disclosure shall provide a copy of any such public announcement, press
release or other similar formal public disclosure to the other Party reasonably (to the extent practicable under the circumstances) but in all cases no less than [***] (or, in the case of a disclosure covered by the third sentence of this
Section 6.4.1, one (1) Business Day) in advance of issuing or otherwise publicly disclosing such public announcement, press release or other similar formal public disclosure. In the event and to the extent a Party is, in the opinion of its
counsel, required by Applicable Law or the rules of a stock exchange on which its securities are listed (or to which an application for listing has been submitted) to make such a public announcement, press release or other similar formal public
disclosure, such Party shall submit the proposed public announcement, press release or other similar formal public disclosure in writing to the other Party reasonably (to the extent practicable under the circumstances) but in all cases no less than
one (1) Business Day in advance. Under the circumstances covered in the immediately preceding sentence and subject to Section 5.7, the releasing Party shall not be obligated (a) to delay making any such public announcement, press
release or other similar formal public disclosure beyond the time when the same is required to be made in order to facilitate review and comment by the other Party or (b) to refrain from issuing such public announcement, press release or other
similar formal public disclosure for which approval has not been provided by the other Party. In the event and to the extent a Party is, in 

  
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CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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the opinion of its counsel, required by Applicable Law or the rules of a stock exchange on which its securities are listed (or to which an application for listing has been submitted) to make any
disclosure regarding this Agreement in any required filing, neither Party shall be required to seek the consent of the other Party to repeat such disclosure in a subsequent required filing (but not, for clarity, in any other public announcement or a
press release) by a Party in accordance with this Section 6.4.1; provided that (i) such disclosure remains accurate as of such time in light of the then-applicable circumstances and (ii) the frequency and form of such
disclosure are reasonable, including in light of the context of such disclosure taking into account the passage of time and other circumstances. Subject to Section 3.4.2, Licensee may, without MedImmune’s consent, issue public
announcements, press releases or other similar formal public disclosures solely regarding (x) clinical trials of Licensed Products, including the initiation, enrollment status and results thereof, (y) the filing, or acceptance for filing,
of INDs and Drug Approval Applications for Licensed Products, or (z) the receipt of Regulatory Approvals with respect to Licensed Products; provided, however, that Licensee shall provide a copy of any such public announcements, press
releases or other similar formal public disclosures to MedImmune reasonably (to the extent practicable under the circumstances) but in all cases no less than [***] (or, in the case of a public disclosure covered by the third sentence of this
Section 6.4.1, one (1) Business Day) in advance of issuing such public announcement, press release or other similar formal public disclosure; provided, further, that any such public announcement, press release or other similar
formal public disclosure that includes an AstraZeneca Product Reference shall be subject to MedImmune’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed. In addition, either Party may disclose amounts
paid to or received by either Party in respect of the achievement of any milestone events. 
 6.4.2. Without limitation to
Section 6.4.1, which applies to public announcements, press releases and other similar formal public disclosures, and to Section 6.5, which applies to publications in scientific or medical journals, reference publications or scientific or
medical presentations, the Parties acknowledge that, in the course of Developing and Commercializing the Licensed Product, Licensee and its Affiliates will need to communicate orally or otherwise informally with various Third Parties (including
industry analysts and key opinion leaders) concerning the Licensed Product and that, given the relationship of the Licensed Product to the AstraZeneca Product, such communications may implicate the positioning of the Licensed Product in relation to
the AstraZeneca Product. Section 6.4.1 is not intended to cover such oral or other informal communications with Third Parties (other than Regulatory Authorities). Subject to Sections 3.5.6 and 6.1, Licensee shall have the right to engage
in such oral or other informal communications with Third Parties, provided that in engaging in such oral or other informal communications with Third Parties, Licensee and its Affiliates shall ensure that such communications regarding the Licensed
Product are consistent with the then-applicable Approved Product Positioning Principles (approved by MedImmune pursuant to Section 3.10). 

6.4.3. For clarity, in no event shall MedImmune be required to notify Licensee of, or to obtain Licensee’s consent with respect
to, any public announcement, press 

  
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release or other public disclosure regarding the AstraZeneca Product that does not refer to a Licensed Product. 

6.4.4. The terms of this Section 6.4 shall be applicable to any Sublicensee of Licensee or any of its Affiliates. 

6.5. Publications. The Parties recognize the desirability of publishing the results of Development activities under this Agreement.
Accordingly, Licensee shall be permitted to publicly disclose in scientific or medical journals, reference publications or scientific or medical presentations the results of Development activities under this Agreement in accordance with this
Section 6.5. Prior to making any such publication or disclosure, Licensee shall provide MedImmune with drafts of such proposed publication or disclosure, including as applicable proposed abstracts, manuscripts or summaries of
presentations. MedImmune shall respond promptly through its designated representative and in any event no later than [***] after receipt of such proposed publication or presentation or such shorter period as may be required by the publication or
presentation. Licensee agrees to allow a reasonable additional period to permit filings for patent protection and to otherwise address issues of Confidential Information or related competitive harm to the reasonable satisfaction of MedImmune in a
manner consistent with Applicable Law and industry practices. In addition, Licensee shall give due regard to comments furnished by MedImmune and such comments shall not be unreasonably rejected; provided, however, that if
any such abstract, manuscript or summary of presentations contains any AstraZeneca Product Reference that (a) is not supported by the approved labeling for the AstraZeneca Product or presents an unbalanced view of the AstraZeneca Product
considering the approved labeling for the AstraZeneca Product as a whole or (b) contains projections of the market potential of the AstraZeneca Product, Licensee shall correct or remove such AstraZeneca Product Reference or such projections, as
applicable. Notwithstanding the foregoing, subject to any copyrights or intellectual property rights of Third Parties, Licensee’s publications may include reprints of scientific or medical journal articles or reference publications regarding
the AstraZeneca Product that, in each case, follow FDA’s “Good Reprint Practices for the Distribution of Medical Journal Articles and Medical or Scientific Reference Publications on Unapproved New Uses of Approved Drugs and Approved or
Cleared Medical Devices” guidance. The terms of this Section 6.5 shall be applicable to any Sublicensee of Licensee or any of its Affiliates. 

6.6. Securities Laws. MedImmune acknowledges that Confidential Information disclosed or provided to MedImmune by Licensee, including the
results of any clinical trial or other study of a Licensed Product, may constitute or contain material non-public information regarding Licensee and that the United States securities laws prohibit any Person
who has such material non-public information from purchasing or selling securities of a publicly traded company on the basis of such information and from communicating such information to any Person under
circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities on the basis of such information. 

  
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 6.7. Return of Confidential Information. Upon the effective date of the expiration or
termination of this Agreement for any reason, either Party may request in writing and the non-requesting Party shall either, with respect to Confidential Information to which such non-requesting Party does not retain license rights under the surviving provisions of this Agreement, at the requesting Party’s election, (a) promptly destroy all copies of such Confidential Information in
the possession or control of the non-requesting Party and confirm such destruction in writing to the requesting Party or (b) promptly deliver to the requesting Party, at the
non-requesting Party’s sole cost and expense, all copies of such Confidential Information in the possession or control of the non-requesting Party. Notwithstanding
the foregoing, the non-requesting Party shall be permitted to retain such Confidential Information (i) to the extent necessary or useful for purposes of performing any continuing obligations or exercising
any ongoing rights hereunder and, in any event, a single copy of such Confidential Information for archival purposes and (ii) any computer records or files containing such Confidential Information that have been created solely by such non-requesting Party’s automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with such
non-requesting Party’s standard archiving and back-up procedures, but not for any other uses or purposes. All Confidential Information shall continue to be subject
to the terms of this Agreement for the period set forth in Section 6.1. 
 ARTICLE 7 

REPRESENTATIONS AND WARRANTIES 

7.1. Mutual Representations and Warranties. MedImmune and Licensee each represents and warrants to the other, as of the Effective Date,
and covenants, that: 
 7.1.1. It is a corporation or limited liability company (as applicable) duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority, corporate or otherwise, to execute, deliver and perform this Agreement; 

7.1.2. The execution and delivery of this Agreement and the performance by it of the transactions contemplated hereby have been duly
authorized by all necessary corporate action and do not violate: (a) such Party’s charter documents, bylaws or other organizational documents; (b) any requirement of any Applicable Law; or (c) any order, writ, judgment,
injunction, decree, determination or award of any court or governmental agency presently in effect applicable to such Party; 
 7.1.3.
This Agreement is a legal, valid and binding obligation of such Party enforceable against it in accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency or other laws of general application affecting the
enforcement of creditor rights, judicial principles affecting the availability of specific performance and general principles of equity (whether enforceability is considered a proceeding at law or equity); 

  
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 7.1.4. It is not under any obligation, contractual or otherwise, to any Person that
conflicts with or is inconsistent in any material respect with the terms of this Agreement or that would impede the diligent and complete fulfillment of its obligations hereunder; and 

7.1.5. Neither it nor any of its Affiliates has been debarred or is subject to debarment and neither it nor any of its Affiliates will
use in any capacity, in connection with the services or activities to be performed under this Agreement, any Person who has been debarred pursuant to Section 306 of the FFDCA or who is the subject of a conviction described in such section. It
will inform the other Party in writing promptly if it or any such Person who is performing services or activities hereunder is debarred or is the subject of a conviction described in Section 306 or if any action, suit, claim, investigation or
legal or administrative proceeding is pending or, to the best of its or its Affiliates’ knowledge, is threatened, relating to the debarment or conviction of it or any such Person performing services hereunder. 

7.2. Additional Representations and Warranties of MedImmune. MedImmune further represents and warrants to Licensee, as of the Effective
Date, that: 
 7.2.1. MedImmune Controls the Licensed Patents set forth on Schedule 1.80 as of the Effective Date and has the
right to grant the licenses and other rights specified herein and has not granted to any Affiliate or Third Party any license or other right with respect to any Licensed Compound, Licensed Product, Licensed Patents or Licensed Know-How that conflicts with the licenses and other rights granted to Licensee herein; 
 7.2.2. to
MedImmune’s Knowledge, Schedule 1.80 sets forth all Patents Controlled by MedImmune or its Affiliates that claim the composition of matter or any method of use of MEDI2452; 

7.2.3. there are no agreements in effect as of the Effective Date between MedImmune and a Third Party under which rights with respect
to the Licensed Patents or Licensed Know-How are being licensed to MedImmune; 
 7.2.4. to
MedImmune’s Knowledge, no reexamination, interference, invalidity, opposition, nullity or similar claim or proceeding is pending or threatened with respect to any Licensed Patent; 

7.2.5. MedImmune has not received any written claim or demand alleging that the Development or Commercialization of the Licensed
Products as contemplated herein infringes any Patent owned by any Third Party; and 
 7.2.6. there are no judgments or settlements
against or owed by MedImmune (or any of its Affiliates) with respect to the Licensed Patents or Licensed Know-How, and MedImmune is not a party to any legal action, suit or proceeding relating to the

  
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Licensed Patents or Licensed Know-How, nor has MedImmune received any written communication from any Third Party, including any Regulatory Authority or
other government agency, threatening such action, suit or proceeding. 
 7.3. DISCLAIMER OF WARRANTIES. EXCEPT FOR THE EXPRESS
WARRANTIES SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE; AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER
WRITTEN OR ORAL, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF
ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
 7.4. Anti-Bribery and Anti-Corruption Compliance. Each Party agrees, on behalf
of itself, its officers, directors and employees and on behalf of its Affiliates, agents, representatives, consultants and subcontractors hired in connection with the subject matter of this Agreement (“Representatives”) that for the
performance of its obligations hereunder:  
 7.4.1. such Party and its Representatives shall comply with the Anti-Corruption
Laws and shall not take any action that will, or would reasonably be expected to, cause the other Party or its Affiliates to be in violation of any Anti-Corruption Laws. 

7.4.2. such Party shall promptly provide the other Party with written notice of the following events: (a) upon becoming aware of
any breach or violation by such Party or its Representative of any representation, warranty or undertaking set forth in Section 7.4.1, or (b) upon receiving a formal notification that it is the target of a formal investigation by a
Governmental Authority for a Material Anti-Corruption Law Violation or upon receipt of information from any of its Representatives connected with this Agreement that any of them is the target of a formal investigation by a governmental authority for
a Material Anti-Corruption Law Violation. 
 ARTICLE 8 

INDEMNITY 
 8.1.
Indemnification of MedImmune. Licensee shall save, indemnify, defend and hold harmless MedImmune, its Affiliates, its or their (sub)licensees of AstraZeneca Product rights, and its and their respective directors, officers, employees and agents
(collectively, “MedImmune Indemnitees”), from and against any and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) to which any
MedImmune Indemnitee becomes subject as a result of any and all suits, investigations, claims or demands of Third Parties (collectively, “Third Party Claims”) arising from or occurring as a result of: (a) the breach by Licensee of
this Agreement or the Trademark License Agreement, including any representation, warranty or covenant herein or the enforcement of MedImmune’s rights under this Section 8.1; (b) the gross negligence or willful misconduct on the part of any
Licensee Indemnitee in performing its or their obligations under this Agreement or the Trademark License Agreement; or (c) the Exploitation by Licensee or any of its Affiliates or its or their Sublicensees or its or their distributors or contractors
of any Licensed Compound or Licensed Product; except, in each case ((a), (b) and (c)), to the extent such Losses arise or result from the gross negligence or willful misconduct of any MedImmune 

  
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Indemnitee or the breach by MedImmune of any warranty, representation, covenant or agreement made by MedImmune in this Agreement, as to which Losses each Party shall indemnify the other to the
extent of their respective liability. 
 8.2. Indemnification of Licensee. MedImmune shall save, indemnify, defend and hold harmless
Licensee, its Affiliates, its or their (sub)licensees or its or their distributors or contractors, and its or their respective directors, officers, employees and agents (collectively, “Licensee Indemnitees”), from and against any
and all Losses to which any Licensee Indemnitee becomes subject as a result of any and all Third Party Claims arising from or occurring as a result of: (a) the breach by MedImmune of this Agreement, including any representation, warranty or covenant
herein or the enforcement of Licensee’s rights under this Section 8.2 or the Trademark License Agreement; (b) the gross negligence or willful misconduct on the part of any MedImmune Indemnitee in performing the Technical Services under this
Agreement; or (c) the Exploitation by MedImmune or any of its Affiliates or its or their (sub)licensees or its or their distributors or contractors of the AstraZeneca Product (other than Generic Ticagrelor Products); except, in each case ((a), (b)
and (c)), to the extent such Losses arise or result from the gross negligence or willful misconduct of any Licensee Indemnitee or the breach by Licensee of any warranty, representation, covenant or agreement made by Licensee in this Agreement, as to
which Losses each Party shall indemnify the other to the extent of their respective liability for the Losses. 
 8.3. Indemnification
Procedures. 
 8.3.1. Notice of Claim. All indemnification claims in respect of a MedImmune Indemnitee or Licensee Indemnitee
shall be made solely by MedImmune or Licensee, respectively (the “Indemnified Party”). The Indemnified Party shall give the indemnifying Party prompt written notice (an “Indemnification Claim
Notice”) of any Losses or discovery of fact upon which such Indemnified Party intends to base a request for indemnification under this Article 8, but in no event shall the indemnifying Party be liable for any Losses to the extent
resulting from any delay in providing such notice. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss is known at such time). The
Indemnified Party shall furnish promptly to the indemnifying Party copies of all papers and official documents received in respect of any Losses and Third Party Claims. 

8.3.2. Control of Defense. The indemnifying Party shall have the right to assume the defense of any Third Party Claim by giving written
notice to the Indemnified Party within [***] after the indemnifying Party’s receipt of an Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party shall not be construed as an acknowledgment
that the indemnifying Party is liable to indemnify the Indemnified Party in respect of the Third Party Claim, nor shall it constitute a waiver by the indemnifying Party of any defenses it may assert against the Indemnified Party’s claim for
indemnification. Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the indemnifying Party. In the event the indemnifying Party
assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver to the indemnifying Party all original notices and documents (including court papers) received by the Indemnified Party in connection with the Third Party
Claim. Should the indemnifying Party assume the defense of a Third Party Claim, except as provided in Section 8.3.3, the indemnifying Party shall not be liable 

  
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to the Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party in connection with the analysis, defense or settlement of the Third Party Claim unless specifically
agreed in writing by the indemnifying Party. 
 8.3.3. Right to Participate in Defense. Any Indemnified Party shall be entitled to
participate in the defense of such Third Party Claim and to employ counsel of its choice for such purpose; provided, however, that such employment shall be at the Indemnified Party’s sole cost and expense unless (a) the
employment of such counsel has been specifically authorized in writing by the indemnifying Party in writing (in which case, the defense shall be controlled as provided in Section 8.3.2), (b) the indemnifying Party has failed to assume the
defense and employ counsel in accordance with Section 8.3.2 (in which case the Indemnified Party shall control the defense), or (c) the interests of the indemnitee and the indemnifying Party with respect to such Third Party Claim are
sufficiently adverse to prohibit the representation by the same counsel of both Parties under Applicable Law, ethical rules or equitable principles (in which case, the Indemnified Party shall control its defense). 

8.3.4. Settlement. With respect to any Losses relating solely to the payment of money damages in connection with a Third Party Claim
and that shall not result in the applicable indemnitee(s) becoming subject to injunctive or other relief or otherwise adversely affecting the business of the Indemnified Party in any manner, the indemnifying Party shall have the sole right to
consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the indemnifying Party, in its sole discretion, shall deem appropriate. With respect to all other Losses in connection with Third
Party Claims, where the indemnifying Party has assumed the defense of the Third Party Claim in accordance with Section 8.3.2, the indemnifying Party shall have authority to consent to the entry of any judgment, enter into any settlement or
otherwise dispose of such Loss; provided it obtains the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed). If the indemnifying Party does not assume and conduct the
defense of a Third Party Claim as provided above, the Indemnified Party may defend against such Third Party Claim; provided that the Indemnified Party shall not settle any Third Party Claim without the prior written consent of the
indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed). 
 8.3.5. Cooperation. Regardless of
whether the indemnifying Party chooses to defend any Third Party Claim, the Indemnified Party shall and shall cause each indemnitee to, cooperate in the defense thereof and shall furnish such records, information and testimony, provide such
witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation shall include access during normal business hours afforded to the indemnifying Party
to and reasonable retention by the Indemnified Party of, records and information that are reasonably relevant to such Third Party Claim and making Indemnified Parties and other employees and agents available on a mutually convenient basis to provide
additional information and explanation of any material provided hereunder and the indemnifying Party shall reimburse the 

  
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Indemnified Party for all its, its Affiliates’ and its and their (sub)licensees’ or their respective directors’, officers’, employees’ and agents’, as applicable,
reasonable and verifiable out-of-pocket expenses in connection therewith. 

8.3.6. Expenses. Except as provided above, the costs and expenses, including fees and disbursements of counsel, incurred by the
Indemnified Party and its Affiliates and its and their (sub)licensees and their respective directors, officers, employees and agents, as applicable, in connection with any claim shall be reimbursed on a Calendar Quarter basis by the indemnifying
Party, without prejudice to the indemnifying Party’s right to contest the Indemnified Party’s right to indemnification and subject to refund in the event the indemnifying Party is ultimately held not to be obligated to indemnify the
Indemnified Party. 
 8.4. Special, Indirect and Other Losses. EXCEPT IN THE EVENT OF (a) THE WILLFUL MISCONDUCT OR FRAUD
OF A PARTY OR (b) OF A PARTY’S BREACH OF ITS OBLIGATIONS UNDER ARTICLE 6 OR SECTION 2.5, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS IN
CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; provided, however, that this Section 8.4 shall not be construed to limit either Party’s indemnification obligations under Section 8.1 or 8.2 (as applicable) and
Section 8.3. 
 8.5. Insurance. Licensee shall have and maintain such types and amounts of insurance covering its
Exploitation of the Licensed Compounds and Licensed Products as is (a) normal and customary in the biopharmaceutical industry generally for parties similarly situated and (b) otherwise required by Applicable Law. Upon request by MedImmune,
Licensee shall provide to MedImmune evidence of its insurance coverage, including copies of applicable insurance policies. The insurance policies shall be under an occurrence form, but if only a claims-made form is available to Licensee, then
Licensee shall continue to maintain such insurance after the expiration or termination of this Agreement in its entirety for a period of five (5) years. 

ARTICLE 9 
 TERM AND
TERMINATION 
 9.1. Term and Expiration. This Agreement shall commence on the Effective Date and, unless earlier terminated in
accordance herewith, shall continue in force and effect until the date of expiration of the last to expire Royalty Term in the Territory (such period, the “Term”). On a Licensed Product-by-Licensed Product and country-by-country basis, following the expiration of the Royalty Term for a Licensed Product in
a country in the Territory, the grants in Section 2.1 for such Licensed Product in such country shall become non-exclusive, fully-paid, royalty-free, irrevocable and perpetual. Following the expiration of
the last-to-expire Royalty Term for any and all Licensed Products in the Territory, the grants in Section 2.1 shall become
non-exclusive, fully-paid, royalty-free, irrevocable and perpetual in their entirety. 

  
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 9.2. Termination. 

9.2.1. Material Breach. 

(a) Material Breach Not Related to Diligence. In the event that either Party (the “Breaching Party”) shall be in
material breach in the performance of any of its obligations under this Agreement (other than, in the case of Licensee, Licensee’s diligence obligations under Section 3.2, Section 3.3.1 or Section 3.5.1, which are covered in
Section 9.2.1(b) below), in addition to any other right and remedy the other Party (the “Non-Breaching Party”) may have, the Non-Breaching Party
may terminate this Agreement in its entirety (or, if MedImmune is the Non-Breaching Party, on a country-by-country basis) by
providing ninety (90) days’ (or thirty (30) days’, in the case of a payment default) (the “Section 9.2.1(a) Notice Period”) prior written notice (the
“Section 9.2.1(a) Termination Notice”) to the Breaching Party specifying the breach and its claim of right to terminate, subject to Section 9.2.1(c) below; provided that the termination shall not
become effective at the end of the Section 9.2.1(a) Notice Period if the Breaching Party cures the breach specified in the Section 9.2.1(a) Termination Notice during the Section 9.2.1(a) Notice Period. 

(b) Material Breach of Diligence Obligations. If at any time MedImmune in good faith believes that Licensee is in material breach of
its diligence obligations under Section 3.2, Section 3.3.1 or Section 3.5.1, then MedImmune shall so notify Licensee, specifying the basis for its belief, and the Parties shall meet within thirty (30) days after such notice to
discuss in good faith MedImmune’s concerns. If, after such thirty (30) day period, the Parties agree that Licensee is in breach of such obligations or if the Parties do not reach agreement as to whether or not Licensee is in material
breach of such obligations and resolve the issue, then in addition to any other right and remedy MedImmune may have, but subject to Section 9.2.1(c) below, MedImmune may terminate this Agreement by providing ninety (90) days’ (the
“Section 9.2.1(b) Notice Period”) prior written notice (the “Section 9.2.1(b) Termination Notice”) to Licensee specifying the breach and its claim of right to terminate;
provided that (i) the termination shall not become effective at the end of the Section 9.2.1(b) Notice Period if, in the case of a curable breach, Licensee cures the breach specified in the Section 9.2.1(b) Termination Notice
during the Section 9.2.1(b) Notice Period, and (ii) with respect to any uncurable breach or an uncured material breach of such diligence obligations (A) with respect to the EU Market or the United States, MedImmune shall have the
right to terminate the Agreement in its entirety or solely with respect to the EU Market or the United States, as applicable, (B) with respect to China, MedImmune shall have the right to terminate this Agreement solely with respect to China,
and (C) solely with respect to any other country in the Territory, MedImmune shall have the right to terminate this Agreement solely with respect to such country. 

(c) Dispute Regarding Breach. Notwithstanding the foregoing provisions of this Section 9.2.1, in the event that, during the
applicable Notice Period, the allegedly Breaching Party (in the case of Section 9.2.1(a)) or Licensee (in the case of 

  
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Section 9.2.1(b)) shall have initiated dispute resolution in accordance with Section 10.6 with respect to the alleged breach, then the other Party shall not have the right to terminate
this Agreement under this Section 9.2.1 unless and until (i) the Arbitrators, in accordance with Section 10.6, have determined that the Breaching Party (in the case of Section 9.2.1(a)) or Licensee (in the case of
Section 9.2.1(b)) has materially breached this Agreement and (ii) the Breaching Party (in the case of Section 9.2.1(a)) or Licensee (in the case of Section 9.2.1(b)) fails to cure such breach within ninety (90) days (or
thirty (30) days, in the case of a payment default) following the Arbitrators’ decision. It is understood and agreed that during the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect, and
the Parties shall continue to perform all of their respective obligations hereunder. 
 9.2.2. Termination for Insolvency. In the
event that either Party (a) files for protection under bankruptcy or insolvency laws, (b) makes an assignment for the benefit of creditors, (c) appoints or suffers appointment of a receiver or trustee over substantially all of its
property that is not discharged within ninety (90) days after such filing, (d) proposes a written agreement of composition or extension of its debts generally, (e) is a party to any dissolution or liquidation, (f) files a
petition under any bankruptcy or insolvency act or has any such petition filed against it that is not discharged within ninety (90) days of the filing thereof or (g) admits in writing its inability generally to meet its obligations as they
fall due in the general course, then the other Party may terminate this Agreement in its entirety effective immediately upon written notice to such Party. 

9.2.3. Termination by MedImmune. In the event that Licensee or any of its Affiliates or Sublicensees, anywhere in the Territory,
institutes, prosecutes or otherwise participates in (or in any way aids any Third Party in instituting, prosecuting or participating in), at law or in equity or before any administrative or regulatory body, including the U.S. Patent and Trademark
Office or its foreign counterparts, any claim, demand, action, or cause of action for declaratory relief, damages, or any other remedy or for an enjoinment, injunction, or any other equitable remedy, including any interference, re-examination, opposition or any similar proceeding, alleging that any claim in a Licensed Patent is invalid, unenforceable, or otherwise not patentable or alleging that any such claim would not be infringed by
Licensee’s activities in the absence of the rights and licenses granted hereunder, then MedImmune shall have the right to immediately terminate this Agreement in its entirety, including the rights of any Sublicensees, upon written notice to
Licensee; provided, however, that if any such proceeding is brought by a Sublicensee, Licensee shall have a period of sixty (60) days to cause such Sublicensee to cease such proceeding or terminate the applicable sublicense agreement, in
which case MedImmune shall not have the right to terminate this Agreement pursuant to this Section 9.2.3 by reason of the proceeding brought by such Sublicensee. 

  
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 9.2.4. Termination by Licensee for Safety/Efficacy Issue or Commercial Viability Issue.

 (a) Notice of Claimed Safety/Efficacy Issue or Commercial Viability Issue. In the event that Licensee believes in good faith
that (i) a Safety/Efficacy Issue with respect to MEDI2452 or any Licensed Product containing MEDI2452 (or, if the Exploitation of MEDI2452 and Licensed Products containing MEDI2452 has previously been abandoned in favor of Exploitation of an
Additional Compound and Licensed Products containing such Additional Compound in accordance with Section 2.4.4(b), a Safety/Efficacy Issue with respect to such Additional Compound or any Licensed Product containing such Additional Compound)
exists or (ii) a Commercial Viability Issue exists, Licensee shall provide written notice thereof to MedImmune, which notice shall include reasonable details (in the case of Commercial Viability Issue, as further set forth in
Section 9.2.4(b)) regarding, as applicable, the claimed Safety/Efficacy Issue and shall indicate whether the same is claimed to be a Global Safety/Efficacy Issue or a Market-Specific Safety/Efficacy Issue, or the claimed Commercial Viability
Issue and shall indicate which of the U.S., EU Market or China Market(s) is affected thereby and whether, based on Licensee’s assessment of such claimed Commercial Viability Issue with respect to such Market(s), such claimed Commercial
Viability Issue is a Global Commercial Viability Issue. Within [***] of delivery of any such notice, the Parties shall discuss the applicable claimed Safety/Efficacy Issue or Commercial Viability Issue and attempt in good faith to reach mutual
agreement (such agreement not to be unreasonably withheld, conditioned or delayed) as to, as applicable: 
 (i) whether or not it in fact
constitutes a Safety/Efficacy Issue or Commercial Viability Issue; 
 (ii) in the case of a Safety/Efficacy Issue, whether the same is a
Global Safety/Efficacy Issue or a Market-Specific Safety/Efficacy Issue; 
 (iii) solely in the case of a Market-Specific Safety/Efficacy
Issue, whether or not such Safety/Efficacy Issue is reasonably curable within six (6) months of Licensee’s notice with the use of Commercially Reasonable Efforts to cure (and, if it is agreed to be so curable, the Parties shall attempt in
good faith to mutually agree upon a curative plan); and 
 (iv) in the case of a claimed Commercial Viability Issue, whether such Commercial
Viability Issue applies to the United States, the EU Market or China Market(s), as applicable, or is a Global Commercial Viability Issue (in each case ((i) through (iv)), a “Section 9.2.4 Matter”). 

If the Parties are unable to reach mutual agreement within a further [***], then, upon the written request of either Party, the matter shall be subject to
resolution in accordance with Section 9.2.4(c). 

  
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 (b) In the case of any claimed Commercial Viability Issue, Licensee shall provide at a
minimum the following data and other information in support of such Commercial Viability Issue with respect to each applicable Market (including, with respect to the EU Market, for each Major European Market): Development costs that will be incurred
to complete clinical trials required to obtain Regulatory Approval in the applicable Market or country, as applicable, and ten (10) years’ forecasted sales volumes, net selling price per unit, cost of goods per unit, commercialization
costs and other data indicating anticipated revenues in such Market or country, as applicable. 
 (c) Expedited Resolution by Independent
Expert. If the Parties are unable to reach mutual agreement within the period specified in the last sentence of Section 9.2.4(a), then, upon the written request of either Party, the applicable Section 9.2.4 Matter(s) may be referred by
either Party to MedImmune’s senior representative for the AstraZeneca Product and Licensee’s Chief Financial Officer or VP of Marketing/Chief Commercial Officer (or their respective designees) for attempted resolution by good faith
negotiations during a period of [***]. Any final decision mutually agreed to by such senior representatives (or such designees) shall be conclusive and binding on the Parties. If such senior representatives (or such designees) are unable to resolve
any such Section 9.2.4 Matter within such [***] period, then either Party shall have the right to refer such Section 9.2.4 Matter to the Senior Officers for attempted resolution by good faith negotiations during a period of [***]. Any
final decision mutually agreed to by the Senior Officers shall be set forth in writing and signed by both Parties, whereupon it will be conclusive and binding on the Parties. If such Senior Officers (or such designees) are unable to resolve any such
disagreement within such [***] period, then, upon the written request of either Party, the determination of the Section 9.2.4 Matter shall be referred to an Independent Expert. “Independent Expert” means (i) an independent
Third Party expert in the field of drug development and commercialization who is acceptable to both Parties or (ii) if the Parties fail to agree on an independent Third Party expert in accordance with the preceding clause (i) within [***]
after such request for referral, an independent Third Party expert in the field of drug development and commercialization who is selected by mutual agreement of (A) an independent Third Party expert in the field of drug development and
commercialization selected by MedImmune within [***] after such request for referral and (B) an independent Third Party expert in the field of drug development and commercialization selected by Licensee within [***] after such request for
referral (such selection to be made within [***] after the Parties have selected their respective independent Third Party experts). The sole authority of the Independent Expert will be to (x) set a schedule for expedited dispute resolution,
(y) request supporting documentation from each Party with respect to the applicable Section 9.2.4 Matters and (z) make a determination as to each of the applicable Section 9.2.4 Matters based on such supporting documentation.
Unless otherwise agreed by the Parties, the Independent Expert’s determination shall be final and binding upon the Parties. Unless otherwise agreed by the Parties, the Independent Expert shall be required to make his or her determination within
[***] after his or her selection as the Independent Expert. 

  
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 (d) Termination Rights. 

(i) Market-Specific Safety/Efficacy Issue. 

(A) Reasonably Curable. If the Parties mutually agree (including by agreement of their senior representatives or Senior Officers as
provided in Section 9.2.4(c)), or the Independent Expert determines, that (1) a claimed Market-Specific Safety/Efficacy Issue is in fact a Market-Specific Safety/Efficacy Issue and (2) such Market-Specific Safety/Efficacy Issue is
reasonably curable within six (6) months of Licensee’s notice with the use of Commercially Reasonable Efforts to cure, then within thirty (30) days of such mutual agreement or Independent Expert determination (as applicable), the
Parties shall mutually agree in good faith upon a commercially reasonable written curative plan and Licensee shall use Commercially Reasonable Efforts to carry out such curative plan within six (6) months thereafter, or, failing such mutual
agreement on a curative plan within thirty (30) days of such mutual agreement or Independent Expert determination (as applicable), Licensee shall use Commercially Reasonable Efforts to cure such Safety/Efficacy Issue within six (6) months
thereafter. If, despite Licensee’s use of Commercially Reasonable Efforts, such Market-Specific Safety/Efficacy Issue is not cured within such six (6)-month period, then Licensee shall have the right to terminate this Agreement in the country
of the Territory where such Market-Specific Safety/Efficacy Issue exists upon thirty (30) days’ written notice to MedImmune. 

(B) Not Reasonably Curable. If the Parties mutually agree (including by agreement of their senior representatives or Senior Officers as
provided in Section 9.2.4(c)), or the Independent Expert determines, that (1) a claimed Market-Specific Safety/Efficacy Issue is in fact a Market-Specific Safety/Efficacy Issue and (2) such Market-Specific Safety/Efficacy Issue is not
reasonably curable within six (6) months of Licensee’s notice with the use of Commercially Reasonable Efforts to cure, then Licensee shall have the right to terminate this Agreement in the country of the Territory where such
Market-Specific Safety/Efficacy Issue exists upon thirty (30) days’ written notice to MedImmune. 
 (ii) Global Safety/Efficacy
Issue. If the Parties mutually agree (including by agreement of their senior representatives or Senior Officers as provided in Section 9.2.4(c)), or the Independent Expert determines, that a claimed Global Safety/Efficacy Issue is in fact a
Global Safety/Efficacy Issue, then Licensee shall have the right to terminate this Agreement in its entirety upon thirty (30) days’ written notice to MedImmune. 

(iii) Market-Specific Commercial Viability Issue. If the Parties mutually agree (including by agreement of their senior representatives
or Senior Officers as provided in Section 9.2.4(c)), or the Independent Expert determines, that a claimed Commercial Viability Issue with respect to the U.S., EU Market or China Market(s) is in fact a Commercial Viability Issue with respect to
such Market(s), then Licensee shall have the right to terminate this Agreement with respect to such Market(s) (but not in its entirety) upon thirty (30) days’ written notice to MedImmune. 

  
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 (iv) Global Commercial Viability Issue. If the Parties mutually agree (including by
agreement of their senior representatives or Senior Officers as provided in Section 9.2.4(c)), or the Independent Expert determines, that any Commercial Viability Issue(s) constitutes a Global Commercial Viability Issue, then Licensee shall
have the right to terminate this Agreement in its entirety upon thirty (30) days’ written notice to MedImmune. 
 9.2.5.
Termination by Licensee for Withdrawal of AstraZeneca Product. In the event that the AstraZeneca Product is withdrawn by a Regulatory Authority in the United States, the EU Market or China, then Licensee shall have the right to terminate this
Agreement with respect to the United States, the EU Market, or China, as applicable. In the event that the AstraZeneca Product is withdrawn by a Regulatory Authority in both the United States and the EU Market, then Licensee shall have the right to
terminate this Agreement in its entirety. Except as provided in the immediately foregoing sentence with respect to withdrawal in the United States and the EU Market, unless the Parties otherwise agree in writing, in the event that the AstraZeneca
Product is withdrawn by a Regulatory Authority in a Market other than the United States, the EU Market or China, such withdrawal shall not permit Licensee to terminate this Agreement in whole or in part; provided, however, that in such
event Licensee shall be relieved of further diligence obligations under Section 3.2, Section 3.3.1 and Section 3.5.1, as applicable, with respect to such Market. For purposes of this Section, references to AstraZeneca Product exclude
Generic Ticagrelor Products. 
 9.2.6. Termination by Mutual Agreement. The Parties may terminate this Agreement by mutual, written
consent. 
 9.3. Rights in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by Licensee or MedImmune
are and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction, licenses of right to “intellectual property” as defined under
Section 101 of the U.S. Bankruptcy Code. The Parties agree that the Parties, as licensees of such rights under this Agreement, shall retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code or any analogous
provisions in any other country or jurisdiction. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against either Party under the U.S. Bankruptcy Code or any analogous provisions in any other country
or jurisdiction, the Party that is not a Party to such proceeding shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not
already in the non-subject Party’s possession, shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon the non-subject
Party’s written request therefor, unless the Party subject to such proceeding elects to continue to perform all of its obligations under this Agreement or, (b) if not delivered under clause (a) above, following the rejection of this
Agreement by or on behalf of the Party subject to such proceeding upon written request therefor by the non-subject Party. 

  
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 9.4. Consequences of Termination. 

9.4.1. Effect of Termination on Fully-Paid Licenses. If the Royalty Term with respect to a Licensed Product in any country has expired
on or before any termination of this Agreement prior to its expiration, the grants in Section 2.1 for such Licensed Product in such country shall survive such termination of this Agreement on a
non-exclusive, fully-paid, royalty-free, irrevocable and perpetual basis; provided that such grants shall not survive in the event this Agreement is terminated pursuant to Section 9.2.4. 

9.4.2. Effect of Termination in its Entirety. In the event of a termination of this Agreement in its entirety for any reason, and
subject to Section 9.4.2(k): 
 (a) subject to Section 9.4.1 and Section 9.4.5, all rights and licenses granted by MedImmune
hereunder and any sublicense granted by Licensee pursuant to Section 2.3 shall immediately terminate; 
 (b) Licensee shall and hereby
does, and shall cause its Affiliates and its and their Sublicensees to, effective as of the effective date of termination, assign to MedImmune all of its right, title and interest in and to (i) each Product Trademark and (ii) all
Regulatory Documentation (including any Regulatory Approvals and Licensee Regulatory Documentation) applicable to any Licensed Compound or Licensed Product then owned or Controlled by Licensee or any of its Affiliates or any of its or their
Sublicensees, subject, in each case, to MedImmune’s royalty payment obligations under Section 9.4.2(d); provided that if any such Regulatory Documentation is not immediately transferable in a country, Licensee shall provide
MedImmune with all benefit of such Regulatory Documentation and such assistance and cooperation as necessary or reasonably requested by MedImmune to timely transfer such Regulatory Documentation to MedImmune or its designee or, at MedImmune’s
option, to enable MedImmune to obtain a substitute for such Regulatory Documentation without disruption to MedImmune’s Exploitation or Manufacture of the applicable Licensed Compound(s) or Licensed Product(s); 

(c) all Confidential Information of Licensee to the extent relating specifically to any Licensed Compound or Licensed Product or the
Exploitation thereof shall thereafter be deemed Confidential Information of MedImmune (provided that, for clarity (i) in the case of Confidential Information consisting of PhaseBio Know-How that
has uses or application to retained products or technology of Licensee, this Section 9.4.2(c) is not intended to have such PhaseBio Know-How constitute Confidential Information of MedImmune for purposes
of use or application of such Confidential Information relating to such retained products or technologies, and (ii) this Section 9.4.2(c) is not intended to cause Confidential Information of Licensee that becomes Confidential Information
of MedImmune in accordance with the foregoing to cease to constitute PhaseBio Know-How or Licensee Termination Know-How to the extent the same constituted PhaseBio Know-How or Licensee Termination Know-How immediately prior to termination of this Agreement); 

  
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 (d) Licensee shall and hereby does, and shall cause its Affiliates and its and their
Sublicensees to, effective as of the effective date of termination, grant MedImmune an exclusive, royalty-free (except to the extent set forth in Section 9.4.2(d)(i)) license, with the right to grant multiple tiers of sublicenses, under the
Licensee Termination Know-How, Licensee Termination Patents, and Licensee’s interest in Joint Inventions and Joint Patents to Exploit and Manufacture in the Territory any Licensed Compound or Licensed
Product; provided that MedImmune is not granted any license in this Section 9.4.2(d) with respect to any Other Active contained in a Combination Product for which (x) no Phase II Clinical Trial has been Initiated for the
applicable Combination Product as of the effective time of termination or (y) the Licensee Termination Know-How with respect to such Other Active or the Licensee Termination Patents that claim such Other
Active are licensed to Licensee or any of its Affiliates by a Third Party and Licensee does not have the right, consistent with the terms and conditions of the applicable Third Party agreement as of the termination of this Agreement, to grant a
sublicense to MedImmune under such Licensee Termination Know-How or Licensee Termination Patents with respect to such Other Active contained in a Combination Product. The Parties further agree as follows: 

(i) in the event that such termination occurs after Initiation of the first Phase II Clinical Trial with respect to a Licensed Product, in
consideration for such license MedImmune shall pay to Licensee a royalty on Net Sales (mutatis mutandis, with references to “Licensee” in the definition of Net Sales deemed to be references to MedImmune for purposes of this
Section 9.4.2(d)) of Licensed Products by MedImmune, its Affiliates and its and their sublicensees in the Territory, at a commercially reasonable rate that takes into account the relative contributions of the Parties (including for purposes of
valuing such relative contributions any contribution of Licensee, taking into account (x) any Other Active in any Combination Product for which a Phase II Clinical Trial has been Initiated as of the effective date of termination and for
which MedImmune receives a license pursuant to Section 9.4.2(d) and (y) any Licensee Termination Know-How that may be included in the Regulatory Documentation transferred to MedImmune pursuant to
Section 9.4.2(b)), which rate (the “Termination Royalty Rate”) shall be mutually agreed upon by the Parties in writing; provided, however, that if the Parties fail to reach mutual written agreement on the Termination
Royalty Rate within the Termination Discussion Period, then either Party may require the Termination Royalty Rate to be determined in accordance with Section 10.7. For purposes of this Agreement, the “Termination Discussion
Period” shall mean the ninety (90)-day period commencing upon Licensee’s receipt of written notice from MedImmune that MedImmune intends to pursue the Development or Commercialization of a
Licensed Product; provided that (A) MedImmune shall notify Licensee in writing of its initial decision to pursue or not to pursue the Development or Commercialization of a Licensed Product within one (1) year after the effective
date of termination, and (B) if MedImmune initially elects not to pursue the Development or Commercialization of a Licensed Product pursuant to clause (A), MedImmune shall promptly notify Licensee in writing of any future decision to pursue
such Development or Commercialization. 

  
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 (ii) MedImmune’s royalty payment obligations under this Section 9.4.2(d) (if any)
shall be subject to reduction in accordance with Section 4.5.3, mutatis mutandis, provided that such royalty reductions shall be subject to the limitation set forth in Section 4.5.4, mutatis mutandis. Royalties under
this Section 9.4.2(d) (if any) shall be payable with respect to each Licensed Product and each country in the Territory on Net Sales during the period beginning on the date of the First Commercial Sale of such Licensed Product in such country
by MedImmune or any of its Affiliates or licensees (other than Licensee or any of its Affiliates or Sublicensees) and ending on the later to occur of (A) the expiration of the
last-to-expire Valid Claim of the Licensed Patents and Licensee Termination Patents covering the manufacture, use or sale of such Licensed Product in such country and
(B) the expiration of the Regulatory Exclusivity Period, if any, for such Licensed Product in such country (the “Termination Royalty Period”); provided, however, that the Termination Royalty Period for a Licensed Product
in a country shall terminate if, and at such time as, the Generic Competition Threshold (mutatis mutandis, as specified below) for such Licensed Product in such country is first met or exceeded. For purposes of the foregoing, references to
AstraZeneca Product in Section 1.61 shall be deemed to refer to Licensed Product, and references to Generic Ticagrelor Products in Section 1.61 shall be deemed to refer to Biosimilar Products (mutatis mutandis, as specified below),
and references to Licensee and its Affiliates in Section 1.20 shall be deemed to refer to MedImmune and its Affiliates. 
 (iii)
notwithstanding anything to the contrary herein, MedImmune shall have the right at any time in MedImmune’s sole discretion to terminate the license granted pursuant to this Section 9.4.2(d) on written notice, in which case, in the case of
a termination of such license in its entirety, MedImmune shall be relieved of any applicable royalty or other payment obligation in connection therewith. Notwithstanding any such termination of the license granted pursuant to this
Section 9.4.2(d), in the event that subsequent to such termination MedImmune or any of its Affiliates use any Regulatory Documentation assigned to MedImmune in Section 9.4.2(b) to obtain or maintain any Regulatory Approval for a Licensed
Product, then MedImmune shall remain obligated with respect to any royalty payment owed pursuant to Section 9.4.2(d)(i) and (ii) in connection applicable Net Sales, calculated pursuant to Section 9.4.2(d)(i) and (ii) as if such
assigned Regulatory Documentation were Licensee Terminated Know-How for which MedImmune retained a license under Section 9.4.2(d). 

(e) notwithstanding any other provision of this Section 9.4.2 to the contrary, to the extent the Licensee Termination Patents include any
Patent licensed to Licensee, its Affiliate or Licensee’s or its Affiliate’s Sublicensee by a Third Party that is subject to royalty or milestone payment obligations to such Third Party with respect to Licensed Compounds or Licensed
Products, then Licensee shall so notify MedImmune within [***] after the effective date of termination, which notice shall include a true, complete and correct description of such royalty and milestone payment obligations and a correct and complete
copy of such Third Party agreement, and the continued inclusion of such Patent in the Licensee Termination Patents licensed to MedImmune under Section 9.4.2(d) shall be subject to 

  
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MedImmune’s agreeing, in writing in accordance with this Section 9.4.2(e), to pay all royalty and milestone payments that become due to such Third Party by reason of the Exploitation of
Licensed Compounds and Licensed Products by or on behalf of MedImmune or any of its Affiliates or (sub)licensees. MedImmune shall pay such amounts in accordance with the terms and conditions of the applicable Third Party agreement, unless MedImmune
declines or terminates such sublicense rights in accordance with this Section 9.4.2(e). Within [***] of MedImmune’s receipt of such notice, MedImmune shall have the right, upon written notice to Licensee, to decline any sublicense under
such Third Party agreement, in which case MedImmune will be deemed not to have received license rights under any such Third Party agreement as of the effective date of termination of this Agreement. If MedImmune does not decline any such Third Party
agreement within such ninety (90)-day period, MedImmune shall have the right in its sole discretion to terminate the sublicense under such Third Party agreement at any time following such [***] period. For
clarity, any such Third Party royalty obligations described in this Section 9.4.2(e) are in addition to the royalties payable by MedImmune to Licensee for the licenses granted by Licensee pursuant to Section 9.4.2(b), the first sentence of
Section 9.4.2(d) and Section 9.4.2(f); 
 (f) Licensee shall and hereby does, and shall cause its Affiliates and its and their
Sublicensees to, effective as of the effective date of termination, grant MedImmune an exclusive, royalty-free (except as set forth in Section 9.4.2(d)) right of reference, with the right to grant multiple tiers of further rights of reference,
in and to all Regulatory Documentation (including any Regulatory Approvals) then owned or Controlled by Licensee or any of its Affiliates or its or their Sublicensees that are not assigned to MedImmune pursuant to clause (b) above to Exploit
and Manufacture in the Territory any Licensed Compound or Licensed Product; 
 (g) Licensee shall provide to MedImmune a list of all
clinical studies ongoing with respect to any Licensed Compound or Licensed Product and, unless expressly prohibited by any Regulatory Authority, at MedImmune’s written request and election in MedImmune’s sole discretion, Licensee shall and
hereby does, and shall cause its Affiliates and its and their Sublicensees to either: (i) wind down in accordance with Applicable Law and observing applicable ethical and regulatory guidelines any or all clinical studies involving Licensed
Products being conducted by or on behalf of Licensee, an Affiliate or a Sublicensee as of the effective date of termination, at Licensee’s cost and expense; or (ii) (x) transfer control to MedImmune of any or all clinical studies
involving Licensed Products being conducted by or on behalf of Licensee, an Affiliate or a Sublicensee as of the effective date of termination and (y) continue to conduct such clinical studies involving Licensed Products being conducted by or
on behalf of Licensee, an Affiliate or a Sublicensee as of the effective date of termination for up to six (6) months to enable such transfer to be completed without interruption of any such clinical study, in each case ((x) and (y)), at
MedImmune’s cost and expense; provided that MedImmune shall not have any obligation to continue any clinical study for which it has elected to have control transferred to MedImmune unless required by Applicable Law; 

  
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CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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 (h) following good faith discussions by the Parties as to which Licensed Product Agreements
should be assigned to MedImmune, at MedImmune’s written request, Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, assign to MedImmune or its designee any and all Licensed Product Agreements, unless, with respect
to any such Licensed Product Agreement, such Licensed Product Agreement (i) expressly prohibits such assignment (in which case, Licensee, or its Affiliate or Sublicensee, as applicable, shall cooperate with MedImmune in all reasonable respects
to secure the consent of the applicable Third Party to such assignment), or (ii) relates both to Licensed Products and products other than Licensed Products (in which case, at MedImmune’s request, Licensee, or its Affiliate or Sublicensee,
as applicable, shall cooperate with MedImmune in all reasonable respects to secure the written agreement of the applicable Third Party to a partial assignment of the applicable Licensed Product Agreement relating to the Licensed Products) and, in
either case ((i) or (ii)) if any such consent or agreement, as applicable, cannot be obtained with respect to a Licensed Product Agreement, in the case of termination of this Agreement for any reason other than by Licensee pursuant to
Section 9.2.1, at MedImmune’s request in order to continue to Exploit Licensed Products following termination, Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, obtain for MedImmune substantially all of the
practical benefit and burden under such License Product Agreement to the extent applicable to the Licensed Products, including by entering into appropriate and reasonable alternative arrangements on terms agreeable to MedImmune and subject to the
consent and control of MedImmune; provided that Licensee’s obligations shall continue only for so long as is reasonably necessary for MedImmune to secure alternative arrangements directly with one or more Third Parties through the
exercise of commercially reasonable efforts; 
 (i) at MedImmune’s written request, Licensee shall supply to MedImmune the Licensed
Compounds and Licensed Products then being manufactured by or on behalf of Licensee of its Affiliates or Sublicensees, in such quantities as MedImmune indicates in written forecasts and orders therefor from time to time; provided that
Licensee shall not be required to supply quantities that exceed Licensee’s reasonable forecasts, if any, prepared prior to termination and not in anticipation of termination, with respect to necessary clinical or commercial quantities, as
applicable, for the relevant period. Licensee shall supply such Licensed Compounds and Licensed Products at a supply price equal to Licensee’s actual, fully-burdened cost (as determined in accordance with GAAP, consistently applied) to
Manufacture such Licensed Compounds and Licensed Products, as applicable; provided that, in the case of a termination by Licensee pursuant to Section 9.2.1, the supply price for Licensed Compounds and Licensed Products shall be
(A) [***] of Licensee’s actual, fully-burdened cost (as determined in accordance with GAAP, consistently applied) to Manufacture clinical supplies of such Licensed Compounds and Licensed Products, as applicable, and (B) [***] of
Licensee’s actual, fully-burdened cost (as determined in accordance with GAAP, consistently applied) to Manufacture commercial supplies of such Licensed Compounds and Licensed Products, as applicable. Unless MedImmune no longer desires to
obtain such Licensed Compounds and Licensed Products, Licensee shall supply such Licensed Compounds and Licensed Products until the earlier of (i) such time as MedImmune has established an alternate, validated source of supply for the

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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Licensed Compounds and Licensed Products and MedImmune is receiving supply from such alternative source and (ii) (x) if such termination occurs prior to the First Commercial Sale of
Licensed Product, the first (1st) anniversary of the effective date of termination of this Agreement or (y) if such termination occurs after the First Commercial Sale of Licensed Product, the second (2nd) anniversary of the effective date of
termination of this Agreement; and 
 (j) the exclusivity commitment of MedImmune under Section 2.5.1 shall immediately terminate and
the exclusivity commitment of Licensee under Section 2.5.2 shall immediately terminate except that, in the case of termination by Licensee pursuant to Section 9.2.4(d)(iv) for a Commercial Viability Issue only, such exclusivity commitment
of Licensee shall survive for a period which is the earlier of the expiration of the Exclusive Period or two (2) years following the effective date of such termination, unless MedImmune informs Licensee in writing that MedImmune elects not to
pursue further Development or Commercialization of any Licensed Compound or Licensed Product; and 
 (k) notwithstanding the foregoing
provisions of clauses (a) through (j) of this Section 9.4.2, solely in the event of termination of this Agreement by MedImmune pursuant to Section 9.2.1 or Section 9.2.2 in its entirety, as applicable, the obligations of
Sublicensees under such Sections, and the obligations of Licensee to cause Sublicensees to perform under such Sections, shall not be applicable with respect to any Sublicensee under any Surviving Sublicense as of the effective date of termination of
this Agreement, but shall be deemed applicable with respect to any such Sublicensee upon any subsequent termination of the Surviving Sublicense that may be have been granted by MedImmune to such Third Party pursuant to Section 2.3.2, and in
such event (i) obligations applicable to Sublicensees under such Sections that apply from or after the date of the termination of this Agreement shall be deemed to apply to such Sublicensees from and after the date of termination of the
Surviving Sublicense, mutatis mutandis and (ii) for purposes of such Sections and the defined terms “PhaseBio Know-How”, “PhaseBio Patents”, “Licensee Termination Know-How” and “Licensee Termination Patents”, references to “during the Term” shall mean in relation to any such Sublicensee the Term of this Agreement or the term of the applicable
Sublicense, whichever is later, and references to “prior to termination of this Agreement” shall mean in relation to any such Sublicensee prior to the termination of this Agreement or the Sublicense, whichever is later. 

9.4.3. Effect of Termination in a Terminated Territory. In the event of a termination of this Agreement with respect to a Terminated
Territory for any reason (but not in the case of any termination of this Agreement in its entirety), and subject to Section 9.4.3(k): 

(a) subject to Section 9.4.1 and Section 9.4.5, all rights and licenses granted by MedImmune hereunder, and any sublicense granted
by Licensee pursuant to Section 2.3, (i) shall automatically be deemed to be amended to exclude, if applicable, the right to (A) market, promote, detail, distribute, import, sell for commercial use, offer for commercial

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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sale or otherwise Commercialize, file any Drug Approval Application for, or seek or maintain any Regulatory Approval for Licensed Products in such Terminated Territory, (B) Develop any
Licensed Compound or Licensed Product anywhere in the world for the purposes of obtaining or maintaining Regulatory Approval in such Terminated Territory, and (C) Manufacture any Licensed Compound or Licensed Product anywhere in the world for
purposes of Developing or Commercializing any Licensed Compound or Licensed Product in such Terminated Territory and (ii) shall otherwise survive and continue in effect in such Terminated Territory solely for the purpose of furthering any
Commercialization of the Licensed Products in the Territory or any Development or Manufacturing in support thereof; 
 (b) Licensee shall
and hereby does, and shall cause its Affiliates and its and their Sublicensees to, effective as of the effective date of termination, assign to MedImmune all of its right, title and interest in and to (i) each Product Trademark in such
Terminated Territory and (ii) all Regulatory Documentation (including any Regulatory Approvals and Licensee Regulatory Documentation) applicable to any Licensed Compound or Licensed Product solely in the Terminated Territory then owned or
Controlled by Licensee or any of its Affiliates or any of its or their Sublicensees, subject, in each case, to MedImmune’s royalty payment obligations under Section 9.4.3(d); provided that if any such Regulatory Documentation is not
immediately transferable in a country, Licensee shall provide MedImmune with all benefit of such Regulatory Documentation and such assistance and cooperation as necessary or reasonably requested by MedImmune to timely transfer such Regulatory
Documentation to MedImmune or its designee or, at MedImmune’s option, to enable MedImmune to obtain a substitute for such Regulatory Documentation without disruption to MedImmune’s Exploitation or Manufacture of the applicable Licensed
Compound(s) or Licensed Product(s); 
 (c) all Confidential Information of Licensee to the extent relating specifically to any Licensed
Compound or Licensed Product or the Exploitation thereof solely with respect to the Terminated Territory shall thereafter be deemed Confidential Information of MedImmune (provided that, for clarity (i) in the case of Confidential
Information consisting of PhaseBio Know-How that has uses or application to retained products or technology of Licensee, this Section 9.4.3(c) is not intended to have such PhaseBio Know-How constitute Confidential Information of MedImmune for purposes of use or application of such Confidential Information relating to such retained products or technologies, and (ii) this
Section 9.4.3(c) is not intended to cause Confidential Information of Licensee that becomes Confidential Information of MedImmune in accordance with the foregoing to cease to constitute PhaseBio Know-How
or Licensee Termination Know-How to the extent the same constituted PhaseBio Know-How or Licensee Termination Know-How
immediately prior to termination of this Agreement with respect to the Terminated Territory); 
 (d) Licensee shall and hereby does, and
shall cause its Affiliates and its and their Sublicensees to, effective as of the effective date of termination, grant MedImmune an exclusive, royalty-free (except to the extent set forth in Section 9.4.3(d)(i))

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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license, with the right to grant multiple tiers of sublicenses, under the Licensee Termination Know-How, Licensee Termination Patents and Licensee’s
interest in Joint Inventions and Joint Patents to (x) Commercialize the Licensed Compounds or Licensed Products in the Terminated Territory, (y) Develop the Licensed Compounds or Licensed Products anywhere in the world for purposes of
obtaining or maintaining Regulatory Approval for Licensed Products in the Terminated Territory, and (z) Manufacture the Licensed Compounds or Licensed Products anywhere in the world for purposes of Developing and Commercializing the Licensed
Compounds and Licensed Products in the Terminated Territory; provided that MedImmune is not granted any license in this Section 9.4.3(d) with respect to any Other Active contained in a Combination Product for which (I) no
Phase II Clinical Trial has been Initiated for the applicable Combination Product as of the effective time of termination or (II) the Licensee Termination Know-How with respect to such Other Active
or the Licensee Termination Patents that claim such Other Active are licensed to Licensee or any of its Affiliates by a Third Party and Licensee does not have the right, consistent with the terms and conditions of the applicable Third Party
agreement as of the termination of this Agreement, to grant a sublicense to MedImmune under such Licensee Termination Know-How or Licensee Termination Patents with respect to such Other Active contained in a
Combination Product. The Parties further agree as follows: 
 (i) in the event that such termination occurs after Initiation of the first
Phase II Clinical Trial with respect to a Licensed Product in the Terminated Territory, in consideration for such license MedImmune shall pay to Licensee a royalty on Net Sales (mutatis mutandis, with references to “Licensee” in the
definition of Net Sales deemed to be references to MedImmune for purposes of this Section 9.4.3(d)) of Licensed Products by MedImmune, its Affiliates and its and their sublicensees in the Terminated Territory, at a commercially reasonable rate
that takes into account the relative contributions of the Parties (including for purposes of valuing such relative contributions any contribution of Licensee, taking into account (x) any Other Active in any Combination Product for which a
Phase II Clinical Trial has been Initiated as of the effective date of termination and for which MedImmune receives a license pursuant to Section 9.4.3(d) and (y) any Licensee Termination
Know-How that may be included in the Regulatory Documentation transferred to MedImmune pursuant to Section 9.4.3(b)), which rate (the “Terminated Territory Royalty Rate”) shall be
mutually agreed upon by the Parties in writing; provided, however, that if the Parties fail to reach mutual written agreement on the Terminated Territory Royalty Rate within the Terminated Territory Discussion Period, then either Party may
require the Terminated Territory Royalty Rate to be determined in accordance with Section 10.7. For purposes of this Agreement, the “Terminated Territory Discussion Period” shall mean the ninety
(90)-day period commencing upon Licensee’s receipt of written notice from MedImmune that MedImmune intends to pursue the Development or Commercialization of a Licensed Product in the Terminated Territory;
provided that (A) MedImmune shall notify Licensee in writing of its initial decision to pursue or not to pursue the Development or Commercialization of a Licensed Product in the Terminated Territory within one (1) year after the
effective date of termination, and (B) if MedImmune initially elects not to pursue the Development or Commercialization of a Licensed Product in the Terminated Territory pursuant to clause (A), MedImmune shall promptly notify Licensee in

  
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CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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writing of any future decision to pursue such Development or Commercialization in the Terminated Territory. 

(ii) MedImmune’s royalty payment obligations under this Section 9.4.3(d) (if any) shall be subject to reduction in accordance with
Section 4.5.3, mutatis mutandis, provided that such royalty reductions shall be subject to the limitation set forth in Section 4.5.4, mutatis mutandis. Royalties under this Section 9.4.3(d) (if any) shall be
payable with respect to each Licensed Product in the Terminated Territory on Net Sales during the period beginning on the date of the First Commercial Sale of such Licensed Product in the Terminated Territory by MedImmune or any of its Affiliates or
licensees (other than Licensee or any of its Affiliates or Sublicensees) and ending on the later to occur of (A) the expiration of the last-to-expire Valid Claim of
the Licensed Patents and Licensee Termination Patents covering the manufacture, use or sale of such Licensed Product in the Terminated Territory and (B) the expiration of the Regulatory Exclusivity Period, if any, for such Licensed Product in
the Terminated Territory (the “Terminated Territory Royalty Period”); provided, however, that the Terminated Territory Royalty Period for a Licensed Product in the Terminated Territory shall terminate if, and at such time as,
the Generic Competition Threshold (mutatis mutandis, as specified below) for such Licensed Product in the Terminated Territory is first met or exceeded. For purposes of the foregoing, references to AstraZeneca Product in Section 1.61
shall be deemed to refer to Licensed Product, and references to Generic Ticagrelor Products in Section 1.61 shall be deemed to refer to Biosimilar Products (mutatis mutandis, as specified below), and references to Licensee and its
Affiliates in Section 1.20 shall be deemed to refer to MedImmune and its Affiliates. 
 (iii) notwithstanding anything to the contrary
herein, MedImmune shall have the right at any time in MedImmune’s sole discretion to terminate the license granted pursuant to this Section 9.4.3(d) on written notice, in which case, in the case of a termination of such license in its
entirety, MedImmune shall be relieved of any applicable royalty or other payment obligation in connection therewith. Notwithstanding any such termination of the license granted pursuant to this Section 9.4.3(d), in the event that subsequent to
such termination MedImmune or any of its Affiliates use any Regulatory Documentation assigned to MedImmune in Section 9.4.3(b) to obtain or maintain any Regulatory Approval for a Licensed Product in the Terminated Territory, then MedImmune
shall remain obligated with respect to any royalty payment owed pursuant to Section 9.4.3(d)(i) and (ii) in connection applicable Net Sales in the Terminated Territory, calculated pursuant to Section 9.4.3(d)(i) and (ii) as if
such assigned Regulatory Documentation were Licensee Terminated Know-How for which MedImmune retained a license under Section 9.4.3(d). 

(e) notwithstanding any other provision of this Section 9.4.3 to the contrary, to the extent the Licensee Termination Patents in the
Terminated Territory include any Patent licensed to Licensee, its Affiliate or Licensee’s or its Affiliate’s Sublicensee by a Third Party that is subject to royalty or milestone payment obligations to such Third Party with respect to
Licensed Compounds or Licensed Products, then Licensee shall so notify 

  
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MedImmune within [***] after the effective date of termination, which notice shall include a true, complete and correct description of such royalty and milestone payment obligations and a correct
and complete copy of such Third Party agreement, and the continued inclusion of such Patent in the Licensee Termination Patents licensed to MedImmune under Section 9.4.3(d) shall be subject to MedImmune’s agreeing, in writing in accordance
with this Section 9.4.3(d), to pay all royalty and milestone payments that become due to such Third Party by reason of the Exploitation of Licensed Compounds and Licensed Products by or on behalf of MedImmune or any of its Affiliates or
(sub)licensees in the Terminated Territory. MedImmune shall pay such amounts in accordance with the terms and conditions of the applicable Third Party agreement, unless MedImmune declines or terminates such sublicense rights in accordance with this
Section 9.4.3(e). Within [***] of MedImmune’s receipt of such notice, MedImmune shall have the right, upon written notice to Licensee, to decline any sublicense under such Third Party agreement, in which case MedImmune will be deemed not
to have received license rights under any such Third Party agreement as of the effective date of termination of this Agreement with respect to the Terminated Territory. If MedImmune does not decline any such Third Party agreement within such [***]
period, MedImmune shall have the right in its sole discretion to terminate the sublicense under such Third Party agreement at any time following such [***] period. For clarity, any such Third Party royalty obligations described in this
Section 9.4.3(e) are in addition to the royalties payable by MedImmune to Licensee for the licenses granted by Licensee pursuant to Section 9.4.3(b), the first sentence of Section 9.4.3(d) and Section 9.4.3(f); 

(f) Licensee shall and hereby does, and shall cause its Affiliates and its and their Sublicensees to, effective as of the effective date of
termination, grant MedImmune (i) an exclusive, royalty-free (except to the extent set forth in Section 9.4.3(d)) right of reference, with the right to grant multiple tiers of further rights of reference, in and to all Regulatory
Documentation (including any Regulatory Approvals) in the Terminated Territory then owned or Controlled by Licensee or any of its Affiliates or its or their Sublicensees that are not assigned to MedImmune pursuant to clause (b) above to Exploit
and Manufacture in the Terminated Territory any Licensed Compound or Licensed Product and (ii) a non-exclusive, royalty-free (except as set forth in Section 9.4.3(d)) right of reference, with the
right to grant multiple tiers of further rights of reference, in and to all Regulatory Documentation (including any Regulatory Approvals) outside of the Terminated Territory then owned or Controlled by Licensee or any of its Affiliates or its or
their Sublicensees, solely as necessary to Exploit and Manufacture in the Terminated Territory any Licensed Compound or Licensed Product; 

(g) unless expressly prohibited by any Regulatory Authority, at MedImmune’s written request and election in MedImmune’s sole
discretion, Licensee shall and hereby does, and shall cause its Affiliates and its and their Sublicensees to either: (i) wind down in accordance with Applicable Law and observing applicable ethical and regulatory guidelines any or all clinical
studies involving Licensed Products being conducted by or on behalf of Licensee, an Affiliate or a Sublicensee as of the effective date of termination exclusively in and for the Terminated Territory (excluding any clinical study intended to generate
data that will be submitted to Regulatory Authorities in the Territory), at Licensee’s 

  
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cost and expense, or (ii) (x) transfer control to MedImmune of any or all clinical studies involving Licensed Products being conducted by or on behalf of Licensee, an Affiliate or a
Sublicensee as of the effective date of termination exclusively in or for the Terminated Territory (excluding any clinical study intended to generate data that will be submitted to Regulatory Authorities in the Territory) and (y) continue to
conduct such clinical studies involving Licensed Products being conducted by or on behalf of Licensee, an Affiliate or a Sublicensee as of the effective date of termination exclusively in or for the Terminated Territory for up to six
(6) months to enable such transfer to be completed without interruption of any such clinical study, in each case ((x) and (y)), at MedImmune’s cost and expense; provided that MedImmune shall not have any obligation to continue any
clinical study for which it has elected to have control transferred to MedImmune unless required by Applicable Law; and 
 (h) following
good faith discussions by the Parties as to which Licensed Product Agreements should be assigned to MedImmune, at MedImmune’s written request, Licensee shall, and shall cause its Affiliates and its and their Sublicensees to, assign to MedImmune
or its designee any and all Licensed Product Agreements relating solely to the Terminated Territory with respect to which the Parties agree should be assigned to MedImmune, unless, with respect to any such Licensed Product Agreement, such Licensed
Product Agreement (i) expressly prohibits such assignment (in which case, Licensee, or its Affiliate or Sublicensee, as applicable, shall cooperate with MedImmune in all reasonable respects to secure the consent of the applicable Third Party to
such assignment), or (ii) relates both to (A) the Terminated Territory and the Territory or (B) Licensed Products and products other than Licensed Products (which, in either case ((A) or (B)), at MedImmune’s request, Licensee, or
its Affiliate or Sublicensee, as applicable, shall cooperate with MedImmune in all reasonable respects to secure the written agreement of the applicable Third Party to a partial assignment of the applicable Licensed Product Agreement relating to the
Terminated Territory or Licensed Products, as applicable) and, in either case ((i) or (ii)) if any such consent or agreement, as applicable, cannot be obtained with respect to a Licensed Product Agreement, in the case of termination of this
Agreement for any reason other than by Licensee pursuant to Section 9.2.1, at MedImmune’s request in order to continue to Exploit Licensed Products in the Terminated Territory following termination, Licensee shall, and shall cause its
Affiliates and its and their Sublicensees to, obtain for MedImmune substantially all of the practical benefit and burden under such License Product Agreement to the extent applicable to the Licensed Products in the Terminated Territory, including by
entering into appropriate and reasonable alternative arrangements on terms agreeable to MedImmune and subject to the consent and control of MedImmune; provided that Licensee’s obligations shall continue only for so long as is reasonably
necessary for MedImmune to secure alternative arrangements directly with one or more Third Parties through the exercise of commercially reasonable efforts; 

(i) at MedImmune’s written request, Licensee shall supply to MedImmune the Licensed Compounds and Licensed Products then being
manufactured by or on behalf of Licensee of its Affiliates or Sublicensees for Development or Commercialization in or for the Terminated Territory, in such quantities as MedImmune indicates in written forecasts

  
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and orders therefor from time to time; provided that Licensee shall not be required to supply quantities that exceed Licensee’s reasonable forecasts, if any, prepared prior to
termination and not in anticipation of termination, with respect to necessary clinical or commercial quantities, as applicable, for the Terminated Territory for the relevant period. Licensee shall supply such Licensed Compounds and Licensed Products
at a supply price equal to Licensee’s actual, fully-burdened cost (as determined in accordance with GAAP, consistently applied) to Manufacture such Licensed Compounds and Licensed Products, as applicable; provided that, in the case of a
termination by Licensee pursuant to Section 9.2.1, the supply price for Licensed Compounds and Licensed Products shall be (A) [***] of Licensee’s actual, fully-burdened cost (as determined in accordance with GAAP, consistently
applied) to Manufacture clinical supplies of such Licensed Compounds and Licensed Products, as applicable, and (B) [***] of Licensee’s actual, fully-burdened cost (as determined in accordance with GAAP, consistently applied) to Manufacture
commercial supplies of such Licensed Compounds and Licensed Products, as applicable. Unless MedImmune no longer desires to obtain such Licensed Compounds and Licensed Products, Licensee shall supply such Licensed Compounds and Licensed Products for
Development or Commercialization in or for the Terminated Territory until the earlier of (i) such time as MedImmune has established an alternate, validated source of supply for such Licensed Compounds and Licensed Products and MedImmune is
receiving supply from such alternative source and (ii) (x) if such termination occurs prior to the First Commercial Sale of Licensed Product, the first (1st) anniversary of the effective date of termination of this Agreement or (y) if
such termination occurs after the First Commercial Sale of Licensed Product, the second (2nd) anniversary of the effective date of termination of this Agreement; and 

(j) the exclusivity commitment of MedImmune under Section 2.5.1 shall immediately terminate with respect to the Terminated Territory, and
the exclusivity commitment of Licensee under Section 2.5.2 shall survive with respect to the Territory and shall continue with respect to the Terminated Territory for the Exclusive Period; and 

(k) notwithstanding the foregoing provisions of clauses (a) through (j) of this Section 9.4.3, solely in the event of termination of
this Agreement by MedImmune pursuant to Section 9.2.1 with respect to any Terminated Territory, as applicable, the obligations of Sublicensees under such Sections, and the obligations of Licensee to cause Sublicensees to perform under such
Sections, shall not be applicable with respect to any Sublicensee under any Surviving Sublicense with respect to the Terminated Territory as of the effective date of termination of this Agreement, but shall be deemed applicable with respect to any
such Sublicensee upon any subsequent termination of the Surviving Sublicense that may be have been granted by MedImmune to such Third Party with respect to the Terminated Territory pursuant to Section 2.3.2, and in such event
(i) obligations applicable to Sublicensees under such Sections that apply from or after the date of the termination of this Agreement shall be deemed to apply to such Sublicensees from and after the date of termination of the Surviving
Sublicense, mutatis mutandis and (ii) for purposes of such Sections and the defined terms “PhaseBio Know-How”, “PhaseBio Patents”, “Licensee Termination Know-How” and “Licensee Termination 

  
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CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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Patents”, references to “during the Term” shall mean in relation to any such Sublicensee the Term of this Agreement or the term of the applicable Sublicense, whichever is later,
and references to “prior to termination of this Agreement” shall mean in relation to any such Sublicensee prior to the termination of this Agreement or the Sublicense, whichever is later. 

9.4.4. Intellectual Property Management. Without limitation to any other term or condition of this Agreement, and unless MedImmune
otherwise consents in writing, Licensee shall not, and shall cause each of its Affiliates and its and their Sublicensees not to, assign, sell or divest any of Licensee’s rights in or to any PhaseBio
Know-How covered by clause (b) of the definition of PhaseBio Know-How and PhaseBio Patents covered by clause (b) of the definition of PhaseBio Patents in a
manner that results in Licensee, its Affiliate or Sublicensee, as applicable, no longer Controlling such PhaseBio Know-How or PhaseBio Patents for the purposes of the licenses granted to MedImmune in
Section 9.4.2 and Section 9.4.3, other than to an Affiliate that is controlled by Licensee or in connection with a permitted assignment of this Agreement under Section 10.3. 

9.4.5. Effect of Termination on Sublicensees. In the event of (a) termination of this Agreement in its entirety, any and all
sublicenses granted by Licensee pursuant to Section 2.3, and (b) termination of this Agreement with respect to any Terminated Territory (but not in its entirety), any and all sublicenses granted by Licensee with respect to the applicable
Terminated Territory, in each case ((a) and (b)) shall terminate, except that solely in the event of termination of this Agreement by MedImmune pursuant to Section 9.2.1 or Section 9.2.2 in its entirety, or by MedImmune pursuant to
Section 9.2.1 with respect to any Terminated Territory, as applicable, any Surviving Sublicense granted to any Sublicensee pursuant to Section 2.3.2 shall survive termination of this Agreement in its entirety or with respect to the
applicable Terminated Territory, as applicable, on the terms and conditions set forth in Section 2.3.2 and such Surviving Sublicense. 

9.5. Remedies. Except as otherwise expressly provided herein, termination of this Agreement (either in its entirety or with respect to
one (1) or more country(ies)) in accordance with the provisions hereof shall not limit remedies that may otherwise be available in law or equity. 

9.6. Accrued Rights; Surviving Obligations. Termination or expiration of this Agreement (either in its entirety or with respect
to one (1) or more country(ies)) for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration shall not relieve a Party from
obligations that are expressly indicated to survive the termination or expiration of this Agreement. Without limiting the foregoing, Sections 2.1 (to the extent provided in Section 9.4.1); 2.2; 2.3.1 (second and third sentences, except in
relation to any Surviving Sublicense with respect to obligations arising after the effective date of termination of this Agreement that become direct obligations of the applicable Sublicensee to MedImmune under any Surviving Sublicense, enforceable
directly by MedImmune against such Sublicensee, as 

  
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provided in Section 2.3.2); 2.4.1; 2.4.4(d); 2.5.2 (to the extent provided in Section 9.4.2(j) or Section 9.4.3(j), as applicable); 3.3.2 (for the period specified therein); 3.5.3;
3.6 (second sentence); 3.8 (with respect to subcontracts entered into prior to termination, but limited in the case of Licensed Product Agreements assigned to MedImmune to obligations and liabilities in relation to such assigned Licensed Product
Agreements arising prior to assignment to MedImmune or out of circumstances or events occurring prior such assignment); 4.5.3-4.5.4 (to the extent provided in Section 9.4.2 or Section 9.4.3, as
applicable); 4.6 (for final accounting but excluding the last sentence); 4.7 (for final accounting); 4.8-4.9; 4.10-4.12 (for the period specified in Section 4.10);
5.1; 5.2.1-5.2.2 (solely with respect to PhaseBio Selected Patents and provided that, for any PhaseBio Selected Patent that solely claims a Licensed Compound or Licensed Product or the Exploitation thereof,
the role of the Parties shall be reversed for purposes of Section 5.2.2); 5.2.5; 5.2.6 (solely in relation to PhaseBio Selected Patents and Joint Patents); 5.2.8; 5.3.1; 5.3.2 (solely with respect to PhaseBio Selected Patents and provided that,
for any PhaseBio Selected Patent that solely claims a Licensed Compound or Licensed Product or the Exploitation thereof, the role of the Parties shall be reversed for purposes of Section 5.3.2); 5.3.4; 5.3.5; 5.3.6 (with respect to PhaseBio
Selected Patents and Joint Patents and with respect to MedImmune’s rights to settle in relation to any AstraZeneca Product Patents); 5.4 (with respect to claims arising from Exploitation prior to termination); 5.5.2 (solely with respect to
PhaseBio Selected Patents); 5.5.3; 5.5.4; 5.5.5 (solely with respect to PhaseBio Selected Patents and Joint Patents); 5.7.1 (first sentence); 6.1-6.2 (for the period specified therein); 6.3-6.7; 9.3; 9.4.1; 9.4.2 or 9.4.3 (as applicable); 9.4.4; 9.4.5; 9.5 and this Section 9.6 and Articles 1 (to the extent necessary to give effect to the other articles and sections set forth in this
Section 9.6), 8 and 10 (other than Section 10.3.1(b) and Section 10.4) of this Agreement shall survive the termination or expiration of this Agreement for any reason. If this Agreement is terminated with respect to the
Terminated Territory but not in its entirety, then following such termination (i) the foregoing provisions of this Agreement shall remain in effect with respect to the Terminated Territory (to the extent they would survive and apply in the
event the Agreement expires or is terminated in its entirety or as otherwise necessary for any of MedImmune and its Affiliates and its and their (sub)licensees to exercise their rights in the Terminated Territory); provided, however,
that in the case of Section 5.2.2 and 5.3.2, notwithstanding the parentheticals above that correspond to each such Section reference and provide for a reversal of the role of the Parties under such provisions, no such reversal of the role of
the Parties shall be applicable if this Agreement is terminated with respect to the Terminated Territory but not in its entirety; and (ii) all provisions not surviving in accordance with the foregoing shall terminate upon termination of this
Agreement with respect to the Terminated Territory and be of no further force and effect (but, for the avoidance of doubt, all provisions of this Agreement shall remain in effect with respect to all countries in the Territory other than the
Terminated Territory). For purposes of this Section 9.6, “Surviving Sublicense” shall mean only any Surviving Sublicense that pursuant to Section 9.4.5 has survived a termination of this Agreement by MedImmune pursuant to
Section 9.2.1 or Section 9.2.2 in its entirety, or by MedImmune pursuant to Section 9.2.1 with respect to any Terminated Territory, as applicable. 

  
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 ARTICLE 10 

MISCELLANEOUS 
 10.1.
Force Majeure. Neither Party shall be held liable or responsible to the other Party or be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement (other than an
obligation to make payments) when such failure or delay is caused by or results from events beyond the reasonable control of the non-performing Party, including fires, floods, earthquakes, hurricanes,
embargoes, shortages, epidemics, quarantines, war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts or other labor disturbances (whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts, omissions or delays in acting by any governmental authority (except to the extent such delay results from the breach by the non-performing Party or any of its Affiliates of any term or condition of this Agreement). The non-performing Party shall notify the other Party of such force majeure within
[***] after such occurrence by giving written notice to the other Party stating the nature of the event, its anticipated duration and any action being taken to avoid or minimize its effect. The suspension of performance shall be of no greater scope
and no longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts to remedy its inability to perform. Without limitation to the foregoing, in the event that the
suspension of performance continues for [***] after the date of the occurrence and such suspension of performance would constitute a material breach of this Agreement in the absence of this Section 10.1, MedImmune shall have the right to
terminate this Agreement pursuant to Section 9.2.1 without regard to this Section 10.1, except that in such event no cure period shall apply and MedImmune shall have the right in its sole discretion to effect such termination upon written
notice to Licensee, either solely with respect to the country affected by such non-performance or in its entirety. 

10.2. Export Control. This Agreement is made subject to any restrictions concerning the export of products or technical information from
the United States or other countries that may be imposed on the Parties from time to time. Each Party agrees that it will not export, directly or indirectly, any technical information acquired from the other Party under this Agreement or any
products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first obtaining the written consent to do so from the appropriate agency or other
governmental entity in accordance with Applicable Law. 
 10.3. Assignment. Neither Party may assign its rights or, except as
permitted in Section 3.8, delegate its obligations under this Agreement, whether by operation of law or otherwise, in whole or in part without the prior written consent of the other Party, which consent shall not be unreasonably withheld,
conditioned or delayed; provided, however, that either Party may assign this Agreement and its rights and obligations hereunder without the other Party’s consent: 

  
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 10.3.1. in connection with the transfer or sale of all or substantially all of the
business of such Party to which this Agreement relates to a Third Party (“Third Party Acquirer”), whether by merger, sale of stock, sale of assets or otherwise, and whether or not such Party is the surviving entity (each, a
“Sale Transaction”); provided that in the event of a Sale Transaction (whether this Agreement is actually assigned or is assumed by the Third Party Acquirer or the surviving corporation resulting from such Sale Transaction by
operation of law (e.g., in the context of a reverse triangular merger)): 
 (a) Information, materials and intellectual property
rights controlled by the Third Party Acquirer (other than as a result of a license or other grant of rights, covenant or assignment by the assigning Party or its Affiliates to, or for the benefit of, such Third Party Acquirer) that existed prior to
the Sale Transaction shall not be included in the technology licensed hereunder or otherwise subject to this Agreement; and 
 (b) in the
case of a Sale Transaction involving MedImmune, the provisions of Section 2.5.1 shall not apply to any Competing Product being developed or commercialized by the Third Party Acquirer or any of its Affiliates (other than MedImmune or any Person
that was an Affiliate of MedImmune prior to the consummation of the Sale Transaction) prior to such Sale Transaction; provided that MedImmune or the surviving corporation, as the case may be, shall establish reasonable internal safeguards
designed to prevent any Licensed Know-How or PhaseBio Know-How from being utilized in furtherance of the development or commercialization of, or otherwise for the
benefit of, such Competing Product; 
 10.3.2. to an Affiliate, provided that the assigning Party shall remain liable and responsible
to the non-assigning Party hereto for the performance and observance of all such duties and obligations by such Affiliate; 

provided that, in each case (Section 10.3.1 and Section 10.3.2), the assigning Party shall provide written notice to the other Party within
[***] after such assignment. The rights and obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties, and the name of a Party appearing herein will be
deemed to include the name of such Party’s successors and permitted assigns to the extent necessary to carry out the intent of this section. Any attempted assignment in violation of this Section 10.3 shall be void and of no effect. 

10.4. Other Strategic Transactions Involving MedImmune and its Affiliates. 

10.4.1. In the event that MedImmune or its Affiliate acquires, whether by merger, purchase of stock or purchase of assets, a Third
Party in a transaction that is not a Sale Transaction, or a business unit or a portfolio of products of a Third Party (which portfolio includes one (1) or more Competing Products and one (1) or more other products that are not Competing
Products) (each a “Strategic Transaction”), and the Third Party with which such 

  
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MedImmune Strategic Transaction is consummated or any of its Affiliates (other than MedImmune or any Person which was an Affiliate of MedImmune prior to consummation of the Strategic Transaction)
was engaged in development or commercialization of a Competing Product prior to such consummation (each a “Permitted Competing Product”), then following consummation of such Strategic Transaction the provisions of Section 2.5.1
shall not apply to such Permitted Competing Product, provided that MedImmune shall establish reasonable internal safeguards designed to prevent any Licensed Know-How or PhaseBio Know-How from being utilized in furtherance of the development or commercialization of, or otherwise for the benefit of, the applicable Permitted Competing Product. 

10.4.2. Except in circumstances in which Section 10.3.1(b) applies (in which case Section 10.3.1(b) shall control), in the
event that MedImmune or its Affiliate sells or transfers to any Third Party, in one or more related transactions, properties or assets representing all or substantially all of MedImmune’s or such Affiliate’s consolidated total assets with
respect to the Licensed Compound and Licensed Products, and the Third Party with which such transaction is consummated or any of its Affiliates (other than MedImmune or any Person which was an Affiliate of MedImmune prior to consummation of such
transaction) owns or controls, or is engaged in development or commercialization of, a Competing Product prior to such consummation, then following such consummation of such transaction the Exclusive Period during which the provisions of
Section 2.5.1 apply shall automatically be deemed to be limited to (a) with respect to the conduct of human clinical trials of such Competing Product, the shorter of (i) the period of three (3) years beginning on the effective
date of such transaction or (ii) the period of five (5) years beginning on the Effective Date, and (b) with respect to the sale or offer for sale of such Competing Product, the shorter of (i) the period of five (5) years
beginning on the effective date of such transaction and (ii) the period of seven (7) years beginning on the Effective Date. 

10.5. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law
and if the rights or obligations of either Party under this Agreement will not be materially and adversely affected thereby, (a) such provision shall be fully severable, (b) this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance herefrom, and (d) in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid
or unenforceable provision as may be possible and reasonably acceptable to the Parties. To the fullest extent permitted by Applicable Law, each Party hereby waives any provision of law that would render any provision hereof illegal, invalid or
unenforceable in any respect. 

  
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 10.6. Dispute Resolution. 

10.6.1. Except as provided in Section 3.5.7, Section 4.12, Section 5.2.7, Section 9.2.4 or Section 10.12, if a
dispute arises between the Parties in connection with or relating to this Agreement or any document or instrument delivered in connection herewith (a “Dispute”), then either Party shall have the right to refer such Dispute to the
Senior Officers for attempted resolution by good faith negotiations during a period of [***]. Any final decision mutually agreed to by the Senior Officers shall be set forth in writing and signed by both Parties, whereupon it will be conclusive and
binding on the Parties. 
 10.6.2. If such Senior Officers are unable to resolve any such Dispute within such [***] period, except as
otherwise set forth in Section 3.5.7, Section 4.12, Section 5.2.7, Section 9.2.4, Section 10.6.5, Section 10.7 or Section 10.12, either Party shall be free to institute binding arbitration in accordance with
Section 10.6.3 upon written notice to the other Party (an “Arbitration Notice”) and seek such remedies as may be available. 

10.6.3. Upon receipt of an Arbitration Notice by a Party, the applicable Dispute shall be resolved by final and binding arbitration
before a panel of three (3) experts with relevant industry experience (the “Arbitrators”). Each of Licensee and MedImmune shall promptly select one (1) Arbitrator, which selections shall in no event be made later than
[***] after the notice of initiation of arbitration. The third Arbitrator shall be chosen promptly by mutual agreement of the Arbitrator chosen by Licensee and the Arbitrator chosen by MedImmune, but in no event later than [***] after the date that
the last of such Arbitrators was appointed. The Arbitrators shall determine what discovery will be permitted, consistent with the goal of reasonably controlling the cost and time that the Parties must expend for discovery; provided that the
Arbitrators shall permit such discovery as they deem necessary to permit an equitable resolution of the dispute. The arbitration shall be administered by the American Arbitration Association (or its successor entity) (“AAA”) in
accordance with the then current Commercial Rules of the American Arbitration Association including the Procedures for Large, Complex Commercial Disputes (including the Optional Rules for Emergency Measures of Protection), except as modified in this
Agreement. The arbitration shall be held in the State of New York. The Arbitrators shall, within [***] after the conclusion of the arbitration hearing, issue a written award and statement of decision describing the essential findings and conclusions
on which the award is based, including the calculation of any damages awarded. The decision or award rendered by the Arbitrators shall be final and non-appealable, and judgment may be entered upon it in
accordance with Applicable Law in any court of competent jurisdiction. The Arbitrators’ authority to award special, incidental, consequential or punitive damages shall be subject to the limitation set forth in Section 8.4. The Arbitrators
shall not be authorized to reform, modify or materially change this Agreement or any other agreements contemplated hereunder. 
 10.6.4.
Each Party shall bear its own counsel fees, costs, and disbursements arising out of the dispute resolution procedures described in this Section 10.6, and 

  
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CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
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shall pay an equal share of the fees and costs of the Arbitrators and all other general fees related to any arbitration described in Section 10.6.3; provided, however, the Arbitrators
shall be authorized to determine whether a Party is the prevailing Party, and if so, to award to that prevailing Party reimbursement for any or all of its reasonable counsel fees, costs and disbursements (including expert witness fees and expenses,
photocopy charges, or travel expenses), or the fees and costs of the Arbitrators. Unless the Parties otherwise agree in writing, during the period of time that any arbitration proceeding described in Section 10.6.3 is pending under this
Agreement, the Parties shall continue to comply with all those terms and provisions of this Agreement that are not the subject of such pending arbitration proceeding. Nothing contained in this Agreement shall deny any Party the right to seek
injunctive or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action may be filed and maintained notwithstanding any ongoing discussions between the
Senior Officers or any ongoing arbitration proceeding. All arbitration proceedings and decisions of the Arbitrator under this Section 10.6 shall be deemed Confidential Information of both Parties under Article 6. 

10.6.5. Notwithstanding the foregoing, in the event that a Dispute arises with respect to the validity, scope, enforceability,
inventorship or ownership of any Patent, Trademark or other intellectual property rights, either Party may bring an action in a court of competent jurisdiction in accordance with Sections 10.8.2 and 10.8.3 (or, as applicable, with any patent or
trademark authority of competent jurisdiction) to resolve such Dispute, and no such Dispute shall be subject to arbitration pursuant to Section 10.6.2 or Section 10.6.3. 

10.7. Expedited Determination of Royalty Rate. If the Parties are unable to reach mutual agreement as to the Termination Royalty Rate
under Section 9.4.2(d) or the Terminated Territory Royalty Rate under Section 9.4.3(d) within the period specified such Section, then either Party shall have the right to refer such disagreement to MedImmune’s senior representative
for the AstraZeneca Product and Licensee’s Chief Financial Officer or VP of Marketing/Chief Commercial Officer (or their respective designees) for attempted resolution by good faith negotiations during a period of [***]. Any final decision
mutually agreed to by such senior representatives (or such designees) shall be conclusive and binding on the Parties. If such senior representatives (or such designees) are unable to resolve any such disagreement within such ten (10)-Business Day
period, then, upon the written request of either Party, the determination of the Termination Royalty Rate, the Terminated Territory Royalty Rate or the reasonably allocable amount (as applicable) shall be referred to an Independent Financial Expert.
“Independent Financial Expert” means (a) an independent, appropriately qualified Third Party expert at KPMG, Ernst & Young, Deloitte or PwC who is acceptable to both Parties or other Third Party expert mutually agreed
by the Parties or (b) if the Parties fail to agree on an independent Third Party expert in accordance with the preceding clause (a) within [***] after such request for referral, an independent, appropriately qualified Third Party expert at
KPMG, Ernst & Young, Deloitte or PwC who is selected by mutual agreement of (i) an independent, appropriately qualified Third Party expert at KPMG, Ernst & Young, Deloitte or PwC selected by MedImmune within [***] after such
request for referral and (ii) an independent, appropriately 

  
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qualified Third Party expert at KPMG, Ernst & Young, Deloitte or PwC selected by Licensee within [***] after such request for referral (such selection to be made within [***] after the
Parties have selected their respective independent Third Party experts); provided that, in each case ((a) and (b)), if at the time of the disagreement either Party is currently utilizing the services of KPMG, Ernst & Young, Deloitte
or PwC in any significant respect, the Parties will not select an expert from such firm, unless the Parties otherwise agree; provided, further, that, in each case ((a) and (b)), if at the time of the disagreement one or both Parties is
currently utilizing the services of each of KPMG, Ernst & Young, Deloitte or PwC in any significant respect, the Parties shall cooperate in good faith to select an independent, appropriately qualified Third Party not employed by or a
principal in any such firm. The sole authority of the Independent Financial Expert will be to determine Termination Royalty Rate, the Terminated Territory Royalty Rate or the reasonably allocable amount (as applicable). The Independent Financial
Expert’s determination shall be final and binding upon the Parties. The Independent Financial Expert shall be required to make his or her determination within [***] after his or her selection as the Independent Financial Expert. The costs of
such Independent Financial Expert shall be (x) in the event of a termination pursuant to Section 9.2.1, paid by the Breaching Party, and (y) in the event of any other termination, shared equally by the Parties. 

10.8. Governing Law, Jurisdiction and Service. 

10.8.1. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. The Parties agree to exclude the application to this Agreement of
the United Nations Convention on Contracts for the International Sale of Goods. 
 10.8.2. Jurisdiction. Subject to Section 10.6
and Section 10.12, the Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of federal and state courts sitting in the State of New York for any action, suit or proceeding (other than appeals therefrom) arising
out of or relating to this Agreement and agree not to commence any action, suit or proceeding (other than appeals therefrom) related thereto except in such courts; provided, however, that in the case of (a) any action, suit or proceeding
with respect to the validity, scope, enforceability, inventorship or ownership of any Patent, Trademark or other intellectual property rights, or (b) any action seeking only injunctive or other equitable relief, including specific performance,
in each case ((a) and (b)) for which (and to the extent) federal and state courts sitting in the State of New York lack authority to issue the relief sought, each Party shall have a right to pursue such action, suit or proceeding in any court of
competent jurisdiction (or, as applicable, with any patent or trademark authority of competent jurisdiction). The Parties irrevocably and unconditionally waive their right to a jury trial. 

10.8.3. Venue. The Parties further hereby irrevocably and unconditionally waive any objection to the laying of venue of any action,
suit or proceeding 

  
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(other than appeals therefrom) arising out of or relating to this Agreement in federal and state courts sitting in the State of New York and hereby further irrevocably and unconditionally waive
and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum; provided, however, that in the case of (a) any action, suit or proceeding
with respect to the validity, scope, enforceability, inventorship or ownership of any Patent, Trademark or other intellectual property rights, or (b) any action seeking only injunctive or other equitable relief, including specific performance,
in each case ((a) and (b)) for which venue cannot be established in federal and state courts sitting in the State of New York, each Party shall have a right to pursue such action, suit or proceeding in any court of competent jurisdiction (or, as
applicable, with any patent or trademark authority of competent jurisdiction). 
 10.8.4. Service. Each Party further agrees that
service of any process, summons, notice or document by registered mail to its address set forth in Section 10.9.2 shall be effective service of process for any action, suit or proceeding brought against it under this Agreement in any such
court. 
 10.9. Notices. 

10.9.1. Notice Requirements. Any notice, request, demand, waiver, consent, approval or other communication permitted or required under
this Agreement shall be in writing, shall refer specifically to this Agreement and shall be deemed given only if delivered by hand or sent by facsimile transmission (with transmission confirmed) or by internationally recognized overnight delivery
service that maintains records of delivery, addressed to the Parties at their respective addresses specified in Section 10.9.2 or to such other address as the Party to whom notice is to be given may have provided to the other Party in
accordance with this Section 10.9.1. Such notice shall be deemed to have been given as of the date delivered by hand or transmitted by facsimile (with transmission confirmed) or on the second Business Day (at the place of delivery) after
deposit with an internationally recognized overnight delivery service. Any notice delivered by facsimile shall be confirmed by a hard copy delivered as soon as practicable thereafter. This Section 10.9.1 is not intended to govern the day-to-day business communications necessary between the Parties in performing their obligations under the terms of this Agreement. 

10.9.2. Address for Notice. 

If to Licensee, to: 
 PhaseBio
Pharmaceuticals, Inc. 
 1 Great Valley Parkway, Suite 30 

Malvern, PA 19355 
 United
States 
 Attention: Chief Executive Officer 

Facsimile: +1 610-981-6520 

  
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 with a copy (which shall not constitute notice) to: 

Cooley LLP 
 Reston Town Center

 11951 Freedom Drive 
 14th
Floor 
 Reston, VA 20190-5640 

United States 
 Attention:
Christian Plaza 
 Facsimile: +1 703-456-8100 

If to MedImmune, to: 
 Milstein
Building, Granta Park 
 Cambridge CB21 6GH 

United Kingdom 
 Attention: Head
of Business Operations, 
 with a copy (which shall not constitute notice) to: 

Corporate Legal 
 Middlewood
Court, Silk Road 
 Macclesfield, Cheshire SK10 2NA 

England 
 United Kingdom 

Attention: Assistant General Counsel 

10.10. Entire Agreement; Amendments. This Agreement, together with the Schedules attached hereto, sets forth and constitutes the entire
agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understandings, promises and representations, whether written or oral, with respect thereto. Each Party confirms that it is not
relying on any representations or warranties of the other Party except as specifically set forth in this Agreement. No amendment, modification, release or discharge shall be binding on the Parties unless in writing and duly executed by authorized
representatives of both Parties. In the event of any inconsistencies between this Agreement and any schedules or other attachments hereto, the terms of this Agreement shall control. Specifically and without limiting the foregoing, this Agreement
shall supersede (a) that certain Confidentiality Agreement entered into by and between the Parties as of June 2, 2016, and all confidential information exchanged under such Confidentiality Agreement shall be deemed Confidential Information
of the applicable Party under this Agreement and (b) that certain Material Transfer Agreement by and between MedImmune, LLC and Licensee, effective as of August 14, 2017, and any Material (as defined in such Material Transfer Agreement)
provided to Licensee pursuant to such Material Transfer Agreement shall be deemed to be Transferred Inventory under this Agreement. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 106 

 10.11. English Language. This Agreement has been prepared in the English language,
and the English language shall control its interpretation. All notices and other communications under or in connection with this Agreement shall be in the English language. Any translation into any other language shall not be an official version
thereof and in the event of any conflict in interpretation between the English version and such translation, the English version shall control. 

10.12. Equitable Relief. Each Party acknowledges and agrees that the restrictions set forth in Section 2.5, Article 5 and
Article 6 are reasonable and necessary to protect the legitimate interests of the other Party and that such other Party would not have entered into this Agreement in the absence of such restrictions and that any breach or threatened breach of
any provision of such Section or Articles may result in irreparable injury to such other Party for which there may be no adequate remedy at law. In the event of a breach or threatened breach of any provision of such Section or Articles, the non-breaching Party shall have the right to seek from any court of competent jurisdiction injunctive or other equitable relief, including specific performance, in addition to any other rights or remedies to which
such non-breaching Party may be entitled in law or equity. Nothing in this Section 10.12 is intended or should be construed, to limit either Party’s right to equitable relief or any other remedy for
a breach of any other provision of this Agreement. 
 10.13. Waiver and Non-Exclusion of
Remedies. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the
Party waiving such term or condition. The waiver by either Party of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by
such other Party whether of a similar nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by Applicable Law or otherwise available except as expressly set forth herein.

 10.14. No Benefit to Third Parties. Except as provided in Article 8, the covenants and agreements set forth in this Agreement
are for the sole benefit of the Parties and their successors and permitted assigns and they shall not be construed as conferring any rights on any other Persons. 

10.15. Further Assurance. Each Party shall duly execute and deliver or cause to be duly executed and delivered, such further instruments
and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents and instruments, as may be necessary or as the other Party may reasonably request in connection with this Agreement or to carry
out more effectively the provisions and purposes hereof or to better assure and confirm unto such other Party its rights and remedies under this Agreement. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 107 

 10.16. Relationship of the Parties. It is expressly agreed that MedImmune, on the one
hand, and Licensee, on the other hand, shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency. Neither MedImmune, on the one hand, nor Licensee, on the other
hand, shall have the authority to make any statements, representations or commitments of any kind or to take any action that will be binding on the other Party without the prior written consent of the other Party to do so. All persons employed by a
Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of such first Party. 

10.17. References. Unless otherwise specified, (a) references in this Agreement to any Article, Section or Schedule shall mean
references to such Article, Section or Schedule of this Agreement, (b) references in any Section to any clause are references to such clause of such Section, and (c) references to any agreement, instrument or other document in this
Agreement refer to such agreement, instrument or other document as originally executed or, if subsequently amended, replaced or supplemented from time to time, as so amended, replaced or supplemented and in effect at the relevant time of reference
thereto. 
 10.18. Construction. Except where the context otherwise requires, wherever used, the singular shall include the plural,
the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is used in the inclusive sense (and/or). Whenever this Agreement refers to a number of days, unless otherwise specified, such number refers
to calendar days. The captions of this Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The term
“including,” “include,” or “includes” as used herein shall mean including, without limiting the generality of any description preceding such term. The language of this Agreement shall be deemed to be the language
mutually chosen by the Parties and no rule of strict construction shall be applied against either Party. 
 10.19. Counterparts. This
Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile, PDF format via email, or
other electronically transmitted signatures and such signatures shall be deemed to bind each Party as if they were original signatures. 

[SIGNATURE PAGE FOLLOWS.] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 
 108 

 THIS AGREEMENT IS EXECUTED by the authorized representatives of the Parties as of the date first written
above. 
  

									
	MEDIMMUNE LIMITED	 		  	PHASEBIO PHARMACEUTICALS, INC.
					
	By:	 	 /s/ A.C.N. Kemp
	 		  	By:	 	 /s/ Jonathan Mow

	Name: A.C.N. Kemp	 		  	Name: Jonathan Mow
	Title: Director	 		  	Title: CEO

 [SIGNATURE PAGE TO LICENSE AGREEMENT] 

 Schedule 1.46 

Emerging Market Countries 

[***] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 1.79 

Licensed Know-How 

Know-How & Methods: 

[***] 
 *UNLESS OTHERWISE PROVIDED, ALL KNOW-HOW AND METHODS DO NOT INCLUDE ANY [***]. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 1.80 

Licensed Patents 
  

																					
	 Family Number
	  	Ctry	 	  	Type	 	  	Filing Date	 	  	Filing Number	 	  	Live/Closed	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 1.85 

Licensee Corporate Names 

PhaseBio 
 PhaseBio
Pharmaceuticals 
 PhaseBio Pharmaceuticals, Inc. 
  

 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 1.96 

[***] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 1.98 

MedImmune Corporate Names 

ASTRAZENECA 
  

 
 MEDIMMUNE 
  

 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.1.1 

Technical Transfer Documents 
  

									
	 INDEX
	  	TITLE	 	  	FILE EXT	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.1.2(a) 

Transferred Inventory 

[***] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.1.2(b) GLP Samples 

See attached. 
 [***] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.1.4 

IND Deliverables 
  

									
	 MODULE 1: ADMINISTRATIVE INFO & PRESCRIBING
INFO
	  	DMS Document Name/eCTD File Name	 	  	Comments*	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

 In addition, [***] for completion by Licensee 
  

									
	 Module 2: Summaries CTD Section
	  	CTD Section Title	 	  	Comments*	 
	 [***]
	  	 	[***]	 	  	 	[***]	 

  

			
	 Module 3: Quality
	  	Comments*
	 [***]
	  	[***]
		
	 Module 4: Nonclinical Study Reports
	  	Comments*
	 [***]
	  	[***]

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.3.1(d) 

Supply of Ticagrelor Active Metabolite (AR-C124910XX) 

Licensee shall have the right to request Ticagrelor Active Metabolite [***]. 

Shipping to Licensee [***]. 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.4.1 (b) 

Existing Regulatory Documentation 

[***] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. 

 Schedule 3.4.4(e) 

Serious Adverse Event Reporting Timelines 

[***] 

  
 *** CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.EX-10.12

 Exhibit 10.12 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of October 18, 2017 (the
“Effective Date”), between SILICON VALLEY BANK, a California corporation (“Bank”), and PHASEBIO PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), provides the terms on which
Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 

1        ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made
following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to
the extent such terms are defined therein. 
 2        LOAN AND TERMS OF
PAYMENT 
 2.1    Promise to Pay. Borrower hereby unconditionally promises to pay
Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 

2.1.1 Growth Capital Advances. 

(a)    Availability. Subject to the terms and conditions of this Agreement, Bank agrees to make
Growth Capital Advances to Borrower from time to time in three (3) tranches: “Tranche A”, “Tranche B” and “Tranche C”. On the Effective Date, or as soon thereafter as all conditions precedent
to the making thereof have been met, Bank shall make one (1) Growth Capital Advance under Tranche A, in an amount equal to Three Million Five Hundred Thousand Dollars ($3,500,000) (the “Tranche A Growth Capital Advance”).
During the Tranche B Draw Period, Borrower may request and Bank shall make one (1) Growth Capital Advance under Tranche B, in an amount equal to Two Million Dollars ($2,000,000) (the “Tranche B Growth Capital Advance”). During
the Tranche C Draw Period, Borrower may request and Bank shall make one (1) Growth Capital Advance under Tranche C, in an amount equal to Two Million Dollars ($2,000,000) (the “Tranche C Growth Capital Advance”, and together
with the Tranche A Growth Capital Advance and the Tranche B Growth Capital Advance, each a “Growth Capital Advance” and collectively, the “Growth Capital Advances”). The aggregate outstanding amount of the Growth
Capital Advances shall not, at any time, exceed the Growth Capital Line. 
 (b)    Repayment.
The Growth Capital Advances shall be “interest-only” during the Interest-Only Period, with interest due and payable in accordance with Section 2.3(d) hereof. Thereafter, the Growth Capital Advances shall be payable in twenty-four
(24) equal monthly installments of principal plus accrued and unpaid interest (each a “Growth Capital Advance Payment”), beginning on the Amortization Start Date and continuing on the first (1st) day of each month thereafter. Borrower’s final Growth Capital Advance Payment, due on the Growth Capital Maturity Date, shall include all outstanding principal and accrued and unpaid interest
on the Growth Capital Advances. After repayment, no Growth Capital Advance may be reborrowed. 

(c)    Prepayment.  

(i)        Voluntary Prepayment. Borrower shall have the option to prepay all,
but not less than all, of the Growth Capital Advances advanced by Bank under this Agreement, provided Borrower (A) delivers written notice to Bank of its election to prepay such Growth Capital Advances at least ten (10) Business Days prior
to such prepayment, and (B) pays, on the date of such prepayment (w) all outstanding principal due in connection with the Growth Capital Advances, plus accrued and unpaid interest thereon, (x) the Prepayment Fee (if applicable), (y)
the Final Payment and (z) all other sums, if any, that shall have become due and payable hereunder in connection with the Growth Capital Advances. 

 (ii)        Mandatory Prepayment
Upon an Acceleration. If the Growth Capital Advances are accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all outstanding principal, due in connection with
the Growth Capital Advances, plus accrued and unpaid interest thereon, (B) the Prepayment Fee (if applicable), (C) the Final Payment, and (D) all other sums, if any, that shall have become due and payable hereunder in connection with the
Growth Capital Advances. 
 2.2        Intentionally Omitted. 

2.3        Payment of Interest on the Credit Extensions. 

(a)    Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the
Growth Capital Line shall accrue interest at a floating per annum rate equal to (a) the Prime Rate at all times prior to the date that Borrower achieves the Grant Proceeds Milestone and (b) one half of one percentage point (0.50%) below
the Prime Rate at all times on and after the date that Borrower achieves the Grant Proceeds Milestone, which interest shall, in either case, be payable monthly in accordance with Section 2.3(d) below. 

(b)    Default Rate. Immediately upon the occurrence and during the continuance of an Event of
Default, Obligations shall bear interest at a rate per annum which is five percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by
Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased
interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c)    Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on
changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

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

2.4        Fees and Expenses. Borrower shall pay to Bank: 

(a)    Prepayment Fee. The Prepayment Fee, when due pursuant to the terms of
Section 2.1.1(c); provided, however, that that Bank shall waive the Prepayment Fee if Borrower refinances the Growth Capital Advances with Bank; 

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

(c)    Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses
for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank); and 

(d)    Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by
Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans
and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit
Account pursuant to the terms of the clauses of this Section 2.4. 

 2.5        Payments;
Application of Payments; Debit of Accounts. 
 (a)    All payments to be made by Borrower under any
Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Eastern time are considered
received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until
paid. 
 (b)    Bank has the exclusive right to determine the order and manner in which all payments
with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this
Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

(c)    Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account,
for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.6        Withholding. Payments received by Bank from Borrower under
this Agreement will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any
interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such
payment or other sum payable hereunder to Bank, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the
making of such required withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant
Governmental Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the
amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this
Section 2.6 shall survive the termination of this Agreement. 

3           CONDITIONS OF LOANS 

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

 (b)    duly executed original signatures to the Warrant; 

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

 (f)    a landlord’s consent in favor of Bank for 1
Great Valley Parkway, Suite 30, Malvern PA 19355, by the respective landlord thereof, together with the duly executed original signatures thereto; 

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

(h)    evidence that the convertible note agreement by and between Borrower and Zeneca Inc., together
with all documents and agreements executed in connection therewith (including filing of a UCC-3 amendment), has been amended to remove intellectual property as secured collateral; 

(i)    evidence that Borrower has received net new cash proceeds (on or about the Effective Date) in an
aggregate amount not less than Eight Million Eighty-Five Thousand Dollars ($8,085,000) from the incurrence of Subordinated Debt with investors and on terms and conditions acceptable to Bank in its sole discretion; 

(j)    a Subordination Agreement, duly executed by New Enterprise Associates 13, L.P., Zeneca, Inc.,
Johnson & Johnson Innovation – JJDC, Inc., Hatteras Venture Partners III, L.P., Hatteras Venture Affiliates III, L.P., Venture Capital Multiplier Fund, LP, Fletcher Spaght Ventures II, L.P., FSV II, L.P., FSV II-B, L.P. and Syno Ventures Master Fund, LP; 
 (k)    evidence
satisfactory to Bank that the insurance policies and endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in
favor of Bank; and 
 (l)    payment of the fees and Bank Expenses then due as specified in
Section 2.4 hereof. 
 3.2        Conditions Precedent to all Credit
Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a) timely receipt of an executed Payment/Advance Form; 

(b)    the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of
Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and
complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that
those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c)    Bank determines to its satisfaction that there has not been a Material Adverse Change. 

3.3        Covenant to Deliver. Borrower agrees to deliver to Bank each
item required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank
of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

3.4        Procedures for Borrowing. Subject to the prior satisfaction
of all other applicable conditions to the making of a Growth Capital Advance set forth in this Agreement, to obtain a Growth Capital Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone
by 12:00 p.m. Eastern time on the Funding Date of the Growth Capital Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form 

 
executed by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Growth
Capital Advance to the Designated Deposit Account. Bank may make Growth Capital Advance under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Growth Capital Advance is necessary
to meet Obligations which have become due. 

4           CREATION OF SECURITY INTEREST 

4.1        Grant of Security Interest. Borrower hereby grants Bank, to
secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products
thereof. 
 Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services
Agreements with Bank. Regardless of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such
Obligations secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this
Agreement). 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations
(other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated,
Bank shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services,
are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In
the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent
(105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due
or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

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

4.3        Authorization to File Financing Statements. Borrower hereby
authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either
Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 

5           REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1        Due Organization, Authorization; Power and Authority.
Borrower is duly existing and in good standing as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its
ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a
completed certificate signed by Borrower, entitled “Perfection Certificate”. Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page
hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection 

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

5.2        Collateral. Borrower has good title to, rights in, and the
power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution other than
Bank or Bank’s Affiliates. The Accounts are bona fide, existing obligations of the Account Debtors. 
 The Collateral
is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection
Certificate or as permitted pursuant to Section 7.2. 
 All Inventory is in all material respects of good and
marketable quality, free from material defects. 
 Borrower is the sole owner of the Intellectual Property which it owns or
purports to own except for (a) nonexclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is
commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid
and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s
knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

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

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

5.5        Financial Statements; Financial Condition. All consolidated
financial statements for Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any
material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 

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

5.8        Subsidiaries; Investments. Borrower does not own any stock,
partnership, or other ownership interest or other equity securities except for Permitted Investments. 

5.9        Tax Returns and Payments; Pension Contributions. Borrower has
timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except to the extent such taxes are being contested in good faith
by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor. 

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

5.11        Full Disclosure. No written representation, warranty or
other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was 

 
made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make
the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that
actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

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

6            AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1          Government Compliance. 

(a)    Maintain its and all its Subsidiaries’ legal existence and good standing in their respective
jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have
each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject. 

(b)    Obtain all of the Governmental Approvals necessary for the performance by Borrower of its
obligations under the Loan Documents to which it is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2           Financial Statements, Reports,
Certificates. Provide Bank with the following: 
 (a)    Monthly Financial Statements. As
soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower’s and each of its Subsidiary’s operations
for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial Statements”); 

(b)    Monthly Compliance Certificate. Within thirty (30) days after the last day of each
month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of
this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request; 

(c)    Annual Operating Budget and Financial Projections. Within the sixty (60) days after
the end of each fiscal year of Borrower, and within thirty (30) days of any updates or amendments thereto, (i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for such fiscal year
of Borrower, and (ii) annual financial projections for such fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial
projections; 
 (d)    Annual Audited Financial Statements. As soon as available, but no later
than one hundred eighty (180) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an
independent certified public accounting firm reasonably acceptable to Bank (the “Annual Financial Statements”); 

(e)    Other Statements. Within five (5) days of delivery, copies of all statements, reports
and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 

 (f)        SEC Filings. In
the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any
Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link
thereto, on Borrower’s website on the Internet at Borrower’s website address; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 

(g)        Legal Action Notice. A prompt report of any legal actions pending
or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Fifty Thousand Dollars ($50,000) or more; and 

(h)        Other Financial Information. Other financial information reasonably
requested by Bank. 
 6.3          Inventory; Returns. Keep
all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly
notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000). 

6.4          Taxes; Pensions. Timely file, and require each of
its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each
of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to
fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.5          Insurance. 

(a)    Keep its business and the Collateral insured for risks and in amounts standard for companies in
Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to
Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss
payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. 

(b)    Ensure that proceeds payable under any property policy are, at Bank’s option, payable to Bank
on account of the Obligations. 
 (c)    At Bank’s request, Borrower shall deliver certified
copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished
to Bank, that it will give Bank thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount
or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6          Operating Accounts. 

(a)        Maintain all of its and all of its Subsidiaries’ operating and other
deposit accounts with Bank and use best-efforts to maintain all securities accounts, Letters of Credit and FX Contracts with Bank. 

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

6.7          Intentionally Omitted. 

6.8          Protection of Intellectual Property Rights. 

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

(b)    Provide written notice to Bank within ten (10) days of entering or becoming bound by any
Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Bank requests to obtain the
consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law
or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s
rights and remedies under this Agreement and the other Loan Documents. 

6.9          Litigation Cooperation. From the date hereof and
continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary
to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.10        Access to Collateral; Books and Records. Allow Bank, or its
agents, at reasonable times, on one (1) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such inspections or audits
shall be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing
inspections and audits shall be at Borrower’s expense, and the charge therefor shall be One Thousand Dollars ($1,000) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus
reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule
the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of One Thousand Dollars ($1,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.11        Formation or Acquisition of Subsidiaries. Notwithstanding
and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower
and such Guarantor shall (a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower or Guarantor (as determined by Bank in its sole
discretion) hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and
to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing 

 
statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in
form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document,
agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document. 

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

7           NEGATIVE COVENANTS 

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

7.1        Dispositions. Convey, sell, lease, transfer, assign, or
otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of
Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of money or Cash Equivalents
in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; and (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary
course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas
outside of the United States. 
 7.2        Changes in Business,
Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related
thereto; (b) liquidate or dissolve; (c) (i) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after his or her departure from Borrower; or (d) permit or
suffer any Change in Control. 
 Borrower shall not, without at least thirty (30) days prior written notice to Bank:
(1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Ten Thousand Dollars ($10,000) in Borrower’s assets or property) or deliver any portion of the Collateral
valued, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of
organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower
intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank. 

7.3        Mergers or Acquisitions. Merge or consolidate, or permit any
of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the
formation of any Subsidiary). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

7.4        Indebtedness. Create, incur, assume, or be liable for any
Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 

7.5        Encumbrance. Create, incur, allow, or suffer any Lien on any
of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security
interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from
assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein. 
 7.6        Maintenance of
Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6 hereof. 

7.7        Distributions; Investments. (a) Pay any dividends or
make any distribution or payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in
exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist
at the time of such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed Fifty Thousand Dollars ($50,000) per fiscal year; or (b) directly or
indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8        Transactions with Affiliates. Directly or indirectly enter
into or permit to exist any material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be
obtained in an arm’s length transaction with a non-affiliated Person. 

7.9        Subordinated Debt. (a) Make or permit any payment on any
Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would
increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

7.10      Compliance. Become an “investment company” or a company
controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction as defined in
ERISA, or (c) comply with the Federal Labor Standards Act, the failure of any of the conditions in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s business, or violate any
other law or regulation, if the violation could reasonably be expected to have a materials adverse effect on Borrower’s business or permit any Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit
partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including
any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8        EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 8.1     Payment Default. Borrower fails to (a) make any payment of principal
or interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the
Growth Capital 

 
Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during
the cure period); 
 8.2          Covenant Default. 

(a)    Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.8(b), 6.10,
6.11, 6.12 or violates any covenant in Section 7; or 
 (b)    Borrower fails or neglects to
perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision,
condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or
cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided
under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

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

8.5          Insolvency. (a) Borrower or any of its
Subsidiaries is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against
Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is
dismissed); 
 8.6          Other Agreements. There is,
under any agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an
amount individually or in the aggregate in excess of Fifty Thousand Dollars ($50,000); or (b) any breach or default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’s
business; 
 8.7          Judgments; Penalties. One or more
fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000) (not covered by independent third-party insurance as to which liability has
been accepted by such insurance carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after
execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of
such fine, penalty, judgment, order or decree); 

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

8.9         Subordinated Debt. Any document, instrument, or
agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or
deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or the applicable subordination/intercreditor agreement; 

8.10        Guaranty. (a) Any guaranty of any Obligations
terminates or ceases for any reason to be in full force and effect; (b) any Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8
occurs with respect to any Guarantor, or (d) the death, liquidation, winding up, or termination of existence of any Guarantor; or (e) (i) a material impairment in the perfection or priority of Bank’s Lien in the collateral provided by
Guarantor or in the value of such collateral or (ii) a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations occurs with respect to
any Guarantor; or 
 8.11        Governmental Approvals. Any
Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a
hearing with respect to any applications for renewal of any of such Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation,
rescission, suspension, modification or non-renewal (i) cause, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or
any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the
status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 

9            BANK’S RIGHTS AND REMEDIES 

9.1        Rights and Remedies. Upon the occurrence and during the
continuance of an Event of Default, Bank may, without notice or demand, do any or all of the following: 

(a)    declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

(b)    stop advancing money or extending credit for Borrower’s benefit under this Agreement or under
any other agreement between Borrower and Bank; 
 (c)    demand that Borrower (i) deposit cash
with Bank in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred
ten percent (110.0%), of the Dollar Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business
judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and
(ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d)    terminate any FX Contracts; 

(e)    verify the amount of, demand payment of and performance under, and collect any Accounts and
General Intangibles, settle or adjust disputes and claims directly with Account Debtors for amounts on 

 
terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

(f)    make any payments and do any acts it considers necessary or reasonable to protect the Collateral
and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of
the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge,
to exercise any of Bank’s rights or remedies; 
 (g)    apply to the Obligations any
(i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 

(h)    ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and
sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name,
trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of
its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i)    place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive
control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j)    demand and receive possession of Borrower’s Books; and 

(k)    exercise all rights and remedies available to Bank under the Loan Documents or at law or equity,
including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2        Power of Attorney. Borrower hereby irrevocably appoints Bank
as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any
checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with
Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and
adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby
appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security
interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as
Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

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

 9.4        Application of
Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the
result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower
shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either
reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

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

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

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

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

					
		  	 If to Borrower:
	  	   PHASEBIO PHARMACEUTICALS, INC.

		  		  	   1 Great Valley Parkway, Suite 30

		  		  	   Malvern, PA 19355

		  		  	 Attn: Jonathan Mow, CEO

		  		  	   Email: jonathan.mow@phasebio.com

			
		  	 If to Bank:
	  	   SILICON VALLEY BANK

		  		  	   3353 Peachtree Rd, NE, North Tower, Suite
M-10

		  		  	   Atlanta, GA 30326

		  		  	     Attn: Scott McCarty

 Email: smccarty@svb.com 

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

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

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

This Section 11 shall survive the termination of this Agreement. 

12           GENERAL PROVISIONS 

12.1        Termination Prior to Growth Capital Maturity Date; Survival.
All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other
than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with
Section 4.1 of this Agreement), this Agreement may be terminated prior to the Growth Capital Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are
expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. 

12.2        Successors and Assigns. This Agreement binds and is for the
benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank
has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other
Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). 

12.3        Indemnification. Borrower agrees to indemnify, defend and
hold Bank and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and
liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered,
incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly
caused by such Indemnified Person’s gross negligence or willful misconduct. 
 This Section 12.3 shall survive
until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run. 

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

12.6        Correction of Loan Documents. Bank may correct patent errors
and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 

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

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

12.9        Confidentiality. In handling any confidential information,
Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank,
collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its 

 
best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to
Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so
long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in
Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank
does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use anonymous forms
of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement.

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

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

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of
this Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys
have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this
Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length
contract. 
 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to:
(a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or
liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13           DEFINITIONS 

13.1        Definitions. As used in the Loan Documents, the word
“shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting
amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized terms have the following meanings: 

 “Account” is any “account” as defined in the Code
with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Affiliate” is, with respect to any Person, each other Person that owns or
controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble
hereof. 
 “Amortization Start Date” is July 1, 2018; provided, however, if Bank fully funds both the
Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Amortization Start Date shall automatically, and with no further action required by the parties hereto, be extended to January 1, 2019. 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to
execute the Loan Documents on behalf of Borrower. 
 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’
fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with
respect to Borrower or any Guarantor. 
 “Bank Services” are any products, credit services, and/or
financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation,
merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements
related thereto (each, a “Bank Services Agreement”). 
 “Borrower” is defined in the
preamble hereof. 
 “Borrower’s Books” are all Borrower’s books and records including ledgers,
federal and state tax returns, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions substantially in the form attached
hereto as Exhibit D. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which
Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its
creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and
(d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

 “Change in Control” means (a) at any time, any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), (other than New Enterprise Associates 13, L.P.) shall
become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under
the Exchange Act), directly or indirectly, of twenty-five percent (25%) or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities
in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides
to Bank a description of the material terms of the transaction; (b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause
(i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by
individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; (c) New Enterprise Associates 13, L.P. ceases to own at least
twenty-five percent (25%) of the voting securities of Borrower; or (d) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of each class of outstanding capital
stock of each subsidiary of Borrower free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

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

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

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

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached
hereto as Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and
(c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange
rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution
at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower 

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

“Credit Extension” is any Growth Capital Advance, Letter of Credit, FX Contract, amount utilized for cash
management services, or any other extension of credit by Bank for Borrower’s benefit. 
 “Default
Rate” is defined in Section 2.3(b). 
 “Deposit Account” is any “deposit account”
as defined in the Code with such additions to such term as may hereafter be made. 
 “Designated Deposit
Account” is the multicurrency account denominated in Dollars, account number xxx-xxxx-254, maintained by Borrower with Bank. 

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

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

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

“Event of Default” is defined in Section 8. 

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

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of
principal plus accrued interest) due on the earliest to occur of (a) the Growth Capital Maturity Date, or (b) the acceleration of the Growth Capital Advances, or (c) the prepayment of the Growth Capital Advances in full pursuant to
Section 2.1.1(c)(i) or 2.1.1(c)(ii), equal to the original aggregate principal amount of the Growth Capital Advances multiplied by the Final Payment Percentage. 

“Final Payment Percentage” is, for each Growth Capital Advance, seven percent (7%). 

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

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall
be a Business Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under
which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 

 “GAAP” is generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

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

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Grant Proceeds Milestone” means that Borrower has received at least Two
Million Dollars ($2,000,000) of net cash federal grant proceeds from the National Institute of Health into Borrower’s accounts at Bank on or prior to December 31, 2018. 

“Growth Capital Advance” and “Growth Capital Advances” are defined in Section 2.1.1(a).

 “Growth Capital Advance Payment” is defined in Section 2.1.1(b)(i). 

“Growth Capital Line” is a Growth Capital Advance or Growth Capital Advances in an aggregate principal amount
of up to Seven Million Five Hundred Thousand Dollars ($7,500,000). 
 “Growth Capital Maturity Date” is
June 1, 2020; provided, however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Growth Capital Maturity Date shall automatically, and with no further action required
by the parties hereto, be extended to December 1, 2020. 
 “Guarantor” is any Person providing a
Guaranty in favor of Bank. 
 “Guaranty” is any guarantee of all or any part of the Obligations, as the
same may from time to time be amended, restated, modified or otherwise supplemented. 
 “Indebtedness” is
(a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar
instruments, (c) capital lease obligations, and (d) Contingent Obligations. 
 “Indemnified
Person” is defined in Section 12.3. 
 “Initial Audit” is Bank’s inspection of the
Collateral and Borrower’s Books with results satisfactory to Bank in its sole and absolute discretion. 

“Intellectual Property” means, with respect to any Person, means all of such Person’s right, title, and
interest in and to the following: 

 (a)    its Copyrights, Trademarks and Patents; 

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

(c)    any and all source code; 

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

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

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

“Interest-Only Period” is the period of time from the Effective Date through June 30, 2018; provided,
however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Interest-Only Period shall automatically, and with no further action required by the parties hereto, be extended to
December 31, 2018. 
 “Inventory” is all “inventory” as defined in the Code in effect on the
date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without
limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

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

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

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien
in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of
the Obligations. 
 “MedImmune Acquisition” means Borrower’s acquisition of certain assets from
MedImmune Limited, a United Kingdom limited liability company, for an aggregate purchase price of One Hundred Thousand Dollars ($100,000) in accordance with and pursuant to the terms and conditions of an asset purchase agreement, by and among
Borrower and MedImmune Limited, in form and substance reasonably acceptable to Bank. 

 “Monthly Financial Statements” is defined in
Section 6.2(a). 
 “Obligations” are Borrower’s obligations to pay when due any debts, principal,
interest, fees, Bank Expenses, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, all obligations relating to letters of
credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or
obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the
Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current
form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all
current amendments or modifications thereto. 
 “Patents” means all patents, patent applications and like
protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

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

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

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

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

(c)    Subordinated Debt; 

(d)    unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e)    Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary
course of business; 
 (f)    Indebtedness secured by Liens permitted under clauses (a) and (c) of
the definition of “Permitted Liens” hereunder; and 
 (g)    extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (f) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon
Borrower or its Subsidiary, as the case may be. 
 “Permitted Investments” are: 

(a)    Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown
on the Perfection Certificate; 
 (b)    Investments consisting of Cash Equivalents; 

(c)    Investments consisting of the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of Borrower; 

 (d)    Investments accepted in connection with Transfers
permitted by Section 7.1; 
 (e)    Investments consisting of the creation of a Subsidiary for the
purpose of consummating a merger transaction permitted by Section 7.3 of this Agreement, which is otherwise a Permitted Investment; 

(f)    Investments (i) by Borrower in Subsidiaries not to exceed Fifty Thousand Dollars ($50,000) in
the aggregate in any fiscal year and (ii) by Subsidiaries in other Subsidiaries not to exceed Fifty Thousand Dollars ($50,000) in the aggregate in any fiscal year or in Borrower; 

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

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

“Permitted Liens” are: 

(a)    Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this
Agreement and the other Loan Documents; 
 (b)    Liens for taxes, fees, assessments or other
government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded
under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder; 

(c)    purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the
acquisition of the Equipment securing no more than Twenty-Five Thousand Dollars ($25,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the
proceeds of the Equipment; 
 (d)    Liens of carriers, warehousemen, suppliers, or other Persons that
are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Twenty-Five Thousand Dollars ($25,000), and which are not delinquent or
remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e)    Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f)    Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens
described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(g)    leases or subleases of real property granted in the ordinary course of Borrower’s business
(or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, nonexclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary

 
course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit
granting Bank a security interest therein; 

(h)    non-exclusive license of Intellectual Property granted to
third parties in the ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as
to territory only as to discreet geographical areas outside of the United States; and 
 (i)    Liens
arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7. 

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

“Phase IIB Milestone” means Borrower’s delivery to Bank of evidence, in form and substance satisfactory
to Bank in its sole discretion, that Borrower has (a) refiled an Investigational new drug application for PB1046 pulmonary arterial hypertension indication, (b) progressed to Phase IIB trial design and (c) consummated the MedImmune
Acquisition. 
 “Phase III Milestone” means Borrower’s delivery to Bank of evidence, in form and
substance satisfactory to Bank in its sole discretion, that Borrower has (a) dosed its first patient in the Phase IIB pulmonary arterial hypertension trial and (b) dosed its first patient in the Verso Phase I trial. 

“Prepayment Fee” means a fee due upon prepayment (whether voluntary or otherwise) of the Growth Capital
Advances equal to (a) three percent (3.00%) of the outstanding principal balance of the Growth Capital Advances if such prepayment occurs prior to the first anniversary of the Effective Date, (b) two percent (2.00%) of the outstanding
principal balance of the Growth Capital Advances if such prepayment occurs on or after the first anniversary of the Effective Date, but prior to the second anniversary of the Effective Date, or (c) one percent (1.00%) of the outstanding
principal balance of Growth Capital Advances if such prepayment occurs on the second anniversary of the Effective Date or at any time thereafter. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The
Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and
provided further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of
interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of
credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Requirement of Law” is as to any Person, the
organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer”
is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower. 
 “Restricted
License” is any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in

 
such license or agreement or any other property, or (b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous
Governmental Authority. 
 “Securities Account” is any “securities account” as defined in the
Code with such additions to such term as may hereafter be made. 
 “Subordinated Debt” is indebtedness
incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the
other creditor), on terms acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation,
partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more
intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register
and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

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

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

“Tranche A Milestone” is defined in Section 3.1(h) hereof. 

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

“Tranche B Draw Period” is the period of time commencing on the date that Borrower achieves the Phase IIB
Milestone through the earlier to occur of (i) March 31, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

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

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

“Tranche C Draw Period” is the period of time commencing on the date that Borrower achieves the Phase III
Milestone through the earlier to occur of (i) June 30, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

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

“Transfer” is defined in Section 7.1. 

“Warrants” are those certain Warrants to Purchase Stock dated as of the Effective Date, or any date
theretofore or thereafter, issued by Borrower in favor of Bank. 
 [Balance of Page Intentionally Left Blank]

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

			
	 BORROWER:

			
	
	 PHASEBIO PHARMACEUTICALS, INC.

			
		
	 By
	 	 /s/ Jonathan Mow

			
		
	 Name:
	 	 Jonathan Mow

			
		
	 Title:
	 	 CEO

			
	
	 BANK:

			
	
	 SILICON VALLEY BANK

			
		
	 By
	 	 /s/ James
Caccavaro

			
		
	 Name:
	 	 James Caccavaro

			
		
	 Title:
	 	 Vice President

 [Signature Page to Loan and Security Agreement] 

 EXHIBIT A 

COLLATERAL DESCRIPTION 

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

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit
accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests
in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its
Intellectual Property without Bank’s prior written consent. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 

TO:    SILICON VALLEY BANK
                                         
                               Date:
                , 20     

FROM: PHASEBIO PHARMACEUTICALS, INC. 

The undersigned authorized officer of PHASEBIO PHARMACEUTICALS, INC. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in
complete compliance for the period ending                              with all required covenants
except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date
shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local
taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in
accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is
not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the
Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	Required	  	Complies
	 	  	 	  	 
	
Monthly financial statements with

Compliance Certificate
	  	 Monthly within 30
days
	  	Yes    No
	
Annual financial statement (CPA Audited)*
	  	 FYE within 150
days
	  	Yes    No
	
10-Q, 10-K and 8-K
	  	 Within 5 days after
filing with SEC
	  	Yes    No
	
Annual Operating Budget and Financial Projections
	  	 FYE within 60 days and monthly within 30
days of any updates or amendments
	  	Yes    No
	 

 

					
	Performance Pricing	  	Applies
	  	  	  	  	  
	 Prior
to receipt of Grant Proceeds
	  	 Prime
	  	Yes    No
	
On and after receipt of Grant Proceeds
	  	 Prime - 0.5%
	  	Yes    No

 Other Matters 
  

					
	 Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating
Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate.
	  	Yes	  	No

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

 
  
  

			
	 PHASEBIO PHARMACEUTICALS, INC.
	  	 BANK USE ONLY

		
		  	
Received by:                
                                         
           

	
By:                  
                                         
             
	  	AUTHORIZED SIGNER
	
Name:                  
                                         
        
	  	
Date:                  
                                         
                     

	
Title:                  
                                         
          
	  	
		  	  

Verified:                 
                                         
                

		  	AUTHORIZED SIGNER
		
		  	
Date:                  
                                         
                     
  

		
		  	 Compliance
Status:                Yes             No

 EXHIBIT C – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS NOON EASTERN TIME 

Fax To:
                                         
                                         
                                         
     Date:                                   
      
  

					
	LOAN PAYMENT:	 	 	  	 
	PHASEBIO PHARMACEUTICALS, INC.
	 		 
	From Account
#                                       
                             	 		  	To Account
#                                         
                                     
	
                    
	 		  	 
	                             
       (Deposit Account #)	 		  	                             
                               (Loan Account #)
	Principal
$                                         
                                   	 		  	and/or Interest
$                                         
                                 
	                    	 		  	 
	 		 
	Authorized
Signature:                                      
                    	 		  	Phone
Number:                                        
                                    
	
                      
  
	 		  	 
	Print
Name/Title:                                       
                           	 		  	 
	 	 	 	  	 

  

	
	
LOAN ADVANCE:

	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an
outgoing wire.
	 
	From Account
#                                         
                                         
      To Account
#                                         
                                         
          
	
                    

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

	 
	 Authorized
Signature:                                       
                                         
                                 Phone
Number:                                        
             

	
                    

	 
	 Print
Name/Title:                                       
                      

	 

  

			
	OUTGOING WIRE REQUEST:
	Complete only if all or a portion of funds from the loan advance above is to be
wired.
	Deadline for same day processing is noon, Eastern Time
	 	 
	 Beneficiary
Name:                                        
                     
	  	Amount of
Wire:$                                        
                            
	Beneficiary
Bank:                                        
                      	  	Account
Number:                                        
                              
	City and
State:                                        
                           	  	 
	 	 
	Beneficiary Bank Transit (ABA)
#:                                  	  	 Beneficiary Bank Code (Swift, Sort, Chip,
etc.):                    

(For International Wire Only)

	 	 
	Intermediary
Bank:                                        
                   	  	Transit (ABA)
#:                                        
                               
	 
	For Further Credit
to:                                        
                                         
                                         
                                         
                                         
 
	 
	Special
Instruction:                                       
                                         
                                         
                                         
                                         
      
	 
	 By
signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s)
were previously received and executed by me (us).

	 	 
	 Authorized
Signature:                                       
              
  
	  	2nd Signature (if
required):                                       
              

			
	 Print
Name/Title:                                       
                     
	  	 Print
Name/Title:                                       
                         

	 	 
	 Telephone
#:                                        
                           

 
	  	 Telephone
#:                                        
                               

 EXHIBIT D 

BORROWING RESOLUTIONS 
  

 
 CORPORATE BORROWING CERTIFICATE 

BORROWER: PHASEBIO PHARMACEUTICALS, INC.    
                             DATE: August
    , 2017 
 BANK:          SILICON VALLEY BANK 

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

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

 2.   Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of
Delaware. 
 3.   Attached hereto are true, correct and complete copies of Borrower’s Certificate of Incorporation (including
amendments), as filed with the Secretary of State of the state in which Borrower is incorporated as set forth above. Such Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and
effect as of the date hereof. 
 4.   The following resolutions were duly and validly adopted by Borrower’s Board of
Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified,
repealed, rescinded, amended or revoked, and Silicon Valley Bank (“Bank”) may rely on them until Bank receives written notice of revocation from Borrower. 

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

							
	Name	  	Title	  	Signature	  	 Authorized

to Add or
 Remove

Signatories

				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐
				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐
				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐
				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐

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

 RESOLVED
FURTHER, that such individuals may, on behalf of Borrower: 
 Borrow
Money. Borrow money from Bank. 
 Execute Loan Documents. Execute any loan documents Bank requires. 

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

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which
Borrower has an interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of Credit. Apply for
letters of credit from Bank. 
 Enter Derivative Transactions. Execute spot or forward foreign exchange contracts,
interest rate swap agreements, or other derivative transactions. 
 Issue Warrants. Issue warrants for Borrower’s
capital stock. 
 Further Acts. Designate other individuals to request advances, pay fees and costs and execute other
documents or agreements (including documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effect these resolutions. 

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

					
	PHASEBIO PHARMACEUTICALS, INC.	 	

 
					
			
	 By:
	 	 	 	

 
					
			
	 Name:
	 	 	 	

 
					
			
	 Title:
	 	 	 	

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

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

					
			
	 By:
	 	 	 	

 
					
			
	 Name:
	 	 	 	

 
					
			
	 Title:
	 	 	 	

 FIRST AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 THIS FIRST AMENDMENT to Loan and Security Agreement (this “Amendment”) is dated as
of April 19, 2018, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and PHASEBIO PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), whose address is 1 Great Valley
Parkway, Suite 30, Malvern, PA 19355. 
 RECITALS 

A.        Bank and Borrower have entered into that certain Loan and Security
Agreement dated as of October 18, 2017 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 

B.        Bank has extended credit to Borrower for the purposes permitted in
the Loan Agreement. 
 C.        Borrower has requested that Bank amend the
Loan Agreement to (i) extend the Tranche B Draw Period, (ii) extend the Tranche C Draw Period, (iii) extend the interest-only period and (iv) make certain other revisions to the Loan Agreement as more fully set forth herein. 

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

AGREEMENT 

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

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

2.        Amendments to Loan Agreement. 

2.1        Section 2.1.1 (Growth Capital Advances). The second sentence
of Section 2.1.1(b) of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“Thereafter, the Growth Capital Advances shall be payable in the Applicable Number of
Payments of principal plus accrued and unpaid interest (each a “Growth Capital Advance Payment”), beginning on the Amortization Start Date and continuing on the first (1st) day of
each month thereafter.” 
 2.2        Section 13.1 (Definitions).
The following terms and their respective definitions hereby are added or amended and restated in their entirety, as appropriate, in Section 13.1 of the Loan Agreement to read as follows: 

“Amortization Start Date” is August 1, 2018; provided, however, if Bank
fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital 

 
Advance to Borrower, then the Amortization Start Date shall automatically, and with no further action required by the parties hereto, be extended to January 1, 2019. 

“Applicable Number of Payments” means (i) if Bank does not fully fund
both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, twenty-three (23) equal monthly installments, and (ii) if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth
Capital Advance to Borrower, twenty-four (24) equal monthly installments. 

“Interest-Only Period” is the period of time from the Effective Date through
July 31, 2018; provided, however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Interest-Only Period shall automatically, and with no further action required by the
parties hereto, be extended to December 31, 2018. 
 “Tranche B Draw
Period” is the period of time commencing on the date that Borrower achieves the Phase IIB Milestone through the earlier to occur of (i) April 30, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

“Tranche C Draw Period” is the period of time commencing on the date that
Borrower achieves the Phase III Milestone through the earlier to occur of (i) July 31, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

3.        Limitation of Amendments. 

3.1        The amendments set forth in Section 2, above, are effective for
the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice
any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 

3.2        This Amendment shall be construed in connection with and as part of
the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4.        Representations and Warranties. To induce Bank to enter into
this Amendment, Borrower hereby represents and warrants to Bank as follows: 

4.1        Immediately after giving effect to this Amendment (a) the
representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are
true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2        Borrower has the power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

4.3        The organizational documents of Borrower delivered to Bank on the
Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

  
 2 

 4.4    The execution and delivery by Borrower of
this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

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

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

4.7    This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 

5.        Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

6.        Effectiveness. This Amendment shall be deemed effective upon
(a) the due execution and delivery to Bank of this Amendment by each party hereto , (b) Borrower’s payment of an amendment fee in an amount equal to Five Thousand Dollars ($5,000), which may be debited from any of Borrower’s accounts
at Bank, and (c) Borrower’s payment of all Bank Expenses due and owing as of the date hereof, which may be debited from any of Borrower’s accounts at Bank. 

[Balance of Page Intentionally Left Blank] 

  
 3 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

					
	 BANK:
	  	 BORROWER:
	  	
			
	SILICON VALLEY BANK	  	PHASEBIO PHARMACEUTICALS, INC.	  	
			
	 By: /s/
Michael McMahon                        
	  	 By: /s/ John
Sharp                                    
	  	
			
	 Name: Michael
McMahon                       
	  	 Name: John
Sharp                                   
	  	
			
	
Title:  Director              
                            
	  	 Title:  Chief Financial
Officer                 
	  	

 [Signature Page to First Amendment to Loan and Security Agreement] 

 SECOND AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is dated as of
July 31, 2018, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and PHASEBIO PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), whose address is 1 Great Valley
Parkway, Suite 30, Malvern, PA 19355. 
 RECITALS 

A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of
October 18, 2017 (as the same may from time to time be amended, modified, supplemented or restated, including, without limitation, by that certain First Amendment to Loan and Security Agreement dated as of April 19, 2018, collectively, the
“Loan Agreement”). 
 B.    Bank has extended credit to Borrower for the purposes
permitted in the Loan Agreement. 
 C.    Borrower has requested that Bank amend the Loan
Agreement to (i) extend the Tranche C Draw Period, the Interest-Only Period, and the Amortization Start Date, and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

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

AGREEMENT 

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

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

2.        Amendments to Loan Agreement. 

2.1    Section 13.1 (Definitions). The following terms and their respective definitions hereby
are added or amended and restated in their entirety, as appropriate, in Section 13.1 of the Loan Agreement to read as follows: 

‘‘Amortization Start Date” is September 1, 2018; provided, however, if Bank fully funds
both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Amortization Start Date shall automatically, and with no further action required by the parties hereto, be extended to January 1, 2019. 

“Applicable Number of Payments” means (i) if Bank does not fully fund both the Tranche B
Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, twenty-two (22) equal monthly installments, and (ii) if Bank fully funds both the Tranche B Growth Capital Advance and the
Tranche C Growth Capital Advance to Borrower, twenty-four (24) equal monthly installments. 

 “Interest-Only Period” is the period of
time from the Effective Date through August 31, 2018; provided, however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Interest-Only Period shall automatically, and
with no further action required by the parties hereto, be extended to December 31, 2018. 

“Tranche C Draw Period” is the period of time commencing on the date that Borrower achieves
the Phase Ill Milestone through the earlier to occur of (i) August 31, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

3.        Limitation of Amendments. 

3.1    The amendments set forth in Section 2, above, are effective for the purposes set forth
herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which
Bank may now have or may have in the future under or in connection with any Loan Document. 

3.2    This Amendment shall be construed in connection with and as part of the Loan Documents and
all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4.        Representations and Warranties. To induce Bank to enter into this
Amendment, Borrower hereby represents and warrants to Bank as follows: 
 4.1    Immediately
after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and
warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform
its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3    The
organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of
its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

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

4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of
its obligations under the Loan Agreement, as amended by this Amendment, do not require 

  
 2 

 
any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on either Borrower, except as already has been obtained or made; and 

4.7    This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 

5.        Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

6.        Effectiveness. This Amendment shall be deemed effective upon
(a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of an amendment fee in an amount equal to Five Thousand Dollars ($5,000), which may be debited from any of Borrower’s
accounts at Bank, and (c) Borrower’s payment of all Bank Expenses due and owing as of the date hereof. which may be debited from any of Borrower’s accounts at Bank. 

[Balance of Page Intentionally Left Blank] 

  
 3 

 IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	 BANK:
	 		 	 BORROWER:

			
	SILICON VALLEY BANK	 		 	PHASEBIO PHARMACEUTICALS, INC.
					
	 By:
	 	 /s/ Michael McMahon
	 		 	 By:
	 	 /s/ John Sharp

	 Name:
	 	 Michael McMahon
	 		 	 Name:
	 	 John Sharp

	 Title:
	 	 Director
	 		 	 Title:
	 	 Chief Financial Officer

 [Signature Page to Second Amendment to Loan and Security
Agreement]

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