Document:

EX-10.19

 Exhibit 10.19 

Employment Agreement 

MESOBLAST LIMITED 
 ACN 109 431 870

 and 
 PROFESSOR SILVIU ITESCU

 Employment Agreement 

Date 8 August 2014 
 Parties 

 

	1.	Mesoblast Limited ACN 109 431 870 of Level 39, 55 Collins Street, Melbourne, Victoria 3000 (the Company). 

  

	2.	Professor Silviu Itescu (the Employee). 

  

	Operative	Provisions 

  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Agreement: 

Act means the Fair Work Act 2009 (Cth) as amended or replaced from time to time; 

Agreement means this agreement; 

Award means any award applicable at any time to the Employee’s employment with the Company; 

Business means the functions and business activities carried out by the Company in relation to developing and commercialising stem cell
intellectual property and technology throughout the world in the field of regenerative medicine; 
 Business Premises means the
Company’s premises at which the Employee predominantly works during the Employment; 
 Commencement Date means the effective date
of 1 April 2014; 
 Confidential Information means: 
  

	 	(a)	all Information regarding the current or future business interests, methodology or affairs of the Company or any Related Entity of the Company; 

 

	 	(b)	all Information relating to the property, assets and technology of the Company or any Related Entity of the Company, including without limitation their Intellectual Property Rights; 

 

	 	(c)	all other Information belonging or relating to the Company or any Related Entity of the Company; 

  

	 	(d)	all Information which the Employee knows, or ought reasonably to be expected to know, is confidential to the Company or any Related Entity of the Company; 

but excluding any Information which is lawfully already in the public domain, or becomes part of the public domain other than due to the fault
of the Employee or any person for whom the Employee is responsible; 
 Corporations Act means the Corporations Act 2001 (Cth); 

Financial Year means the year from 1 July to 30 June; 

 Information means any information, whether oral, graphic, electronic, written or in any
other form, including: 
  

	 	(a)	forms, memoranda, letters, specifications, processes, procedures, statements, formulae, technology, inventions, trade secrets, research and development information, know how, designs, plans, photographs, microfiche,
business records, notes, accounting procedures or financial information, sales and marketing information, names and details of customers, suppliers and agents, employee details, reports, drawings and data; and 

 

	 	(b)	copies and extracts made of or from that information and data, whether translated from the original form, recompiled, partially copied, modified, updated or otherwise altered; 

Intellectual Property Rights means all present and future intellectual and industrial property rights conferred by statute, at common
law or in equity, including: 
  

	 	(a)	patents, designs, copyright, rights in circuit layouts, plant breeder’s rights, trade marks, know how, brand names, domain names, inventions, product names, trade secrets, the right to have Confidential Information
kept confidential and other results of intellectual effort in the scientific, technological, bio-technological, industrial, literary or artistic and commercial fields, whether or not registered or capable of registration; 

 

	 	(b)	any application or right to apply for registration of any of those rights; 

  

	 	(c)	any registration of any of those rights or any registration of any application referred to in paragraph (b); and 

  

	 	(d)	all renewals and extensions of these rights; 

 Law means: 

 

	 	(a)	principles of law or equity established by decisions of courts; 

  

	 	(b)	statutes, regulations or by-laws of the Commonwealth, a State, a Territory or a Government Agency; and 

  

	 	(c)	requirements and approvals (including conditions) of the Commonwealth, a State, a Territory or a Government Agency that have the force of law; 

Related Body Corporate has the meaning given to that term in the Corporations Act; 

Related Entity has the meaning given to that term in the Corporations Act; 

Restraint Area is each of the following areas separately: 
  

	 	(a)	within Australia; and 

  

	 	(b)	within Australia and the United States of America. 

 Restrained Duties means duties the
same or similar to those performed by the Employee in the course of the Employment; 
 Restraint Period is the period commencing on
the Termination Date and ending on the expiry of each of the following periods after the Termination Date separately: 
  

	 	(a)	6 months; 

  
 -2- 

	 	(b)	9 months; and 

  

	 	(c)	12 months; 

 Term means the period of 3 years from the Commencement Date; 

Termination Date means the date of termination or expiry of this Agreement for any reason. 

 

	1.2	Interpretation 

 In this Agreement, unless the context requires otherwise: 

 

	 	(a)	the singular includes the plural and vice versa; 

  

	 	(b)	a gender includes the other genders; 

  

	 	(c)	the headings are used for convenience only and do not affect the interpretation of this Agreement; 

  

	 	(d)	other grammatical forms of defined words or expressions have corresponding meanings; 

  

	 	(e)	a reference to a document includes the document as modified from time to time and any document replacing it; 

  

	 	(f)	the word “person” includes a natural person and any body or entity whether incorporated or not; 

  

	 	(g)	the word “month” means calendar month and the word “year” means 12 months; 

  

	 	(h)	the words “in writing” include any communication sent by letter, facsimile transmission or email or any other form of communication capable of being read by the recipient; 

 

	 	(i)	a reference to a thing includes a part of that thing; 

  

	 	(j)	a reference to all or any part of a statute, rule, regulation or ordinance (statute) includes that statute as amended, consolidated, re-enacted or replaced from time to time; 

 

	 	(k)	wherever “include” or any form of that word is used, it must be construed as if it were followed by “(without being limited to)”; 

 

	 	(l)	money amounts are stated in Australian currency unless otherwise specified; and 

  

	 	(m)	a reference to any agency or body, if that agency or body ceases to exist or is reconstituted, renamed or replaced or has its powers or functions removed (defunct body), means the agency or body which performs
most closely the functions of the defunct body. 

  

	2.	Position 

  

	 	(a)	The Employee will continue to be employed by the Company in the position of Managing Director and Chief Executive as from the Commencement Date in accordance with the terms of this Agreement (the Employment).

  

	 	(b)	The Employee will report to the Board. 

  
 -3- 

	3.	Commencement and Term 

 The Employment will commence on the Commencement Date and will
continue for the Term unless terminated in accordance with clause 10.3 of this Agreement. After the expiry of the Term, the Employee’s employment will continue until terminated by the Company in accordance with clause 10.1 or 10.3 or by the
Employee in accordance with clause 10.1. 
  

	4.	Recognition of prior service 

  

	 	(a)	The Company acknowledges that the Employee was employed by the Company before the Commencement Date and this Agreement regulates the Employee’s employment terms only from the Commencement Date. 

 

	 	(b)	The Company will recognise: 

  

	 	(i)	the Employee’s continuous service from the date the Employee originally commenced employment with the Company for the purpose of all service related benefits; and 

 

	 	(ii)	any accrued entitlements of the Employee to annual leave, personal leave and long service leave with the Company immediately prior to the Commencement Date. 

 

	5.	Duties and Obligations 

  

	5.1	Duties 

 During the Employment, the Employee is to perform the usual duties of a managing
director and Chief Executive of a listed company of the size and nature of the Company and such duties as are required to achieve the objectives set out by the Board of Directors from time to time. 

 

	5.2	Obligations 

 At all times during the Employment, the Employee must: 

 

	 	(a)	show the utmost good faith and devote the whole of the Employee’s working time and attention to the business of the Company and, if the Company so directs, to the business of any Related Body Corporate of the
Company; 

  

	 	(b)	use the Employee’s best endeavours at all times to promote the interests and welfare of the Company and any Related Body Corporate of the Company; 

 

	 	(c)	honestly, faithfully and diligently obey and perform all lawful orders and instructions of the Company or the person to whom the Employee reports; 

 

	 	(d)	honestly, faithfully and diligently perform the duties and exercise the powers which from time to time may be assigned to the Employee by the Company or by the person to whom the Employee reports; 

 

	 	(e)	act in the best interests of the Company and any Related Body Corporate of the Company at all times; 

  

	 	(f)	use the Employee’s best endeavours to promote the development, profitability, interests and welfare of the Company and any Related Body Corporate of the Company; 

  
 -4- 

	 	(g)	not misuse the Company’s property or services, or allow such misuse by other persons; 

  

	 	(h)	as soon as practicable upon becoming aware thereof inform the Company of any act of dishonesty pertaining to the business, property or transactions of the Company on the part of any person which may have come to the
Employee’s knowledge; and 

  

	 	(i)	keep the terms of the Employee’s remuneration confidential. 

  

	5.3	Other appointments 

  

	 	(a)	During the Employment, the Employee may not take up any other employment or engagement (paid or unpaid) without the prior written consent of the Company. 

 

	 	(b)	Without limiting clause 5.3(a), the Employee will not, during the Employment, without the prior written consent of the Company, undertake any appointment, position or work that: 

 

	 	(i)	results in the Employee competing with the Company; 

  

	 	(ii)	otherwise adversely affects the Company; or 

  

	 	(iii)	hinders the Employee’s performance of duties owed to the Company. 

  

	5.4	Conflict of interest 

  

	 	(a)	The Employee will ensure that there is no conflict between the Company’s interests and the Employee’s personal interests. 

  

	 	(b)	The Employee will make full and complete disclosure to the Company of the existence, nature and extent of any conflict or potential conflict of interest that the Employee may have in any manner or capacity whatever with
the Employee’s duties or obligations under this Agreement. 

  

	 	(c)	The Employee must not solicit or accept from any person any remuneration or benefit for the discharge of the Employee’s duties other than the remuneration and benefits available to the Employee from the Company
under this Agreement. 

  

	 	(d)	The Employee must immediately report to the Company any remuneration or benefit the Employee receives from another person and the Employee must not deal with or otherwise dispose of any such remuneration or benefit
without the prior written consent of the Company. 

  

	 	(e)	The Employee must avoid any circumstance where a person or persons can improperly influence or receive unduly favourable treatment from the Company. 

 

	5.5	Company Policies 

  

	 	(a)	The Employee must comply with all policies and procedures of the Company. 

  

	 	(b)	Notwithstanding clause 5.5(a), the policies and procedures of the Company: 

  

	 	(i)	are for the benefit of the Company and do not impose any contractual obligations on the Company; 

  

	 	(ii)	are not incorporated into and do not form part of this Agreement; and 

  

	 	(iii)	may be departed from by the Company in individual cases. 

  
 -5- 

	5.6	Common law duties 

 Nothing in this Agreement is intended to limit the Employee’s
duties of good faith and fidelity to the Company or any other duties implied at common law. 
  

	6.	Employment Locations 

 The Employee’s primary place of work will be Melbourne,
Australia. However, the Employee may be required to work at other locations as directed by the Company. 
  

	7.	Hours of Work 

 The Employee is required to work 38 hours per week plus all such
reasonable additional hours as required to properly perform his duties in accordance with this Agreement or as directed by the Company. 
  

	8.	Remuneration 

  

	8.1	Total Remuneration Package 

 In consideration of the duties provided and to be provided
by the Employee, the Employee will be entitled to the Total Remuneration Package accruing and payable with respect to the period beginning on the Commencement Date, comprising: 

 

	 	(a)	Base Salary pursuant to clause 8.2; and 

  

	 	(b)	Additional Benefits pursuant to clause 8.3. 

 The Employee is not to receive benefits under or
participate in any long term incentive plans utilised by the Company. 
  

	8.2	Base Salary 

 The Employee will be paid a Base Salary of $960,000 gross per annum
(exclusive of superannuation) paid monthly into the Employee’s nominated bank account. 
  

	8.3	Additional Benefits 

 The Employee will also, as applicable, be entitled to/eligible to
receive the following additional benefits: 
  

	 	(a)	mobile phone, lap top computer, car parking at the Employee’s primary place of work; 

  

	 	(b)	a cash bonus of up to 100% of the Base Salary (as varied in accordance with clause 8.7 from time to time) gross per annum in each Financial Year, to be determined by the Board having regard to the achievement by the
Employee of the key performance indicators (KPIs) as set by the Board from time to time in relation to each Financial Year. 

  

	8.4	Offset 

  

	 	(a)	To the extent that the Employee’s Total Remuneration Package exceeds the Employee’s entitlements under the Award or pursuant to the Act at any time, the Employee’s Total Remuneration Package is inclusive
of and paid in full satisfaction of all payments and benefits that the Company is legally obliged to provide to the Employee, including any overtime payments or other payments for hours worked in excess of ordinary hours, and including all
entitlements the Employee has to payments (including wages, overtime and allowances) under the Award or pursuant to the Act. 

  
 -6- 

	 	(b)	To the extent that the Employee’s Total Remuneration Package exceeds the Employee’s entitlements under the Award or pursuant to the Act, the Company may (to the fullest extent permitted by law) offset against
this amount any future increases in the rates and allowances contained in the Award or pursuant to the Act. 

  

	 	(c)	Notwithstanding this clause or anything else in this Agreement, the Award is not incorporated into and does not form part of this Agreement. 

 

	 	(d)	The Employee hereby authorises the Company to make deductions from any payments owing to the Employee to recover any debt owed by the Employee to the Company (to the fullest extent permitted by law), including as a
result of previous over-payment to the Employee. 

  

	8.5	Expenses 

 Except as expressly provided for in this Agreement, the Employee will be
reimbursed for all expenses which are in the Company’s opinion reasonably incurred by the Employee in the course of the Employment, subject to provision of receipts or other documentary evidence to the Company’s satisfaction. 

 

	8.6	Superannuation 

 The Company will in addition to the Base Salary make contributions on
the Employee’s behalf to a complying superannuation fund at the minimum level required to meet the Company’s statutory obligations under applicable superannuation legislation. 

 

	8.7	Annual Review 

 At or shortly after the end of each Financial Year, the Company will
review the Employee’s Total Remuneration Package (as detailed in this clause 8) and consult with the Employee regarding any proposed increase. Any recommended increases to the Total Remuneration Package are at the absolute discretion of the
Company’s Board of Directors. 
  

	9.	Leave 

  

	9.1	Annual leave 

  

	 	(a)	The Employee will be entitled to 4 weeks annual leave for every 12 months’ service on a pro-rata and cumulative basis in accordance with the Act. 

 

	 	(b)	Annual leave is to be taken at a time agreed with the Company or failing agreement as directed by the Company in accordance with the Act. 

 

	9.2	Personal/Carer’s Leave 

  

	 	(a)	The Employee will be entitled to 10 days personal/carer’s leave per annum, which includes sick leave, on a pro-rata and cumulative basis, in accordance with the Act. 

 

	 	(b)	To claim any period of personal/carer’s leave, the Company may require the Employee to provide a medical certificate from a registered health practitioner or, if that is not reasonably practicable, a statutory
declaration from the Employee, in an appropriate form. 

  

	 	(c)	Personal/carer’s leave will not be paid out on termination of the Employment. 

  
 -7- 

	9.3	Parental Leave 

 The Employee will be entitled to unpaid parental leave in accordance
with the Act. 
  

	9.4	Long Service Leave 

 The Employee will be entitled to long service leave in accordance
with applicable State legislation. 
  

	9.5	Public Holidays 

 The Employee will be entitled to paid leave on days declared public
holidays in accordance with the Act. 
  

	10.	Termination of Employment 

  

	10.1	Termination on notice 

  

	 	(a)	Subject to clause 10.3, the Company may after expiry of the Term terminate the Employment at any time by giving the Employee 12 months’ notice in writing. 

 

	 	(b)	The Employment may be terminated by the Employee by giving the Company 12 months’ notice in writing. 

  

	 	(c)	In the case of termination by the Company under clause 10.1(a) or by the Employee under clause 10.1(b), the Company may make a payment to the Employee in lieu of part or all of the notice period in a sum equal to the
Base Salary the Employee would have earned if the Employee had been given the relevant period of notice. 

  

	 	(d)	If the Employee does not give the Company the period of notice referred to in this clause in writing or the Employee leaves the Employment during the period of notice, the Employee agrees that the Company is entitled to
withhold (to the fullest extent permitted by law) from any monies owing to the Employee an amount representing the salary the Employee would have earned for the number of weeks or days of the notice period that the Employee did not work.

  

	10.2	Garden Leave 

  

	 	(a)	Following the giving of notice by the Company or the Employee under clause 10.1, the Company may for part or all of the notice period at its sole discretion direct the Employee to: 

 

	 	(i)	perform alternative duties; or 

  

	 	(ii)	perform no duties and not attend for work. 

  

	 	(b)	Clause 10.2(a) does not affect the Company’s right to at any time make payment in lieu of part or all of the notice period in accordance with clause 10.1(c). 

 

	10.3	Summary Dismissal 

  

	 	(a)	The Company may terminate the Employment summarily without notice or any payment in lieu of notice to the Employee if the Employee: 

  

	 	(i)	commits serious misconduct; 

  

	 	(ii)	commits a serious or persistent breach of any term or condition of this Agreement; 

  
 -8- 

	 	(iii)	refuses or fails to comply with a lawful and reasonable directive of the Company; 

  

	 	(iv)	engages in any fraudulent or dishonest conduct; 

  

	 	(v)	is intoxicated at work to the extent that the Employee cannot perform the Employee’s duties; 

  

	 	(vi)	is convicted of any serious or indictable criminal offence; 

  

	 	(vii)	engages in any conduct which in the reasonable opinion of the Company may bring the Company into disrepute; 

  

	 	(viii)	is prohibited by Law from taking part in the management of the Company; 

  

	 	(ix)	becomes of unsound mind (as determined by 2 independent medical practitioners selected by the Board) or a person whose person or estate is liable to be dealt with in any way under any Law relating to mental health and
in either instance is incapable of undertaking his duties to the full extent required under this Agreement (as determined by the Board, excluding the Employee should the Employee be a director of the Company); or 

 

	 	(x)	is made bankrupt or enters into any composition or arrangement with or for the benefit of his creditors generally. 

  

	10.4	Resignation as director 

  

	 	(a)	On termination of the Employment pursuant to clause 10.3 only, the Employee will in writing resign from the Employee’s position as director of the Company or any Related Body Corporate without compensation for loss
of office as director. 

  

	 	(b)	The Employee hereby irrevocably appoints the Company and each of its directors severally as and to be the attorney of the Employee to do anything and execute any document which the Employee is required to do or execute
to effect the Employee’s resignation pursuant to clause 10.4(a) and which the Employee has failed to do or execute. 

  

	10.5	Incapacity of Employee 

 If the Employee is or will be prevented by physical or mental
incapacity from carrying out his duties for more than 3 consecutive months, or 3 months in total in any 12 month period, then the Company may terminate the Employment by payment of 12 months Base Salary in lieu of notice. 

 

	10.6	Deduction of Monies 

 The Company is hereby authorised by the Employee to deduct (to the
fullest extent permitted by law) from any final payment on termination of the Employment, any monies owed by the Employee to the Company or any Related Entity of the Company including to recover any previous over-payment of remuneration to the
Employee. 
  

	10.7	Return Of Company Property 

 On termination of the Employment, the Employee must as soon
as practicable return to the Company all property, materials and items belonging to the Company or any Related Entity of the Company in the Employee’s possession custody or control. 

  
 -9- 

	10.8	Accrued Entitlements on Termination 

 Any payment by the Company in respect of accrued
but unpaid or untaken annual leave or long service leave on termination of the Employment, will be calculated on the basis of the Base Salary pursuant to clause 8.2. 
  

	11.	Confidential Information 

  

	11.1	Acknowledgment of Employee 

 The Employee acknowledges that through the course of the
Employment or otherwise, the Employee may obtain access to, or become aware of, Confidential Information which is of commercial value to the Company and which is owned by and will at all times remain the property of the Company or a Related Entity
of the Company. 
  

	11.2	Obligations of the Employee 

 The Employee must: 

 

	 	(a)	only use the Confidential Information for the purposes of performing, and to the extent necessary to perform, the Employee’s duties in the course of employment with the Company; 

 

	 	(b)	not memorise, modify, reverse engineer or make copies, notes or records of the Confidential Information for any purpose other than in connection with the performance of the Employee’s duties; 

 

	 	(c)	keep in the strictest confidence all Confidential Information and, unless required by law, not disclose to any person any Confidential Information without the consent of the Company; 

 

	 	(d)	not use, or modify any Confidential Information for the Employee’s own use or benefit or the use or benefit of any third party; 

 

	 	(e)	co-operate with the Company in any action the Company may take to protect the confidentiality of the Confidential Information; and 

  

	 	(f)	promptly, at the request of the Employer at any time, disclose and deliver up to the Company, all Confidential Information including copies in the Employee’s possession, custody or control. 

 

	11.3	Unauthorised disclosure 

 The Employee must take all reasonable precautions to prevent
any unauthorised disclosure of Confidential Information, including the following precautions: 
  

	 	(a)	the Employee must at all times store all Confidential Information safely and securely; 

  

	 	(b)	except with the prior written authority of the Company, the Employee must not remove any Confidential Information from the premises at which it is stored except where it is necessary to do so for the sole purpose of
performing his duties under this Agreement; 

  

	 	(c)	the Employee must immediately notify the Company in writing of any actual, threatened or suspected unauthorised disclosure of any Confidential Information; and 

  
 -10- 

	 	(d)	the Employee must take all reasonable measures to minimise any unauthorised dissemination of any Confidential Information which is in any way related to or resulting from an act or failure to act by the Employee.

  

	11.4	Authorised disclosure 

 Nothing in this Agreement prohibits any disclosure of
Confidential Information by the Employee where such disclosure is authorised by the Company or is necessary to comply with any applicable law or legally binding order of any court, government, semi-government authority or administrative or judicial
body, provided that prior to any disclosure, the Employee: 
  

	 	(a)	notifies the Company within a reasonable time of the full details of the circumstances and content of the proposed disclosure; 

  

	 	(b)	uses reasonable endeavours to comply with any reasonable request by the Company concerning the proposed disclosure; and 

  

	 	(c)	gives the Company a reasonable opportunity to challenge in a court or other appropriate body the legality of the Employee’s obligation to disclose the Confidential Information. 

 

	11.5	Cessation of use 

 Immediately on the written request of the Company, the Employee must:

  

	 	(a)	cease the use of all Confidential Information; 

  

	 	(b)	deliver to the Company all documents and other materials in the Employee’s possession, power or control containing, recording or constituting that Confidential Information or, at the option of the Company, destroy,
and certify to the Company that the Employee has destroyed, those documents and materials; and 

  

	 	(c)	for Confidential Information stored electronically, permanently delete that Confidential Information from all electronic media on which it is stored, so that it cannot be restored. 

 

	11.6	Survivorship 

 The Employee’s obligations under this clause 11 survive the
termination of the Employment for any reason. 
  

	12.	Intellectual Property 

  

	 	(a)	The Employee hereby assigns to the Company absolutely and beneficially the whole of the Employee’s right, title and interest in the world, whether presently existing or which arises at a date after the date of this
Agreement in and to all Intellectual Property Rights acquired, developed or created by the Employee: 

  

	 	(i)	in the course of his employment with the Company; 

  

	 	(ii)	prior to the Commencement Date, where the Employee was providing services for the Company or Business (which includes in anticipation of the incorporation of the Company), the shareholders of the Company or for the
benefit of any of the Company, its shareholders or the Business; 

  

	 	(iii)	which in any way affect, relate to or are connected with the Business; or 

  
 -11- 

	 	(iv)	with the use of any of the Company’s or a Related Entity’s resources, including the Company’s or a Related Entity’s computer/s or other information technology equipment, the Company’s or a
Related Entity’s laboratory or other research and development facilities or at the Company’s or a Related Entity’s premises, 

(collectively, the Assigned Intellectual Property Rights) 

 

	 	(b)	The Employee hereby agrees and undertakes to promptly disclose to the Company any Assigned Intellectual Property Rights upon acquisition, creation or development. 

 

	 	(c)	The Employee acknowledges and agrees that the Company will own all right, title and interest in and to all of the Assigned Intellectual Property Rights immediately upon creation, acquisition or development of the
Assigned Intellectual Property Rights. 

  

	 	(d)	The Employee irrevocably agrees to promptly execute all documents, forms and authorisations and do all acts and things that the Company considers to be necessary or desirable to give effect to this Agreement and to
absolutely vest in the Company full right, title and interest in and to all of the Assigned Intellectual Property Rights. 

  

	 	(e)	At the Company’s request and expense, the Employee undertakes to assist the Company, whether during the course of or subsequent to the termination of the Employment, in connection with any controversy or legal
proceeding relating to the Assigned Intellectual Property rights and in obtaining domestic or foreign patent or other protection covering the same. 

  

	 	(f)	The Employee hereby irrevocably appoints the Company and each of its directors severally as and to be the attorney of the Employee to do anything and execute any document which the Employee is required to do or execute
pursuant to or in connection with the assignment of Intellectual Property Rights under this Agreement and which the Employee has failed to do or execute. This power of attorney is granted to secure the performance of the Employee’s obligations
to the Company in relation to the assignment of Intellectual Property Rights under this Agreement. 

  

	 	(g)	The Employee’s obligations under this clause 12 will survive the termination of the Employment for any reason. 

  

	13.	Moral Rights 

  

	 	(a)	To the extent that the Employee has any moral rights in any work (whether or not currently in existence) created, made, delivered, produced, contributed to or otherwise provided by the Employee to the Company in the
course of the Employment (collectively Works), the Employee hereby irrevocably and unconditionally consents, to the fullest extent permitted by law (whether present or future), pursuant to the Copyright Act 1968 (Cth), to the Company,
its successors, assignees and licensees, and their licensees, and other persons authorised by any of them: 

  

	 	(i)	reproducing, adapting, publishing, performing, exhibiting, communicating or transmitting the Works or any adaptation thereof (or any part of any of the Works or of any such adaptation) anywhere in the world, in whatever
form and in whatever circumstances the Company thinks fit including the making of any distortions, additions or alterations to the Works or any adaptation thereof (or any part of the Works or of such adaptation) as so reproduced, adapted, published,
performed, exhibited, communicated or transmitted; 

  
 -12- 

	 	(ii)	reproducing, adapting, publishing, performing, exhibiting, communicating or transmitting the Works or any adaptation thereof (or any part of any of the Works or of any such adaptation) anywhere in the world without
making identification of the Company or the Employee or any other person in relation thereto; 

  

	 	(iii)	doing any act or omission that would constitute derogatory treatment of the Works; and 

  

	 	(iv)	combining or juxtaposing the Works with anything else, 

 for any purpose whatsoever, whether
such acts or omissions occur before or after the date on which that consent is given. 
  

	 	(b)	The Employee warrants that the consent obtained pursuant to this clause will be a genuine consent and complies with the provisions of the Copyright Act 1968 (Cth) and that the Employee has not relied on any
statement or representation made by the Company or anyone acting on behalf of the Company. 

  

	14.	Non-Competition 

  

	14.1	Obligations of the Employee 

 The Employee must not, in any capacity including on the
Employee’s own account or as a member, shareholder, unitholder, director, partner, joint venturer, employee, trustee, beneficiary, principal, agent, adviser, contractor, consultant, manager, associate, representative or financier or in any
other way or by any other means: 
  

	 	(a)	during the Restraint Period and in the Restraint Area, perform Restrained Duties for a business, activity or operation which is the same as, substantially similar to, or competitive with the Business or any material
part of the Business; 

  

	 	(b)	during the Restraint Period and in the Restraint Area, participate in, be interested in, assist with or otherwise be directly involved, engaged, concerned or interested in a business, activity or operation which is the
same as, substantially similar to, or competitive with the Business or any material part of the Business; 

  

	 	(c)	during the Restraint Period, solicit, entice away, interfere with, or endeavour to solicit, entice away, or interfere with, any person, firm, corporation or entity which was or is a client or customer of the Company and
with whom the Employee had direct dealings in the course of the Employment in the 12 month period ending on the Termination Date; 

  

	 	(d)	during the Restraint Period, canvass, solicit, or entice, or endeavour to canvas, solicit or entice, any person who was or is an employee, contractor or director of the Company, and with whom the Employee had direct
dealings in the course of the Employment in the 12 month period ending on the Termination Date, to leave that office, engagement or employment; 

  

	 	(e)	during the Restraint Period, interfere with the business of the Company or any Related Entity of the Company, or divulge to any person any information, including Confidential Information, concerning the business of the
Company or any Related Entity of the Company; or 

  

	 	(f)	during the Restraint Period, interfere to the detriment of the Company or any Related Entity of the Company with the relationship between the Company or any Related Entity of the Company and any of their clients,
customers, employees or suppliers. 

  
 -13- 

	14.2	General 

  

	 	(a)	Nothing in this clause 14 prevents the Employee from holding in aggregate less than 5% of the issued shares of a body corporate, or interests in a registered managed investment scheme, included on the official list of a
financial market (as defined in the Corporations Act). 

  

	 	(b)	Each covenant in clause 14.1, each paragraph of the Restraint Area definition and each paragraph of the Restraint Period definition is a separate and independent covenant by the Employee. They are to be combined and
each combination is a separate covenant and restriction, although they are cumulative in effect. 

  

	 	(c)	For the avoidance of any doubt, if any of the separate and independent covenants or restrictions set out in this clause is or becomes invalid or unenforceable for any reason: 

 

	 	(i)	where the offending provision can be read down so as to give it a valid and enforceable operation of a partial nature, it must be read down to the minimum extent necessary to achieve that result; 

 

	 	(ii)	in any other case the offending provision must be severed from these terms, in which event the remaining provisions of these terms operate as if the severed provision had not been included; and 

 

	 	(iii)	without limiting the above, if the covenant or restriction in question would be valid or enforceable if any activity was deleted or the area or time was reduced, then that provision must be read down by deleting that
activity, or reducing that period or area, to the minimum extent necessary to achieve that result. 

  

	 	(d)	The Employee acknowledges that each of the restrictions imposed by this clause: 

  

	 	(i)	is reasonable in its extent (as to duration, geographical area and restrained conduct) having regard to the interests of each party to this Agreement; 

 

	 	(ii)	extends no further, in any respect, than is reasonably necessary for the maintenance and protection of the business of the Company and its goodwill; and 

 

	 	(iii)	does not unreasonably restrict the Employee’s right to carry on the Employee’s profession or trade. 

  

	14.3	Survivorship 

 The Employee’s obligations under this clause 14 survive the
termination of the Employment for any reason. 
  

	15.	Suspension 

 Where the Company considers it necessary, it may suspend the Employee on
full pay, whilst it conducts an investigation into any concerns relating to the Employee’s conduct or performance as an employee or for any other reason. 
  

	16.	Changes to position, duties, remuneration, or location 

  

	 	(a)	The Employee’s employment with the Company will continue to be subject to the terms of this Agreement, unless varied or replaced by an agreement agreed to by both parties in writing, despite any change to the
Employee’s duties, remuneration or location. 

  
 -14- 

	 	(b)	This Agreement may only be varied by a document in writing signed by or on behalf of each party. 

  

	17.	Corporations Act 

  

	 	(a)	Notwithstanding any provision of this Agreement, but subject to this clause 17, the Company is not required to pay or provide, or procure the payment or provision of, any monies or benefits to the Employee which it is
not permitted to pay or provide under the provisions of Part 2D.2, Division 2 of the Corporations Act without obtaining shareholder approval. 

  

	 	(b)	To the extent that this Agreement requires any such payments or benefits to be provided to the Employee, the Company will take all necessary steps to seek shareholder approval for the payment or provision of those
monies and/or benefits to the Employee. 

  

	 	(c)	If shareholder approval for the payment or provision of the monies and/or benefits to the Employee is not obtained, those payments and/or benefits must be reduced to the extent required to ensure compliance with this
clause and the Corporations Act. 

  

	 	(d)	In the event that the Company pays or provides any monies or benefits to the Employee in excess of the amount permitted to be paid or provided to the Employee under the Corporations Act without shareholder approval, the
Employee must, on receiving written notice from the Company, immediately repay or return those monies or benefits to the Company. 

  

	18.	General 

  

	18.1	Entire understanding 

  

	 	(a)	This Agreement constitutes the entire agreement between the parties as to its subject matter and supersedes all prior communications and agreements between the parties as to the terms and conditions of the
Employee’s employment, including any prior written or verbal undertakings or statements. 

  

	 	(b)	Each party acknowledges that, except as expressly stated in this Agreement, that party has not relied on any representation, warranty or undertaking of any kind made by or on behalf of another party in relation to the
subject matter of this Agreement. 

  

	18.2	No adverse construction 

 This Agreement is not to be construed to the disadvantage of a
party because that party was responsible for its preparation. 
  

	18.3	Further assurances 

 A party, at its own expense and within a reasonable time of being
requested by another party to do so, must do all things and execute all documents that are reasonably necessary to give full effect to this Agreement. 
  

	18.4	No waiver 

  

	 	(a)	A failure, delay, relaxation or indulgence by a party in exercising any power or right conferred on the party by this Agreement does not operate as a waiver of the power or right. 

  
 -15- 

	 	(b)	A single or partial exercise of the power or right does not preclude a further exercise of it or the exercise of any other power or right under this Agreement. 

 

	 	(c)	A waiver of a breach does not operate as a waiver of any other breach. 

  

	18.5	Severability 

 Any provision of this Agreement which is invalid in any jurisdiction must
in relation to that jurisdiction: 
  

	 	(a)	be read down to the minimum extent necessary to achieve its validity, if applicable; and 

  

	 	(b)	be severed from this Agreement in other case, 

 without invalidating or affecting the remaining
provisions of this Agreement or the validity of that provision in any other jurisdiction. 
  

	18.6	No assignment 

 A party cannot assign or otherwise transfer the benefit of this Agreement
without the prior written consent of each other party. 
  

	18.7	Consents and approvals 

 Where anything in this Agreement depends on the consent or
approval of a party then, unless this Agreement provides otherwise, that consent or approval may be given conditionally or unconditionally or withheld, in the absolute discretion of that party. 

 

	18.8	No variation 

 This Agreement cannot be amended or varied except in writing signed by the
parties. 
  

	18.9	Governing law and jurisdiction 

  

	 	(a)	This Agreement is governed by and must be construed in accordance with the Law of the State of Victoria. 

  

	 	(b)	The parties submit to the exclusive jurisdiction of the courts of that State and the Commonwealth of Australia in respect of all matters arising out of or relating to this Agreement, its performance or subject matter.

  

	18.10	Counterparts 

 If this Agreement consists of a number of signed counterparts, each is an
original and all of the counterparts together constitute the same document. 
  

	18.11	Conflicting provisions 

 If there is any conflict between the main body of this Agreement
and any Schedules or annexures comprising it, then the provisions of the main body of this Agreement prevail. 
  

	18.12	Non merger 

 A term or condition of, or act done in connection with, this Agreement does
not operate as a merger of any of the rights or remedies of the parties under this Agreement and those rights and remedies continue unchanged. 

  
 -16- 

			
	Executed as an agreement		
		
	Signed by Professor Silviu Itescu in the		)
	presence of:		)
		
	  
		     /s/ Silviu Itescu

			Signature
		
	     /s/ Jenny Zafiris
		
	Signature of witness		
		
	     Jenny Zafiris
		
	Name of witness		
	(please print)		

  

			
	Executed by Mesoblast Limited ACN 109 431		)
	870 in accordance with section 127(1) of the		)
	Corporations Act 2001 (Cth):		)
			)
		
	     /s/ Brian Jamieson
		     /s/ Jenni Pilcher

	Signature of director		Signature of company secretary
			
		
	     Brian Jamieson
		     Jenni Pilcher

	Name (please print)		Name (please print)

  
 -17-EX-10.20

 Exhibit 10.20 

AGREEMENT OF SUB-SUBLEASE 

THIS AGREEMENT OF SUB-SUBLEASE (this “Sub-Sublease”), made and entered into as of the 23rd day of September, 2013, by and between
CARLO PAZOLINI (USA) LLC, a Delaware limited liability company, with offices at 505 Fifth Avenue, Fifth Floor, New York, New York 10017 (“Carlo Pazolini”), and MESOBLAST INC., a Delaware corporation, with offices at 505 Fifth Avenue, 3rd
Floor, New York, New York 10017 (“Mesoblast”), 
 W I T N E S S E T
H: 
 WHEREAS, Fifth @ 42nd LLC (“Landlord”) leased to CIT Group Inc. (“CIT”) certain premises (the
“Premises”) in the building located at 505 Fifth Avenue, New York, New York 10017 (the “Building”), as more particularly described therein, pursuant to a certain Agreement of Lease dated June 7, 2005 (the “Lease”);
and 
 WHEREAS, CIT subleased to Carlo Pazolini a portion of the Premises (the “Subleased Premises”) consisting of 15,624 rentable
square feet on the 5th floor of the Building, pursuant to a certain Sublease dated as of March     , 2011 (the “Sublease”); and 

WHEREAS, Mesoblast now desires to sub-sublease the Subleased Premises from Carlo Pazolini, and Carlo Pazolini is willing to sub-sublease the
Subleased Premises to Mesoblast, upon the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants and obligations herein contained, the parties hereby agree as follows: 
 1. Subleased Premises.
Carlo Pazolini hereby subleases the Subleased Premises to Mesoblast, and Mesoblast hereby hires the Subleased Premises from Carlo Pazolini, upon and subject to the terms and conditions set forth herein. 

2. Term of Sub-Sublease. The term of the sublease (the “Term”) provided for under this Sub-Sublease shall commence on the
date (the “Commencement Date”) that is the later to occur of (a) five (5) business days after the date upon which a written consent to this Sub-Sublease is executed and delivered (provided delivery may be by means of PDF) by each
of CIT and Landlord and (b) February 1, 2014 and shall terminate on May 29, 2021 (the “Expiration Date”), unless sooner terminated as provided herein. Carlo Pazolini shall deliver possession of the Subleased Premises to
Mesoblast vacant of tenancies, broom clean and in “as is” condition on the Commencement Date, and Mesoblast shall accept such possession. If Carlo Pazolini is unable to deliver possession of the Subleased Premises to Mesoblast by the date
stated in the preceding clause (b), then Carlo Pazolini shall not be in default hereunder or be liable for damages therefor, and provided that this Sub-Sublease has not been terminated pursuant to Paragraph 5(i), Mesoblast shall accept possession of
the Subleased Premises on the date when Carlo Pazolini tenders possession thereof to Mesoblast (which date or, if later, the date that is five (5) business days after receipt of consent to this Sub-Sublease from each of CIT and Landlord, will
then be defined as the Commencement Date). Notwithstanding anything herein to the contrary, Carlo Pazolini shall be required to deliver the Subleased Premises to Mesoblast in substantially the same condition that existed as of the date

 
hereof, reasonable wear and tear excepted, and Carlo Pazolini shall afford Mesoblast the opportunity to have access to the Subleased Premises on the date hereof for the purpose of confirming the
condition of the Subleased Premises. If any damage is caused to the Subleased Premises by Carlo Pazolini or its partners, agents, contractors, employees or representatives from and after the date hereof and prior to the delivery of possession by
Carlo Pazolini to Mesoblast, Carlo Pazolini shall be obligated to repair same within thirty (30) days after notice thereof from Mesoblast. 

3. Fixed Rent. 
 (a)
Mesoblast shall pay Carlo Pazolini fixed rent (“Fixed Rent”) for the Subleased Premises, as follows: 
 From the Commencement Date
until the day immediately preceding the fourth (4th) anniversary of the Commencement Date, Nine Hundred Fifty-Three Thousand Sixty-Four Dollars ($953,064.00) per annum, payable in advance in monthly installments of Seventy-Nine Thousand Four
Hundred Twenty Two and 00/100 Dollars ($79,422.00) on the Commencement Date and on the first day of each and every calendar month. 
 From
the fourth (4th) anniversary of the Commencement Date until the Expiration Date, Nine Hundred Ninety-Nine Thousand Nine Hundred Thirty-Six Dollars ($999,936.00) per annum, payable in advance in monthly installments of Eighty Three Thousand
Three Hundred Twenty Eight and 00/100 Dollars ($83,328.00) on the first day of each and every calendar month. 
 (b) Notwithstanding anything
to the contrary in the foregoing, Mesoblast shall pay the first monthly installment of Fixed Rent upon the signing of this Sub-Sublease by Mesoblast. 

(c) The Fixed Rent for any portion of a calendar month falling within the Term shall be prorated. 

(d) Fixed Rent and Additional Rent (as hereinafter defined) shall be paid promptly when due, without notice or demand therefor (except as
provided in Paragraph 4(c) below), and without deduction, abatement, counterclaim or setoff of any kind for any reason whatsoever. 
 (e)
Fixed Rent and Additional Rent shall be paid in lawful money of the United States by either (i) wire transfer in accordance with Carlo Pazolini’s instructions, or (ii) check drawn on a bank which is a member of the New York Clearing
House Association to Carlo Pazolini at its address set forth in the preamble to this Sub-Sublease or at such other address as Carlo Pazolini may from time to time designate by notice to Mesoblast; provided, however, that, if requested by Carlo
Pazolini, Mesoblast shall pay Fixed Rent and Additional Rent by direct remittance to a bank account of Carlo Pazolini which shall be designated by the Carlo Pazolini from time to time for such purpose. 

(f) Notwithstanding anything to the contrary contained in this Paragraph 3, provided that no Event of Default has occurred and is then
continuing, the Fixed Rent for the first two (2) months of the Term shall be abated. To the extent the Commencement Date starts on a date other than the first day of the month, the abatement shall be prorated for the month in which the
abatement expires, and Mesoblast shall pay to Carlo Pazolini Fixed Rent for the portion of such month after the date in which the abatement expires on the first day of such month. 

  
 2 

 4. Additional Rent. 

(a) At least five (5) days prior to each date on which any payment on account of Additional Rent is required to be paid by Carlo Pazolini
to CIT pursuant to the terms of the Sublease or to Landlord pursuant to the terms of the Lease, Mesoblast shall pay to Carlo Pazolini the corresponding amount due to CIT pursuant to this Sub-Sublease. In addition, commencing on January 1, 2015,
at least five (5) days prior to each date thereafter on which any payment in respect of Taxes (as defined in Section 3.01(D) of the Lease) (“CP’s Tax Payment”) and Operating Expenses (as defined in Section 3.03(E) of
the Lease), (“CP’s Operating Payment”) is required to be paid by Carlo Pazolini to CIT pursuant to Section 4(c) of the Sublease, Mesoblast shall pay to Carlo Pazolini the amounts by which CP’s Tax Payment and CP’s
Operating Payment exceed the respective amounts of CP’s Tax Payment and CP’s Operating Payment payable by Carlo Pazolini to CIT for the 2014 calendar year. Within ten (10) days after receipt of Landlord’s Statement, Carlo
Pazolini shall furnish to Mesoblast a statement setting forth CP’s Tax Payment payable on June 1 and December 1 of the following calendar year and CP’s Operating Payment payable each month for the following calendar year, which
statement shall be based on the corresponding statements or estimates received from Landlord or CIT, as applicable, for such year. In addition, Carlo Pazolini shall furnish to Mesoblast, promptly after receipt thereof by Carlo Pazolini, copies of
(i) any Landlord Statements (as defined in the Lease) or Landlord estimates with respect to Tenant’s Operating Payments or Tenant’s Tax Payments (each of such terms, as defined in the Lease) received from Landlord or CIT and
(ii) any notices, estimates or statements received from CIT relating to CP’s Operating Payments and/or CP’s Tax Payments. If Carlo Pazolini shall receive any refund or credit with respect to any overpayment by Carlo Pazolini of
CP’s Operating Payments and/or CP’s Tax Payments for any year with respect to which Mesoblast has made payments of Additional Rent for same pursuant to this Paragraph 4(a), Carlo Pazolini shall within ten (10) business days after
receipt of such refund pay to Mesoblast or credit against Additional Rent payments next coming due hereunder the portion of such refund that relates to the respective Additional Rent paid by Mesoblast under this Paragraph 4(a) for such year. 

(b) Mesoblast shall pay for electricity supplied to the Subleased Premises directly to the utility company providing such electrical service
pursuant to Section 33 of the Sublease. Mesoblast shall also have usage control over the HVAC package unit located within the Subleased Premises and shall be entitled to utilize one (1) conduit benefitting the Subleased Premises in
accordance with Section 33 of the Sublease. 
 (c) In the case of any of Additional Rent payments which are not due on a regular basis
on the first day of the month, Carlo Pazolini shall give Mesoblast notice of the due date and amount thereof promptly after its receipt of an invoice from CIT or Landlord, and Mesoblast shall make payment to Carlo Pazolini (or if permitted by CIT or
Landlord, directly to CIT or Landlord, as applicable) in each case within ten (10) days after its receipt of such notice together with a copy of the related bill and/or supporting documentation received from CIT and/or Landlord, as applicable,
except where a shorter period is specified in this Sub-Sublease. 

  
 3 

 5. Subordination to and Incorporation of Sublease and Lease. 

(a) Obligations. Mesoblast confirms that it has read the Sublease and the Lease and is familiar with all of the terms and provisions set
forth therein (other than any redacted provisions). Subject to the modifications and exclusions set forth in this Sub-Sublease, the terms, provisions, covenants, stipulations, conditions, rights, obligations, remedies, agreements and definitions
contained in the Sublease are incorporated herein by reference and are made a part hereof and shall, as between Carlo Pazolini and Mesoblast (as if they were the “Sublandlord” and the “Subtenant,” respectively, under the Sublease
and as if the Subleased Premises were the “Premises” under the Sublease), constitute the terms of this Sub-Sublease as if herein set forth at length, mutatis mutandis, except to the extent that they are inapplicable,
inconsistent with, or modified by the terms of this Sub-Sublease, and except as otherwise set forth herein. Mesoblast agrees to observe, carry out, perform and discharge the terms and provisions of the Sublease and the Lease to the extent required
to be observed, carried out, performed or discharged by Carlo Pazolini under the Sublease, except to the extent that they are inapplicable, inconsistent with or modified by the terms of this Sub-Sublease. 

(b) Subordination. Mesoblast hereby agrees that (i) this Sub-Sublease is and shall remain in all respects subject and subordinate
to the Sublease and the Lease (as incorporated pursuant to the terms of the Sublease), (ii) except to the extent otherwise expressly permitted by this Sub-Sublease, Mesoblast will occupy the Subleased Premises in accordance with the terms of
the Sublease and the Lease, will maintain the Subleased Premises in accordance with the provisions of the Sublease and the Lease as though it were the “Subtenant” thereunder (or the “Tenant” thereunder) and will not do or cause
to be done, or suffer any act or omit to do, any act which might result in a violation of or a default under any of the terms, conditions, covenants or agreements of the Sublease or the Lease. 

(c) Conflicting Terms. Except as otherwise specifically provided herein, in the event that any term and/or condition of this
Sub-Sublease shall conflict with, or be inconsistent with, any term and/or condition of the Sublease or the Lease, this Sub-Sublease will govern, unless such term and/or condition would constitute a default under or breach of the Sublease or the
Lease, in which case the Sublease or the Lease, as the case may be, will govern. Mesoblast shall not take or suffer any action which would constitute a default under, or be a violation of, the Sublease or the Lease. 

(d) Excluded Provisions; Modified Provisions. The following provisions of the Sublease shall be deemed to be excluded from this
Sub-Sublease: Article 2; Article 3; Section 4(a); Section 4(b); Section 4(d); Article 5; Article 6(c), Article 7; the second and third sentences of Section 9(a); the third and fourth sentences of
Section 10(a); Article 11; the first paragraph of Article 20; Article 21; Article 22; Article 24; Article 25; first sentence of Article 34; Article 35; Section 36(b); Article 37; Exhibit A;
Exhibit B; and Exhibit E. For purposes of this Sub-Sublease (i) the reference to “thirty (30) days” in Section 13(c) shall be replaced with “twenty (20) days” and (ii) each reference to
“Prime Lease” in Article 7 of the Sublease shall be deemed to mean the Sublease. 

  
 4 

 (e) Termination of Sublease or Lease. In the event that the term of the Sublease and the
Lease is terminated prior to the Expiration Date, this Sub-Sublease shall automatically cease and terminate on the date of such termination. In the event of such termination, Carlo Pazolini shall return to Mesoblast that portion of Fixed Rent and
Additional Rent paid in advance by Mesoblast, if any, pro-rated as of the date of such termination. 
 (f) Entry and Inspection. CIT,
Carlo Pazolini and Landlord shall have the right to enter and inspect the Subleased Premises pursuant to the applicable provisions of the Sublease and the Lease. 

(g) Services. Mesoblast shall be entitled to the services, utilities and repairs which Landlord is obligated to furnish or make to CIT
pursuant to the terms of the Lease, but Carlo Pazolini shall have no obligation to make any repairs or provide such utilities or services. Carlo Pazolini shall in no event be liable to Mesoblast nor shall the obligations of Mesoblast thereunder be
impaired, or the performance thereof be excused, because of any failure or delay on the part of Landlord in furnishing such services or in making such repairs unless such failure or delay results from a default by Carlo Pazolini under the Sublease
or the Lease. If Landlord or CIT shall default in any of their respective obligations to provide or perform services, Carlo Pazolini will in accordance with Paragraph 12 below, reasonably assist Mesoblast’s efforts to obtain such services or,
at Mesoblast’s request, exercise its rights under the Sublease on behalf of Mesoblast. 
 (h) Consents and Notices. In all
provisions of this Sub-Sublease (including provisions of the Sublease and the Lease incorporated hereby) requiring the approval or consent of CIT and/or Landlord, Mesoblast shall be required to obtain the approval or consent of Carlo Pazolini, and
Carlo Pazolini shall apply to CIT for such approval or consent promptly after receipt of the application from Mesoblast. In all provisions of this Sub-Sublease (including provisions of the Sublease and the Lease incorporated hereby) requiring that
notice be given, Mesoblast shall be required to give notice to Carlo Pazolini, CIT and Landlord. Any covenants, warranties, representations or other undertakings of CIT under the Sublease and Landlord under the Lease shall not be deemed to be made
by, or otherwise constitute obligations of Carlo Pazolini under this Sub-Sublease. 
 (i) Consent to this Sub-Sublease. Carlo Pazolini
shall, promptly after execution of this Sub-Sublease by both parties, submit copies of same to CIT and Landlord and shall use reasonable efforts to obtain CIT’s and Landlord’s consent to this Sub-Sublease; provided, however, that Carlo
Pazolini shall not be required to make any payments or commence any action or proceeding in order to obtain CIT’s or Landlord’s consent to this Sub-Sublease and shall not in any event be liable to Mesoblast for any failure to obtain same
(as long as Carlo Pazolini shall have used reasonable efforts as aforesaid to obtain CIT’s and Landlord’s consent to this Sub-Sublease). Mesoblast shall fully cooperate with Carlo Pazolini in order to obtain CIT’s and Landlord’s
consent to this Sub-Sublease, including, but not limited to, promptly supplying such financial, business or other information or documentation as CIT and/or Landlord may reasonably request of Carlo Pazolini in connection with this Sub-Sublease. In
the event that CIT’s and Landlord’s consent to this Sub-Sublease is not obtained within thirty (30) business days after this Sub-Sublease has been executed and delivered by the parties hereto, either party may terminate this
Sub-Sublease by giving at least three (3) days’ prior written notice of termination to the other party. If such consent is 

  
 5 

 
received prior to the end of such notice period (inclusive of the last day of such period), then this Sub-Sublease shall not terminate and any prior notice of termination shall be deemed
withdrawn and of no further force or effect. If this Sub-Sublease is terminated pursuant to the immediately preceding sentence of this Paragraph 5(i), Carlo Pazolini shall within five (5) business days return to Mesoblast the first monthly
installment of Fixed Rent which was paid by Mesoblast pursuant to Paragraph 3(b) above and the Security Deposit which was submitted by Mesoblast pursuant to Paragraph 19(a) below, and, except as aforesaid, neither party shall have any further
obligation to the other party under this Sub-Sublease. 
 6. Use of Subleased Premises; Quiet Enjoyment. 

(a) Mesoblast covenants that it will use and occupy the Subleased Premises for general, executive and administrative offices and other uses
permitted under the Sublease only and for no other purposes. 
 (b) Provided that this Sub-Sublease is in full force and effect and no Event
of Default then exists, Mesoblast shall have, hold and enjoy the Subleased Premises peaceably and quietly during the Term hereof without hindrance or molestation by Carlo Pazolini, or any party claiming through or under Carlo Pazolini, subject to
the terms and conditions of this Sub-Sublease, the Sublease and the Lease. 
 7. Improvements. Mesoblast shall make no improvements,
alterations or refurbishing of the Subleased Premises without the prior written consent of Carlo Pazolini, CIT and Landlord. Subject to the consent of Landlord and CIT, Carlo Pazolini consents to the installation, at Mesoblast’s sole cost and
expense, of signage as and to the extent provided in Section 23 of the Sublease. Upon the request of Mesoblast (and two originals prepared by Mesoblast for Carlo Pazolini’s submission), Carlo Pazolini shall forward to CIT an Original
Alterations Notice (as defined in the Sublease) and/or a Second Alterations Notice (as defined in the Sublease). Carlo Pazolini shall not unreasonably withhold or delay its consent to any work proposed to be done by Mesoblast to prepare the
Subleased Premises for its initial occupancy or to any subsequent non-structural interior work or to any signs proposed by Mesoblast, provided that CIT and Landlord have consented thereto. All Mesoblast improvements shall be performed by Mesoblast
at its sole cost and expense. Mesoblast’s rights and obligations with respect to alterations within the Subleased Premises shall be further governed and limited by the relevant provisions of the Sublease and the Lease. Mesoblast shall reimburse
Carlo Pazolini for all out-of-pocket expenses incurred in connection with improvements, alterations or refurbishments (including fees and expenses imposed upon Carlo Pazolini by CIT or Landlord) in connection with Mesoblast’s improvements,
alterations or improvements (including requests therefor). 
 8. Default by Mesoblast. 

(a) The following shall constitute events of default (each an “Event of Default”): 

(i) if (A) Mesoblast shall fail to pay any Fixed Rent or Additional Rent on the due date thereof and such default shall continue for a
period of five (5) days after notice by Carlo Pazolini to Mesoblast of such default, or (B) Mesoblast shall fail to comply with any term, provision 

  
 6 

 
or covenant of this Sub-Sublease or any applicable term, provision or covenant of the Sublease or the Lease, or Mesoblast shall violate any rules and regulations now or hereafter established for
the operation of the Building and Mesoblast shall fail to remedy such failure within fifteen (15) days after notice from Carlo Pazolini, or if such failure complained of shall be of a nature that the same cannot be completely cured and remedied
within said fifteen (15) day period, and Mesoblast shall not (1) promptly upon the giving by Carlo Pazolini of such notice, advise Carlo Pazolini of Mesoblast’s intention to institute all steps necessary to remedy such situation,
(2) promptly institute and thereafter diligently pursue all steps necessary to remedy the same and (3) effect such remedy within a reasonable time after the date of the giving of said notice by Carlo Pazolini and in any event prior to such
time as would subject Carlo Pazolini, CIT, Landlord, their respective agents or any mortgagee or ground lessee to civil or criminal liability or prosecution for a crime; or 

(ii) if, within any period of twelve (12) months during the Term, Mesoblast shall on three (3) separate occasions, fail to pay any
Fixed Rent or Additional Rent on the due date thereof and Carlo Pazolini shall have given the notice contemplated by Paragraph 8(a)(i)(A) and either (A) Mesoblast shall pay the overdue amount within the time period specified in Paragraph
8(a)(i)(A) or (B) Carlo Pazolini shall, in its sole discretion, have permitted Mesoblast to cure such breach after the said cure period; or 

(iii) if (A) any petition is filed by Mesoblast under any provision of Federal or state bankruptcy laws or other statute whether domestic
or foreign involving creditors’ rights or the insolvency of debtors or any such petition is filed against Mesoblast and Mesoblast fails to secure a dismissal or stay thereof within sixty (60) days, or (B) Mesoblast shall become
insolvent or make an assignment for the benefit of creditors, or (C) a receiver is appointed for all or substantially all of the assets of Mesoblast and Mesoblast fails to secure a dismissal or stay thereof within sixty (60) days, or
(D) Mesoblast shall be dissolved or liquidated. 
 (b) Upon the occurrence of an Event of Default Carlo Pazolini shall have the right,
at its option, to do and perform any one or more of the following, in addition to, and not in limitation of any other remedy or right permitted it by law, by this Sub-Sublease, the Sublease or by the Lease: 

(i) terminate this Sub-Sublease, in which event Mesoblast shall immediately surrender the Subleased Premises to Carlo Pazolini, but if
Mesoblast shall fail to do so, Carlo Pazolini may, without prejudice to any other right or remedy Carlo Pazolini may have, either by law or under this Sub-Sublease or otherwise, obtain possession and rent in arrears, enter upon the Subleased
Premises and expel or remove Mesoblast and Mesoblast’s personal property, with force or without force, and without being liable to Mesoblast, and Mesoblast, in addition to its foregoing obligations, agrees to indemnify and hold Carlo Pazolini
harmless for all losses or damages which Carlo Pazolini may suffer by reason of such termination, whether through inability to relet the Subleased Premises or through decrease in rent or by damage to the Subleased Premises, or otherwise, or 

(ii) enter the Subleased Premises and remove Mesoblast and its personal property therefrom without terminating this Sub-Sublease or being
liable to Mesoblast in any manner whatsoever for such acts, and, at Carlo Pazolini’s option, relet the Subleased Premises as the 

  
 7 

 
agent of Mesoblast and receive rent therefor, and in such case Mesoblast shall be liable on a monthly basis when rent is otherwise due and payable to Carlo Pazolini for any deficiency which may
arise by reason of such reletting during the remainder of the Term hereof, but shall not be entitled to any surplus so arising. In the event of a conflict between the provisions of this Sublease or the Lease, the provisions of this Paragraph 8 shall
prevail. 
 9. Subletting and Assignment. 

(a) Mesoblast shall not assign, mortgage, pledge, encumber or in any manner transfer this Sub-Sublease or any part thereof nor further sublet
or suffer the Subleased Premises or any part thereof to be used by others, except as expressly permitted by this Sub-Sublease, the Sublease (including, without limitation, the first sentence of Section 10(a) thereof) and the Lease. If this
Sub-Sublease is assigned in violation of the provisions of this Sub-Sublease, Carlo Pazolini may and is hereby empowered to collect rent from the assignee. In such event, Carlo Pazolini may apply the net amount received by it to the Fixed Rent,
Additional Rent or any other payments herein reserved or provided for, and no such collection shall be deemed a waiver of the covenant herein against assignment, mortgage, pledge or encumbrance, or an acceptance of the assignee as a tenant or
subtenant under this Sub-Sublease or a release of Mesoblast from the further performance of its covenants herein. If the Subleased Premises or any part thereof is further sublet or occupied by others in violation of the provisions of this
Sub-Sublease, Carlo Pazolini is hereby empowered to collect rent from the subtenant or other occupant, and to apply the same to the curing of any default hereunder in any order of priority Carlo Pazolini may elect, any unexpended balance to be
applied by Carlo Pazolini against any rental or other obligations subsequently becoming due. The making of any assignment, mortgage, pledge, encumbrance or subletting in whole or in part, and whether or not in violation of the provisions of this
Sub-Sublease, shall not operate to relieve Mesoblast from its obligations under this Sub-Sublease and, notwithstanding any such assignment, mortgage, pledge, encumbrance or further subletting, Mesoblast shall remain liable for the payment of all
Fixed Rent, Additional Rent and other charges and for the due performance of all the covenants, agreements, terms and provisions of this Sub-Sublease until the end of the Term (except to the extent of any rents actually collected by Carlo Pazolini
from any such assignee or subtenant). Each and every assignee, whether as assignee or as successor in interest of Mesoblast or as assignee or successor in interest of any assignee, shall immediately be and become and remain liable jointly and
severally with Mesoblast and with each other for the payment of the Fixed Rent, Additional Rent and other charges payable under this Sub-Sublease and for the due performance of all the covenants, agreements terms and provisions of this Sub-Sublease
on the part of Mesoblast to be paid and performed until the end of the Term. 
 (b) Any proposal by Mesoblast to assign this Sublease or to
further sublet the Subleased Premises or any portion thereof shall be subject to the prior written consent of Carlo Pazolini, CIT and Landlord. Upon the request of Mesoblast (and two originals prepared by Mesoblast for Carlo Pazolini’s
submission), Carlo Pazolini shall forward to CIT an Original Transfer Notice (as defined in the Sublease) and/or a Second Transfer Notice (as defined in the Sublease). Carlo Pazolini will not unreasonably withhold, delay or condition its consent to
a proposed assignment or further subletting of the Subleased Premises or a portion thereof, provided that (i) Mesoblast is not then in default under this Sub-Sublease and (ii) CIT and Landlord have consented thereto. Mesoblast shall
reimburse Carlo Pazolini for all reasonable out-of-pocket expenses incurred in connection with a proposed assignment or subletting by Mesoblast, including, without limitation the reasonable out-of-pocket fees and disbursements of Carlo
Pazolini’s attorneys. 

  
 8 

 10. Liability; Insurance. 

(a) Neither Carlo Pazolini nor its successors, assigns or agents shall be liable for any loss of or damage to property of Mesoblast or
Mesoblast’s subtenants, assigns, employees, agents or visitors, except for loss or damage resulting from Carlo Pazolini’s gross negligence or willful misconduct. With respect to the Subleased Premises, Carlo Pazolini, its successors,
assigns, employees and agents shall not be liable for any injury or damage to persons or property except for loss or damage resulting from the gross negligence or willful misconduct of Carlo Pazolini, its successors, assigns, employees and agents.

 (b) Mesoblast shall maintain with respect to the Subleased Premises comprehensive general public liability insurance, property insurance
and other insurance in the manner and with the minimum limits and maximum deductibles set forth in the Lease, with insurance companies qualified to do business in the State of New York and otherwise meeting the standards set forth in the Sublease
and the Lease, insuring Mesoblast, Carlo Pazolini, CIT, Landlord and any other parties required in accordance with the Sublease and/or the Lease as named insureds, against, inter alia, claims and liabilities for bodily injury or death
to persons, and damage to property. Each party shall look exclusively to any insurance carried by it pursuant to this Sub-Sublease, the Sublease and the Lease for loss or damage to property resulting from the negligence of the other party or its
agents, servants, employees, contractors, invitees or licensees, and, to the extent permitted by law, Carlo Pazolini and Mesoblast each hereby releases and waives all right of recovery against the other or anyone claiming through or under each of
them by way of subrogation or otherwise, provided that such waivers of liability are permitted and are available under both Carlo Pazolini’s and Mesoblast’s policies of insurance or such waivers are approved by their insurance carriers.
Each party agrees to pay the added cost, if any, of obtaining such approval from its insurance carrier. Mesoblast shall deliver a certificate of insurance to Carlo Pazolini with respect to all insurance required under this Sub-Sublease, the Sublease
and the Lease prior to the Commencement Date. Each of Mesoblast’s policies of insurance shall provide that such policy may not be changed, amended, canceled or allowed to lapse except upon thirty (30) days’ (other than for
cancellation for non-payment, which shall be upon ten (10) days’) prior notice to Carlo Pazolini, CIT, Landlord and any other parties required in accordance with the Sublease or Lease. Such insurance shall be subject to Carlo
Pazolini’s reasonable approval as to form, content, coverage and expiration dates, which approval shall be deemed granted if not refused within thirty (30) days after delivery of the certificate of insurance to Carlo Pazolini. 

11. Indemnification. Except as provided in Paragraph 10 hereof, Mesoblast shall indemnify and hold harmless Carlo Pazolini from and
against all claims, losses, costs, damages, expenses and liabilities (including, but not limited to, the costs of legal proceedings and reasonable attorneys’ fees and disbursements) which Carlo Pazolini may incur, pay or have asserted against
it by reason of any injuries to persons occurring in, on or about the Subleased Premises caused by the acts or omissions of Mesoblast, its agents, employees, guests or invitees or by reason of any breach, failure or default hereunder on
Mesoblast’s part, including any breach or default which results in a breach of or possible termination or forfeiture of the Sublease and/or the Lease. Except as provided 

  
 9 

 
in Paragraph 10 hereof, Carlo Pazolini shall indemnify and hold harmless Mesoblast from and against all claims, losses, costs, damages, expenses and liabilities (including, but not limited to,
the costs of legal proceedings and reasonable attorneys’ fees and disbursements) which Mesoblast may incur, pay or have asserted against it by reason of any breach or default which results in a breach of or possible termination or forfeiture of
the Sublease and/or the Lease; provided, that, the foregoing indemnity shall not include any default under the Sublease and/or the Lease to the extent arising from Mesoblast’s failure to perform any of its obligations under this Sub-Sublease.
In the event of a conflict between the provisions of this Paragraph 11 and any provision of the Sublease or the Lease, the provisions of this Paragraph 11 shall prevail. The provisions of this Paragraph 11 shall survive the expiration or earlier
termination of this Sub-Sublease. 
 12. Mesoblast’s Rights. Notwithstanding anything to the contrary herein set forth,
Mesoblast shall in no case have any rights in respect of the Subleased Premises greater than the rights of Carlo Pazolini under the Sublease or CIT under the Lease. Mesoblast will look solely to Landlord under the Lease for the enforcement of
Mesoblast’s rights. Carlo Pazolini agrees to use reasonable efforts (not including the expenditure of funds or the institution of litigation) to obtain for the benefit of Mesoblast any services or other benefits provided by Landlord under the
Lease which relate to the use and enjoyment of the Subleased Premises. If Landlord shall default in any of its obligations to CIT with respect to the Subleased Premises, in addition to any other remedies, Mesoblast shall also be entitled to request
that Carlo Pazolini endeavor to enforce the Lease against Landlord either directly or through CIT but Carlo Pazolini shall have no obligation to bring any action or proceeding or to take any steps to enforce the Lease against Landlord. If, after
receipt of a written request from Mesoblast, Carlo Pazolini shall fail or refuse to initiate an appropriate enforcement action against Landlord (as may be permitted pursuant to the Sublease) with respect to the Subleased Premises, Mesoblast shall
have the right, at Mesoblast’s sole expense, to take such action in its own name or, in the event that Mesoblast lacks standing to take such action in its own name, to use the name of Carlo Pazolini for taking such action. For the purpose of
such an action and only to such extent, all of the rights of Carlo Pazolini under the Sublease are hereby conferred upon and assigned to Mesoblast, Mesoblast is hereby subrogated to such rights and Carlo Pazolini agrees to reasonably cooperate, at
Mesoblast’s expense, with Mesoblast’s prosecution of any such action. In addition to the indemnification provided under Paragraph 11 hereof, Mesoblast hereby indemnifies and agrees to hold harmless Carlo Pazolini from and against all
claims, losses, costs, damages, expenses and liabilities (including but not limited to, the costs of legal proceedings and reasonable attorneys’ fees and disbursements) which Carlo Pazolini may incur, pay or have asserted against it by reason
of the prosecution of any such action by Mesoblast or Carlo Pazolini’s cooperation therewith. The provisions of the foregoing sentence shall survive the expiration or earlier termination of this Sub-Sublease. 

13. Possession, Care and Condition of Subleased Premises. 

(a) Possession and Condition. Mesoblast acknowledges that Carlo Pazolini has afforded Mesoblast the opportunity for full and complete
investigation, examination and inspection of the Subleased Premises. Mesoblast acknowledges that it has examined the Subleased Premises and that it is leasing the Subleased Premises in their “as is” condition. Carlo Pazolini shall leave in
place in the Subleased Premises in their “as is” condition, all furniture and other items which are listed on “Exhibit A” which is attached to this Sub-Sublease as an integral part hereof (the “Carlo

  
 10 

 
Pazolini Property”). The Carlo Pazolini Property shall remain the property of Carlo Pazolini, and Mesoblast shall exercise the care of a prudent custodian in its use and care of the Carlo
Pazolini Property during the Term. Mesoblast shall be responsible for any damage to or loss of any of the Carlo Pazolini Property, ordinary wear and tear excepted. Notwithstanding the foregoing, the Carlo Pazolini shall be the owner of the Carlo
Pazolini Property throughout the Term. On the Expiration Date, as defined above, Mesoblast shall purchase the Carlo Pazolini Property for One Dollar ($1.00) and the Carlo Pazolini Property shall become the property of the Mesoblast. Carlo Pazolini
has made no representation or warranty concerning the condition of the Subleased Premises or the Carlo Pazolini Property, except as expressly set forth in this Sub-Sublease. Subject to the provisions of Paragraph 2. hereof, on the date upon which
the term hereof shall expire and come to an end, whether by expiration, by lapse of time or otherwise, Mesoblast, at its sole cost and expense, shall quit and surrender the Subleased Premises to Carlo Pazolini in substantially the same condition as
delivered to Mesoblast on the Commencement Date, ordinary wear and tear and damage from any casualty excepted, and broom clean; provided, however, that, if required by CIT under the Sublease or Landlord under the Lease, Mesoblast shall, prior to the
Expiration Date, remove any improvements and alterations which have been installed in the Subleased Premises by Mesoblast and restore the Subleased Premises, but in no event shall Mesoblast have any liability or obligation for removal of any
alterations or improvements made by CIT, Carlo Pazolini or any of their respective sublessees, licensees or occupants. If Mesoblast shall fail to promptly remove any such alterations, installations, additions, and improvements which CIT or Landlord
shall designate to be removed in accordance with this Section, then such items may be removed by Carlo Pazolini, and Mesoblast shall promptly reimburse Carlo Pazolini for any expenses incurred by Carlo Pazolini in connection therewith, including,
without limitation, the cost of removal thereof and of repairing any damage caused thereby, plus a fifteen percent (15%) administration fee. Mesoblast shall also remove from the Premises all of Mesoblast’s goods, effects, movable personal
property, business and trade fixtures, and machinery and trade equipment, and shall repair all damage resulting from such removal. Any of such items not so removed by Mesoblast at the expiration or termination of this Sublease shall be conclusively
deemed to have been abandoned by Mesoblast. Mesoblast shall not receive any cost or credit therefor, and Carlo Pazolini may dispose of the same without any liability to Mesoblast; provided, however, that Mesoblast shall promptly reimburse Carlo
Pazolini for any expenses incurred by Carlo Pazolini in connection therewith, including, without limitation, the cost of removal thereof and of repairing any damage caused thereby, plus a fifteen percent (15%) administration fee. 

(b) Obligation to Repair. Mesoblast shall take good care of the Subleased Premises and the fixtures and appurtenances therein. All
damage or injury to the Subleased Premises and to its fixtures, glass, appurtenances and equipment or to the Building caused by Mesoblast’s moving of Mesoblast’s property in or out of the Building or by Mesoblast’s installation or
removal of furniture, fixtures or other property, or resulting from Mesoblast’s negligent acts, omissions or misconduct shall be promptly repaired by Mesoblast, at its sole cost and expense, to the reasonable satisfaction of Carlo Pazolini, CIT
and Landlord. If a request is made by CIT or Landlord for Carlo Pazolini to repair the Subleased Premises in accordance with the Sublease or the Lease, Mesoblast shall undertake such repair at its cost in accordance with the Sublease and the Lease.
All of said repairs required to be made by Mesoblast shall be in quality and class substantially equal to the original work or installation and shall be done in a good and workmanlike manner. If Mesoblast fails to make such repairs after ten
(10) days’ notice or such longer period as 

  
 11 

 
may be reasonably required to make such repairs (provided Mesoblast is then diligently pursuing completion of such repairs), the same may be made by Carlo Pazolini, CIT or Landlord at the expense
of Mesoblast and all reasonable sums so spent and expenses incurred by Carlo Pazolini shall be collectible as Additional Rent and shall be paid by Mesoblast to Carlo Pazolini within ten (10) days after rendition of bills or statements therefor.

 14. Notices. Notices, demands and any other communications hereunder shall be in writing and shall be given or made by overnight
delivery by a recognized national courier service or by certified mail, return receipt requested, addressed to Carlo Pazolini at its address hereinabove set forth, provided after the Commencement Date hereof, Carlo Pazolini will provide Mesoblast
with an alternative notice address, and addressed to Mesoblast at the address hereinabove set forth, to the attention of Michael Schuster or at such other address which either party may hereafter designate for such purpose by a written notice;
provided, however, that after Mesoblast has moved into the Subleased Premises, notices, demands and any other communications shall be sent to Mesoblast at the Subleased Premises. Notices, demands and other communications shall be deemed given
(a) if delivered by personal delivery or by overnight courier service, on the date of delivery or rejection of such delivery or (b) if sent by certified mail, upon receipt or rejection of such delivery. Carlo Pazolini shall, within five
(5) days after receipt thereof, give to Mesoblast a copy of each notice or demand received from CIT or Landlord relating to the Subleased Premises, and Mesoblast shall, within five (5) days after receipt thereof, give to Carlo Pazolini a
copy of each notice or demand received from CIT or Landlord relating to the Subleased Premises. 
 15. Miscellaneous. This
Sub-Sublease contains the entire agreement of the parties with respect to the transactions contemplated hereby, supersedes all prior agreements or understandings between the parties and may not be changed or modified in any way unless such change or
modification is in writing and signed by the parties hereto. Neither Carlo Pazolini nor Mesoblast has made any representations or warranties with respect to this Sub-Sublease except as expressly set forth herein. If any provision of this
Sub-Sublease shall be held to be invalid or unenforceable in any respect, the validity or enforceability of the remaining portions of this Sub-Sublease shall be unaffected thereby. This Sub-Sublease shall be binding upon, inure to the benefit of and
be enforceable by the parties hereto and their respective successors and assigns. The headings in this Sub-Sublease are for convenience only and shall not be used in construing the intentions of the parties. This Sub-Sublease shall be governed by
and construed in accordance with the laws of the State of New York. Carlo Pazolini and Mesoblast each represents that (i) it is duly organized, validly existing and in good standing in the State of Delaware, (ii) it has full right and
authority to enter into this Sub-Sublease and that the officer signing this Sub-Sublease on its behalf is authorized to do so and (iii) the execution, delivery and performance of this Sub-Sublease have been duly authorized by all necessary
action of such party. Carlo Pazolini represents that the Sublease and to Carlo Pazolini’s knowledge, the Lease are each in full force and effect, no default exists under the Sublease or, to Carlo Pazolini’s knowledge, under the Lease, and
to Carlo Pazolini’s knowledge, no fact, event or condition has occurred or exists which, with or without notice, the passage of time or both, would constitute a default under the Sublease or, to Carlo Pazolini’s knowledge, under the Lease

  
 12 

 16. Intentionally Omitted. 

17. Interest, Late Charges. Mesoblast shall, on demand, pay interest on any Fixed Rent, Additional Rent and other amounts payable by
Mesoblast to Carlo Pazolini pursuant hereto if any such amount is received after its due date. Interest will accrue at a fluctuating rate per annum equal to three percent (3%) above the rate of interest announced by Citibank, N.A., or its
successor, from time to time as its prime or base lending rate (but in no event at a rate in excess of the maximum legal rate permitted by law) from the date such amounts of Fixed Rent, Additional Rent or other amounts first became due hereunder
until the same are received by Carlo Pazolini. In addition, if any Fixed Rent, Additional Rent or other amount payable by Mesoblast to Carlo Pazolini pursuant hereto is not paid within fifteen (15) days after its due date, Mesoblast shall pay
to Carlo Pazolini a late charge of five cents ($.05) for each Dollar of the overdue amount to defray Carlo Pazolini’s administrative costs for handling the late payment. The right of Carlo Pazolini to collect interest and late charges shall be
without derogation of any other right of Carlo Pazolini hereunder. The amounts payable under this Paragraph 17 shall be deemed to be Additional Rent for purposes of this Sub-Sublease. In the event of any inconsistency between this Paragraph 17 and
any provision of the Sublease or the Lease, this Paragraph 17 shall prevail. 
 18. Brokerage. Carlo Pazolini and Mesoblast each
represents and warrants to the other party that it has had no dealings or communications with any broker or agent in connection with this Sub-Sublease other than Adams & Co. Real Estate, LLC (“Adams”) and Cushman &
Wakefield, Inc. (together with Adams, the “Brokers”). Carlo Pazolini and Mesoblast each agrees to hold harmless and indemnify the other party from and against any and all costs, expenses or liability (including, without limitation, the
cost of legal fees and related expenses) incurred by the other party in connection with or relating to the breach by it of the representation set forth above. The commission due to the Brokers shall be paid by Carlo Pazolini pursuant to a separate
agreement between Carlo Pazolini and Adams. 
 19. Security Deposit. 

(a) As security for the full and punctual performance by Mesoblast of all of the terms and conditions of this Sub-Sublease, Mesoblast shall
deposit the sum of Seven Hundred Fourteen Thousand Seven Hundred Ninety Eight Dollars ($714,798.00) (the “Security Deposit”) with Carlo Pazolini by means of an irrevocable letter of credit (such letter of credit and all renewals and
replacements thereof are referred to herein as the “Letter of Credit”) substantially in the form of Exhibit “B” which is attached to this Sub-Sublease as an integral part hereof and issued in the Borough of Manhattan, State
of New York to Carlo Pazolini as the sole beneficiary thereunder by Bank of America, N.A. or another bank or trust company (the “Issuing Institution”) reasonably acceptable to Carlo Pazolini and having an expiration date of no later than
three hundred sixty five (365) days after its date of issuance with automatic annual renewals. The Letter of Credit shall not limit the number of times that Carlo Pazolini is entitled to draw thereunder and shall be transferable by Carlo
Pazolini to any successor to Carlo Pazolini’s position as sub-sublandlord under this Sub-Sublease without cost to Carlo Pazolini or such successor. The final Letter of Credit established hereunder shall have an expiration date which falls at
least sixty-five (65) days after the Expiration Date. The Security Deposit shall be submitted to Carlo Pazolini by Mesoblast concurrently with the signing of this Sub-Sublease by Mesoblast. 

  
 13 

 (b) Upon the occurrence of an Event of Default by Mesoblast under this Sub-Sublease or whenever
Carlo Pazolini has obtained a judgment against Mesoblast based on a claim arising out of this Sub-Sublease, Carlo Pazolini may draw against the Letter of Credit, to the extent required for the payment of any Fixed Rent or Additional Rent or for any
sum which Carlo Pazolini may expend or be required to expend by reason of Mesoblast’s default or the amount of such default or judgment, as the case may be. The Letter of Credit may be drawn upon by presentation to the Issuing Institution of a
statement of any officer of Carlo Pazolini certifying that Carlo Pazolini is entitled to draw such amount pursuant to the terms of this Sub-Sublease. The application of any amounts drawn under the Letter of Credit shall not constitute the cure by
Mesoblast of the underlying default to which the Security Deposit is so applied. 
 (c) If Carlo Pazolini receives notice of non-renewal of
any Letter of Credit required to be maintained under this Paragraph 19 and Mesoblast fails to renew or replace same by no less than thirty (30) days prior to its expiration with a renewal or replacement Letter of Credit meeting the requirements
of this Paragraph 19, then Carlo Pazolini, at any time after such thirtieth (30th) day and prior to such renewal or replacement, may draw on such Letter of Credit for the undrawn amount of such Letter of Credit and deposit the proceeds of such
draw into an account maintained by Carlo Pazolini (which account may include other funds of Carlo Pazolini) and Carlo Pazolini shall have the right to draw on such proceeds whenever Carlo Pazolini would have had the right to draw on the Letter of
Credit, if such Letter of Credit had been renewed or replaced. Any renewal or replacement Letter of Credit shall be submitted to and held by Carlo Pazolini. 

(d) In the case of every use, application or retention of the Security Deposit, Mesoblast shall, within five (5) days after demand, either
increase the Letter of Credit by such sum or pay to Carlo Pazolini the sum so used, applied or retained, so that the Security Deposit shall be replenished to the amount which Mesoblast is required to maintain hereunder. 

20. Consent to Jurisdiction. Each of the parties hereto hereby irrevocably consents and agrees that any legal action or proceeding with
respect to this Sub-Sublease may be brought in any of the Federal or state courts having subject matter jurisdiction located in the Borough of Manhattan, The City of New York, and, by its execution and delivery of this Sub-Sublease, each such party
hereby (a) accepts the non-exclusive jurisdiction of the aforesaid courts, (b) irrevocably agrees to be bound by any final judgment (after any appeal) of any such court with respect to this Sub-Sublease, and (c) irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding with respect to this Sub-Sublease brought in any such court, and further irrevocably waives, to the
fullest extent permitted by law, any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

21. Covenants, Representations and Warranties. Each of the parties hereby covenants, represents and warrants to the other party as
follows as of the date of this Sublease: 
 (a) This Sub-Sublease and the transactions contemplated hereby shall, upon execution by it, be
its legal, valid and binding obligation and shall be enforceable against it in accordance with their terms, except as the enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
creditors’ rights generally or by the principles governing the availability of equitable remedies. 

  
 14 

 (b) The execution and delivery of this Sub-Sublease and the documents to be delivered pursuant to
this Sub-Sublease and compliance by it with the provisions hereof and thereof will not (i) conflict with, result in a breach of, or constitute a default under, its certificate of incorporation or by-laws or other comparable organization
documents or (ii) conflict with, result in a breach of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement to which it is a party or by which it is bound. 

In addition, Carlo Pazolini hereby covenants, represents and warrants as follows as of the date of this Sub-Sublease: 

(c) A true, correct and complete copy of the Sublease (including any amendments or modifications thereto) and Lease (except for those business
terms which have been redacted therefrom) has been provided to Mesoblast’s attorney pursuant to those certain e-mails dated August 7, 2013 sent by David.Glassman@cushwake.com at 3:23 P.M. to Jane
Wright-Mitchell at Jane.Wright-Mitchell@mesoblast.com. 
 22. This Sub-Sublease may be executed by two or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Sub-Sublease by facsimile transmission or electronic mail shall be effective as delivery of a
manually executed counterpart hereof. 
 IN WITNESS WHEREOF, this Sub-Sublease has been executed by the duly authorized representatives of
the parties as of the day and year first above written. 
  

			
	CARLO PAZOLINI (USA) LLC
		
	 By:
		 /s/ Sheryl Bloom

			Name: Sheryl Bloom
			Title:   CEO
	
	MESOBLAST INC.
		
	By:		 /s/ Michael Schuster

			Name: Michael Schuster
			Title:   EVP Global Programs
	
	 /s/ Sue MacLeman

	Sue MacLeman
	SVP Corporate

  
 15 

 MESOBLAST ACKNOWLEDGMENT 

 

			
	STATE OF NEW YORK		)
			) ss.:
	COUNTY OF NEW YORK		)

 On the 19 day of September, 2013, before me, the undersigned, a Notary Public in and for said state,
personally appeared Michael Schuster, who proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he (she) executed the same in his (her) capacity, and
that by his (her) signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	/s/ Kathleen Hegierski
	 Notary Public

 CARLO PAZOLINI ACKNOWLEDGMENT 

 

			
	STATE OF NEW JERSEY		)
			) ss.:
	COUNTY OF ESSEX		)

 On the 19 day of September, 2013, before me, the undersigned, a Notary Public in and for said state,
personally appeared Sheryl Bloom, who proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he (she) executed the same in his (her) capacity, and that by
his (her) signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	/s/ Daniele Natale
	 Notary Public

 EXHIBIT A 

Carlo Pazolini’s Property 

 505 5th Floor Furniture Inventory 

 

					
	 CIT INVENTORY
	  	 ITEMS
	  	 QUANTITY

			
	A. Conference Room 5A	  	 Steelcase Convene Wedge 8’ Table
 Steelcase
Convene Credenza 60x24
 Room Wizard
 Keilhauer Elite Mid Back
Faux (Ultrasuede) Chairs
	  	 1

1
 1

8

			
	B. Conference Room 5B	  	 Steelcase Convene Round Table
 Steelcase Convene
Credenza 60x24
 Keilhauer Elite Mid Back Faux (Ultrasuede) Chairs
	  	 1

1
 6

			
	C. Legal Library	  	 Keilhauer Elite Mid Back Faux (Ultrasuede) Chairs

7 Shelf Bookcase
	  	 4

3

			
	D. Pantry	  	 Chairmaster Bar Stools
 Subzero Refrigerator

Amana Microwave
 Oasis Water Machine

Uline Ice Maker
 Dell Monitor

Endeleo Remote
 Blue Recycle Bins
	  	 3

1
 1

1
 1

1
 1

2

			
	E Ladies Room	  	Gray Trash Receptacle	  	1
			
	F Other	  	 Steelcase—36” Lateral File Cabinets (5 Drawers)

Steelcase—36” Lateral File Cabinets (2 Drawers)

Steelcase—30” Lateral File Cabinets (2 Drawers)

Steelcase—30” Lateral File Cabinets (3 Drawers)

Steelcase—Coat Closet
 Plastic Waste Paper Baskets

Blue Recycle Bin
 Keys for all Furniture & File
Cabinets
	  	 8

5
 12

21
 1

47
 1

			
	 H “A” Office Modular Desk Sets—Elective Elements
	  	 P Top Desk With 2 Rectangular Worksurfaces
 3
Lateral Files
 Wall Mounted Storage Unit and Tack Boards

Hardwired Task Lights and Ambient Lights Above
 Wall Mounted
Storage Unit.
 Mobile Pedestal
 Steelcase Leap Desk Chair

Geiger Guest Chairs
	  	 3

9
 3

3
 3

3

7

					
	 CIT INVENTORY
	  	 ITEMS
	  	 QUANTITY

			
	 I “B” Office Modular Desk Sets—Elective Elements
	  	 Bullet Top Desk With 2 Rectangular Worksurfaces

2 Lateral Files
 Wall Mounted Storage Unit and Tack Boards

Hardwired Task Lights and Ambient Lights Above
 Wall Mounted
Storage Unit.
 Mobile Pedestal
 Steelcase Leap Desk Chair

Geiger Guest Chairs
	  	 23

46
 23

23
 23

23
 46

			
	 J Powered Steelcase Montage Workstation
	  	 Rounded Work Surface With Box/Box/File
 2
Lateral Files
 Slat Wall
 Monitor Arm

Steelcase Leap Desk Chair
 In/Out Tray

Pen/Pencil Holder
 Dual Paperclip Holder
	  	 21

40
 21

21
 19

40
 20

21

			
	 K Miscellaneous from Touchdowns
	  	Steelcase Leap Desk Chair	  	2
			
	L Reception/Waiting Area	  	 Reception Desk
 Waiting Area Chairs

Waiting Area side Table
	  	 1

4
 2

			
	M Conference Room/04	  	 Tables
 Chairs
	  	 4

8

  
 2 

 EXHIBIT B 

FORM OF LETTER OF CREDIT 
  

							
			Form of Letter of Credit				
					Date:		  

					L/C No.:		  

					Amount: $714,798.00

 CARLO PAZOLINI (USA) LLC 
 505
Fifth Avenue, Fifth Floor 
 New York, New York 10017 

Attention: Sheryl Bloom 
 Ladies/Gentlemen: 

We hereby establish our Irrevocable Standby Letter of Credit No.             in
favor of CARLO PAZOLINI (USA) LLC for the account of MESOLBLAST LIMITED for a sum not exceeding $            , available by your drafts at sight on us effective immediately and expiring at
our counters at our close of business on             . 
 Drafts drawn hereunder
must be accompanied by a statement signed by one of your officers reading as follows: “The amount of the accompanying draft is due and payable to CARLO PAZOLINI (USA) LLC. by MESOLBLAST LIMITED under a certain Agreement of Sub—Sublease
between CARLO PAZOLINI (USA) LLC, as sub-sublandlord, and MESOLBLAST LIMITED, as sub-subtenant.” 
 Drafts drawn hereunder must
indicate: “Drawn under Letter of Credit No.             of [Name of Issuing Bank].” 

It is a condition of this Letter of Credit that it shall be automatically extended without amendment for further periods of one year from the
present and each future expiration date through August 3, 2021, unless, at least forty-five (45) days prior to such date, we shall send you notice in writing by registered or certified mail, return receipt requested, that we elect not to
renew this Letter of Credit for such additional period. Any such notice will be effective two (2) days after being sent by us, and thereafter you may draw draft(s) on us at sight for amounts up to the remaining balance of this Letter of Credit
on or before the then applicable expiration date, and such draft(s) need not be accompanied by any statement. 
 This Letter of Credit is
transferable in its entirety to any assignee or transferee of your interest in the Agreement of Sub-Sublease refereed to above without any fee or charge on your part or on the part of the transferee. 

Partial drawings under this Letter of Credit are permitted. The amount and date of presentation of any draft drawn and presented pursuant to
the terms of this Letter of Credit shall be noted on this Letter of Credit by us. After making such notation, this Letter of Credit shall be returned immediately to you, unless any such draft presented and paid shall have exhausted this credit, in
which case this Letter of Credit shall be retained by us. 

 We hereby engage with the drawers, endorsers and bona fide holders of drafts drawn under and in
compliance with the terms of this Letter of Credit that such drafts will be duly honored if presented for payment at our office located at
                                         
        or at our principal office in New York City prior to the time of expiration hereof. Such drafts will be paid in immediately available funds before 2:00 p.m. New York time on the Banking Day after the
day on which such draft is so presented. “Banking Day” means a day on which commercial banks are open for business in New York. 

This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision) of the International Chamber of
Commerce (Publication No. 600). 
  

	
	 Very truly yours,

	[Name of Issuing Bank]
	
	 
	Authorized Signature

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]