Document:

EX-10.4

 Exhibit 10.4 

CHIASMA, INC. 
 2015
EMPLOYEE STOCK PURCHASE PLAN 
 The purpose of the Chiasma, Inc. 2015 Employee Stock Purchase Plan (“the Plan”) is to provide
eligible employees of Chiasma, Inc. (the “Company”) and each Designated Subsidiary (as defined in Section 11) with opportunities to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”). 260,000 shares of Common Stock have been approved and reserved for this purpose, plus on January 1, 2016, and each January 1 thereafter, the number of shares of Common Stock reserved and available for issuance under
the Plan shall be cumulatively increased by the lesser of (i) 520,000 shares of Common Stock, (ii) one percent (1.0%) of the number of shares of Common Stock issued and outstanding on the immediately preceding
December 31st, or (iii) such number of shares of Common Stock as determined by the Administrator (the “Annual Increase”). The Plan is intended to constitute an “employee stock purchase plan” within the meaning of
Section 423(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with that intent. 

1. Administration. The Plan will be administered by the Compensation Committee (the “Committee”) of Company’s Board of
Directors (the “Board”) or by the person or persons appointed by the Committee for such purpose (the “Administrator”). The Administrator has authority at any time to: (i) adopt, alter and repeal such rules, guidelines and
practices for the administration of the Plan and for its own acts and proceedings as it shall deem advisable; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations it deems advisable for the administration of
the Plan; (iv) decide all disputes arising in connection with the Plan; and (v) otherwise supervise the administration of the Plan. All interpretations and decisions of the 

 
Administrator shall be binding on all persons, including the Company and the Participants. No member of the Board or individual exercising administrative authority with respect to the Plan shall
be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder. 
 2.
Offerings. The Company will make one or more offerings to eligible employees to purchase Common Stock under the Plan (“Offerings”). Unless otherwise determined by the Administrator, an Offering will begin on the first business day
occurring on or after each January 1 and July 1 and will end on the last business day occurring on or before the following June 30 and December 31, respectively. The Administrator may, in its discretion, designate a different
period for any Offering, provided that no Offering shall exceed six months in duration or overlap any other Offering. 
 3.
Eligibility. All individuals classified as employees on the payroll records of the Company and each Designated Subsidiary are eligible to participate in any one or more of the Offerings under the Plan, provided that as of the first day of the
applicable Offering (the “Offering Date”) they are customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week. Notwithstanding any other provision herein, individuals who are not contemporaneously
classified as employees of the Company or a Designated Subsidiary for purposes of the Company’s or applicable Designated Subsidiary’s payroll system are not considered to be eligible employees of the Company or any Designated Subsidiary
and shall not be eligible to participate in the Plan. In the event any such individuals are reclassified as employees of the Company or a Designated Subsidiary for any purpose, including, without limitation, common law or statutory employees, by any
action of any third party, including, without limitation, any government agency, or as a result of any private lawsuit, action or 

  
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administrative proceeding, such individuals shall, notwithstanding such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals
who are not contemporaneously classified as employees of the Company or a Designated Subsidiary on the Company’s or Designated Subsidiary’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan,
duly executed by the Company, which specifically renders such individuals eligible to participate herein. 
 4. Participation. 

(a) Participants. An eligible employee who is not a Participant on any Offering Date may participate in such Offering by submitting an
enrollment form to the Company at the location and in the manner determined by the Administrator (including, if applicable, electronically) at least 15 business days before the Offering Date (or by such other deadline as shall be established by the
Administrator for the Offering). 
 (b) Enrollment. The enrollment form will (a) state a whole percentage to be deducted from an
eligible employee’s Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Common Stock in each Offering in accordance with the terms of the Plan and (c) specify the exact name or names in which
shares of Common Stock purchased for such individual are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived the right to participate. Unless a Participant files
a new enrollment form or withdraws from the Plan, such Participant’s deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided he or she remains eligible. 

(c) Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code.

  
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 5. Employee Contributions. Each eligible employee may authorize payroll deductions at a
minimum of 1 percent up to a maximum of 10 percent of such employee’s Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each Participant for each Offering. No
interest will accrue or be paid on payroll deductions. 
 6. Deduction Changes. Except as may be determined by the Administrator in
advance of an Offering, a Participant may not increase or decrease his or her payroll deduction during any Offering, but may increase or decrease his or her payroll deduction with respect to the next Offering (subject to the limitations of
Section 5) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). The Administrator may, in advance of any Offering,
establish rules permitting a Participant to increase, decrease or terminate his or her payroll deduction during an Offering. 
 7.
Withdrawal. A Participant may withdraw from participation in the Plan by delivering a written notice of withdrawal to the Company at the location and in the manner determined by the Administrator (including, if applicable, electronically) no
later than the deadline established by the Administrator for each Offering. The Participant’s withdrawal will be effective as of the next business day. Following a Participant’s withdrawal, the Company will promptly refund such
individual’s entire account balance under the Plan to him or her (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin participation again
during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4. 

  
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 8. Grant of Options. On each Offering Date, the Company will grant to each eligible
employee who is then a Participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at the Option Price hereinafter provided for, the lowest of (a) a number of shares of
Common Stock determined by dividing such Participant’s accumulated payroll deductions on such Exercise Date by the Option Price (as defined herein), (b) 2,500 shares; or (c) such other lesser maximum number of shares as shall have
been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations set forth below. Each Participant’s Option shall be exercisable only to the extent of such
Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option (the “Option Price”) will be 85 percent of the Fair Market Value of the Common Stock on the Offering Date
or the Exercise Date, whichever is less. 
 Notwithstanding the foregoing, no Participant may be granted an option hereunder if such
Participant, immediately after the option was granted, would be treated as owning stock possessing 5 percent or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in
Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of a Participant, and all stock which the Participant has a contractual right to
purchase shall be treated as stock owned by the Participant. In addition, no Participant may be granted an Option which permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its
Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The

  
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purpose of the limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted.

 9. Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise Date
shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date will
purchase at the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in a Participant’s account at the end of an Offering solely by reason of the inability to purchase a fractional share will be carried
forward to the next Offering; any other balance remaining in a Participant’s account at the end of an Offering will be refunded to the Participant promptly. 

10. Issuance of Certificates. Certificates representing shares of Common Stock purchased under the Plan may be issued only in the name
of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, her or their, nominee for such purpose. 

11. Definitions. 
 The
term “Compensation” means the amount of base pay prior to salary reduction pursuant to Sections 125, 132(f) or 401(k) of the Code, but excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for
expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company stock options, and similar items. 

The term “Designated Subsidiary” means any present or future Subsidiary (as defined below) that has been designated by the Board to
participate in the Plan. The Board may so 

  
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designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders. The current list of Designated
Subsidiaries is attached hereto as Appendix A. 
 The term “Fair Market Value of the Common Stock” on any given date means the
fair market value of the Common Stock determined in good faith by the Administrator; provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System
(“NASDAQ”), NASDAQ Global Market or another national securities exchange, the determination shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall be made by
reference to the last date preceding such date for which there is a closing price. 
 The term “Initial Public Offering” means the
first underwritten, firm commitment public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale by the Company of its equity securities, or such other event as a result of
or following which the Company’s Common Stock shall be publicly held. 
 The term “Parent” means a “parent
corporation” with respect to the Company, as defined in Section 424(e) of the Code. 
 The term “Participant” means an
individual who is eligible as determined in Section 3 and who has complied with the provisions of Section 4. 
 The term
“Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of the Code. 

12. Rights on Termination of Employment. If a Participant’s employment terminates for any reason before the Exercise Date for any
Offering, no payroll deduction will be taken from any pay due and owing to the Participant and the balance in the Participant’s account will 

  
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be paid to such Participant or, in the case of such Participant’s death, to his or her designated beneficiary as if such Participant had withdrawn from the Plan under Section 7. An
employee will be deemed to have terminated employment, for this purpose, if the corporation that employs him or her, having been a Designated Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any corporation other than the
Company or a Designated Subsidiary. An employee will not be deemed to have terminated employment for this purpose, if the employee is on an approved leave of absence for military service or sickness or for any other purpose approved by the Company,
if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise provides in writing. 

13. Special Rules. Notwithstanding anything herein to the contrary, the Administrator may adopt special rules applicable to the
employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated Subsidiary has employees; provided that
such rules are consistent with the requirements of Section 423(b) of the Code. Any special rules established pursuant to this Section 13 shall, to the extent possible, result in the employees subject to such rules having substantially the
same rights as other Participants in the Plan. 
 14. Optionees Not Stockholders. Neither the granting of an Option to a Participant
nor the deductions from his or her pay shall constitute such Participant a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased by and issued to him or her. 

  
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 15. Rights Not Transferable. Rights under the Plan are not transferable by a Participant
other than by will or the laws of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant. 

16. Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds and may
be used for any corporate purpose. 
 17. Adjustment in Case of Changes Affecting Common Stock. In the event of a subdivision of
outstanding shares of Common Stock, the payment of a dividend in Common Stock or any other change affecting the Common Stock, the number of shares approved for the Plan and the share limitation set forth in Section 8 shall be equitably or
proportionately adjusted to give proper effect to such event. 
 18. Amendment of the Plan. The Board may at any time and from time
to time amend the Plan in any respect, except that without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would
require stockholder approval in order for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code. 

19. Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date plus the
number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among Participants in proportion to the amount of payroll deductions
accumulated on behalf of each Participant that would otherwise be used to purchase Common Stock on such Exercise Date. 

  
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 20. Termination of the Plan. The Plan may be terminated at any time by the Board. Upon
termination of the Plan, all amounts in the accounts of Participants shall be promptly refunded. 
 21. Governmental Regulations. The
Company’s obligation to sell and deliver Common Stock under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock. 

22. Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in accordance with, the
laws of the State of Delaware, applied without regard to conflict of law principles. 
 23. Issuance of Shares. Shares may be issued
upon exercise of an Option from authorized but unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source. 

24. Tax Withholding. Participation in the Plan is subject to any minimum required tax withholding on income of the Participant in
connection with the Plan. Each Participant agrees, by entering the Plan, that the Company and its Subsidiaries shall have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant, including shares issuable
under the Plan. 
 25. Notification Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt
notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased. 

26. Effective Date and Approval of Shareholders. The Plan shall take effect on the date of the Company’s Initial Public Offering,
subject to approval by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present or by written consent of the stockholders. 

  
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 APPENDIX A  

Designated Subsidiaries 
 Chiasma
(Israel) Ltd. 

  
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 CHIASMA, INC. 

2015 EMPLOYEE STOCK PURCHASE PLAN 

ISRAELI ADDENDUM 
  

	1.	Purpose of the Addendum: This Israeli Addendum (the “Addendum”) shall form an integral part of the 2015 Employee Stock Purchase Plan (the “Plan”) of Chiasma, Inc. (the
“Company”), and it shall apply only to individuals who are deemed residents of the State of Israel for the purpose of Israeli tax laws (“Israeli Participants”). 

This Addendum supplements the Plan so that it shall comply with the requirements of the Israeli Tax Ordinance (as defined below). 

The Plan and this Israeli Addendum are complimentary to each other and shall be read and deemed as one. Any requirements provided in this
Addendum shall be in addition to the requirements provided in the Plan and in the Offering. In the event of conflict, whether explicit or implied, between the provisions of the Plan and this Addendum, the latter shall govern and prevail with respect
to grant of Options to Israeli Participants or the issuance of Common Stock thereunder. 
  

	2.	Definitions: 

 Unless otherwise defined herein, the terms defined in this Addendum shall
have the same meaning as set out in the Plan. 
 For the purposes of this Addendum, the following terms shall have the meaning set forth
below: 
  

	 	(a)	“Additional Rights” means any distribution of rights, including an issuance of bonus shares granted in accordance with the terms of the Plan, in connection with Section 102 Options (as defined
below) and/or with the Common Stock issued thereunder. 

  

	 	(b)	“Affiliate(s)” means a present or future company that either (i) controls the Company or is controlled by the Company; or (ii) is controlled by the same person or entity that controls the
Company, provided that for the purpose of grants made under Section 102, such company is an “employing company” within the meaning of Section 102(a) of the Tax Ordinance. 

 

	 	(c)	“Controlling Shareholder” shall have the same meaning ascribed to it in Section 32(9) of the Tax Ordinance. 

  

	 	(d)	“Employee” solely with respect to to Section 102 Trustee Options and Section 102 Non-Trustee Options (as defined below), “Employee” means any Israeli Participant, employed by the
Company or a Affiliate thereof and shall also include Directors and office holders (“Nosei Misra” as such term is defined in the Israeli Companies Law), but exclude any person who is a Controlling Shareholder. 

 

	 	(e)	 “Fair Market Value” means, without derogating from the definition of Fair Market Value in the Plan and solely for the purpose of
determining the tax liability with respect to the grant of Capital Gain Option through a Trustee pursuant to Section 102(b)(3); (i) if at the date of grant the Company’s stock is listed on any established stock exchange or a national
market system or if the Company’s stock will be registered for trading within ninety (90) days following the date of grant, the Fair Market Value of the Stock at the date of grant shall be determined in accordance with the average value of
the Company’s Stock on the thirty (30) trading days preceding the date of grant or on the thirty (30) trading days following the date of registration for 

	 	
trading, as the case may be, unless otherwise instructed by the ITA; (ii) if the stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair
Market Value shall be the mean between the high bid and low asked prices for the Stock on the last market trading day prior to the day of determination; or (iii) in the absence of an established market, the Fair Market Value thereof shall be
determined in good faith by the Board. 

  

	 	(f)	“ITA” means the Israeli Income Tax Authorities. 

  

	 	(g)	“Lock-up Period” means the period during which the Section 102 Trustee Options granted to an Israeli Participant or, the Common Stock underlying the Section 102 Trustee Option, as well as any
Additional Rights distributed in connection therewith are to be held by the Trustee (as defined below) on behalf of the Israeli Participant, in accordance with Section 102 pursuant to the tax route which the Company elects. 

 

	 	(h)	“Section 102” means Section 102 of the Israeli Income Tax Ordinance, and any regulations, rules, orders or procedures promulgated thereunder, all as amended, and the Rules, as well as the
requirements and terms of any Tax Ruling. 

  

	 	(i)	“Non-Employee” means any Israeli Participant who is not an Employee. 

  

	 	(j)	“Rules” means the Income Tax Rules (Tax Relief upon the Allotment of Shares to Employees), 2003, and any regulations, rules, orders or procedures promulgated thereunder, all as amended.

  

	 	(k)	“Tax Ruling” shall mean any ruling or authorization which the Company, at its sole and absolute discretion, may obtain from the ITA in connection with the Plan or the Options granted thereunder,
including any terms and conditions and restrictions set forth therein. 

  

	 	(l)	“Section 3(i)” means Section 3(i) of the Tax Ordinance, and any regulations, rules, orders or procedures promulgated thereunder, all as amended. 

 

	 	(m)	“Section 3(i) Option” means an Option granted to Israeli Participants pursuant to Section 3(i). 

  

	 	(n)	“Section 102 Trustee Option” means an Option granted to Israeli Participants that by its terms qualifies and is intended to qualify under the provisions of Section 102(b) of the Tax Ordinance
(including the Section 102(b) Route Election (as defined below)), as either: 

  

	 	(1)	“Ordinary Income Option Through a Trustee” for the special tax treatment under Section 102(b)(1) and the “Ordinary Income Route”, or 

 

	 	(2)	“Capital Gain Option Through a Trustee” for the special tax treatment under Section 102(b)(2) and the “Capital Route”. 

 

	 	(o)	“Section 102(b) Route Election” means the right of the Company to choose either the “Capital Route” (as set under Section 102(b)(2)), or the “Ordinary Income Route” (as set
under Section 102(b)(1)), subject to the provisions of Section 102(g) of the Tax Ordinance. 

  

	 	(p)	“Section 102 Non-Trustee Option” means an Option granted not through a trustee under the terms of Section 102(c) of the Tax Ordinance. 

 

	 	(q)	“Tax Ordinance” means the Israeli Income Tax Ordinance, 1961. 

  

	 	(r)	 “Trustee” means a person or an entity, appointed by the Board and approved in accordance with the provisions of Section 102, to
hold in trust on behalf of the Israeli Participants the Section 102 Trustee Options, or the Common 

	 	
Stock underlying the Section 102 Trustee Options, as well as all Additional Rights granted in connection therewith, in accordance with the provisions of Section 102. 

 

	 	(s)	“Trust Agreement” means a written agreement between the Company and the Trustee, which sets forth the terms and conditions of the trust and is in accordance with the provisions of Section 102.

  

	3.	Administration: Further to the authorities of the Administrator, as detailed in the Plan, with regard to this Addendum, the Administrator shall have full power and authority to: (i) designate Options granted
under this Addendum as Section 102 Trustee Options, Section 102 Non-Trustee Options or Section 3(i) Option; (ii) make a Section 102(b) Route Election; (iii) adapt the forms of Offerings to include provisions regarding
the grant of Options in accordance with this Addendum and any applicable law; and (iii) determine any other matter and execute any document which is necessary or desirable for, or incidental to, the administration of the Addendum and the grant
of Options hereunder, including without limitation the appointment of a Trustee, the execution of a Trust Agreement and any other document necessary for submission of the Plan and this Addendum to the ITA, including, if so decided by the
Administrator at its sole discretion, the filing of a Tax Ruling. 

  

	4.	Eligibility: Subject to the terms and conditions of the Plan, Section 102 Trustee Options and Section 102 Non-Trustee Options may be granted only to Employees. Section 3(i) Options may be granted
only to Non-Employees. 

  

	5.	Section 102(b) Route Election: No Section 102 Trustee Options may be granted under this Addendum, unless and until, the Company’s Section 102(b) Route Election is appropriately filed with the
ITA before the first date of grant of Section 102 Trustee Option. The Section 102(b) Route Election shall obligate the Company in accordance with the provisions of Section 102(g) of the Tax Ordinance. For avoidance of doubt, it is
clarified that the Company does not obligate itself to file a Section 102(b) Route Election, and in any case, such Section 102(b) Route Election shall be at the sole discretion of the Company. It is further clarified that such
Section 102(b) Route Election shall not prevent the Company from granting Section 102 Non-Trustee Options simultaneously. 	 

  

	6.	Trustee: 

  

	 	6.1.	Section 102 Trustee Options, which shall be granted under the Addendum and any shares of Common Stock issued upon exercise thereof shall be issued to and in the name of the Trustee who shall hold the same in trust
for the benefit of the Employees at least for the applicable Lock-up Period. Upon the expiration of the Lock-up Period and subject to any further period included in the Plan and/or in the Offering, the Trustee may release Section 102 Trustee
Options or shares of Common Stock issued upon exercise thereof only after the Employee’s full payment of his or her tax liability in connection therewith due pursuant to the Tax Ordinance and the Rules and any applicable Tax Ruling.

  

	 	6.2.	Notwithstanding the above, in the event that an Employee shall elect to release Section 102 Trustee Options or the Common Stock underlying such Options prior to the expiration of the Lock-up Period, the sanctions
under Section 102 shall apply to and shall be borne solely by such Employee. 

  

	 	6.3.	Any Additional Rights distributed to Employees shall be deposited with and/or issued to the Trustee for the benefit of the Employees, and shall be held by the Trustee for the applicable Lock-up Period in accordance with
the provisions of Section 102 and the Rules and any applicable Tax Ruling. 

  

	 	6.4.	 As a condition to the grant of any Section 102 Trustee Options, the Israeli Participant shall provide the Company and the Trustee with a written
undertaking and confirmation pursuant to which the Israeli Participant confirms that he/she is aware 

	 	
of the provisions of Section 102 and the applicable Section 102(b) Route Election and agrees to the provisions of the Trust Agreement (including the ancillary trust note thereto)
between the Company and the Trustee and agrees to comply with the Tax Ordinance, the Rules and the provisions of the Trust Agreement, and undertakes not to release, by sale or transfer, the Sectoin 102 Trustee Options, and the Common Stock issued
pursuant thereto, and all rights attached thereto (including Additional Rights) prior to the lapse of the applicable Lock-up Period. The Israeli Participant shall not be entitled to sell or release from trust the Section 102 Trustee Options,
nor the Common Stock issued pursuant thereto, nor any right attached thereto (including Additional Rights), nor to request the transfer or sale of any of the same to any third party, before the lapse of the Lock-up Period. The Israeli Participant
shall further agree to exempt the Company and the Trustee from any liability in respect of any action or decision duly taken and bona fide executed in relation with the Plan, the Addendum and any Option, Common Stock or other rights received
in connection therewith. 

  

	 	6.5.	For as long as the Trustee holds shares of Common Stock in trust for the benefit of the Employees, the Trustee shall not use the voting rights vested in such Common Stock, and shall not exercise such rights in any way
whatsoever. In the event the right to vote such Common Stock is held by the Trustee pursuant to Section 102, then upon the exercise of any Award the Trustee shall execute a voting proxy in such form as may be prescribed by the Administrator,
subject to the provisions of Section 102. 

  

	7.	The Company may grant Section 102 Trustee Options only after the passage of thirty (30) days’ following the delivery, to the ITA, of a request for approval of the Plan and the Addendum as well as the
Trustee according to Section 102, or after a shorter period, if approved by the ITA. Notwithstanding the above, if within ninety (90) days’ following the delivery of such request, the tax officer notifies the Company of its decision
not to approve the Plan and/or the Addendum, the Options, which were intended to be granted as Section 102 Trustee Options, shall be deemed to be Section 102 Non-Trustee Options, unless otherwise was approved by the tax officer.

  

	8.	Tax Consequences: Any tax consequences arising from the grant or exercise of an Option, from the issuance or sale of Common Stock covered thereby or from any other event or act (of the Israeli Participant, the
Company, its Affiliate or the Trustee) hereunder, shall be borne solely by the Israeli Participant. The Company and/or its Affiliates and/or the Trustee shall withhold all applicable taxes according to the requirements under the Tax Ordinance, the
Rules, any applicable Tax Ruling and any other applicable laws, rules, and regulations, including withholding taxes at source. The Company and/or the Trustee shall not be required to release any Options or issue any underlying Common Stock until all
required payments have been fully made. 

 The Company may require, as a condition to the grant of the Options or the issuance
of any underlying Common Stock, that an Israeli Participant provide a security or guarantee to the satisfaction of the Company, to secure payment of all taxes which may become due upon the future transfer of his/her Common Stock to be issued under
his/her outstanding Options. 
 Furthermore, the Israeli Participant shall agree to indemnify the Company and/or its Affiliates and/or the
Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any
Options or underlying Common Stock issued to the Employee. 
 To the extent that Section 102 and/or the tax officer’s approval
and/or any Tax Ruling require the Plan and/or this Addendum and/ or the Offering to contain specified provisions in order to qualify the Options for the tax treatment under Section 102, such provisions shall be deemed to be stated herein and/or
in the Offering, as applicable, and to be binding upon the Company, any Affiliate and the Israeli Participant. 

 The provisions in the Plan relating specifically to the tax status of Options granted in the U.S
shall not apply to Options granted under this Israeli Addendum. 
  

	9.	Subordination to the Ordinance: The Offering, the Plan, this Addendum and any applicable agreements are subject to the applicable provisions of the Ordinance, which shall be deemed an integral part of each, and
which shall prevail over any term that is inconsistent therewith. 

  

	10.	Additional Documents: Israeli Participants may be required to execute, in addition to the Offering, any and all other documents required by the Company or any Affiliate, (including without limitation any
customary documents and undertakings towards the Trustee, if applicable, and/or any tax authorities). Notwithstanding anything to the contrary in the Plan or in this Addendum, no Option shall be deemed granted unless all documents required by the
Company or any Affiliate to be signed by the Israeli Participant prior to or upon the grant of such Option, shall have been duly signed and delivered to the Company or such Affiliate. 

 

	11.	Non-Transferability: Notwithstanding anything in the Plan to the contrary, with regard to Section 102 Trustee Options and the underlying Common Stock, as long as such Options and/or Common Stock are held by
the Trustee on behalf of the Employee, all rights of the Employee with respect thereto are personal and cannot be transferred, assigned, pledged or mortgaged, other than by will or by the laws of descent and distribution. 

 

	12.	Governing Law: This Addendum and all instruments issued thereunder or in connection therewith shall be governed by and construed and enforced in accordance with the applicable laws of the state of Israel, without
giving effect to the principles of conflict of laws. The competent courts of Tel Aviv, Israel shall have sole jurisdiction in any matters pertaining to this Addendum. 

*            *           
 * 

 CHIASMA, INC. 

2015 STOCK PURCHASE PLAN (“PLAN”) 

UNDERTAKING 
  

	1.	PARTICIPANT REPRESENTATIONS AND UNDERTAKINGS 

 By executing this Undertaking and
participating in the Plan, I hereby acknowledge, represent and agree that (terms not otherwise defined herein shall have the meaning ascribed to them under the Plan): 
  

	 	(a)	I have read and understood the contents of the Plan. 

  

	 	(b)	The Plan is discretionary in nature and occasional, and does not create any contractual or other right to receive future grants of Options, or benefits in lieu thereof even if Options have been granted repeatedly in the
past. 

  

	 	(c)	My participation in the Plan is voluntary. 

  

	 	(d)	The value of the Common Stock is an extraordinary item of compensation, which is outside the scope of my employment agreement, if any. The Options and/or Common Stock are not part of normal or expected compensation or
salary for any purpose, including, but not limited to, calculating any social benefits, severance, end of service payments, bonuses, long-service awards, pension or similar payments. 

 

	 	(e)	The future value of the Common Stock is unknown and cannot be predicted with certainty, and the Company makes no express or implied promise about the financial gain or loss to be achieved through participation in the
Plan. 

  

	 	(f)	My engagement with the Company or any Designated Subsidiary of the Company may be terminated at any time, with or without cause, by the Company or any Designated Subsidiary of the Company and neither participation in
the Plan nor the grant of Options and/or Common Stock thereunder shall obligate the Company or any Designated Subsidiary to engage the undersigned for any particular length of time nor confer any right with respect to continuing my status as an
employee. 

  

	2.	DATA PRIVACY 

 The Company and any of its Designated Subsidiaries (including Chiasma
(Israel) Ltd.) will collect, process, use and deliver personal data of Participants for the purpose of executing and managing the Plan and the exercise of your rights thereunder, as well as for any other aspect required in connection with your
employment with the Company or any of its Designated Subsidiaries. 
 By participating in the Plan, the Participant hereby expressly:
(i) authorizes the Company, any of its Designated Subsidiaries, and any agent of the Company administering the Plan or providing Plan recordkeeping services, to disclose to the Company, to any affiliate of the

 
Company, or to any such agent such information and data as shall be requested in order to facilitate the grant of Options and the administration of the Plan; (ii) waives any data privacy
rights he may have with respect to such information; and (iii) authorizes the Company, any of its Designated Subsidiaries, and any such agent to store and transmit such information in electronic form; and (iv) approves and consents, in any
case, for the transfer of information, its storage and usage outside of Israel and this for the purposes listed above. 
 Please note that
providing such data is not required under law and it is subjected to your sole consideration. You are free to decide whether you want to grant or deny your consent. If you decide to deny your consent then no further action is required. Please
understand, in this case the Company would not be able to comply with the legal requirements associated with the participation in the Plan, and as a consequence you will not be able to participate in the Plan. 

Signed at                      (insert name of the
place), on                      20     . 

                     (signature) 

Name (please print) 

 2015 Employee Stock Purchase Plan 

CONSENT FORM 
 I,
                     ID no.
                     hereby notify Chiasma (Israel) Ltd. (the “Company”) that I elect to invest the aggrgate annual amount
of                    NIS (the “Amount”) to be deducted from my salary in 12 equal monthly installment commencing on
                     (the “Investment Period”) in Chiasma, Inc. shares of Common Stock under the offering made pursuant to
the Chiasma, Inc. 2015 Employee Stock Purchase Plan. 
 Accordingly, I hereby expressly authorize and request that the Company withhold from my salary the
amount of              NIS per month through payroll deductions over the Investment Period. 
  

					
	Date:                                   
                 		
			
	Signature:		  
		
		
	Name:                                   
                         		
		
	Address:                                   
                         		

 TRUST AND SERVICES AGREEMENT (“Agreement”) 

Executed in              on the      day of
             2015 
 Between 

 

	(1)	Chiasma, Inc., of 60 Wells Avenue, Suite 102, Newton,, MA 02459, U.S.A., ; Tel:                     
Facsimile:                      (the “Parent Company”); 

 

	(2)	Chiasma (Israel) Ltd., of 10 Hartom St, Jerusalem 91450, Israel; Tel: +972-2-571-5885; Facsimile: +972-2-571-5886 (the “Company”); 

 

	(3)	ESOP Management and Trust Services Ltd. Of Amot Tower, 25 Efaal St. Petach Tikvah, 4951125, Israel; Tel. No. 972-3-5757088; Facsimile: 972-3-7602636 (the
“ESOP”); 	 

  

			
	Whereas		The Parent Company has adopted incentive plans known as “Chiasma, Inc. Stock Option Plan 2003” and “Chiasma, Inc. 2015 Stock Option and Incentive Plan” together with a sub-plan for Israeli taxpayers (the
“Incentive Plans”) attached hereto as Exhibit “A1” and “A2” and the “Chiasma, Inc. 2015 Employee Stock Purchase Plan” together with a sub-plan for Israeli taxpayers (the
“ESPP”) attached hereto as Exhibit “B” (together, the Incentive Plans and the ESPP the “Plans”), under which it may grant non-tradable options, non-tradable restricted stock units and rights
to purchase shares under the terms of the Plans (respectively “Option”, “RSU” and “ESPP”, and together “Awards”), exercisable into or resulting in common stock of the Parent Company
(the “Shares”) to certain employees of the Company (the “Employees”); and
		
	Whereas		the Options and RSU granted and to be granted under the Plans will be subject to taxation under the new and amended Section 102 of the Israeli Income Tax Ordinance [New Version], 1961 (the “Ordinance”),
pursuant to the Capital Gain Track and the Income Tax Rules (Tax Relief upon the Allotment of Shares to Employees), 2003, as may be amended from time to time (the “Rules”); and
		
	Whereas		the Company may apply for a tax ruling or an agreement with the Israeli Tax Authority concerning the Awards, subject to ESOP’s approval that it can comply with the provisions of the tax ruling or agreement (“Tax
Ruling”);
		
	Whereas		ESOP has received a general approval from the Israeli Income Tax Authorities to serve as a trustee;
		
	Whereas		The Parent Company and the Company would like to retain certain services with regard to Awards granted to the Employees, as provided in this Agreement, and ESOP agreed to provide such services;
		
	Whereas 		ESOP shall provide all trading and clearing services through Excellence Brokerage Services Ltd (hereinafter: “Excellence”).

			
	Whereas		The Parent Company and the Company have been introduced to ESOP’s computerized program (the “Program”), which will be used to implement the Parent Company’s Plans and to execute instructions received
from the Company, the Parent Company and/or the Employees in connection with Awards granted under the Plans, as provided in this Agreement and Exhibits.

 NOW THEREFORE the parties hereby agree as follows: 

 

	1.	Introduction 

  

	 	1.1	The recitals and exhibits hereto constitute an integral part hereof. 

  

	 	1.2	The clause headings are solely for convenience and shall not be applied in the interpretation of this Agreement. 

  

	2.	ESOP’s declarations and undertakings 

  

	 	2.1	ESOP will provide the Parent Company and the Company with the services, as detailed in this Agreement and in the exhibits to this Agreement (the “Services”). 

 

	 	2.2	ESOP will be responsible for making all necessary arrangements for the provision of the Services, including any arrangements with third parties, as may be necessary to carry out the Services. ESOP declares that it shall
only engage third parties who have all permits, licenses, and approvals necessary for furnishing the Services, and shall notify Parent Company of any third parties it engages to provide Services hereunder. Should the Parent Company and/or the
Company require ESOP to provide certain Services through a specific service provider (e.g., a certain U.S. broker), ESOP shall make its best efforts to provide the Services through such third party. 

 

	 	2.3	ESOP undertakes to devote its best abilities and efforts to the performance of its obligations under this Agreement and to the provision of the Services skillfully and loyally. ESOP warrants and undertakes that there is
no legal, commercial, contractual or other restriction, which precludes or might preclude it from completely performing its obligations pursuant to the Agreement. 

 

	 	2.4	Nothing in this Agreement restricts the Parent Company from amending the Plans. In the event of any amendment, subject to Section 16.2, ESOP will make its best efforts to provide the modified or additional services
required by the Parent Company and the Company. 

  

	 	2.5	ESOP undertakes to devote its best abilities, efforts and resources to the performance of its obligations under this Agreement and the diligent and prompt fulfillment thereof, which obligations shall be carried out in a
professional manner consistent with high industry standards, to the satisfaction of the Parent Company and in accordance with the terms of this Agreement. ESOP further represents and warrants that ESOP, and its employees engaged in the provision of
Services hereunder, as the case may be, have all the knowledge, the experience, the professional skills, the resources and the financial ability necessary or required to assure the prompt and diligent fulfillment of ESOP’s obligations under
this Agreement. 

  
 2 

	3.	Scope of Agreement 

  

	 	3.1	This Agreement shall apply to the Plans and to any additional plans as shall be determined, from time to time, by the Parent Company, subject to ESOP’s consent to provide Services also in connection with such
additional plan and subject to an additional fee to be paid to ESOP for the additional services, as shall be agreed upon between the parties. 

  

	 	3.2	The provisions of this Agreement shall also apply to any stock dividend/bonus share issued or distributed to the Employees in respect of the Shares. 

 

	4.	The Services for Awards 

  

	 	4.1	For the purpose of executing this Agreement, ESOP shall ensure that the following call center support will be available: 

  

	 	4.1.1	Professional support: qualified and trained customer service representatives are available for the Employees between the hours of 10:00 and 17:00 Israel time (GMT+02:00), Sundays through Thursdays (only on Israeli
business days). 

  

	 	4.1.2	Trading support: qualified and trained traders are available for the Employees in all NASDAQ and TASE trading hours (besides “Yom Kippur”). 

 

	 	4.2	ESOP shall appoint a contact person through whom all communication between ESOP, the Parent Company and the Company will take place. 

 

	 	5.	Deposit of the Awards 

  

	 	5.1	Upon the execution of this Agreement and in no later than forty five (45) days following each grant of new Awards, the Parent Company and/or the Company will deliver to ESOP a copy of the board resolution (or that
of an authorized board committee) and a report detailing: 

  

	 	5.1.1	Employee’s full name (in English and in Hebrew), Employee’s I.D., Employee’s home address, bank account details, desired currency and Employee’s Email address; 

 

	 	5.1.2	The Employee’s employment status (active or terminated); 

  

	 	5.1.3	Number of Awards granted to each Employee; 

  

	 	5.1.4	Award number with the Parent Company; 

  

	 	5.1.5	Awards type granted to each Employee (e.g. Options, RSU or ESPP); 

  

	 	5.1.6	Grant date of each Award (purchase date with regards to ESPP); 

  

	 	5.1.7	Periods following which an Award, or a part thereof, is vested and convertible into Shares (“Vesting Schedule”); 

  

	 	5.1.8	Price required to be paid by each Employee, if relevant (“Exercise Price” for Options and “Purchase Price” for ESPP); 

 

	 	5.1.9	The Israeli tax class (e.g. 102); 

  

	 	5.1.10	Expiration date of each Option or Award (“Expiration Date”). 

  
 3 

	 	5.1.11	Termination schedule (“Termination schedule”). 

  

	 	5.1.12	Other terms, conditions and restrictions as the board of directors or the compensation committee, at its discretion, may prescribe from time to time; 

 

	 	5.2	In connection with any issuance of Options and RSU, and subject to any future instructions by the Tax Authorities to do otherwise, the Parent Company shall provide ESOP, within 45 days from the date of the board’s
resolution (or that of an authorized board committee) to approve such issuance (the “Board’s Resolution”), with a detailed list regarding such issuance, which shall include all relevant details, including the Employees’
personal details as specified to section 5.1 above. 

  

	 	5.3	The Parent Company or the Company shall provide ESOP with a signed grant agreement or any other written document in which the Employees have provided their consent to the grant as required under Section 102 within
90 days from the board’s resolution, and subject to any future instructions by the Tax Authorities to do otherwise. 

Each Employee shall consent to comply with the terms set out in Section 102 of the Ordinance and the Rules, the Plans and this Trust
Agreement and shall undertake, according to Section 102 and the Rules, not to release the Shares from trust or sell the Shares before the end of the Holding Period, unless the Employee pays all taxes which may arise in connection with such
release or sale and complies with the provisions regarding incompliance with the Holding Period, in Section 102(b)(4) of the Tax Ordinance and the Rules. 
  

	 	5.4	The Parent Company and/ or the Company shall notify ESOP of any changes to the abovementioned information following the occurrence of such changes. Without derogating from the above, in the event that the Parent Company
issues dividend shares, merges with another entity, performs a stock split, recapitalization, consolidation, or makes other similar transaction in connection with its share capital, the Parent Company and/or the Company shall notify ESOP of the
effects of such events on the information previously provided by the Parent Company to ESOP. 

  

	 	5.5	All Shares resulting from the exercise of Awards shall be transferred by the Parent Company to ESOP’s Trust Account, and shall be held by ESOP for the benefit of the Employees, in their respective designated trust
accounts maintained under the Trust Account, according to the provisions hereof and the Rules. 

  

	 	5.6	In the event that Awards are transferred under a testamentary instrument or by operation of law, the provisions of this Agreement shall apply to the heirs or transferees of the Employee concerned. 

 

	 	5.7	 The Parent Company and/or the Company shall notify ESOP in writing of the commencement and the end of any black out period in which Employees are
prohibit from exercising and/or selling their Awards, and to whom such period shall apply, at least 2 business days before the commencement of such period. For clarity, in this Agreement a business day shall be defined as the days and hours during
which each party to this Agreement shall conduct its normal business 

  
 4 

	 	
operations (“Business Day”). It is understood that the Business Day for a party conducting business in the United States will vary from the Business Day of another party conducting
business in Israel. 

  

	6.	The End of the Holding Period 

  

	 	6.1	ESOP hereby undertakes to hold in trust the Options and RSU and the Shares resulting from them, in accordance with Section 102 of the Ordinance and the Rules, until the end of the minimal holding period as defined
and required under Section 102 of the Ordinance and the Rules (the “Holding Period”), unless the Employee requires to release the Awards and/or Shares from trust prior the end of the Holding Period and pays all taxes which may arise
in connection with such release or sale and complies with the provisions regarding incompliance with the Holding Period, detailed in Section 102(b)(4) of the Tax Ordinance and the Rules, which shall be determined by ESOP in coordination
with the Parent Company and/or the Company. 	 

  

	 	6.2	Without prejudice to the aforesaid, ESOP shall continue to hold, according to Section 6.1 above, the Awards, and resulting Shares, after the end of the Holding Period until the Shares are released at the request of
the Employee, subject to the provisions of this Agreement and the Plans. 

  

	 	6.3	At any time after the end of the Holding Period and the vesting period determined by the Parent Company, the Employee shall be entitled to instruct ESOP to release the Shares in accordance with the provisions hereof.
ESOP shall promptly comply with the instructions of the Employee provided that ESOP has received, prior to such release, an approval from the Israeli Tax Authority according to which all taxes required under applicable law in connection with the
release of the Shares have been paid by the Employee. 

  

	 	6.4	Until all taxes have been paid, the Awards and resulting Shares, may not be transferred, assigned, pledged, encumbered, or otherwise willfully hypothecated or disposed of, and no power of attorney or deed of transfer,
whether for immediate or future use may be validly given. Notwithstanding the foregoing, the Awards and resulting Shares may be validly transferred in a transfer made by virtue of laws of succession, will or by other operation of law, provided that
the transferee thereof shall be subject to the provisions of Section 102 of the Ordinance, the Rules and the Plan as would have been applicable to the Employee had he or she survived. 

 

	 	6.5	Furthermore, in the event that the Awards by virtue of laws of succession, will or by other operation of law, the provisions of this Agreement shall apply to the heirs or transferees of the Employee. 

 

	7.	Creation and Maintenance of Register 

  

	 	7.1	ESOP shall create and maintain an up-to-date register, based on the information provided by the Parent Company and the Company and based on the transactions administrated by it. 

 

	 	7.2	ESOP shall provide an up-to-date register on the last Business Day of each quarter to the Company for reconciliation to ensure that the database is accurate and up to date. 

  
 5 

	 	7.3	The Parent Company shall provide ESOP from time to time in writing the names of the Contact Persons, who shall be working in connection with the Program and who shall be able to view any of the information included
within the Register, or request any report. 

  

	 	8.	Performance of Transactions 

 Subject to the Expiration Date, Termination Schedule
and the Vesting Schedule, the Employee may at any time, perform any of the following transactions. Each transaction shall be carried out in according to the process as follows: 

 

	 	8.1	Exercise of Options without subsequent sale of the underlying Shares, shall be performed in accordance with the procedures set forth in Exhibit 8.1. 

 

	 	8.2	Exercise of Options and immediate subsequent sale of the underlying shares, shall be performed in accordance with the procedures set forth in Exhibit 8.2. 

 

	 	8.3	Receiving shares resulting from the lapse of vest of RSU or purchase of ESPP shares shall be performed in accordance with the procedures set forth in Exhibit 8.3. 

 

	 	8.4	Sale of Shares held by ESOP shall be performed in accordance with the procedures set forth in Exhibit 8.4. 

  

	 	8.5	Transfer of Shares held by ESOP to the Employee’s personal bank account shall be performed in accordance with the procedures set forth in Exhibit 8.5. 

 

	 	9.	Trust Services  

  

	 	9.1	Regarding the Awards, ESOP shall serve as a trustee according to the Israeli Tax Authority’s approval given in accordance with Section 102 of the Ordinance, in relation to all Awards granted to Employees.

  

	 	9.2	In the event of issuing any rights in respect of the Shares, including bonus shares, the Parent Company and the Company shall ensure the issuance and deposit of such rights with ESOP. 

 

	 	9.3	ESOP shall make its best efforts to cooperate with the Parent Company and Company to adapt the Services to any Tax Ruling. 

  

	10.	Tax Withholding and Payment of the Proceeds of Sale to the Employee 

  

	 	10.1	ESOP shall open separate bank accounts in the name ESOP for the benefit of each Employee at Excellence Nessuah Brokerage Services Ltd. (the “Bank” and the “Trust Accounts”,
respectively). Signature rights in such Trust Accounts shall belong to ESOP alone. Nevertheless ESOP shall not perform any action or transaction in the Bank Account other than in accordance to this Agreement. 

 

	 	10.2	Each Employee shall bear all expenses, commissions and any Bank fees set forth in Exhibit 10, regarding transactions performed on his behalf in the Trust Account. 

  
 6 

	 	10.3	The tax due shall be transferred by ESOP to the Company in NIS in order for the Company to make the tax withholding in the following manner: 

ESOP shall transfer the percentage, detailed below, from the Employee’s taxable income to the Company’s bank account, according to
the Company’s instructions (“Company’s Account”): 
  

	 	10.3.1	With respect to the capital gain portion, if any, twenty five percent (25%) of the capital gain taxable income; and 

  

	 	10.3.2	With respect to the “ordinary employment” income portion (as such is recognized under the Tax Ordinance), if any, sixty two percent (62%) of the Employee’s taxable income (which percentage may be
changed from time to time by written notice of the Company to ESOP). 

  

	 	10.4	Unless otherwise instructed by the Company, ESOP shall withhold any tax required to be withheld with respect to Awards and/or Shares held by Terminated Employees, as defined in section 12 below. The Company will
transfer to the social security and health care payment (employer’s portion) according to ESOP’s calculation, immediately upon ESOP’s request. 

  

	 	10.5	Once a month, ESOP will provide the Company with a report detailing the tax withheld according to Section 10.3 above, the transfers made to the Company’s Account and the identity of the Employee from which
such tax was deducted. 

  

	 	10.6	The Parent Company and the Company confirms and acknowledges their obligation to transfer Israeli taxes may apply even in the event of Employee’s relocation from Israel, and Parent Company shall ensure that all
grants are properly characterized in its database and that with the Parent Company’s broker, to ensure that Israeli withholding may be properly performed. 

  

	 	10.7	Within five (5) Business Days from the receipt of the Proceeds of Sale, ESOP shall transfer the Net Proceeds of Sale to the bank account requested by the Employee and in the Employee’s chosen currency. For the
avoidance of all doubt, any amounts transferred by ESOP shall be wired in NIS to the account detailed in Section 6.1 above, unless the Employee requested otherwise in advance in the form attached hereto as Exhibit 10.7.

  

	 	10.8	Subject to the provisions of the Ordinances, or the Rules and regulations prescribed under the Ordinance, and the provisions hereof, the Company will be responsible for the appropriate tax withholding.

  

	 	10.9	The Company is obliged to send ESOP within 60 days as of the end of each month on which a sale or transfer was executed, a copy of the Employee’s pay slip, or a proof by the Company’s finance department which
indicates the exact tax withheld per each Employee. 

  

	 	10.10	ESOP will have no responsibility and will be exempt of any damage that may occur due to any mistake in the tax calculations, provided that (i) such mistake results from false information provided to ESOP by the
Parent Company, the Company or any Employee (only if the information provided by the Employee was acknowledged by the Company), or (ii) ESOP has acted diligently in good faith and in accordance with best commercial practice and the terms of
this Agreement, with Section 102 of the Ordinance and the Rules and any applicable Tax Ruling. 

  
 7 

	11.	Exercise of Shareholders’ Powers  

  

	 	11.1	ESOP shall not be required or allowed to exercise any power vested in the Shares, other than in accordance with the terms of this Agreement. 

 

	 	11.2	ESOP shall not be required to represent the Employees as shareholders in the Parent Company or to participate in any general meetings of the Parent Company, or to carry out any other action in connection with the Parent
Company as a result of ESOP’s holding of any Shares. Notwithstanding the above, ESOP shall grant an Employee the appropriate powers of attorney for the purpose of participation in general meetings of the shareholders of the Parent Company in
the name and in place of ESOP, should ESOP be so requested in writing by such Employee or any person appointed by the Employee as the Employee’s proxy. 

  

	12.	Termination of employment 

 The Parent Company and/or Company shall notify ESOP,
in writing, as soon as reasonably practicable, of any termination of an Employee’s employment with the Company, for whatever reason (the “Terminated Employee”), and shall notify ESOP of the status of such Terminated
Employee’s Awards and/or Shares. ESOP shall update the Program and the Registrar according to the information provided. ESOP shall ensure that the Terminated Employee’s instructions are in compliance with the provisions of the Plan. ESOP
shall only be required to determine the rights of the Employee under the applicable Plan, or against the information provided by the Parent Company and/or Company, and not based on any information provided to ESOP by such Terminated Employee. 

 

	13.	Information and Reports 

 ESOP undertakes to prepare and file (after the Parent
Company’s and the Company’s approval) with the Israeli Tax Authority any report necessary to be filed by a trustee under the Ordinance or the rules and regulations prescribed under Section 102 of the Ordinance (respectively the
“Rules” and the “Reports”) within the time frame stated therein. ESOP shall provide the Parent Company and the Company with copies of the Reports for their approval, at least 30 days prior to its annual submission
to the Tax Authorities. The Parent Company and Company undertakes to reply to ESOP within 20 days of receipt of the Report. 
  

	14.	Responsibilities and Indemnification 

  

	 	14.1	ESOP shall not be responsible for any act and/or omission arising from information, guidance or instruction, which were given by the Parent Company and/or the Company and/or the Employee (only if such information,
guidance or instruction by the Employee was acknowledged by the Company) in writing, provided that (i) ESOP was unaware that acting in reliance of such information, guidance or instructions might cause loss or damage; and (ii) ESOP acted
in good faith; (iii) ESOP’s acts or omissions were reasonable and without negligence; and (iv) ESOP’s acts or omissions do not constitute a breach of this Agreement or of Section 102 of the Ordinance and the Rules or any Tax
Ruling. 

  
 8 

	 	14.2	ESOP shall not be responsible for any act and/or omission arising from the performance of this Agreement, unless such act or omission by ESOP is (i) negligent, (ii) intentional misconduct, or
(iii) constitutes a breach of any terms or provisions of this Agreement or of Section 102 of the Ordinance and the Rules or any Tax Ruling. 

  

	 	14.3	ESOP shall indemnify and hold the Parent Company or the Company harmless from and against all direct losses, claims, damages or liabilities to the extent they arise, in whole or in part, from or in consequence of
(i) ESOP’s breach of any term or provision of this Agreement, or of Section 102 of the Ordinance and the Rules or any Tax Ruling; or (ii) any gross negligent or willful misconduct by ESOP under this Agreement. 

 

	 	14.4	The Parent Company and the Company hereby undertake to indemnify ESOP in respect of any damage, expense or loss of any kind that ESOP may incur as a direct result of performance of its duties under this Agreement
(including reasonable lawyers’ fees), provided that ESOP acted in a reasonable manner, without negligence and in good faith, in accordance with the provisions of Section 102 of the Ordinance and the Rules or any Tax Ruling, this Agreement
and the written instructions provided by the Parent Company or the Company, and further provided that such damage, expense or loss does not result from a breach by ESOP of this Agreement or any applicable law. 

 

	 	14.5	Regarding the indemnification under Section 14.3 and 14.4 above, the party that is aware of the claim shall notify the other party, in writing, of any claim, demand and/or legal proceeding received by it in respect
of the Services provided by ESOP within three (3) Business Days following its becoming aware of such claim, demand or legal proceeding. If the sued party wishes to receive legal services with regard to such claim, demand and/or legal proceeding
from any law firm, it must first obtain the other party’s written approval for such law firm’s legal representation and lack of conflict of interest. The parties shall not unreasonably withhold their consent. 

To the extent that the sued party chooses to assume such claim, demand or legal proceeding, the other party shall: (i) reasonably assist
and cooperate with the defending the claim, demand or legal proceeding and (ii) not reach any settlement or compromise with the claimant, or demander, or executer of the legal proceeding; and (iii) shall not admit any fact or liability;
and (iv) shall not consent to arbitration, mediation or any other proceeding, without the sued party’s prior written consent. 
  

	 	14.6	ESOP shall not be obligated to take any action of whatsoever nature, unless it is expressly required to do so under the provisions of this Agreement or of Section 102 of the Ordinance and the Rules or any Tax
Ruling. 

  

	 	14.7	ESOP shall not be obligated to take any action which is not within the scope of the Services and which imposes financial liability thereon, unless ESOP receives reasonable assurance from the Parent Company or the
Company that ESOP will be reimbursed for such liability. 

  
 9 

	 	14.8	ESOP shall bear no responsibility regarding the validity or correctness of written information provided by the Contact Persons. 

  

	15.	Fees 

 In consideration for the provision of the Services, the Company shall pay
ESOP fees, as set out in Exhibit 15. 
  

	16.	Term and Termination 

  

	 	16.1	The services provided under this Agreement shall remain in effect until the later of (i) as long as Awards are held or maintained by ESOP; and (ii) until such time as ESOP has fulfilled all of the duties and
obligations imposed upon it under the terms of this Agreement and/or any applicable law. 

 This Agreement may be terminated at
any time by any party hereto with at least sixty (60) days advance written notice. 
 ESOP shall be entitled to resign from its position
at such time as it see fit by giving sixty (60) days prior written notice to the Authorized Officer, subject to the approval of the tax authorities (hereinafter: “Date of Resignation”), if such an approval is required, which
the Parent Company and/or the Company shall make all reasonable efforts to obtain. 
 ESOP shall refund pro-rata the proportionate amount of
the annual fee and any other pro rata proportionate of fees and commission paid by the Company hereunder, if applicable, concerning the period between the Date of Resignation and the end of the current annual period (in which resignation has
occurred). 
  

	 	16.2	The Parent Company and the Company shall be entitled to immediately terminate this Agreement in the event that (a) ESOP or any third party it engages, no longer has all the permits, licenses, or approvals necessary
for furnishing the Services; or (b) ESOP, for any other reason, is unable to provide the Services, including, but not limited to, in the event that ESOP is unable to provide services following the Plan’ changes or modification, as
prescribed under Section 2.4 above; or (c) ESOP commits a material breach of this Agreement. 

  

	 	16.3	Without derogating from the scope of the above, the Parent Company and/or the Company shall be entitled to remove ESOP from its position, subject to the approval of the tax authorities (which the Parent Company, the
Company and ESOP shall make all reasonable efforts to obtain if such an approval is required), at such time as it sees fit upon giving thirty (30) days’ prior written notice to ESOP. 

  
 10 

 From the second year of the trust ESOP shall refund pro-rata the proportionate amount of the
annual fee and any other pro rata proportionate of fees and commission paid by the Company hereunder, if applicable, concerning the period between the Date of Resignation and the end of the current annual period (in which resignation has occurred).

  

	 	16.4	ESOP shall cooperate with the Parent Company and/or the Company in the execution of the removal and the appointment of a new service provider, and shall take any reasonable required action to consummate such a removal
and appointment, provided however that ESOP shall bear no expenses in connection with said removal and appointment. 

  

	 	16.5	In no event will ESOP or the Parent Company or Company be entitled to claim any loss of income, or loss of profit arising from the termination of this Agreement for any reason. 

 

	 	16.6	Upon termination of this Agreement, ESOP shall grant its written consent to its replacement by the successor trustee and deliver to the successor trustee, immediately, all of the Shares, records and information held in
its possession. Subject to the provisions of this Agreement, the Ordinance, and the Rules, ESOP will transfer to the Employees as soon as practicably possible, in accordance with the timeframe detailed in this Agreement monies deposited in
Trustee’s accounts for their benefit and shall transfer to the Company as soon as practicably possible any taxes deducted by ESOP under this Agreement, if such monies are held by ESOP. 

 

	 	16.7	For the avoidance of doubt it is hereby clarified that ESOP shall proceed and complete instruction of the Employees given by Employees prior to the final termination of this Agreement. 

 

	17.	Miscellaneous 

  

	 	17.1	The Parent Company and/or Company shall notify ESOP in writing, of any change in the terms and conditions of the Plan that can reasonably be expected to affect the Services provided hereunder (“Change
Notice”) and the parties shall accordingly implement any required changes to this Agreement. 

  

	 	17.2	This Agreement shall be governed by the laws of the State of Israel without giving effect to the principles of conflict of laws. The exclusive jurisdiction in any matter arising in connection with this Agreement shall
be vested in the competent courts of Tel Aviv-Jaffa. 

  

	 	17.3	The addresses of the parties hereto for the purposes of this Agreement are as follows: 

Chiasma, Inc. 
 Attn: Legal
Services 
 60 Wells Avenue, Suite 102, 

Newton, MA 02459. U.S.A. 

  
 11 

 Chiasma (Israel) Ltd. 

Attn: Chaime Orlev 
 10 Hartom
St., Jerusalem 91450 
 POB 45182, Israel 

Fax: +972 2 571 58 86 
 Email:
Chaime@chiasmapharma.com 
 ESOP Management and Trust Services Ltd. 

25 Efaal St, 
 Petach Tikva,
4951125, Israel 
 Facsimile: (972) 3-7602636 

E-mail: esop-helpdesk@esop.co.il; sarit@esop.co.il; olal@esop.co.il. 

Notices from one party to the other shall be sent via registered mail, or facsimile, or by courier, or E-mail. Any notice given by one party to
the other shall be deemed delivered within 7 (seven) days of the date of posting if by registered mail, or upon receipt thereof if received by facsimile or email (with a confirmed answerback) or hand delivered. 

 

	 	17.4	For the purposes of this Agreement, and unless the Parent Company and/or Company orders ESOP otherwise, the address of the Employees shall be deemed to be the address provided by the Parent Company or Company to ESOP
under Section 17.3 above. 

  

	 	17.5	The Parent Company and the Company hereby inform ESOP that until further notice, the Contact Persons are the following individuals:
                     or any other person designated by the Company and/or the Parent Company (the “Contact Persons”).

  

	 	17.6	In the event of any contradiction between the provisions of this Agreement and the provisions of the Plan, in any matter directly relating to the relationship between the parties to this Agreement, the provisions of
this Agreement shall prevail. 

  

	 	17.7	This Agreement may be amended or modified only by a written document signed by all the parties hereto. 

  

	 	17.8	This Agreement (together with the recitals and exhibits hereto) contains the entire understanding of the parties with respect to its subject matter and all prior negotiations, discussions, agreements, commitments and
understandings between them with respect thereto not expressly contained herein shall be null and void in their entirety, effective immediately with no further action required. 

 

	 	17.9	This Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. A signed copy of this Agreement received by
a party hereto via facsimile will be deemed an original, and binding upon the party who signed it. 

  
 12 

	 	17.10	At any time and from time to time, each party agrees, without further consideration, to take such reasonable actions and to execute and deliver such documents as may be reasonably necessary to effect this Agreement.

  

	 	17.11	Nothing in this Agreement shall create or confer upon any person or entity, other than the parties hereto, any rights or remedies. 

  

	 	17.12	Should a party to this Agreement not enforce any of its rights pursuant hereto, such shall not be deemed a waiver of that right or of any other rights, unless the same is done expressly and in writing.

  

	 	17.13	The parties’ agreement to depart from the terms of this Agreement in a particular case or a concession or forbearance given to one party shall not constitute a precedent and no analogy shall be drawn there from in
another case. 

  

	 	17.14	Neither party may assign this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, either party may, at its sole option, assign this Agreement and all rights and obligations
under it to any business entity that succeeds to all or substantially all of its shares or relevant assets by merger, purchase, sale, operation of law or otherwise, without the other party’s prior consent. Subject to the foregoing restriction,
this Agreement shall be binding on, inure to the benefit of, and be enforceable against both the Parent Company, the Company and ESOP, and their respective successors and assigns. 

IN WITNESS WHEREOF, this Agreement has been duly executed on the date herein above set forth. 

 

							
	  
						  

	Chiasma, Inc.						ESOP Management and Trust Services Ltd.
				
	By:						By:
				
	  
						
	Chiasma (Israel) Ltd.						
				
	By:						

  
 13 

 Exhibit 8.1 

Exercise and Hold Procedure 
  

	1.	An Employee who wishes to exercise his Options, in whole or in part, and not sell any Shares, shall directly instruct ESOP to exercise the Options (the “Exercise Instruction”). 

 

	2.	An Employee who wishes to give an exercise and sale instruction, shall be entitled to: 

  

	 	(i)	Submit an instruction through the Program via the Internet. 

  

	 	(ii)	Give an instruction to ESOP, by fax, in the form of Annex 1 (the “Exercise Application”). 

  

	 	(iii)	Give an Instruction to ESOP by phone. ESOP shall recognize the Employee according to his ID and bank account details 

  

	3.	ESOP shall collect the exercise price from the Employee directly and transfer it to the Parent Company’s US account at
                    . ESOP will promptly, but no later than 1 business day following the exercise date, furnish the Company with a notice
detailing: (i) name of Employee; (ii) I.D. number; (iii) grant number; (iv) the date of grant; (v) the number of Options exercised; (vi) date of exercise; (vii) exercise price per Share in USD 

 

	4.	Without derogating from the aforesaid, the Parent Company’s Transfer Agent shall deliver, promptly, but no later than 3 business days following the exercise date, the Shares resulting from the Exercise Instruction
to ESOP through the depositor trust company (hereinafter: “DTC”), according to the details as follows: 

Oppenheimer 
 DTC clearing 571

 For the account of: Excellence Nessuah Brokerage Services LTD. 

Account Number: G180109568 

F/B/O of ESOP in favor of Chiasma’s Employees. 
  

	5.	ESOP shall deposit the Shares in the Employee’s Trust Account. 

  

 Annex 1 

Exercise Application 
  

			
	By Fax No.: 03-7602636		To: ESOP Management & Trust Services, Ltd.

 Please verify by phone (in Tel. No. 1700 – 70 - 3767) receipt of application. Instruction shall be delivered to ESOP
by 16:45 hours Israeli time on any business day, Monday through Thursday by facsimile. 
 Instructions are given after 16:45 hours on any day shall be dealt
with on the next following business day. 
 I, the Undersigned Option Holder, hereby state as follows: 

I am the owner of              Options to purchase
             Shares of Chiasma, Inc. (the “Company”), (respectively: the “Options” and the “Shares”) granted to me on
            . 
 I wish to exercise my Options as follows: 

             number of Options to be exercised for a total of
             Shares 
  

					
	Optionee Name:		                                     
                           		
			
	I.D. No. :		                                     
                           		
			
	Company:		                                     
                           		
			
	Signature :		                                     
                           		

  

 Exhibit 8.2 

Same Day Sale Procedure 
  

	1.	An Employee who wishes to exercise his Options and sell his Shares, in whole or in part, shall directly instruct ESOP to sell the Shares and upon the sell, exercise the Options (the: “Exercise and Sale
Instruction”). 

  

	2.	An Awardee who wishes to give an exercise and sale instruction, shall be entitled to: 

  

	 	(i)	Submit an instruction through the Program via the Internet. 

  

	 	(ii)	Give an instruction to ESOP, by fax, in the form of Annex 2 (the “Exercise and Sale Application”). 

  

	 	(iii)	Give an Instruction to ESOP by phone. ESOP shall recognize the Awardee according to his ID and bank account details 

  

	3.	ESOP will promptly, but no later than 1 business day following the exercise date, furnish the Parent Company with a notice detailing: (i) name of Employee; (ii) I.D. number; (iii) grant number;
(iv) the date of grant; (v) the number of Options exercised; (vi) the number of Shares sold (vii) date of exercise; (viii) exercise price per Share in USD. 

 

	4.	Without derogating from the aforesaid, the Company instructs ESOP to act as follows: 

 Out of
any amount received from the sale of the Shares, in whole or in part (the “Sale Proceeds”), ESOP will: 
  

	 	4.1	Deduct the exercise price and promptly transfer it to the Exercise Price Account. 

  

	 	4.2	Deduct the applicable tax in accordance with Section 10 of this Agreement 

  

	 	4.3	Deduct its fees, commissions and expenses with respect to the exercise of Options and/or sale of Shares (the “Broker’s commissions and ESOP’s fees”). 

 

	5.	Without derogating from the aforesaid, the Parent Company’s Transfer Agent shall deliver, promptly, but no later than 3 business days following the exercise date, the Shares resulting from the Exercise Instruction
to ESOP through the depository trust company (hereinafter: “DTC”), according to the details as follows: 

Oppenheimer 
 DTC clearing 571

 For the account of: Excellence Nessuah Brokerage Services LTD. 

Account Number: G180109568 

F/B/O of ESOP in favor of Chiasma’s Employees 
  

	6.	ESOP shall treat the Sale Proceeds in accordance with Section 10 of this Agreement and transfer, within 5 business days as of the acceptance of the Sale Proceeds from the Broker, the net Sale Proceeds after
deduction of applicable tax as detailed in Section 10 of this Agreement to a bank account requested by the Employee. 

  

	7.	ESOP shall not execute instructions given without attaching a necessary document (including documents under W8BEN, W9 forms etc.) 

  

	8.	ESOP shall provide the Company and the Employee with a report detailing the Exercise and Sale Instruction’s details. 

  

 Annex 2 

SDS Application 
  

			
	By Fax No.: 03-7602636		To: ESOP Management & Trust Services, Ltd. 

 Please verify by phone (in Tel. No. 1700 – 70 - 3767) receipt of application. Instruction shall be delivered to ESOP
on any business day, Monday through Friday by facsimile. 
 Name Of Employee:
                                         
                    
 I am the owner of
             Options to purchase              Shares of Chiasma, Inc. (the “Company”),
(respectively: the “Options” and the “Shares”) granted to me on             . 

 

	 ̈	I hereby request that to place with you a Same Day Sell instruction of                      (amount) options of
the Company. at USD             per share. 

 (If I have not specified a
sale price, please sell my shares at current market value). 
 This limit order is good until
                     (Date). 
 (If I have not
specified a time limit this limit order is good for 1 day). 
  

											
	  
				  
				  
		
	Employee’s full name				Signature				Date		

 My address:
                                         
                                         
                                       

My Telephone number:
                                         
                                         
                     
 My Fax number:
                                         
                                         
                               

My E-mail address:
                                         
                                         
                            

  

 Exhibit 8.3 

Receiving Shares from Lapse of RSU or ESPP Purchase 
  

	1.	Upon vest of RSU or ESPP purchase, the Parent Company shall act as follows: 

  

	 	1.1	The Parent Company will promptly, but no later than the vest or purchase date, furnish ESOP with a notice detailing: (i) name of Employee; (ii) I.D. number; (iii) grant number; (iv) the date of
grant; (v) the number of vested RSU or purchased ESPP; and (vi) in case of ESPP the purchase price exercise and the discounted price per Share in USD. 

  

	 	1.2	The Parent Company (or its Transfer Agent, according to the Parent Company’s instruction) shall deliver, promptly, but no later than the vest date or the purchase date, the Shares resulting to ESOP through the
depository trust company (hereinafter: “DTC”), according to the details as follows: 

Oppenheimer & Co 

DTC# 571 
 For the account
of: Excellence Nessuah Brokerage Services LTD. 
 Account Number: G180109568 

 

	 	1.3	ESOP shall deposit the Shares in the Employee’s Trust Account. 

  

 Exhibit 8.4 

Sale of Shares Procedure 
  

	1.	An Employee will be entitled to sell the Shares, which were deposited with ESOP (the: “Sale Instruction”). 

  

	2.	An Awardee who wishes to give a Sale Instruction shall be entitled to: 

  

	 	(i)	Submit an instruction through the Program via the Internet. 

  

	 	(ii)	Give an instruction to ESOP, by fax, in the form of Annex 4 (the “Sale Application”). 

  

	 	(iii)	Give an Instruction to ESOP by phone. ESOP shall recognize the Awardee according to his ID and bank account details 

  

	3.	ESOP shall not execute instructions given without attaching a necessary document (including documents under W8, W9 forms etc.). 

  

	4.	Without derogating from the aforesaid, the Company instructs ESOP to act as follows: 

 Out of
any amount received from the sale of the Shares, in whole or in part (the “Sale Proceeds”), ESOP will: 
  

	 	4.1	Deduct the applicable tax in accordance with Section 6 of this Agreement 

  

	 	4.2	Deduct its fees, commissions and expenses with respect to the exercise of Options and/or sale of Shares (the “Broker’s commissions and ESOP’s fees”). 

 

	5.	ESOP shall treat the Sale Proceeds in accordance with Section 10 of this Agreement and transfer, within 5 business days as of the acceptance of the Sale Proceeds from the Broker, the net Sale Proceeds after
deduction of applicable tax as detailed in Section 10 of this Agreement to a bank account requested by the Employee. 

  

	6.	ESOP shall provide the Company and the Employee with a report detailing the Sale Instruction’s details. 

  

 Annex 4 

Sale Application 
  

					
	To: ESOP Management and Trust Service Ltd.				By Fax No. : 972-3-7602636

 You must verify by phone (Tel. No. 1700-70-3767 or 972-3-7536823) receipt of application by ESOP. 

 

					
	Name Of Employee:
                                         
                   ;				I.D.:
                                         
   

 You are holding in trust for me Share(s) of              in
accordance with the provisions of the Israeli Tax Ordinance and/or the Service Agreement with my employer              (the “Company”) dated
                    . 
 I hereby request that
you sell                      (amount) shares of              at
$             per share. 
 (If I have not specified a sale price, please sell my
shares at current market value). 
 This limit order is good until
             (Date). No more than 30 days. 
 (If I have
not specified a time limit this limit order is good for 1 day). 
 I hereby give my consent to deduct from the Sale Proceeds (1) all costs and
commissions; (2) all taxes and any other compulsory payments according to the Company’s instructions. 
  

							
	  
				  
		  

	Employee’s full name				Signature		Date

  

	
	My address:
                                         
                                         
                                         
             
	
	My Telephone number:
                                         
                                         
                                    
	
	My Fax number:
                                         
                                         
                                         
      
	
	My E-mail address:
                                         
                                         
                                         
 

  

 Exhibit 8.5 

Release of Shares Procedure 
  

	1.	At any time after the exercise of the Options or vest of RSU, an Employee will be entitled to release the Shares, which were deposited with ESOP. (the “Release Instruction”). 

 

	2.	An Awardee who wishes to give a Release Instruction shall be entitled to: 

  

	 	(i)	Submit an instruction through the Program via the Internet. 

  

	 	(ii)	Give an instruction to ESOP, by fax, in the form of Annex 5 (the “Release Application”). 

  

	 	(iii)	Give an Instruction to ESOP by phone. ESOP shall recognize the Awardee according to his ID and bank account details 

  

	3.	ESOP shall not execute instructions given without attaching a necessary document (including documents under W8, W9 forms etc.). 

  

	4.	The execution of the Release Instruction shall be subject to payment of all taxes due by Employee and/or an appropriate approval from the assessing officer. 

 

	5.	ESOP shall provide the Company and the Employee with a report detailing the Release Instruction’s details. 

  

 Annex 5 

Release Application 
  

					
	To : ESOP Management and Trust Service Ltd.				By Fax No. : 972-3-7602636

 You must verify by phone (Tel. No. 1700-70-3767 or 972-3-7536823) receipt of application by ESOP. 

 

					
	Name of Employee:
                                         
                   ;				I.D.:
                                         
   

 I am the owner of              Ordinary Shares of
             (the “Company”), each having a nominal value of              (the
“Shares”). 
 These Shares are held in trust by you, in accordance with the provisions of the Israeli Income Tax Ordinance and/or the
Services Agreement. 
 I hereby request you to release              Shares and to deliver
them to: 
  

	
	US Broker:
                                         
                               
	
	DTC:
                                         
                                        

	
	Account name:
                                         
                         
	
	Account No.:
                                         
                            

 Enclosed please find an approval from the tax authorities or the Company that the tax due had been paid in full*. 

 

	*	You may contact ESOP’s call center, at 10:00 - 17:00 hours Israeli time on any Israeli business day, at Tel No. 1700-70-ESOP or +972-3-7536823 in order to receive the calculation of the tax required.

  

							
	  
				  
		  

	Employee’s full name				Signature		Date

  

	
	My address:
                                         
                                         
                                         
             
	
	My Telephone number:
                                         
                                         
                                    
	
	My Fax number:
                                         
                                         
                                         
      
	
	My E-mail address:
                                         
                                         
                                         
 

  

 Exhibit 10.7 

Name of the Company-
                             

 

	•	 	The form can be sent to ESOP Sunday through Thursday between 08:00 - 17:00 (Israeli Time) by Fax: 972-3-7602636 or by E-mail: esop-helpdesk@esop.co.il. 

 

	•	 	You must verify the receipt of the form by phone No. 1700 – 70 – 3767 (phone outside of Israel: 972-3-7536823). If you do not verify receipt of this form, ESOP will not execute your instruction.

  

	•	 	Please note that you must send your request before or together with the transaction order. A request that will be sent at a later date may not apply to existing orders and may only apply to future
trades. 

 Currency choice 

Notice: you should choose whether you wish to receive the net proceed in NIS or in US dollars (USD). Please note that the wire commission for USD will
be charged in USD. 
 Please mark only one alternative: 
  

					
	 ̈				 ̈
	I would like to receive the
payment in NIS				I would like to receive the
payment in US dollars

*                       
         *                                *

 Bank account details 
 For your attention:

 ESOP Management and Trust Services will transfer the payment due by a bank wire to the bank account according to the information you provide regarding
the account. Therefore, please provide all the necessary bank details of the account to which the net proceed should be wired. 
 ** It is your
responsibility to ensure that your bank account can receive the proceeds in the currency you choose. You will be responsible for any commission or fee due as a result of not providing complete and correct details. 

  

 Employee’s details: 
  

					
	First name:
                                        
	  		 	Surname:
                                         
 
			
	I.D./Passport #:                                 	  		 	Date of birth:
                                    
			
	Mobile:
                                         
   	  		 	E-mail:
                                         
   
			
	Bank account details:	  		 	
	
	Full name of the bank:
                                        
     Bank number:                         
			
	Branch name:
                                    	  		 	Branch number:
                                
			
	Bank name:
                                      	  		 	Bank account #:
                                
	
	Account name:
                                         
                                         
                          
	
	Full address of the bank:
                                         
                                         
          
	
	                                    
                                         
                                         
               
			
	In case the bank is out of Israel –	  		 	
			
	Swift code:
                                    	  		 	ABA#:
                                         
       

 Please Attach: 

(a) a copy of I.D. certificate / Passport. 
 (b) proof
of your bank details (copy of a check or any bank statement containing your bank details). 
 Without submitting the above,
your instruction will not be valid. 
  

							
	  
	  	  
	  	  
	  	  

	Signature	  	I.D.	  	Full Name	  	Date

 Please note that the information provided in this form will be the default information for any future
transactions. If the details of your bank account change or you wish to have future proceeds wired to a different account, you will be required to submit an updated form 

  

 Exhibit 15 

Fees and Commissions 
 The
definitions in the Agreement shall apply to this Exhibit. 
 In consideration for the provision of the Services the Company shall pay ESOP the following
amounts: 
  

	1.	Retainer: 

 An annual trust fee, to be paid by the Company at the beginning of each trust
year, as follows: 
 Up to 50 participants: 4,000 USD + VAT Per each year. 

For any additional participant: additional 50 USD + VAT Per each year. 

 

	2.	Commissions to be paid by the Employees upon each transaction  

 Sell Commission /
Release: 0.25% from the gross proceeds, with no minimum. 
 USD Transfer Commission: 30 USD per each wire. 

NIS Transfer Commission: 22 NIS per each wire. 

Please note that the above commission includes the Bank’s commission but does not include foreign brokers’ commissions. 

 

	3.	Payroll Services: in case that ESOP shall be required to pay the withheld taxes to the 

ITA re ex-employees – 15 USD + VAT per pay slip 
  

	4.	Payments Terms- 

  

	 	4.1	All payments, fees and commissions denominated in this Exhibits in United States Dollars shall be paid to in New Israeli Shekels at the Representative Rate of exchange for the United States Dollar published by the Bank
of Israel known on the date of actual payment. 

  

	 	4.2	The Parent Company shall pay ESOP within thirty (30) days following the end of the calendar month in which ESOP has submitted the pro forma.EX-10.10

 Exhibit 10.10 

CHIASMA, INC. 
  

 

Indemnification Agreement 

This Indemnification Agreement (“Agreement”) is made as of
[            ] by and between Chiasma, Inc., a Delaware corporation (the “Company”), and (“Indemnitee”). 

RECITALS 
 WHEREAS, the Company
desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company; 
 WHEREAS, in order
to induce Indemnitee to provide or continue to provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses to, Indemnitee to the maximum extent permitted by law; 

WHEREAS, the Bylaws (as the same may be amended, restated or otherwise modified from time to time, the “Bylaws”) of the
Company require indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”); 

WHEREAS, the Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification; 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the increased difficulty in attracting and
retaining highly qualified persons such as Indemnitee is detrimental to the best interests of the Company’s stockholders; 
 WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law, regardless of any amendment or revocation of
the Certificate of Incorporation (as the same may be amended, restated or otherwise modified from time to time, the “Charter”) or the Bylaws, so that they will serve or continue to serve the Company free from undue concern that they
will not be so indemnified; 
 WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification provided in the Bylaws
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and 

[WHEREAS, Indemnitee has certain rights to indemnification and/or insurance provided by [Name of Fund/Sponsor] which Indemnitee and [Name of
Fund/Sponsor] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided in this 

 
Agreement, with the Company’s acknowledgment and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve or continue to serve on the Board.]1 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein,
the Company and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Services to the Company. Indemnitee agrees to
serve as a director or officer of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall have no
obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. 

Section 2. Definitions. 

As used in this Agreement: 
 (a)
“Change in Control” shall mean: 
 (i) the date any “person,” as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the
Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, becomes the “beneficial owner” (as such term is defined in
Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Board
(“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company); or 

(ii) the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Board before the date of the appointment or election; or 
 (iii) the date of consummation of
(A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule
13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or
(B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

 
  

	1 	Note: to include for directors affiliated with funds. 

  
 2 

 Notwithstanding the foregoing, a “Change in Control” will not be deemed to have
occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting
Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence will thereafter become the beneficial
owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns
50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” will be deemed to have occurred for purposes of the foregoing clause (i). 

(b) “Corporate Status” describes the status of a person as a current or former director or officer of the Company or current
or former director, manager, officer, employee, agent or trustee of any other Enterprise which such person is or was serving at the request of the Company. 

(c) “Enforcement Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or expenses of the types customarily incurred in connection with an action to enforce
indemnification or advancement rights, or an appeal from such action. Expenses, however, shall not include fees, salaries, wages or benefits owed to Indemnitee. 

(d) “Enterprise” shall mean any corporation (other than the Company), partnership, joint venture, trust, employee benefit
plan, limited liability company, or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, officer, employee, agent or trustee. 

(e) “Expenses” shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding. Expenses, however, shall not include amounts paid in settlement by Indemnitee, the
amount of judgments or fines against Indemnitee or fees, salaries, wages or benefits owed to Indemnitee. 
 (f) “Independent
Counsel” means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in matters of Delaware corporation law and neither presently is, nor in the past five (5) years has been,
retained to represent: (i) the Company, any subsidiary of the Company, any Enterprise or Indemnitee in any matter material to any such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements); or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person

  
 3 

 
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (g) The term “Proceeding” shall include
any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the
Company or otherwise and whether of a civil, criminal, administrative, regulatory or investigative nature, and whether formal or informal, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee
is or was a director or officer of the Company or is or was serving at the request of the Company as a director, manager, officer, employee, agent or trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action taken on
his or her part while acting as a director or officer of the Company or while serving at the request of the Company as a director, manager, officer, employee, agent or trustee of any Enterprise, in each case whether or not serving in such capacity
at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided, however, that the term “Proceeding” shall not include any action, suit or
arbitration, or part thereof, initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement as provided for in Section 12(a) of this Agreement. 

Section 3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee to the extent set forth in
this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties, excise taxes, and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, had no reasonable cause to believe that
his or her conduct was unlawful.  
 Section 4. Indemnity in Proceedings by or in the Right of the Company. The
Company shall indemnify Indemnitee to the extent set forth in this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to
which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the “Delaware Court”) shall determine upon application that, despite the

  
 4 

 
adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court shall deem
proper. 
 Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other
provisions of this Agreement and except as provided in Section 7, to the extent that Indemnitee is a party to or a participant in any Proceeding and is successful in such Proceeding or in defense of any claim, issue or matter therein, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. For
purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 6. Reimbursement for Expenses of a Witness or in Response to a Subpoena. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee, by reason of his or her Corporate Status, (i) is a witness in any Proceeding to which Indemnitee is not a party and is not threatened to be made a party or (ii) receives a subpoena with respect to
any Proceeding to which Indemnitee is not a party and is not threatened to be made a party, the Company shall reimburse Indemnitee for all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. 

Section 7. Exclusions. Notwithstanding any provision in this Agreement to the contrary, the Company shall not be
obligated under this Agreement:  
 (a) to indemnify for amounts otherwise indemnifiable hereunder (or for which advancement
is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such amounts under any insurance policy, contract, agreement or otherwise[; provided that the foregoing shall not affect the rights of Indemnitee or the Fund
Indemnitors as set forth in Section 14(c)]2; 
 (b) to indemnify for an accounting
of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or
common law; 
 (c) to indemnify for any reimbursement of, or payment to, the Company by Indemnitee of any bonus or other incentive-based or
equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (“SOX”) or any formal policy of the Company adopted by the
Board (or a committee thereof), or any other remuneration paid to Indemnitee if it shall be determined by a final judgment or other final adjudication that such remuneration was in violation of law; 

 
  

	2 	 Note: to include for directors affiliated with funds. 

  
 5 

 (d) to indemnify with respect to any Proceeding, or part thereof, brought by Indemnitee against
the Company, any legal entity which it controls, any director or officer thereof or any third party, unless (i) the Board has consented to the initiation of such Proceeding or part thereof and (ii) the Company provides the indemnification,
in its sole discretion, pursuant to the powers vested in the Company under applicable law; provided, however, that this Section 7(d) shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against
Indemnitee; or 
 (e) to provide any indemnification or advancement of expenses that is prohibited by applicable law (as such law exists at
the time payment would otherwise be required pursuant to this Agreement). 
 Section 8. Advancement of Expenses. Subject to
Section 9(b), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within thirty (30) days after the receipt by the
Company of a statement or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work
performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice) from time to time, whether prior to or after final disposition of any Proceeding. Advances shall
be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.
Indemnitee shall qualify for advances upon the execution and delivery to the Company of an undertaking to repay the advance if and to the extent it is ultimately determined that Indemnitee is not entitled to indemnification, in the form attached
hereto as Exhibit A. The right to advances under this paragraph shall in all events continue until final disposition of any Proceeding, including any appeal therein. Nothing in this Section 8 shall limit Indemnitee’s right to
advancement pursuant to Section 12(e) of this Agreement. 
 Section 9. Procedure for Notification and Defense of Claim.

 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor specifying the
basis for the claim, the amounts for which Indemnitee is seeking payment under this Agreement, and all documentation related thereto as reasonably requested by the Company. 

(b) In the event that the Company shall be obligated hereunder to provide indemnification for or make any advancement of Expenses with respect
to any Proceeding, Indemnitee shall have the right to select counsel in connection with such Proceeding, subject to approval by the Company (which approval shall not be unreasonably withheld or delayed). The Company will be entitled to participate
in the Proceeding at its own expense, and Indemnitee and Indemnitee’s counsel shall reasonably cooperate with the Company in connection with such Proceeding. 

  
 6 

 (c) The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts
paid in settlement of any Proceeding effected without its prior written consent (which consent shall not be unreasonably withheld or delayed). 

Section 10. Procedure Upon Application for Indemnification. 

(a) To the extent that Indemnitee shall have been successful on the merits in any Proceeding to which it is a party or a participant or in
defense of any claim, issue or matter therein, no determination shall be required to be made with respect to Indemnitee’s entitlement to indemnification hereunder. In all other cases, a determination with respect to Indemnitee’s
entitlement to indemnification hereunder shall be made in the specific case by one of the following methods: (x) if a Change in Control shall have occurred, (i) by Independent Counsel in a written opinion to the Board or (ii) if the
Indemnitee so requests in writing, by a majority vote of the disinterested directors, even though less than a quorum; or (y) if a Change in Control shall not have occurred: (i) by a majority vote of the disinterested directors, even though
less than a quorum; (ii) by a committee of disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum; (iii) if there are no disinterested directors or if the disinterested
directors so direct, by Independent Counsel in a written opinion to the Board; or (iv) if so directed by the Board, by the stockholders of the Company. For purposes hereof, disinterested directors are those members of the Board who are not
parties to the action, suit or proceeding in respect of which indemnification is sought. In the case that such determination is made by Independent Counsel, a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee and,
if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within thirty (30) days after such determination. Indemnitee shall cooperate with the Independent Counsel or the Company, as applicable,
in making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such counsel or the Company, upon reasonable advance request, any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any out-of-pocket costs or expenses (including reasonable attorneys’ fees and disbursements) actually and reasonably
incurred by Indemnitee in so cooperating with the Independent Counsel or the Company shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and
agrees to hold Indemnitee harmless therefrom. 
 (b) If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 10(a), the Independent Counsel shall be selected by the Board if a Change in Control shall not have occurred or, if a Change in Control shall have occurred, by Indemnitee. Indemnitee or the Company, as the case may
be, may, within ten (10) days after written notice of such selection, deliver to the Company or Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as

  
 7 

 
Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within twenty (20) days after the later of
(i) submission by Indemnitee of a written request for indemnification pursuant to Section 9(a), and (ii) the final disposition of the Proceeding, including any appeal therein, no Independent Counsel shall have been selected without
objection, either Indemnitee or the Company may petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee or the Company to the selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the court or by such other person as the court shall designate. The person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(a)
hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing). 
 Section 11. Presumptions and Effect of Certain Proceedings.

 (a) To the extent permitted by applicable law, in making a determination with respect to entitlement to indemnification hereunder, it
shall be presumed that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making of any determination contrary to that presumption. Neither (i) the failure of the Company or of Independent Counsel to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company or by Independent Counsel that Indemnitee has not met
such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of guilty, nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 (c) The knowledge and/or actions, or failure to act, of any director, manager, officer, employee, agent or trustee of the Company, any
subsidiary of the Company, or any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

Section 12. Remedies of Indemnitee. 

(a) Subject to Section 12(f), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that
Indemnitee is not entitled to indemnification under 

  
 8 

 
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been
made pursuant to Section 10(a) of this Agreement within sixty (60) days after receipt by the Company of the request for indemnification for which a determination is to be made other than by Independent Counsel, (iv) payment of
indemnification or reimbursement of expenses is not made pursuant to Section 5 or 6 or the last sentence of Section 10(a) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor (which
shall include any invoices received by Indemnitee but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by
applicable law shall not be included with the invoice) or (v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within thirty (30) days after a determination has been made that Indemnitee is entitled
to indemnification, Indemnitee shall be entitled to an adjudication by the Delaware Court of his or her entitlement to such indemnification or advancement. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on
which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing time limitation shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights
under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b) In the event that a determination shall have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination. In any judicial proceeding or arbitration commenced pursuant to this Section 12, the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement, as the case may be. 

(c) If Indemnitee is entitled to indemnification pursuant to Section 10(a) of this Agreement, the Company shall be bound by such
provision and/or determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 

(e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against any and all Enforcement Expenses and, if requested
by Indemnitee, shall (within thirty (30) days after receipt by the Company of a written request therefor) advance, to the extent 

  
 9 

 
not prohibited by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement from the
Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company in the suit for which indemnification or advancement is being sought. Such written request for advancement shall
include invoices received by Indemnitee in connection with such Enforcement Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive
any privilege accorded by applicable law shall not be included with the invoice. 
 (f) Notwithstanding anything in this Agreement to the
contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding, including any appeal therein. 

Section 13. Non-exclusivity; Survival of Rights; Insurance; [Primacy of
Indemnification;]3 Subrogation. 
 (a) The rights of indemnification and to receive
advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of
directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her
Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Charter,
Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that the Company
maintains an insurance policy or policies providing liability insurance for directors, managers, officers, employees, agents or trustees of the Company or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any such director, manager, officer, employee, agent or trustee under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms
hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

 
  

	3 	Note: to include for directors affiliated with funds. 

  
 10 

 (c) [The Company hereby acknowledges that Indemnitee has certain rights to indemnification,
advancement of expenses and/or insurance provided by [Name of Fund/Sponsor] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort
(i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall
be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the
terms of this Agreement and the Charter and/or Bylaws (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes
and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund
Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent
of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 8(c).]4 
 (d) [Except as provided in paragraph (c) above,] [I/i]n the event of any payment
under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee [(other than against the Fund Indemnitors)], who shall execute all papers required and take all action necessary to
secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

(e) [Except as provided in paragraph (c) above,] [T/t]he Company’s obligation to provide indemnification or advancement hereunder to
Indemnitee who is or was serving at the request of the Company as a director, manager, officer, employee, agent or trustee of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement from
such other Enterprise. 
 Section 14. Duration of Agreement. This Agreement shall continue until and terminate upon the later
of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or (b) one (1) year after the final termination of any Proceeding, including any appeal, then pending in
respect of which Indemnitee is granted rights of indemnification or advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. This Agreement shall be binding upon the Company
and its successors and assigns and shall inure to the benefit of Indemnitee and his or her heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in 
  

 

	4 	 Note: to include for directors affiliated with funds. 

  
 11 

 
form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if
no such succession had taken place. 
 Section 15. Severability. If any provision or provisions of this Agreement shall be held
to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by
law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so
as to give effect to the intent manifested thereby. 
 Section 16. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in
order to induce Indemnitee to serve or continue to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and
applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

Section 17. Modification and Waiver. No supplement, modification or amendment, or waiver of any provision, of this Agreement shall
be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing
waiver. No supplement, modification or amendment of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee prior to such supplement,
modification or amendment. 
 Section 18. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon
being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification, reimbursement or advancement as provided hereunder. The failure of
Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

  
 12 

 Section 19. Notices. All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been
directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received: 
  

	 	(a)	If to Indemnitee, at such address as Indemnitee shall provide to the Company. 

  

	 	(b)	If to the Company to: 

 Chiasma, Inc. 

[ADDRESS] 
 [ADDRESS] 

Attention: [Counsel] 
 or to any other address as
may have been furnished to Indemnitee by the Company. 
 Section 20. Contribution. To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for
judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect
(i) the relative benefits received by the Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees
and agents) and Indemnitee in connection with such event(s) and/or transactions. 
 Section 21. Internal Revenue Code
Section 409A. The Company intends for this Agreement to comply with the Indemnification exception under Section 1.409A-1(b)(10) of the regulations promulgated under the Internal Revenue Code of 1986, as amended (the
“Code”), which provides that indemnification of, or the purchase of an insurance policy providing for payments of, all or part of the expenses incurred or damages paid or payable by the Indemnitee with respect to a bona fide claim
against the Indemnitee or the Company do not provide for a deferral of compensation, subject to Section 409A of the Code, where such claim is based on actions or failures to act by the Indemnitee in his capacity as a service provider of the
Company. The parties intend that this Agreement be interpreted and construed with such intent. 
 Section 22. Applicable Law and
Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that 

  
 13 

 
any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of
America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) consent to service of
process at the address set forth in Section 19 of this Agreement with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such
action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

Section 23. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction thereof. 
 Section 24. Identical Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement. 
 [Remainder of Page Intentionally Left Blank]

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written. 
  

			
	Chiasma, Inc.
		
	By:	 	 
		 	Name:
		 	Title:
	
	 
	[Name of Indemnitee]

 Exhibit A 

Form of Undertaking 
 [Date] 

Chiasma, Inc. 
 [ADDRESS] 

[ADDRESS] 
  

	Re:	Request for Advancement of Expenses 

 Ladies and Gentlemen: 

Reference is made to the Indemnification Agreement (the “Agreement”) by and between Chiasma, Inc. (the “Company”) and the
undersigned,                      (“Indemnitee”). Capitalized terms not defined herein shall have those meanings as set forth
in the Agreement. Pursuant to Section 8 of the Agreement, Indemnitee hereby requests advancement of Expenses incurred as a result of Indemnitee being, or being threatened to be made, a party in the following Proceeding(s):
                                         
                       . 
 In
accordance with Section 8 of the Agreement, Indemnitee undertakes to repay the advancement of Expenses if it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as authorized by Section 145 of
the General Corporation Law of the State of Delaware. 
 Very truly yours, 

                        ,
Indemnitee

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