Document:

EX-10.12

 Exhibit 10.12 

Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant
treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 
  

 
  

EXCLUSIVE LICENSE AND SUPPLY AGREEMENT 

Dated January 31, 2014 

Between 
 LI-COR, Inc. 
 And 

Aura Biosciences, Inc. 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1
	 	DEFINITIONS	  	 	1	 
	 ARTICLE 2
	 	LICENSE	  	 	5	 
	 2.1
	 	Grant	  	 	5	 
	 2.2
	 	Sublicenses	  	 	5	 
	 2.3
	 	Consideration for Expanded Field	  	 	5	 
	 2.4
	 	No Implied Rights or Licenses	  	 	5	 
	 ARTICLE 3
	 	FEES, ROYALTIES, AND PAYMENTS	  	 	6	 
	 3.1
	 	License Issue Fee	  	 	6	 
	 3.2
	 	Royalty	  	 	6	 
	 3.3
	 	Milestone Payments	  	 	7	 
	 3.4
	 	Method of Payment	  	 	7	 
	 3.5
	 	Late Payments	  	 	8	 
	 3.6
	 	Taxes	  	 	8	 
	 ARTICLE 4
	 	REPORTS, RECORDS, AND INSPECTIONS	  	 	8	 
	 4.1
	 	Reports	  	 	8	 
	 4.2
	 	Records and Inspections	  	 	8	 
	 ARTICLE 5
	 	ADDITIONAL OBLIGATIONS OF THE PARTIES	  	 	9	 
	 5.1
	 	Due Diligence	  	 	9	 
	 5.2
	 	Compliance with Law	  	 	10	 
	 5.3
	 	Data Sharing	  	 	10	 
	 5.4
	 	Prosecution, Maintenance, and Enforcement	  	 	10	 
	 5.5
	 	Challenges	  	 	10	 
	 5.6
	 	Promotional Materials and Product Labeling	  	 	11	 
	 5.7
	 	Publicity and Use of Marks	  	 	11	 
	 5.8
	 	Improvements	  	 	11	 
	 ARTICLE 6
	 	SUPPLY OFIR DYE 700DX	  	 	11	 
	 6.1
	 	Supply & Exclusivity	  	 	11	 
	 6.2
	 	Forecasting	  	 	11	 
	 6.3
	 	Orders and Acceptance	  	 	12	 
	 6.4
	 	Pricing and Payment	  	 	12	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 6.5
	 	Delivery	  	 	12	 
	 6.6
	 	Inspection and Rejection	  	 	12	 
	 6.7
	 	Safety Stock	  	 	13	 
	 6.8
	 	Secondary Supplier	  	 	13	 
	 ARTICLE 7 
	 	REPRESENTATIONS AND WARRANTIES	  	 	13	 
	 7.1
	 	Of Both Parties	  	 	13	 
	 7.2
	 	Of LI-COR	  	 	14	 
	 7.3
	 	Disclaimer	  	 	15	 
	 ARTICLE 8 
	 	CONFIDENTIALITY	  	 	15	 
	 8.1
	 	Confidentiality	  	 	15	 
	 8.2
	 	Exceptions	  	 	15	 
	 8.3
	 	Unauthorized Disclosure	  	 	16	 
	 8.4
	 	Notification	  	 	16	 
	 8.5
	 	Duration	  	 	16	 
	 ARTICLE 9 
	 	TERM AND TERMINATION	  	 	16	 
	 9.1
	 	Term	  	 	16	 
	 9.2
	 	Termination	  	 	16	 
	 9.3
	 	Effect of Termination	  	 	17	 
	 ARTICLE 10
	 	INDEMNIFICATION	  	 	18	 
	 10.1
	 	Indemnification	  	 	18	 
	 10.2
	 	Notice and Defense of Third-Party Claims	  	 	18	 
	 ARTICLE 11
	 	INSURANCE 	  	 	19	 
	 11.1
	 	Requirements	  	 	19	 
	 11.2
	 	Other Obligations	  	 	19	 
	 11.3
	 	Third-Party Requirements	  	 	19	 
	 ARTICLE 12
	 	LIMITATION OF LIABILITY	  	 	19	 
	 ARTICLE 13
	 	MISCELLANEOUS	  	 	19	 
	 13.1
	 	Force Majeure	  	 	19	 
	 13.2
	 	Governing Law and Forum	  	 	20	 
	 13.3
	 	Assignment	  	 	20	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 13.4
	 	Merger	  	 	20	 
	 13.5
	 	Notices	  	 	20	 
	 13.6
	 	General Interpretive Provisions	  	 	21	 
	 13.7
	 	Severability	  	 	21	 
	 13.8
	 	Amendments	  	 	21	 
	 13.9
	 	Waivers	  	 	21	 
	 13.10
	 	Counterparts	  	 	21	 
	 13.11
	 	Independent Contractors	  	 	21	 
	 13.12
	 	Third-Party Beneficiaries	  	 	21	 
	 13.13
	 	Construction	  	 	21	 
	 13.14
	 	Export Controls	  	 	22	 
	 13.15
	 	US Dollars	  	 	22	 
	 13.16
	 	Further Assurances	  	 	22	 
	 13.17
	 	Dispute Resolution	  	 	22	 

  

  
 -iii- 

 EXCLUSIVE LICENSE AND SUPPLY AGREEMENT 

This Exclusive License and Supply Agreement (this “Agreement”) is dated January 31, 2014 (“Effective
Date”) and is between LI-COR, Inc., a Nebraska corporation with a principal address of 4647 Superior Street, Lincoln, Nebraska 68504
(“LI-COR”), and Aura Biosciences, Inc., a Delaware corporation with a principal address of 85 Bolton Street, Cambridge, MA 02140 (“Aura”). LI-COR and Aura individually referred to herein as a “Party” and collectively as the “Parties”. 

WHEREAS, LI-COR has developed a certain proprietary dye, IRDye 700DX, for use in targeted
imaging agents, as well as certain technology concerning the binding of such dye to an optical agent; 
 WHEREAS, Aura desires to license-in, and LI-COR is willing to grant such license to, such dye and technology, on an exclusive basis, for commercial use in the limited field of the treatment and
diagnosis of ocular cancers in humans using Aura’s nanoparticles conjugated to such dye; and 
 WHEREAS, in connection with such
license grant to Aura, Aura desires to have LI-COR supply its requirements of such IR Dye 700DX, and LI-COR is willing to supply such IR Dye 700DX, to Aura. 

NOW THEREFORE, in mutual consideration of the covenants and obligations set forth in this Agreement, the receipt and legal sufficiency
of which is hereby acknowledged, accepted and agreed to, the Parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1

 Definitions 

For purposes of this Agreement, the following capitalized terms, whether used in the singular or plural, have the respective meanings set
forth below: 
 1.1    “Affiliate” means, with respect to any given Person, any other Person at
the time directly or indirectly controlling, controlled by or under common control with that Person. “Control” means the possession of, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through ownership of voting securities, by contract, or otherwise. 
 1.2    “Commercially
Reasonable Efforts” means [***]. 
 1.3    “Confidential Information” means any
and all confidential or proprietary information and materials of or concerning a Party or the Licensed Patent or Know-How, including, but not limited to, commercial, financial, and technical information,
substances, formulations, techniques, methodologies, customer or client lists, programs, procedures, data, documents, know-how, protocols, results of experimentation and testing, specifications, databases,
business plans, trade secrets, business arrangements, information regarding specific transactions, long-term plans and goals, and the terms and conditions of this Agreement. The Licensed Patent and Know-How
will be treated as the Confidential Information of LI-COR. 

 1.4    “EU” means the European Union. 

1.5    “FDA” means the United States Food and Drug Administration, including all agencies under
its control, and any successor agency thereto. 
 1.6    “First Commercial Sale” means the first
sale of a Licensed Product by Aura, an Affiliate or a Sublicensee to a Third Party, following Regulatory Approval of such Licensed Product. 

1.7    “Generic Product” means, with respect to a Licensed Product, a product that
(a) obtained Regulatory Approval solely by means an ANDA procedure (or any foreign equivalent thereto) under Section 505 (j) of the Federal Food, Drug, and Cosmetic Act, in the United States for establishing equivalence to such Licensed
Product, with the Licensed Product as the reference listed drug, (b) is AB rated and legally substituted by pharmacies for such Licensed Product and (c) is legally marketed by an entity other than the Parties. 

1.8    “Improvements” means any changes, discoveries, improvements, developments, enhancements, or
modifications in the Know-How or IRDye 700DX however arising and occurring at any time during the Term. 

1.9    “Infringement” means any infringement as determined by applicable Law, including direct
infringement, contributory infringement, and any inducement to infringe. 
 1.10    “IRDye 700DX”
means LI-COR’s IRDye 700DX Carboxylate. 
 1.11    “Know-How” means any and all unpatented technical information, research data, designs, trade secrets, confidential information, methods, techniques, results, formulas, process information, clinical
data, or other information that: (a) is known to or acquired by LI-COR during the Term; (b) LI-COR has the right to license; (c) is outside the public
domain; and (d) is related to LI-COR’s (i) IR Dye 700DX, including but not limited to, chemical synthesis and conjugation methods or (ii) the formulation of IR Dye 700DX. 

1.12    “Law” means any federal, state, local, municipal, foreign, international, multinational,
or other administrative order, constitute, law, ordinance, principle of common law, regulation, statute, or treaty. 

1.13    “Licensed Field” means use in the treatment and diagnosis of ocular cancers in humans.

 1.14    “Licensed Patent” means the U.S. Patent No. 7,005,518, entitled,
“Phthalocyanine Dyes”, which was issued on February 28, 2006 and filed on October 23, 2003, along with the inventions described and claimed therein. 

1.15    “Licensed Product” means nanoparticles conjugated with IR Dye 700DX. 

1.16    “Losses” means any and all losses, damages, liabilities judgments, costs, and expenses (including
reasonable attorneys’ fees) based on, arising out of, or incidental to any and all claims, actions, demands, suits, causes of action, brought or asserted against a Party by a Third Party. 

  
 2 

 1.17    “MAA” means any marketing authorization
application for a country or region in the Territory, requesting approval from the applicable Regulatory Authority for commercial sale (including the marketing, promotion and distribution) of a Licensed Product in such country or region in the
Territory, and any equivalent application submitted in any such country in the Territory, including all additions, deletions or supplements thereto, and as any and all such requirements may be amended, or supplanted, at any time. 

1.18    “Minimum Royalty” means [***]. 

1.19    “NDA” means a New Drug Application as defined in Title 21 of the U.S. Code of Federal
Regulations, §314.80 et seq., in accordance with the requirements of the United States Food, Drug, and Cosmetic Act of 1938, as amended, and the regulations promulgated thereunder, and all amendments and supplements thereto, filed with the FDA,
including all documents, data, and other information that are necessary for gaining Regulatory Approval in the Territory, and all additions, supplements, extension and amendments thereto. 

1.20    “Net Sales” means the gross sales revenues and fees billed or received by Aura, its
Affiliates and Sublicensees for sales of a Licensed Product to independent or unaffiliated Third Party purchasers of such Licensed Product, less deductions with respect to such gross amounts to the extent that such deductions are either included in
the billing as a line item as part of the gross amount invoiced, or otherwise specifically documented in accordance with generally acceptable accounting principles to be specifically attributable to actual sales of such Licensed Product: 

[***] 
 In the case of discounts on packages of
products or services which include Licensed Product in those countries in which such is legally permissible (“Packages”), the discount applied to Licensed Product within the Package shall be no greater than the smallest
discount of a product in the Package determined based on the list price of all such products. If a Licensed Product or another product in the Package does not have a list price, then the Parties will agree on the “Fair Value” of such
product in place of the list place for the purpose of calculating royalties hereunder. For clarity, a “sale” of a Licensed Product is deemed to occur upon the invoicing, or if no invoice is issued, upon the earlier of shipment or transfer
of title in the Licensed Product. 
 1.21    “Person” means any individual, corporation
(including any nonprofit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, labor union, governmental authority, or other entity. 

1.22    “Phase III Clinical Trial” means an expanded human clinical trial intended to gather
information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship and to provide an adequate basis for physician labeling. 

1.23    “Regulatory Approval” means any and all approvals (including any applicable governmental price
and reimbursement approvals), licenses, registrations or authorizations from 

  
 3 

 
any Regulatory Authority necessary for the use, storage, import, export, distribution, transport, promotion, marketing, commercialization and regular and continuance commercial sale (including
packaging and labeling) of the Licensed Product, NDA filings (or any foreign equivalents thereof) for the Licensed Product, and product license applications of the Licensed Product. 

1.24    “Regulatory Authority” means any federal, national, multinational, regional, state,
provincial or local regulatory agency, department, bureau, commission, council or other governmental entity with authority to grant a Regulatory Approval or having jurisdiction over the manufacture, development or commercialization of the Licensed
Product. 
 1.25    “Territory” means the entire world. 

1.26    “Third Party” means any party other than the Parties or either Party’s Affiliates.

 1.27    “Third Party Royalties” means any royalties Aura owes to one or more Third Parties
pursuant to one or more licenses to intellectual property rights entered into by Aura to avoid Infringement of such rights that are reasonably necessary for the practice of the Licensed Patent in the manufacture, use, or sale of the IR Dye 700DX, or
to avoid infringement-related litigation with respect to the practice of the Licensed Patent. 

1.28    “Unit” means a single unit of Licensed Product packaged for use in a single setting. 

1.29    “Valid Claim” means an issued and unexpired claim of the Licensed Patent, that has not
been held unpatentable, invalid, or unenforceable by a final unappealable decision of a court or other government agency of competent jurisdiction, in an unappealed or unappealable decision, admitted to be invalid or unenforceable through reissue, re-examination, disclaimer, or otherwise. 
 1.30    Other Definitions. The
following definitions have the meanings ascribed to them in the corresponding Section: 
  

			
	 Definition
	  	Section
	 A.A.A.
	  	13.17(b)
	 Achievement Date
	  	5.1
	 Agreement
	  	Introduction
	 Aura
	  	Introduction
	 Diligence Event
	  	5.1
	 Dispute
	  	13.17
	 Effective Date
	  	Introduction
	 Executives
	  	13.17(a)
	 Expanded Field
	  	2.3
	 Forecast
	  	6.2
	 License
	  	2.1
	 LI-COR
	  	Introduction
	 Milestone
	  	3.3

  
 4 

			
	 Milestone Payment
	  	3.3
	 Package
	  	1.20
	 Party(ies)
	  	Introduction
	 Royalty
	  	3.2
	 Specifications
	  	6.1
	 Sublicensee
	  	2.2
	 Supply Failure
	  	6.8
	 Term
	  	9.1

 ARTICLE 2 

License 

2.1    Grant. Subject to the terms and conditions of this Agreement, LI-COR
hereby grants to Aura an exclusive, royalty-bearing, license (“License”) under the Licensed Patent, Improvements and Know-How to research, develop, make, have made, use, have used,
market, sell, have sold, distribute, have distributed, export and have imported Licensed Product for the Licensed Field in the Territory during the Term. Notwithstanding the foregoing, such License does not include the right to make or have made IR
Dye 700DX. 
 2.2    Sublicenses. Subject to the terms and conditions of this Agreement, Aura shall have the
right to grant sublicenses under the License to (a) to its Affiliates and (b) to Third Parties (“Sublicensee”), to make, have made, market, sell and have sold Licensed Product in the Licensed Field in the
Territory. Aura shall remain responsible for complying with all terms and conditions of this Agreement regardless of any grant to a Sublicensee or Affiliate. In addition, Aura shall require that each of its Affiliates and Sublicensees accept all of
the relevant terms and conditions of this Agreement as if such Affiliates or Sublicensees were a party to this Agreement, and shall provide LI-COR with a copy of each agreement with a Sublicensee upon execution of such agreement. For clarity, Aura
shall have no right to grant a sublicense to its Affiliates or any Third Party under the Licensed Patent and Know-How to make or have made IRDye 700DX in the Licensed Field in the Territory. Upon termination
or expiration of this Agreement for any reason, any Sublicensee not then in default under its agreement with Aura or an Affiliate shall have the right to seek a license directly from LI-COR. LI-COR agrees to negotiate such license in good faith under reasonable terms and conditions consistent with this Agreement; provided, however, whether LI-COR enters into any
such license shall be at the sole discretion of LI-COR. 

2.3    Consideration for Expanded Field. At any time during the Term,
LI-COR hereby agrees to consider any request by Aura to negotiate a non-exclusive, royalty-bearing license under the Licensed Patent, Improvements and Know-How to research, develop, make, have made, use, have used, market, offer for sale, sell, have sold, distribute, have distributed, export and import products for the diagnosis and treatment of cancers in
indications other than ocular cancers (the “Expanded Field”) in the Territory; provided, that LI-COR is not obligated to negotiate or grant any such license. It is understood generally
that the aggregate financial terms of a non-exclusive license in the Expanded Field is likely to be less than financial terms of an exclusive license of an identical scope.  

2.4    No Implied Rights or Licenses. Neither Party grants to the other Party any rights or licenses in or to any
patent, know-how or other intellectual property right, whether by implication, estoppel or otherwise, except to the extent expressly provided for under this Agreement. 

  
 5 

 ARTICLE 3 

Fees, Royalties, and Payments 

3.1    License Issue Fee. In partial consideration for the license and rights granted to Aura under this Agreement,
Aura shall pay LI-COR the following non-refundable, non-creditable license issue fee of $[***] according to the following
schedule: 
  

					
	 Issue Fee Portion
	  	Date Due	 
	 $[***]
	  	 	[	***] 
	 $[***]
	  	 	[	***] 
	 $[***]
	  	 	[	***] 
	 Total:
	  	$	[	***] 

 3.2    Royalty. In partial consideration for the license and rights granted to Aura
under this Agreement, Aura shall, on a country-by-country basis, during the Term pay LI-COR the following royalty
(“Royalty”) on Net Sales. The Royalties due shall be calculated on an incremental basis and paid annually. [***]. 
  

					
	 Annual Net Sales
	  	Royalty	 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 

 (a)    If the Royalty due for any calendar quarter is less than the Minimum Royalty
applicable for such calendar quarter and the total amount of Royalty paid for each of the calendar quarters in the same calendar year as such calendar quarter is less than the total Minimum Royalty due in the aggregate for such calendar quarters,
Aura shall pay LI-COR the Royalty plus the difference between the Minimum Royalty and the Royalty for such calendar quarter, to be trued up at the end of each calendar year. 

(b)    All such payments must be made quarterly, in accordance with Section 4.1 (b) and this
Article 3. In order to ensure LI-COR the full royalty payments contemplated hereunder, Aura agrees that in the event any Licensed Product is sold to an Affiliate or a Sublicensee or to a
corporation, firm, or association with which Aura has any agreement, understanding, or arrangement with respect to consideration (such as, among other things, an option to purchase stock or actual stock ownership, or an arrangement involving
division of profits or special rebates or allowances), the royalties to be paid hereunder for such Licensed Product will be based upon the greater of (x) the net selling price (per Net Sales) at which the purchaser of the Licensed Product
resells such product to the end user; (y) the fair market value of the Licensed Product; or (z) the net selling price (per Net Sales) of Licensed Product paid by the purchaser. 

  
 6 

 (c)    In the event that, on a country-by-country basis, the Licensed Product is not covered by a Valid Claim in a country and there is a Generic Product in such country, then the Royalty on Net Sales of Licensed Product in such country
due to LI-COR shall be reduced by [***]% for the remainder of the Term. 

(d)    In the event that Aura receives a communication from a Third Party alleging infringement of or notification of such
Third Party’s patent rights as they relate to the research, development, manufacture, or use of IRDye 700DX, Aura shall notify LI-COR of such communication, and Aura shall take into consideration LI-COR’s comments regarding such communication. In the event that Aura is required to pay Third Party Royalties in order to license rights to the IRDye 700DX, then Aura may deduct [***]of the Third Party
Royalties paid by Aura in such calendar quarter from the Royalty due to LI-COR for such calendar quarter, provided that in no event shall the Royalty due to LI- COR be
reduced by more than [***]. 
 3.3    Milestone Payments. In partial consideration for the license and rights
granted to Aura under this Agreement, Aura shall pay to LI-COR each of the following milestone payments (“Milestone Payments”) within [***] after the occurrence of the applicable
milestone (“Milestone”) only for the first achievement of the Milestone event below for each Licensed Product, whether such event results from the activities of Aura or its Affiliates. 

 

					
	 Milestone
	  	Milestone Payment	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 Total:
	  	$	[	***] 

 All Milestone Payments are non-refundable and
non-creditable against any other royalties, fees, or payments hereunder. For clarity, Milestone Payments are owed on a Licensed Product by Licensed Product basis. Notwithstanding the foregoing, with respect to
the development of more than one candidate constituting a Licensed Product, if any milestone payments have been made with respect to a candidate the development of which is abandoned by Aura and Aura pursues the development of a subsequent candidate
constituting part of such Licensed Product, all milestone payments previously made with respect to such abandoned candidate shall be credited towards the milestones that would otherwise be due and payable with respect to one or more subsequent
candidates. 
 3.4    Method of Payment. All payments to LI-COR hereunder
shall be made by deposit of United States Dollars in the requisite amount to such bank account as LI-COR may from time to time designate by written notice to Aura. With respect to sales not denominated in
United States Dollars, Aura shall convert applicable sales in foreign currency into United States Dollars based on the average of the conversion rate reported in The Wall Street Journal on the last working day of each month in the calendar quarter
of the applicable calendar quarter. Based 

  
 7 

 
on the resulting sales in USD, the then applicable royalties shall be calculated. The Parties may vary the method of payment set forth herein at any time upon mutual written agreement, and any
change shall be consistent with the local Law at the place of payment or remittance. 
 3.5    Late Payments. In
the event that any payment (other than a payment disputed in good faith) hereunder is not made when due, the amount due will accrue interest calculated at the annual rate of the sum of (a) four percent (4%) plus (b) the
prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter; provided that in no event will said annual interest rate exceed the maximum
interest rate allowed by law. Each such payment when made must be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof will not negate or waive the right of LI-COR to
seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment, including termination of this Agreement as set forth in Section 9.2. 

3.6    Taxes. All fees, royalties, and other payments are exclusive of any national, state, and local sales, use,
value added, and other taxes, customs duties, or similar tariffs and fees which Aura may be required to collect or pay. Should any tax or levy be made, Aura agrees to pay such tax or levy and indemnify LI-COR
against any claim for such tax or levy demanded. Aura shall pay any withholding taxes required by applicable Law. 
 ARTICLE 4 

Reports, Records, and Inspections 

4.1    Reports. 

(a)    Summary Reports. Not less than once every six (6) months, Aura shall provide LI-COR with a summary report, which must describe a summary-level review and/or update of the research, development, and commercialization activities undertaken by Aura and its Affiliates and Sublicensees with
respect to Licensed Product during the period covered by the report and/or update since the last report. Each such report shall include a summary of work completed, a summary of work in progress, a current schedule of anticipated regulatory
approvals, sublicensing efforts, if any, and market plans for introduction of Licensed Product. 
 (b)    Royalty
Reports. Aura shall provide LI-COR with quarterly royalty reports, due within [***] after the end of each calendar quarter. Each such royalty report shall disclose the number of Units of Licensed Product
sold, the total Net Sales of such Licensed Product, and the resulting royalties due to LI-COR as a result of either number of Units or Net Sales by Aura and its Affiliates and Sublicensees. Payment of any such
royalties due will accompany such royalty report. If no amounts are due LI-COR for any calendar quarter, the report shall so state. 

4.2    Records and Inspections. Aura shall make and retain, for a period of three (3) years following
the period of each report required by Section 4.1, true and accurate records, files, and books of account containing all the data reasonably required for the full computation and verification of sales and other information required in
Section 4.1. Such books and records will be in accordance with generally accepted accounting principles consistently applied. Subject to 

  
 8 

 
the terms of the Confidentiality Agreement by and between the Parties, Aura will permit the inspection and copying of such records, files, and books of account by
LI-COR or its agents during regular business hours upon [***] prior written notice to Aura. Aura may require that the inspection be performed by an independent certified public accountant (CPA) subject to a
confidentiality agreement reasonably acceptable to Aura. Inspections may not be made more than once each calendar year. All costs of each such inspection and copying will be paid by LI-COR; provided that if
any such inspection reveals that an error has been made in Aura’s favor in an amount equal to five percent (5%) or more of the amounts actually owed, all costs will be borne by Aura. Aura agrees to include in any agreement with its
Sublicensees which permits any such party to research, develop, use, offer for sale, sell, or have sold Licensed Product, a provision requiring such party to retain records of sales of Licensed Product and other information as required in
Section 4.1 and permit LI-COR or its agents to inspect such records as required by this Section 4.2. 

ARTICLE 5 
 Additional
Obligations of the Parties 
 5.1    Due Diligence. 

(a)    General. Aura shall use Commercially Reasonable Efforts to develop and commercialize Licensed Product, and
thereafter it shall use Commercially Reasonable Efforts to keep Licensed Product readily available to the public. 

(b)    Key Diligence Obligations. Aura shall use Commercially Reasonable Efforts to achieve each of the following
diligence events (each, a “Diligence Event”) by the corresponding achievement date set forth below (“Achievement Date”). Notwithstanding the foregoing, Aura shall have the right and option to extend any
Achievement Date for a Diligence Event by six (6) month increments, but not more than three (3) times per Diligence Event, by making a [***] payment to LI-COR prior to the expiration of the
Achievement Date for such Diligence Event. 
  

					
	 Diligence Event
	  	Achievement Date	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 In the event that Aura fails to achieve any Diligence Event by the applicable Achievement Date, and Aura does
not elect to extend the applicable Achievement Date as permitted by this Section 5.1(b), then this License shall automatically convert to a non-exclusive license. 

  
 9 

 5.2    Compliance with Law. In all activities undertaken pursuant
to this Agreement, each Party covenants and agrees that it will comply in all material respects with applicable Law. 

5.3    Data Sharing. 

(a)    By Aura. Aura will provide LI-COR with a right to reference
Aura’s “Drug Master File,” or DMF, relating to each Licensed Product and with reasonable access to all data and other information resulting from Aura’s research and development activities regarding IR Dye 700DX. Further, to the
extent required by LI-COR with respect to its regulatory filings or manufacturing processes, Aura will provide LI-COR reasonable access to the required raw or summary
data within the applicable DMF of Aura, subject to the confidentiality obligations herein and any applicable confidentiality obligations Aura may have to Third Parties. The Parties will cooperate in good faith in furtherance of the foregoing. 

(b)    By LI-COR. LI-COR will
provide Aura with a right to reference LI-COR’s DMF for IR Dye 700DX. Further, to the extent required by Aura with respect to its regulatory filings or manufacturing processes, LI-COR will provide Aura reasonable access to the required raw or summary data within such DMF of LI-COR, subject to the confidentiality obligations herein and any applicable
confidentiality obligations LI-COR may have to Third Parties. LI-COR will reasonably assist Aura, upon its written request, with the CMC section of regulatory filings.
The Parties will cooperate in good faith in furtherance of the foregoing. 
 5.4    Prosecution, Maintenance, and
Enforcement. 
 (a)    Prosecution and Maintenance. LI-COR will have
the sole right, in its sole discretion, to prepare, file, prosecute, and maintain the Licensed Patent and any patents or patent applications concerning any Improvements. Aura shall promptly inform LI-COR as to
all matters that come to its attention that may affect the preparation, filing, prosecution or maintenance of the Licensed Patent. 

(b)    Enforcement. LI-COR and Aura shall notify each other promptly of
each infringement or possible infringement of the Licensed Patent, as well as any facts that may affect the validity, scope, or enforceability of the Licensed Patent, of which either Party becomes aware. Aura shall cooperate fully with LI-COR in connection with any action or defense relating to infringement, invalidity, or unenforceability. Aura shall promptly provide LI-COR with access to all necessary
documents, and agrees to render reasonable assistance in response to a request by LI-COR. Aura agrees not to take any action or compel LI-COR either to initiate actions
for infringement or defend against allegations of invalidity or unenforceability of the Licensed Patent. 

5.5    Challenges. If Aura or any of its Affiliates (a) brings any action for a declaratory judgment of the
invalidity, unenforceability, or non-infringement of any of the Licensed Patent, (b) initiates a re-examination proceeding with respect to any Licensed
Patent, or (c) asserts any other legal challenge to the ownership, infringement, validity or enforceability of any of the Licensed Patent or Know-How, then in any case LI-COR may terminate this Agreement without notice. Aura shall reimburse LI-COR for all costs and expenses it may have incidental to such a termination. 

  
 10 

 5.6    Promotional Materials and Product Labeling. Subject to
Section 5.7(b), Aura agrees that in all advertising, marketing, publicity, promotional, sales, product literature, and similar materials for public distribution or use concerning any Licensed Product, as well on all packaging for all Licensed
Product, Aura shall prominently identify such Licensed Product as using LI-COR’s IRDye 700DX “under license from LI-COR, Inc.” Aura further agrees that
all packaging for all Licensed Product will be marked with the number of the Licensed Patent in accordance with each country’s patent laws. 

5.7    Publicity and Use of Marks. 

(a)    Publicity. Except as provided in Section 8.2(e), Aura may not publish or make known to others the
existence, terms, or subject matter of this Agreement without first obtaining the prior written approval of LI-COR; provided that, notwithstanding anything to the contrary, Aura may disclose or reference the
existence of this Agreement and the existence of its rights under Section 2.1, but no other terms of this Agreement. 

(b)    Use of Marks. Aura and its Affiliates and Sublicensees may not use the name
“LI-COR,” “LI-COR Biosciences” “IRDye,” “IRDye 700DX,” or any other mark of LI-COR
without the prior written consent from LI-COR, such consent not to be unreasonably withheld. 

5.8    Improvements. The Parties acknowledge and agree that LI-COR will own
any Improvements developed by Aura or its Affiliates or Sublicensees. Aura hereby assigns to LI-COR all right, title, and interest in and to such Improvements, and agrees to take all such actions, and execute
such documents, as LI-COR may request to secure title to such Improvements in LI-COR. Aura shall timely disclose to LI-COR each
Improvement, and further shall provide LI-COR all information concerning each such Improvement. All Improvements will automatically become licensed to Aura as part of the Licensed Patent or Know-How under this Agreement. 
 ARTICLE 6 

Supply of IRDye 700DX 

6.1    Supply & Exclusivity. Subject to Section 6.8, Aura, its
Affiliates and Sublicensees shall during the Term, on a country-by-country basis, purchase all of their requirements of IRDye 700DX exclusively from LI-COR. LI-COR shall manufacture and supply Aura, its Affiliates and Sublicensees with non-cGMP IRDye 700DX meeting the Forecast,
subject to the terms and conditions of this Agreement, and in accordance with the specifications (“Specifications”) set forth in Exhibit A. In the event Aura, its Affiliates or Sublicensees
require cGMP IRDye 700DX to manufacture Licensed Product, Aura, its Affiliates and Sublicensees shall obtain their requirements of such from LI-COR. The price for any cGMP IRDye 700DX supplied by LI-COR to Aura, its Affiliates or Sublicensees shall be reasonably determined by LI-COR. 

6.2    Forecasting. Commencing on the Effective Date, Aura shall provide LI-COR with a rolling, eighteen (18)
month forecast (“Forecast”) of anticipated quantities and order dates for IR Dye 700DX, with the first six (6) months of each Forecast binding upon Aura. Such Forecast will be updated and submitted monthly, and
will be sent by mail or email to [***] ([***]), LI-COR Biosciences, 4647 Superior Street, Lincoln, Nebraska 68504. 

  
 11 

 6.3    Orders and Acceptance. 

(a)    Orders. Aura shall place purchase orders for IRDye 700DX from time to time, provided that Aura shall at a
minimum place orders in accordance with the binding portion of the Forecast as set forth in Section 6.2 hereof. Each purchase order will specify: (a) the quantity of IRDye 700DX desired, which quantity shall not be less than
50 mg per purchase order; (b) the desired delivery date(s); and (c) the ship to address. No purchase order will be binding on the Parties unless and until accepted by
LI-COR. Aura may cancel any purchase order if notice of cancellation is received by LI- COR in advance of LI-COR’s
acceptance of such purchase order. 
 (b)    Acceptance. LI-COR shall use
commercially reasonable efforts to accept each purchase order if it can deliver the IRDye 700DX on or before the requested delivery date. Each delivery of IRDye 700DX shall be made from either concurrently manufactured IRDye 700DX or from the safety
stock maintained by LI-COR as required by Section 6.7 hereof. Aura shall notify LI-COR of its acceptance or rejection within [***] after receipt of each such
purchase order. Any notice of acceptance will include confirmation of the requested quantities, the delivery date, and the applicable prices. 

6.4    Pricing and Payment. 

(a)    IRDye 700DX Pricing. Aura, its Affiliates and Sublicensees shall pay
LI-COR the following prices for non-cGMP manufactured IR Dye 700DX: 

         [***] 

(b)    Price Increases. Commencing on January 1, 2015, the prices in subsection (a) may be
increased by LI-COR from time to time, but not more than once per calendar year, to reflect reasonable increases in LI-COR’s manufacturing and supply costs
(including materials costs). 
 (c)    Payment. Aura shall pay for each accepted and undisputed purchase order
within [***] after the date of LI-COR’s invoice for the same. 

6.5    Delivery. Deliveries of IRDye 700DX will be made on the date specified in the accepted purchase order;
provided that LI-COR will not be obligated to ship any IRDye 700DX if Aura (or any of its Affiliates or Sublicensees) is delinquent in any undisputed payment for (a) any previously shipped order or
(b) any Royalties, Milestone Payments, or other fees owed to LI-COR. The terms of delivery from LI-COR to Aura will be
“Ex-Works Incoterms 2010 (EXW)” LI-COR’s facility, and risk of loss and title will pass to Aura accordingly. 

6.6    Inspection and Rejection. 

(a)    Inspection and Rejection. Aura will have [***] after receipt of a shipment of IRDye 700DX to inspect such
product and notify LI-COR if any such product fails to meet 

  
 12 

 
applicable specifications. Failure of Aura to provide notice within the aforesaid [***] period will cause such shipment to be deemed accepted. In the event Aura timely rejects any shipment of
product, it shall promptly return such nonconforming shipment to LI-COR with a detailed explanation as to the reason(s) for nonconformance. Aura must immediately upon receipt of delivery store and maintain all
IRDye 700DX in accordance with LI-COR’s instructions and applicable Law; if Aura fails to so store and maintain such product, Aura will have no right to inspect (and reject) the same hereunder. 

(b)    Disputes. In the event any shipment of IRDye 700DX is timely and properly rejected by Aura and LI-COR agrees that the IRDye 700DX does not conform to the applicable Specifications, LI-COR shall send a replacement shipment of IRDye 700DX within [***], after its
determination that the IRDye 700DX does not conform to the applicable Specifications. If LI-COR disagrees as to whether or not the IRDye 700DX meets the Specifications, the Parties shall submit the IRDye 700DX
in question to an independent third party that has the capability of testing the IRDye 700DX to determine whether or not it complies with applicable Specifications. The losing Party will bear all costs and expenses related to such testing. 

6.7    Safety Stock. LI-COR shall, at all times during the Term, maintain a
minimum safety stock of the IRDye 700DX sufficient to meet at least eighteen (18) months demand based on Aura’s Forecast. 

6.8    Secondary Supplier. In the event that LI-COR fails to supply Aura
with IRDye 700DX meeting the Forecast for a period of six (6) consecutive months, and LI-COR is unable to meet the Forecast after such six (6) consecutive month period (“Supply
Failure”), Aura may secure a secondary supplier to supply Aura’s Forecasted requirements of IRDye 700DX from such secondary supplier for such period that LI-COR is unable to meet
Aura’s Forecasted requirements. LI-COR shall use best efforts to assist Aura in providing Know-How to such secondary supplier necessary to manufacture the IR Dye
700DX. In the event of a Supply Failure, and subject to the terms set forth in this Agreement, LI-COR shall grant to a secondary supplier a non-exclusive royalty-bearing
license under the Licensed Patent and Know-How to make and have made IRDye 700DX on behalf of Aura for the Licensed Product for the Licensed Field in the Territory. Such license shall be limited to the period
of such Supply Failure and shall extend after such Supply Failure, provided, that after such Supply Failure such secondary supplier may supply up to twenty percent (20%) of Aura’s requirements of IR Dye 700DX. 

ARTICLE 7 

Representations and Warranties 

7.1    Of Both Parties. Each Party hereby represents and warrants to the other as follows: 

(a)    Organization. Such Party is duly organized, validly existing, and in good standing under the laws of the
state or province of its incorporation. 
 (b)    Authority and Validity. Such Party has all requisite corporate
power and authority to execute, deliver, and perform its obligations under this Agreement and to 

  
 13 

 
consummate the transactions contemplated hereby. The execution, delivery, and performance by such Party of its obligations under this Agreement and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all necessary action required on the part of such Party, and no other proceedings on the part of such Party are necessary to authorize this Agreement or for such Party to perform its
obligations under this Agreement. This Agreement constitutes the lawful, valid, and legally binding obligation of such Party, enforceable in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity. 

(c)    No Violation or Conflict. The execution, delivery, and performance of this Agreement and the transactions
contemplated hereby do not: (i) violate, conflict with, or result in the breach of any provision of the organizational documents of such Party; (ii) conflict with or violate any Law applicable to such Party or any of its assets,
properties, or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event that with the giving of notice or lapse of time, or both, would become a default) under, require any consent which has not been
obtained under, or give to others any rights of termination, amendment, acceleration, suspension, revocation, or cancellation of, or result in the creation of any lien or encumbrance on any of the assets of such Party, pursuant to any note, bond,
mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise, or other instrument or arrangement to which such Party is a Party except, in the case of (iii), to the extent that such conflicts, breaches,
defaults or other matters would not adversely affect the ability of such Party to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement. 

(d)    Governmental Consents and Approvals. The execution, delivery, and performance of this Agreement by such
Party do not require any approval from a governmental authority that has not already been obtained, effected, or provided, except with respect to which the failure to so obtain or make could not reasonably be expected to have a material adverse
effect on the business, operations, properties, financial condition, assets or liabilities, results of operations or prospects of such Party or its ability to perform its obligations under this Agreement. 

(e)    Litigation. There are no actions by or against such Party pending before any governmental authority or, to
the knowledge of such Party, threatened to be brought by or before any governmental authority relating to the subject matter of this Agreement. There are no pending or, to the knowledge of such Party, threatened actions to which such Party is a
party (or threatened to be named as a party) to set aside, restrain, enjoin, or prevent the execution, delivery, or performance of this Agreement or the consummation of the transactions contemplated hereby by either Party. Such Party is not subject
to any order of a governmental authority (nor, to the knowledge of such Party, is there any such order threatened to be imposed by any governmental authority) relating to the subject matter of this Agreement. 

7.2    Of LI-COR. LI-COR represents
and warrants that it owns the Licensed Patent and Know-How free and clear, to its knowledge, of all ownership claims and has the freedom to practice and license all rights granted in Section 2.1 and to
enter into this Agreement. 

  
 14 

 7.3    Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS
ARTICLE 7, LI-COR MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITY WHATSOEVER WITH RESPECT TO AURA’S (OR ITS AFFILIATE’S OR
SUBLICENSEE’S) (A) USE OF THE LICENSED PATENTS, KNOW-HOW, OR IRDYE 700DX, ALL OF WHICH IS PROVIDED “AS IS,” OR (B) RESEARCH OF, DEVELOPMENT OF, USE OF, OFFERING FOR SALE OF,
SELLING, OR HAVING SOLD ANY LICENSED PRODUCT. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (X) OF MERCHANTABILITY, NONINFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE OR (Y) WITH RESPECT TO THE PERFORMANCE, SAFETY,
EFFECTIVENESS, OR COMMERCIAL VIABILITY OF THE LICENSED PRODUCT OR IRDYE 700DX, AND LI-COR HEREBY DISCLAIMS ALL SUCH WARRANTIES. FURTHER, AURA MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND,
EXPRESS OR IMPLIED EXCEPT AS EXPRESSLY SET FORTH HEREIN. 
 ARTICLE 8 

Confidentiality 

8.1    Confidentiality. Each Party may disclose to the other Party certain Confidential Information in connection
with this Agreement. The recipient of such information shall maintain the Confidential Information as secret and confidential, such efforts to be no less than the degree of care employed by the recipient to preserve and safeguard its own
confidential information (but in no event less than a reasonable degree of care). Confidential Information of the other Party may not be used other than for the purposes of carrying out the Parties’ respective rights and obligations under this
Agreement, nor shall such information be disclosed or revealed to anyone except employees, advisors, consultants and representatives of the recipient who have a need to know the Confidential Information and who have each entered into a
confidentiality agreement with the recipient, under which such employees, advisors, consultants and representatives are required to maintain as confidential the confidential or proprietary information of the recipient. Such employees, advisors,
consultants and representatives must be advised by the recipient of the confidential nature of the Confidential Information and that the Confidential Information must be treated accordingly. The obligations in this Section 8.1 apply to
Aura’s Affiliates, as well as any Sublicensees. 
 8.2    Exceptions. The recipient’s obligations under
Section 8.1 will not extend to any part of the Confidential Information: 
 (a)    that can be demonstrated to have
been in the public domain or publicly known and readily available to the trade or the public prior to the date of the disclosure; 

(b)    that can be demonstrated, from the recipient’s written records, to have been in the recipient’s
possession; 
 (c)    that becomes part of the public domain or publicly known by publication or otherwise, not due to
any unauthorized act by the recipient or any Third Party; 

  
 15 

 (d)    that is demonstrated from the recipient’s written records to
have been developed by or for the receiving Party without reference to Confidential Information disclosed by the disclosing Party; or 

(e)    that is required to be disclosed by applicable Law; provided that the recipient notifies the other Party prior to
such disclosure and fully cooperates with the other Party in the event that the other Party elects to contest and avoid such disclosure. 

8.3    Unauthorized Disclosure. Each Party acknowledges and agrees that the Confidential Information of the other
Party constitutes proprietary information and trade secrets valuable to the other Party, and that the unauthorized use, loss, or disclosure of such Confidential Information may cause irreparable injury to the other Party, for which monetary damages
may not be a sufficient remedy, and that the other Party may be entitled, without waiving other rights or remedies, to obtain injunctive or equitable relief as may be deemed proper by a court of competent jurisdiction in the event of any actual or
threatened unauthorized use, loss, or disclosure. 
 8.4    Notification. Each Party shall notify the other Party
promptly upon discovery of any unauthorized use or disclosure of the other Party’s Confidential Information, and shall cooperate with the other Party in any reasonably requested fashion to assist the other Party to regain possession of such
Confidential Information and to prevent its further unauthorized use or disclosure. 
 8.5    Duration. This
Article 8 will survive termination or expiration of this Agreement and will continue for a period of [***] from the date of that termination or expiration. 

ARTICLE 9 
 Term and
Termination 
 9.1    Term. The term of this Agreement (“Term”) will commence on
the date of this Agreement and will continue, on a country-by-country basis, until the longer of (a) ten (10) years from the First Commercial Sale of a
Licensed Product in such country and (b) the last to expire Valid Claim in such country. Upon expiration of the license in a country, Aura shall have a fully paid license under Section 2.1 under the Know-How in such country. 
 9.2    Termination. This Agreement may be
terminated: 
 (a)    by either Party upon [***] prior written notice for any material breach by the other Party of this
Agreement that remains uncured (other than with respect to late payments, which must be cured within [***]) at the end of such [***] period; provided, however, that if the breach is of such a nature that it cannot be cured within [***], then the
cure period shall continue, upon reasonable request by the breaching party, for up to [***]. 
 (b)    by either Party
immediately in the event that the other Party files or has filed against it a petition for bankruptcy, makes an assignment for the benefit of creditors, has a receiver appointed for it or a substantial part of its assets, or otherwise takes
advantage of any Law designed for relief of debtors; 

  
 16 

 (c)    by LI-COR in the event of
any violation or breach of Section 5.5, without any notice or additional waiting periods; or 
 (d)    by either
Party upon [***] prior written notice, if Aura completely abandons the development of a nanoparticle product conjugated with a dye for the Licensed Field. 

9.3    Effect of Termination. In the event of any termination or expiration of this Agreement: 

(a)    The License will immediately terminate, and Aura will no longer have any rights under the Licensed Patent,
Improvements or Know-How to research, develop, make, have made, use, have used, sell or have sold any Licensed Product, IRDye 700DX, or to make any other use of the Licensed Patent or Know-How. Further, both Parties will be released from all obligations and duties imposed or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement; 

(b)    Each Party will cease all use of the other Party’s Confidential Information. Further, each Party shall
promptly return to the other Party all Confidential Information of the other Party in such Party’s possession except for one (1) copy which may be maintained in a secure location for archival purposes only; 

(c)    Aura shall assign (and hereby assigns) and deliver to LI-COR any and all
regulatory files it may have concerning IR Dye 700DX; 
 (d)    Termination will not affect LI-COR’s right to recover unpaid Royalties, fees, Milestone Payments, or other forms of financial compensation incurred prior to or on termination or expiration. Upon termination, Aura shall submit a final
royalty report to LI-COR, and any Royalties, fees, Milestone Payments, and other financial compensation due LI-COR will become immediately payable and shall be paid
concurrent with the submission of such final royalty report; and 
 (e)    Upon termination of this Agreement by Aura
pursuant to Section 9.2(a) due to a uncured material breach by LI-COR, Aura, its Affiliates and Sublicensees shall have the right to use, sell or have sold un-used inventory of Licensed Product in its
possession for a period of three (3) months subject to the terms and conditions set forth in this Agreement. All such sales by Aura, its Affiliates and Sublicensees shall be subject to the Royalty set forth in Section 3.2.

 (f)    The following Articles and Sections will survive any termination of this Agreement: Sections 3.4, 3.5,
3.6, 4.2, 5.3 (solely with respect to the right of reference), 5.8, and Article 8; Section 9.3; and Articles 10, 12, and 13. 

  
 17 

 ARTICLE 10 

Indemnification 

10.1    Indemnification. 

(a)    By LI-COR. LI-COR shall
indemnify, defend, and hold harmless Aura, its Affiliates and Sublicensees, and their respective officers, directors, shareholders, employees, agents, contractors, and personnel from and against any and all Losses arising out of, based on, or
incidental to any breach of LI-COR’s representations and warranties in Article 7, except with respect to Losses for which LI-COR is entitled to
indemnification under subsection (b). In no event shall LI-COR be obligated to indemnify, defend, or hold harmless Aura, its Affiliates and Sublicensees, and their respective officers, directors,
shareholders, employees, agents, contractors, and personnel arising out of any claim related to the manufacture of IRDye 700DX in accordance with the Specifications, including, but not limited to, the manufacture of IRDye 700DX under non-cGMP conditions. 
 (b)    By Aura. Aura shall indemnify, defend, and hold
harmless LI-COR, its Affiliates, and its and their respective officers, directors, shareholders, employees agents, contractors, and personnel from and against any and all Losses arising out of, based on, or
incidental to any: (i) the research, development, manufacture, marketing, promotion, advertising, transportation, handling, storage, distribution, or commercialization with respect to any Licensed Product, including product liability, except to
the extent such Losses result from LI-COR’s gross negligence or willful misconduct; (ii) the research, development, manufacture, transportation, handling, storage, distribution, or commercialization
with respect to IRDye 700DX, except to the extent such Losses result from LI-COR’s gross negligence or willful misconduct; (iii) the practice or use of any the Licensed Patent, Improvements or Know-How by Aura, any of its Affiliates, or any of its or their Sublicensees, except to the extent such claim results from a breach by LI-COR of its representations and
warranties in Section 7.1 or 7.2; and (iv) any breach of this Agreement by Aura. The obligation of Aura to indemnify, defend, and hold harmless will continue after, and will not be affected by, any assignment, transfer, or sublicensing of
rights to any Affiliate or Sublicensee. 
 10.2    Notice and Defense of Third-Party Claims. In the event of a
claim by a Party for indemnification under this Article, such indemnified Party shall give the indemnifying Party prompt notice of the claim and copies of all papers served upon or received by the indemnified Party relating thereto. The indemnifying
Party will have the right to control the defense of such claim and all negotiations for its settlement or compromise; provided that the indemnifying Party (a) will not have the right to bind the indemnified Party to any non-financial settlement, consent, or other agreement without the prior written consent of the indemnified Party, which consent may not be unreasonably withheld or delayed and (b) shall keep the
indemnified Party fully informed in all respects concerning the defense and negotiation of the claim(s). The indemnified Party shall provide reasonable assistance to the indemnifying Party, at the indemnifying Party’s expense, in connection
with the defense of any such claim. The indemnified Party shall have the right to participate in the defense of any such claim, at its expense. 

  
 18 

 ARTICLE 11 

Insurance 

11.1    Requirements. Aura shall, at its sole cost and expense, procure and maintain insurance policies as follows:

 (a)    From the date of this Agreement and for a reasonable period after the last and final sale of any Licensed
Product (whether by Aura or its Sublicensee), comprehensive general liability insurance in an amount not less than $[***] per incident and $[***] in the annual aggregate. Such comprehensive general liability insurance must provide (i) product
liability coverage and (ii) contractual liability coverage (covering, without limitation, Aura’s indemnification obligations under this Agreement), pending confirmation of binding approval of 10.1(a)(ii) by Aura’s insurer. 

(b)    During all clinical trials and for a reasonable period after such trials, clinical trial insurance with per subject
coverage of $[***] and total study coverage in aggregate of $[***]. 
 11.2    Other Obligations. Aura shall name
LI-COR as an additional insured in each policy obtained and maintained in accordance with Section 11.1. Further, upon LI-COR’s request, Aura shall
promptly furnish LI-COR with written evidence of all such insurance policies. Aura shall provide LI- COR with at least [***] prior written notice before the
cancellation, non-renewal, or material change in any insurance policy. If Aura fails to obtain an applicable replacement insurance provision with comparable coverage within such [***] period, LI-COR will have the right to terminate this Agreement at the end of such [***] period, without any notice or additional waiting periods and without liability of any kind or nature to Aura. 

11.3    Third-Party Requirements. Aura shall require its Affiliates and Sublicensees to maintain insurance in favor
of LI-COR. 
 ARTICLE 12 

Limitation of Liability 

IN NO EVENT WILL EITHER PARTY BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED THAT THE FOREGOING LIMITATIONS WILL NOT APPLY WITH RESPECT TO (1) A PARTY’S BREACH OF ITS CONFIDENTIALITY
OBLIGATIONS HEREUNDER; (2) A PARTY’S INDEMNIFICATION OBLIGATIONS HEREUNDER AND ANY AND ALL AMOUNTS PAID IN CONNECTION THEREWITH; AND (3) A PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

ARTICLE 13 

Miscellaneous 

13.1    Force Majeure. If either Party fails to fulfill its obligations hereunder (other than an obligation for the
payment of money), when such failure is due to an act of God, or other circumstances beyond its reasonable control, including fire, flood, civil commotion, riot, war (declared and undeclared), revolution, or embargoes, then said failure will be
excused for the duration of such event and for such a time thereafter as is reasonable to enable the Parties to resume performance under this Agreement; provided that in no event will such time extend for a period of more than [***]. 

  
 19 

 13.2    Governing Law and Forum. This Agreement will be governed
by and construed in accordance with the laws of the State of Delaware, excluding any choice of law rules. Any action arising under or relating to this Agreement shall be brought in the U.S. District Court for the District of Nebraska, and the
Parties hereby consent to jurisdiction in such forum for any such action. To the extent permitted by applicable Law, each Party irrevocably waives all right of trial by jury in any action regarding or relating to this Agreement. 

13.3    Assignment. Aura may not sell, assign, delegate, pledge, dispose of, or transfer this Agreement or any
rights or duties hereunder, by operation of law or otherwise, without the prior written consent of LI-COR provided however, that no such consent will be required to assign, transfer or dispose of this
Agreement or any rights hereunder to a successor in connection with a merger, consolidation, business combination, sale, so long as Aura is not the surviving entity and the successor in interest agrees in writing to be bound by all the terms and
conditions hereof prior to such assignment. No assignment or other transfer will release Aura from responsibility for the performance of any accrued obligation of it hereunder (including payment obligations). This Agreement will be binding upon and
enforceable against each Party’s successors and permitted assigns and transferees. 
 13.4    Merger. This
Agreement represents the entire agreement between the Parties with respect to the subject matter hereof and supersedes all previous proposals and arrangements, oral and written, relating to such subject matter, including the term sheet (and all
amendments thereto). 
 13.5    Notices. All notices, communications and deliveries under this Agreement shall be
made in writing signed by or on behalf of the Party making the same, shall, as applicable, specify the Section under this Agreement pursuant to which it is given or being made, and shall be delivered personally or sent by registered or certified
mail (return receipt requested) or by overnight delivery (with evidence of delivery and postage and other fees prepaid) as follows: 
  

			
	If to LI-COR: 
LI-COR, Inc. 
ATTN: 
Title: 
4647 Superior Street 
Lincoln, NE 68504 
Phone: 
Email:	 	If to Aura: 
Aura Biosciences, Inc. 
ATTN: 
Title: 
85 Bolton Street 
Cambridge, MA 02140 
Phone: 
Email:
		
	With a copy to: 
[***]	 	With a copy to: 
Rubin and Rudman LLP 
ATTN: Peter B. Finn, Esq. 
50 Rowes Wharf 
Boston, MA 02110 
Phone: [***] 
Email: [***]

  
 20 

 13.6    General Interpretive Provisions. 

(a)    The words “hereof,” “herein,” “hereunder,” and similar words refer to this Agreement
as a whole and not to any particular provision of this Agreement. 
 (b)    The term “including” (and
variations thereof) is not limiting and means “including without limitation.” 
 (c)    The captions and
headings of this Agreement are for convenience of reference only and will not affect the interpretation of this Agreement. 

13.7    Severability. In the event a court of competent jurisdiction finds any provision herein illegal, invalid,
or unenforceable, that provision shall be enforced, if possible, to the greatest extent allowed by law in accordance with the Parties’ intent as reflected by this Agreement. If that provision cannot be enforced, the remainder of this Agreement
will be enforced to the greatest extent possible, and the offending provision will be treated as though not part of this Agreement. 

13.8    Amendments. This Agreement may not be amended or modified except by an instrument in writing signed by duly
authorized representatives of each Party. 
 13.9    Waivers. The failure of either Party to enforce at
any time any of the provisions of this Agreement will in no way be construed to be a waiver of any such provision, nor in any way affect the validity of this Agreement or any part of it or the right of either Party after any such failure to enforce
each and every such provision. No waiver of any breach of this Agreement will be held to be a waiver of any other or subsequent breach. 

13.10    Counterparts. This Agreement may be executed in multiple counterparts, each of which will be deemed to be
an original and binding upon the Party who executed the same, but all of which together will constitute one and the same Agreement. 

13.11    Independent Contractors. The relationship between the Parties is and shall be that of independent
contractors. This Agreement does not establish or create a partnership or joint venture between the Parties. Neither Party shall have any right or authority to bind, or enter into any contract on behalf of, the other Party, nor shall either Party
hold itself out as having such authority. 
 13.12    Third-Party Beneficiaries. Nothing expressed or implied in
this Agreement is intended, or shall be construed, to confer upon or give any person or entity (including any client, customer, employee, partner or other representative of the Parties) other than the Parties and their successors or permitted
assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, or result in such person or entity being deemed a third party beneficiary of this Agreement. All provisions hereof shall be personal solely among the
Parties to this Agreement. 
 13.13    Construction. This Agreement has been negotiated by the Parties and their
respective counsel in good faith and will be fairly interpreted in accordance with its terms and without any strict construction in favor of or against any Party. 

  
 21 

 13.14    Export Controls. Each Party acknowledges that it is
subject to United States laws and regulations controlling the export of compounds, technical data, and other commodities, and that Aura’s rights under this Agreement are contingent on compliance with applicable United States export laws and
regulations. The transfer of certain technical data and commodities may require a license from an applicable agency of the United States government and written assurances by Aura that Aura shall not export data or commodities outside of the United
States without prior approval of such agency. Aura shall take all actions necessary to insure compliance with all such laws and regulations, orders or other restrictions on exports and further will not sell, license or
re-export directly, or indirectly, the Licensed Product to any Person for use in any country or territory if such license or use would cause Aura or LI-COR to be in violation of such laws or regulations now or
hereafter in effect. 
 13.15    US Dollars. All payment hereunder shall be made in United States Dollars. 

13.16    Further Assurances. Each Party shall, at the reasonable request of the other Party, execute and deliver to
the other such instruments and documents and shall take such actions as may be required to more effectively carry out the terms of this Agreement. 

13.17    Dispute Resolution. In the event of any dispute, controversy, disagreement, breach or claim arising out of
or relating to this Agreement or interpretation of any of the provisions (“Dispute”), such Dispute shall be submitted for resolution in accordance with the following procedures: 

(a)    The Parties initially shall attempt to settle any Dispute through good faith negotiations between representatives
from each Party in the spirit of mutual cooperation. If the representatives are unable to resolve such Dispute within [***], the Parties shall submit such Dispute to the Parties respective Executive Officers (the “Executives”)
for good faith discussion and attempted resolution. If the Executives are unable to resolve such Dispute within [***], then for such Dispute shall be settled by final and binding, non-appealable
arbitration pursuant to Section 13.17(b). 
 (b)    If the Dispute has not been satisfactorily resolved (or
waived) pursuant to Section 13.17(a), then the matter shall be referred to arbitration for resolution under the then commercial arbitration rules of the American Arbitration Association (the “A.A.A.”) and the decision of the
arbitrators shall be final and binding on the parties. Unless the Parties agree otherwise, the number of arbitrators shall be three, and all three shall be independent, neutral, and experienced in the biotechnology industry. One such arbitrator
shall be appointed by each Party within [***] of the initiation of arbitration under this Agreement, and the third such arbitrator shall be selected by mutual agreement of the two such arbitrators selected by the Parties. To the extent three such
arbitrators are not selected within [***] of the initiation of arbitration hereunder, such arbitrators shall be appointed by the A.A.A. Each Party shall be responsible for the filing fee and the arbitrator’s fee; and otherwise, each Party shall
be responsible for its own costs and expenses, including but not limited to, travel, consultants, depositions, witnesses and attorneys’ fees and disbursements. The arbitrators shall be authorized to only interpret and apply the provisions of
this Agreement or any related agreements entered into under this Agreement and shall have no power or authority to modify or change any of the above in any manner. The arbitrators shall have no authority to award punitive or speculative

  
 22 

 
damages or any damages inconsistent with the Agreement. In addition to any monetary award, the arbitrators shall be empowered to award equitable relief, including an injunction and specific
performance of any obligation under this Agreement. The arbitrators shall, within [***] of the conclusion of the hearing, unless such time is extended by mutual agreement, notify the parties in writing of the decision, stating the reasons for such
decision and separately listing the findings of fact and conclusions of law. The arbitration shall be conducted in Chicago, Illinois and shall be governed by the laws of the State of Delaware, and the decision of the arbitrators may be entered in
any court of competent jurisdiction. The arbitration proceedings and the decision of the arbitrators will be kept confidential by the Parties and the arbitrators. 

//SIGNATURE PAGE FOLLOWS// 

  
 23 

 The Parties are signing this License and Supply Agreement on the date stated in the
introductory clause. 
  

							
	LI-COR, INC.	 	AURA BIOSCIENCES, INC.
				
	 By:
	 	 /s/ [***] 

	 	By:	 	 /s/ Elisabet de los Pinos 

	Name: [***] 
Title: [***]	 	Name: Elisabet de los Pinos, Ph. D. 
Title: President and CEO

  
 24 

 Exhibit A 

SPECIFICATIONS 
 [***] 

  
 25 

 AMENDMENT TO EXCLUSIVE LICENSE AND SUPPLY AGREEMENT 

This Amendment to the Exclusive License and Supply Agreement (the “Amendment”) is entered into as of January 26,
2016 (the “Effective Date”), by and between LI-COR, Inc., a Nebraska corporation with a principal address of 4647 Superior Street, Lincoln, Nebraska 68504 (“LI-COR”), and Aura Biosciences, Inc. a Delaware corporation with a principal address of 85 Bolton Street, Cambridge, MA 02140 (“Aura”). All defined terms used herein, but not
defined, shall have the meanings ascribed to such terms in the Agreement (as defined below). 
 WHEREAS, the Parties entered into that
certain Exclusive License and Supply Agreement, dated as of January 31, 2014 (the “Agreement”); 
 WHEREAS, the
Agreement set forth a procedure whereby Aura was granted a limited right and option to extend any Achievement Date for a Diligence Event by six (6) month increments by making a ten thousand dollar payment for each such extension; 

WHEREAS, Aura has inter alia requested an extension of two (2) Achievement Dates associated with certain Diligence Events; 

WHEREAS, the Parties desire to amend the Agreement to reflect the foregoing. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be
legally bound, hereby agree as follows: 
 1.    Amendments. 

1.1    Section 1.15 of the Agreement is hereby amended and replaced in its entirely as follows: 

““Licensed Product” means tumor binding or tumor targeting molecules (excluding antibodies, antibody fragments and
antibody-like constructs) conjugated with IRDye 700DX.” 
 1.2    Section 5.1(b) of the Agreement is hereby
amended and replaced in its entirely as follows: 
 “Key Diligence Obligations. Aura shall use Commercially Reasonable Efforts to
achieve each of the following diligence events (each , a “Diligence Event”) by the corresponding achievement date set forth below (“Achievement Date”). Notwithstanding the foregoing, Aura shall have the right
and option to extend any Achievement Date for a Diligence Event by six (6) month increments (but not more than two (2) times with respect to first and second Diligence Events, and not more than three (3) times with respect to the
third, fourth, and fifth Diligence Events) by making a [***] payment to LI-COR prior to the expiration of the Achievement Date for such Diligence Event. In the event that Aura extends an Achievement Date for a
Diligence Event, the Achievement Dates for the remaining Diligence Events subsequent to such extended Achievement Date shall also be extended by six (6) month increments at no additional cost. 

					
	 	 	 Diligence Event
	  	Achievement
Date
	 1.
	 	[***]	  	[***]
	 2.
	 	[***]	  	[***]
	 3.
	 	[***]	  	[***]
	 4.
	 	[***]	  	[***]
	 5.
	 	[***]	  	[***]

 In the event that Aura fails to achieve any Diligence Event by the applicable Achievement Date, and Aura does
not elect to extend the applicable Achievement Date as permitted by this Section 5.1(b), then this License shall automatically convert to a non-exclusive license.” 

2.    Payments. Aura shall pay LI-COR as follows: 

2.1    As partial consideration for the rights granted to Aura pursuant to Section 1.1 of this Amendment, Aura shall
pay LI-COR: 
 (a)    a one-time, non-refundable, non-creditable payment in the amount of [***], and 

(b)    a one-time, non-refundable, non-creditable payment in the amount of [***]. 
 2.2    As partial consideration for
the rights granted to Aura pursuant to Section 1.2 of this Amendment, upon the Effective Date, Aura shall pay LI-COR a one-time,
non-refundable, non-creditable payment in the amount of [***]. 

3.    License. The Parties acknowledge and agree that, notwithstanding the fact that Aura failed to achieve its first Diligence
Event by the applicable Achievement Date under the Agreement, and did not elect to extend such Achievement Date prior to such date, the License did not automatically convert to a non-exclusive license. 

4.    General Provisions. 

4.1    All other terms and conditions of the Agreement shall remain in full force and effect. 

4.2    The captions to the paragraphs/sections in this Amendment are not a part of this Amendment or the Agreement, and
are included merely for convenience of reference only and shall not affect its meaning or interpretation. 

 4.3    This Amendment was drafted by all Parties concerned and thus any
rule of contract interpretation calling for documents to be construed against the drafter shall not apply to the construction of this Amendment. 

4.4    This Amendment, together with the Agreement, constitutes the entire agreement between the Parties with respect to
the subject matter hereof. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall prevail. 

[Signature page follows] 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed this
Amendment as of the Effective Date. 
  

									
	LI-COR, INC.	 		 	AURA BIOSCIENCES, INC.
					
	By:	 	 /s/ ***
	 		 	By:	 	 /s/ Elisabet de los Pinos

	 Name: ***
 Title: ***
	 		 	 Name: Elisabet de los Pinos, Ph. D.

Title: President and CEO

 AMENDMENT 2 TO EXCLUSIVE LICENSE AND SUPPLY AGREEMENT 

This Amendment 2 to the Exclusive License and Supply Agreement (the “Amendment”) is entered into as of
July 27, 201 7 (the “Effective Date”), by and between LI-COR, Inc., a Nebraska corporation with a principal address of 4647 Superior Street, Lincoln, Nebraska 68504 (“LI-COR”), and Aura Biosciences, Inc. a Delaware corporation with a principal address of 85 Bolton Street, Cambridge, MA 02140 (“Aura”). All defined terms used herein, but not
defined, shall have the meanings ascribed to such terms in the Agreement (as defined below). 
 WHEREAS, the Parties entered into that
certain Exclusive License and Supply Agreement, dated as of January 31, 2014 (the “Agreement”); and further amended January 26, 2016; 

WHEREAS, the Parties have requested clarification on several definitions in the Agreement: 

WHEREAS, LI-COR has agreed to provide Aura with an additional product under the Agreement; 

WHEREAS, LI-COR has requested Aura to assist with patent term extension under the Agreement; and
WHEREAS, pursuant to Section 13.8 of the Agreement, the Parties desire to amend the Agreement to reflect the foregoing. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

1.      Amendments. 

1.1    Section 1.10 is deleted and is hereby amended and replaced with: 

“1.10 “IRDye 700DX” means IRDye 700DX Carboxylate and any components, fragments, modifications, or derivatives of such
dye (“IRDye 700DX Carboxylate”) and any precursors of IRDye 700DX Carboxylate, such as IRDye 700DX Step D, as set forth in Exhibit B.’’ 

1.2    Section 1.22 is deleted and is hereby amended and replaced with: 

“1.22 “Pivotal Clinical Trial” means a clinical study on a sufficient number of subjects that is designed to establish that a
Licensed Product is safe and efficacious for its intended use and to determine warnings, precautions and adverse reactions that are associated with such Licensed Product in the dosage range to be prescribed, as more fully defined in 21 C.F.R.
§312.21(c), as amended, such clinical study which is intended to support Regulatory Approval of such Licensed Product, including all tests and studies that are required by the FDA from time to time, pursuant to Applicable Law or otherwise an
expanded human clinical trial intended to gather information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship and to provide an adequate basis for physician labeling.” 

 1.3    Each reference in the Agreement to the term “Phase III
Clinical Trial is hereby deleted and replaced with the term “Pivotal Clinical Trial.’’ 
 1.4    The last
sentence of Section 2.1 is deleted and is hereby amended and replaced with: 
 “Notwithstanding the foregoing, such
License does not include the right to make or have made IRDye 700DX, other than modification of the IRDye 700DX Step D to perform the carboxylate processing of such IRDye 700DX Step D to make IRDye 700DX Carboxylate.’’ 

1.5    Section 5.1 (b) is hereby deleted and replaced in its entirety as follows: 

“(b) Key Diligence Obligations. Aura shall use Commercially Reasonable Efforts to achieve each of the following
diligence events (each, a “Diligence Event”) by the corresponding achievement date set forth below (“Achievement Date”). Notwithstanding the foregoing, Aura shall have the right and option to extend any
Achievement Date for a Diligence Event by six (6) months increments, but not more than three (3) times per Diligence Event, by making a [***] payment to LI-COR prior to the expiration of the
Achievement Date for such Diligence Event. 
  

					
	 	 	Diligence Event	  	Achievement
Date
	 1.
	 	[***]	  	[***]
	 2.
	 	[***]	  	[***]
	 3.
	 	[***]	  	[***]
	 4.
	 	[***]	  	[***]
	 5.
	 	[***]	  	[***]

 (i) In the event that Aura fails to meet the Achievement Date for one or more of Diligence Events 3, 4 or
5 referenced in the table above, then Aura shall by obligated to pay LI-COR as follows (each, a “Failure Payment”): 
  

	 	A.	 Failure to meet the Achievement Date for Diligence Event 3 or 4: Payment of the $[***] associated with
successful completion of the first Pivotal Clinical Trial with a NDA accepted by the FDA, as set forth in Section 3.3. 

  

	 	B.	 Failure to meet the Achievement Date for Diligence Event 5: Payment of the $[***] associated with the first
Commercial Sale of Licensed Product for clinical (non-research) human in vivo use in the United States, as set forth in Section 3.3. 

Aura shall also provide a reasonably detailed written report demonstrating Aura’s use of its Commercially Reasonable Efforts to achieve
the Diligence Event, and upon receipt of such report and Failure Payment for such Diligence Event, Aura shall be deemed by LI-

 
COR to have met all requirements associated with such Diligence Event. In addition, the full payment of a Failure Payment by Aura shall satisfy the applicable Milestone Payment in
Section 3.3 and no additional payments shall be due to LI-COR for the achievement of that Milestone. 

(ii)    In the event that Aura fails to achieve any Diligence Event by the applicable Achievement Date, and Aura has not
elected to either extend the applicable Achievement Date as permitted by this Section 5.1 (b) and has not elected to proceed according to the provision in Section 5.1(b)(i), then this License shall automatically convert to a
nonexclusive license.” 
 1.6    To clearly identify the appropriate Drug Master File, the first sentence of
Section 5.3(b) is deleted and is hereby amended and replaced as follows: 
 “(b) By
LI-COR. LI-COR will provide Aura with a right to reference LI-COR’s DMF for IRDye 700DX Carboxylate.” 

1.7    Section 5.6 is hereby amended to include, after the last sentence in Section 5.6, the following sentence:

 “Notwithstanding the foregoing, regulatory requirements for labeling and packaging in a region may overrule such requirement for Aura
to prominently display the LI-COR name or patent information pertaining to the Licensed Product.” 

1.8    New Section 5.9 is hereby added immediately after Section 5.8 as follows: 

“5.9 Patent Term Extension. The Parties shall reasonably cooperate with each other in obtaining patent term extension in any
country in the Territory under any statute or regulation equivalent or similar to 35 U.S.C. § 156, where applicable to the Licensed Patents. If any election with respect to seeking such patent term extension is to be made in any country in the
Territory with respect to the Licensed Patents, then LI-COR, in its sole discretion, shall make such election (including by filing supplementary protection certificates and any other extensions that are now or
in the future become available). Aura shall abide by such election and cooperate, as reasonably requested by LI-COR, in connection with the foregoing (including by providing appropriate information and
executing appropriate documents).” 
 1.9    The last sentence of Section 6.2 is deleted and is hereby amended
and replaced with: 
 “Such Forecast will be updated and submitted quarterly, and will be sent by mail or email to [***] ([***]), LI-COR Biosciences, 4647 Superior Street, Lincoln, Nebraska 68504.” 

1.10    Section 6.3 is hereby amended and replaced in its entirety as follows: 

“(a) Orders. Aura shall place purchase orders for IRDye 700DX from time to time, provided that it shall at a minimum place orders
in accordance with the binding portion of the Forecast. Each purchase order will specify: (a) the description of the product; (b) part number; 

 
(c) the quantity of IRDye 700DX desired, which quantity shall not be less than 50 mg per purchase order; (d) the desired delivery date(s); and (e) the ship to address. No
purchase order will be binding on (he Parties unless and until accepted by LI-COR. Aura may cancel any purchase order if notice of cancellation is received by LI-COR in
advance of LI-COR’s acceptance of such purchase order. 
 (b) Acceptance. LI-COR shall use Commercially Reasonable Efforts to accept each purchase order if it can deliver the IRDye 700DX on or before the requested delivery date, and shall notify Aura of its acceptance or rejection within
[***] after receipt of each such purchase order. Any notice of acceptance will include confirmation of the requested quantities, the delivery date, and the applicable prices. If the order from Aura requires more than one batch or lot of material to
fulfill said order, LI-COR shall consult with Aura as to how to proceed.” 

1.11    Section 6.4(a) is hereby amended and replaced in its entirety as follows: 

“(a) IRDye 700DX Pricing. Aura, its Affiliates and Sublicensees shall pay LI-COR in
accordance with the following: 
 [***] 

1.12    Section 10.1(b)(ii) is hereby amended and restated as follows: 

“(ii) the research, development, manufacture, transportation, handling, storage, distribution, or commercialization with respect to IRDye
700DX and any modification of the IRDye 700DX Step D by Aura, its Affiliates or Sublicensees, except to the extent such Losses result from LI-COR’s gross negligence or willful misconduct;’’ 

1.13    To include the specifications for non-GMP IRDye 700DX Carboxylate and IRDye
700DX Step D, Exhibit A (Specifications) of the Agreement is hereby amended and replaced in its entirety with Exhibit A attached hereto. 

1.14    New Exhibit B (IRDye 700DX) attached hereto, is hereby added immediately after Exhibit A (Specifications) to
the Agreement. 
 2.    General Provisions. 

2.1    All other terms and conditions of the Agreement shall remain in full force and effect. 

2.2    The captions to the paragraphs/sections in this Amendment are not a part of this Amendment or the Agreement, and
are included merely for convenience of reference only and shall not affect its meaning or interpretation. 
 2.3    This
Amendment was drafted by all Parties concerned and thus any rule of contract interpretation calling for documents to be construed against the drafter shall not apply to the construction of this Amendment. 

 2.4    This Amendment, together with the Agreement, constitutes the
entire agreement between the Parties with respect to the subject matter hereof. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall prevail. 

2.5    This Amendment may be executed in any number of counterparts, each of which shall be an original as against either
Party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. An executed facsimile or electronic copy of this Amendment shall have the same force and effect as an original. 

IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed this Amendment as of the Effective Date. 

 

									
	LI-COR, INC.	 		 	AURA BIOSCIENCES, INC.
					
	By:	 	 /s/ [***]
	 		 	By:	 	 /s/ Elisabet de los Pinos

	 Name: [***]
 Title: [***]
	 		 	 Name:

Title:

 Exhibit A 

Specifications 
 [***] 

 Exhibit B 

IRDye 700DX 
 [***] 

 

 
 AMENDMENT NO. 3 TO 

LICENSE AND SUPPLY AGREEMENT 

This Amendment No. 3 to License and Supply Agreement (“Amendment”) is entered into on April 2018, (the
“Amendment Effective Date”) by and between LI-COR, INC. (D/B/A LI-COR BIOSCIENCES), a Nebraska corporation with a principal address of
4647 Superior Street, Lincoln, Nebraska 68504 (“LI-COR”), and Aura Biosciences, Inc. a Delaware corporation with a principal address of 85 Bolton Street, Cambridge, MA 02140
(“Aura”). 
 WHEREAS, LI-COR and Aura have entered into a License and Supply
Agreement dated January 31, 2014, and amended January 26, 2016, further amended July 27, 2017 (the “Agreement”). 

WHEREAS, the parties now wish to amend the Agreement to reduce the pricing for IRDye 700DX. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants, representations and warranties set forth herein,
the parties agree as follows: 
 SECTION 1.    Definitions; References. Unless otherwise
specifically defined herein, each term used herein which is defined in the Agreement shall have the meaning assigned to such term in the Agreement. 

SECTION 2.    Amendment of Section 6.4(a). Section 6.4(a) of
the Agreement is hereby amended and replaced in its entirety as to read as follows: 
 “6.4 IRDye 700DX Pricing. Aura, its
Affiliates, and Sublicensees shall pay LI-COR the following priced for non-cGMP manufactured IRDye 700DX: 

 

									
	 Lifetime quantity
	  	Non-GMP IRDye
700DX Carboxylate
“Step D” Pricing
per gram	 	 	Non-GMP IRDye
700DX
Carboxylate 
“Step F” Pricing
per gram	 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 

 SECTION 11.    Construction of Agreement. Except as amended and
supplemented hereby, all of the terms of the Agreement are incorporated herein by reference and shall remain and continue in full force and effect and are hereby ratified and confirmed in all respects. 

 IN WITNESS WHEREOF, the parties have hereto caused their duly authorized
representatives to execute this Amendment as of the date first written above. 
  

							
	LI-COR, INC.	  	AURA BIOSCIENCES, INC.
				
	By:	 	 /s/ [***]

[***]
 [***]
	  	By:	 	 /s/ Elisabet de los Pinos

				
	Date:	 	 4-15-18
	  	Date:	 	 4-30-18

 AMENDMENT 4 TO EXCLUSIVE LICENSE AND SUPPLY AGREEMENT 

This Amendment 4 (this “Amendment”) to the Exclusive License and Supply Agreement described below is entered into
as of April 2, 2019 (the “Effective Date”), by and between LI-COR, Inc., a Nebraska corporation with a principal address of 4647 Superior Street, Lincoln, Nebraska 68504
(“LI-COR”), and Aura Biosciences, Inc. a Delaware corporation with a principal address of 85 Bolton Street, Cambridge, MA 02140 (“Aura”). All defined terms used
herein, but not defined, shall have the meanings ascribed to such terms in the Agreement (as defined below). 
 WHEREAS, the Parties entered
into that certain Exclusive License and Supply Agreement, dated as of January 31, 2014 (the “Agreement”); and further amended January 26, 2016, July 27, 2017 and April 12, 2018; 

WHEREAS, the Parties have requested clarification on certain definitions and terms in the Agreement; 

WHEREAS, pursuant to Section 13.8 of the Agreement, the Parties desire to amend the Agreement to reflect the foregoing. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be
legally bound, hereby agree as follows: 
  

	1.	 Amendments. 

1.1    Section 1.13 is deleted and is hereby amended and replaced with: 

“1.13 “Licensed Field” means use in the treatment and diagnosis of ocular cancer, including ocular pre-cancer and indeterminate lesions.” 
 1.2    Section 13.3 is amended by
deleting the phrase “so long as Aura is not the surviving entity” and inserting in its place the phrase “so long as Aura is the surviving entity”. 
  

	2.	 General Provisions. 

2.1    All other terms and conditions of the Agreement shall remain in full force and effect. 

2.2    The captions to the paragraphs/sections in this Amendment are not a part of this Amendment or the Agreement, and
are included merely for convenience of reference only and shall not affect its meaning or interpretation. 
 2.3    This
Amendment was drafted by all Parties concerned and thus any rule of contract interpretation calling for documents to be construed against the drafter shall not apply to the construction of this Amendment. 

 2.4    This Amendment, together with the Agreement, constitutes the
entire agreement between the Parties with respect to the subject matter hereof. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall prevail. 

2.5    This Amendment may be executed in any number of counterparts, each of which shall be an original as against either
Party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. An executed facsimile or electronic copy of this Amendment shall have the same force and effect as an original. 

IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed this Amendment as of the Effective Date. 

 

							
	LI-COR, INC.	  	AURA BIOSCIENCES, INC.
				
	By:	 	 /s/ [***]
	  	By:	 	 /s/ Elisabet de los Pinos

		 	 [***]
 [***] 
4/5/2019
	  	Name: Elisabet de Pinos
 Title: President and CEO

4/5/2019

 

 
 LI-COR, Inc. 

4647 Superior Street 
 Lincoln,
Nebraska 
 68504 USA 
 Phone:
[***] 
 Toll Free U.S. & Canada: [***] 

www.licor.com 
 Email 

June 5, 2020 
 Elisabet de los Pinos, CEO 

Aura Biosciences, Inc. 
 85 Bolton Street 

Cambridge, MA 02140 
  

	Re:	 Exclusive License Agreement Between Aura Biosciences and LI-COR dated
January 31, 2014 (the “Agreement”); LI-COR Agreement #2013-154 

Dear Elisabet, 
 As mutually agreed between Aura Biosciences and
LI-COR, Aura Biosciences shall pay LI-COR [***] ($[***])] on or before June 30, 2020 and [***] ($[***])] on or before May 1, 2021 as Failure Payments under
Section 5.1(b)(i)A and B of the Agreement. The timely receipt of the foregoing Failure Payments by LI-COR shall satisfy Aura’s obligations under the terms of Section 5.1(b)(i) A and B of the
Agreement and no breach of the Agreement will have occurred on behalf of Aura, provided that Aura Bioscience remains in compliance of Section 5.1(a) and the Agreement shall remain an exclusive Agreement unless Aura fails to timely pay the
Failure Payments. 
 Sincerely, 
 /s/ [***] 

[***] 
 [***] 

 

	
	Agreed and Accepted by Aura Biosciences
	
	 /s/ Elisabet de los Pinos

	 Elisabet de los Pinos
 CEO

 
 6/5/2020

	DateEX-10.13

 Exhibit 10.13 

Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant
treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

LICENSE AGREEMENT 
 by
and between 
 CLEARSIDE BIOMEDICAL, INC. 

and 
 AURA BIOSCIENCES,
INC. 
 July 3, 2019 
  

 Table of Contents 

 

									
	 	  	 	  	 	  	Page	 
			
	 1.
	  	DEFINITIONS	  	 	1	 
			
	 2.
	  	LICENSES	  	 	8	 
				
		  	2.1	  	License Grants	  	 	8	 
				
		  	2.2	  	Affiliates; Sublicenses	  	 	9	 
				
		  	2.3	  	In-Licenses	  	 	9	 
				
		  	2.4	  	Licenses of Necessary Third Party IP	  	 	10	 
				
		  	2.5	  	Technology Transfer; Training	  	 	10	 
				
		  	2.6	  	Retained Rights	  	 	11	 
				
		  	2.7	  	No Other Rights	  	 	11	 
			
	 3.
	  	GOVERNANCE	  	 	11	 
				
		  	3.1	  	Joint Steering Committee	  	 	11	 
				
		  	3.2	  	JSC Authority	  	 	11	 
				
		  	3.3	  	JSC Membership and Meetings	  	 	12	 
				
		  	3.4	  	JSC Decision-Making	  	 	12	 
			
	 4.
	  	CERTAIN FINANCIAL TERMS	  	 	13	 
				
		  	4.1	  	Upfront Payment	  	 	13	 
				
		  	4.2	  	Additional Payment	  	 	13	 
				
		  	4.3	  	Milestone Payments	  	 	13	 
				
		  	4.4	  	Royalties	  	 	14	 
				
		  	4.5	  	Reports	  	 	15	 
				
		  	4.6	  	Audits	  	 	16	 
				
		  	4.7	  	Payment Exchange Rate	  	 	17	 
				
		  	4.8	  	Registration	  	 	17	 
				
		  	4.9	  	Income Tax Withholding	  	 	17	 
				
		  	4.10	  	Late Payments	  	 	17	 
			
	 5.
	  	MANUFACTURE AND SUPPLY RESPONSIBILITIES	  	 	17	 
				
		  	5.1	  	Initial Supply Agreement	  	 	17	 
				
		  	5.2	  	Commercial Supply Agreement	  	 	18	 
				
		  	5.3	  	Supply Failure	  	 	18	 
				
		  	5.4	  	Manufacturing License and Manufacturing Technology Transfer	  	 	18	 

  
 -i- 

											
	 6.
	  	 	REGULATORY MATTERS	  	 	19	 
				
		  	 	6.1	 	  	Regulatory Filings and Interactions	  	 	19	 
				
		  	 	6.2	 	  	Notice of Adverse Events Affecting Licensed Products and Clearside Suprachoroidal Microneedle Technology	  	 	19	 
				
		  	 	6.3	 	  	Rights of Reference	  	 	20	 
			
	 7.
	  	 	CONFIDENTIALITY AND PUBLICATION	  	 	20	 
				
		  	 	7.1	 	  	Nondisclosure Obligation	  	 	20	 
				
		  	 	7.2	 	  	Publicity	  	 	22	 
			
	 8.
	  	 	REPRESENTATIONS, WARRANTIES AND COVENANTS; INDEMNIFICATION	  	 	22	 
				
		  	 	8.1	 	  	Mutual Representations and Warranties	  	 	22	 
				
		  	 	8.2	 	  	Additional Representations and Warranties of the Parties	  	 	23	 
				
		  	 	8.3	 	  	Warranty Disclaimer	  	 	24	 
				
		  	 	8.4	 	  	Certain Covenants	  	 	24	 
				
		  	 	8.5	 	  	Indemnification	  	 	25	 
				
		  	 	8.6	 	  	Limitation of Liability	  	 	26	 
				
		  	 	8.7	 	  	Insurance	  	 	26	 
			
	 9.
	  	 	INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS	  	 	26	 
				
		  	 	9.1	 	  	Inventorship	  	 	26	 
				
		  	 	9.2	 	  	Ownership	  	 	26	 
				
		  	 	9.3	 	  	Prosecution and Maintenance of Patent Rights	  	 	27	 
				
		  	 	9.4	 	  	Third Party Infringement	  	 	29	 
			
	 10.
	  	 	TERM AND TERMINATION	  	 	30	 
				
		  	 	10.1	 	  	Term	  	 	30	 
				
		  	 	10.2	 	  	Termination Rights	  	 	30	 
				
		  	 	10.3	 	  	Effect of Expiration or Termination; Survival	  	 	32	 
			
	 11.
	  	 	MISCELLANEOUS	  	 	32	 
				
		  	 	11.1	 	  	Assignment	  	 	32	 
				
		  	 	11.2	 	  	Governing Law	  	 	32	 
				
		  	 	11.3	 	  	Entire Agreement; Amendments	  	 	32	 
				
		  	 	11.4	 	  	Severability	  	 	32	 
				
		  	 	11.5	 	  	Headings	  	 	33	 

  
 -ii- 

									
		 	 11.6
	  	Waiver of Rule of Construction	  	 	33	 
				
		 	 11.7
	  	No Implied Waivers; Rights Cumulative	  	 	33	 
				
		 	 11.8
	  	Notices	  	 	33	 
				
	     
	 	 11.9
	  	Compliance with Export Regulations	  	 	34	 
				
		 	 11.10
	  	Force Majeure	  	 	34	 
				
		 	 11.11
	  	Dispute Resolution	  	 	34	 
				
		 	 11.12
	  	Independent Contractors	  	 	35	 
				
		 	 11.13
	  	Counterparts	  	 	35	 
				
		 	 11.14
	  	Binding Effect; No Third Party Beneficiaries	  	 	35	 

  
 -iii- 

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”), effective as of July 3, 2019 (the “Effective Date”), is by
and between Clearside Biomedical, Inc., a Delaware corporation having a principal place of business at 900 North Point Parkway, Suite 200, Alpharetta, GA 30005 (“Clearside”) and Aura Biosciences, Inc., a Delaware corporation having
its principal place of business at 85 Bolton Street, Cambridge, MA 02140 (“Aura”). 
 RECITALS: 

WHEREAS, Aura owns or controls rights and technology useful to the research, development and commercialization of products and product
candidates to treat, diagnose or prevent neoplasms of the choroid of any size or disease stage, including, without limitation, choroidal melanoma, ocular metastases occurring in the choroid, and collectively, neoplasms known as ocular cancers; 

WHEREAS, Clearside controls a proprietary tissue targeting microinjection platform for the treatment of diseases of the eye and
delivery of pharmaceutical agents to specific portions of the eye, including the delivery of pharmaceutical compositions and formulations to the suprachoroidal space; 

WHEREAS, Aura desires to obtain an exclusive, worldwide license to the Clearside microinjection platform for the treatment of diseases
of the eye for the purpose of developing and commercializing Licensed Products (as defined herein); and 
 WHEREAS, Clearside desires
to grant such an exclusive, worldwide license to Aura, all on the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants herein contained, the Parties hereby agree as follows: 
  

	1.	 DEFINITIONS 

Unless specifically set forth to the contrary herein, the following terms, whether used in the singular or plural, shall have the respective
meanings set forth below: 
 1.1    “Affiliate” means a corporation or non-corporate business entity that, directly or indirectly, controls, is controlled by, or is under common control with the Person specified, for so long as such control continues. An entity will be regarded as in
control of another entity if: (a) it owns, directly or indirectly, at least 50% of the voting securities or capital stock of such entity, or has other comparable ownership interest with respect to any entity other than a corporation; or
(b) it possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the corporation or non-corporate business entity, as applicable, whether through the
ownership or control of voting securities, by contract or otherwise. 
 1.2    “Applicable Law”
means all statutes, ordinances, regulations, rules, or orders of any Governmental Authority that may be in effect from time to time and applicable to the activities contemplated by this Agreement. 

  
 1 

 1.3    “Aura Improvements” mean any
improvements, ideas, Inventions, developments, derivatives, modifications, technologies, discoveries, Know-How and techniques, whether or not patentable, conceived or reduced to practice by Aura or its
Affiliates or Sublicensees during the Term of this Agreement that are Controlled by Aura and Cover or relate to any Licensed Product (excluding the Clearside Suprachoroidal Microneedle Technology component or aspect of any Licensed Product). 

1.4    “Background IP” of a Party means any and all discoveries, developments, improvements, know-how, combinations, formulations, compositions of matter, data, processes and other inventions, whether or not patentable, in such Party’s ownership, possession or Control prior to the Effective Date or
made, conceived or reduced to practice by such Party outside the scope of the Agreement and without the use of any Background IP of the other Party. 

1.5    “Business Day” means a day other than Saturday, Sunday or any day on which banks located in
Atlanta, Georgia or Boston, Massachusetts are authorized or obligated by Applicable Law to close. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. 

1.6    “Calendar Quarter” means the respective periods of three (3) consecutive calendar
months ending on March 31, June 30, September 30 and December 31; provided, that (a) the first Calendar Quarter of the Term shall begin on the Effective Date and end on the first to occur of March 31, June 30,
September 30 or December 31 thereafter and the last Calendar Quarter of the Term shall end on the last day of the Term and (b) the first Calendar Quarter of a Royalty Term for the Licensed Product in a country shall begin on the First
Commercial Sale of the Licensed Product in such country and end on the first to occur of March 31, June 30, September 30 or December 31 thereafter and the last Calendar Quarter of a Royalty Term shall end on the last day of such
Royalty Term. 
 1.7    “Calendar Year” means each successive period of twelve (12) months
commencing on January 1 and ending on December 31; provided, that (a) the first Calendar Year of the Term shall begin on the Effective Date and end on the first December 31 thereafter and the last Calendar Year of the Term
shall end on the last day of the Term. 
 1.8    “Change of Control” means any transaction or
series of related transactions which shall result in (a) direct or indirect ownership of more than fifty percent (50%) of the voting stock or assets of a Party or an Affiliate that controls such Party by Persons who are not shareholders of the
Party or the controlling Affiliate of such Party prior to such transaction or series related transactions, provided, however that a bona fide financing in which new shares of capital stock are sold shall not constitute a Change of Control,
(b) the merger of a Party with or into a Third Party in a transaction in which the shareholders of the merging Party prior to such transaction do not retain a majority interest in the entity surviving the merger, or (c) the sale of all or
substantially all of the assets of a Party. 
 1.9    “Clearside Improvements” mean any
improvements, ideas, Inventions, developments, derivatives, modifications, technologies, discoveries, Know-How and techniques, whether or not patentable, conceived or reduced to practice by Clearside, its
Affiliates or its Third Party licensors party to a Clearside In-License during the Term of this Agreement that are Controlled by Clearside or its Affiliates and Cover or relate to the Clearside Suprachoroidal
Microneedle Technology. 

  
 2 

 1.10    “Clearside
In-License” means (a) the Emory/GTRC License Agreement, and (b) any other agreement entered into between Clearside and a Third Party after the Effective Date under which, pursuant to
Section 2.4, Aura has rights and obligations with respect to, or which otherwise Cover, the Licensed Product and is necessary to Develop, Commercialize and/or Manufacture such Licensed Product in the Field. 

1.11    “Clearside Manufacturing Technology” means all Patent Rights, Know-How and Improvements owned or Controlled by Clearside or its Affiliates (including all technology and patent rights with respect to the manufacturing process) at any time during the term of the Supply
Agreement, which is necessary or useful for the Manufacture of the Clearside Product. 

1.12    “Clearside Suprachoroidal Microneedle Technology” means
Clearside’s suprachoroidal drug delivery platform and/or microinjectors and microneedles necessary or reasonably useful for the Development, Manufacture or Commercialization of Licensed Products in the Field, as in existence as of the Effective
Date and as further improved, modified, or enhanced during the Term of this Agreement. 

1.13    “Clinical Trial” means a Phase I Clinical Trial, Phase II Clinical Trial, Phase III
Clinical Trial or Post-Approval Study, as applicable. 
 1.14    “Combination Product” means a
Licensed Product that is sold for a single price that includes (a) a compound, preparation, substance or formulation owned or Controlled by Aura in the Field (an “Aura Compound”) that is delivered to the suprachoroidal space
using the Clearside Suprachoroidal Microneedle Technology and (b) a laser or light source, system or device to activate such Aura Compound. 

1.15    “Commercialization” or “Commercialize” means any and all
activities directed to marketing, promoting, distributing, importing, exporting, using, offering to sell and/or selling the Licensed Product, including the conduct of Post-Approval Studies, and activities directed to obtaining pricing and
reimbursement approvals, as applicable. Aura shall not Commercialize any Licensed Products under the same or substantially similar name as any Clearside product and shall use a different active ingredient(s), trade dress and NDC number (in the US).

 1.16    “Commercially Reasonable Efforts” means [***]. 

1.17    “Confidential Information” means any and all information and data, including without
limitation all scientific, pre-clinical, clinical, regulatory, manufacturing, marketing, financial, trade secret and commercial information or data, whether communicated in writing or orally or by any other
method, which is provided by one Party to the other Party in connection with this Agreement. Licensed IP and Sublicensed IP are Confidential Information of Clearside. 

1.18    “Control”, “Controls” or “Controlled by” means
[***]. 
 1.19    “Cost of Goods” means [***]. 

  
 3 

 1.20    “Cover,” “Covering”
or “Covers” means that in the absence of a license granted under a Valid Claim, the Development, Manufacture or Commercialization of the Licensed Product would or is reasonably likely to infringe such Valid Claim. 

1.21    “Development,” “Developing” or “Develop” means
the research and development activities related to the generation, characterization, optimization, construction, expression, use and production of the Licensed Product, any other research and development activities related to the pre-clinical testing and qualification of the Licensed Product for clinical testing, and such other tests, studies and activities as may be required or recommended from time to time by any Regulatory Authority to
obtain Regulatory Approval of the Licensed Product, including toxicology studies, statistical analysis and report writing, pre-clinical testing, Clinical Studies and regulatory affairs, product approval and
registration activities. 
 1.22    “Emory/GTRC License Agreement” means that certain License
Agreement between Emory University, The Georgia Tech Research Foundation and Clearside dated as of the 4th day of July, 2012, as amended April 2, 2014, December 2, 2016 and April 1, 2018, and as further amended from time to time in
accordance with Section 2.3. 
 1.23    “Field” means the treatment, prevention and
diagnosis of choroidal melanoma, including pre-cancerous cells and indeterminate lesions in the choroid, and choroidal metastases. 

1.24    “First Commercial Sale” means, with respect to a Licensed Product in a country, the first
sale for end use of such Licensed Product to a Third Party in such country after all required Regulatory Approvals have been granted by the Regulatory Authority of such country. 

1.25    “GAAP” means generally accepted accounting principles in the United
States, or internationally, as appropriate, consistently applied. 
 1.26    “Generic Product”
means, with respect to a Licensed Product, any product other than a generic product authorized by Aura that contains the same compound, preparation, substance or formulation as such Licensed Product and that is approved by a Regulatory Agency for
administration to the suprachoroidal space and sold under an approved Marketing Authorization Application granted by a Regulatory Authority to a Third Party that is not a Sublicensee of Aura or its Affiliates and did not obtain such product in a
chain of distribution that includes any of Aura, its Affiliates, or Sublicensees. 

1.27    “Governmental Authority” means any court, commission, authority, department, ministry,
official or other instrumentality of, or being vested with public authority under any law of, any country, region, state or local authority, or any political subdivision thereof, or any association of countries, including without limitation any
Governmental Authority. 
 1.28    “IND” means an Investigational New Drug Application, Clinical
Trial Application or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory Authority in conformance with the requirements of such Regulatory Authority. 

1.29    “Initiate”, “Initiated” or “Initiation” means,
with respect to a Clinical Study, the administration of the first dose to the first subject in such study; provided, however, that in the 

  
 4 

 
case of a Clinical Study in which the protocol is a combination of a Phase I Clinical Trial and a Phase II Clinical Trial, the Phase II Clinical Trial portion of such Clinical Study shall be
deemed Initiated only upon commencement of the Phase II Study portion of such Clinical Trial. 

1.30    “Invention” means any technical, scientific and other
know-how and information, trade secrets, knowledge, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs,
drawings, assembly procedures, computer programs, apparatuses, specifications, data, results and other material, including: biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical,
pre-clinical, clinical, safety, manufacturing and quality control data and information, including study designs and protocols, assays and biological methodology process, composition of matter, article of
manufacture, discovery or finding, patentable or otherwise, that is made, generated, conceived or otherwise invented as a result of a Party exercising its rights or carrying out its obligations under this Agreement, whether directly or via its
Affiliates, agents or independent contractors, including all rights, title and interest in and to the intellectual property rights therein. 

1.31    “Know-How” means all biological materials and
other tangible materials, inventions, practices, methods, protocols, formulas, knowledge, know-how, trade secrets, processes, assays, skills, experience, technology, prototypes, techniques and results of
experimentation and testing, including without limitation pharmacological, toxicological and pre- clinical and clinical test data and stability, analytical and quality control data, patentable or otherwise.

 1.32    “Knowledge,” with respect to a Party, means the actual knowledge of any of the
executive officers of such Party. 
 1.33    “Licensed
Know-How” means all Know-How that is Controlled by Clearside or its Affiliates (including the Sublicensed Know-How) and
is useful or necessary in connection with the Development, Manufacture and Commercialization of a Licensed Product and, solely to the extent Section 5.4 becomes applicable, the Manufacture of Clearside Products. 

1.34    “Licensed IP” means Licensed Patent Rights, Licensed
Know-How and Clearside Improvements. 
 1.35    “Licensed Patent
Rights” means (a) the Patent Rights Covering the Clearside Suprachoroidal Microneedle Technology as set forth on Schedule A, (b) the Sublicensed Patent Rights and (c) all new Patent Rights Controlled by Clearside or
its Affiliates that are filed or issued with claims Covering or directed to the Clearside Suprachoroidal Microneedle Technology. 

1.36    “Licensed Product” means any compound, preparation, substance or formulation owned or
Controlled by Aura in the Field that is delivered to the suprachoroidal space, in whole or in part, by means of or through the use of the Licensed IP, including Clearside’s Suprachoroidal Microneedle Technology. 

1.37    “Manufacturing” or “Manufacture” means, as applicable, all
activities associated with the production, manufacture, processing, filling, finishing, packaging, labeling, shipping, and storage of the Licensed Product, including process and formulation development,

  
 5 

 
process validation, stability testing, manufacturing scale-up, pre-clinical, clinical and commercial manufacture
and analytical development, product characterization, quality assurance and quality control development, testing and release. For the avoidance of doubt, the term “Manufacture” does not include Aura’s right to manufacture the
Clearside Product component of the Licensed Product except to the extent Section 5.4 becomes applicable. 

1.38    “Manufacture of Clearside Product” or “Manufacture
Clearside Product” means, as applicable, all activities associated with the production, manufacture, processing, filling, finishing, packaging, labeling, shipping, and storage of the Clearside Product, including process and
formulation development, process validation, stability testing, manufacturing scale- up, pre-clinical, clinical and commercial manufacture and analytical development, product characterization, quality
assurance and quality control development, testing and release. 
 1.39    “NDA/BLA” means a New
Drug Application, Biologics License Application or similar application or submission for approval to sell and market a new drug filed with or submitted to a Regulatory Authority in conformance with the requirements of such Regulatory Authority. 

1.40    “Necessary Third Party IP” means, with respect to any country, on a country-by country basis, Know-How or Patent Rights in such country owned or controlled by a Third Party that Cover the Development, Manufacturing and/or Commercialization of
the Licensed Product in or for such country. 
 1.41    “Net Sales” means, with respect to any
Licensed Product, the gross amounts invoiced for sales or other dispositions of such Licensed Product (excluding transfer or dispositions of product at or below manufacturing cost, or without charge, for nonclinical or clinical purposes, research,
commercial samples, compassionate use, indigent programs and humanitarian and charitable donations) by or on behalf of Aura or its Affiliates (and with respect to Section 4.4.3, its Sublicensees) to Third Parties, less the following deductions
to the extent consistent with GAAP and Aura’s standard accounting practices and included in the gross invoiced sales price for such Licensed Product or otherwise paid or incurred by Aura or its Affiliates (and with respect to
Section 4.4.3, its Sublicensees), as applicable, with respect to the sale or other disposition of such Licensed Product: 

[***] 

1.42    “NovaMedica Agreement” means that certain License Agreement between Clearside and
NovaMedica LLC, dated August 29, 2014. 
 1.43    “Party” means Aura or Clearside;
“Parties” means Aura and Clearside. 
 1.44    “Patent Rights” means all
patents (including all reissues, extensions, substitutions, confirmations, re-registrations, re-examinations, invalidations, supplementary protection certificates and
patents of addition) and patent applications (including all provisional applications, requests for continuation, continuations, continuations-in-part and divisions) and
all foreign equivalents of the foregoing. 
 1.45    “Person” means any individual, corporation,
company, partnership, trust, incorporated or unincorporated association, joint venture or other entity of any kind. 

  
 6 

 1.46    “Phase 1 Clinical Trial” means a
Clinical Trial of a Licensed Product that generally meets the requirements of 21 CFR § 312.21(a), as amended (or its successor regulation or comparable laws in countries outside of the United States) that is intended to support a preliminary
determination as to the metabolic and pharmacologic actions of the Licensed Product and whether it is safe in humans. 

1.47    “Phase 2 Clinical Trial” means a Clinical Trial of a Licensed Product that generally meets
the requirements of 21 CFR § 312.21(b), as amended (or its successor regulation or comparable laws in countries outside of the United States) that is intended to support a preliminary determination as to whether such Licensed Product is safe
for its intended use, and to provide preliminary information about such Licensed Product’s efficacy, in order to permit the design of further Clinical Trial(s). 

1.48    “Phase 3 Clinical Trial” means a Clinical Trial of an Licensed Product in any country that
generally meets the requirements of 21 CFR § 312.21(c), as amended (or its successor regulation or comparable laws in countries outside the United States) that, together with any other such clinical trials that are planned or have been
conducted, is intended to (i) serve as a primary basis for establishing that the Licensed Product is safe and efficacious for its intended use, (ii) provide an adequate basis to establish physician labeling, including contraindications,
warnings, precautions and adverse reactions and (iii) support marketing approval for such Licensed Product. 

1.49    “Post-Approval Study” means a Clinical Trial of the Licensed Product Initiated in a
country after receipt of Regulatory Approval for such Licensed Product in such country. 

1.50    “Regulatory Approval” means any and all approvals (including pricing and reimbursement
approvals), licenses, registrations or authorizations of any Regulatory Authority, necessary for the Development, Commercialization and Manufacture of the Licensed Product. 

1.51    “Regulatory Authority” means any applicable government regulatory authority involved in
granting approvals for the Development, Manufacturing, Commercialization, reimbursement and/or pricing of the Licensed Product. 

1.52    “Royalty Term” means, on a Licensed Product-by-Licensed Product and country- by-country basis, the period beginning on the date of the First Commercial Sale of a Licensed Product in a country and ending
on the latest to occur of (a) the last date on which such Licensed Product is Covered by a Valid Claim within the Licensed Patent Rights in such country and (b) ten (10) years from the date of First Commercial Sale of such Product in such
country. 
 1.53    “Sublicense Agreement” means a written agreement between Aura (or its
Affiliate) and a Third Party in which Aura grants a sublicense to such Third Party of some or all of the rights granted by Clearside to Aura pursuant to this Agreement. 

1.54    “Sublicensee” means a Third Party to whom Aura or its Affiliate grants a sublicense under
the rights granted to Aura by Clearside hereunder. 
 1.55    “Sublicensed IP” means Sublicensed
Patent Rights and Sublicensed Know-How. 

  
 7 

 1.56    “Sublicensed
Know-How” means the Know-How Controlled by Clearside under the Emory/GTRC License Agreement. 

1.57    “Sublicensed Patent Rights” means the patents and patent applications licensed to
Clearside pursuant to the Emory/GTRC License Agreement, and all divisional, continuations, continuations-in-part, and foreign counterparts thereof, together with all
registrations, reissues, reexaminations, supplemental protection certificates, or extensions thereof, and any foreign counterparts thereof. For avoidance of doubt, the list of above mentioned patents and patent applications as of the Effective Date
is set forth on Schedule B hereto. 
 1.58    “Territory” means worldwide. 

1.59    “Third Party” means an entity other than a Party and its Affiliates. 

1.60    “United States” means the United States of America and its territories, possessions and
commonwealths. 
 1.61    “Valid Claim” means a claim (a) of any issued, unexpired patent
within the Licensed Patent Rights that has not been revoked or held unenforceable or invalid by a decision of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken
within the time allowed for appeal, and that has not been disclaimed or admitted to be invalid or unenforceable through recission, disclaimer, or otherwise or (b) of any patent application within the Licensed Patent Rights that was filed in
good faith and is being prosecuted actively and in good faith and has not been cancelled, withdrawn, or abandoned and has not been pending for more than five (5) years. If a claim of a patent application ceases to be a Valid Claim under item
(a) because of the passage of time and later issues as part of a patent within item (b), then it shall again be considered to be a Valid Claim effective as of the grant or issuance of such patent. 

 

	2.	 LICENSES 

  

	 	2.1	 License Grants. 

2.1.1    Licensed IP. Subject to the terms and conditions of this Agreement, Clearside hereby grants
Aura an exclusive (even as to Clearside), royalty-bearing license under and to the Licensed IP (other than the Sublicensed IP which is set forth in Section 2.1.2), with the right to sublicense through multiple tiers (as set forth below), to
Develop and Commercialize Licensed Products in the Territory for use in the Field and, subject to Section 5.4, to Manufacture Licensed Products in the Territory for use in the Field. 

2.1.2    Sublicensed IP. Subject to the terms and conditions of this Agreement and the Emory/GTRC
License Agreement, Clearside hereby grants Aura an exclusive (even as to Clearside), royalty-bearing sublicense under and to the Sublicensed IP, with the right to further sublicense through multiple tiers (as set forth below), to Develop and
Commercialize Licensed Products in the Territory for use in the Field and, subject to Section 5.4, to Manufacture Licensed Products in the Territory for use in the Field. 

  
 8 

	 	2.2	 Affiliates; Sublicenses. 

2.2.1    Affiliates. The license grants in Section 2.1 shall apply to an entity that is an Aura
Affiliate only for so long as such entity remains an Aura Affiliate and complies in all respects with the obligations of Aura under this Agreement. Aura hereby guarantees the full payment and performance of its Affiliates under this Agreement. 

2.2.2    Sublicensing Terms. Aura and its Affiliates shall be entitled to grant sublicenses (through
multiple tiers) of all or any portion of their rights under this Agreement; provided that each sublicense granted by Aura or its Affiliate pursuant to this Section 2.2.2 shall be subject and subordinate to the terms and conditions of this
Agreement and the and the applicable terms and conditions of the Emory/GTRC License Agreement and shall contain terms and conditions consistent with those in this Agreement and the applicable terms and conditions in the Emory/GTRC License Agreement.
Within [***] of execution of a Sublicense Agreement or amendment to a Sublicense Agreement with any Sublicensee, Aura shall provide Clearside with a copy of the executed Sublicense Agreement or amendment, as applicable, which shall contain the
identity of the Sublicensee (and which may be redacted as to financial, economic and proprietary terms) and shall provide sufficient information to show that the following provisions have been imposed on the Sublicensee: (a) a requirement that
such Sublicensee submit applicable sales or other reports consistent with those required under this Agreement; (b) the audit requirement set forth in Section 4.6; (c) a termination provision in the event the Sublicensee commences a legal
action challenging the validity, enforceability or scope of any Sublicensed Patent Rights; (d) indemnification and insurance requirements consistent with those set forth in the Emory/GTCR License Agreement; and (e) a requirement that such
Sublicensee comply with the confidentiality and non-use provisions of Article 7 with respect to both Parties’ Confidential Information. In the event Aura becomes aware of a material breach of any
Sublicense Agreement by a Sublicensee that has not been cured pursuant to the terms of such Sublicense Agreement Aura shall promptly notify Clearside of the particulars of same and shall enforce the terms of such sublicense. If Aura does not cause
the Sublicensee to comply with the terms of the Sublicense Agreement within [***] of Clearside’s request, Aura shall, upon Clearside’s written direction, terminate the Sublicense Agreement. 

2.2.3    Liability. Aura shall at all times be responsible for the performance of all obligations
under this Agreement, including all payment obligations. 

2.3    In-Licenses. All licenses and other rights granted to
Aura under this Agreement are subject to the rights and obligations of Clearside under the Clearside In-Licenses and Aura shall comply with all Clearside In-Licenses in
all material respects; provided that Aura shall not be obligated to make any payments to any Clearside or any Third Party licensor under a Clearside In-License including, without limitation, under the
Emory/GTCR License Agreement (except to the extent Aura becomes a direct licensee of Emory University and The Georgia Tech Research Foundation pursuant to Section 10.2.2(a)). During the Term, Clearside shall comply with and maintain the
Emory/GTRC License Agreement in full force and effect with respect to the rights granted to Aura under this Agreement. Clearside may not alter the terms of any Clearside In-License, including the Emory/GTRC
License Agreement, in a manner that would have an adverse effect on Aura’s rights hereunder in the Territory without the prior written consent of Aura. Clearside agrees to provide Aura with copies of any Clearside
In-Licenses that are relevant to the 

  
 9 

 
rights granted to Aura under this Agreement, and will promptly provide to Aura any notices received by Clearside and keep Aura fully apprised of circumstances arising under the Clearside In-Licenses, in each case that may affect the rights or obligations of Aura as a sublicensee thereunder. 
  

	 	2.4	 Licenses of Necessary Third Party IP. 

2.4.1    During the Term, Aura may obtain, at its cost and expense, any licenses of any Necessary Third Party IP
for the Territory that it does not Control. 
 2.4.2    If, during the Term, Clearside obtains a license to
Necessary Third Party IP for the Territory that relates to Clearside’s Suprachoroidal Microneedle Technology and is not already Controlled by Aura or Clearside, then Clearside shall notify Aura in writing and include in such notification a
summary of such Necessary Third Party IP, the proposed commercial and sublicensing terms of the license, the Patent Rights and/or Know-How included therein and any other relevant information, together with a
draft of the license agreement covering such Necessary Third Party IP and, if and to the extent requested by Aura, such requested Necessary Third Party IP shall be sublicensed to Aura hereunder or under a mutually agreed sublicense agreement between
Clearside and Aura; provided that Aura shall not be obligated to make any payments to any Third Party licensor of such Necessary Third Party IP and Aura shall not be obligated to pay Clearside any incremental compensation to Clearside under this
Agreement or such sublicense agreement. Upon inclusion herein or execution of such sublicense agreement, Clearside’s license of such Necessary Third Party IP will be deemed a Clearside In-License and
Schedule A will be updated accordingly. The Parties agree that this Section 2.4.2 shall not apply to the Emory/GTRC License Agreement. 

2.5    Technology Transfer; Training. As soon as practicable after the Effective Date, Clearside
shall (a) disclose to Aura all Licensed IP and Sublicensed IP in existence as of the Effective Date, and transfer to Aura copies of all tangible Know-How included in the Licensed IP, including without
limitation all regulatory data and all regulatory documentation that the Parties mutually agree is reasonably necessary in order for Aura to prepare and submit an amendment to Aura’s IND 121893 or as otherwise reasonably needed for regulatory
purposes; (b) provide Aura and its investigators for use at Aura’s clinical sites all reasonably requested physical and electronic embodiments of such Licensed IP and Sublicensed IP as may be necessary for Aura and such investigators to
practice and incorporate Clearside’s Suprachoroidal Microneedle Technology into Aura’s preclinical and Clinical Trials; and (c) exercise commercially reasonable efforts, taking Clearside’s ongoing business priorities into
consideration, to make appropriately trained personnel available for consultation and advice upon Aura’s or such investigator’s reasonable request to the extent reasonably necessary to (i) provide technical assistance necessary to
enable Aura or such investigator to practice and incorporate Clearside’s Suprachoroidal Microneedle Technology into Aura’s preclinical and Clinical Trials and (ii) provide regulatory assistance as reasonably necessary for Aura to
prepare and submit an amendment to Aura’s IND 121893 to start a Phase I Clinical Trial using Clearside’s Suprachoroidal Microneedle Technology. In addition, Clearside will provide [***] of training to Aura or its clinical sites, as
mutually agreed, for which Aura will reimburse Clearside for such training at a rate of $[***] per full time employee FTE, and Aura will reimburse Clearside for any regulatory assistance provided as mutually agreed at a rate of $[***] per FTE, in
each case following written invoices in reasonable detail. 

  
 10 

 2.6    Retained Rights. Notwithstanding the
exclusive licenses granted to Aura under Section 2.1, Clearside expressly retains the right to use the Licensed IP in the Field in the Territory solely to perform its obligations under this Agreement. In addition, Clearside retains the right to
practice, license, and otherwise exploit the Licensed IP outside the scope of the licenses granted to Aura under Section 2.1. Aura acknowledges and agrees that Emory and Georgia Tech retain the right to make, have made, use, import, and
transfer Licensed Products (as defined in the Emory/GTRC License Agreement) and practice Technology (as defined in the Emory/GTRC License Agreement) solely for research, educational, non-commercial and
humanitarian clinical purposes subject to the limitations set forth in the Emory/GTRC License Agreement. 

2.7    No Other Rights. Except as otherwise expressly provided in this Agreement, under no
circumstances shall a Party hereto, as a result of this Agreement, obtain any ownership interest or other right in any Know-How or Patent Rights of the other Party, including items owned, Controlled or
developed by the other Party, or provided by the other Party to the receiving Party at any time pursuant to this Agreement. 
  

	3.	 GOVERNANCE 

3.1    Joint Steering Committee. Within sixty (60) days after the Effective Date, the Parties
shall establish a joint steering committee (the “Joint Steering Committee” or the “JSC”), composed of two (2) representatives of Aura and two (2) representatives of Clearside, to coordinate the
Development, Manufacture and Commercialization of the Licensed Products in the Field in the Territory. Each JSC representative shall have appropriate knowledge and expertise and sufficient seniority within the applicable Party to make decisions
arising within the scope of the JSC’s responsibilities. The JSC shall: 
 3.1.1    serve as a forum for
discussing Development of the Licensed Products in the Field in the Territory including an annual review of Aura’s Development plan which shall include a summary of tasks completed during the prior twelve (12) months as well as a summary
of tasks to be completed during the next twelve (12) months; 
 3.1.2    serve as a forum for discussing the
Manufacture and supply of Licensed Products in the Field in the Territory; 
 3.1.3    serve as a forum for
discussing the Commercialization of Licensed Products in the Field in the Territory including an annual review of Aura’s Commercial plan which shall include a summary of tasks completed during the prior twelve (12) months as well as a
summary of tasks to be completed during the next twelve (12) months; and 
 3.1.4    perform such other
functions as are set forth herein or as the Parties may mutually agree in writing, except where in conflict with any provision of this Agreement. 

3.2    JSC Authority. The JSC shall have only such powers as are expressly assigned to it in this
Agreement, and such powers shall be subject to the terms and conditions of this Agreement. For clarity, the JSC shall not have any right, power or authority: (a) to determine any issue in a manner that would conflict with the express terms and
conditions of this Agreement; or (b) to modify or amend the terms and conditions of this Agreement. 

  
 11 

	 	3.3	 JSC Membership and Meetings. 

3.3.1    JSC Members. Aura’s initial JSC representatives will be Elisabet de lose Pinos and
Cadmus Rich and Clearside’s initial JSC representatives will be Dr. Rafael Andino and Dr. Thomas Ciulla. The chairmanship for each meeting shall rotate between Aura and Clearside, with one of each Party’s JSC representatives
acting as chairperson of the JSC on a rotating basis. Each Party may replace its JSC representatives on written notice to the other Party, but each Party shall strive to maintain continuity. The JSC members shall jointly prepare and circulate the
meeting agenda at least ten (10) Business Days in advance of each meeting, and shall also promptly, but in no event later than thirty (30) days after such meeting, prepare and circulate for review and approval of the Parties the minutes of
such meeting. 
 3.3.2    JSC Meetings. The JSC will hold its first meeting within thirty
(30) days of establishment of the JSC pursuant to Section 3.1. Thereafter, the JSC shall hold meetings at such times as it elects to do so, but in no event shall such meetings be held less frequently than once per Calendar Year. Meetings
may be held in person, or by audio or video teleconference; provided that all in-person JSC meetings shall be held at locations mutually agreed upon by Aura and Clearside. Each Party shall be responsible for
all of its own expenses of participating in JSC meetings. 

3.3.3    Non-Member Attendance. Each of Aura and Clearside
may from time to time invite a reasonable number of participants, in addition to its representatives, to attend JSC meetings in a non-voting capacity; provided that, if either Aura or Clearside intends to have
any Third Party (including any consultant) attend such a meeting, such Party shall provide at least seven (7) days’ prior written notice to the other Party and obtain the other Party’s approval for such Third Party to attend such
meeting, which approval shall not be unreasonably withheld or delayed. Such Party shall ensure that such Third Party is bound by confidentiality and non-use obligations consistent with the terms of this
Agreement, and provide the other Party with a copy of such confidentiality agreement. The Party inviting any such Third Party shall be responsible for all of such Third Party’s costs and expenses of participating in JSC meetings, unless such
invitation is mutually made by Aura and Clearside, in which case they shall equally share such costs and expenses. 
  

	 	3.4	 JSC Decision-Making. 

3.4.1    Consensus and Escalation. The JSC shall strive to make decisions solely relating to the
Field by consensus. If, after reasonable discussion and good faith consideration of each of their views on a particular matter before the JSC, the representatives of Aura and Clearside cannot reach an agreement as to such matter within five
(5) Business Days after such matter was brought to the JSC for resolution, such disagreement shall be resolved through escalation to the Chief Executive Officer of Aura (or his or her designee) and the Chief Executive Officer of Clearside (or
his or her designee) (collectively, the “Executive Officers”) for resolution, who shall use good faith efforts to resolve such matter within ten (10) Business Days after it is referred to them and, if such matter is resolved by
the Executive Officers, such resolution shall be implemented by and binding on the Parties. 

  
 12 

 3.4.2    Final Decisions. If the Executive Officers
are unable to reach consensus on any such matter during such (10) Business Day period, then the Executive Officer of Aura shall have the right to make the final decision; provided that the Executive Officer of Clearside must consent to
any final decision in connection with any disputed matter that would require or result in a change to Clearside’s Suprachoroidal Microneedle Technology. 
  

	4.	 CERTAIN FINANCIAL TERMS 

4.1    Upfront Payment. Within thirty (30) days of the Effective Date, Aura shall pay to
Clearside [***] (the “Upfront Payment”) by wire transfer to an account designated by Clearside. 

4.2    Additional Payment. Aura shall pay to Clearside an additional [***] within [***] of the
earlier of [***] (the “Additional Payment”). 
 4.3    Milestone Payments. Aura
shall use its Commercially Reasonable Efforts to Develop, seek Regulatory Approval for a Licensed Product and, following Regulatory Approval of such Licensed Product, to Commercialize such Licensed Product. Upon the achievement of each milestone
event set forth below (a “Milestone Event”) (whether by Aura itself, an Affiliate or a Sublicensee), Aura shall become obligated to make the corresponding payment amount (“Milestone Payment”) to Clearside. Aura
shall notify Clearside in writing of the achievement of a Milestone Event (y) within thirty (30) days of achievement in the case of Milestone Events 1 through 5 and (z) within [***] of achievement in the case of Milestone Events 6
through 9, and Aura shall pay the corresponding Milestone Payment Amount to Clearside within [***] following such notification. 
  

							
	 	  	 Milestone Event
	  	Milestone
Payment
Amount	 
	 1.
	  	[***]	  	 	[	***] 
	 2.
	  	[***]	  	 	[	***] 
	 3.
	  	[***]	  	 	[	***] 
	 4.
	  	[***]	  	 	[	***] 
	 5.
	  	[***]	  	 	[	***] 
	 6.
	  	[***]	  	 	[	***] 
	 7.
	  	[***]	  	 	[	***] 
	 8.
	  	[***]	  	 	[	***] 
	 9.
	  	[***]	  	 	[	***] 

 Each Milestone Payment specified above for a clinical or commercial Milestone Event is only due once upon the first occurrence
of the respective Milestone Event for any Licensed Product, regardless of the applicable Clinical Trial triggering such payment or the number of Licensed Products achieving such Milestone Event. Aura understands that Clearside intends to treat the
Upfront Payment, the Additional Payment and Milestone Payment Amounts 1 through 4 set forth in the table above as partial reimbursement for actual costs incurred by Clearside in connection with research and development of Licensed Products and the
prosecution, maintenance, and enforcement of intellectual property rights Covering Licensed Products. 

  
 13 

	 	4.4	 Royalties. 

4.4.1    Royalties Payable on the Licensed Product. Subject to the terms and conditions of this
Agreement, during the Royalty Term, Aura shall pay to Clearside on a quarterly basis royalties based on the aggregate Net Sales of all Licensed Products covered by a Valid Claim sold by Aura or its Affiliates in the Territory during a Calendar
Quarter at the rates set forth in the table below. The obligation to pay royalties will be imposed only once with respect to the same unit of a Licensed Product. Net Sales by Sublicensees are covered under Section 4.4.3. 

 

					
	 Calendar Year Net Sales (in Dollars)

for all Licensed Products Sold by

Aura or an Affiliate in the Territory
	  	Royalty Rates as a Percentage
(%) of Net Sales	 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 

 4.4.2    Necessary Third Party IP. Any royalties and any fees,
milestones or other payments under all Clearside In-Licenses of Necessary Third Party IP shall be borne exclusively by Clearside, except to the extent Aura becomes a direct licensee of Emory University and The
Georgia Tech Research Foundation pursuant to Section 10.2.2(a). For clarity, any royalties and any fees, milestones or other payments under the Emory/GTRC License Agreement shall be borne exclusively by Clearside. 

4.4.3    Sublicensee Royalty Revenue Percentage. If Aura has entered into a Sublicense Agreement and
Net Sales of Licensed Products are achieved by such Sublicensee who is then obligated to make one or more royalty payments to Aura based directly or indirectly on Net Sales of Licensed Products covered by a Valid Claim sold by such Sublicensee, Aura
shall pay to Clearside, on a country-by-country basis, per Calendar Quarter, the greater of the following in respect of such Calendar Quarter: (a) [***] of the royalty
payments (based directly or indirectly on Net Sales of Licensed Products covered by a Valid Claim in such country) received by Aura from such Sublicensee during such Calendar Quarter or (b) royalties at the rates set forth in the table below
based on the aggregate Net Sales of all Licensed Products covered by a Valid Claim sold by such Sublicensee in such country during such Calendar Quarter. The greater of such amounts will be payable within [***] of receipt of such payments by Aura.

  

					
	 Calendar Year Net Sales (in Dollars)

for all Licensed Products Sold by a

Sublicensee in the Territory
	  	Royalty Rates as a Percentage
(%) of Net Sales	 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 
	 [***]
	  	 	[	***]% 

  
 14 

 4.4.4    Know-How
Based Royalty Percentage. In the event that, during the Royalty Term, on a Licensed Product-by-Licensed Product and country-by-country basis, a Licensed Product ceases to be Covered by a Valid Claim within the Licensed Patent Rights in such country, then (a) the royalties payable by Aura or its Affiliates based on the
aggregate Net Sales of such Licensed Product in such country shall be equal to [***] of the Patent-Based Royalty Rates set forth in Section 4.4.1 above and (b) the amounts otherwise payable pursuant Section 4.4.3 with respect to
Licensed Product sold by a Sublicensee in such country shall be reduced by [***]. 
  

	 	4.4.5	 Royalty Adjustments and Limitations. 

(a)    Compulsory Licenses. In the event that a court or a governmental agency of competent jurisdiction requires
Aura or any of its Affiliates or Sublicensees to grant a compulsory license to a Third Party permitting such Third Party to make and sell a Licensed Product in a country in the Territory, then, for the purposes of calculating the royalties payable
with respect to such Licensed Product, the royalty rate to be paid by Aura or any of its Affiliates or Sublicensees in such country shall be reduced to the rate payable by the compulsory licensee. 

(b)    Adjustment for Generic Competition. In the event that in any country in the Territory during the Royalty
Term for a Licensed Product, unit sales of all Generic Products of such Licensed Product in such country in a Calendar Quarter are equal to or greater than [***] of the sum of unit sales of such Licensed Product and all such Generic Products in such
country, then the royalty rate otherwise payable by Aura with respect to such Licensed Product in such country in such Calendar Quarter shall be reduced by [***]. Unit sales shall be measured by IQVIA (IMS Health and Quintiles) or, in the absence of
such data, an appropriate end user-level database mutually agreed by the Parties). 
 (c)    Third Party
Royalties. If Aura, in its good faith judgment reasonably believes that it is necessary to obtain or maintain a license from any Third Party under any Patent or Know-How in order to Develop, Manufacture or
Commercialize any Licensed Product (each, a “Third Party License”), then Aura will have the right to credit not more than [***] of any royalty payments actually paid by Aura or its Affiliates under such Third Party License in any
Calendar Quarter against any royalty payment payable to Clearside 
 (d)    Limits on Royalty Adjustments.
Notwithstanding the forgoing, in no event will the royalty reductions under this section reduce the royalty rates otherwise due to Clearside in any Calendar Year to less than [***] of such royalty rates otherwise due. 

 

	 	4.5	 Reports. 

4.5.1    Milestone Events; Sublicenses. During the Term, Aura shall furnish to Clearside a written
report within [***] after the end of each Calendar Year showing the Milestone Events achieved and Sublicenses executed during the prior Calendar Year. 

  
 15 

 4.5.2    Net Sales; Royalties. During the Term and
after First Commercial Sale in each country in the Territory, Aura shall furnish to Clearside a written report within [***] after the end of each Calendar Quarter showing the quantity of Licensed Products sold in each country, the gross sales of
Licensed Product in each country, the itemized deductions for Licensed Products for each country included in the calculation of Net Sales, and the Net Sales in each country of the Licensed Products during the reporting period. In addition, Aura
shall prepare and deliver to Clearside any additional reports as required under the Clearside In-Licenses, in each case within a time period sufficiently in advance to enable Clearside to comply with its
obligations under such Clearside In-Licenses. Aura and its Affiliates and Sublicensees shall keep complete and accurate records in sufficient detail to enable the royalties and other payments payable hereunder
and to Third Parties under the Clearside In-Licenses to be determined. Aura shall make all royalty payments due within [***] after the end of each Calendar Quarter. 

4.5.3    Financial Statements. During the Term, Aura shall furnish to Clearside a copy of
certified or audited financial statements and evidence of renewal of insurance within [***] of end of each fiscal year. 
  

	 	4.6	 Audits. 

4.6.1    Upon the written request of Clearside delivered at least thirty (30) days in advance and not more
than once in each Calendar Year, Aura and its Affiliates and Sublicensees shall permit an independent certified public accounting firm of internationally-recognized standing selected by Clearside or Emory/Georgia Tech and reasonably acceptable to
Aura, at Clearside’s expense except as set forth below, to have access during normal business hours to such of the records of Aura and its Affiliates and Sublicensees as may be reasonably necessary to verify the accuracy of the royalty and
other reports hereunder for any year ending not more than [***] prior to the date of such request for the sole purpose of verifying the basis and accuracy of payments made under this Agreement. The independent public accountant shall disclose to
Clearside only (a) the accuracy of Net Sales reported and the basis for royalty and Milestone Payments made to Clearside under this Agreement and (b) the difference, if any, by which such reported and paid amounts vary from amounts
determined as a result of the audit and the details concerning such difference. Except as required by Applicable Law, no other information shall be provided to Clearside. No record may be audited more than once. 

4.6.2    If such accounting firm identifies in its written report a discrepancy made during such period, Aura shall
pay to Clearside any underpayment discovered by such audit within [***] after the accountant’s report, plus interest as set forth in Section 4.10 from the original due date. If the audit reveals an overpayment by Aura, then Aura may take a
credit for such overpayment against any future payments due to Clearside. The written report shall be binding upon the Parties. The fees charged by such accounting firm shall be paid by Clearside, unless such discrepancy represents an underpayment
by Aura of [***] or more of the total amounts due hereunder in the audited period, in which case such fees shall be paid by Aura. 

4.6.3    Aura shall comply with all applicable audit requirements in the Clearside
In-Licenses and shall include in each sublicense granted by it pursuant to this Agreement a provision requiring the Sublicensee to make reports to Clearside, to keep and maintain records of sales made pursuant
to such sublicense and to grant access to such records by Clearside’s independent accountant to the same extent required of Aura under this Agreement. 

  
 16 

 4.7    Payment Exchange Rate. All payments to be
made under this Agreement shall be made in United States dollars and shall be paid by bank wire transfer in immediately available funds to such bank account in the United States as may be designated in writing by Clearside from time to time. In the
case of Net Sales made or expenses incurred by Aura and its Affiliates and Sublicensees, the rate of exchange to be used in computing the amount of currency equivalent in United States dollars due shall be made at the rate of exchange utilized by
such Party in its worldwide accounting system and calculated in accordance with GAAP (or in accordance with Aura’s accounting methods applied in the Territory consistent with Applicable Law), prevailing on the third to the last business day of
the month preceding the month in which such sales or expenses are recorded, as the case may be, but in any case consistent with the requirements of the Clearside In-Licenses. 

4.8    Registration. Aura will promptly make all filings with and submissions to all Governmental
Authorities and obtain and maintain all consents, permits, registrations and authorizations that are necessary or required in order for Aura to make timely payments under this Agreement, including, without limitation, any foreign exchange approvals
or requirements. Aura will promptly provide Clearside with evidence thereof upon Clearside’s written request. 

4.9    Income Tax Withholding. If laws, rules or regulations require withholding of income taxes or
other taxes imposed upon payments set forth in this Article 4, Aura shall make such withholding payments as required and subtract such withholding payments from the payments set forth in this Article 4. Aura shall submit appropriate proof of payment
of the withholding taxes to Clearside within a reasonable period of time. At the request of Clearside, Aura shall, at its cost, give Clearside such reasonable assistance, which shall include the provision of appropriate certificates of such
deductions made together with other supporting documentation as may be required by the relevant tax authority, to enable Clearside to claim exemption from such withholding or other tax imposed or obtain a repayment, reduction or credit and shall
upon request provide such additional documentation from time to time as is reasonably required to confirm the payment of tax. 

4.10    Late Payments. Any payments required to be paid hereunder that are not paid when due shall
bear interest at an annual rate equal to [***] points above the prime rate as published by The Wall Street Journal or any successor thereto on the first day of each Calendar Quarter in which such payments are overdue calculated on the number
of days such payment is delinquent. 
  

	5.	 MANUFACTURE AND SUPPLY RESPONSIBILITIES 

5.1    Initial Supply Agreement. The Parties agree to negotiate in good faith within sixty
(60) days after the Effective Date, or such later date as the Parties may agree, an initial agreement concerning the supply of Clearside Products for Aura’s preclinical and/or clinical use (the “Initial Supply Agreement”),
with Aura’s cost of the Clearside Products under the Initial Supply Agreement being equal to Clearside’s Cost of Goods (reasonably documented to Aura) plus a reasonable direct markup amount to be negotiated after the Effective Date. The
Initial 

  
 17 

 
Supply Agreement shall require Aura to provide written notice to Clearside with rolling forecasts its preclinical and/or clinical needs promptly following its decision on initiating pre-clinical experiments or Clinical Trials. In connection with the Initial Supply Agreement, the Parties shall also enter into a written quality agreement on reasonable and customary terms and conditions. 

5.2    Commercial Supply Agreement. Not later than six (6) months prior to Aura’s filing of
an NDA/BLA covering a Licensed Product, upon Aura’s written request, the Parties will negotiate in good faith and execute a manufacturing and supply agreement pursuant to which Clearside will supply Aura with its requirements of microinjectors
and microneedles (“Clearside Products”) for Aura’s commercial use in the Field (the “Supply Agreement”). Aura’s cost of the Clearside Products under the Supply Agreement shall equal Clearside’s
Cost of Goods (as defined) (reasonably documented to Aura) plus a reasonable direct markup amount to be negotiated at the time. The Supply Agreement shall require Aura to provide written notice to Clearside with rolling quarterly forecasts of its
commercial needs. 
 5.3    Supply Failure. If during the term of the Supply Agreement, Clearside
fails to supply Aura with at least [***]% of the quantities of Clearside Product meeting the specifications which have been accepted by Clearside and which Clearside is obligated to supply, cumulatively, in any consecutive six (6) month period
for any reason other than due to a Force Majeure event or due to the material breach by Aura of the Supply Agreement (a “Supply Failure”), Aura may, at its discretion, upon not less than thirty (30) days’ written notice to
Clearside (a “Supply Failure Notice”): (a) require Clearside to supply the undelivered Clearside Product at a future date to be agreed upon by the Parties and/or (b) exercise its right to have one or more Third Parties
identified by Aura to Manufacture Clearside Product (an “Alternative Manufacturer Election”) and Aura shall covenant that it will require that its Third Party Manufacturer to only sell such Clearside Product in the Field, utilizing
trade dress, trade name(s), active ingredient(s) and NDC number(s) (in the US) that are different from Clearside’s. 

5.4    Manufacturing License and Manufacturing Technology Transfer. Upon the occurrence of a Supply
Failure and an Alternative Manufacturer Election, Clearside shall (a) be deemed to have granted to Aura a worldwide, exclusive license in the Field, with the right to grant sublicenses (through multiple tiers), under the Clearside Manufacturing
Technology, to Manufacture Clearside Product and have Manufactured Clearside Product (the “Manufacturing License”) in the Field, and (b) transfer the Clearside Manufacturing Technology (the “Manufacturing Technology
Transfer”) to Aura and any Third Party Manufacturers identified by Aura as follows: Clearside shall (i) promptly disclose to Aura and any such Third Party Manufacturer all Clearside Manufacturing Technology; (ii) provide Aura or
any such Third Party Manufacturer with the training, documentation and other information relating to the use of the process for Manufacturing Clearside Product as may be necessary for Aura and such Third Party Manufacturers to exercise the
Manufacturing License and Manufacture Clearside Products; and (iii) make appropriately trained personnel available for consultation and advice upon Aura’s reasonable request to the extent reasonably necessary to provide technical
assistance necessary to enable Aura or such Third Party Manufacturers to Manufacture Clearside Products. For clarity, Aura shall not be obligated to pay to Clearside the transfer price on quantities of Clearside Products so manufactured by or on
behalf of Aura by third parties. 

  
 18 

	6.	 REGULATORY MATTERS. 

6.1    Regulatory Filings and Interactions. Aura shall be responsible at its expense, for preparation
and submission of all regulatory filings for Licensed Products within the Territory. Aura will own any regulatory documents and applications submitted to the applicable Regulatory Authorities in the Territory with respect to the Licensed Product,
and will be identified as marketing authorization holder in the Territory. Aura shall: (a) oversee, monitor and coordinate all regulatory actions, communications and filings with, and submissions to, each Regulatory Authority; (b) be
responsible for interfacing, corresponding and meeting with each Regulatory Authority; and (c) be responsible for maintaining all regulatory filings. Aura shall provide Clearside with a draft of all regulatory submissions (or portions thereof)
that relate to the Clearside Suprachoroidal Microneedle Technology at least ten (10) Business Days prior to submission for review and comment by Clearside, and Aura shall consider in good faith any comments received from Clearside, and Aura
shall not submit such regulatory submissions relating to the Clearside Suprachoroidal Microneedle Technology without receipt of Clearside’s prior written consent, not to be unreasonably withheld, conditioned or delayed. In addition, Aura shall
notify Clearside of any regulatory responses or communications (or portions thereof) relating to the Clearside Microneedle Technology received from any Regulatory Authority and shall provide Clearside with copies thereof within five (5) days
after receipt. Aura shall provide Clearside with prompt written notice of any meeting or discussion with any Regulatory Authority potentially related to the Clearside Microneedle Technology. Aura shall reasonably consider in good faith
Clearside’s request to attend such meeting or discussion. Aura shall promptly provide Clearside with unredacted copies of the portion of any Regulatory Authority meeting minutes that pertain to the Clearside Suprachoroidal Microneedle
Technology. 
 6.2    Notice of Adverse Events Affecting Licensed Products and
Clearside Suprachoroidal Microneedle Technology. Each Party will maintain a record of any and all complaints it or its Affiliates and Sublicensees receive with respect to the Licensed
Product. Each Party will notify the other Party in reasonable detail of any such complaints within sufficient time to allow the other Party and its Affiliates and Sublicensees (if applicable) to comply with any and all regulatory and other
requirements imposed upon them in any jurisdiction in which the Licensed Product utilizing the Clearside Suprachoroidal Microneedle Technology is being marketed or tested in Clinical Studies and/or Post-Approval Studies. Each Party will maintain at
its own expense an adverse event database for the Clearside Suprachoroidal Microneedle Technology or Licensed Product, as applicable, and the other Party will have access to all data in such adverse event database. Notwithstanding the foregoing,
each Party will report to the other Party the details around any adverse events and serious adverse events relating to the Licensed Product within the time periods for such reporting as specified in the Pharmacovigilance Agreement (defined below).
Each Party shall be responsible, at its own expense, for obtaining all adverse event information and safety data relating to the Clearside Suprachoroidal Microneedle Technology or Licensed Product, as applicable, from its Affiliates and Sublicensees
in a timely manner, and for submitting adverse event reports with respect to the Licensed Product to the applicable Regulatory Authorities in its own Territory. Upon the earlier of (a) 12 months after the Effective Date (or such other date as the
Parties may agree) and (b) the first patient dosed in a Clinical Trial, the Parties will develop and agree in writing upon a pharmacovigilance agreement (“Pharmacovigilance Agreement”) that will include safety data exchange
procedures governing the coordination of collection, investigation, reporting, and exchange of information concerning any adverse experiences, and 

  
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any product quality and product complaints involving adverse experiences, related to the Licensed Product, sufficient to enable each Party to comply with its legal and regulatory obligations. In
addition, each Party shall promptly notify the other if such Party becomes aware of any information or circumstance that is likely to have a material adverse effect on the Development, Manufacture or Commercialization of Licensed Products utilizing
the Clearside Suprachoroidal Microneedle Technology. 
 6.3    Rights of Reference. Clearside shall
provide Aura in writing a letter of authorization, granting Aura (and its Affiliates and Sublicensees) the right of reference Clearside’s device master file number 3069 for all purposes relating to Development, Manufacture or Commercialization
of Licensed Products. Such letter of authorization shall expressly permit Aura to transfer such rights to its Affiliates and Sublicensees and allow such entities the right of reference such device master file, and such rights of reference shall
expressly be binding on any assignee or transferee of Clearside’s device master file. If any Regulatory Authority or Governmental Authority requires access to certain portions of any such filings, registrations and approvals related to a
Licensed Product for legal or regulatory purposes in connection with Aura’s or its Affiliate’s or Sublicensee’s Development, Manufacture and/or Commercialization efforts, including without limitation, for filing patent-related
submissions, then Clearside shall reasonably cooperate with Aura and such Regulatory Authority or Governmental Authority and make such portions available to such Regulatory Authority or Governmental Authority and, if legally required for Aura to
submit or pursue an application for Regulatory Approval, to Aura (or its Affiliate or Sublicensee) solely for such purpose. 
  

	7.	 CONFIDENTIALITY AND PUBLICATION 

 

	 	7.1	 Nondisclosure Obligation. 

7.1.1    All Confidential Information disclosed by one Party to the other Party hereunder shall be maintained in
confidence by the receiving Party and shall not be disclosed to a Third Party or used for any purpose except as set forth herein without the prior written consent of the disclosing Party, except that the obligations set forth in this
Section 5.1 shall not apply to Confidential Information to the extent that such Confidential Information: 

(a)    is known by the receiving Party at the time of its receipt, and not through a prior disclosure, directly or
indirectly, by the disclosing Party, as documented by the receiving Party’s business records; 
 (b)    is in the
public domain or otherwise available to the public by use and/or publication before its receipt from the disclosing Party, or thereafter enters the public domain or otherwise becomes available to the public through no fault of the receiving Party or
its Affiliates and Sublicensees; 
 (c)    is subsequently disclosed to the receiving Party by a Third Party who may
lawfully do so and is not under an obligation of confidentiality to the disclosing Party; or 

  
 20 

 (d)    is developed by the receiving Party independently of
Confidential Information received from the disclosing Party, as documented by the receiving Party’s business records. 

7.1.2    Notwithstanding the obligations of confidentiality, non-disclosure
and nonuse set forth above and in Section 7.2 below, a receiving Party may provide Confidential Information disclosed to it, and disclose the existence and terms of this Agreement as may be reasonably required in order to perform its
obligations and to exploit its rights under this Agreement, and specifically to (a) Affiliates and Sublicensees, and their employees, directors, agents, consultants, advisors and/or other Third Parties for the performance of its obligations
hereunder (or for such entities to determine their interest in performing such activities) in accordance with this Agreement in each case who are bound by confidentiality, non-disclosure and non-use obligations substantially similar to those set forth herein; (b) Governmental Authorities in order to obtain patents or perform its obligations or exploit its rights under this Agreement;
provided, that such Confidential Information shall be disclosed only to the extent reasonably necessary to do so, (c) the extent required by Applicable Law, including without limitation by the rules or regulations of the United States
Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or listing entity; provided that the receiving party shall be permitted at least five (5) Business Days to review
and comment upon, and reasonably approve, any such required disclosure, (d) any bona fide actual or prospective underwriters, investors, lenders or other financing sources and any bona fide actual or prospective collaborators or strategic
partners and to consultants and advisors of such Party, in each case who are bound by confidentiality, non-disclosure and non-use obligations substantially similar to
those set forth herein, and (e) Third Parties to the extent a Party is required to do so pursuant to the terms of an In-License. 

7.1.3    If a Party is required by judicial or administrative process to disclose Confidential Information that is
subject to the non-disclosure provisions of this Section 7.1 or Section 7.2, such Party shall promptly inform the other Party of the disclosure that is being sought in order to provide the other
Party an opportunity to challenge or limit the disclosure obligations. Confidential Information that is disclosed by judicial or administrative process shall remain otherwise subject to the confidentiality,
non-disclosure and non-use provisions of this Section 7.1 and Section 7.2, and the Party disclosing Confidential Information pursuant to law or court order
shall, at the other Party’s expense, take all steps reasonably practical, including without limitation seeking an order of confidentiality, to ensure the continued confidential treatment of such Confidential Information. In addition to the
foregoing restrictions on public disclosure, if either Party concludes that a copy of this Agreement must be filed with the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States, such
Party shall provide the other Party with a copy of this Agreement showing any sections as to which the Party proposes to request confidential treatment, will provide the other Party with an opportunity to comment on any such proposal and to suggest
additional portions of the Agreement for confidential treatment, and will take such Party’s reasonable comments into consideration before filing the Agreement. 

  
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	 	7.2	 Publicity. 

7.2.1    Except as set forth in Section 7.1 above and clause 7.2.2 below, the terms of this Agreement may not
be disclosed by either Party, and no Party shall use the name, trademark, trade name or logo of the other Party or its employees in any publicity, news release or disclosure relating to this Agreement or its subject matter, without the prior express
written permission of the other Party, except as may be required by law or expressly permitted by the terms hereof. 

7.2.2    As soon as practicable after the execution of this Agreement by both Parties, the Parties shall use good
faith efforts to agree in writing upon a press release to be issued jointly by the Parties publicizing the execution of this Agreement. After such initial press release, neither Party shall issue a press release or public announcement relating to
this Agreement without the prior written approval of the other Party, which approval shall not be unreasonably withheld or delayed, except that a Party may (a) once a press release or other written statement is approved in writing by both
Parties, make subsequent public disclosure of the information contained in such press release or other written statement without the further approval of the other Party, and (b) issue a press release or public announcement as required, in the
reasonable judgment of such Party, by Applicable Law, including without limitation by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any
stock exchange or listing entity. 
  

	8.	 REPRESENTATIONS, WARRANTIES AND COVENANTS; INDEMNIFICATION 

8.1    Mutual Representations and Warranties. Each Party represents and warrants to the other Party
that as of the Effective Date of this Agreement: 
 8.1.1    It is duly organized and validly existing under the
laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority to enter into this Agreement, and to carry out the provisions hereof. 

8.1.2    It is duly authorized to execute and deliver this Agreement, and to perform its obligations hereunder, and
the person or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate action. 

8.1.3    This Agreement is legally binding upon it and enforceable in accordance with its terms. The execution,
delivery and performance of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party and by which it may be bound, or with its charter or
by-laws. 
 8.1.4    It has not granted, and will not grant, during the
Term, any right to any Third Party that would conflict with the rights granted to the other Party hereunder. 

8.1.5    Neither Party nor any of its Affiliates has been debarred or is subject to debarment and neither Party nor
any of its Affiliates will use in any capacity, in connection with the exercise of its rights and the performance of its obligations under this Agreement, any person or entity that has been debarred pursuant to Section 306 of the United States
Federal Food, Drug, and Cosmetic Act or any similar law in any foreign jurisdiction, or that is the subject of a conviction described in such section or similar law in any foreign jurisdiction. Each Party agrees to inform the other Party in writing
immediately if it or any person or entity that is performing 

  
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activities under this Agreement, is debarred or is the subject of a conviction described in Section 306 or similar law in any foreign jurisdiction, or if any action, suit, claim,
investigation or legal or administrative proceeding is pending or, to the best of the notifying Party’s knowledge, is threatened, relating to the debarment or conviction of the notifying Party or any person or entity used in any capacity by
such Party or any of its Affiliates in connection with the performance of its obligations under this Agreement. 
  

	 	8.2	 Additional Representations and Warranties of the Parties. 

8.2.1    Additional Representations and Warranties of Clearside. Clearside represents and warrants to Aura that:

 (a)    Clearside is the sole and exclusive owner of all right, title and interest in and to the Licensed IP (other
than the Sublicensed IP) in existence as of the Effective Date in the Territory, and Clearside is in Control of the Sublicensed IP. As of the Effective Date, to Clearside’s Knowledge there are no claims challenging Clearside’s Control of
the Licensed IP and Sublicensed IP in existence as of the Effective Date in the Territory or making any adverse claim of ownership of the Licensed IP or Sublicensed IP in existence as of the Effective Date in the Territory. 

(b)    The Emory/GTRC License Agreement is the only Clearside in-license
applicable to the Territory existing as of the Effective Date. 
 (c)    As of the Effective Date, (i) the
Emory/GTRC License Agreement is valid, binding and in full force and effect, (ii) Clearside is in compliance in all material respects with its material obligations under the Emory/GTRC License Agreement, (iii) to Clearside’s
Knowledge, each Third Party is in compliance in all materials respects with its material obligations under the Emory/GTRC License Agreement and (iv) no party has claimed a breach of, or initiated any dispute resolution proceedings under, the
Emory/GTRC License Agreement. 
 (d)    As of the Effective Date, Clearside has not received any written notice from
any Third Party asserting or alleging that any development or commercialization of Clearside Product or Manufacture of Clearside Product by Clearside prior to the Effective Date infringed or misappropriated the Patent Rights or other intellectual
property rights of such Third Party. 
 (e)    As of the Effective Date, to Clearside’s Knowledge, there are no
Third Party rights that could interfere with or materially conflict with the grant of rights by Clearside to Aura under this Agreement, nor is there any Necessary Third Party IP applicable to the Territory. 

(f)    Clearside’s device master file number 3069 is, and, to Clearside’s Knowledge, at all times during the
Term will be, complete and accurate in all material respects. 
 (g)    It will comply with all laws applicable to the
exercise of its rights and performance of its obligations hereunder. 

  
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 (h)    Clearside shall exercise commercially reasonable efforts, at its
sole expense, to terminate the NovaMedica Agreement. 
 (i)    NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE
CONTRARY, CLEARSIDE MAKES NO REPRESENTATIONS OR WARRANTIES THAT ANY PATENT RIGHTS THAT COVER OR PURPORT TO COVER THE DEVELOPMENT, MANUFACTURE OR COMMERCIALIZATION OF LICENSED PRODUCT WILL ISSUE IN ANY COUNTRY IN THE TERRITORY. 

8.2.2    Additional Representations and Warranties of Aura. Aura represents, warrants and covenants
to Clearside that: 
 (a)    It has or has the ability to obtain and will maintain as and when necessary the financial
and other capabilities reasonably necessary to discharge its obligations under this Agreement. 
 (b)    It will comply
with all laws in the Territory applicable to the exercise of its rights and performance of its obligations hereunder. 

8.3    Warranty Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY
MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY AND HEREBY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A
PARTICULAR PURPOSE. 
  

	 	8.4	 Certain Covenants. 

8.4.1    Restrictive Covenants. In furtherance of the exclusive license grants to Aura, during the
Term of the Agreement, Clearside shall not, and shall cause its Affiliates and their respective sublicensees, not to, directly or indirectly, Develop, Manufacture or Commercialize (or enable or assist any Person that is not a Party to the Agreement
to Develop, Manufacture or Commercialize) any compound, drug product, chemical substance, chemical entity, conjugate, biologic, biosimilar, intermediate or other drug substance intended to treat, prevent or diagnose any choroidal melanoma, including
pre-cancerous cells and indeterminate lesions in the choroid, and choroidal metastases. 

8.4.2    Compliance. Aura and its Affiliates and Sublicensees shall conduct the Development,
Manufacture (if applicable) and Commercialization of the Licensed Product in accordance with all applicable laws, rules and regulations, including without limitation current governmental regulations concerning good laboratory practices, good
clinical practices and good manufacturing practices (including but not limited the guidelines of the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH)). 

8.4.3    Employee Inventions. Prior to performing any activities in connection with this Agreement,
the Parties shall ensure that its and its Affiliates’ employees, agents and consultants have executed valid and binding agreements with it that assign and otherwise 

  
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effectively vest in them any and all rights that such employees, agents and/or consultants might otherwise have in any invention including but not limited to Aura Improvements made by such
employees, agents and/or consultants. Should any royalties or other consideration become payable to such employees, agents and/or consultants, the respective Party shall remain solely responsible for making such payments. 

 

	 	8.5	 Indemnification. 

8.5.1    General Indemnification by Aura. Aura shall indemnify, hold harmless, and defend Clearside,
its Affiliates and their respective directors, officers and employees and the Indemnitees (as defined in the Emory/GTRC License Agreement) (collectively, “Clearside Indemnitees”) from and against any and all Third Party claims,
suits, losses, liabilities, damages, costs, fees and expenses (including reasonable attorneys’ fees) (collectively, “Losses”) to the extent arising out of or resulting from, directly or indirectly, (a) any breach of this
Agreement by Aura, or (b) the gross negligence or willful misconduct by or of Aura or its Affiliates, and their respective directors, officers and employees, (c) the Development, Manufacture (subject to Sections 5.3 and 5.4) or
Commercialization of the Licensed Product (excluding any Clearside Product component of such Licensed Product manufactured by Clearside, an Affiliate or sublicensee), or (d) any (i) infringement, unauthorized use or misappropriation of any
Third Party intellectual property rights by a Licensed Product (excluding any Clearside Product component of such Licensed Product manufactured by Clearside, an Affiliate or sublicensee) or (ii) infringement, unauthorized use or
misappropriation of the intellectual property rights of Aura used in a Licensed Product by a Third Party where such infringement, unauthorized use or misappropriation is not related to any Clearside Product Component of such Licensed Product, in
each case except to the extent such Loss is caused by matters for which Clearside has an indemnification obligation pursuant to Section 8.5.2. 

8.5.2    General Indemnification by Clearside. Clearside shall indemnify, hold harmless, and defend
Aura, its Affiliates, their Sublicensees and their respective directors, officers and employees (“Aura Indemnitees”) from and against any and all Losses to the extent arising out of or resulting from, directly or indirectly,
(a) any breach of this Agreement by Clearside, (b) any failure, absence, encumbrance or impairment of or upon Clearside’s Control or the Licensed IP, (c) the development, commercialization or Manufacture of Clearside Products by
Clearside, an Affiliate or a sublicensee, (d) any (i) infringement, unauthorized use or misappropriation of any Third Party intellectual property rights by a Clearside Product, or (ii) infringement, unauthorized use or misappropriation of
the Licensed IP or Sublicensed IP by a Third Party where such infringement, unauthorized use or misappropriation is not related to any intellectual property rights of Aura used in a Licensed Product, (e) the gross negligence or willful
misconduct by or of Clearside, its Affiliates and Sublicensees, and their respective directors, officers, employees and agents, or (f) the NovaMedica Agreement or the termination thereof, in each case except to the extent such Loss is caused by
matters for which Aura has an indemnification obligation pursuant to Section 8.5.1. 

8.5.3    Indemnification Procedure. In the event of any such claim against any Aura Indemnitee or
Clearside Indemnitee (individually, an “Indemnitee”), the indemnified Party shall promptly notify the other Party in writing of the claim and the indemnifying Party shall manage and control, at its sole expense, the defense of the
claim and its settlement. The Indemnitee 

  
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shall cooperate with the indemnifying Party and may, at its option and expense, be represented in any such action or proceeding. The indemnifying Party shall not be liable for any settlements,
litigation costs or expenses incurred by any Indemnitee without the indemnifying Party’s written authorization. Notwithstanding the foregoing, if the indemnifying Party believes that it is not obligated to indemnify the Indemnitee, the
indemnifying Party shall promptly notify the Indemnitees, which shall then have the right to be represented in any such action or proceeding by separate counsel at their expense; provided that the indemnifying Party shall be responsible for
payment of such expenses if the Indemnitees are ultimately determined to be entitled to indemnification from the indemnifying Party. 

8.6    Limitation of Liability. NEITHER PARTY HERETO WILL BE LIABLE FOR SPECIAL, INDIRECT,
INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING LOST PROFITS, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES, EXCEPT AS A RESULT OF A PARTY’S WILLFUL MISCONDUCT OR GROSS
NEGLIGENCE OR BREACH OF THE CONFIDENTIALITY AND NON-USE OBLIGATIONS IN ARTICLE 7. NOTHING IN THIS SECTION 8.6 SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY. 

8.7    Insurance. At the time of commencement of the first Clinical Trial of a Licensed Product and
for [***] thereafter, Aura will procure and maintain in full force and effect commercial general liability insurance policies that protect and name the Indemnitees as additional insureds, at coverage levels no less than $[***] per incident and
$[***] in annual aggregate. Aura shall provide Clearside with written evidence of such insurance upon issuance and upon each annual renewal. Aura shall give Clearside at least thirty (30) days written notice prior to any cancellation, non-renewal or material change in such insurance. 
  

	9.	 INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS 

9.1    Inventorship. Inventorship for patentable inventions conceived or reduced to practice during
the course of the performance of activities pursuant to this Agreement shall be determined in accordance with the principles that are used to determine inventorship under the patent laws of the United States. 

9.2    Ownership. 

9.2.1    Clearside. Subject to the licenses granted by Clearside pursuant to this Agreement,
Clearside shall own the entire right, title and interest in and to all Clearside Background IP and, subject to Section 9.2.4, all Clearside Improvements (and Patent Rights claiming patentable inventions therein) first made or discovered solely
by employees or consultants of Clearside or acquired solely by Clearside. 
 9.2.2    Aura. Aura
shall own the entire right, title and interest in and to all Aura Background IP and, subject to Section 9.2.4, all Aura Improvements (and Patent Rights claiming patentable inventions therein) first made or discovered solely by employees or
consultants of Aura or acquired solely by Aura. 

  
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 9.2.3    Joint IP. Subject to
Section 9.2.4, the Parties shall jointly own any Inventions (and Patent Rights claiming patentable inventions therein) first made or discovered jointly by the Parties or their personnel during the Term (“Joint IP”). 

9.2.4    Certain Inventions. Notwithstanding anything in Sections 9.2.1 through 9.2.3 to the
contrary, (a) any Aura Improvement or Joint IP (and Patent Rights claiming patentable inventions therein) that relates solely to Clearside’s Suprachoroidal Microneedle Technology shall be owned by Clearside and be included in the Clearside
Improvements, and (b) any Clearside Improvement or Joint IP (and Patent Rights claiming patentable inventions therein) that relates solely to Aura’s viral nanoparticle (VLP) platform technology (including the viral nanoparticles,
formulations, dosages, volumes and delivery parameters), its choroidal cancer and pre-cancerous and pre-cancerous cell therapeutics or product candidates and its
near-infrared laser activated therapies, shall be owned by Aura. If Joint IP relates to both Parties’ technology, then the Parties shall (1) first, negotiate in good faith for one or both Parties to obtain ownership or an exclusive license
to the other Party’s interest in all or a portion of such Joint IP and (2) subject to any transaction contemplated by the foregoing clause (1), neither Party shall be permitted to sublicense such Joint IP without the other Party’s
prior written consent, not to be unreasonably withheld, delayed or conditioned. 
  

	 	9.3	 Prosecution and Maintenance of Patent Rights. 

9.3.1    Licensed Patent Rights. Clearside has the sole right to, at Clearside’s discretion,
file, conduct prosecution, and maintain (including without limitation the defense of any interference or opposition proceedings), all Licensed Patent Rights in the Territory and all Patent Rights that Cover Clearside Improvements, provided that,
Aura will have the opportunity to provide substantive review and comment on any such prosecution relating to the Field. The Parties acknowledge that the Sublicensed Patent Rights are being prosecuted and maintained pursuant to the Emory/GTRC License
Agreement. Clearside shall use commercially reasonable efforts to facilitate Emory University and The Georgia Tech Research Foundation to file, conduct prosecution and maintain (including without limitation the defense of any interference or
opposition proceedings) all Sublicensed Patent Rights in the Territory. If Clearside elects not to continue to seek or maintain any Licensed Patent Rights or Patent Rights that solely Cover Clearside Improvements in the Field and in any country in
the Territory (the “Abandoned Patents”), then: (a) if Aura is the sole exclusive licensee of such Abandoned Patents, Clearside will provide Aura with timely notice and will provide Aura with a reasonable opportunity to assume
responsibility for the continued prosecution and maintenance of such Abandoned Patents; or (b) if Aura is not the sole exclusive licensee of such Abandoned Patents, Clearside will provide Aura with timely notice and Aura and the other exclusive
licensees will negotiate in good faith regarding the assumption of responsibility for the continued prosecution and maintenance of such Abandoned Patents. 

9.3.2    Aura Technology. Aura has the sole right to, at Aura’s discretion and expense, file,
conduct prosecution, and maintain (including without limitation the defense of any interference or opposition proceedings), all Patent Rights comprising Aura Background Technology and Aura Improvements. 

  
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 9.3.3    Joint IP. Subject to reasonable
consultation with Clearside and an opportunity for Clearside to timely review and comment on material documents, Aura has the sole right to, at Aura’s discretion, file, conduct prosecution, and maintain (including without limitation the defense
of any interference or opposition proceedings), all Patent Rights comprising Joint IP in the Field, in the names of both Clearside and Aura. Clearside shall use commercially reasonable efforts to make available to Aura or its authorized attorneys,
agents or representatives, such of its employees, consultants or representatives as Aura in its reasonable judgment deems necessary in order to assist it in obtaining patent protection for such Joint IP. Each Party shall sign, or use commercially
reasonable efforts to have signed, all legal documents necessary to file and prosecute patent applications or to obtain or maintain patents in respect of such Joint IP, at its own cost. 

9.3.4    Cooperation; Patent Challenges. Each Party hereby agrees: (a) to make its employees,
agents and consultants reasonably available to the other Party (or to the other Party’s authorized attorneys, agents or representatives), to the extent reasonably necessary to enable such Party to undertake patent prosecution; (b) to
provide the other Party with copies of all material correspondence pertaining to prosecution with the patent offices in the Territory; (c) to cooperate, if necessary, appropriate and consistent with the respective Party’s intellectual
property and business strategies, with the other Party in gaining patent term extensions wherever applicable to the Patent Rights Covering the Licensed Product in Field in the Territory; and (d) to endeavor in good faith to coordinate its
efforts with the other Party to minimize or avoid interference with the prosecution and maintenance of the other Party’s patent applications. Without limiting the foregoing, the Party prosecuting and maintaining the Patent Right shall furnish
to the other Party copies of substantive documents (e.g., applications, office actions and responses) relevant to any such efforts in advance with sufficient time for such other Party to review and provide comments on such documents, and
shall in good faith take such comments into account. The Parties acknowledge that they have a shared community of legal interest in the development of products that can be manufactured, used, sold and otherwise commercialized without infringing the
intellectual property rights of any third party. The Parties may exchange confidential attorney-client communications to advance certain common legal interests in accordance with this Agreement, and shall not disclose such communications to a third
party, nor to employees of either party who do not have a need to know the content of such communication. 

9.3.5    Patent Expenses. The patent filing, prosecution and maintenance expenses incurred after the
Effective Date with respect to Patent Rights shall be borne by each Party filing, prosecuting and maintaining such Patent Rights under this Section 9. 

9.3.6    Registration of licenses and sublicenses in the Territory. Aura and Clearside will perform
all actions required to ensure that the licenses of the Licensed IP and sublicenses of the Sublicensed IP to Aura are approved, registered, recorded or noticed with the applicable Governmental Authorities in each applicable country in the Territory,
and that all other actions required under Applicable Law are taken to ensure that such licenses and sublicenses are fully effective and enforceable. Aura and Clearside shall each use all reasonable efforts to ensure that such actions are completed
as soon as practicable after the Effective Date. Clearside shall provide to Aura all such assistance as shall be reasonably required in connection with the above mentioned activities upon Aura’s reasonable request, which request shall not be
unreasonably refused, withheld or delayed, and shall promptly provide Aura with all information and sign all documents required in order to complete activities mentioned above in this Section 9.3.6. 

  
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	 	9.4	 Third Party Infringement. 

9.4.1    Notices. Each Party shall promptly report in writing to the other Party during the Term any
(a) known or suspected infringement of any Licensed IP, Sublicensed IP, Aura Improvements or Joint IP, or (b) unauthorized use or misappropriation of any Confidential Information, Licensed IP, Sublicensed IP, Aura Improvements or Joint IP
by a Third Party of which it becomes aware, and shall provide the other Party with all available evidence supporting such infringement, or unauthorized use or misappropriation. 

9.4.2    Rights to Enforce. Clearside shall have the sole and exclusive right (but not obligation) to
initiate an infringement or other appropriate suit anywhere in the world against any Third Party who at any time has infringed or misappropriated, or is suspected of infringing or misappropriating, any Licensed IP or Sublicensed IP in the Field,
subject to Aura’s rights below. Clearside will consider in good faith any request from Aura to initiate an infringement or other appropriate suit against any Third Party with respect to matters described in Section 9.4.1 occurring in the
Territory in the Field; provided, however, that Clearside shall not be required to initiate any such suit. In the event that Clearside does not promptly initiate and diligently prosecute such a suit reasonably requested by Aura within three
(3) months of the request, then, subject to the Emory/GTRC License Agreement: (a) if Aura is the only exclusive licensee of such Licensed IP or Sublicensed IP, Aura shall have the right, at its expense, to initiate and conduct such suit in
the Territory, subject, as applicable to the terms of any Clearside In-License; or (b) if Aura is not the only exclusive licensee of such Licensed IP or Sublicensed IP, Aura and the other exclusive
licensees shall negotiate in good faith regarding the initiation and conduct of such suit in the Territory and the allocation of such expenses among such exclusive licensees, subject, as applicable to the terms of any Clearside In-License. 
 9.4.3    Procedures; Expenses and Recoveries. The
Party having the right to initiate any infringement suit under Section 9.4.2 above shall have the sole and exclusive right to select counsel for any such suit and shall pay all expenses of the suit, including but not limited to attorneys’
fees and court costs and reimbursement of the other Party’s reasonable out-of-pocket expense in rendering assistance requested by the initiating Party. If required
under Applicable Law in order for the initiating Party to initiate and/or maintain such suit, or if either Party is unable to initiate or prosecute such suit solely in its own name or it is otherwise advisable to obtain an effective legal remedy, in
each case, the other Party shall join as a party to the suit and will execute and cause its Affiliates to execute all documents necessary for the initiating Party to initiate litigation to prosecute and maintain such action. In addition, at the
initiating Party’s request, the other Party shall provide reasonable assistance to the initiating Party in connection with an infringement suit at no charge to the initiating Party except for reimbursement by the initiating Party of reasonable out-of-pocket expenses incurred in rendering such assistance. The non-initiating Party shall have the right to participate and be
represented in any such suit by its own counsel at its own expense. If the Parties obtain from a Third Party, in connection with such suit, any damages, license fees, royalties or other compensation (including but not limited to any amount received
in settlement of such litigation) (“Recoveries”), such amounts shall be allocated in all cases as follows regardless of which Party brings the enforcement action: 

  
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 (a)    first, to reimburse each Party for all expenses of the suit
incurred by such Party, including but not limited to attorneys’ fees and disbursements, travel costs, court costs and other litigation expenses; 

(b)    second, if such suit is related to the Sublicensed IP, any amounts required to be paid to Emory University and/or
Georgia Tech Research Corporation pursuant to the Emory/GTRC Licensed Agreement shall be so paid; and 
 (c)    third,
Aura shall be entitled to receive the remaining Recoveries as Net Sales of the Licensed Product in the Territory; provided that, Clearside shall be entitled to receive Aura Royalty Payments on such Net Sales pursuant to the terms of Section 3.1
as if such Net Sales had occurred during the time period of the infringement. 
  

	10.	 TERM AND TERMINATION 

10.1    Term. This Agreement shall be effective as of the Effective Date and, unless terminated
earlier pursuant to Section 10.2 below, this Agreement shall continue in effect until expiration of the Royalty Term (“Term”). Upon expiration of the Term, all licenses of the Parties under Article 2 (including for clarity
Section 5.4, if applicable) then in effect shall become fully paid-up, perpetual, irrevocable, exclusive licenses. 
  

	 	10.2	 Termination Rights. 

10.2.1    Termination for Cause. This Agreement may be terminated at any time during the Term as
follows: 
 (a)    by Clearside, upon written notice to Aura if Aura is in breach of its material obligations hereunder
and has not cured such breach within thirty (30) days in the case of a payment breach, or sixty (60) days in the case of all other breaches, after written notice requesting cure of the breach; however, such sixty (60) day period shall
be extended for an additional thirty (30) days if Clearside is acting diligently to cure any alleged breach. Aura may seek dispute resolution if there is a disagreement on whether or not a material breach has occurred, and pending final
resolution of the dispute, termination shall not be effective and Aura shall retain all its exclusive license rights hereunder; 

(b)    by Aura, upon written notice to Clearside if Clearside is in breach of its material obligations hereunder and has
not cured such breach within sixty (60) days after written notice requesting cure of the breach; however, such ninety (60) day period shall be extended for an additional thirty (30) days if Clearside is acting diligently to cure any
alleged breach; 
 (c)    by Aura, at any time, upon at least sixty (60) days’ prior written notice to
Clearside; 
 (d)    by either Party upon the filing or institution of bankruptcy, reorganization, liquidation or
receivership proceedings of the other Party, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party; provided, however, that in the event of any involuntary bankruptcy or receivership
proceeding such right to terminate shall only become effective if the Party consents to the involuntary bankruptcy or receivership or such proceeding is not dismissed within sixty (60) days after the filing thereof; and 

  
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 (e)    unless unenforceable under Applicable Law, by Clearside upon
written notice to Aura if Aura, its Affiliates, or Sublicensees, individually or in association with any other person or entity, commences a legal action challenging the validity, enforceability or scope of any of the Licensed Patent Rights in a
court or other governmental agency of competent jurisdiction, including a reexamination or opposition proceeding. 

10.2.2    Effect of Termination. 

(a)    Termination by Clearside. Without limiting any other legal or equitable remedies that Clearside may
have, if Clearside terminates this Agreement in accordance with Section 10.2.1 (a) or 10.2.1 (d) then, all Sublicense Agreements that are in compliance with the terms of Section 2.2 shall be assigned by Aura to Clearside and shall continue
in full force and effect unless the Sublicensee is in material breach or has failed to remedy such breach pursuant to the provisions of the Sublicense Agreement, in which case such Sublicense Agreement shall automatically terminate; provided,
however, that Clearside shall not have any obligations under any Sublicense Agreement that are in addition to or inconsistent with this Agreement. In addition, if the Emory/GTRC License Agreement terminates for any reason, Aura shall, unless this
Agreement also terminates, from the effective date of such termination, become a direct licensee of Emory/GTRC with respect to the rights sublicensed to Aura by Clearside, in which case Aura shall have the rights and obligations of Clearside under
Emory/GTRC License Agreement, provided that Aura will not become a direct licensee of Emory/GTRC if Aura was the direct cause of the termination of the Emory/GTRC License Agreement. 

(b)    Termination upon Bankruptcy of a Party. If this Agreement is terminated by either Party (the
“Non-Bankrupt Party”) pursuant to Section 10.2.1(d) due to the rejection of this Agreement by or on behalf of the other Party (the “Bankrupt Party”) under
Section 365 of the United States Bankruptcy Code (the “Code”) or an equivalent type of provision under a relevant law applicable to the Party in question, all licenses and rights to licenses granted under or pursuant to this
Agreement by the Bankrupt Party to the Non-Bankrupt Party are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Code, licenses of rights to “intellectual property” as
defined under Section 101(35A) of the Code. The Parties agree that the Non-Bankrupt Party, as a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and
elections under the Code, and that upon commencement of a bankruptcy proceeding by or against the Bankrupt Party under the Code, the Non-Bankrupt Party shall be entitled to a complete duplicate of, or complete
access to (as the Non-Bankrupt Party deems appropriate), any such intellectual property and all embodiments of such intellectual property. Such intellectual property and all embodiments thereof shall be
promptly delivered to the Non-Bankrupt Party (i) upon any such commencement of a bankruptcy proceeding upon written request therefor by the Non-Bankrupt Party,
unless the Bankrupt Party elects to continue to perform all of its obligations under this Agreement or (ii) if not delivered under (i) above, upon the rejection of this Agreement by or on behalf of the Bankrupt Party upon written request
therefor by the Non-Bankrupt Party. The foregoing provisions are without prejudice to any rights the Non-Bankrupt Party may have arising under the Code or other
Applicable Law. The Parties intend for the substance of this Section 10.2.2(b) to apply worldwide, even if the Code does not expressly apply to the Bankrupt Party or to the Non-Bankrupt Party. 

  
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 10.3    Effect of Expiration or Termination;
Survival. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. Any expiration or termination of this Agreement shall be without prejudice to the rights
of either Party against the other accrued or accruing under this Agreement prior to expiration or termination, including without limitation the obligation to pay royalties for the Licensed Products sold prior to such expiration or termination. The
provisions of Articles 1, 7, 9 and 11 and Sections 4.6, 4.7, 4.9, 4.10, 6.2, 6.4 (but only with respect to filings and submissions made on or prior to such expiration or termination), 8.5, 8.6, 8.7, 10.2.2 and 10.3 shall survive any expiration or
termination of this Agreement (in each case in accordance with its terms, as applicable). Except as set forth in this Article 10, upon termination or expiration of this Agreement all other rights and obligations of the Parties under this Agreement
cease. Clearside shall exercise commercially reasonable efforts to continue any Sublicense that is not in default following the termination of the Agreement for any reason. 
  

	11.	 MISCELLANEOUS 

11.1    Assignment. Except as provided in this Section 11.1, this Agreement may not be assigned
or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred, by either Party without the consent of the other Party, not to be unreasonably withheld conditioned or delayed. However, either Party may, without the
other Party’s consent, assign this Agreement and its rights and obligations hereunder in whole or in part to an Affiliate or pursuant to or in connection with a Change of Control of such Party, provided that the assignee assumes the Agreement
and the obligations hereunder. 
 11.2    Governing Law. This Agreement shall be construed and the
respective rights of the Parties determined in accordance with the substantive laws of the State of New York, notwithstanding any provisions of New York law governing conflicts of laws to the contrary, and the patent laws of the relevant
jurisdiction without reference to any rules of conflict of laws. Notwithstanding the foregoing, the Parties acknowledge that the laws of the State of Georgia shall apply to matters related to the Sublicensed IP to the extent required by the
Emory/GTRC License Agreement. 
 11.3    Entire Agreement; Amendments. This Agreement contains the
entire understanding of the Parties with respect to the subject matter hereof, and supersedes all previous arrangements with respect to the subject matter hereof, whether written or oral. This Agreement (including the Schedules hereto) may be
amended, or any term hereof modified, only by a written instrument duly-executed by authorized representatives of both Parties hereto. 

11.4    Severability. If any provision hereof should be held invalid, illegal or unenforceable in any
respect in any jurisdiction, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid, illegal or unenforceable provisions, which valid provisions in their economic effect are sufficiently similar to the invalid,
illegal or unenforceable provisions that it can be reasonably assumed that the Parties would have entered into this Agreement with such valid provisions. In case such valid provisions cannot be agreed upon, the

  
 32 

 
invalid, illegal or unenforceable provisions of this Agreement shall not affect the validity of this Agreement as a whole, unless the invalid, illegal or unenforceable provisions are of such
essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid, illegal or unenforceable provisions. 

11.5    Headings. The captions to the Articles and Sections hereof are not a part of this Agreement,
but are merely for convenience to assist in locating and reading the several Articles and Sections hereof. 

11.6    Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in
connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply. 

11.7    No Implied Waivers; Rights Cumulative. No failure on the part of Clearside or Aura to
exercise, and no delay in exercising, any right, power, remedy or privilege under this Agreement, or provided by statute or at law or in equity or otherwise, shall impair, prejudice or constitute a waiver of any such right, power, remedy or
privilege or be construed as a waiver of any breach of this Agreement or as an acquiescence therein, nor shall any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof or the
exercise of any other right, power, remedy or privilege. 
 11.8    Notices. All notices which are
required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by facsimile, sent by email, sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt
requested, addressed as follows: 
  

			
	 If to Clearside, to:
	  	Clearside Biomedical, Inc.
		  	900 North Point Pkwy Suite 200
		  	Alpharetta, Georgia 30005
		  	Attention: CEO
		  	Email: [***]
		
	 With a copy to:
	  	Clearside Biomedical, Inc.
		  	900 North Point Pkwy Suite 200
		  	Alpharetta, Georgia 30005
		
		  	Attn: General Counsel
		
		  	Email: [***]
		
	 If to Aura, to:
	  	Aura Biosciences, Inc.
		  	85 Bolton Street
		  	Cambridge, MA 02140
		  	Attention: Elisabet de los Pinos
		  	Email: [***]

  
 33 

			
	 With a copy to:
	  	Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
		  	One Financial Center, 39th Floor
		  	Boston, MA 02111
		  	Attention: Lewis J. Geffen
		  	Email: [***]

 or to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in
accordance herewith. Any such notice shall be deemed to have been given: (a) when delivered if personally delivered or sent by facsimile or email on a Business Day (or if delivered or sent on a
non-Business Day, then on the next Business Day); (b) on receipt if sent by overnight courier; and/or (c) on receipt if sent by mail. 

11.9    Compliance with Export Regulations. Neither Party shall export any technology licensed to it
by the other Party under this Agreement except in compliance with U.S. and all other applicable export laws and regulations. 

11.10    Force Majeure. Neither Party shall be held liable to the other Party nor be deemed to have
defaulted under or breached this Agreement for failure or delay in performing any obligation under this Agreement to the extent that such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party,
potentially including without limitation embargoes, war, acts of war (whether war be declared or not), insurrections, terrorism, riots, civil commotions, strikes, lockouts or other labor disturbances, fire, floods, or other acts of God, or acts,
omissions or delays in acting by any Governmental Authority or the other Party. The affected Party shall notify the other Party of such force majeure circumstances as soon as reasonably practical, and shall promptly undertake all reasonable
efforts necessary to cure such force majeure circumstances. 
 11.11    Dispute Resolution.

 11.11.1    Disputes. The Parties shall negotiate in good faith and use reasonable efforts to
settle any dispute, controversy or claim arising from, or related to, this Agreement or to the breach hereof (collectively, “Dispute”). In particular, the Chief Executive Officers of the Parties shall attempt to resolve all Disputes
in accordance with Section 3.4.2. In the event that the Chief Executive Officers cannot reach an agreement regarding a Dispute in accordance with Section 3.4.2, and a Party wishes to pursue the matter further, each such Dispute that is not
an “Excluded Claim” shall be finally resolved by binding arbitration under the then-current Rules of Arbitration of the American Arbitration Association (“AAA”) by three (3) arbitrators appointed in accordance with the said
Rules and Section 11.11.2 below, and judgment on the arbitration award may be entered in any court having jurisdiction thereof. As used in this Section 11.11.1, the term “Excluded Claim” shall mean a dispute that concerns
the validity or infringement of a patent, trademark or copyright. 
 11.11.2    Arbitration. The
arbitration shall be conducted by a panel of three (3) persons experienced in the pharmaceutical business who are independent of both Parties and neutral with respect to the Dispute presented for arbitration. Within thirty (30) days after
initiation of arbitration, each Party shall select one person to act as arbitrator and the two Party-selected arbitrators shall select a third arbitrator within thirty (30) days of their appointment. If the

  
 34 

 
arbitrators selected by the Parties are unable or fail to agree upon the third arbitrator, the third arbitrator shall be appointed by the AAA. The place of arbitration shall be New York, NY, and
all proceedings and communications shall be in English. 
 Either Party may apply to the arbitrators for interim injunctive relief until the
arbitration award is rendered or the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any injunctive or provisional relief necessary to protect the
rights or property of that Party pending the arbitration award. The arbitrators shall have no authority to award punitive or any other type of damages not measured by a Party’s compensatory damages. Each Party shall bear its own costs and
expenses and attorneys’ fees, and the Party that does not prevail in the arbitration proceeding shall pay the arbitrators’ and any administrative fees of arbitration. Except to the extent necessary to confirm an award or as may be required
by law, neither a Party nor an arbitrator may disclose the existence, content, or results of an arbitration without the prior written consent of both Parties. In no event shall an arbitration be initiated after the date when commencement of a legal
or equitable proceeding based on the dispute, controversy or claim would be barred by the applicable New York statute of limitations. 

(a)    The Parties agree that, in the event of a Dispute over the nature or quality of performance under this Agreement,
neither Party may terminate this Agreement until final resolution of the Dispute through arbitration or other judicial determination. The Parties further agree that any payments made pursuant to this Agreement pending resolution of the Dispute shall
be refunded promptly if an arbitrator or court determines that such payments are not due. 
 (b)    The Parties hereby
agree that any disputed performance or suspended performances pending the resolution of the arbitration that the arbitrators determine to be required to be performed by a Party must be completed within a reasonable time period following the final
decision of the arbitrator. 
 (c)    The Parties hereby agree that any monetary payment to be made by a Party pursuant
to a decision of the arbitrators shall be made in United States dollars, free of any tax or other deduction. The Parties further agree that the decision of the arbitrators shall be the sole, exclusive and binding remedy between them regarding
determination of the matters presented to the arbitrator. 
 11.12    Independent Contractors. It
is expressly agreed that Clearside and Aura shall be independent contractors and that the relationship between Clearside and Aura shall not constitute a partnership, joint venture or agency. Clearside shall not have the authority to make any
statements, representations or commitments of any kind, or to take any action, which shall be binding on Aura, without the prior written consent of Aura, and Aura shall not have the authority to make any statements, representations or commitments of
any kind, or to take any action, which shall be binding on Clearside without the prior written consent of Clearside. 

11.13    Counterparts. The Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 

11.14    Binding Effect; No Third Party Beneficiaries. As of the Effective Date, this Agreement shall
be binding upon and inure to the benefit of the Parties and their respective 

  
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permitted successors and permitted assigns. Except as expressly set forth in this Agreement, no person or entity other than the Parties and their respective Affiliates and permitted assignees
hereunder shall be deemed an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement. 
 [remainder
of page intentionally blank] 

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

			
	AURA BIOSCIENCES, INC.	  	CLEARSIDE BIOMEDICAL, INC.
		
	 By: /s/ Elizabet de los
Pinos                                    

Name: Elizabet de los
Pinos                                    

Title: Chief Executive
Officer                                 
	  	 By: /s/ George
Lasezkay                                    

Name: George
Lasezkay                                    

Title:
CEO                                        
                  

 SCHEDULE A 

LICENSED PATENT RIGHTS 
 [***] 

Schedule A 

 SCHEDULE B 

SUBLICENSED PATENT RIGHTS 
 [***] 

Schedule B

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