Document:

EX-10.9

 Exhibit 10.9 

			
		
	CONFIDENTIAL	  	EXECUTION VERSION

  

					
	 Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Double asterisks denote omissions.
	 		  	

 COLLABORATION AND LICENSE AGREEMENT 

Between 
 ELEVEN
BIOTHERAPEUTICS, INC. 
 and 

THROMBOGENICS N.V. 

			
	CONFIDENTIAL	  	EXECUTION VERSION

  
 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article I Definitions; Interpretation
	  	 	1	  
	 1.1
	 	 “Accounting Standard”
	  	 	1	  
	 1.2
	 	 “Affiliate”
	  	 	1	  
	 1.3
	 	 “Bankruptcy Code”
	  	 	2	  
	 1.4
	 	 “Business Day”
	  	 	2	  
	 1.5
	 	 “Calendar Quarter”
	  	 	2	  
	 1.6
	 	 “Calendar Year”
	  	 	2	  
	 1.7
	 	 “Change of Control”
	  	 	2	  
	 1.8
	 	 “Collaboration Intellectual Property”
	  	 	2	  
	 1.9
	 	 “Collaboration Know-How”
	  	 	2	  
	 1.10
	 	 “Collaboration Patent Rights”
	  	 	2	  
	 1.11
	 	 “Collaboration Product”
	  	 	3	  
	 1.12
	 	 “Commercially Reasonable Efforts”
	  	 	3	  
	 1.13
	 	 “Compound”
	  	 	3	  
	 1.14
	 	 “Confidential Information”
	  	 	3	  
	 1.15
	 	 “Control” or “Controlled”
	  	 	4	  
	 1.16
	 	 “Cover”, “Covering” or “Covered”
	  	 	4	  
	 1.17
	 	 “CPR”
	  	 	4	  
	 1.18
	 	 “EBI Intellectual Property”
	  	 	4	  
	 1.19
	 	 “EBI Know-How”
	  	 	4	  
	 1.20
	 	 “EBI Patent Rights”
	  	 	4	  
	 1.21
	 	 “Enforcement Patent Right”
	  	 	4	  
	 1.22
	 	 “EMA”
	  	 	4	  
	 1.23
	 	 “EU”
	  	 	4	  
	 1.24
	 	 “Executive Officers”
	  	 	5	  
	 1.25
	 	 “FDA”
	  	 	5	  
	 1.26
	 	 “Field”
	  	 	5	  
	 1.27
	 	 “First Commercial Sale”
	  	 	5	  
	 1.28
	 	 “FTE”
	  	 	5	  
	 1.29
	 	 “FTE Rate”
	  	 	5	  
	 1.30
	 	 “GAAP”
	  	 	5	  
	 1.31
	 	 “IFRS”
	  	 	5	  
	 1.32
	 	 “IND”
	  	 	5	  
	 1.33
	 	 “Initiation”
	  	 	6	  
	 1.34
	 	 “Joint Plan and Budget”
	  	 	6	  
	 1.35
	 	 “Know-How”
	  	 	6	  
	 1.36
	 	 “Laws”
	  	 	6	  
	 1.37
	 	 “Major Country”
	  	 	6	  
	 1.38
	 	 “Major EU Country”
	  	 	6	  
	 1.39
	 	 “Marketing Approval”
	  	 	6	  
	 1.40
	 	 “Marketing Authorization Application”
	  	 	6	  
	 1.41
	 	 “MHLW”
	  	 	6	  
	 1.42
	 	 “NDA”
	  	 	6	  

  
 i 

			
	CONFIDENTIAL	  	EXECUTION VERSION

  

							
	 1.43
	 	 “Net Sales”
	  	 	7	  
	 1.44
	 	 “Orange Book”
	  	 	8	  
	 1.45
	 	 “Other Active Ingredient”
	  	 	8	  
	 1.46
	 	 “Party”
	  	 	8	  
	 1.47
	 	 “Paragraph IV Certification”
	  	 	8	  
	 1.48
	 	 “Patent Prosecution”
	  	 	9	  
	 1.49
	 	 “Patent Right”
	  	 	9	  
	 1.50
	 	 “Person”
	  	 	9	  
	 1.51
	 	 “Phase I Study”
	  	 	9	  
	 1.52
	 	 “Phase II Study”
	  	 	9	  
	 1.53
	 	 “Phase III Study”
	  	 	9	  
	 1.54
	 	 “Regulatory Approval”
	  	 	9	  
	 1.55
	 	 “Regulatory Authority”
	  	 	9	  
	 1.56
	 	 “Regulatory Documentation”
	  	 	10	  
	 1.57
	 	 “Regulatory Exclusivity”
	  	 	10	  
	 1.58
	 	 “Research Collaboration”
	  	 	10	  
	 1.59
	 	 “Research Term”
	  	 	10	  
	 1.60
	 	 “Royalty Term”
	  	 	10	  
	 1.61
	 	 “Senior Scientific Officers”
	  	 	10	  
	 1.62
	 	 “Target”
	  	 	10	  
	 1.63
	 	 “Territory”
	  	 	10	  
	 1.64
	 	 “Third Party”
	  	 	11	  
	 1.65
	 	 “ThromboGenics Intellectual Property”
	  	 	11	  
	 1.66
	 	 “ThromboGenics Know-How”
	  	 	11	  
	 1.67
	 	 “ThromboGenics Patent Rights”
	  	 	11	  
	 1.68
	 	 “US” or “USA”
	  	 	11	  
	 1.69
	 	 “Valid Claim”
	  	 	11	  
	 1.70
	 	 Additional Definitions
	  	 	11	  
	 1.71
	 	 Interpretation
	  	 	12	  
		
	 Article II Grant of Licenses
	  	 	13	  
	 2.1
	 	 EBI License Grants
	  	 	13	  
	 2.2
	 	 ThromboGenics License Grant
	  	 	13	  
	 2.3
	 	 Sublicense Rights
	  	 	13	  
	 2.4
	 	 Third Party Licensor Rights
	  	 	14	  
	 2.5
	 	 No Implied Licenses
	  	 	14	  
	 2.6
	 	 Section 365(n) of the Bankruptcy Code
	  	 	14	  
		
	 Article III Research Collaboration
	  	 	15	  
	 3.1
	 	 Overview; Joint Plan and Budget
	  	 	15	  
	 3.2
	 	 Technology Transfer
	  	 	15	  
	 3.3
	 	 Reports
	  	 	15	  
	 3.4
	 	 Joint Research Committee
	  	 	16	  
	 3.5
	 	 Alliance Managers
	  	 	18	  
	 3.6
	 	 Cost
	  	 	18	  

  
 ii 

			
	CONFIDENTIAL	  	EXECUTION VERSION

  

							
	 Article IV Development, Manufacturing and Commercialization
	  	 	18	  
	 4.1
	 	 Development and Regulatory Activities
	  	 	18	  
	 4.2
	 	 Manufacturing
	  	 	19	  
	 4.3
	 	 Commercialization
	  	 	19	  
		
	 Article V Diligence; Exclusivity
	  	 	19	  
	 5.1
	 	 Diligence Obligations
	  	 	19	  
	 5.2
	 	 Exclusivity
	  	 	20	  
		
	 Article VI Financial Provisions
	  	 	20	  
	 6.1
	 	 Technology Access Payment
	  	 	20	  
	 6.2
	 	 Research Collaboration Costs
	  	 	20	  
	 6.3
	 	 Research and Clinical Milestones
	  	 	21	  
	 6.4
	 	 Royalties
	  	 	22	  
	 6.5
	 	 Recordkeeping; Audit Rights
	  	 	23	  
	 6.6
	 	 Method of Payment
	  	 	24	  
	 6.7
	 	 Late Payments
	  	 	24	  
	 6.8
	 	 Tax Withholding
	  	 	24	  
	 6.9
	 	 Blocked Payments
	  	 	25	  
		
	 Article VII Intellectual Property Ownership, Patent Prosecution and Related Matters
	  	 	25	  
	 7.1
	 	 Ownership
	  	 	25	  
	 7.2
	 	 Prosecution and Maintenance of Patent Rights
	  	 	26	  
	 7.3
	 	 Third Party Infringement
	  	 	27	  
	 7.4
	 	 Claimed Infringement
	  	 	29	  
	 7.5
	 	 Patent Invalidity Claim
	  	 	29	  
	 7.6
	 	 Patent Marking
	  	 	30	  
		
	 Article VIII Confidentiality
	  	 	30	  
	 8.1
	 	 Confidential Information
	  	 	30	  
	 8.2
	 	 Employee, Director, Consultant and Advisor Obligations
	  	 	30	  
	 8.3
	 	 Publicity
	  	 	31	  
	 8.4
	 	 Other Disclosures
	  	 	31	  
	 8.5
	 	 Publications
	  	 	32	  
	 8.6
	 	 Term
	  	 	32	  
		
	 Article IX Representations and Warranties
	  	 	33	  
	 9.1
	 	 Mutual Representations and Warranties
	  	 	33	  
	 9.2
	 	 Mutual Covenants
	  	 	33	  
	 9.3
	 	 DISCLAIMER
	  	 	34	  
		
	 Article X Indemnification; Insurance; Limitations of Liability
	  	 	34	  
	 10.1
	 	 Indemnification by ThromboGenics
	  	 	34	  
	 10.2
	 	 Indemnification by EBI
	  	 	34	  
	 10.3
	 	 Procedure
	  	 	34	  
	 10.4
	 	 Insurance
	  	 	35	  
	 10.5
	 	 Limitation of Liability
	  	 	35	  

  
 iii 

			
	CONFIDENTIAL	  	EXECUTION VERSION

  

							
	 Article XI Term and Termination
	  	 	36	  
	 11.1
	 	 Term
	  	 	36	  
	 11.2
	 	 Termination for Convenience
	  	 	36	  
	 11.3
	 	 Termination for Material Breach
	  	 	36	  
	 11.4
	 	 Termination by EBI for ThromboGenics Patent Challenge
	  	 	36	  
	 11.5
	 	 Termination for Bankruptcy
	  	 	36	  
	 11.6
	 	 Effects of Termination by ThromboGenics for Convenience or by EBI for ThromboGenics’ Uncured Breach, Patent Challenge or
Bankruptcy
	  	 	36	  
	 11.7
	 	 Effects of Termination by ThromboGenics for EBI’s Uncured Breach or Bankruptcy
	  	 	37	  
	 11.8
	 	 Survival
	  	 	38	  
		
	 Article XII Dispute Resolution
	  	 	38	  
	 12.1
	 	 Resolution of Disputes by Executive Officers and Arbitration
	  	 	38	  
		
	 Article XIII Miscellaneous Provisions
	  	 	40	  
	 13.1
	 	 Change of Control
	  	 	40	  
	 13.2
	 	 Governing Law
	  	 	40	  
	 13.3
	 	 Assignment
	  	 	41	  
	 13.4
	 	 Entire Agreement; Amendments
	  	 	41	  
	 13.5
	 	 Notices
	  	 	41	  
	 13.6
	 	 Exports
	  	 	42	  
	 13.7
	 	 Force Majeure
	  	 	42	  
	 13.8
	 	 Performance by Affiliates and Licensees
	  	 	42	  
	 13.9
	 	 Independent Contractors
	  	 	42	  
	 13.10
	 	 English Language
	  	 	43	  
	 13.11
	 	 No Implied Waivers; Rights Cumulative
	  	 	43	  
	 13.12
	 	 Severability
	  	 	43	  
	 13.13
	 	 Counterparts
	  	 	43	  

 Exhibits 
 Exhibit A
– Initial Joint Plan and Budget 
 Exhibit B – List of Targets 

Exhibit C – Press Release: EBI 
 Exhibit D – Press
Release: ThromboGenics 

  
 iv 

			
	CONFIDENTIAL	  	EXECUTION VERSION

 COLLABORATION AND LICENSE AGREEMENT 

This Collaboration and License Agreement (this “Agreement”), dated the
28th day of May, 2013 (the “Effective Date”), is between Eleven Biotherapeutics, Inc., a Delaware corporation with offices at 215 First Street, Suite 400, Cambridge,
Massachusetts, USA 02142 (“EBI”), and ThromboGenics N.V., a Belgian limited liability company with its registered address at Gaston Geenslaan 1, B-3001 Heverlee, Belgium (“ThromboGenics”). 

INTRODUCTION 
 1. EBI
conducts research and development of protein therapeutics. 
 2. ThromboGenics is engaged in the research, development, manufacture and
commercialization of products for human diseases and disorders. 
 3. ThromboGenics and EBI are interested in collaborating in the research
of Collaboration Products (as defined below) on the terms and conditions set forth herein, with an initial focus on ophthalmology. 
 4.
ThromboGenics desires to obtain an exclusive license to and under the EBI Intellectual Property and EBI’s interest in the Collaboration Intellectual Property to develop, manufacture, and commercialize the Collaboration Products on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt of which is hereby acknowledged, ThromboGenics and EBI agree as follows: 
 Article I 

Definitions; Interpretation 
 When used in
this Agreement, each of the following terms shall have the meanings set forth in this Article I: 
 1.1 “Accounting
Standard”. Accounting Standard means GAAP or IFRS consistently applied. 
 1.2 “Affiliate”. Affiliate means, with
respect to a first Person, any second Person directly or indirectly controlled by, controlling, or under common control with, such first Person, but only for so long as such control shall continue. For purposes of this definition,
“control” (including, with correlative meanings, “controlled by”, “controlling” and “under common control with”) means, with respect to a Person, possession, direct or indirect, of (a) the power to direct
or cause direction of the management and policies of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), or (b) at least fifty percent (50%) of the voting securities
(whether directly or pursuant to any option, warrant, or other similar arrangement) or other comparable equity interests. The Parties acknowledge that, in the case of certain entities organized under the Laws of certain countries, the maximum
percentage ownership permitted by Law for a foreign investor may be less than fifty percent 

 CONFIDENTIAL 
  

 
(50%), and in such case such lower percentage shall be substituted in the preceding sentence; provided, that such foreign investor has the power to direct the management and policies of
such entity. Notwithstanding the foregoing, any portfolio company of any stockholder of such Person (which stockholder is a venture capital fund or private equity fund) shall not be deemed to be “under common control with” such Person.

 1.3 “Bankruptcy Code”. Bankruptcy Code means 11 U.S.C. §§ 101-1330 of the US Bankruptcy Code, as amended, and
similar Laws governing bankruptcy and insolvency in countries outside the US. 
 1.4 “Business Day”. Business Day means a
day on which banking institutions in Brussels, Belgium and Boston, Massachusetts, USA are open for business, excluding any Saturday or Sunday. 

1.5 “Calendar Quarter”. Calendar Quarter means a period of three (3) consecutive months ending on the last day of March,
June, September, or December, respectively. 
 1.6 “Calendar Year”. Calendar Year means a period of each period of twelve
(12) consecutive calendar months commencing on January 1 and ending on December 31. 
 1.7 “Change of
Control”. Change of Control means, with respect to a Party, any of the following: (a) the sale or disposition of all or substantially all of the assets of such Party or its direct or indirect controlling (as defined in
Section 1.2) Affiliate to a Third Party, other than to an entity of which more than fifty percent (50%) of the voting capital stock is owned after such sale or disposition by shareholders of such Party or its direct or indirect controlling
Affiliate (in either case, whether directly or indirectly through any parent entity); or (b) (i) the acquisition by a Third Party, alone or together with any of its Affiliates, other than an employee benefit plan (or related trust)
sponsored or maintained by such Party or any of its Affiliates, of more than fifty percent (50%) of the outstanding shares of voting capital stock of such Party or its direct or indirect controlling Affiliate, or (ii) the acquisition,
merger or consolidation of such Party or its direct or indirect controlling Affiliate with or into another Person, other than, in the case of this clause (b), an acquisition or a merger or consolidation of such Person or its controlling Affiliate in
which the holders of shares of voting capital stock of such Person or its controlling Affiliate, as the case may be, immediately prior to such acquisition, merger or consolidation will beneficially own, directly or indirectly, at least fifty percent
(50%) of the shares of voting capital stock of the acquiring Third Party or the surviving corporation in such acquisition, merger or consolidation, as the case may be, immediately after such acquisition, merger or consolidation. 

1.8 “Collaboration Intellectual Property”. Collaboration Intellectual Property means Collaboration Know-How and Collaboration
Patent Rights. 
 1.9 “Collaboration Know-How”. Collaboration Know-How means all Know-How made, developed, authored,
conceived or reduced to practice (a) by a Party in the course of performing the Research Collaboration, or (b) on behalf of a Party in the course of performing the Research Collaboration and Controlled by such Party. 

1.10 “Collaboration Patent Rights”. Collaboration Patent Rights means all Patent Rights Controlled by a Party claiming
Collaboration Know-How. 

  
 2 

 CONFIDENTIAL 
  

 1.11 “Collaboration Product”. Collaboration Product means a Compound, or a
pharmaceutical product containing a Compound which product is in any form or formulation or combination, delivery or production system (e.g., cell lines that produce the protein or peptide therapeutic), or package configuration. For clarity and
purposes of this Agreement, antibodies, antibody fragments, chemical compounds, antisense therapeutics, RNA and DNA therapeutics are not Collaboration Products, and “Collaboration Product” shall not include EBI Compositions, where
“EBI Composition” means any active pharmaceutical ingredient (other than a Compound) whose composition of matter, or method of manufacture or use, is claimed in or embodies any Patent Rights or Know-How solely or jointly with a
Third Party owned or controlled by EBI or any of its Affiliates which was discovered by EBI or any of its Affiliates outside of the Research Collaboration. 

1.12 “Commercially Reasonable Efforts”. Commercially Reasonable Efforts means, with respect to the efforts to be expended by
a Party with respect to a goal, such reasonable, diligent, good faith efforts to accomplish such goal as a similarly situated (with respect to size, stage of development, and assets) biotechnology company would use to accomplish a similar goal under
similar circumstances so as to achieve such goal in a reasonable period of time; provided that, with respect to the development, manufacturing or commercialization of a Collaboration Product, such efforts shall be substantially
equivalent to those efforts and resources that a similarly situated (with respect to size, stage of development, and assets) biotechnology company would typically devote to its own internally discovered products of similar market potential at a
similar stage in their development or product life, taking into account issues of safety, efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory and reimbursement
structure involved, the profitability of the applicable product, and other relevant factors, so as to achieve such goal in a reasonable period of time (which, with respect to activities for which ThromboGenics is responsible, shall be without regard
to any amounts paid or payable to EBI with respect to a Collaboration Product under this Agreement). 
 1.13 “Compound”.
Compound means any native, mutated, or chimeric protein or peptide therapeutic that directly modulates a Target (a “Target Modulator”) and was identified, and such modulation confirmed, by EBI or ThromboGenics in the performance of
the Research Collaboration. For clarity and purposes of this Agreement, antibodies, antibody fragments, chemical compounds, antisense therapeutics, RNA and DNA therapeutics are not Compounds or Target Modulators. 

1.14 “Confidential Information”. Confidential Information means all Know-How or other confidential or proprietary information
of a Party, whether oral, electronic, written or in any other tangible form, including information regarding such Party’s or its Affiliates’ or licensors’ technology, products, business, business plans, financial status, biological
substances, chemical substances, formulations, techniques, methodology, equipment, sources of supply and patent positioning and information belonging to such Party’s Affiliate or a Third Party provided to the other Party under this Agreement.
The terms and conditions of this Agreement shall be deemed “Confidential Information” of both Parties, with each Party being deemed the disclosing Party and the receiving Party. The status, prospects or objectives regarding the Research
Collaboration or a Collaboration Product being developed and commercialized hereunder shall be deemed “Confidential Information” of both Parties, with each Party being deemed the 

  
 3 

 CONFIDENTIAL 
  

 
disclosing Party and the receiving Party and neither Party may rely on the provisions of Sections 8.1(a) and 8.1(d) with respect thereto. All information disclosed prior to the Effective Date
pursuant to the Mutual Confidential Disclosure Agreement between the Parties, dated November 16, 2011 (the “Confidentiality Agreement”), shall be deemed “Confidential Information” hereunder. 

1.15 “Control” or “Controlled”. Control or Controlled means, with respect to a Party and any Know-How,
Patent Right or other intellectual property right, the possession (whether by ownership or license (other than solely pursuant to a license under this Agreement)) by such Party or, subject to Section 13.1, any of its Affiliates, of the ability
to grant to the other Party access, ownership or a license as provided herein without violating the terms of any agreement or arrangement with any Third Party. 

1.16 “Cover”, “Covering” or “Covered”. Cover, Covering or Covered means, (a) with
respect to a patent, that, in the absence of a license granted to a Person under, or in the absence of ownership of such Person of an interest in, a Valid Claim included in such patent, the practice by such Person of an invention claimed in such
patent would infringe such Valid Claim, or (b) with respect to a patent application, that, in the absence of a license granted to a Person under, or in the absence of ownership of such Person of an interest in, a Valid Claim included in such
patent application, the practice by such Person of an invention claimed in such patent application would infringe such Valid Claim if such patent application were to issue as a patent. 

1.17 “CPR”. CPR means the International Institute for Conflict Prevention and Resolution. 

1.18 “EBI Intellectual Property”. EBI Intellectual Property means EBI Know-How and EBI Patent Rights. 

1.19 “EBI Know-How”. EBI Know-How means all Know-How Controlled by EBI as of the Effective Date or during the Research Term
that is necessary for ThromboGenics to perform its obligations under the Research Collaboration, but excluding Collaboration Know-How. 

1.20 “EBI Patent Rights”. EBI Patent Rights means all Patent Rights Controlled by EBI as of the Effective Date or during the
Research Term that is necessary for ThromboGenics to perform its obligations under the Research Collaboration, but excluding Collaboration Patent Rights. 

1.21 “Enforcement Patent Right”. Enforcement Patent Right means (a) any ThromboGenics Patent Right, (b) any
Collaboration Patent Right, or (c) any EBI Patent Right which claims the composition of matter, or method of manufacture or use, of a Collaboration Product. 

1.22 “EMA”. EMA means the European Medicines Agency and any successor agency thereto. 

1.23 “EU”. EU means the European Union, as it may be constituted from time to time. 

  
 4 

 CONFIDENTIAL 
  

 1.24 “Executive Officers”. Executive Officers mean the Chief Executive
Officer of ThromboGenics (or a senior executive officer of ThromboGenics designated by such Chief Executive Officer) and the Chief Executive Officer of EBI or a senior officer designated by EBI. 

1.25 “FDA”. FDA means the US Food and Drug Administration and any successor agency thereto. 

1.26 “Field”. Field means the cure, treatment, diagnosis or prophylaxis of any disease and condition in humans or in animals.

 1.27 “First Commercial Sale”. First Commercial Sale means, with respect to a Collaboration Product in a given country,
the date on which such Collaboration Product is first sold following receipt of Marketing Approval of such Collaboration Product in such country (or, in a country in which no Marketing Approval is required, the date on which such Collaboration
Product is first sold) by, on behalf of or under the authority of ThromboGenics or any of its Affiliates or licensees in an arm’s-length transaction to a Third Party. 

1.28 “FTE”. FTE means a full time equivalent person year (consisting of a total of [**] hours per year, pro-rated as
necessary) of work on or directly related to the Research Collaboration. 
 1.29 “FTE Rate”. FTE Rate means [**] Dollars
($[**]) per FTE (pro-rated as necessary), increased or decreased annually, commencing with January 1, 2014, by the percentage increase or decrease in the monthly CPI for the then-most-recent December over such rate for December 2012. For
clarity, because the monthly CPI is not published until several weeks after such month, any adjustment to the FTE Rate based on such index shall be made retroactive to the relevant period once such CPI is published. As used in this definition,
“CPI” means the Consumer Price Index – Urban Wage Earners and Clerical Workers, US City Average, All Items, 1982-84 = 100, published by the United States Department of Labor, Bureau of Labor Statistics (or its successor
equivalent index). The FTE Rate shall be inclusive of out-of-pocket costs and other expenses for the FTE, including travel costs and allocated costs, such as, for example, allocated overhead costs, but, for clarity, excluding the out-of-pocket costs
set forth in the Joint Plan and Budget. 
 1.30 “GAAP”. GAAP means United States Generally Accepted Accounting Principles.

 1.31 “IFRS”. IFRS means International Financial Reporting Standards. 

1.32 “IND”. IND means an application submitted to a Regulatory Authority to initiate human clinical trials, including
(a) an Investigational New Drug application or any successor application or procedure filed with the FDA, (b) an Investigational Medicinal Product Dossier required to be submitted to the EMA or other Regulatory Authorities in the EU for
Regulatory Approval of clinical trials in the EU, as further defined in the Clinical Trials Directive (2001/20/EC), (c) any non-EU and non-US equivalent of the foregoing in any other country in the Territory, and (d) all supplements and
amendments that may be filed with respect to the foregoing. 

  
 5 

 CONFIDENTIAL 
  

 1.33 “Initiation”. Initiation means (a) with respect to a GLP
toxicology study, the first dosing of any animal with a Collaboration Product in the first repeat dose GLP toxicology study, and (b) with respect to a human clinical trial, the first dosing of any human subject with a Collaboration Product in
such clinical trial. 
 1.34 “Joint Plan and Budget”. Joint Plan and Budget means the plan and budget setting forth the
research activities with respect to the Collaboration Products for the Research Term and the budget therefor, the initial form of which is attached hereto as Exhibit A, as such plan and budget may be amended from time to time in accordance
with this Agreement. 
 1.35 “Know-How”. Know-How means all technical, scientific, manufacturing and other know-how
(including Confidential Information), data, tangible materials, information, trade secrets, ideas, formulae, inventions, discoveries, processes, control methods and assays, machines, compositions of matter, improvements, protocols, toxicological and
pharmacological data and techniques, clinical data, works of authorship, and results of experimentation and testing, product forms and product formulations and specifications, whether or not patentable, and whether in written, electronic, physical
(including in the form of tangible compounds or cell lines), oral or any other form. 
 1.36 “Laws”. Laws means all laws,
statutes, rules, regulations, orders, judgments, or ordinances having the effect of law of any federal, national, multinational, state, provincial, county, city or other political subdivision. 

1.37 “Major Country”. Major Country means any of the following countries: USA, each Major EU Country and Japan. 

1.38 “Major EU Country”. Major EU Country means any of the following countries: France, Germany, Italy, Spain, United
Kingdom. 
 1.39 “Marketing Approval”. Marketing Approval means, with respect to a country or regulatory jurisdiction, the
authorization issued by the relevant Regulatory Authority necessary to place on the market a pharmaceutical product in such country or regulatory jurisdiction (including the approval of an NDA in the US). For clarity, a Marketing Approval shall not
include any applicable governmental price or reimbursement approvals. 
 1.40 “Marketing Authorization Application”.
Marketing Authorization Application means an application submitted to a Regulatory Authority for marketing approval of a pharmaceutical product, including an NDA in the US and a marketing authorization application in the EU. 

1.41 “MHLW”. MHLW means the Japanese Ministry of Health, Labor and Welfare, and any successor agency thereto. 

1.42 “NDA”. NDA means a New Drug Application or a supplemental New Drug Application, as defined in 21 C.F.R.
§§314.50 and 314.70, respectively, or a Biologics License Application under Section 351 of the US Public Health Service Act, in each case which is filed with the FDA with respect to a pharmaceutical product. 

  
 6 

 CONFIDENTIAL 
  

 1.43 “Net Sales”. Net Sales means, with respect to a Collaboration Product,
the total gross amount invoiced for the sale, lease or other transfer for monetary value of such Collaboration Product by ThromboGenics, its Affiliates or licensees to Third Parties, in the applicable country, less the following deductions, to the
extent actually incurred, paid or credited with respect to such Collaboration Product and not otherwise reimbursed: 
 (a) Normal and
customary trade, cash and quantity discounts (including allowances and credits) as well as mandatory discounts; 
 (b) Amounts due to
rejection, returns or recalls of goods, coupons, rebates or bona fide price reductions of such Collaboration Product previously sold as reflected in written invoices (and not to exceed the original invoice amount); 

(c) Transportation costs, distribution expenses, special packaging, shipping, freight, insurance and handling fees, in each case to the extent
separately invoiced and charged; 
 (d) Chargebacks, credits, allowances, rebates and similar payments actually given pursuant to
government-mandated program(s), Regulatory Authorities, group purchasing organizations, managed health care organizations and trade customers, including wholesalers and pharmacy buying groups (including Medicare and Medicaid or similar state program
in the United States or equivalent federal, state/provincial, local, or other governmental program in any other country in the Territory), as well as all forms of compulsory payments and rebates directly related to the sale of such Collaboration
Product, accrued, paid or deducted pursuant to governmental regulations; 
 (e) Value added taxes, sales taxes, excise taxes or customs
duties, to the extent applicable to such sale, and included in the invoice in respect of such sale and actually paid; and 
 (f) A
reasonable amount of such Collaboration Product distributed for free for promotional and advertising purposes, including a reasonable amount of free samples. 

No deductions shall be made for commissions paid to individuals, whether they are with independent sales agents or regularly employed by ThromboGenics, its
Affiliates or licensees, and on its or their payroll, or for the cost of collections. 
 Such amounts shall be determined from the books and records of
ThromboGenics, its Affiliates or licensees, as applicable, maintained in accordance with the applicable Accounting Standard. 
 Notwithstanding the
reference to “monetary value” in the first paragraph of this Section 1.43, in the case of any sale of a Collaboration Product for consideration other than cash, such as barter or countertrade, Net Sales shall be calculated on the
average sales price for such Collaboration Product in the applicable country in the entire applicable year or, if no such sales have been made in such yet, the fair market value of such Collaboration Product in such country. 

Solely for the purpose of calculating Net Sales of Collaboration Products, if ThromboGenics, its Affiliates or its licensees sell Collaboration Products in
the form of a combination product containing any Compound and one or more Other Active Ingredients (whether combined in a 

  
 7 

 CONFIDENTIAL 
  

 
single formulation or package, as applicable, or formulated or packaged separately but sold together for a single price) and/or a delivery device(s) (a “Combination Product”) in
a particular country, Net Sales of such Combination Product in such country for the purpose of determining the royalty due to EBI pursuant to Section 6.4 will be calculated by multiplying actual Net Sales of such Combination Product in such
country as determined above by the fraction A/(A+B), where A is the invoice price of such Compound if sold separately in such country, and B is the total invoice price of the Other Active Ingredient(s) or the delivery device(s) in the combination if
sold separately in such country. If, on a country-by-country basis, such Other Active Ingredients or delivery device in the Combination Product are not sold separately in such country, but the Compound component of the Combination Product is sold
separately in such country, Net Sales for the purpose of determining royalties due to EBI for the Combination Product will be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/C, where A is the invoice price of
such Compound if sold separately, and C is the invoice price of the Combination Product. If, on a country-by-country basis, such Compound is not sold separately in such country, Net Sales for the purpose of determining royalties due to EBI for the
Combination Product will be calculated by multiplying actual Net Sales of such Combination Product by the fraction D/(D+E), where D is the fair market value of the Compound, and E is the fair market value of the Other Active Ingredient(s) or
delivery device(s) included in such Combination Product, as such fair market values are determined by mutual agreement of the Parties, which shall not be unreasonably withheld and, in the event such agreement cannot be reached within [**] days,
either Party may request resolution of such dispute in accordance with Article XII. 
 ThromboGenics agrees, on behalf of itself and its Affiliates and
licensees, not to use any Collaboration Product as a loss leader. ThromboGenics also agrees that if it or any of its Affiliates or licensee prices a Collaboration Product in order to gain or maintain sales of other products, then for purposes of
calculating the payments due hereunder, the Net Sales shall be adjusted for any discount which was given to a customer that was in excess of customary discounts for such Collaboration Product (or, in the absence of relevant data for such
Collaboration Product, other similar products under similar market conditions) by reversing such excess discount. 
 1.44 “Orange
Book”. Orange Book means the publication, Approved Drug Products with Therapeutic Equivalence Evaluations, in electronic or hard copy form, maintained by the FDA, including all supplements thereto. 

1.45 “Other Active Ingredient”. Other Active Ingredient means an active ingredient, other than a Compound, in the relevant
Combination Product. Other Active Ingredient may include an EBI Composition, if EBI or its Affiliate has granted a license to ThromboGenics to commercialize such EBI Composition, but excludes any delivery device. 

1.46 “Party”. Party means ThromboGenics or EBI, jointly referred to as the “Parties”. 

1.47 “Paragraph IV Certification”. Paragraph IV Certification means a certification filed pursuant to 21 U.S.C.
§355(b)(2)(A)(iv) or 355(j)(2)(A)(vii)(IV), or any notice under any future analogous provisions of United States law relating to regulation or approval of pharmaceutical products (or any amendment or successor statute thereto), or any
comparable 

  
 8 

 CONFIDENTIAL 
  

 
Law under any other jurisdiction, claiming that any Patent Right is invalid or otherwise unenforceable, or that infringement will not arise from the manufacture, use, import, sale or offer of
sale of a product by a Third Party. 
 1.48 “Patent Prosecution”. Patent Prosecution means, with regard to a Patent Right,
the preparation, filing and prosecution of the applicable patent application, the maintenance of the applicable patent, and the preparation, filing, prosecution and control of appeals, post-grant reviews, reexaminations, listing in the Orange Book
(or equivalent outside the US) and requests for patent term adjustments and patent term extensions with respect to such Patent Right, together with the initiation or defense of interferences, derivation proceedings, the initiation or defense of
oppositions and other similar proceedings with respect to such Patent Right, and any appeals therefrom. For clarity, “Patent Prosecution” shall not include any other enforcement actions taken with respect to a Patent Right. 

1.49 “Patent Right”. Patent Right means any US or foreign patent or patent application, including utility patents, utility
models, design patents, provisional applications, innovation patents, certificates of invention, and all divisionals, continuations, continuations-in-part, substitutions, reissues, reexaminations, renewals, extensions (including any supplemental
patent certificate) or additions to any patent or patent application. 
 1.50 “Person”. Person means any natural person or
any corporation, company, partnership, limited liability company, joint venture, firm, agency or other entity. 
 1.51 “Phase I
Study” means a human clinical trial (whether a phase 1a or a phase 1b trial) in any country (a) the principal purpose of which is a preliminary determination of safety in individuals or patients, or (b) described in 21 C.F.R.
§312.21(a), or an equivalent clinical study required by a Regulatory Authority outside of the United States. 
 1.52 “Phase II
Study” means a human clinical trial conducted in any country (a) intended to explore multiple doses, dose response and duration of effect to generate initial evidence of safety and activity in a target patient population or
(b) described in 21 C.F.R. §312.21(b), or an equivalent clinical study required by a Regulatory Authority outside of the United States. 

1.53 “Phase III Study” means a human clinical trial in any country described in 21 C.F.R. §312.21(c), or an equivalent
clinical study required by a Regulatory Authority outside of the United States. 
 1.54 “Regulatory Approval”. Regulatory
Approval means any and all approvals (including, where required, any applicable governmental price and reimbursement approvals), licenses, registrations or authorizations of any Regulatory Authority necessary for the testing, manufacture, use,
storage, import, promotion, marketing and sale of a product in a country or jurisdiction, including INDs and Marketing Approvals. 
 1.55
“Regulatory Authority”. Regulatory Authority means any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other governmental entity with authority over the testing, approval,
manufacture, use, storage, import, promotion, marketing or sale of a drug or biologic product in a country, including the FDA, EMA or MHLW. 

  
 9 

 CONFIDENTIAL 
  

 1.56 “Regulatory Documentation”. Regulatory Documentation means, with
respect to a Collaboration Product, all preclinical and clinical data, INDs, NDAs, and other regulatory applications submitted to any Regulatory Authority, copies of Regulatory Approvals, regulatory materials, drug dossiers, master files (including
Drug Master Files, as defined in 21 C.F.R. §314.420 and any non-United States equivalents), and any other reports, records, regulatory correspondence, meeting minutes, telephone logs, and other materials relating to Regulatory Approval of such
Collaboration Product (including any underlying safety and effectiveness data, whether or not submitted to any Regulatory Authority), or required to manufacture or commercialize such Collaboration Product, including any information that relates to
pharmacology, toxicology, chemistry, manufacturing and controls data, batch records, safety and efficacy, and any safety database required to be maintained for Regulatory Authorities. 

1.57 “Regulatory Exclusivity”. Regulatory Exclusivity means, with respect to a Collaboration Product and a country, any
exclusive marketing rights or data exclusivity rights conferred by any applicable Regulatory Authority with respect to such Collaboration Product in such country, other than a Patent Right. 

1.58 “Research Collaboration”. Research Collaboration means the research activities of the Parties directed to the
Collaboration Products and undertaken in accordance with the Joint Plan and Budget. 
 1.59 “Research Term”. Research Term
means the period beginning on the Effective Date and ending thirty (30) months after the Effective Date (the “Initial Research Term”), as such period shall be automatically extended to the extent that the Parties mutually agree in
writing that the activities under the Joint Plan and Budget shall extend thereafter and as otherwise may be extended only if mutually agreed by the Parties in writing, or as earlier terminated on termination of this Agreement. 

1.60 “Royalty Term”. Royalty Term means, with respect to a Collaboration Product and a country, the period ending on the
latest to occur of (a) ten (10) years after the First Commercial Sale of such Collaboration Product in such country; (b) the expiration of the last to expire Valid Claim in a Collaboration Patent Right or EBI Patent Right Covering the
manufacture, use, sale, offer for sale or importation of such Collaboration Product in such country; or (c) the expiration of Regulatory Exclusivity for such Collaboration Product in such country. 

1.61 “Senior Scientific Officers”. Senior Scientific Officers mean the Chief Scientific Officer of ThromboGenics (or a senior
executive officer of ThromboGenics acting in such capacity) and the Chief Scientific Officer of EBI (or a senior officer designated by EBI). 

1.62 “Target”. Target means a target listed on Appendix B, as such appendix may be amended from time to time by mutual
written agreement of the Parties. 
 1.63 “Territory”. Territory means each country of the world. 

  
 10 

 CONFIDENTIAL 
  

 1.64 “Third Party”. Third Party means any Person other than a Party or any
of either Party’s Affiliates. 
 1.65 “ThromboGenics Intellectual Property”. ThromboGenics Intellectual Property means
ThromboGenics’ Know-How, ThromboGenics’ Patent Rights and the Trademarks. 
 1.66 “ThromboGenics Know-How”.
ThromboGenics Know-How means all Know-How Controlled by ThromboGenics as of the Effective Date or during the Research Term that is necessary for EBI to perform its obligations under the Research Collaboration, but excluding Collaboration Know-How.

 1.67 “ThromboGenics Patent Rights”. ThromboGenics Patent Rights means all Patent Rights Controlled by ThromboGenics as
of the Effective Date or during the Research Term that is necessary for EBI to perform its obligations under the Research Collaboration, but excluding Collaboration Patent Rights. 

1.68 “US” or “USA”. “US” or “USA” means the United States of America, including its
territories and possessions. 
 1.69 “Valid Claim”. Valid Claim means a claim of (a) an issued patent covering the
composition, formulation, manufacture, use, sale, offer for sale or import of a Collaboration Product, which patent has not (i) expired or been canceled and which claim is not otherwise pending, (ii) been declared invalid or unenforceable
by an unreversed and unappealable decision of a court or other appropriate body of competent jurisdiction (including national or regional Patent Offices), (iii) been admitted to be invalid or unenforceable through reissue, disclaimer, or
otherwise or (iv) been abandoned; (b) an issued and unexpired supplementary protection certificate or similar patent term extension; or (c) a patent application that has not been pending for more than [**] years after the earliest
claimed filing date. 
 1.70 Additional Definitions. Each of the following definitions is set forth in the section of this Agreement
indicated below: 
  

			
	 Definitions
	  	 Section

	Acquired Party	  	Section 13.1
	Acquirer	  	Section 13.1
	Agreement	  	Preamble
	Alliance Manager	  	Section 3.5
	Arbitration Request	  	Section 12.1(b)(i)
	Bankrupt Party	  	Section 2.6
	Biosimilar Filing	  	Section 7.3(b)
	Breaching Party	  	Section 11.3
	Claims	  	Section 10.1
	Combination Product	  	Section 1.43
	Competitive Infringement	  	Section 7.3(a)
	Confidentiality Agreement	  	Section 1.14
	EBI	  	Preamble
	EBI Composition	  	Section 1.11

  
 11 

 CONFIDENTIAL 
  

			
	 Definitions
	  	 Section

	Effective Date	  	Preamble
	EPO	  	Section 7.2(b)(vii)(A)
	Indemnified Party	  	Section 10.3(a)
	Indemnifying Party	  	Section 10.3(a)
	Initial Research Term	  	Section 1.59
	Invalidity Claim	  	Section 7.5(a)
	JPC	  	Section 7.2(b)(i)
	JRC	  	Section 3.4(a)
	Losses	  	Section 10.1
	Non-Acquired Party	  	Section 13.1
	Non-Bankrupt Party	  	Section 2.6
	Payee Party	  	Section 6.6
	Paying Party	  	Section 6.6
	Pre-Existing Affiliate	  	Section 13.1
	Publishing Party	  	Section 8.5(a)
	SEC	  	Section 8.1(e)
	Severed Clause	  	Section 13.12
	Sublicensed Party	  	Section 2.4(a)
	Sublicensing Party	  	Section 2.4(a)
	Target Modulator	  	Section 1.13
	Term	  	Section 11.1
	Third Party Agreement	  	Section 2.4(a)
	ThromboGenics	  	Preamble
	Trademarks	  	Section 4.3(b)
	USPTO	  	Section 7.2(b)(vii)(A)
	WIPO	  	Section 7.2(b)(vii)(A)

 1.71 Interpretation. 

(a) Any reference in this Agreement to an Article, Section, subsection, paragraph, clause, or Exhibit shall be deemed to be a reference to any
Article, Section, subsection, paragraph, clause, or Exhibit, of or to, as the case may be, this Agreement. 
 (b) Each Party represents that
it has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no
presumption will apply against the Party which originally drafted or revised such terms and provisions. 
 (c) Except where the context
clearly otherwise requires, (i) wherever used, the use of any gender will be applicable to all genders, (ii) the singular shall include the plural and vice versa, (iii) any definition of or reference to any agreement, instrument or
other document refers to such agreement, instrument other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein),
(iv) any reference to any Laws refers to such Laws as from time to time enacted, repealed or amended, (v) the words “herein”, “hereof” 

  
 12 

 CONFIDENTIAL 
  

 
and “hereunder”, and words of similar import, refer to this Agreement in its entirety and not to any particular provision hereof, (vi) the words “include”,
“includes” and “including” are deemed to be followed by the phrase “but not limited to”, “without limitation” or words of similar import, (vii) the word “or” has the inclusive meaning (i.e.,
“and/or”), (viii) the word “day” means a calendar day, the word “month” means a calendar month, and the word “annual” refers to, a Calendar Year, (ix) the word “quarterly” refers to
Calendar Quarters, (x) each accounting term used herein that is not specifically defined herein has the meaning given to it under the applicable Accounting Standard, (xi) the symbol “$” or the word “dollar” or
“Dollar” means a US Dollar, (xii) the captions or headings of the Exhibits, Articles, Sections or other subdivisions hereof are inserted only as a matter of convenience or for reference and shall have no effect on the meaning of the
provisions hereof, and (xiii) references to a Party’s “licensee” means any Person (other than the other Party or its Affiliates) to whom such Party, or any of its Affiliates, licensees or sublicensees has granted, directly or
indirectly, an express or implied (A) license or sublicense under any element of the Collaboration Intellectual Property to research, develop, make, have made, import, export, use, sell, offer for sale, have sold, distribute, commercialize and
otherwise exploit Collaboration Products in the Field in the Territory or (B) sublicense under any element of the other Party’s intellectual property. 

Article II 
 Grant of
Licenses 
 2.1 EBI License Grants. Subject to the terms and conditions of this Agreement, EBI hereby grants to ThromboGenics an
exclusive (even as to EBI except as expressly set forth below), royalty-bearing right and license, with the right to grant sublicenses subject to Section 2.3, under the EBI Intellectual Property and EBI’s interest in the Collaboration
Intellectual Property, to research, develop, make, have made, import, export, use, sell, offer for sale, have sold, distribute, promote, commercialize and otherwise exploit Collaboration Products in the Field in the Territory; provided,
however, that EBI retains the right under the EBI Intellectual Property and the Collaboration Intellectual Property to perform EBI’s obligations under this Agreement, including conducting the activities set forth in the Joint Plan and
Budget. 
 2.2 ThromboGenics License Grant. Subject to the terms and conditions of this Agreement, ThromboGenics hereby grants to EBI
a non-exclusive, royalty-free, fully paid-up right and license in the Territory, without the right to grant sublicenses except to Third Parties as necessary to perform activities as set forth in the Joint Plan and Budget or with prior written
approval from ThromboGenics (not to be unreasonably withheld), under the ThromboGenics Intellectual Property and ThromboGenics’ interest in the Collaboration Intellectual Property, solely for the purposes of conducting the activities set forth
in the Joint Plan and Budget. 
 2.3 Sublicense Rights. 

(a) Subject to the terms and conditions of this Agreement, ThromboGenics shall have the right to grant sublicenses under the rights and
licenses granted to ThromboGenics pursuant to Section 2.1, and shall have the right to grant licenses under its interest in the Collaboration Intellectual Property, to research, develop, make, have made, import, export, use, sell, offer for
sale, have sold, distribute, promote, commercialize and otherwise exploit Collaboration Products in the Field in the Territory, to its Affiliates and to Third Parties; 

  
 13 

 CONFIDENTIAL 
  

 
provided that, (A) such license or sublicense is in writing, (B) such license or sublicense is consistent with the terms and conditions of this Agreement, and
(C) ThromboGenics provides a copy of each license or sublicense agreement, and any amendment thereto, to EBI within [**] days after execution thereof. 

(b) Any sublicense granted by ThromboGenics to an Affiliate shall terminate immediately upon the occurrence of any event that causes such
Affiliate no longer to be an Affiliate of ThromboGenics. 
 (c) ThromboGenics shall be responsible for the performance by each of its
licensees of all obligations imposed under the terms of this Agreement. 
 2.4 Third Party Licensor Rights. 

(a) Each Party acknowledges and agrees that the rights and sublicenses granted to such Party (the “Sublicensed Party”) by the
other Party (the “Sublicensing Party”) under any Know-How or Patent Rights pursuant to Section 2.1 or 2.2, as applicable, are subject to the terms of any agreement between the Sublicensing Party or any of its Affiliates, on the
one hand, and any Third Party, on the other hand (each, a “Third Party Agreement”), as such agreement exists on the Effective Date or as amended thereafter. 

(b) The Sublicensed Party shall comply with, and shall cause its Affiliates and licensees to comply with, the relevant Third Party Agreements
of the Sublicensing Party, and to take any action or provide any information reasonably requested by the Sublicensing Party to prevent any potential breach of any terms of such Third Party Agreements which have been provided to the Sublicensed
Party. 
 (c) To the extent there is a conflict between the terms of any Third Party Agreement of the Sublicensing Party and the rights
granted to the Sublicensing Party hereunder, the terms of such Third Party Agreement shall control solely with respect to the Patent Rights and Know-How owned or controlled by such Third Party licensor and licensed to the Sublicensing Party. 

2.5 No Implied Licenses. Except as explicitly set forth in this Agreement, neither Party grants to the other Party any right or
license, express or implied, under or with respect to its intellectual property rights, including any rights regarding Patent Prosecution or enforcement. 

2.6 Section 365(n) of the Bankruptcy Code. All rights and licenses granted pursuant to Sections 2.1, 2.2 and 11.6(b) of this
Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree
that each Party, as both a licensor and licensee of such rights under this Agreement, shall retain and may fully exercise all of its respective rights and elections under the Bankruptcy Code and that upon commencement of a bankruptcy proceeding by
or against a Party under the Bankruptcy Code (the “Bankrupt Party”), the other Party (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 (a)

  
 14 

 CONFIDENTIAL 
  

 
upon any such commencement of a bankruptcy proceeding against the Bankrupt Party 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 (b) if not delivered under clause (a) above, following the rejection of this Agreement by or on behalf of the Bankrupt Party upon written request therefore by the Non-Bankrupt Party. The
provisions of this Section 2.6 are without prejudice to any rights the Parties may have arising under the Bankruptcy Code or other applicable Law. 

Article III 
 Research
Collaboration 
 3.1 Overview; Joint Plan and Budget. 

(a) Subject to and in accordance with the terms and conditions of this Agreement, the Parties shall collaborate on the research of the
Collaboration Products during the Research Term in accordance with the Joint Plan and Budget. EBI shall use Commercially Reasonable Efforts to conduct those activities assigned to EBI under the Joint Plan and Budget, all of which shall be performed
at ThromboGenics’ expense as long as not inconsistent with the Joint Plan and Budget. ThromboGenics shall use Commercially Reasonable Efforts to conduct, at its expense, all other activities to research, develop and commercialize the
Collaboration Products in the Territory. 
 (b) The Parties, through the JRC, shall discuss in good faith, at least [**] months prior to the
end of each Calendar Year during the Research Term, whether any changes are needed to the Joint Plan and Budget for the next Calendar Year and shall consider and agree on any such changes in good faith; provided, however, that in no
event shall the number of EBI FTEs be reduced below (i) [**] FTEs with respect to any Calendar Year (or pro rata, for any portion of a Calendar Year) during the first [**] months of the Initial Research Term, and (ii) [**] (pro rata, for
any portion of a Calendar Year) during the final [**] months of the Initial Research Term. 
 3.2 Technology Transfer. The Alliance
Managers shall arrange for the Parties to disclose, on a quarterly basis, any EBI Know-How, ThromboGenics Know-How and Collaboration Know-How which had not been earlier disclosed and to answer, at reasonable times and in a reasonable manner, any
reasonable questions with respect to the use of any EBI Know-How, ThromboGenics Know-How and Collaboration Know-How disclosed during such month or earlier. Such disclosure may consist of the sharing of copies of relevant material, documents,
information or data, as applicable. 
 3.3 Reports. Each Party shall provide detailed written reports to the other Party before each
JRC meeting, setting forth in reasonable detail the reporting Party’s activities and progress (including reasonable descriptions for any anticipated delays) with respect to the Research Collaboration since the previous JRC meeting. Each such
written report shall include details about any experiments conducted and the resulting data. Each written report from EBI shall also include: (1) the names of the EBI researchers conducting EBI’s activities under the Joint Plan and Budget;
and (2) a reference to the most recent invoice for payments of FTE costs devoted to the Research Collaboration. Upon completion of the major work packages of the 

  
 15 

 CONFIDENTIAL 
  

 
Joint Plan and Budget (stage1, stage 2 and stage 3), EBI will provide ThromboGenics with a detailed written report. Each such written report shall include details about any experiments conducted
and the resulting data obtained by EBI during that specific work package. Upon written request of ThromboGenics and within [**] days after such request, EBI shall make available for inspection by ThromboGenics during EBI’s regular business
hours the laboratory notebooks in which EBI has documented the experiments and resulting data described in its reports. ThromboGenics may copy such laboratory notebooks (which shall remain EBI’s Confidential Information in accordance with
Article VIII) at its own expense and may use these copies to research, develop, make, have made, import, export, use, sell, offer for sale, have sold, distribute, promote, commercialize and otherwise exploit Collaboration Products in the Field in
the Territory. Each Party shall maintain records, in sufficient detail and in good scientific manner, which shall be complete and accurate and shall fully and properly reflect all work done and results achieved in connection with the Joint Plan and
Budget. 
 3.4 Joint Research Committee. 

(a) Formation and Membership. Within [**] days after the Effective Date, the Parties shall establish a joint research committee (the
“JRC”) to manage the relationship between the Parties with respect to the Research Collaboration. The JRC shall be comprised of [**] members, [**] from each Party; provided, however, that the Parties may mutually agree
that the JRC shall have more than [**] members, provided that such number is an even number with each Party designating half of such number. Each Party’s JRC members will include one (1) representative with appropriate experience and level
of decision-making authority. Each Party may change any one or more of its representatives on the JRC at any time upon written notice to the other Party. 

(b) Responsibilities. The JRC shall be responsible for: 

(i) overseeing research activities for the Collaboration Products, including monitoring the Parties’ compliance with their respective
obligations under the Joint Plan and Budget; 
 (ii) reviewing the Joint Plan and Budget in accordance with Section 3.1(b) and
suggesting or approving such updates or amendments to the Joint Plan and Budget in accordance with Section 3.1(b); 
 (iii) reviewing
the target product profile for the Collaboration Products; 
 (iv) facilitating the exchange of data, information, materials and results
arising from the Research Collaboration; 
 (v) attempting to resolve disputes arising under this Agreement that are referred to the JRC by
either Party (for clarity, the JRC shall not have the authority to resolve disputes between the Parties regarding whether a Party has fulfilled or breached any obligation under this Agreement); and 

(vi) performing such other tasks and undertaking such other responsibilities as are set forth in this Agreement. 

  
 16 

 CONFIDENTIAL 
  

 (c) Meetings. The JRC shall meet at least [**] during the Research Term, by tele- or
video-conference or in person. The location of in-person meetings shall alternate between the headquarters offices of each Party, with the first in person meeting to take place at [**]. After the Research Term, the JRC will be disbanded and the
provisions of Section 3.4 shall no longer apply. 
 (d) Administrative Matters. 

(i) [**] shall appoint the chairperson and the secretary of the JRC. 

(ii) The chairperson shall be responsible for calling meetings of the JRC and for leading the meetings. The Alliance Managers shall work with
the chairperson to develop JRC meeting agendas. The chairperson shall include on the agenda any items proposed by either Party. 
 (iii)
The secretary shall promptly prepare and distribute to all members of the JRC draft minutes of the meeting for review and comment, including a list of any actions or decisions approved by the JRC, with the goal of distributing final approved minutes
of each JRC meeting within [**] days after the meeting. 
 (iv) Neither the chairperson nor the secretary shall have any greater authority
than any other representative on the JRC, and [**] shall not have any greater authority than [**] merely by virtue of its right to make such appointments. 

(e) Decision Making during the Research Term. Each Party, through its representatives, shall have one (1) vote on the JRC. Both
Parties must vote in the affirmative to allow the JRC to take any action that requires the approval of the JRC. Decision on any matter may be taken at a meeting, by teleconference, videoconference or by written agreement. Either Party may convene a
special meeting of the JRC for the purpose of resolving any dispute within the JRC’s jurisdiction that represents a material issue the resolution of which cannot reasonably await until the next scheduled meeting of the JRC and such meeting
shall be convened within [**] Business Days after such request. In conducting themselves on the JRC, and in making decisions and resolving disputes under this Section 3.4, all representatives of both Parties shall consider reasonably and in
good faith all input received from the other Party, and shall use reasonable efforts to reach consensus on all matters before them. 
 (f)
Dispute Resolution during the Research Term. 
 (i) If the JRC is unable to resolve any dispute within the responsibilities of the
JRC specified in Section 3.4(b) within [**] Business Days after a Party provides notice to the other Party of the existence of such dispute, or if the JRC no longer remains in place at the time of a dispute within the responsibilities of the
JRC specified in Section 3.4(b) and representatives appointed by each of the Parties are unable to resolve such dispute within [**] Business Days after a Party provides notice to the other Party of the existence of such dispute, such dispute
shall be referred to the Senior Scientific Officers for resolution and the Senior Scientific Officers shall attempt in good faith to resolve such dispute within [**] days. If such dispute is not so resolved, then [**] may resolve such dispute in
accordance with Section 3.4(f)(ii). 

  
 17 

 CONFIDENTIAL 
  

 (ii) In resolving any dispute described in Section 3.4(f)(i) which remain unresolved as
set forth therein, [**] shall have final decision-making authority on all such unresolved disputes, provided that it may not make any decision that is not consistent with the terms and conditions of this Agreement, including any decision that would
increase EBI’s obligations, reduce EBI’s rights, expand ThromboGenics’ rights or reduce ThromboGenics’ obligations, and [**] shall make its decision (A) in good faith, (B) subject to the terms and conditions of this
Agreement, and (C) in a commercially reasonable manner. 
 3.5 Alliance Managers. Each Party shall appoint an employee or
consultant to serve as an alliance manager (“Alliance Manager”) with responsibility for overseeing that the Parties’ activities are conducted in accordance with this Agreement, and for being the primary point of contact between
the Parties with respect to all such activities. The Alliance Managers may be members, but in any event may participate in the meetings, of the JRC and shall be responsible for communicating with and reporting to the JRC on all relevant matters.

 3.6 Cost. Each Party shall be responsible for all of its own costs and expenses for having its representatives participate in the
JRC meetings (including travel and personnel cost). 
 Article IV 

Development, Manufacturing and Commercialization 

4.1 Development and Regulatory Activities. 

(a) As between the Parties, (i) ThromboGenics shall conduct all non-clinical (other than those for which EBI is responsible in the
Research Collaboration) and clinical development activities for the Collaboration Products in the Field, all in accordance with the terms and conditions of this Agreement and at its sole cost and expense; (ii) ThromboGenics shall be responsible
for all regulatory communications and requirements, including assembly of the eCTD and pharmacovigilance; and (iii) ThromboGenics shall file all Marketing Authorization Applications and hold all Marketing Approvals for the Collaboration
Products in the Field in the Territory at its sole cost and expense. ThromboGenics shall have sole and full decision-making authority as to the pre-clinical activities for the Collaboration Products after the Research Term, and the clinical
development strategy for the Collaboration Products in the Field in the Territory; provided that any activity, strategy or related decision described in this Section 4.1(a), or in Section 4.2 or 4.3(a), shall be consistent with the
terms and conditions of this Agreement, and any such activity, strategy or decision may not increase EBI’s obligations, reduce EBI’s rights, expand ThromboGenics’ rights or reduce ThromboGenics’ obligations, and ThromboGenics
shall determine such strategy and make such decision (x) in good faith, (y) subject to the terms and conditions of this Agreement and (z) in a commercially reasonable manner. 

(b) After the JRC has been disbanded, ThromboGenics shall provide written reports to EBI at least [**] Business Days after the end of each
Calendar Year, setting forth in reasonable detail ThromboGenics’ and its Affiliates’ and licensees’ activities and progress since the preceding report related to the research and development of the Collaboration Products, including
information concerning clinical studies, achievement of development and regulatory milestones, filing of applications for and securing of Regulatory Approvals, and the territories 

  
 18 

 CONFIDENTIAL 
  

 
(by each Major Country, if relevant, and the rest of the world) in which the foregoing activities are conducted; provided, however, that in case EBI requests an extra-ordinary
update on ongoing development activities (which EBI shall not undertake more than once per Calendar Quarter), ThromboGenics shall address this request within [**] Business Days. For the avoidance of doubt, such extra-ordinary reports can be provided
via email. 
 4.2 Manufacturing. As between the Parties, ThromboGenics shall have sole and full decision-making authority as to all
manufacturing and supply activities of all Collaboration Products, including all drug substance, drug product, finished product and any related delivery devices, all in accordance with the terms and conditions of this Agreement (including
Section 4.1(a)) and at its sole cost and expense. 
 4.3 Commercialization. 

(a) Responsibility. As between the Parties, ThromboGenics will have sole and full decision-making authority as to the promotion,
commercialization and exploitation of the Collaboration Products in the Field in the Territory, including launch planning, marketing, sales, promotion, detailing, market access, pricing, medical affairs, distribution and other support of the
Collaboration Products, all in accordance with the terms and conditions of this Agreement (including Section 4.1(a)). ThromboGenics shall bear all costs and expenses relating thereto. 

(b) Trademarks. ThromboGenics shall have the right to select, and shall own the trademark rights with respect to, the name of any
Collaboration Product, and any other trademarks and logos associated with a Collaboration Product (subject to the following provision, the “Trademarks”); provided, however, that (i) no name of any Collaboration
Product shall, without the prior approval of EBI, include any trademark or tradename or a part thereof that uses the name “Eleven”, “EBI” or a derivative of the foregoing, and (ii) EBI grants no license hereunder to any
trademark owned by or licensed to EBI or any of its Affiliates. 
 (c) Commercialization Reports. Commencing with the Calendar Year
in which a Marketing Authorization Application is first expected to be filed with respect to a Collaboration Product in any country in the Territory, and for each Calendar Year thereafter, ThromboGenics shall provide to EBI for EBI’s review, at
least [**] prior to the end of such Calendar Year, a written summary report setting forth in reasonable detail ThromboGenics’ and its Affiliates’ and licensees’ (i) activities and progress during such Calendar Year related to the
commercialization of such Collaboration Product, including information concerning First Commercial Sale of any Collaboration Product in any country, and the countries in which the foregoing activities are conducted, and (ii) any planned
commercialization activities in the next Calendar Year, including expected timelines. In addition, ThromboGenics shall notify EBI in writing of the First Commercial Sale of any Collaboration Products in each country within [**] days after its
occurrence. 
 Article V 

Diligence; Exclusivity 

5.1 Diligence Obligations. ThromboGenics shall use Commercially Reasonable Efforts to research, develop and obtain all necessary
Regulatory Approvals for, and, upon receipt of the applicable Marketing Approval, to commercialize, the Collaboration Products in the Territory. 

  
 19 

 CONFIDENTIAL 
  

 5.2 Exclusivity. To the fullest extent consistent with applicable Law, neither Party
nor, subject to Section 13.1, any of its Affiliates, shall, by itself or through, with or on behalf of any Third Party, research, develop, make, have made, import, export, use, sell, offer for sale, have sold, distribute, promote, commercialize
or otherwise exploit any Target Modulator, except to the extent necessary for such Party to perform its obligations under the Joint Plan and Budget and ThromboGenics to research, develop, make, have made, import, export, use, sell, offer for sale,
have sold, distribute, promote, commercialize and otherwise exploit in the Field in the Territory the Collaboration Products. Notwithstanding the foregoing, each Party and its Affiliates may, on behalf of themselves or any Third Party, screen any
compound against any target for the purpose of determining that such compound is not a Target Modulator. 
 Article VI 

Financial Provisions 
 6.1
Technology Access Payment. ThromboGenics shall pay EBI a one-time, non-refundable, non-creditable fee of One Million Seven Hundred Fifty Thousand Dollars (US$1,750,000) on the Effective Date. 

6.2 Research Collaboration Costs. 

(a) ThromboGenics shall pay EBI, as set forth in this Section 6.2, the amounts set forth in the Joint Plan and Budget for each Calendar
Quarter, or portion thereof for the first and last Calendar Quarter of the Research Term, during the Research Period, including all internal costs of EBI personnel at the FTE Rate, and (ii) all reasonable and documented out-of-pocket costs and
expenses to be incurred by EBI set forth in the Joint Plan and Budget, including costs and expenses of any Third Party contract research and manufacturing organizations. With respect to FTEs, ThromboGenics shall not be obligated to pay for more than
the number of FTEs agreed per the Joint Plan and Budget. ThromboGenics shall make such payments no later than [**] days after receipt of an invoice from EBI, which shall be sent at the start of each such Calendar Quarter and mention the budgeted
EBI’s FTEs and out-of-pocket expenses set forth in the Joint Plan and Budget for such Calendar Quarter (with the first such payment due within [**] days after the Effective Date and receipt of an invoice from EBI). ThromboGenics will reimburse
EBI for reasonable and documented cost overruns up to [**] percent ([**]%) of the amounts set forth in the Joint Plan and Budget. 
 (b) EBI
will inform the JRC promptly in case of an incurred or expected overrun of the budget by more than [**] percent ([**]%) and will also provide detailed information on the reasons for such incurred or expected overrun. The Parties will then negotiate
in good faith in the JRC how to deal with the incurred or expected overrun and how to avoid future overruns, with any such decision requiring both Parties’ express consent. 

(c) Within [**] days after the end of each Calendar Quarter during the Research Term, EBI shall submit to ThromboGenics a report setting forth
the actual costs incurred by EBI (internally or through Third Parties) in performance of activities under the Joint 

  
 20 

 CONFIDENTIAL 
  

 
Plan and Budget for such Calendar Quarter or, with respect to Third Party invoices not timely received by EBI for costs incurred with respect to a previous Calendar Quarter, such Third Party
costs, and EBI shall provide invoices or other supporting documentation for any payments to a Third Party that individually exceed [**] Dollars ($[**]). Each such report shall be accompanied, as applicable, by either an invoice (if such actual
amounts exceed the amounts previously paid by ThromboGenics with respect to the Joint Plan and Budget for such Calendar Quarter) or a credit memo (if such actual amounts are less than the amounts previously paid by ThromboGenics with respect to the
Joint Plan and Budget for such Calendar Quarter), which ThromboGenics may apply to any future payment due to EBI under this Agreement. ThromboGenics shall pay any such invoice within [**] days after receipt. 

(d) Within [**] days after the end of each Calendar Year, the Parties will review the FTE costs and out-of-pocket costs paid to EBI by
ThromboGenics pursuant to this Section 6.2 and true up such amounts based on actual EBI FTEs provided for the then-ended Calendar Year and actual out-of-pocket costs expended by EBI. If ThromboGenics has overpaid under Section 6.2(a),
ThromboGenics shall be entitled to apply such overpaid amount as a credit against the next invoice received from EBI. If ThromboGenics has underpaid under Section 6.2(a), ThromboGenics shall pay the amount of the underpayment within [**] days
thereafter. 
 6.3 Research and Clinical Milestones. 

(a) ThromboGenics shall pay EBI the applicable amount set forth below for the first achievement of the applicable event with respect to a
Collaboration Product: 
  

							
	Research or Clinical Milestone Event	  	US Dollars	 
			
	(i)	 	[**]	  	 	[**	] 
	(ii)	 	[**]	  	 	[**	] 
	(iii)	 	[**]	  	 	[**	] 
	(iv)	 	[**]	  	 	[**	] 
			
	(v)	 	[**]	  	 	[**	] 
			
	(vi)	 	[**]	  	 	[**	] 
			
	(vii)	 	[**]	  	 	[**	] 
			
	(viii)	 	[**]	  	 	[**	] 
			
	(ix)	 	[**]	  	 	[**	] 

 Each milestone payment set forth in this Section 6.3(a) shall be payable only once, regardless of whether the Research
Collaboration results in the identification of one or more Collaboration Product(s), no later than [**] days after receipt of an invoice from EBI, after the first achievement of the applicable milestone event by a Collaboration Product by or on
behalf of ThromboGenics or any of its Affiliates or licensees, or by EBI as described in Section 6.3(b), regardless of whether such event is achieved once or more, and regardless of whether it is achieved by one or multiple Collaboration
Products. The maximum total amount payable under this Section 6.2(a) is Twenty-Five Million Dollars ($25,000,000). 

  
 21 

 CONFIDENTIAL 
  

 (b) ThromboGenics shall notify EBI in writing upon achievement of each such milestone event
promptly, and in any event within [**] Business Days, after each such achievement. Notwithstanding the foregoing, if any of the milestone events set forth in Section 6.3(a) is achieved by EBI or any of its Affiliates in conducting activities
pursuant to the terms of this Agreement, EBI shall provide notice to ThromboGenics promptly upon achievement of such milestone event and the corresponding milestone payment set forth in Section 6.3(a) shall be payable by ThromboGenics;
provided, however, that, if ThromboGenics in good faith disputes the achievement of a milestone event described in Section 6.3(a)(i) or (ii), the dispute resolution provisions of Article XII shall apply. 

(c) If any event set forth in Section 6.3(a) is not achieved due to ThromboGenics or any of its Affiliates or licensees taking a
development path that does not require the achievement of such development event, any milestone payment associated with such event shall become payable when development has progressed beyond the point in development represented by such development
event. Without limitation to the generality of the foregoing, such progress shall be deemed to have been achieved and the event set forth in such clause shall be deemed to have been achieved no later than when the event set forth in any of the
subsequent clauses is achieved. 
 6.4 Royalties. 

(a) Royalty Rate. ThromboGenics shall pay EBI royalties of [**] percent ([**]%) of Net Sales of Collaboration Products in the
Territory. 
 (b) Royalty Term. Royalties shall be paid on a Collaboration Product-by-Collaboration Product and country-by-country
basis during the applicable Royalty Term. Following the Royalty Term with respect to a Collaboration Product in a country, the licenses granted to ThromboGenics under Section 2.1 with respect to such Collaboration Product in such country shall
become fully paid-up, royalty-free, transferable, perpetual and irrevocable. 
 (c) Royalty Offsets. 

(i) Subject to Section 6.4(c)(iii), if ThromboGenics is required to obtain a license from a Third Party under any patent owned by such
Third Party, without which license the sale by ThromboGenics of a Collaboration Product in a country would infringe such patent, which patent claims the composition of matter (but not the method of manufacture or method of use) of such Collaboration
Product in such country (and expressly excluding any patent which covers any delivery device for such Collaboration Product or any Other Active Ingredient included in such Collaboration Product, or the method of manufacture or method of use
thereof), then ThromboGenics may offset, from the royalties payable by ThromboGenics to EBI under Section 6.4(a), [**] percent ([**]%) of any milestone or royalty payments made to such Third Party in consideration of such license under such
patent with respect to such Collaboration Product in such country. 

  
 22 

 CONFIDENTIAL 
  

 (ii) Subject to Section 6.4(c)(iii), in a country where, as of the relevant time, no
EBI Patent Right or Collaboration Patent Right with a Valid Claim Covering the manufacture, use, sale, offer for sale or importation of a Collaboration Product exists, the royalty rate with respect to sales of such Collaboration Product occurring
therafter for the remainder of the Royalty Term with respect to such Collaboration Product in such country shall be reduced by [**] percent ([**]%) of the rate set forth in Section 6.4(a). 

(iii) In no event shall the offsets or reductions pursuant to Section 6.4(c)(i) or (ii), alone or collectively, reduce the royalty rate
payable by ThromboGenics to EBI with respect to a Collaboration Product in a country to less than [**] percent ([**]%) (“Minimum Royalty”) of Net Sales of such Collaboration Product in such country during the applicable Royalty
Term. 
 (d) Royalty Reports and Payments. ThromboGenics shall deliver to EBI, within [**] days after the end of each Calendar
Quarter, (i) reasonably detailed written accountings of Net Sales of each Collaboration Product, and royalties, if any, due to EBI, for such Calendar Quarter, which reports shall, among other things, indicate gross sales on a country-by-country
and Collaboration Product-by-Collaboration Product basis, the currency conversion rates used, the deductions from gross sales used in calculating Net Sales and the resulting calculation of royalties, and (ii) all royalty payments due hereunder
to EBI for such Calendar Quarter. ThromboGenics shall pay all royalty payments due hereunder to EBI for such Calendar Quarter within [**] days following receipt of an invoice from EBI. 

(e) Third Party Payments. Except as expressly set forth in Section 6.4(c)(i), EBI shall be solely responsible for any payment
obligation that EBI incurred or incurs prior to or after the Effective Date with respect to the EBI Intellectual Property and ThromboGenics shall be solely responsible for any payment obligation that ThromboGenics incurred or incurs prior to or
after the Effective Date with respect to the ThromboGenics Intellectual property. 
 6.5 Recordkeeping; Audit Rights. 

(a) Audits by EBI. ThromboGenics shall keep, and shall require its Affiliates and licensees to keep, complete and accurate records of
the development and commercialization of each Collaboration Product. For the sole purpose of verifying amounts payable to EBI hereunder, EBI shall have the right not more than [**] (unless required more frequently pursuant to any Third Party
Agreement) at EBI’s expense to retain an independent certified public accountant selected by EBI, and reasonably acceptable to ThromboGenics, to audit such records in the location(s) where such records are maintained by ThromboGenics, its
Affiliates and licensees, upon reasonable notice and during regular business hours and under obligations of confidentiality. Results of such audit shall be made available to both EBI and ThromboGenics. If the audit reflects an underpayment of any
amounts payable to EBI, such underpayment shall be remitted to EBI, within [**] days following receipt of an invoice from EBI and after the notification of the results by EBI to ThromboGenics, together with interest calculated in the manner provided
in Section 6.7. If the underpayment is equal to or greater than [**] percent ([**]%) of the amount that was otherwise due, ThromboGenics shall pay all of EBI’s reasonable out-of-pocket expenses of such audit. If the audit reflects an
overpayment of any amounts to EBI, the amount of such overpayment shall be credited to future payments owed by ThromboGenics. 

  
 23 

 CONFIDENTIAL 
  

 (b) Audits by ThromboGenics. EBI shall keep complete and accurate records of the FTE
time of EBI personnel and out-of-pocket costs and expenses incurred by EBI in the conduct of research and development activities under the Research Collaboration. For the sole purpose of verifying amounts payable by ThromboGenics hereunder,
ThromboGenics shall have the right not more than [**] (unless required more frequently pursuant to any Third Party Agreement) at ThromboGenics’ expense to retain an independent certified public accountant selected by ThromboGenics, and
reasonably acceptable to EBI, to audit such records in the location(s) where such records are maintained by EBI or its Affiliates, upon reasonable notice and during regular business hours and under obligations of confidentiality. Results of such
audit shall be made available to both EBI and ThromboGenics. If the audit reflects an overpayment of any amounts payable by ThromboGenics, such overpayment, together with interest calculated in the manner provided in Section 6.7, shall be
credited to future payments owed by ThromboGenics. If the overpayment is equal to or greater than [**] percent ([**]%) of the amount that was otherwise due, EBI shall pay all of ThromboGenics’ reasonable out-of-pocket expenses of such audit. If
the audit reflects an underpayment of any amounts by ThromboGenics, the amount of such underpayment shall be remitted to EBI within [**] days after such audit and following receipt of an invoice from EBI. 

6.6 Method of Payment. All amounts payable by a Party (the “Paying Party”) hereunder shall be paid by or on behalf of
such Paying Party in US Dollars. With respect to sales of Collaboration Products invoiced in US Dollars, the Net Sales, deductions with respect to Net Sales and royalties payable to EBI shall be expressed in US Dollars. With respect to sales of
Collaboration Products invoiced in a currency other than US Dollars, the Net Sales, deductions with respect to Net Sales and royalties payable shall be expressed in their US Dollar equivalent, calculated using the applicable conversion rates for
buying US Dollars published by The Wall Street Journal (Eastern Edition) on the last Business Day of the Calendar Quarter to which the royalty report relates. All payments due to a Party (the “Payee Party”) hereunder shall be
made by wire transfer directly to an account designated by the Payee Party. The Payee Party shall be responsible for all charges from the receiving bank due to the receipt of the wire transfer. The Paying Party shall be responsible for all other
bank costs with respect to its payments hereunder. 
 6.7 Late Payments. Any amounts not paid by any Party when due shall be subject
to interest from and including the date payment is due, through and including the actual date of payment by such Party, at an annual rate equal to the sum of [**]%) plus the prime rate of interest quoted in The Wall Street Journal (Eastern
Edition) calculated daily on the basis of a 365-day year, or if such edition is unavailable, a similar reputable data source. 
 6.8 Tax
Withholding. 
 (a) The Parties agree that, except as provided in the next sentence, no tax will be withheld from the payments to be
made by ThromboGenics to EBI hereunder. All payments required under this Agreement shall be without any deduction or withholding for, or on account of, any tax or similar governmental charge imposed by any jurisdiction, unless such deduction or
withholding is required by applicable Laws coming into effect after the Effective Date. If the 

  
 24 

 CONFIDENTIAL 
  

 
Paying Party is so required to deduct or withhold, the Paying Party shall (i) promptly notify the Payee Party of such requirement, (ii) pay to the relevant authorities the full amount
required to be deducted or withheld and (iii) promptly forward to the Payee Party an official report (or certified copy thereof) or other documentation reasonably acceptable to the other Party evidencing such payment to such authorities. 

(b) The Parties shall reasonably cooperate in completing and filing documents required under the provisions of any applicable tax Laws or
under any other applicable Law in connection with the making of any required tax payment or withholding payment, or in connection with any claim to a refund of or credit for any such payment. 

(c) Notwithstanding Section 6.8(a), if the Paying Party is obligated to deduct any withholding tax from a payment because this Agreement
has been transferred, assigned or sublicensed by the Paying Party (or because, for any reason, a Person other than one of the original parties to this Agreement will make such payment), then the sum payable by the Paying Party (in respect of which
such deduction or withholding is required to be made) shall be increased to the extent necessary to ensure that the Payee Party receives a sum equal to the sum which it would have received if no such transfer, assignment, sublicense or substitution
of the payor had occurred. 
 6.9 Blocked Payments. In the event that, by reason of applicable Laws in any country, it becomes
impossible or illegal for ThromboGenics to transfer royalties or other payments to EBI, ThromboGenics shall, to the extent consistent with applicable Laws, have such royalties or other payments paid to EBI by a ThromboGenics Affiliate. To the extent
such payment is not consistent with applicable Laws, ThromboGenics shall deposit such royalties or other payments in local currency in the relevant country to the credit of EBI in a recognized banking institution designated by EBI or, if none is
designated by EBI within a period of [**] days after written request from ThromboGenics, in a recognized banking institution selected by ThromboGenics and identified in a notice in writing given to EBI. 

Article VII 

Intellectual Property Ownership, Patent Prosecution and Related Matters 

7.1 Ownership. 
 (a)
Background Intellectual Property. Except as expressly set forth in this Agreement and subject to the licenses granted under this Agreement, as between the Parties each Party shall retain all right, title and interest in and to the Patent
Rights, Know-How and other intellectual property rights owned by, or licensed by a Third Party to, such Party or its Affiliates as of the Effective Date or thereafter during the Term, other than the Collaboration Intellectual Property. 

(b) Collaboration Intellectual Property. All Collaboration Intellectual Property, solely or jointly discovered during the Research
Collaboration, shall be owned jointly by the Parties, with each Party having an undivided one-half ( 1⁄2) interest in the whole, and each Party hereby assigns
to the other Party a sufficient interest in its rights in and to the Collaboration Intellectual Property so as to effect such joint ownership. Subject to the licenses 

  
 25 

 CONFIDENTIAL 
  

 
granted herein and the other terms and conditions of this Agreement, each Party shall have the right to exploit the Collaboration Intellectual Property, or license or grant rights under the
Collaboration Intellectual Property to its Affiliates or any Third Party, without any duty to account to the other Party. 
 7.2
Prosecution and Maintenance of Patent Rights. 
 (a) Background Patent Rights. Each Party shall have the sole right, but not
the obligation, to conduct Patent Prosecution for the Patent Rights, Know-How and other intellectual property rights owned by, or licensed by a Third Party to, such Party or its Affiliates as of the Effective Date or thereafter during the Term,
other than the Collaboration Intellectual Property. 
 (b) Collaboration Patent Rights. Subject to the terms of this
Section 7.2(b), ThromboGenics shall be responsible for the Patent Prosecution of the Collaboration Patent Rights in both Parties’ names, at ThromboGenics’ expense. 

(i) Within [**] days after the Effective Date, the Parties shall establish a joint patent committee (the “JPC”) to discuss
strategy for, and coordinate, the Patent Prosecution of the Collaboration Patent Rights during the Research Term. The JPC shall be comprised of one (1) representative of each Party. Each Party may change its representative to the JPC at any
time upon written notice to the other Party. After the Research Term, the Parties shall directly interact with respect to matters which had been under the purview of the JPC. 

(ii) During the Research Term the provisions of Sections 3.4(c) and 3.4(d) shall apply to the JPC in the same way it applies to the JRC, and
the JPC shall be disbanded at the end of the Research Term. 
 (iii) Each Party, through its representative, shall have one (1) vote
on the JPC. Both Parties must vote in the affirmative to allow the JPC to take any action that requires the approval of the JPC. Decision on any matter may be taken at a meeting, by teleconference, videoconference or by written agreement. Either
Party may convene a special meeting of the JPC for the purpose of resolving any dispute within the JPC’s jurisdiction that represents a material issue the resolution of which cannot reasonably await until the next scheduled meeting of the JPC,
which meeting shall be convened within [**] Business Days after such request. In conducting themselves on the JPC, and in making decisions and resolving disputes under this Section 7.2(b), the representative of each Party shall consider
reasonably and in good faith all input received from the other Party, and the JPC representatives of the Parties shall use reasonable efforts to reach consensus on all matters before them. 

(iv) If the JPC is unable to resolve any dispute within the responsibilities of the JPC within [**] Business Days after a Party provides
notice to the other Party of the existence of such dispute, or if the JPC no longer remains in place at the time of a dispute within the responsibilities of the JPC specified in Section 7.2(b)(i) and representatives appointed by each of the
Parties are unable to resolve such dispute within [**] Business Days after a Party provides notice to the other Party of the existence of such dispute, [**] may resolve such dispute as follows. In resolving any disputes under this
Section 7.2(b), [**] shall have final 

  
 26 

 CONFIDENTIAL 
  

 
decision-making authority on all such unresolved disputes; provided that it may not make any decision that is not consistent with the terms and conditions of this Agreement, including any
decision that would increase EBI’s obligations, reduce EBI’s rights, expand ThromboGenics’ rights or reduce ThromboGenics’ obligations, and [**] shall make its decision (A) in good faith, (B) subject to the terms and
conditions of this Agreement and (C) in a commercially reasonable manner. 
 (v) ThromboGenics shall bear all costs and expenses,
including reimbursement of any costs and expenses incurred by EBI, with respect to the Patent Prosecution of the Collaboration Patent Rights. ThromboGenics shall pay all invoices issued by EBI for such costs and expenses within [**] days after
receipt thereof. 
 (vi) Each Party shall cooperate with the other Party with respect to the Patent Prosecution of Collaboration Patent
Rights pursuant to this Section 7.2(b), including by executing all such documents and instruments and performing of such acts as may be reasonably necessary in order to permit ThromboGenics to perform such Patent Prosecution, and by making 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 ThromboGenics to undertake such Patent
Prosecution. 
 (vii) ThromboGenics shall, through the JPC during the Research Term, or directly with EBI thereafter: 

(A) provide (itself or through patent counsel) EBI with a copy of each proposed material correspondence pertaining to substantive Patent
Prosecution on the merits with the US Patent and Trademark Office (“USPTO”), the World Intellectual Property Office (“WIPO”) or the European Patent Office (“EPO”), as well as providing draft copies
of patent applications to be submitted to the USPTO or to the WIPO under the Patent Cooperation Treaty, or submitted to any patent office in the Territory in a form substantially different from that previously submitted to the USPTO, the WIPO or the
EPO, reasonably in advance of any applicable filing or response deadline to allow EBI to review and comment on the content of such proposed correspondence and advise ThromboGenics as to the conduct of such Patent Prosecution, which comments and
advice ThromboGenics will consider in good faith; 
 (B) provide (itself or through patent counsel) EBI with copies of all material
correspondence pertaining to substantive Patent Prosecution on the merits with the USPTO, the WIPO or the EPO after its submission or receipt, as the case may be; and 

(C) seek patent term extensions, adjustments, and the like wherever available for a Collaboration Product. 

7.3 Third Party Infringement. 

(a) Notice. Each Party shall promptly report in writing to the other Party during the Term any known or suspected infringement of any
Enforcement Patent Right by a Third Party researching, developing, making, having made, importing, exporting, using, selling, offering for sale, distributing or otherwise commercializing a Collaboration Product (including the filing of a Paragraph
IV Certification or Biosimilar Filing with respect to a Collaboration 

  
 27 

 CONFIDENTIAL 
  

 
Product) (collectively, a “Competitive Infringement”), and shall provide the other Party with all available evidence supporting such infringement or suspected infringement.
Promptly after receipt of a notice of a Competitive Infringement, the Parties shall discuss in good faith the infringement and appropriate actions that could be taken to cause such infringement to cease. 

(b) Enforcement. ThromboGenics shall have the first right to initiate a suit or take other appropriate action that it believes is
reasonably required to prevent or abate actual or threatened infringement of, or otherwise enforce, in the best commercial interests of a Collaboration Product, the Enforcement Patent Rights against any Competitive Infringement, at
ThromboGenics’ sole control and expense. If ThromboGenics fails to initiate a suit or take other appropriate action that it has the initial right to initiate or take to protect an Enforcement Patent Right which is an EBI Patent Right or a
Collaboration Patent Right against any Competitive Infringement within [**] days (or such shorter period specified below in this Section 7.3(b), if applicable) after becoming aware of the basis for such suit or action, then EBI may, in its
discretion, initiate a suit or take other appropriate action that it believes is reasonably required to protect such Patent Right. The [**] day period in the immediately preceding sentence shall be shortened as is reasonably necessary to enable EBI
to initiate a suit or take other appropriate action if, in the absence of such shortening, a loss of rights with respect to such suit or other action would occur (including if ThromboGenics or EBI receives notification under the US Biologics Price
Competition and Innovation Act of 2009 or similar Law, arising from the filing of an application for Marketing Approval of a product for which the reference listed drug is a Collaboration Product (a “Biosimilar Filing”) or a
Paragraph IV Certification, in which case such [**] day period shall be shortened to [**] days). The Party filing any suit or taking any action to protect the Enforcement Patent Rights against a Competitive Infringement shall be responsible for all
costs in connection therewith and, therefore, shall control all decision making related to any such suit or action, subject to Section 7.3(c) below. 

(c) Conduct of Actions. The Party initiating suit or action pursuant to Section 7.3(b) shall have the sole and exclusive right to
select counsel for such suit or action. At the initiating Party’s reasonable request and expense, the other Party shall join as a party to the suit or action. Such other Party shall offer reasonable assistance to the initiating Party at the
initiating Party’s expense. The initiating Party shall provide the other Party with an opportunity to make suggestions and comments regarding such suit or action. The initiating Party shall, to the extent permitted by applicable Law, keep the
other Party promptly informed, and shall from time to time consult with such other Party, regarding the status of any such suit or action and shall provide such other Party with copies of all material documents (including complaints, answers,
counterclaims, material motions, orders of the court, memoranda of law and legal briefs, interrogatory responses, depositions, material pre-trial filings, expert reports, affidavits filed in court, transcripts of hearings and trial testimony, trial
exhibits and notices of appeal) filed in, or otherwise directly relating to, such suit or action. The Party not initiating such suit or action shall also have the right to participate and be represented in any such suit by its own counsel at its own
expense. The initiating Party shall not conduct any such suit or action in a manner that materially places at risk the scope or validity of any Enforcement Patent Right, and the initiating Party shall not settle or compromise any claim or proceeding
relating to any Enforcement Patent Right without obtaining the prior written consent of the other Party. Notwithstanding the foregoing, in the event of a Biosimilar Filing, the Parties shall cooperate in good faith to determine which Enforcement
Patent Rights will be identified to the alleged infringer as being infringed by such Competitive Infringement. 

  
 28 

 CONFIDENTIAL 
  

 (d) Recoveries. With respect to any suit or action in accordance with this
Section 7.3 to protect any Enforcement Patent Right which is an EBI Patent Right or a Collaboration Patent Right, any recovery obtained by ThromboGenics as a result of any such proceeding, by settlement or otherwise, shall be applied in the
following order of priority: 
 (i) first, each Party shall be reimbursed for all costs and expenses in connection with such proceeding
paid by such Party and not otherwise recovered (on a pro rata basis, if there is an insufficient amount to fully reimburse both Parties); and 

(ii) second, any damages recovered that are attributable to the Collaboration Product in the Field shall be deemed Net Sales, which
ThromboGenics shall retain net of the payment of [**] percent ([**]%) thereof to EBI within [**] days after ThromboGenics’ receipt thereof. 

7.4 Claimed Infringement. In the event that a Party becomes aware of any claim or threat of claim that the research, development,
manufacture or commercialization hereunder of a Collaboration Product by EBI or ThromboGenics infringes or misappropriates the intellectual property rights of any Third Party, such Party shall promptly notify the other Party. Each Party shall
provide to the other Party copies of any notices such Party receives from Third Parties regarding any alleged infringement of Third Party Patent Rights or any alleged misappropriation of Third Party Know-How. Such notices shall be provided promptly,
but in no event after more than [**] days following receipt thereof. In any such instance, the Parties shall cooperate in undertaking an appropriate course of action, but nothing herein shall prevent a Party from protecting itself from such a claim
or threat of a claim. 
 7.5 Patent Invalidity Claim. 

(a) If a Third Party at any time asserts a claim that any Enforcement Patent Right is invalid or otherwise unenforceable (“Invalidity
Claim”), either as a defense in an infringement action brought by ThromboGenics or EBI pursuant to Section 7.3 (in which cases the related costs shall be borne in accordance with Section 7.3) or in an action brought against
ThromboGenics or EBI under Section 7.4, including any declaratory judgment action, the Parties shall cooperate with each other in preparing and formulating a response to such Invalidity Claim. Neither Party shall settle or compromise any
Invalidity Claim without the consent of the other Party, which consent shall not be unreasonably withheld, delayed or conditioned. 
 (b) If
any Invalidity Claim is brought against ThromboGenics or EBI in any new action (and not as a defense in any action brought by ThromboGenics or EBI, including actions at national or regional Patent Office level) asserting that any Enforcement Patent
Right is invalid or otherwise unenforceable, the Parties shall conduct the defense of such Invalidity Claim, and bear the costs of defending such Invalidity Claim, in the same manner as they conduct the activities for and bear costs of Patent
Prosecution with respect to such Patent Right pursuant to Section 7.2. 

  
 29 

 CONFIDENTIAL 
  

 7.6 Patent Marking. ThromboGenics shall, and shall cause its Affiliates and licensees
to, mark all Collaboration Products with appropriate information with respect to Patent Rights (including indicating “patent pending” status) in accordance with US and all other Laws relating to the marking of patented articles (including
35 U.S.C. §287(a)) and corresponding foreign Laws). 
 Article VIII 

Confidentiality 
 8.1
Confidential Information. All Confidential Information disclosed by a Party to the other Party hereunder or under the Confidentiality Agreement shall not be used by the receiving Party or any of its Affiliates except in connection with the
activities contemplated by this Agreement and shall not be disclosed by the receiving Party or its Affiliates to any Third Party (except as set forth in the remainder of this Article VIII), without the prior written consent of the disclosing Party,
except to the extent that the Confidential Information: 
 (a) was known or used by the receiving Party or any of its Affiliates prior to
its date of disclosure by the disclosing Party; 
 (b) either before or after the date of the disclosure to the receiving Party hereunder or
under the Confidentiality Agreement is lawfully disclosed to the receiving Party or any of its Affiliates by a Third Party rightfully in possession of and with the right to disclose such Confidential Information other than under an obligation of
confidentiality; 
 (c) either before or after the date of the disclosure to the receiving Party hereunder or under the Confidentiality
Agreement becomes generally known to the public through no fault or omission on the part of the receiving Party or its Affiliates; 
 (d) is
independently developed by or for the receiving Party or any of its Affiliates without reference to or reliance upon any of the other Party’s Confidential Information; or 

(e) is required to be disclosed by the receiving Party or its Affiliates to comply with applicable Laws, which may include the rules of the US
Securities and Exchange Commission (“SEC”), or of Euronext or any other stock exchange, or to defend or prosecute litigation or arbitration or to comply with legal process; provided, that, the receiving Party provides prior
written notice of such disclosure to the disclosing Party (to the extent feasible) and only discloses Confidential Information of the other Party to the extent necessary for such legal compliance or litigation purpose; and provided,
further, that such information shall otherwise remain Confidential Information (subject to the exceptions in this Section 8.1). 

Notwithstanding the foregoing, clauses (a), (b) and (d) shall not alter the requirement to keep the terms and conditions of this Agreement
confidential, as set forth herein, subject to the remainder of this Article VIII. 
 8.2 Employee, Director, Consultant and Advisor
Obligations. Except as otherwise expressly permitted herein, ThromboGenics and EBI each agrees that it and its Affiliates shall provide Confidential Information received from the other Party only to the receiving Party’s

  
 30 

 CONFIDENTIAL 
  

 
employees, directors, consultants, agents and advisors, and to the employees, directors, consultants, agents and advisors of the receiving Party’s Affiliates, who have a need to know such
Confidential Information to assist the receiving Party in fulfilling its obligations under this Agreement and who are bound by obligations of confidentiality and non-use that are at least as restrictive as those set forth in this Agreement. Each
Party shall remain responsible for any failure by any of its or its Affiliates’ employees, directors, consultants, agents and advisors to treat such Confidential Information as required under this Article VIII. 

8.3 Publicity. 
 (a) Upon
execution of this Agreement, EBI and ThromboGenics shall each issue a press release announcing the execution of this Agreement, substantially in the form of Exhibit C and Exhibit D, respectively, attached hereto. 

(b) Each Party may issue other press releases with respect to this Agreement or the development or commercialization of a Collaboration
Product (and that do not disclose the terms of this Agreement or the other Party’s Confidential Information) consistent with its own internal policies; provided, that, unless not feasible under the circumstances because of the need to
comply with applicable Laws or stock exchange rules, the Party wishing to issue such press release shall provide the other Party with a copy of any draft press release related to the activities contemplated by this Agreement, at least [**] Business
Days prior to its intended publication, for such other Party’s review. Such other Party may provide the issuing Party with suggested modifications to the draft press release. The issuing Party shall consider in good faith such other
Party’s suggestions in issuing such press release. 
 8.4 Other Disclosures. Notwithstanding anything in this Agreement to the
contrary, each Party shall have the right to disclose the other Party’s Confidential Information (including the terms of this Agreement) (as applicable): 

(a) to such Party’s then-current or bona fide potential licensors, licensees (not limited to those described in
Section 1.71(c)(xiii)), sublicensees, investors, lenders, financing sources, acquirers, investment bankers, and other Third Parties in connection with licensing (to the extent consistent with this Agreement), financing, partnering and
acquisition activities, solely under obligations of confidentiality and non-use that are at least as restrictive as those set forth in this Article VIII; 

(b) to conduct Patent Prosecution of Patent Rights for which such Party is responsible hereunder; 

(c) to a Regulatory Authority and governmental authorities to facilitate the issuance of registrations for Collaboration Products; 

(d) to such Party’s then-current or bona fide potential licensees, collaborators and Third Party contractors for purposes of engaging in
the research, development, manufacture or commercialization of a Collaboration Product as contemplated hereunder, solely under obligations of confidentiality and non-use that are at least as restrictive as those set forth in this Article VIII; or

  
 31 

 CONFIDENTIAL 
  

 (e) as required by applicable Laws, which may include rules of the SEC or similar regulatory
agency in a country other than the US or of Euronext or any other stock exchange or other securities trading institution. In the event that this Agreement shall be included in any report, statement or other document filed by either Party or an
Affiliate of either Party with the SEC or similar regulatory agency in a country other than the US or any stock exchange or other securities trading institution, such Party shall use, or shall cause such Party’s Affiliate, as the case may be,
to use, reasonable efforts to obtain confidential treatment, or the equivalent, from the SEC, similar regulatory agency, stock exchange or other securities trading institution of any financial information or other information of a competitive or
confidential nature, and shall include in such confidentiality request such provisions of this Agreement as may be reasonably requested by the other Party. 

Further, notwithstanding anything in this Agreement (including Section 1.71(c)(xiii)) to the contrary, each Party shall have the right to
disclose the terms of this Agreement to such Party’s then-current or bona fide potential licensees or sublicensees of any intellectual property rights Controlled by such Party that are the subject of this Agreement to the extent relevant to
products other than a Collaboration Product. 
 8.5 Publications. 

(a) Notwithstanding Section 8.3 and Section 8.4, a Party (the “Publishing Party”) which is, or whose Affiliate is,
seeking to publish or publicly present scientific or technical data, results or other information with respect to a Collaboration Product shall provide the other Party with a copy of any proposed publication or presentation at least [**] days (or at
least [**] days in the case of abstracts or oral public presentations) prior to submission for publication or presentation so as to provide such other Party with an opportunity to recommend any changes it reasonably believes are necessary to
continue to maintain such other Party’s Confidential Information in accordance with the requirements of this Agreement or to not jeopardize the patentability of any results or data. 

(b) If the non-Publishing Party notifies the Publishing Party that such publication or presentation, in the non-Publishing Party’s
reasonable judgment, (i) discloses an invention for which the non-Publishing Party desires to seek patent protection, or (ii) contains any Confidential Information of the non-Publishing Party, or could be expected to have an adverse effect
on the commercial value of any Confidential Information disclosed by the non-Publishing Party to the Publishing Party, the Publishing Party shall delete such Confidential Information from the proposed publication or presentation and shall further
delay such publication or presentation for a period reasonably sufficient to permit the timely preparation and filing of a patent application(s) on any invention disclosed in such publication or presentation (but no more than [**] days from the date
of the non-Publishing Party’s notice thereof). 
 8.6 Term. All obligations of confidentiality imposed under this Article VIII
shall expire [**] years following termination or expiration of this Agreement. 

  
 32 

 CONFIDENTIAL 
  

 Article IX 

Representations and Warranties 

9.1 Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party, as of the Effective Date,
that: 
 (a) it is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization and has full
power and authority to enter into this Agreement and to carry out the provisions hereof; 
 (b) it has taken all necessary action on its
part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 
 (c) this Agreement has
been duly executed and delivered on its behalf, and constitutes a legal, valid, binding obligation, enforceable against it in accordance with the terms hereof except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other Laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies; 

(d) its execution, delivery and performance of this Agreement does not conflict with any agreement, instrument or binding understanding, oral
or written (including any Third Party Agreement), to which it is a party or by which it is bound, nor to its knowledge, violate any Law of any court, governmental body or administrative or other agency having jurisdiction over such Party; and 

(e) no government authorization, consent, approval, license, exemption of or filing or registration with any court or governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, under any applicable Laws currently in effect, is or will be necessary for, or in connection with, the transaction contemplated by this Agreement or for its performance of
its obligations under this Agreement, except as may be required to conduct Patent Prosecution, to conduct clinical trials, to manufacture a Collaboration Product or to seek or obtain Marketing Approvals. 

9.2 Mutual Covenants. Each Party hereby covenants to the other Party that: 

(a) All employees of such Party or its Affiliates working under this Agreement are and will be under the obligation to assign all right, title
and interest in and to their inventions and discoveries arising in the performance of such work, whether or not patentable, to (i) such Party as the sole owner thereof or (ii) to one of such Party’s Affiliates as the sole owner
thereof so that such Party Controls such inventions and discoveries; 
 (b) Such Party shall perform its activities pursuant to this
Agreement in compliance in all material respects with applicable Laws; 
 (c) To its knowledge, such Party will not, in the conduct of its
activities under this Agreement, (i) employ or use any contractor or consultant that employs any individual or entity debarred by the FDA (or subject to a similar sanction of EMA), or (ii) employ any

  
 33 

 CONFIDENTIAL 
  

 
individual who or entity that is the subject of an FDA debarment investigation or proceeding (or similar proceeding of EMA), in each of clauses (i) and (ii) in the conduct of its
activities under this Agreement; and 
 (d) Neither Party shall, during the Term, grant any right or license to any Third Party relating to
any of the intellectual property rights it controls which would conflict with, or limit the scope of, any of the rights or licenses granted or to be granted to the other Party hereunder. 

9.3 DISCLAIMER. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY
WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT AND ANY WARRANTIES WITH RESPECT TO THE SUCCESS OF ANY RESEARCH OR
DEVELOPMENT ACTIVITIES CONDUCTED UNDER THIS AGREEMENT. 
 Article X 

Indemnification; Insurance; Limitations of Liability 

10.1 Indemnification by ThromboGenics. ThromboGenics shall indemnify, defend and hold harmless EBI and its Affiliates, and its and
their respective directors, officers, employees, agents and licensors, from and against any and all liabilities, damages, losses, costs and expenses, including the reasonable fees of attorneys (collectively, “Losses”), arising out
of or resulting from any and all Third Party suits, claims, actions, proceedings or demands (“Claims”) to the extent based upon (a) ThromboGenics’ breach of any representation, warranty or covenant under this Agreement;
(b) the negligence or willful misconduct of ThromboGenics or its Affiliates under this Agreement; or (c) the development, manufacture or commercialization of a Collaboration Product by or on behalf of ThromboGenics, its Affiliates or
licensees. 
 10.2 Indemnification by EBI. EBI shall indemnify, defend and hold harmless ThromboGenics and its Affiliates, and its or
their respective directors, officers, employees and agents, from and against any and all Losses, arising out of or resulting from any and all Third Party Claims to the extent based upon (a) EBI’s breach of any representation, warranty or
covenant under this Agreement; or (b) the negligence or willful misconduct of EBI or its Affiliates under this Agreement. 
 10.3
Procedure. 
 (a) A Person entitled to indemnification under Section 10.1 or 10.2 (an “Indemnified Party”)
shall give prompt written notification to the Party from whom indemnification is sought (the “Indemnifying Party”) of the commencement of any Claim for which indemnification may be sought or, if earlier, upon the assertion of any
such Claim by a Third Party (it being understood and agreed, however, that the failure by an Indemnified Party to give notice of a Claim as provided in this Section 10.3(a) shall not relieve the Indemnifying Party of its indemnification
obligation under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of such failure to give notice). 

  
 34 

 CONFIDENTIAL 
  

 (b) Within [**] days after delivery of such notification, the Indemnifying Party may, upon
written notice thereof to the Indemnified Party, assume control of the defense of such Claim with counsel reasonably satisfactory to the Indemnified Party. 

(c) If the Indemnifying Party does not assume control of such defense, the Indemnified Party shall control such defense and, without limiting
the Indemnifying Party’s indemnification obligations, the Indemnifying Party shall reimburse the Indemnified Party for all reasonable costs and expenses, including reasonable attorney’s fees, incurred by the Indemnified Party in defending
itself, within [**] days after receipt of any invoice therefor from the Indemnified Party, such invoice to be issued no more often than quarterly. 

(d) The Party not controlling such defense may participate therein at its own expense; provided, that, if the Indemnifying Party
assumes control of such defense and the Indemnified Party in good faith concludes, based on advice from counsel, that the Indemnifying Party and the Indemnified Party have conflicting interests with respect to such Claim, the Indemnifying Party
shall be responsible for the reasonable fees and expenses of counsel to the Indemnified Party in connection with its participation in the defense action. 

(e) The Party controlling such defense shall keep the other Party advised of the status of such Claim and the defense thereof and shall
consider recommendations made by the other Party with respect thereto. 
 (f) The Indemnified Party shall not agree to any settlement of
Claim without the prior written consent of the Indemnifying Party, which shall not be unreasonably withheld, delayed or conditioned. The Indemnifying Party shall not, without the prior written consent of the Indemnified Party, not to be unreasonably
withheld, delayed or conditioned, agree to any settlement of such Claim, or consent to any judgment in respect thereof, that does not include a complete and unconditional release of the Indemnified Party from all liability with respect thereto, that
imposes any liability or obligation on the Indemnified Party or that acknowledges fault by the Indemnified Party. 
 10.4 Insurance.
Each Party shall procure and maintain insurance adequate to cover its obligations hereunder and which are consistent with normal business practices of comparable companies with respect to similar obligations and liabilities, at all times during
which a Collaboration Product is clinically tested or commercially distributed or sold by or on behalf of such Party or its Affiliates or licensees. It is understood that such insurance shall not be construed to create any limit of either
Party’s obligations or liabilities with respect to its indemnification obligations hereunder. Each Party shall provide the other, upon request, with evidence of such insurance. 

10.5 Limitation of Liability. EXCEPT WITH RESPECT TO ANY BREACH BY A PARTY OF ITS OBLIGATIONS UNDER SECTIONS 2.4(b) OR 5.2 OR ARTICLE
VIII, AND EXCEPT TO THE EXTENT A PARTY MAY BE REQUIRED TO INDEMNIFY THE OTHER PARTY UNDER THIS ARTICLE X WITH RESPECT TO THIRD PARTY CLAIMS, NEITHER PARTY SHALL BE LIABLE FOR ANY (AND EACH PARTY HEREBY DISCLAIMS ALL) SPECIAL, EXEMPLARY,
CONSEQUENTIAL, PUNITIVE OR OTHER INDIRECT DAMAGES, INCLUDING LOST REVENUE AND LOST PROFITS, WHETHER 

  
 35 

 CONFIDENTIAL 
  

 
BASED UPON WARRANTY, CONTRACT, TORT, STRICT LIABILITY OR OTHER LEGAL THEORY, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES. 

Article XI 
 Term and
Termination 
 11.1 Term. This Agreement shall become effective as of the Effective Date, may be terminated as set forth in this
Article XI, and otherwise remains in effect until the expiration of all payment obligations of ThromboGenics under this Agreement (the “Term”). In any event, this Agreement shall expire in its entirety upon the expiration of all the
Royalty Terms set forth in Section 6.5(b) with respect to all Collaboration Products in all countries in the Territory. 
 11.2
Termination for Convenience. ThromboGenics may terminate this Agreement for convenience upon three (3) months’ prior written notice given to EBI at any time following the end of the then-current Research Term. 

11.3 Termination for Material Breach. Upon any material breach of this Agreement by a Party (the “Breaching Party”),
the other Party may terminate this Agreement by providing [**] days’ prior written notice ([**] days’ prior written notice with respect to any payment breach) to the Breaching Party, specifying the material breach. The termination shall
become effective at the end of the [**] day period (or, with respect to any payment breach, [**] day period) unless the Breaching Party cures such breach during such [**] day period (or, with respect to any payment breach, [**] day period). 

11.4 Termination by EBI for ThromboGenics Patent Challenge. If ThromboGenics or any of its Affiliates or licensees challenges the
validity, enforceability, patentability or scope of any claim included in any EBI Patent Right or Collaboration Patent Right, or supports, directly or indirectly, any such challenge, EBI shall have the right to terminate this Agreement immediately
upon written notice to ThromboGenics. 
 11.5 Termination for Bankruptcy. Either Party shall have the right to terminate this
Agreement in its entirety, by and effective immediately, upon written notice to the other Party, if, at any time, (a) such other Party or its parent company shall file in any court or agency pursuant to any statute or regulation of any state or
country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of such other Party or of its assets, (b) if such other Party or its parent company shall be served with
an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed or stayed within ninety (90) days after the filing thereof or (c) if such other Party or its parent company shall make a
general assignment for the benefit of creditors. 
 11.6 Effects of Termination by ThromboGenics for Convenience or by EBI for
ThromboGenics’ Uncured Breach, Patent Challenge or Bankruptcy. Upon termination of this Agreement by ThromboGenics in its entirety pursuant to Section 11.2 or by EBI pursuant to Section 11.3, Section 11.4 or
Section 11.5: 
 (a) EBI may notify ThromboGenics in writing, within [**] days following such termination, of its desire to obtain a
worldwide, exclusive, royalty-bearing license under the Patent Rights and Know-How Controlled by ThromboGenics to make, use, sell and otherwise exploit Collaboration Products. 

  
 36 

 CONFIDENTIAL 
  

 (b) Should EBI so notify ThromboGenics as per Section 11.6(a) above, the Parties will
negotiate in good faith commercially reasonable terms for such license, and any dispute with respect thereto will be resolved by the Executive Officers. Such terms shall include, without limitation, the transfer by ThromboGenics to EBI of materials
related to preclinical and clinical trials to such Collaborations Product, Regulatory Documentation and Regulatory Approvals with respect to such Collaborations Product, Third Party licenses and manufacturing agreements related to such
Collaborations Product, for all of which ThromboGenics will be reasonably compensated. 
 (c) In the event that (i) EBI does not notify
ThromboGenics of its desire to obtain a license pursuant to Section 11.6(a), or (ii) the Executive Officers are unable to agree upon terms of such license pursuant to Section 11.6(b) within [**] days after ThromboGenics’ receipt
of notice from EBI pursuant to Section 11.6(a), EBI shall, within [**] days of the occurrence of either event in clause (i) or (ii) above, destroy all Confidential Information belonging only to ThromboGenics, other than with respect
to maintaining one (1) archival copy of Confidential Information related thereto for its legal files, and shall provide ThromboGenics with certification by an officer of EBI that all such Confidential Information have been destroyed or returned
to ThromboGenics, as appropriate. If ThromboGenics, itself or through an Affiliate or licensee, furthers the research, development, manufacture, sale or other exploitation of Collaboration Products in the Field in the Territory, the provisions of
Sections 6.3 through 6.9 shall apply. 
 11.7 Effects of Termination by ThromboGenics for EBI’s Uncured Breach or Bankruptcy.
Upon termination of this Agreement by ThromboGenics pursuant to Section 11.3 or Section 11.5, (i) all licenses and rights granted by ThromboGenics to EBI under this Agreement shall terminate; (ii) at EBI’s reasonable expense
(if this Agreement is terminated pursuant to Section 11.3) or at ThromboGenics’ reasonable expense (if this Agreement is terminated pursuant to Section 11.5), EBI shall promptly (a) transfer to ThromboGenics all data, reports,
records and materials in EBI’s possession or control that solely relate to the Collaboration Products, (b) return to ThromboGenics all relevant records and materials in EBI’s possession or control containing ThromboGenics’ sole
Confidential Information, and (c) EBI shall, within [**] days of termination, destroy all Confidential Information belonging only to ThromboGenics, other than with respect to maintaining one (1) archival copy of Confidential Information
related thereto for its legal files, and shall provide ThromboGenics with certification by an officer of EBI that all such Confidential Information have been destroyed or returned to ThromboGenics, as appropriate; (iii) ThromboGenics shall have
no further diligence and exclusivity obligations per Section V; and (iv) the licenses granted under Section 2 shall continue in full force and effect on a perpetual, transferable, sublicensable basis, and ThromboGenics shall thereafter, in
connection with such license, only have payment obligations to EBI, whereby all payment obligations for milestones and royalties incurred after the effective date of such termination shall be reduced by [**] percent ([**]%). 

  
 37 

 CONFIDENTIAL 
  

 11.8 Survival. 

(a) Upon expiration or termination of this Agreement for any reason, all rights and obligations of each Party shall terminate hereunder,
except as expressly set forth in Section 11.6, Section 11.7 or this Section 11.8; provided, however, that nothing in this Agreement shall be construed to release either Party from any obligations or liabilities that
matured prior to the effective date of expiration or termination, or which are attributable to a period prior to such expiration or termination. 

(b) Notwithstanding anything in this Agreement to the contrary, the following provisions shall expressly survive any expiration or termination
of this Agreement in accordance with their terms: (i) Article I (as necessary to interpret the other surviving provisions), Section 6.5, Section 7.1, Article VIII, Section 9.3, Article X, Sections 11.6 through 11.8, Article XII
and Article XIII, and (ii) Sections 6.6-6.90 with respect to any amounts that are due but unpaid as of the effective date of expiration or termination or thereafter pursuant to Section 6.5. 

(c) Termination of this Agreement shall be in addition to, and shall not prejudice, the Parties’ remedies at law or in equity, including
the Parties’ ability to receive legal damages or equitable relief with respect to any breach of this Agreement, regardless of whether or not such breach was the reason for the termination. 

Article XII 
 Dispute
Resolution 
 12.1 Resolution of Disputes by Executive Officers and Arbitration. Except with respect to a decision made by the
JRC or JPC in accordance with this Agreement, or a decision made by ThromboGenics hereunder in strict accordance with its express final decision-making authority under Section 3.4(f)(ii), 4.1(a), 4.2, 4.3(a) or 7.2(b)(iv) of this Agreement
(and, for clarity, nothing herein shall prohibit EBI from disputing in good faith ThromboGenics’ compliance with its express final decision-making authority under this Agreement): 

(a) In the event any dispute arises out of or in relation to or in connection with this Agreement, including any issue relating to the
interpretation or application of the Agreement, the Parties shall refer such dispute to the Executive Officers for resolution and the Executive Officers shall attempt in good faith to resolve such dispute within [**] days. 

(b) If the Executive Officers are unable to resolve such dispute within [**] days after such referral of such dispute to such Executive
Officers, either Party may have the dispute settled by binding arbitration in the manner described below: 
 (i) Arbitration
Request. If a Party intends to begin an arbitration to resolve a dispute arising under this Agreement, such Party shall provide written notice (the “Arbitration Request”) to the other Party of such intention and the issues for
resolution. 
 (ii) Additional Issues. Within [**] days after the receipt of the Arbitration Request, the other Party may, by
written notice, add additional issues for resolution. 

  
 38 

 CONFIDENTIAL 
  

 (iii) Arbitration Location; Rules. Except as expressly provided herein, the sole
mechanism for resolution of any claim, dispute or controversy arising out of or in connection with or relating to this Agreement or the breach or alleged breach thereof shall be binding arbitration by CPR in New York, New York, USA, pursuant to
CPR’s Arbitration Rules and Procedures, except as provided herein. 
 (iv) English Language. All proceedings shall be held in
English and a transcribed record prepared in English. Documents submitted in the arbitration, the originals of which are not in English, shall be submitted together with a complete and accurate English translation. 

(v) Selection of Arbitrators. The Parties shall each select one arbitrator within [**] days after receipt of the Arbitration Request
and the two (2) arbitrators so selected shall select by mutual agreement a third arbitrator within [**] days after they have been selected as arbitrators. If all three (3) arbitrators have not been selected within [**] days after receipt
of the Arbitration Request or any extension of time that is mutually agreed on, CPR shall select such additional arbitrator(s) needed to complete the three (3) arbitrator panel within [**] days thereafter. If the issues in dispute involve
scientific or technical matters, any arbitrators chosen hereunder shall have educational training or experience sufficient to demonstrate a reasonable level of knowledge in the biotechnology fields. 

(vi) Time Schedule. Within [**] days after initiation of arbitration, the Parties shall reach agreement upon and thereafter follow
procedures directed at assuring that the arbitration will be concluded and the award rendered within no more than [**] months after selection of the three (3) arbitrators. Failing such agreement, CPR will design, and the Parties will follow
procedures, directed at meeting such a time schedule. 
 (vii) Powers of Arbitrators. The arbitrators shall: 

(A) establish and enforce appropriate rules to allow reasonable discovery by the Parties and to ensure that the proceedings, including the
decision, be kept confidential and that all Confidential Information of the Parties be kept confidential and be used for no purpose other than the arbitration (unless disclosure or use is otherwise expressly permitted by this Agreement); 

(B) not have any power or authority to add to, alter, amend or modify the terms of this Agreement; 

(C) have the power to enforce specifically this Agreement and the terms and conditions hereof in addition to any other remedies at law or in
equity; and 
 (D) issue all awards in writing. 

(viii) Costs; Exclusion from Award. Awards rendered by the arbitrators shall not include costs of arbitration, attorneys’ fees or
costs for experts and other witnesses, with respect to which each Party shall bear its own costs and expenses, except that the Parties shall share equally the fees of the arbitrators. 

  
 39 

 CONFIDENTIAL 
  

 (ix) Injunctive Relief. Nothing in this Agreement shall be deemed as preventing
either Party from seeking injunctive relief (or any other provisional remedy such as temporary restraining order, preliminary injunction or other interim equitable relief) from the arbitrators or from any court having jurisdiction over the Parties
(and prior to or during any arbitration if necessary to protect the interests of such Party in avoiding irreparable harm or to preserve the status quo pending the arbitration proceeding) and the subject matter of the dispute as necessary to protect
either Party’s name, proprietary information, Know-How or any other proprietary right or otherwise to avoid irreparable harm. In particular, the Parties agree that any breach by a Party of its obligations under Section 5.2,
Section 2.4(b) or Article VIII will cause irreparable harm to the other Party for which an award of monetary damages would be an inadequate remedy and, accordingly, that the other Party shall be entitled to injunctive relief enjoining such
breach without the requirement to post a bond. 
 (x) Judgment. Judgment on any award rendered by the arbitrators may be entered in
any court of competent jurisdiction. 
 Article XIII 

Miscellaneous Provisions 

13.1 Change of Control. Each Party agrees that, notwithstanding any provisions of this Agreement to the contrary, following the closing
of a Change of Control of a Party (the “Acquired Party”), the other Party (the “Non-Acquired Party”) shall not obtain rights or access to the Patent Rights or Know-How of the Acquirer (as defined below) or of the
Affiliates of such Acquirer (other than the Acquired Party and its Affiliates which exist immediately prior to the closing of such Change of Control (such Affiliates, the “Pre-Existing
Affiliates”)); and the Acquirer and its Affiliates (other than the Acquired Party and its Pre-Existing Affiliates) shall not obtain rights or access to the Patent Rights or Know-How of the Non-Acquired Party or be bound by the restrictions
set forth in Section 5.2; provided, however, that the Non-Acquired Party’s rights in all Patent Rights and Know-How of the Acquired Party and its Pre-Existing Affiliates, which Patent Rights and Know-How exist as of the date
of the closing of such Change of Control and are then licensed hereunder to the Non-Acquired Party, shall remain licensed to such Non-Acquired Party after the date of the closing of such Change of Control in accordance with and subject to the terms
and conditions of this Agreement and shall not be affected in any manner by virtue of such Change of Control or any transfer of such Patent Rights or Know-How following such Change of Control to the Acquirer or any Affiliate of such Acquirer (other
than the Acquired Party or any of its Affiliates). “Acquirer” means, with respect to the Acquired Party, the Third Party which acquires such Acquired Party or its direct or indirect controlling Affiliate, or all or substantially all
of the assets of the Acquired Party or its direct or indirect controlling Affiliate, including any Third Party which acquires control (as defined in Section 1.2) of the Acquired Party through a reverse triangular merger. 

13.2 Governing Law. This Agreement, and any disputes between the Parties relating to the subject matter of this Agreement, shall be
construed and the respective rights of the Parties hereto determined according to the substantive laws of the State of New York, USA, excluding any principle of conflict or choice of laws that would cause the application of the Laws of any other
jurisdiction. 

  
 40 

 CONFIDENTIAL 
  

 13.3 Assignment. Neither this Agreement nor any right or obligation hereunder may be
assigned or otherwise transferred by either Party without the written consent of the other Party or as expressly permitted by this Agreement; provided, however, that a Party may, without such consent, assign this Agreement: (a) in
whole or in part to any of its Affiliates; provided that, (i) such Affiliate has sufficient assets and rights to perform the assigning Party’s obligations under this Agreement, (ii) has acknowledged and confirmed in
writing that, effective as of such assignment or other transfer, such Affiliate shall be bound by this Agreement as if it were the transferor, and (iii) before such Person is no longer an Affiliate, such Agreement shall be assigned back to the
assigning Party or one of its Affiliates; or (b) in whole to any successor in interest by way of Change of Control, merger or acquisition or by sale of all or substantially all of its assets to which the subject matter of this Agreement relates
(whether by merger, reorganization, acquisition, sale or otherwise); provided that, such successor agrees in writing (whether directly to the other Party or as indicated in or implied by the relevant merger, acquisition or purchase
agreement) to be bound by the terms of this Agreement as if it were the assigning Party. Each Party may only assign this Agreement along with its interest in the Collaboration Intellectual Property, and may only assign its interest in the
Collaboration Intellectual Property along with this Agreement. Any purported assignment in violation of this Section 13.3 shall be void. The terms of this Agreement shall be binding on and inure to the benefit of the permitted successors and
assigns of the Parties. 
 13.4 Entire Agreement; Amendments. This Agreement constitutes the entire agreement between 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, including the Confidentiality Agreement. Any amendment or modification to this Agreement shall be
made in writing signed by both Parties. 
 13.5 Notices. Any notice required or provided for by the terms of this Agreement shall be
in writing and shall be sufficient if (a) delivered personally, (b) sent by registered or certified mail, return receipt requested, or (c) sent by reputable international air courier, in each case properly addressed to a Party as
provided below. The effective date of notice shall be the actual date of receipt by the Party receiving the same. 
 Notices to EBI shall be addressed to:

 Eleven Biotherapeutics, Inc. 

215 First Street, Suite 400 

Cambridge, Massachusetts 02139 

USA 
 Attention: Chief Executive
Officer 
 with a copy to: 
 Wilmer Cutler
Pickering Hale and Dorr LLP 
 60 State Street 

Boston, Massachusetts 02109 
 USA

 Attention: David E. Redlick, Esq. 

  
 41 

 CONFIDENTIAL 
  

 Notices to ThromboGenics shall be addressed to: 

ThromboGenics N.V. 
 Gaston
Geenslaan 1 
 B-3001 Heverlee, Belgium 

Attention: General Counsel 
 For clarity, the
additional copy will be addressed for convenience only and the notification shall be deemed to have been validly delivered when addressed to the main addressee. 

A Party may change its notification address by giving notice to the other Party in the manner provided in this Section 13.5. 

13.6 Exports. The Parties acknowledge that the export of technical data, materials or products is subject to the exporting Party
receiving any necessary export licenses and that the Parties cannot be responsible for any delays attributable to export controls that are beyond the reasonable control of either Party. ThromboGenics agrees not to export or re-export, directly or
indirectly, any Collaboration Product (or any associated product, information, items, technical data, direct product of such data, samples or equipment received or generated under this Agreement) in violation of any US export Laws or other Laws that
may be applicable. ThromboGenics agrees to obtain similar covenants from its Affiliates and licensees with respect to the subject matter of this Section 13.6, to the extent applicable. 

13.7 Force Majeure. Except for payment obligations, either Party shall be excused from the performance of its obligations under the
Agreement, and no failure or omission by a Party in the performance of any obligation of this Agreement shall be deemed a breach of this Agreement or create any liability, if the same shall arise from any cause beyond the reasonable control of such
Party (which may include: acts of God, acts or omissions of any government, labor disputes, epidemic, fire, flood, earthquake, accident, war, rebellion, terrorism, insurrection, riot and invasion), and such excuse shall be continued so long as the
condition constituting force majeure continues; provided that, such failure or omission is cured as soon as is practicable after the end of the occurrence of such causes. The Party claiming such force majeure shall notify the other
Party of the force majeure event in writing as soon as practicable, but in no event longer than five (5) Business Days after its occurrence, which notice shall reasonably identify the affected obligations under this Agreement and the extent to
which performance thereof will be affected. In such event, the Parties shall meet or discuss promptly to determine an equitable solution to minimize and if reasonably feasible, overcome, the effects of any such event. 

13.8 Performance by Affiliates and Licensees. To the extent that this Agreement imposes obligations on or permits the exercise of
rights by Affiliates or licensees of a Party, such Party shall cause such Party’s Affiliates and licensees to perform such obligations (and all related obligations) and shall remain responsible for any breach of such obligations and for the
exercise of rights by such Party’s Affiliates or licensees. 
 13.9 Independent Contractors. It is understood and agreed that
the relationship between the Parties hereunder is that of independent contractors and that nothing in this Agreement shall be construed as authorization for either Party to act for, bind or commit the other Party in any way. Nothing herein shall be
construed to create the relationship of partners, principal and agent or joint-venture partners between the Parties. 

  
 42 

 CONFIDENTIAL 
  

 13.10 English Language. This Agreement was prepared in the English language; any
translation thereof shall be deemed for convenience only and shall never prevail against the original English version. All reports, notices and communications to be exchanged under this Agreement shall be in the English language. 

13.11 No Implied Waivers; Rights Cumulative. The waiver by a Party of a breach of any provision of this Agreement by the other Party
shall not be construed as a waiver of any succeeding breach of the same or any other provision, nor shall any delay or omission on the part of a Party to exercise or avail itself of any right that it has or may have hereunder operate as a waiver of
any right by such Party. The rights, powers and remedies expressly provided herein are cumulative and not exclusive of any rights, powers or remedies which a Party would otherwise have. 

13.12 Severability. If, under applicable Law, any provision of this Agreement is invalid or unenforceable, or otherwise directly or
indirectly affects the validity of any other material provision(s) of this Agreement (such invalid or unenforceable provision, a “Severed Clause”), this Agreement shall endure except for the Severed Clause. The Parties shall consult
one another and use reasonable efforts to agree upon a valid and enforceable provision that is a reasonable substitute for the Severed Clause in view of the objectives contemplated by the Parties when entering into the Agreement and the general
balance of the respective interests of the Parties as initially intended under the Agreement. 
 13.13 Counterparts. This Agreement
may be executed in two (2) or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Signatures provided by facsimile transmission or in AdobeTM Portable Document
Format (PDF) sent by electronic mail shall be deemed to be original signatures. 
 [Signature Page Follows] 

  
 43 

			
	CONFIDENTIAL	  	EXECUTION VERSION

  

 IN WITNESS WHEREOF, the Parties have executed this Collaboration and License Agreement as of
the Effective Date. 
  

					
	ELEVEN BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ Abbie Celniker

		 	Name:	 	Abbie Celniker
		 	Title:	 	CEO
	
	THROMBOGENICS, N.V.
		
	By:	 	 /s/ Chris Buyse

		 	Name:	 	Chris Buyse
		 	Title:	 	CFO
		
	By:	 	 /s/ Patrik De Haes

		 	Name:	 	Dr. Patrik De Haes
		 	Title:	 	CEO

 [Signature Page to Collaboration and License Agreement] 

  

 CONFIDENTIAL 
  

 Exhibit A 

Initial Joint Plan and Budget 

Identification of [**] modulators mimicking [**] activity 

Program Goal 
 Generate and optimize a protein or peptide
therapeutic that directly modulates the [**] to block [**]. An important consideration in selected compounds is the relative activity and potency to native [**] on [**] cells, and the compounds ability to synergize with anti-VEGF therapies.
 
 Background 
 The [**] cell surface molecules mediate
[**]. One member, [**], is expressed. [**] function is agonized by the soluble [**]. Interestingly the [**] pathway has been shown to modulate [**]. In addition, the [**] proteins can in turn signal in a juxtacrine way through [**] present on
adjacent cells. [**]. The observations that the [**] pathway can inhibit [**] make it an attractive pathway for the development of therapeutics working in combination with anti-VEGF molecules. 

There is evidence in the literature suggesting that the signaling complex on [**] requires [**] in cis. However, whether homodimerization or
heterodimerization is involved in [**] signaling [**] still needs to be shown. The [**] interaction has been ascribed to [**]. The [**] of [**] proteins forms the dimerization interface. The structure of the ECD of [**] is distinct from that of [**]
(which are clear paralogs), and the site of interaction has been limited to the [**]. 
 Nonetheless, many details of the signal complex remain unclear or
have contradictory data in the literature, and will therefore need to be explored to a degree in this program. The key questions are: Do the previously defined minimal interaction domains simply demarcate binding regions or do they recapitulate the
full function of the intact proteins? Are there quantitative differences between the paralogs? Is signaling different when proteins are monomeric vs. dimeric/multimeric? Are both cell autonomous and non-autonomous signals necessary for full
effects? 

  
 A-1 

 CONFIDENTIAL 
  

 Research Target Product Profile 
  

					
	 Characteristic
	 	 Minimal Criteria
	 	 Preferred Criteria

	 [**]
	 	[**]	 	[**]
			
	 [**]
	 	[**]	 	[**]
			
	 [**]
	 	[**]	 	[**]
	 [**]
	 	[**]	 	[**]
			
	 [**]
	 	[**]	 	[**]
	 [**]
	 	[**]	 	

 Summary of approach 
  

	1.	Develop a panel of Assays to measure the effects of [**] pathway agonism in both endothelial and immune cells. 

  

	2.	Identify the minimally functional domains: explore activity of full length and truncated proteins (“Fragments”), and mixtures thereof, in the assays of step 1. 

 

	3.	Combine domains: based on results from step 2, combine domains (ligers, multimers, concatemers etc.) and re-assay to identify Hits. 

  

	4.	Select Leads, scale up and characterize their affinity, expression, stability, glycosylation state and other drug-like properties. 

  

	5.	Optimize Leads’ affinity, expression, stability, glycosylation state and other drug-like properties to improve pharmaceutical properties as appropriate. 

 

	6.	Test Leads and Optimized Leads in [**]. 

  

	7.	Optionally determine crystal structure of Development Candidate complexed to its receptor/binding partner. 

Work Plan 
  

	1.	Assay development 

 It will be crucial to evaluate candidates in an appropriate series of assays; including
biochemical (binding) assays, [**]. 
  

	 	1.1.	Biochemical assays 

  

	 	1.1.1.	ELISA binding assays 

 This assay will be used to characterize protein/domain interactions. In solution phase
will be tagged proteins/domains; on the plate will be whole proteins (commercially obtained if possible), as either Fc fusions or purified monomers. The assay should provide a sense of any avidity phenomena, and will also be used to assess
cross-species affinity. 

  
 A-2 

 CONFIDENTIAL 
  

	 	1.1.2.	SPR affinity 

 Similar to the ELISA assay but used on a more selective basis to explore affinity, avidity,
kinetics and to better quantitate cross-species affinity. 
  

	 	1.1.3.	DiscoveRx in vitro enzyme complementation assays. 

 Relies on ligand-mediated dimerization of modified
receptors to create a cytoplasmic signal by trans-complementation of an enzyme. Because the exact details of [**] receptorology are not clear, need to explore [**] homodimers and [**] heterodimers. Because the roles of the ICDs in pairing are
also not clear, constructs with and without the ICDs will need to be investigated. 
  

	 	1.1.4.	FACS binding assays 

 Assay to evaluate binding to whole cells (e.g. [**]) that provide a natural cell surface
milieu. 
  

	 	1.1.5.	[**] activation assay 

 Measuring a cytoplasmic response, [**]. 

 

	 	1.2.	[**] function assays 

  

	 	1.2.1.	[**] blockade assay 

 Boyden chamber assay using [**] as chemotactant. 

 

	 	1.2.2.	[**] assay 

 Measuring [**] (or other cell line) [**] by immunocytochemistry. 

 

	 	1.2.3.	[**] blockade assay (optional) 

 Will be developed if needed depending on the availability and robustness of
other assays. Measure proportion of [**] cells in a [**] by FACS, either without stimulation, or with VEGF-A/FBS stimulation. 
  

	 	1.2.4.	Other assays to consider 

 Engineer a [**] to express [**] for which [**] is blocked by exogenous [**]. 

 

	 	1.3.	[**] function assays 

  

	 	1.3.1.	[**] blockade assay 

 Boyden chamber assay using [**]. 

  
 A-3 

 CONFIDENTIAL 
  

	 	1.4.	Assay Algorithm 

 The goal is to identify molecules (“Hits”) that can block both [**]. Thus
Fragments, Mixtures and Ligers (see Sections 2 and 3) will all be evaluated in the Primary Screening Assays. Since both functions are required, the function/assay that is more convenient to assess can be used as a filter, with the other
function/assays being evaluated subsequently. Hits (Fragments, Mixtures (if applicable) or Ligers that are positive in both assays) will be further evaluated in Secondary Screening Assays according to the following scheme: 

Algorithm A 
 [**] 

Algorithm B 
 [**] 

Algorithm A is preferred over Algorithm B, however if [**] will have insufficient throughput, Algorithm B will be selected, if the alternative primary assays
are available. Boxed assays will be carried out depending on availability and necessity – this will be decided by the respective scientists from Eleven Biotherapeutics and ThromboGenics. 

 

	2.	Stage 1 – Hit Identification 

 The goal is to identify the individual or combinations of minimal functional
domains that display [**] functionality. Constructs expressing the 33 tagged fragments and domains specified in Table 2.1 and 2.2 (“Fragments”) will be made and expressed (non-expressors will be set aside). A functional evaluation of the
individual Fragments and the respective combinations specified in Table 2.3 (“Mixtures”) will be conducted in the primary assays (see 1.4 Assay Algorithm). 

If the smallest tested Fragment does not recapitulate the activity of the full ECD or protein and the ECD or protein show major DLP issues, additional
intermediate Fragments will need to be made to isolate the smallest fragment that does (potential iteration step). 
  

					
	 [**]
	  	 [**]
	  	 [**]

	[**]	  	[**]	  	[**]
	[**]	  	[**]	  	[**]
	[**]	  		  	[**]
		  		  	[**]
		  		  	[**]
	  
 Table 2.1
	  		  	

  

					
	 [**]
	  	 [**]
	  	 [**]

	[**]	  	[**]	  	[**]
	[**]	  	[**]	  	[**]
	[**]	  	[**]	  	[**]
		  	[**]	  	[**]
		  		  	[**]
	  
 Table 2.2
	  		  	  
 Table 2.3

  
 A-4 

 CONFIDENTIAL 
  

 Two key datasets will be collected for the expressors, that together constitute the Function Map: 

 

	 	1)	Screening results for Fragments in the primary assays 

  

	 	2)	Screening results for the Mixtures in the primary assay 

 For Fragments and Mixtures that are Hits, we will
seek to characterize the interaction further according to the Assay Algorithm (section 1.4). 
  

	2.1.	Analysis 

 The goal is to identify the Fragments and Fragment Mixtures that will proceed to the next stage. Key
questions are: Are there differences between the paralogs for a given segment? Do binding and cell-based assay results diverge for a given Fragment or Mixture? [**] results diverge for a given Fragment or Mixture? Are there domains that express
particularly poorly or well? 
  

	3.	Stage 2 – Lead Identification 

  

	 	3.1.	Constructs 

 Based on the data from Section 2, individual Fragments will be genetically combined in order
to create proteins (“Ligers”) that mimic the results of Mixtures, and also to try other combinations that could lead to molecules with increased potency or superior behavior. The approaches will include: 

 

	 	1)	Create a defined but comprehensive, combinatorial liger panel from the Fragments and Mixtures identified in Section 2. 

  

	 	2)	Randomly concatamerize the Fragments from Section 2 and select well-behaved, good binders in one step using yeast display. 

  

	 	3)	If a [**] Fragment outperforms the corresponding [**] Fragment, try evolving the [**] Fragment to have the function of [**] (by yeast display). 

 

	 	4)	Vary the valency of Fragments e.g. by Fc fusion or albumin fusion, as guided by the ELISA results. 

  

	 	5)	Deconstruct the most interesting proteins in order to define the minimally required domains to achieve the highest potency 

The resulting proteins would be evaluated according to the Assay Algorithm (section 1.4). 

 

	3.2.	Analysis 

 The goal of this step is to identify the basic structure of the Hits that exhibit good potency,
while expressing well. Iterations may be required; also, Hits could comprise just single Fragments. 2-5 proteins would be named as “Leads” to proceed to the next step (optimization). 

 

	3.3.	Lead Scale up 

 Stable, high-expressing pools producing untagged proteins will be created by lentiviral
transduction which should be adequate to predict Leads that will be adaptable to high-level expression by traditional means. These pools should be sufficient for creating scaled-up material for in vitro biophysical characterization as well as
initial in vivo studies. 

  
 A-5 

 CONFIDENTIAL 
  

	3.4.	Characterization 

  

	 	3.4.1.	In vivo characterization 

 Three to five Leads will be evaluated for in vivo activity per
section 5. 
  

	 	3.4.2.	DLP evaluation 

 Initially, the following DLPs will be assessed: expression, activity/potency,
purity, aggregation, N-terminal sequence, molecular weight and acute thermal stability (Tm, Tonset). Subsequently, Leads will be
evaluated in a pre-formulation buffer screen, measuring acute thermal stability and colloidal stability at 25° and 40° C. In the preferred pre-formulation buffer, solubility, agitation stability, freeze/thaw stability, accelerated stability
and viscosity will be evaluated. 
  

	4.	Stage 3 – Lead Optimization 

 The goal of this step is to ensure that the Leads meet the biochemical,
biological and biophysical property requirements as laid out in the RTP. Potential corrective actions are: 
  

	 	4.1.1.	Potency 

 One possible efficacy comparator to the Leads is [**] in an in vitro assay. Assuming that
affinity to the given target will increase potency, yeast display will be used to enhance the Leads. The JRC may decide to create an affinity-enhanced version of the Leads to test the effects of affinity in vivo. 

 

	 	4.1.2.	Stability 

 The key stability that may be addressed through engineering is thermal stability. Eleven will use
its yeast display technology to select variants of a Lead with higher thermal stability. 
  

	 	4.1.3.	Solubility 

 Soluble (and high expressing) Lead variants can be selected using secretion-capture yeast display,
by first selecting for high surface expressors, and then in secretion mode to identify those that can generate high supernatant concentrations. 
  

	 	4.1.4.	Expression 

 Expression improvements can be explored by Eleven’s Espresso suite of expression vectors and
codon optimization. If the glycosylation state of a lead needs to be changed (i.e. to decrease or eliminate glycosylation), point mutants can be created and evaluated. 
  

	 	4.1.5.	PK 

 Eleven is developing intravitreal PK extension technologies that may be applicable to the lead if
minimally efficacious dose is reached before 1 month. 

  
 A-6 

 CONFIDENTIAL 
  

	5.	In vivo testing 

  

	5.1.	PK assays 

 Eleven will develop assays for detecting Leads in biological matrices, using commercially available
reagents if at all possible. There is a chance that a custom reagent (e.g. an antibody) will need to be created, for which the ThromboGenics facility would be used. 
  

	5.2.	In vivo models 

 Both Leads and Optimized Leads will be evaluated in vivo. The first evaluation of Leads would
be more cursory, followed by a more rigorous evaluation of Optimized Leads. 1-2 molecules would be selected as Development Candidates. 
  

	 	5.2.1.	Rat [**] model 

 The goal of the rat [**] model is to investigate the ability of selected compounds to affect
[**] will be induced [**], and the effect of a single dose of compound [**] will be investigated. 
  

	 	5.2.2.	[**] model 

 The goal of the [**] model is to investigate the ability of selected compounds to [**] will be
treated intravitreally with a single or multiple administration of compound and [**] will be determined, possibly in combination [**]. 
  

	6.	Structure determination (optional) 

 Based on interaction map, the lead and several interaction partners will be
grown and crystallization conditions explored. 

  
 A-7 

 CONFIDENTIAL 
  

 RESEARCH PROGRAM 

COSTS AND EXPENSES (FTE and External Costs) 
  

																																									
	 	  	Forecast First Year	 	 	Forecast Second Year	 	 	Forecast 3rd Year	 
	FTEs	  	Q1	 	 	Q2	 	 	Q3	 	 	Q4	 	 	Total	 	 	H1	 	 	H2	 	 	Total	 	 	H1	 	 	Total	 
	 [**]
	  				 				 				 				 				 				 				 				 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 				 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
	 [**]
	  	 	[**	] 	 				 				 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 	 	[**	] 	 				 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
		  				 				 				 				 	  
	  
	 	 				 				 	  
	  
	 	 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
											
	 [**]
	  				 				 				 				 				 				 				 				 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  				 				 				 				 	  
	  
	 	 				 				 	  
	  
	 	 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  				 				 				 				 				 				 				 				 				 			
	 [**]
	  				 				 				 				 				 				 				 				 				 			
	 [**]
	  	 	[**	] 	 				 				 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
	 [**]
	  	 	[**	] 	 				 				 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
		  				 				 				 				 	  
	  
	 	 				 				 	  
	  
	 	 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
											
	 [**]
	  				 				 				 				 				 				 				 				 				 			
	 [**]
	  	 	[**	] 	 				 				 				 	 	[**	] 	 				 				 	 	[**	] 	 				 	 	[**	] 
		  				 				 				 				 	  
	  
	 	 				 				 	  
	  
	 	 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  				 				 				 				 				 				 				 				 				 			
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 				 	 	[**	] 	 				 			
		  				 				 				 				 	  
	  
	 	 				 				 	  
	  
	 	 				 			
	 [**]
	  				 				 				 				 	 	[**	] 	 				 	 	[**	] 	 	 	[**	] 	 				 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 	 	 	[**	] 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 [**]
	  	 	[**	] 	 				 				 				 				 				 				 				 				 			
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 A-8 

 CONFIDENTIAL 
  

 Exhibit B 

List of Targets 
  

							
	[**]	  	[**]	  	[**]	  	[**]
	[**]	  	[**]	  	[**]	  	
	[**]	  	[**]	  	[**]	  	
	[**]	  	[**]	  	[**]	  	

  
 B-1 

 CONFIDENTIAL 
  

 Exhibit C 

Press Release: EBI 

Eleven Biotherapeutics Announces Collaboration with ThromboGenics to Develop a Novel Protein 

Therapeutic for Ophthalmic Disease 

Eleven’s Protein Therapeutic Design Capabilities Combine with ThromboGenics Novel Biologic Target 

to Treat Back of Eye Diseases 

Cambridge, MA - May 28, 2013 –Eleven Biotherapeutics, a biopharmaceutical company creating novel and differentiated protein-based biotherapeutics
for the treatment of ocular diseases, announced today that they have entered into a research collaboration and license agreement with ThromboGenics NV to research and develop a protein therapeutic based on a novel biologic target implicated in
ophthalmic disease. The collaboration aims to employ Eleven’s proprietary AMP-Rx protein design technology to optimize a novel therapeutic of ThromboGenics’ selection to have improved pharmaceutical characteristics and therapeutic
benefits. The novel biologic will be designed to treat back of the eye diseases such as diabetic macular edema. 
 Under the terms of the agreement, Eleven
will receive an undisclosed upfront payment and is eligible to receive undisclosed development, regulatory and sales milestone payments as well as royalties on potential future sales. ThromboGenics will have the exclusive license to pursue
development and commercialization of the novel protein and both companies will work together on preclinical research. 
 “Eleven’s novel approach
to designing protein therapeutics for ocular diseases, which has been demonstrated with EBI-005, our lead product candidate in Phase 1b clinical development for dry eye disease, will be applied to discover and optimize novel modulators of this
evolving pathway which is central to ophthalmic disease,” said Abbie Celniker, President and CEO of Eleven Biotherapeutics. “This collaboration demonstrates the commitment of both Eleven Biotherapeutics and ThromboGenics to developing
proteins to treat a variety of ocular diseases and validates Eleven’s unique approach to rational protein engineering through novel structures, enhanced biophysical properties, and more effective targeting in disease pathways.” 

Eleven Biotherapeutics recently presented clinical and preclinical data at the Association for Research in Vision and Ophthalmology (ARVO) 2013 Annual Meeting
highlighting its novel approach to optimizing topically applied proteins on the surface of the eye and its lead product candidate, EBI-005, as the first rationally-designed topically administered IL-1 protein for the treatment of ocular diseases,
including dry eye disease. Patient enrollment and dosing has been completed in a Phase 1b clinical study of EBI-005 treating patients with dry eye disease; top-line data is expected in the second half of 2013. 

About Eleven Biotherapeutics 
 Eleven Biotherapeutics
creates novel and differentiated biotherapeutics: first-of-a-kind protein-based drugs with significantly improved physical, pharmaceutical, and therapeutic benefits. The company’s
AMP-RxTM product engine brings capabilities beyond conventional approaches for making protein therapeutics, opening up new territory for the products to have novel structures, enhanced
biophysical properties, and more effective targeting in disease pathways. Eleven’s success is built on designing proteins ‘fit for purpose’ that are rationally designed to have ideal therapeutic characteristics and result in
best-in-class biotherapeutic products for a wide range of diseases. The Cambridge, Mass.-based company was founded in 2010 by life science investors Flagship Ventures and Third Rock Ventures and world-renowned scientific experts. For more
information, please visit www.elevenbio.com. 

  
 C-1 

 CONFIDENTIAL 
  

 Contacts: 

Eleven Biotherapeutics 
 Cameron Wheeler, PhD 

617-858-0927 
 cameron@elevenbio.com 

Media: 
 Gina Nugent 

The Yates Network 
 617-460-3579 

gina@theyatesnetwork.com 

  
 C-2 

 CONFIDENTIAL 
  

 Exhibit D 

Press Release: ThromboGenics 
  

 
 ThromboGenics Licenses Innovative Technology from Eleven 

Biotherapeutics to Develop Novel Drugs for the Treatment of Diabetic 

Eye Diseases 
 Leuven, Belgium -
May 28, 2013 – ThromboGenics NV (Euronext Brussels: THR) a biopharmaceutical company focused on developing and commercializing innovative ophthalmic medicines, announces that it has commenced research and development of innovative protein
therapeutics to address a novel ThromboGenics’ identified biologic target implicated in a range of diabetic eye diseases such as diabetic macular edema (DME). 

ThromboGenics will utilize Eleven Biotherapeutics’ proprietary AMP-Rx protein design technology to create a novel therapeutic of ThromboGenics’
selection optimized for improved pharmaceutical characteristics and therapeutic benefits. 
 ThromboGenics will have the exclusive license to all future
developments and commercialization of this novel protein. In exchange, Eleven Biotherapeutics will receive an undisclosed upfront payment, and is eligible to receive undisclosed development, regulatory and sales milestone payments as well as
royalties on potential future sales commensurate with industry standards. 
 Dr Patrik De Haes, CEO of ThromboGenics, said: “This is an
important step forward as we continue to build our ophthalmology franchise following the recent introduction of JETREA® for the treatment of symptomatic vitreomacular adhesion (VMA)/ vitreomacular traction (VMT) in the US and Europe. We are
pleased to have signed this agreement with Eleven Biotherapeutics and we are confident that by utilizing their unique ability to design and optimize protein therapeutics we will generate an innovative protein therapeutic to address a novel target
that we have identified. Our research suggests that protein therapeutics directed at this target could be used to treat a broad range of diabetic eye diseases including DME”. 

“Eleven’s novel approach to designing protein therapeutics for ocular diseases, which has been demonstrated with EBI-005, our lead product
candidate in Phase 1b clinical development for dry eye disease, will be applied to discover and optimize novel modulators of this evolving pathway which is central to ophthalmic disease,” said Abbie Celniker, President and CEO of Eleven
Biotherapeutics. “This collaboration validates Eleven’s unique approach to rational protein engineering through novel structures, enhanced biophysical properties, and more effective targeting in disease pathways.” 

  
 D-1 

 For further information please contact: 

Thrombogenics 
 Wouter Piepers, Global Head of
Corporate Communications 
 +32 16 75 13 10 / +32 478 33 56 32 

Wouter.piepers@thrombogenics.com 
 Dr. Patrik De Haes, CEO

 +32 16 75 13 10 
 Patrik.dehaes@thrombogenics.com 

Chris Buyse, CFO 
 +32 16 75 13 10 

Chris.buyse@thrombogenics.com 
  

			
	 Citigate Dewe Rogerson
 David
Dible/ Nina Enegren/ Sita Shah
 Tel: +44 20 7638 9571

sita.shah@citigatedr.co.uk
	  	 The Trout Group (US investor relations)

Todd James/ Simon Harnest
 Tel: +1 646 378 2926

tjames@troutgroup.com

 About ThromboGenics 

ThromboGenics is an integrated biopharmaceutical company focused on developing and commercializing innovative ophthalmic and oncology medicines. The
Company’s lead product, JETREA® (ocriplasmin), has been approved by the US FDA for the treatment of symptomatic VMA and was launched in January 2013. 

ThromboGenics signed a strategic partnership with Alcon (Novartis) for the commercialization of
JETREA® outside the United States. Under this agreement, ThromboGenics could receive up to a total of €375 million in up-front and milestone payments. It will receive significant
royalties from Alcon’s net sales of JETREA®. ThromboGenics and Alcon intend to share the costs equally of developing
JETREA® for a number of new vitreoretinal indications. 
 In Europe, JETREA® is approved for the treatment of vitreomacular traction (VMT), including when associated with macular hole of diameter less than or equal to 400 microns. Alcon has launched JETREA® in the UK and Germany. 
 ThromboGenics is also further exploring anti-PIGF (Placental Growth Factor),
also referred to as TB-403, for the treatment of ophthalmic and oncology indications. 
 ThromboGenics is headquartered in Leuven, Belgium, and has-offices
in Iselin, NJ (US) and Dublin, Ireland. The Company is listed on the NYSE Euronext Brussels exchange under the symbol THR. More information is available at www.thrombogenics.com. 

About Eleven Biotherapeutics 
 Eleven Biotherapeutics
creates novel and differentiated biotherapeutics: first-of-a-kind protein-based drugs with significantly improved physical, pharmaceutical, and therapeutic benefits. The company’s AMP-RxTM product engine brings capabilities beyond
conventional approaches for making protein therapeutics, opening up new territory for the products to have novel structures, 

 
enhanced biophysical properties, and more effective targeting in disease pathways. Eleven’s success is built on designing proteins ‘fit for purpose’ that are rationally designed to
have ideal therapeutic characteristics and result in best-in-class biotherapeutic products for a wide range of diseases. The Cambridge, Mass.-based company was founded in 2010 by life science investors Flagship Ventures and Third Rock Ventures and
world-renowned scientific experts. For more information, please visit www.elevenbio.com. 
 Important information about forward-looking
statements 
 Certain statements in this press release may be considered “forward-looking”. Such forward-looking statements are based on
current expectations, and, accordingly, entail and are influenced by various risks and uncertainties. The Company therefore cannot provide any assurance that such forward-looking statements will materialize and does not assume an obligation to
update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Additional information concerning risks and uncertainties affecting the business and other factors that could cause actual
results to differ materially from any forward-looking statement is contained in the Company’s Annual Report. 
 This press release does not
constitute an offer or invitation for the sale or purchase of securities or assets of ThromboGenics in any jurisdiction. No securities of ThromboGenics may be offered or sold within the United States without registration under the U.S.
Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. state securities laws.EX-10.10

 Exhibit 10.10 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of May 27, 2010 (the “Effective
Date”) is between SILICON VALLEY BANK, a California corporation (“Bank”), with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and ELEVEN BIOTHERAPEUTICS, INC., a Delaware
corporation (“Borrower”), and provides the terms on which Bank shall lend to Borrower, and Borrower shall repay Bank. The parties agree as follows: 
  

	 	1	ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this Agreement shall
be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement,
unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 
  

	 	2	LOAN AND TERMS OF PAYMENT 

 2.1 Promise to Pay. Borrower hereby
unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 

2.1.1 Growth Capital Loan. 

(a) Availability. Subject to the terms and conditions of this Agreement, during the First Draw Period, Bank agrees to make one
(1) advance (the “First Growth Capital Advance”) available to Borrower in the amount of the First Growth Capital Advance Amount. During the Second Draw Period, Bank agrees to make one (1) advance (the “Second
Growth Capital Advance”) available to Borrower in the amount of the Second Growth Capital Advance Amount. The First Growth Capital Advance and the Second Growth Capital Advance are hereinafter referred to singly as a “Growth Capital
Advance” and collectively as the “Growth Capital Advances”). Each Growth Capital Advance must be in an amount equal to (i) at least Five Hundred Thousand Dollars ($500,000.00) or (ii) the amount that has not yet
been drawn under the Growth Capital Loan. After repayment, no Growth Capital Advance may be re-borrowed. 
 (b) Interest Payments.
Commencing on the first Payment Date of the month following the month in which the Funding Date occurs, Borrower shall make monthly payments of interest at the rate set forth in Section 2.2(a). 

(c) Repayment. Commencing on the applicable Growth Capital Amortization Date and continuing on each Payment Date thereafter, Borrower
shall repay each Growth Capital Advance in (i) thirty-six (36) equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.2(a). All outstanding and accrued and
unpaid interest under each Growth Capital Advance is due and payable in full on the applicable Growth Capital Maturity Date. 

 (d) Mandatory Prepayment Upon an Acceleration. If a Growth Capital Advance is accelerated
following the occurrence of an Event of Default or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued interest under such Growth Capital Advance, (ii) the Prepayment
Premium, (iii) the Final Payment, plus (iv) all other sums, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

(e) Permitted Prepayment of Growth Capital Advances. Borrower shall have the option, so long as an Event of Default has not occurred
and is not continuing, to prepay all or any portion of the Growth Capital Advances advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to prepay such Growth Capital Advance(s) at least
thirty (30) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued interest under the Growth Capital Advance(s) being prepaid, (B) the Prepayment Premium,
(C) the Final Payment, plus (D) all other sums, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

2.2 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.2(b), the principal amount of each Growth Capital Advance shall accrue interest at a fixed
per annum rate equal to four and one quarter of one percentage points (4.25%) above the Prime Rate determined by Bank as of the applicable Funding Date of such Growth Capital Advance, which interest shall be payable monthly in accordance with
Section 2.2(e) below. 
 (b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default,
Obligations shall bear interest at a rate per annum which is five percentage points (5.00%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time to time in its sole
discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate
equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.2(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of
Default or otherwise prejudice or limit any rights or remedies of Bank. 
 (c) Computation; 360-Day Year. In computing interest, the
date of the making of any Credit Extension shall be included and the date of payment shall be excluded: provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing
interest on such Credit Extension. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed. 
 (d)
Debit of Accounts. Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a
set-off. 
 (e) Interest Payment Date. Unless otherwise provided, interest is payable monthly on the Payment Date. 

  
 - 2 - 

 2.3 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non-refundable commitment fee of One Thousand Five Hundred Dollars ($1,500.00) on the Effective
Date; 
 (b) Final Payment. The Final Payment, when due hereunder; 

(c) Prepayment Premium. The Prepayment Premium, if and when due hereunder; and 

(d) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this
Agreement) incurred through and after the Effective Date, when due. 
 2.4 Payments. All payments (including prepayments) to be made
by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 12:00 p.m.
Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable,
shall continue to accrue until paid. 
  

	 	3	CONDITIONS OF LOANS 

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

 (b) duly executed original signatures to the Control Agreement(s) as required by Bank; 

(c) Borrower’s Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of the State of
Delaware as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (d) Secretary’s Corporate Borrowing
Certificate for Borrower; 
 (e) certified copies, dated as of a recent date, of financing statement searches, as Bank shall request,
accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be
terminated or released; 

  
 - 3 - 

 (f) the Perfection Certificate of Borrower, together with the duly executed original signature(s)
thereto; 
 (g) a landlord’s consent in favor of Bank for Borrower’s leased locations by the respective landlord thereof, together
with the duly executed original signatures thereto; 
 (h) a legal opinion of Borrower’s counsel dated as of the Effective Date
together with the duly executed original signature thereto; 
 (i) evidence satisfactory to Bank that the insurance policies required by
Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; 

(j) payment of the fees and Bank Expenses then due as specified in Section 2.3 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit
Extension, is subject to the following conditions precedent: 
 (a) timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the
Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be
continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in Section 5 remain true, accurate, and complete in all material respects;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 
 (c)
in Bank’s reasonable discretion, there has not been any material impairment in the general affairs, management, results of operation, financial condition or the prospect of repayment of the Obligations, or any material adverse deviation by
Borrower from the most recent business plan of Borrower presented to and accepted by Bank. 
 3.3 Covenant to Deliver. Borrower
agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall
not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

  
 - 4 - 

 3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable
conditions to the making of a Growth Capital Advance set forth in this Agreement, to obtain a Growth Capital Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Eastern
time on the Funding Date of the Growth Capital Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or
his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Growth Capital Advances to the Designated Deposit Account. Bank may make Growth Capital Advances
under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Growth Capital Advances are necessary to meet Obligations which have become due. 

 

	 	4	CREATION OF SECURITY INTEREST 

 4.1 Grant of Security Interest. Borrower
hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all
proceeds and products thereof. 
 4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security
interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that may have superior priority to Bank’s Lien under this Agreement). If Borrower
shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms
of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 If this Agreement is terminated,
Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations and at such time as Bank’s obligation to make Credit
Extensions has terminated, Bank shall, at Borrower’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to Borrower. 

4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of
Bank under the Code. Upon written request by Borrower, Bank shall provide Borrower with a copy of all financing statements filed, indicating the jurisdiction and date of filing, promptly after each such filing, provided that failure of Bank to
provide Borrower with such copies or other information shall not impair the validity or priority of any financing statement or impair or restrict any of the rights and remedies of Bank under the Loan Documents. 

  
 - 5 - 

	 	5	REPRESENTATIONS AND WARRANTIES 

 Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Borrower and each of its Subsidiaries are duly existing and in good standing
as a Registered Organization in their jurisdiction of formation and are qualified and licensed to do business and are in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be
qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower,
entitled “Perfection Certificate” (the “Perfection Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature
page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification
number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if
different than its chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by
its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may from time to time update
certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one. Borrower shall promptly
notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 
 The execution, delivery and
performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or
violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of
their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been
obtained and are in full force and effect, or (v) constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the
default could reasonably be expected to have a material adverse effect on Borrower’s business. 
 5.2 Collateral. Borrower has
good title to, has rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit
accounts with Bank, the deposit accounts, if any, described in the Perfection Certificate delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security
interest therein. 

  
 - 6 - 

 The Collateral is not in the possession of any third party bailee (such as a warehouse) except as
otherwise provided in the Perfection Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

All Inventory intended for commercial sale is, in all material respects, of good and marketable quality, free from material defects. All other
Inventory has been prepared and is maintained in accordance with current Good Laboratory Practices (“cGLP”). 
 Borrower is
the sole owner of the Intellectual Property which it owns or purports to own except for (a) nonexclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to
the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each issued Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and
no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been
made that any part of the Intellectual Property which Borrower owns or purports to own violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s
business. 
 Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing by
or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Hundred Thousand Dollars ($100,000.00). 

5.4 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered
to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s consolidated financial
condition since the date of the most recent financial statements submitted to Bank. 
 5.5 Solvency. Borrower is able to pay its
debts (including trade debts) as they mature. 
 5.6 Regulatory Compliance. Borrower is not an “investment company” or a
company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U
of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a
“holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the
violation of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by 

  
 - 7 - 

 
Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than
legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue their respective
businesses as currently conducted. 
 5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership interest or other
equity securities except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed
all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower. Borrower may defer payment of any contested taxes, provided that Borrower
(a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing of the commencement of, and any material development in, the proceedings,
(c) posts bonds or takes any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien”. Borrower is unaware of any
claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which
could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its general
business requirements and not for personal, family, household or agricultural purposes. 
 5.10 Full Disclosure. No written
representation, warranty or other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written
statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the
projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected
or forecasted results). 
 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or
warranty is made to Borrower’s knowledge or awareness, to the “best of Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge of the Responsible Officers. 

  
 - 8 - 

	 	6	AFFIRMATIVE COVENANTS 

 Borrower shall do all of the following: 

6.1 Government Compliance. 

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

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

6.2 Financial Statements, Reports, Certificates. Deliver to Bank: 

(a) Monthly Financial Statements. As soon as available, but no later than thirty (30) days after the last day of each month, a
company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form of presentation reasonably acceptable to Bank (the “Monthly
Financial Statements”); 
 (b) Monthly Compliance Certificate. Within thirty (30) days after the last day of each month
and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer; 
 (c)
Annual Audited Financial Statements. As soon as available, but no later than (i) only with respect to Borrower’s 2009 fiscal year, one hundred fifty (150) days after the last day of Borrower’s 2010 fiscal year, and
(ii) for Borrower’s 2010 fiscal year and for each of Borrower’s fiscal years thereafter, one hundred fifty (150) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under
GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable to Bank in its reasonable discretion; 

(d) Board Projections. No later than forty-five (45) days after Borrower’s fiscal year end, Borrower’s Board of
Directors’ approved projections for the subsequent fiscal year; 
 (e) Other Statements. Within five (5) days of delivery,
copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 

(f) SEC Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five
(5) days of filing, copies of all periodic and other 

  
 - 9 - 

 
reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities
exchange, or distributed to its shareholders, as the case may be, or Borrower may provide Bank with a link thereto on Borrower’s or another website on the Internet. Documents required to be delivered pursuant to the terms hereof (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or when Borrower provides a
link thereto, on Borrower’s or another website on the Internet at Borrower’s website address; 
 (g) Legal Action Notice. A
prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Thousand
Dollars ($100,000.00) or more; and 
 (h) Other Financial Information. Other financial information reasonably requested by Bank. 

6.3 Inventory; Returns. Keep all Inventory intended for commercial sale in good and marketable condition, free from material defects.
Keep all other Inventory in accordance with cGLP. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all
returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000). 
 6.4 Taxes; Pensions.
Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such
payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.5 Insurance. Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry
and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are reasonably satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank
as the sole lender loss payee and waive subrogation against Bank and shall provide that the insurer must give Bank at least thirty (30) days notice before canceling, amending, or declining to renew its policy. All liability policies shall show,
or have endorsements showing, Bank as an additional insured, and all such policies (or the loss payable and additional insured endorsements) shall provide that the insurer shall give Bank at least twenty (20) days notice before canceling,
amending, or declining to renew its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any
amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

  
 - 10 - 

 6.6 Operating Accounts. 

(a) Maintain all of its operating and other deposit accounts with Bank and Bank’s Affiliates, up to Five Million Dollars ($5,000,000.00)
in unrestricted and unencumbered cash. 
 (b) Provide Bank five (5) days prior written notice before establishing any Collateral
Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at
or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms
hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7 Protection of
Intellectual Property Rights. 
 (a) Borrower shall: (i) use commercially reasonable efforts to protect, defend and maintain the
validity and enforceability of its Intellectual Property; (ii) promptly advise Bank in writing of material infringements of its Intellectual Property of which Borrower has knowledge; and (iii) not allow any Intellectual Property material
to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 
 (b) Provide
written notice to Bank within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Bank requests to obtain
the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by
law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with
Bank’s rights and remedies under this Agreement and the other Loan Documents. 
 6.8 Litigation Cooperation. From the date
hereof and continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably
necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.9 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on one (1) Business Day’s notice
(provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. 

  
 - 11 - 

 6.10 Further Assurances. Execute any further instruments and take further action as Bank
reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within ten (10) days after the same are sent or received, copies of all material correspondence,
reports, documents and other filings received from any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the
Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries, provided, however, when delivery to Bank of such correspondence, reports, documents and other filings sent to any Governmental Authority is impractical or
burdensome on Borrower, Borrower shall provide a summary of such materials to Bank, and shall make all such materials available to Bank on request. 
  

	 	7	NEGATIVE COVENANTS 

 Borrower shall not do any of the following without
Bank’s prior written consent: 
 7.1 Dispositions. Without Bank’s prior written consent, which consent shall not be
unreasonably withheld, convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers
(a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment; (c) in connection with Permitted Liens and Permitted Investments; (d) of licenses for the use of the Intellectual Property of Borrower or
its Subsidiaries, partnerships, collaborative transactions, and/or joint ventures in the ordinary course of business, provided that such licenses do not result in a legal transfer of title or sale of the licensed property; (e) of Intellectual
Property in the ordinary course of business that does result in a legal transfer of title or sale of the Intellectual Property, provided that such Transfer of Intellectual Property is pursuant to an executed agreement concerning the evaluation
and/or development of intellectual property between the Borrower and the transferee, and such Transfer of Intellectual Property is limited only to either (i) is an improvement on pre-existing intellectual property of the transferee and has been
created by Borrower or its Subsidiaries through evaluation or other use of the transferee’s pre-existing intellectual property, or (ii) has been invented or developed jointly by Borrower and transferee and relates directly to pre-existing
intellectual property of the transferee; and (f) of Borrower’s property, other than the Collateral, in the ordinary course of Borrower’s business, provided that (i) the amount of such Transfers shall not exceed $50,000.00 in the
aggregate, and (ii) no Event of Default exists or would result therefrom. 
 7.2 Changes in Business, Management, Ownership, or
Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in (or planned to be engaged in as set forth in the Borrower’s business plan approved by the
Borrower’s Board of Directors) by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) the Key Person ceases to hold such offices with Borrower and replacements
satisfactory to Bank are not made within sixty (60) days after their departure from Borrower; or (ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately
prior to the first such transaction own more than forty-nine percent (49%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s
equity securities in a public offering or to venture capital investors so long as Borrower identifies to Bank the venture capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the
transaction). 

  
 - 12 - 

 Borrower shall not, without at least thirty (30) days prior written notice to Bank:
(1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Twenty Thousand Dollars ($20,000.00) in Borrower’s assets or property) or deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of Twenty-Five Thousand Dollars ($25,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its
jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver
any portion of the Collateral valued, individually or in the aggregate, in excess of Twenty-Five Thousand Dollars ($25,000.00) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the
location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its sole
discretion. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any
other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

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

7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

 7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any
capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in
common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving
effect to such repurchase, provided such repurchase does not exceed in the aggregate of Fifty Thousand Dollars ($50,000) per fiscal year; or (b) directly or indirectly make any Investment other than Permitted Investments, or permit any of its
Subsidiaries to do so. 

  
 - 13 - 

 7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any
material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s
length transaction with a non-affiliated Person. 
 7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated
Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the
amount thereof or adversely affect the subordination thereof to Obligations owed to Bank. 
 7.10 Compliance. Become an
“investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as
defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited
Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business,
or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit
sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

 

	 	8	EVENTS OF DEFAULT 

 Any one of the following shall constitute an event of default
(an “Event of Default”) under this Agreement: 
 8.1 Payment Default. Borrower fails to (a) make any payment of
principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to
payments due on the applicable Growth Capital Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made
during the cure period); 
 8.2 Covenant Default. 

(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.6, or 6.7(b) or violates any covenant in Section 7; or

 (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, 

  
 - 14 - 

 
condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its
nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional
period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made
during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

8.3 Material Adverse Change. A Material Adverse Change occurs: 

8.4 Attachment; Levy; Restraint on Business. 

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

8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent;
(b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while of any of the conditions
described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any
agreement to which Borrower is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in
the aggregate in excess of One Hundred Thousand Dollars ($100,000.00); or (b) any default by Borrower, the result of which could have a material adverse effect on Borrower’s business; 

8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate,
of at least One Hundred Thousand Dollars ($100,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower and the same are not, within ten
(10) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the
discharge, stay, or bonding of such judgment, order, or decree); 

  
 - 15 - 

 8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any
representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement
is incorrect in any material respect when made; 
 8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any
Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further
liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; or 

8.10 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse
manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that could
result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) has, or could reasonably be expected to have, a
Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or
non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 

 

	 	9	BANK’S RIGHTS AND REMEDIES 

 9.1 Rights and Remedies. While an Event
of Default occurs and continues Bank may, without notice or demand, do any or all of the following: 
 (a) declare all Obligations
immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

(b) stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower
and Bank; 
 (c) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank
considers advisable, notify any Person owing Borrower money of Bank’s security interest in such funds, and verify the amount of such account; 

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

  
 - 16 - 

 (e) apply to the Obligations any (i) balances and deposits of Borrower it holds, or
(ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (f) ship, reclaim, recover, store, finish,
maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Subject to the rights of third parties, to the extent such third parties’ rights are senior to Bank’s, Bank is hereby granted a non-exclusive, royalty-free
license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the
Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to
Bank’s benefit; 
 (g) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any
entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

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

(i) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the
Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power of Attorney. Borrower hereby irrevocably
appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign
Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines
reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based
thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign
Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and
Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations
have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 
 9.3 Protective Payments.
If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may obtain
such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable
efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of
any Event of Default. 

  
 - 17 - 

 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred
and is continuing. Bank may apply any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations
in such order as Bank shall determine in its sole discretion, Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment,
directly or indirectly enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the
purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s
Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the
safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of
loss, damage or destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to
require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver
hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are
cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity, Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other
remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

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

 

	 	10	NOTICES 

 All notices, consents, requests, approvals, demands, or other
communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after
deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after
deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall 

  
 - 18 - 

 
be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or
facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

							
	If to Borrower:	    	Eleven Biotherapeutics, Inc.
		    	215 First Street
		    	Cambridge, Massachusetts 02140
		    	Attn:	 	  
	 	
		    	Fax:	 	  
	 	
		    	Email:	 	  
	 	
		
	with a copy to:	    	Faber Daeufer & Rosenberg PC
		    	950 Winter Street, Suite 4500
		    	Waltham, Massachusetts 02451
		    	Attn: Joseph L. Faber, Esquire
		    	Fax: (781) 795-4747
		    	Email: joe.faber@fdrpc.com
		
	If to Bank:	    	Silicon Valley Bank
		    	One Newton Executive Park, Suite 200
		    	2221 Washington Street
		    	Newton, Massachusetts 02462
		    	Attn: Ms. Bernadette M. Michaud
		    	Fax: (617) 27-0177
		    	Email: BMichaud@svb.com
		
	with a copy to:	    	Riemer & Braunstein LLP
		    	Three Center Plaza
		    	Boston, Massachusetts 02108
		    	Attn: David A. Ephraim, Esquire
		    	Fax: (617) 880-3456
		    	Email: DEphraim@riemerlaw.com

  

	 	11	CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER 

 Massachusetts law governs the Loan
Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Boston, Massachusetts; provided, however, that nothing in this Agreement shall be deemed to
operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower
expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any state or federal court located in Massachusetts, and Borrower hereby waives any objection that it may have based upon lack of personal
jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process
issued in such action or 

  
 - 19 - 

 
suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in Section 10 of this
Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE
LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

  

	 	12	GENERAL PROVISIONS 

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

12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or
any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in
connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or
arising from transactions between Bank and Borrower contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or
willful misconduct. 
 12.3 Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement. 

12.4 Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining the
enforceability of any provision. 
 12.5 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in the
Loan Documents consistent with the agreement of the parties. 
 12.6 Amendments in Writing; Waiver; Integration. No purported
amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly

  
 - 20 - 

 
set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action,
inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance
expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire
agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the
Loan Documents. 
 12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on
separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.8 Survival. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has
terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied. The obligation
of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 

12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its
own proprietary information, but disclosure of information may be made; (a) to Bank’s Subsidiaries or Affiliates who are bound by terms of confidentiality no less restrictive than those contained herein (such Subsidiaries and Affiliates,
together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s
or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit;
(e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less
restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure
to Bank; or (ii) disclosed to Bank by a third party if Bank does not know that the third party is prohibited from disclosing the information. 

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

12.11 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and right of set off as security for all Obligations
to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, 

  
 - 21 - 

 
custody, safekeeping or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the
continuance of an Event of Default, without demand or notice. Bank may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral
securing the Obligations, ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR
OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 12.12 Electronic Execution of Documents. The
words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act. 
 12.13 Captions. The headings used in this Agreement are for convenience only and
shall not affect the interpretation of this Agreement. 
 12.14 Construction of Agreement. The parties mutually acknowledge that they
and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.15 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.16 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or
remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to
this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
  

	 	13	DEFINITIONS 

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

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

  
 - 22 - 

 “Account Debtor” is any “account debtor” as defined in the Code with
such additions to such term as may hereafter be made. 
 “Affiliate” is, with respect to any Person, each other Person that
owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a
limited liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five
percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“cGLP” is defined in Section 5.2. 

“Claims” is defined in Section 12.2. 

  
 - 23 - 

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

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

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

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

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

  
 - 24 - 

 “Credit Extension” is any Growth Capital Advance or any other extension of
credit by Bank for Borrower’s benefit. 
 “Default Rate” is defined in Section 2.2(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Designated Deposit Account” is Borrower’s deposit account, account number
                    , maintained with Bank. 

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

“Effective Date” is defined in the preamble hereof. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be made,
and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

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

“Event of Default” is defined in Section 8. 

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

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of interest, or
principal plus accrued interest, as applicable) with respect to each Growth Capital Advance due on the earlier of (a) the final Payment Date for each Growth Capital Advance or (b) the acceleration of each Growth Capital Advance, equal to
the amount of such Growth Capital Advance multiplied by the Final Payment Percentage. 
 “Final Payment Percentage” is, for
each Growth Capital Advance, three percent (3.0%). 
 “First Draw Period” is the period of time commencing upon the
Effective Date through the earliest to occur of (a) the date this is thirty (30) days after the Effective Date, and (b) an Event of Default. 

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

“First Growth Capital Advance Amount” is an amount not less than Seven Hundred Fifty Thousand Dollars ($750,000.00). 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public 

  
 - 25 - 

 
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the
accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General Intangibles”
is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax
refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies
(including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Growth Capital Advance” and “Growth Capital Advances” are defined in
Section 2.1.1(a). 
 “Growth Capital Amortization Date” is: (a) with respect to the First Growth Capital Advance,
the first (1st) Payment Date following the three (3) month anniversary of the Funding Date of the First Growth Capital Advance, provided that, if the Funding Date occurs on the first (1st) Business Day of the month then the Growth Capital Amortization Date shall be the three (3) month anniversary of such Funding Date and (b) with respect to the Second Growth Capital
Advance, the first Payment Date of the month following the month in which the Funding Date occurs with respect to the Second Growth Capital Advance. 

“Growth Capital Loan” is a loan made by Bank pursuant to the terms of Section 2.1.1 hereof. 

“Growth Capital Maturity Date” is, for each Growth Capital Advance, the Payment Date which is thirty-five (35) months
after the applicable Growth Capital Amortization Date for such Growth Capital Advance. 
 “Indebtedness” is
(a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar
instruments, (c) capital lease obligations, and (d) Contingent Obligations. 
 “Indemnified Person” is defined in
Section 12.2. 

  
 - 26 - 

 “Insolvency Proceeding” is any proceeding by or against any Person under the
United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 “Intellectual Property” means all of Borrower’s right, title, and interest in and to the following: 

(a) its Copyrights, Trademarks and Patents; 

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

(d) any and all design rights which may be available to a Borrower; 

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

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

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term
as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of
Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “Key Person” is Borrower’s Chief Executive Officer and
Chief Scientist/Head of Research and Development. 
 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge,
security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement, the Warrant, the Perfection Certificate, any note, or notes or guaranties
executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank in connection with this Agreement, all as amended, restated, or otherwise modified. 

  
 - 27 - 

 “Material Adverse Change” is (a) a material impairment in the perfection or
priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect
of repayment of any portion of the Obligations. 
 “Monthly Financial Statements” is defined in Section 6.2(a). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, Bank Expenses, the Prepayment
Premium, the Final Payment and other amounts Borrower owes Bank now or later, whether under this Agreement, the Loan Documents, or otherwise, including, without limitation, all obligations relating to letters of credit (including reimbursement
obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to
Bank, and to perform Borrower’s duties under the Loan Documents. 
 “Operating Documents” are, for any Person, such
Person’s formation documents, as certified with the Secretary of State of such Person’s state of formation on a date that is no earlier than 30 days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in
current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the
foregoing with all current amendments or modifications thereto. 
 “Patents” means all patents, patent applications and
like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

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

“Payment Date” is the first Business Day of each calendar month. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

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

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

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

  
 - 28 - 

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

“Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; 

(b) Investments consisting of Cash Equivalents; and 

(c) Investments permitted by Borrower’s investment policy (attached hereto as Exhibit D), as amended from time to time,
provided that such investment policy (and any such amendment thereto) has been approved in writing by Bank, which approval shall not be unreasonably withheld. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being
contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
adopted thereunder; 
 (c) purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of
the Equipment securing no more than Fifty Thousand Dollars ($50,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the
Equipment; 
 (d) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through
(c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(e) non-exclusive licenses and similar agreements for the use of the Intellectual Property of Borrower or its Subsidiaries in the ordinary
course of business; and 

  
 - 29 - 

 (f) exclusive licenses for the use of the Intellectual Property of Borrower or its Subsidiaries
in the ordinary course of business provided that such licenses do not result in a legal transfer of title or sale of the licensed property. 

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

“Prepayment Premium” shall be an additional fee payable to Bank in an amount equal to: 

(i) for a prepayment made on or prior to the date which is twelve (12) months following the Effective Date, two percent
(2.0%) of the principal amount of the Growth Capital Advance prepaid; and 
 (ii) for a prepayment made after the date
which is twelve (12) months following the Effective Date, one percent (1.0%) of the principal amount of the Growth Capital Advance prepaid. 

“Prime Rate” is the greater of (a) Bank’s most recently announced “prime rate,” even if it is not
Bank’s lowest rate, and (b) four percent (4.0%). 
 “Registered Organization” is any “registered
organization” as defined in the Code with such additions to such term as may hereafter be made. 
 “Requirement of Law”
is as to any Person, the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to
or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible
Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower. 

“Restricted License” is any material license or other material agreement with respect to which Borrower is the licensee
(a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of could interfere with
the Bank’s right to sell any Collateral. 
 “SEC” shall mean the Securities and Exchange Commission, any successor
thereto, and any analogous Governmental Authority. 
 “Second Draw Period” is the period of time commencing upon the
expiration of the First Draw Period and continuing through the earliest to occur of (a) July 31, 2010, and (b) an Event of Default. 

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

  
 - 30 - 

 “Second Growth Capital Advance Amount” is an amount equal to One Million Five
Hundred Thousand Dollars ($1,500,000.00), less the principal amount of the First Growth Capital Advance. The maximum aggregate Growth Capital Advances hereunder shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000.00). 

“Securities Account” is any “securities account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now
or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank. 

“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise requires,
each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Trademarks” means any trademark
and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Warrant” is that certain Warrant to Purchase Stock dated as of the Effective Date executed by Borrower in favor of Bank.

 [Signature page follows.] 

  
 - 31 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the Effective Date. 
  

			
	BORROWER:
	
	ELEVEN BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ Mark Levin

	Name:	 	 Mark Levin

	Title:	 	 Acting CEO

	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Bernadette M. McCloud

	Name:	 	 Bernadette M. McCloud

	Title:	 	 Vice President

  
 1 

 EXHIBIT A - COLLATERAL DESCRIPTION 

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

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and

 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, the Collateral shall include all
Accounts and all proceeds of Intellectual Property. 
 Subject to Section 7.5 of the Loan and Security Agreement, Borrower has agreed not to
encumber any of its Intellectual Property without Bank’s prior written consent. 

  
 1 

 EXHIBIT B - LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON EASTERN TIME* 
  

							
	Fax To:	 		 	Date:	 	  

  

									
	LOAN PAYMENT	  	 	  	 	  	 
	 
	
ELEVEN BIOTHERAPEUTICS, INC.
  

	From Account #	 	  
	  		  	To Account	  	 
	#	 	  
	  		  		  	 
	 	 	(Deposit Account #)	  		  		  	(Loan Account #)
	Principal $	 	  
	  		  	and/or Interest	  	 
	$	 	  
	  		  		  	 
	 				 
	Authorized Signature:	 	  
	  		  	Phone Number:	  	  

	Print Name/Title:	 	  
	  		  		  	 
	 	 		  		  		  	 
	 	 		  		  		  	 
	LOAN ADVANCE:	  		  	 
	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are
for an outgoing wire.
	 				 
	From Account #	 	  
	  		  	To Account	  	 
	#	 	  
	  		  		  	 
	 	 	(Loan Account #)	  		  		  	(Deposit Account #)
	 				 
	Amount of Advance $	 	  
	  		  		  	 
	 
	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and
complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:
	 				 
	Authorized Signature:	 	  
	  		  	Phone Number:	  	  

	Print Name/Title:	 	  
	  		  		  	 
	 	 	 	  	 	  	 	  	 

  

	*	Unless otherwise provided for an Advance bearing interest at LIBOR. 

  
 1 

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

	 	 	(For International Wire Only)
	  
 Intermediary
Bank:
                                         
                             
	 	  
 Transit (ABA)
#:                         

	For Further Credit to: 
                                         
                                         
                                         
                                         
   
	  

Special Instruction: 
                                         
                                         
                                         
                                         
       

	  

By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and
conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).

	  
 Authorized
Signature:
                                         
                     
	 	  
 2nd Signature (if required):

	
                                         
                                         
  	 	 
	Print Name/Title:
                                         
                            	 	Print Name/Title:
	
                                         
                                         
  	 	 
	 Telephone #:
                                         
                                   

 
	 	Telephone #:

  
 2 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                    
	FROM:	  	ELEVEN BIOTHERAPEUTICS, INC.	  	

 The undersigned authorized officer of ELEVEN BIOTHERAPEUTICS, INC. (“Borrower”) certifies that under
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in
complete compliance for the period ending                      with all required covenants except as noted below; (2) there are no Events of
Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed
by Borrower except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits
of which Borrower has not previously provided written notification to Bank. 
 Attached are the required documents supporting the
certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may
be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not
otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under
“Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	 Complies

			
	Financial Statements and Compliance Certificate	  	Monthly within 30 days	  	Yes No
	Annual Financial Statements (CPA Audited)	  	FYE within 150 days (except that FY 2009 audited financial statements are due within 150 days after 2010 FYE)	  	Yes No
	Board Projections	  	FYE within 45 days	  	Yes No

  
 1 

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

	
	  

	  

	  

  

									
	ELEVEN BIOTHERAPEUTICS, INC.	 		 	BANK USE ONLY
					
		 		 		 	Received by:	 	  

	By:	 	  
	 		 		 	AUTHORIZED SIGNER
	Name:	 	  
	 		 	Date:	 	  

	Title:	 	  
	 		 		 	
		 		 		 	Verified:	 	  

		 		 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status:    Yes    No

  
 2 

 EXHIBIT D 

1205430.5 

  
 3 

 FIRST LOAN MODIFICATION AGREEMENT 

This First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of September 4, 2012, by and
between SILICON VALLEY BANK, a California corporation with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466
(“Bank”), and ELEVEN BIOTHERAPEUTICS, INC., a Delaware corporation with its chief executive office located at 215 First Street, Cambridge, Massachusetts 02142 (“Borrower”). 

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of May 27, 2010, evidenced by, among other documents, a certain Loan and Security Agreement dated as of May 27, 2010, between Borrower and Bank (as amended, the “Loan
Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF
COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the Loan Agreement (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents,
together with all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 
 3.
DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.1(b) (entitled “Interest Payments”) thereof: 

“ (b) Interest Payments. Commencing on the first Payment Date of the month following the month in which the Funding Date occurs,
Borrower shall make monthly payments of interest at the rate set forth in Section 2.2(a).” 
 and inserting in lieu thereof the
following: 
 “ (b) Interest Payments. Commencing on the first Payment Date of the month following the month in which the
Funding Date occurs, Borrower shall make monthly payments of interest at the rate set forth in Section 2.2(a)(i).” 
  

	 	2.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.1(c) (entitled “Repayment”) thereof: 

“ (c) Repayment. Commencing on the applicable Growth Capital Amortization Date and continuing on each

  
 39 

 
Payment Date thereafter, Borrower shall repay each Growth Capital Advance in (i) thirty-six (36) equal monthly installments of principal, plus (ii) monthly payments of accrued
interest at the rate set forth in Section 2.2(a). All outstanding and accrued and unpaid interest under each Growth Capital Advance is due and payable in full on the applicable Growth Capital Maturity Date.” 

and inserting in lieu thereof the following: 

“ (c) Repayment. Commencing on the applicable Growth Capital Amortization Date and continuing on each Payment Date thereafter,
Borrower shall repay each Growth Capital Advance in (i) thirty-six (36) equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.2(a)(i). All outstanding and
accrued and unpaid interest under each Growth Capital Advance is due and payable in full on the applicable Growth Capital Maturity Date.” 
  

	 	3.	The Loan Agreement shall be amended by inserting the following new provision to appear as Section 2.1.2 thereof: 

“ 2.1.2 2012 Growth Capital Loan. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank agrees to make one (1) advance (the “First 2012
Growth Capital Advance”) available to Borrower in the amount of Two Million Dollars ($2,000,000.00) on the 2012 Effective Date, provided that a portion of the proceeds of the First 2012 Growth Capital Advance shall be used to pay in full all
outstanding obligations of Borrower to Bank in connection with the Growth Capital Advances pursuant to Section 2.1.1 hereof. Subject to the terms and conditions of this Agreement, during the 2012 Draw Period, Bank agrees to make advances (each,
a “Second 2012 Growth Capital Advance,” and collectively, the “Second 2012 Growth Capital Advances”) available to Borrower in aggregate amount of up to Three Million Dollars ($3,000,000.00). The First 2012 Growth Capital Advance
and the Second 2012 Growth Capital Advances are hereinafter referred to singly as a “2012 Growth Capital Advance” and collectively as the “2012 Growth Capital Advances”. Each 2012 Growth Capital Advance must be in an amount equal
to at least One Million Dollars ($1,000,000.00). After repayment, no 2012 Growth Capital Advance may be reborrowed. 

  
 40 

 (b) Interest Payments. Commencing on the first Payment Date of the month following the
month in which the Funding Date occurs, Borrower shall make monthly payments of interest at the rate set forth in Section 2.2(a)(ii). 

(c) Repayment. Commencing on October 1, 2013 and continuing on each Payment Date thereafter, Borrower shall repay each 2012 Growth
Capital Advance in (i) thirty-six (36) equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.2(a)(ii). All outstanding and accrued and unpaid interest under
each 2012 Growth Capital Advance and all other outstanding Obligations with respect to the 2012 Growth Capital Advances are due and payable in full on the 2012 Growth Capital Maturity Date. 

(d) Mandatory Prepayment Upon an Acceleration. If a 2012 Growth Capital Advance is accelerated following the occurrence of an Event of
Default or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued interest under the 2012 Growth Capital Advances, (ii) the Prepayment Premium, (iii) the Final
Payment, plus (iv) all other sums, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

(e) Permitted Prepayment of Growth Capital Advances. Borrower shall have the option, so long as an Event of Default has not occurred
and is not continuing, to prepay all (but not less than all) of each 2012 Growth Capital Advance advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to prepay such 2012 Growth Capital
Advance at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued interest with respect to such 2012 Growth Capital Advance, (B) the applicable
Prepayment Premium, (C) the applicable Final Payment, plus (D) all other sums, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts.” 

  
 41 

	 	4.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.2(a) (entitled “Interest Rate”) thereof: 

“ (a) Interest Rate. Subject to Section 2.2(b), the principal amount of each Growth Capital Advance shall accrue interest at
a fixed per annum rate equal to four and one quarter of one percentage points (4.25%) above the Prime Rate determined by Bank as of the applicable Funding Date of such Growth Capital Advance, which interest shall be payable monthly in
accordance with Section 2.2(e) below.” 
 and inserting in lieu thereof the following: 

“ (a) Interest Rate. 
 (i)
Growth Capital Advances. Subject to Section 2.2(b), the principal amount of each Growth Capital Advance shall accrue interest at a fixed per annum rate equal to four and one quarter of one percentage points (4.25%) above the Prime
Rate determined by Bank as of the applicable Funding Date of such Growth Capital Advance, which interest shall be payable monthly in accordance with Section 2.2(e) below. 

(ii) 2012 Growth Capital Advances. Subject to Section 2.2(b), the principal amount of each 2012 Growth Capital Advance shall
accrue interest at a fixed per annum rate equal to two and one half of one percent (2.5%) above the WSJ Prime Rate determined by Bank as of the applicable Funding Date of such 2012 Growth Capital Advance, which interest shall be payable monthly
in accordance with Section 2.2(e) below.” 
  

	 	5.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 3.4 (entitled “Procedures for Borrowing”) thereof: 

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

  
 42 

 
Responsible Officer or designee. Bank shall credit Growth Capital Advances to the Designated Deposit Account. Bank may make Growth Capital Advances under this Agreement based on instructions from
a Responsible Officer or his or her designee or without instructions if the Growth Capital Advances are necessary to meet Obligations which have become due.” 

and inserting in lieu thereof the following: 

“ 3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Credit
Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Eastern time on the Funding Date of the Credit Extension.
Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely on any telephone
notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Credit Extensions to the Designated Deposit Account. Bank may make Credit Extensions under this Agreement based on instructions from a Responsible
Officer or his or her designee or without instructions if the Credit Extensions are necessary to meet Obligations which have become due.” 
  

	 	6.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 6.2(c) (entitled “Annual Audited Financial Statements”) thereof: 

“ (c) Annual Audited Financial Statements. As soon as available, but no later than (i) only with respect to Borrower’s
2009 fiscal year, one hundred fifty (150) days after the last day of Borrower’s 2010 fiscal year, and (ii) for Borrower’s 2010 fiscal year and for each of Borrower’s fiscal years thereafter, one hundred fifty (150) days
after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting
firm acceptable to Bank in its reasonable discretion;” 
 and inserting in lieu thereof the following: 

“ (c) Annual Audited Financial Statements. As soon as available, but no later than one hundred eighty (180) days after the
last day of Borrower’s fiscal year, audited consolidated financial 

  
 43 

 
statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable to Bank in
its reasonable discretion;” 
  

	 	7.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 6.2(d) (entitled “Board Projections”) thereof: 

“ (d) Board Projections. No later than forty-five (45) days after Borrower’s fiscal year end, Borrower’s Board of
Directors’ approved projections for the subsequent fiscal year;” 
 and inserting in lieu thereof the following: 

“ (d) Board Projections. As soon as available, but no later than sixty (60) days after the last day of Borrower’s fiscal
year, and contemporaneously with any updates or changes thereto, Board-approved projections as to the then current fiscal year in a form acceptable to Bank;” 
  

	 	8.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 6.6(a) (entitled “Operating Accounts”) thereof: 

“ (a) Maintain all of its operating and other deposit accounts with Bank and Bank’s Affiliates, up to Five Million Dollars
($5,000,000.00) in unrestricted and unencumbered cash.” 
 and inserting in lieu thereof the following; 

“ (a) Maintain all of its and all of its Subsidiaries’ operating, depository, and securities accounts with Bank and Bank’s
Affiliates.” 
  

	 	9.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 8.1 (entitled “Payment Default”) thereof: 

“ 8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due
date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the applicable Growth Capital Maturity
Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);” 

  
 44 

 and inserting in lieu thereof the following: 

“ 8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due
date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the applicable Growth Capital Maturity Date
or the 2012 Growth Capital Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure
period);” 
  

	 	10.	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: 

“ “Credit Extension” is any Growth Capital Advance or any other extension of credit by Bank for Borrower’s
benefit.” 
 “ “Final Payment” is a payment (in addition to and not a substitution for the regular monthly
payments of interest, or principal plus accrued interest, as applicable) with respect to each Growth Capital Advance due on the earlier of (a) the final Payment Date for each Growth Capital Advance or (b) the acceleration of each Growth
Capital Advance, equal to the amount of such Growth Capital Advance multiplied by the Final Payment Percentage.” 
 “
“Final Payment Percentage” is, for each Growth Capital Advance, three percent (3.0%).” 
 “ “Prepayment
Premium” shall be an additional fee payable to Bank in an amount equal to: 
 (i) for a prepayment made on or prior to the date
which is twelve (12) months following the Effective Date, two percent (2.0%) of the principal amount of the Growth Capital Advance prepaid; and 

(ii) for a prepayment made after the date which is twelve (12) months following the Effective Date, one percent (1.0%) of the
principal amount of the Growth Capital Advance prepaid.” 
 “ “Warrant” is that certain Warrant to Purchase Stock
dated as of the Effective Date executed by Borrower in favor of Bank.” 

  
 45 

 and inserting in lieu thereof the following: 

“ “Credit Extension” is any Growth Capital Advance, 2012 Growth Capital Advance, or any other extension of credit by
Bank for Borrower’s benefit.” 
 “ “Final Payment” is (a) a payment (in addition to and not a
substitution for the regular monthly payments of interest, or principal plus accrued interest, as applicable) with respect to each Growth Capital Advance due on the earlier of (i) the final Payment Date for each Growth Capital Advance or
(ii) the acceleration of each Growth Capital Advance, equal to the amount of such Growth Capital Advance multiplied by the Final Payment Percentage, and (b) a payment (in addition to and not a substitution for the regular monthly payments
of interest, or principal plus accrued interest, as applicable) with respect to each 2012 Growth Capital Advance due on the earlier of (i) the 2012 Growth Capital Maturity Date, (ii) the acceleration of any 2012 Growth Capital Advance, or
(iii) the prepayment of any 2012 Growth Capital Advances pursuant to Section 2.1.2(d) or 2.1.2(e), equal to the original principal amount of such 2012 Growth Capital Advance extended by Bank multiplied by the Final Payment
Percentage.” 
 “ “Final Payment Percentage” is, (a) for each Growth Capital Advance, three percent (3.0%),
and (b) for each 2012 Growth Capital Advance, four percent (4.0%).” 
 “ “Prepayment Premium” shall be an
additional fee payable to Bank in an amount equal to: 
 (i) for a prepayment of a Growth Capital Advance made (a) on or prior to the
date which is twelve (12) months following the Effective Date, two percent (2.0%) of the principal amount of the Growth Capital Advance prepaid, and (b) after the date which is twelve (12) months following the Effective Date, one
percent (1.0%) of the principal amount of the Growth Capital Advance prepaid. Notwithstanding the foregoing, Bank shall waive the Prepayment Premium in connection with the Growth Capital Advances if Bank agrees to refinance (in its sole and
absolute discretion) the Growth Capital Advances; and 
 (ii) for a prepayment of a 2012 Growth Capital Advance made (a) on or prior to
the date which is twelve (12) months following the Funding Date of such 2012 Growth Capital Advance, two percent (2.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such
prepayment, (b) after the date which is twelve (12) months following the 

  
 46 

 
Funding Date of such 2012 Growth Capital Advance, but on or prior to the date which is twenty-four (24) months following the Funding Date of such 2012 Growth Capital Advance, one percent
(1.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such prepayment, and (c) after the date which is twenty-four (24) months following the Funding Date of such 2012
Growth Capital Advance, zero percent (0.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such prepayment. Notwithstanding the foregoing, Bank shall waive the Prepayment Premium in
connection with the 2012 Growth Capital Advances if Bank agrees to refinance (in its sole and absolute discretion) the 2012 Growth Capital Advances.” 

“ “Warrant” is (a) that certain Warrant to Purchase Stock dated as of the Effective Date executed by Borrower in
favor of Bank, and (b) that certain Warrant to Purchase Stock dated as of the 2012 Effective Date executed by Borrower in favor of Bank.” 
  

	 	11.	The Loan Agreement shall be amended by inserting the following new definitions to appear alphabetically in Section 13.1 thereof: 

“ “2012 Draw Period” is the period of time commencing upon the 2012 Effective Date through the earliest to occur of (a)
March 31, 2013, and (b) an Event of Default.” 
 “ “2012 Effective Date” is September 4,
2012.” 
 “ “2012 Growth Capital Advance” and “2012 Growth Capital Advances” are each defined in
Section 2.1.2(a).” 
 “ “2012 Growth Capital Maturity Date” is September 1, 2016.” 

“ “Board” means Borrower’s board of directors.” 

“ “First 2012 Growth Capital Advance” is defined in Section 2.1.2(a).” 

“ “Second 2012 Growth Capital Advance” and “Second 2012 Growth Capital Advances” are each defined in
Section 2.1.2(a).” 
 “ “WSJ Prime Rate” means greater of (a) three and one quarter of one percent (3.25%), or
(b) the rate of interest published 

  
 47 

 
in the “Money Rates” section of The Wall Street Journal, Eastern Edition as the “United States Prime Rate,” even if such rate is not the lowest or best rate available.
In the event that The Wall Street Journal, Eastern Edition is not published or such rate does not appear in The Wall Street Journal, Eastern Edition, the Prime Rate shall be determined by Bank until such time as the Prime Rate becomes
available in accordance with past practices.” 
  

	 	12.	The Compliance Certificate appearing as Exhibit C to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Schedule 1 hereto. 

4. FEES. Borrower shall pay to Bank a commitment fee equal to Twenty-Five Thousand Dollars ($25,000.00), which fee shall be due on the date hereof and
shall be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 

5. UPDATED PERFECTION CERTIFICATE. Borrower has delivered an updated Perfection Certificate in connection with this Loan Modification Agreement dated
as of September 4, 2012 (the “Updated Perfection Certificate”), which Updated Perfection Certificate shall supersede in all respects that certain Perfection Certificate dated as of May 27, 2010. Borrower agrees that all
references in the Loan Agreement to “Perfection Certificate” shall hereinafter be deemed to be a reference to the Updated Perfection Certificate. 

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 

7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other collateral
granted to Bank and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 8. NO DEFENSES OF BORROWER.
Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 

9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s
representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and
effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by
virtue of this Loan Modification Agreement. 

  
 48 

 10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been
executed by Borrower and Bank. 
 [The remainder of this page is intentionally left blank] 

  
 49 

 This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above. 
  

									
	BORROWER:	 		 	BANK:
			
	ELEVEN BIOTHERAPEUTICS INC.	 		 	SILICON VALLEY BANK
					
	By:	 	 /s/ Abbie Celniker
	 		 	By:	 	 /s/ Christina M. Zorzi

					
	Name:	 	 Abbie Celniker
	 		 	Name:	 	 Christina M. Zorzi

					
	Title:	 	 CEO
	 		 	Title:	 	 Relationship Manager

  
 50 

 Schedule 1 

EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

					
	TO:	 	SILICON VALLEY BANK	  	Date:                     
	FROM:	 	ELEVEN BIOTHERAPEUTICS, INC.	  	

 The undersigned authorized officer of ELEVEN BIOTHERAPEUTICS, INC. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in complete compliance for the
period ending                      with all required covenants except as noted below; (2) there are no Events of Default; (3) all
representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such
date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed’ by Borrower
except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which
Borrower has not previously provided written notification to Bank. 
 Attached are the required documents supporting the certification. The undersigned
certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or
date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have
the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenant
	  	 Required
	  	 Complies

			
	Financial Statements and Compliance Certificate	  	Monthly within 30 days	  	Yes    No
	Annual Financial Statements (CPA Audited)	  	FYE within 180 days	  	Yes    No
	Board Projections	  	FYE within 60 days	  	Yes    No

  
 51 

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

 
  
  

 
  

									
	ELEVEN BIOTHERAPEUTICS, INC.	 		 	BANK USE ONLY
					
	By:	 	  
	 		 	Received by:	 	  

		 		 		 		 	AUTHORIZED SIGNER    
					
	Name:	 	  
	 		 		 	
				
		 		 	Date:	 	  

	Title:	 	  
	 		 	Verified:	 	  

		 		 		 		 	AUTHORIZED SIGNER    
					
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status:    Yes    No

  
 52

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]