Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

Mobile Mini, Inc. 

$250,000,000 
 5.875%
Senior Notes due 2024 
 PURCHASE AGREEMENT 

May 4, 2016 
 DEUTSCHE BANK SECURITIES INC.

 c/o Deutsche Bank Securities Inc. 
 60 Wall
Street 
 New York, New York 10005 
 Ladies and
Gentlemen: 
 Each of Mobile Mini, Inc., a Delaware corporation (the “Company”), and the Company’s subsidiaries listed
on the signature pages hereof (collectively, the “Subsidiary Guarantors”) hereby confirms its agreement with you in your capacity as the representative (the “Representative”) of the several parties listed on
Schedule II hereto (the “Initial Purchasers”), as set forth below. 
 Section 1. The Securities. Subject to the
terms and conditions herein contained, the Company proposes to issue and sell to the Initial Purchasers $250,000,000 aggregate principal amount of its 5.875% Senior Notes due 2024 (the “Notes”). The Notes are to be issued under an
indenture (the “Indenture”) to be dated as of May 9, 2016 by and among the Company, the Subsidiary Guarantors and Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”). The Notes will be
unconditionally guaranteed (the “Guarantees”) on a senior basis by each of the Subsidiary Guarantors and, unless the context otherwise requires, any reference to the “Notes” shall include a reference to the related
Guarantees. 
 The Notes will be offered and sold to the Initial Purchasers without being registered under the Securities Act of 1933, as
amended (the “Act”), in reliance on exemptions therefrom. 
 In connection with the sale of the Notes, the Company has
prepared a preliminary offering memorandum dated May 4, 2016 (the “Preliminary Memorandum”) setting forth or including a description of the terms of the Notes, the terms of the offering of the Notes, a description of the
Company and any material developments relating to the Company occurring after the date of the most recent historical financial statements included or incorporated by reference therein. As used herein, “Pricing Disclosure Package”
shall mean the Preliminary Memorandum, as supplemented or amended by the written communications listed on Annex A hereto in the most recent form that has been prepared and delivered by the Company to the Initial Purchasers in connection with
their solicitation of offers to purchase Notes prior to 5:00 p.m. Eastern time, on May 4, 2016 (the “Time of Execution”). Promptly after the Time of Execution and in any event no later than the second Business Day following the
Time of Execution, the Company will prepare and deliver to each Initial Purchaser a final offering memorandum (the “Final Memorandum”), which will consist of the Preliminary Memorandum with such changes therein as are required to
reflect the information contained in the amendments or 

 
supplements listed on Annex A hereto. The Company hereby confirms that it has authorized the use of the Pricing Disclosure Package, the Final Memorandum and the Recorded Road Show (defined
below) in connection with the offer and sale of the Notes by the Initial Purchasers. 
 The Initial Purchasers and their direct and indirect
transferees of the Notes will be entitled to the benefits of the Registration Rights Agreement to be dated as of the Closing Date (as defined in Section 3 below) (the “Registration Rights Agreement”), pursuant to which the
Company and the Subsidiary Guarantors will agree, among other things, to file with the Securities and Exchange Commission (the “Commission”) under the circumstances set forth therein, (i) a registration statement under the Act
(the “Exchange Offer Registration Statement”) relating to the 5.875% Senior Notes due 2024 of the Company (the “Exchange Notes”) to be offered in exchange (the “Exchange Offer”) for the Notes, and
(ii) as and to the extent required by the Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 under the Act (the “Shelf Registration Statement” and, together with the Exchange Offer Registration
Statement, the “Registration Statements”) relating to the resale by certain holders of the Notes, and to cause such Registration Statements to be declared effective in accordance with the provisions of the Registration Rights
Agreement. The Exchange Notes and Guarantees attached thereto are herein collectively referred to as the “Exchange Securities.” 

Section 2. Representations and Warranties. As of the Time of Execution and at the Closing Date, the Company and the Subsidiary
Guarantors, jointly and severally, represent and warrant to and agree with each of the Initial Purchasers as follows (references in this Section 2 to the “Offering Memorandum” are to (i) the Pricing Disclosure Package in
the case of representations and warranties made as of the Time of Execution and (ii) both the Pricing Disclosure Package and the Final Memorandum in the case of representations and warranties made at the Closing Date (as defined in
Section 3 below) and, in each case, include any documents incorporated by reference therein): 
 (a) The Preliminary
Memorandum, on the date thereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At
the Time of Execution, the Pricing Disclosure Package does not, and on the Closing Date, will not, and the Final Memorandum as of its date and on the Closing Date will not contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representation or warranty as to the information contained in or
omitted from the Pricing Disclosure Package and Final Memorandum made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Initial Purchasers through Deutsche Bank Securities Inc.
specifically for inclusion therein. The Company has not distributed or referred to and will not distribute or refer to any written communications (as defined in Rule 405 of the Act) that constitutes an offer to sell or solicitation of an offer to
buy the Notes (each such communication by the Company or its agents and representatives (other than the Pricing Disclosure Package and Final Memorandum) an “Issuer Written Communication”) other than the Pricing Disclosure Package,
the Final Memorandum and the recorded electronic road show made available to investors (the “Recorded Road Show”). Any information in an Issuer Written Communication that is not otherwise included in the Pricing Disclosure Package
and the Final Memorandum does not conflict with the Pricing Disclosure Package or the Final Memorandum, and each Issuer Written Communication, when taken together with the Pricing Disclosure Package does not at

  
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the Time of Execution and when taken together with the Final Memorandum at the Closing Date will not, contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (b)
As of the Closing Date, the Company will have the authorized, issued and outstanding capitalization set forth in the Offering Memorandum under the heading “Capitalization”; all of the outstanding shares of capital stock or membership
interests in the Company and the subsidiaries of the Company listed in Schedule I attached hereto (each, a “Subsidiary” and collectively, the “Subsidiaries”); have been, and as of the Closing Date will
be, duly authorized and validly issued, are fully paid and nonassessable and were not issued in violation of any preemptive or similar rights; except as set forth in the Offering Memorandum or in any filing by the Company with the Commission all of
the outstanding shares of capital stock and other ownership interests of the Company and of each of the Subsidiaries will be free and clear of all liens, encumbrances, equities and claims or restrictions on transferability (other than those imposed
by the Act and the securities or “Blue Sky” laws of certain jurisdictions) or voting; except as set forth in the Offering Memorandum or in any filings by the Company with the Commission, there are no (i) options, warrants or other
rights to purchase, (ii) agreements or other obligations of the Subsidiaries to issue or (iii) other rights to convert any obligation into, or exchange any securities for, shares of capital stock of or ownership interests in the Company or
any of the Subsidiaries outstanding. Except for the Subsidiaries or as disclosed in the Offering Memorandum, the Company does not own, directly or indirectly, any shares of capital stock or any other equity or long-term debt securities or have any
equity interest in any firm, partnership, joint venture or other entity. 
 (c) Each of the Company and the Subsidiaries is
duly incorporated or formed, validly existing and in good standing as a corporation, limited liability company or limited partnership under the laws of its respective jurisdiction of organization and has all requisite corporate power and authority
to own or lease its properties and conduct its business as now conducted and as described in the Offering Memorandum; each of the Company and the Subsidiaries is duly qualified to do business as a foreign corporation in good standing in all other
jurisdictions where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate, have a material adverse effect on the
business, condition (financial or otherwise), prospects or results of operations of the Company and the Subsidiaries, taken as a whole (any such event, a “Material Adverse Effect”). 

(d) The Company has all requisite corporate power and authority to execute, deliver and perform each of its obligations under
the Notes, the Exchange Notes and the Private Exchange Notes (as defined in the Registration Rights Agreement). The Notes, when issued, will be in the form contemplated by the Indenture. The Notes, the Exchange Notes and the Private Exchange Notes
have each been duly and validly authorized by the Company and, when executed by the Company and authenticated by the Trustee in accordance with the provisions of the Indenture and, in the case of the Notes, when delivered to and paid for by the
Initial Purchasers in accordance with the terms of this Agreement (or issued by the Company in accordance with the Registration Rights Agreement and the Indenture, in the case of the Exchange Notes and the Private Exchange Notes), will constitute
valid and legally binding 

  
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obligations of the Company, entitled to the benefits of the Indenture, and enforceable against the Company in accordance with their terms, except that the enforcement thereof may be subject to
(i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and (ii) general principles of equity and the discretion of the
court before which any proceeding therefor may be brought (collectively, the “Enforceability Exceptions”). 

(e) Each of the Subsidiary Guarantors has all requisite corporate, partnership, limited liability company or other
organizational power and authority to execute, deliver and perform each of its obligations under the Guarantees and the guarantees of the Exchange Notes and the Private Exchange Notes. The Guarantees, and the guarantees of the Exchange Notes, when
issued, will be in the form contemplated by the Indenture. The Guarantees and the guarantees of the Exchange Notes and the Private Exchange Notes have each been duly and validly authorized by each of the Subsidiary Guarantors and, when the
Guarantees and the guarantees of the Exchange Notes are executed by each of the Subsidiary Guarantors and when the Notes are duly executed and delivered against payment therefor and are authenticated by the Trustee in accordance with the provisions
of the Indenture and the Exchange Notes are issued, such Guarantees and guarantees of the Exchange Notes will have been duly executed, issued and delivered and will constitute valid and legally binding obligations of the Subsidiary Guarantors,
entitled to the benefits of the Indenture and enforceable against the Subsidiary Guarantors in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions. 

(f) Each of the Company and the Subsidiary Guarantors has all requisite corporate, partnership, limited liability company or
other organizational power and authority to execute, deliver and perform its obligations under the Indenture. The Indenture meets the requirements for qualification under the Trust Indenture Act of 1939, as amended (the “TIA”). The
Indenture has been duly and validly authorized by each of the Company and the Subsidiary Guarantors and, when executed and delivered by each of the Company and the Subsidiary Guarantors (assuming the due authorization, execution and delivery thereof
by the Trustee), will constitute a valid and legally binding agreement of each of the Company and the Subsidiary Guarantors, enforceable against each of the Company and the Subsidiary Guarantors in accordance with its terms, except that the
enforcement thereof may be subject to the Enforceability Exceptions. 
 (g) Each of the Company and the Subsidiary Guarantors
has all requisite corporate, partnership, limited liability company or other organizational power and authority to execute, deliver and perform its obligations under the Registration Rights Agreement. The Registration Rights Agreement has been duly
and validly authorized by each of the Company and the Subsidiary Guarantors and, when executed and delivered by each of the Company and the Subsidiary Guarantors (assuming the due authorization, execution and delivery by the Initial Purchasers),
will constitute a valid and legally binding agreement of each of the Company and the Subsidiary Guarantors enforceable against each of the Company and the Subsidiary Guarantors in accordance with its terms, except that (A) the enforcement
thereof may be subject to the Enforceability Exceptions and (B) any rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. 

  
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 (h) Each of the Company and the Subsidiary Guarantors has all requisite
corporate, partnership, limited liability company or other organizational power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. This Agreement and the
consummation by the Company and the Subsidiary Guarantors of the transactions contemplated hereby have been duly and validly authorized by each of the Company and the Subsidiary Guarantors. This Agreement has been duly executed and delivered by each
of the Company and the Subsidiary Guarantors. 
 (i) Assuming (a) the accuracy of the representations and warranties of
the Initial Purchasers contained in Section 8 hereof and (b) the Initial Purchasers’ compliance with the agreements set forth in Section 8 and the offering and transfer procedures and restrictions described in the Offering
Memorandum, no consent, approval, authorization or order of or registration, qualification, license or permit of or with any court or governmental agency or body, or third party is required for the issuance and sale by the Company of the Notes to
the Initial Purchasers or the consummation by the Company and the Subsidiary Guarantors of the other transactions contemplated hereby, except (i) such as have been obtained and (ii) such as may be required under state securities or
“Blue Sky” laws in connection with the purchase and resale of the Notes by the Initial Purchasers. 
 (j) None of
the Company or the Subsidiaries is (i) in violation of its certificate of incorporation or bylaws (or similar organizational document), (ii) in breach or violation of any statute, judgment, decree, order, rule or regulation applicable to
any of them or any of their respective properties or assets, except for any such breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect, or (iii) in breach of or default under (nor has any event
occurred that, with notice or passage of time or both, would constitute a default under) or in violation of any of the terms or provisions of any indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit,
certificate, contract or other agreement or instrument to which any of them is a party or to which any of them or their respective properties or assets is subject (collectively, “Contracts”), except for any such breach, default,
violation or event that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (k) The execution,
delivery and performance by the Company of this Agreement, the Indenture and the Registration Rights Agreement, the execution, delivery and performance by the Subsidiary Guarantors of this Agreement, the Indenture and the Registration Rights
Agreement and the consummation by the Company and the Subsidiary Guarantors of the transactions contemplated hereby and thereby (including, without limitation, the issuance and sale of the Notes to the Initial Purchasers and the issuance of the
Exchange Securities in the Exchange Offer) will not conflict with or constitute or result in a breach of or a default under (or an event that with notice or passage of time or both would constitute a default under) or violation of any of
(i) the terms or provisions of any Contract, except for any such conflict, breach, violation, default or event that would not, individually or in the aggregate, have a Material Adverse Effect, (ii) the certificate of incorporation or
bylaws (or similar organizational document) of the Company or any of the Subsidiaries or (iii) (assuming compliance with all applicable state securities or “Blue Sky” laws and assuming the accuracy of the representations and
warranties of the Initial Purchasers in Section 8 hereof) any statute, judgment, decree, order, rule or regulation applicable to the Company or any of the Subsidiaries or any of 

  
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their respective properties or assets, except for any such conflict, breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 

(l) KPMG LLP (“KPMG”), who are reporting on the audited financial statements, for the fiscal years ended
December 31, 2015, 2014 and 2013, of the Company and the Subsidiary Guarantors incorporated by reference in the Offering Memorandum, are independent public accountants within the meaning of the Act and the rules and regulations promulgated
thereunder. The audited consolidated financial statements of the Company and the Subsidiaries and the related notes thereto included in the Offering Memorandum present fairly in all material respects the financial position, results of operations and
cash flows of the Company and the Subsidiaries at the dates and for the periods to which they relate and have been prepared in accordance with generally accepted accounting principles consistently applied throughout such periods, except as otherwise
stated therein. The summary and selected financial and statistical data regarding the Company’s financial information in the Offering Memorandum present fairly in all material respects the information shown therein and have been prepared and
compiled on a basis consistent with the audited financial statements included or incorporated by reference therein. The interactive data in eXtensible Business Reporting Language included in the Offering Memorandum fairly represent the information
called for in all materials respects and have been prepared in accordance with the Commission’s rules and guidelines applicable thereto. 

(m) There is not pending or, to the knowledge of the Company or any of the Subsidiaries, threatened any action, suit,
proceeding, inquiry or investigation to which the Company or any of the Subsidiaries is a party, or to which the property or assets of the Company or any of the Subsidiaries are subject, before or brought by any court, arbitrator or governmental
agency or body that would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect or that seeks to restrain, enjoin, prevent the consummation of or otherwise challenge the issuance or sale of the Notes to be sold
hereunder or the consummation of the other transactions described in the Offering Memorandum. 
 (n) Each of the Company and
the Subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with, all federal, state, local and other governmental authorities, all
self-regulatory organizations and all courts and other tribunals, presently required or necessary to own or lease, as the case may be, and to operate its respective properties and to carry on its respective businesses as now or proposed to be
conducted as set forth in the Offering Memorandum (“Permits”), except where the failure to obtain such Permits would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; each of the
Company and the Subsidiaries has fulfilled and performed all of its obligations with respect to such Permits and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any
other material impairment of the rights of the holder of any such Permit except where such revocation, termination or impairment would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; and none of the
Company or the Subsidiaries has received any written notice of any proceeding relating to the revocation or modification of any such Permit, except as described in the Offering Memorandum and except where such revocation or modification would not,
individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 

  
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 (o) Since the date of the most recent financial statements appearing in the
Offering Memorandum, and except as otherwise described in the Offering Memorandum, (i) none of the Company or the Subsidiaries has incurred any liabilities or obligations, direct or contingent, or entered into or agreed to enter into any
transactions or contracts (written or oral) not in the ordinary course of business, which liabilities, obligations, transactions or contracts would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect,
(ii) none of the Company or the Subsidiaries has purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock (other than with respect to any of such
Subsidiaries, the purchase of, or dividend or distribution on, capital stock owned by the Company) and (iii) there has not been any material change in the capital stock or any change in the long-term indebtedness of the Company or the
Subsidiaries. 
 (p) Each of the Company and the Subsidiaries has filed all necessary federal, state and foreign income and
franchise tax returns, except where the failure to so file such returns would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, and has paid all taxes shown as due thereon other than amounts being
contested in good faith; and other than tax deficiencies that the Company or any Subsidiary is contesting in good faith and for which the Company or such Subsidiary has provided adequate reserves, there is no tax deficiency that has been asserted
against the Company or any of the Subsidiaries that would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. 

(q) The statistical and market-related data included in the Offering Memorandum are based on or derived from sources that the
Company and the Subsidiaries believe to be reliable and accurate. 
 (r) None of the Company, the Subsidiaries or any agent
acting on their behalf has taken or will take any action that might cause this Agreement or the sale of the Notes to violate Regulation T, U or X of the Board of Governors of the Federal Reserve System, in each case as in effect, or as the same
may hereafter be in effect, on the Closing Date. 
 (s) Each of the Company and the Subsidiaries has good and marketable
title to all real property and good title to all material personal property described in the Offering Memorandum as being owned by it and valid title to a leasehold estate in the real and personal property described in the Offering Memorandum as
being leased by it free and clear of all liens, charges, encumbrances or restrictions, except as described in the Offering Memorandum (including those liens permitted by the terms of the Indenture) or to the extent the failure to have such title or
the existence of such liens, charges, encumbrances or restrictions would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. All leases, contracts and agreements to which the Company or any of the
Subsidiaries is a party or by which any of them is bound are valid and enforceable against the Company or such Subsidiary, and with only such exceptions as would not, individually or in the aggregate, be reasonably expected to have a Material
Adverse Effect. 
 (t) The Company and the Subsidiaries own or possess adequate licenses or other rights to use all patents,
trademarks, service marks, trade names, copyrights and know-how necessary to conduct the businesses now operated by them as described in the Offering 

  
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Memorandum, and none of the Company or the Subsidiaries has received any notice of infringement of or conflict with (or knows of any such infringement of or conflict with) asserted rights of
others with respect to any patents, trademarks, service marks, trade names, copyrights or know-how that, if such assertion of infringement or conflict were sustained, would have a Material Adverse Effect. 

(u) There are no legal or governmental proceedings now pending or known by any executive officer of the Company to be
threatened against or involving or affecting the Company or any Subsidiary or any of their respective properties or assets that would be required to be described in a prospectus delivered pursuant to the Act that are not described in the Offering
Memorandum, nor are there any material contracts or other documents that would be required to be described in a prospectus delivered pursuant to the Act that are not described in the Offering Memorandum. 

(v) Except as would not, individually or in the aggregate, have a Material Adverse Effect (A) each of the Company and the
Subsidiaries is in compliance with and not subject to liability under applicable Environmental Laws (as defined below), (B) each of the Company and the Subsidiaries has made all filings and provided all notices required under any applicable
Environmental Law, and has and is in compliance with all Permits required under any applicable Environmental Laws and each of them is in full force and effect, (C) there is no civil, criminal or administrative action, suit, demand, claim,
hearing, notice of violation, investigation, proceeding, notice or demand letter or request for information pending or, to the knowledge of the Company or any of the Subsidiaries, threatened against the Company or any of the Subsidiaries under any
Environmental Law, (D) no lien, charge, encumbrance or restriction has been recorded under any Environmental Law with respect to any assets, facility or property owned, operated, leased or controlled by the Company or any of the Subsidiaries,
(E) none of the Company or the Subsidiaries has received notice that it has been identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended
(“CERCLA”), or any comparable state law and (F) no property or facility of the Company or any of the Subsidiaries is (i) listed or proposed for listing on the National Priorities List under CERCLA or (ii) listed in
the Comprehensive Environmental Response, Compensation and Liability Information System List promulgated pursuant to CERCLA, or on any comparable list maintained by any state or local governmental authority. 

For purposes of this Agreement, “Environmental Laws” means the common law and all applicable federal, state
and local laws or regulations, codes, orders, decrees, judgments or injunctions issued, promulgated, approved or entered thereunder, relating to pollution or protection of public or employee health and safety or the environment, including, without
limitation, laws relating to (i) emissions, discharges, releases or threatened releases of hazardous materials into the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata),
(ii) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling of hazardous materials, and (iii) underground and aboveground storage tanks and related piping, and emissions, discharges,
releases or threatened releases therefrom. 
 (w) There is no strike, labor dispute, slowdown or work stoppage with the
employees of the Company or any of the Subsidiaries that is pending or, to the knowledge of the 

  
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Company or any of the Subsidiaries, threatened which would, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 

(x) Each of the Company and the Subsidiaries carries insurance in such amounts and covering such risks as is adequate for the
conduct of its business and the value of its properties except where the failure to do so would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 

(y) Except as would not, individually or in the aggregate, have a Material Adverse Effect, none of the Company or the
Subsidiaries has any liability for any prohibited transaction or funding deficiency or any complete or partial withdrawal liability with respect to any pension, profit sharing or other plan that is subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), to which the Company or any of the Subsidiaries makes or ever has made a contribution and in which any employee of the Company or of any Subsidiary is or has ever been a participant. With respect
to such plans, the Company and each Subsidiary is in compliance in all material respects with all applicable provisions of ERISA. 

(z) Each of the Company and the Subsidiaries (i) makes and keeps accurate books and records and (ii) maintains
internal accounting controls that provide reasonable assurance that (A) transactions are executed in accordance with management’s authorization, (B) transactions are recorded as necessary to permit preparation of its financial
statements and to maintain accountability for its assets, (C) access to its assets is permitted only in accordance with management’s authorization, (D) the reported accountability for its assets is compared with existing assets at
reasonable intervals and (E) the interactive data in eXtensible Business Reporting Language included in the Offering Memorandum fairly represent the information called for in all material respects and are prepared in accordance with the
Commission’s rules and guidelines applicable thereto. The Company and the Subsidiaries maintain systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the
requirements of the Exchange Act and have been designed by, or under the supervision of, management to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. 
 (aa) The Company and the Subsidiaries maintain an effective
system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to
the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company and the Subsidiaries have carried out evaluations, with the participation of management, of the effectiveness of their disclosure
controls and procedures as required by Rule 13a-15 of the Exchange Act. 
 (bb) None of the Company or the Subsidiaries
is, or after the issuance and sale of the Notes as herein contemplated and the application of the net proceeds therefrom as described in the Offering Memorandum will be, required to register as an “investment company”

  
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or “promoter” or “principal underwriter” for an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended, and the rules and
regulations thereunder. 
 (cc) The Notes, the Indenture and the Registration Rights Agreement as of the Closing Date will
conform in all material respects to the descriptions thereof in the Offering Memorandum. 
 (dd) No holder of securities
(other than the Notes) of the Company or any Subsidiary will be entitled to have such securities registered under the Registration Statements required to be filed by the Company pursuant to the Registration Rights Agreement other than as expressly
permitted thereby. 
 (ee) Immediately after the consummation of the transactions contemplated by this Agreement, the fair
value and present fair saleable value of the assets of the Company and the Subsidiaries (on a consolidated basis) will exceed the sum of their stated liabilities and identified contingent liabilities; the Company and the Subsidiaries (on a
consolidated basis) are not, nor will the Company or the Subsidiaries (on a consolidated basis) be, after giving effect to the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby,
(a) left with unreasonably small capital with which to carry on their business as it is proposed to be conducted, (b) unable to pay their debts (contingent or otherwise as they mature or (c) otherwise insolvent. 

(ff) None of the Company, the Subsidiaries or any of their respective Affiliates (as defined in Rule 501(b) of Regulation D
under the Act) has directly, or through any agent (excluding any Initial Purchaser), (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of any “security” (as defined in the Act) that is or could be
integrated with the sale of the Notes in a manner that would require the registration under the Act of the Notes or (ii) engaged in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act)
in connection with the offering of the Notes or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Act. Assuming (a) the accuracy of the representations and warranties of the Initial Purchasers in
Section 8 hereof and (b) due performance of the covenants and agreement of the Initial Purchasers set forth in this Agreement, it is not necessary in connection with the offer, sale and delivery of the Notes to the Initial Purchasers in
the manner contemplated by this Agreement to register any of the Notes under the Act or, until such time as the Exchange Securities are issued pursuant to an effective Registration Statement, to qualify the Indenture under the TIA. 

(gg) No securities of the Company or any Subsidiary are of the same class (within the meaning of Rule 144A under the Act)
as the Notes and listed on a national securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system. 

(hh) As of the date hereof, none of the Company or the Subsidiaries has taken, nor will any of them take, directly or
indirectly, any action designed to, or that might be reasonably expected to, cause or result in stabilization or manipulation of the price of the Notes. 

  
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 (ii) None of the Company, the Subsidiaries, any of their respective Affiliates
(as defined in Rule 501(b) of Regulation D under the Act) or any person acting on its or their behalf (other than the Initial Purchasers) has engaged in any directed selling efforts (as that term is defined in Regulation S under the Act
(“Regulation S”)) with respect to the Notes; the Company, the Subsidiaries and their respective Affiliates and any person acting on its or their behalf (other than the Initial Purchasers) have complied with the offering
restrictions requirement of Regulation S. 
 (jj) Except as will be disclosed in the Offering Memorandum, there are no
business relationships or related party transactions required to be disclosed therein by Item 404 of Regulation S-K of the Commission and each business relationship or related party transaction described therein is in all material respects a
fair and accurate description of the relationships and transactions so described. 
 (kk) Neither the Company nor any of the
Subsidiaries, nor to the best knowledge of the Company and each of the Guarantors, any director, officer, agent, employee, Affiliate or other person associated with or acting on behalf of the Company or any of the Subsidiaries: (i) has used any
funds for any unlawful contribution, gift, property, entertainment or other unlawful expense related to political activity; (ii) has made or taken any action to further or facilitate any offer, payment, gift, promise to pay, or any offer, gift
or promise of anything else of value, directly or indirectly, to any person knowing that all or a portion of the payment will be offered, given or promised to anyone to improperly influence official action, to obtain or retain business for the
Company or its Subsidiaries, or to secure an improper advantage for the Company or its Subsidiaries; (iii) has made, offered or taken any act in furtherance of any bribe, unlawful rebate, payoff, influence payment, property, gift, kickback or
other unlawful payment; or (iv) is aware of or has taken any action, directly or indirectly, that would result in a violation of any provision of the Bribery Act 2010 of the United Kingdom, the OECD Convention on Bribery of Foreign Public
Officials in International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations there under, which apply to the Company or its Subsidiaries. The Company, the Subsidiaries and their Affiliates
have each conducted their businesses in compliance with all applicable anti-bribery and anti-corruption laws and/or regulations and have instituted and maintain policies and procedures reasonably designed to promote and ensure continued compliance
with all applicable anti-bribery and anti-corruption laws and with the representation and warranty contained herein. The Company, the Subsidiaries and their Affiliates will not, directly or indirectly, use the proceeds of the offering and sale of
the Notes or lend, contribute or otherwise make available such proceeds to any subsidiary, affiliate, joint venture partner or other person or entity for the purpose of financial or facilitating any activity that would violate the laws and
regulations as referred to in section (iv) above. 
 (ll) The operations of the Company and its Subsidiaries are and
have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including without limitation, those of Title 18 U.S. Code section 1956 and 1957, the Bank Secrecy Act of 1970, otherwise known as the
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conducts business, the rules and regulations thereunder, and any related or similar
rules, regulations or guidelines issued, administered or enforced 

  
 -11- 

 
by any governmental agency having jurisdiction over the Company or any of the Subsidiaries, and any international anti-money laundering guidelines, principles or procedures issued by an
intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to
concur, and any Executive Order, directive, or regulation pursuant to the authority or to the enforcement of any of the foregoing, or any orders or licenses issued thereunder (collectively, the “Anti-Money Laundering Laws”), and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of the Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the
Company, threatened. 
 (mm) Neither the Company nor any of the Subsidiaries nor any director or officer of the Company or
any of the Subsidiaries, nor, to the Company’s knowledge, any agent, Affiliate, or employee of the Company or any of the Subsidiaries, or any other person associated with or acting on behalf of the Company or any of the Subsidiaries, or
benefiting in any capacity in connection with this Agreement, is currently the subject or the target of any sanctions administered or imposed by the U.S. Government (including, without limitation, the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC”), the U.S. Department of Commerce, or the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or any similar sanctions imposed by any governmental body
to which the Company or any of its Subsidiaries is subject (collectively, “Sanctions”)), nor is owned or controlled by an individual or entity that is currently the subject or target of any Sanctions, nor is located, organized or resident
in a country or territory that is the subject of Sanctions (a “Sanctioned Country”) (including, without limitation, Burma (Myanmar), Crimea, Cuba, Iran, North Korea, Sudan and Syria); nor is designated as a ‘specially designated
national’ or a ‘blocked person’ by the U.S. Government. Neither the Company nor its Subsidiaries have engaged in during the past five years, are not now engaged in, and will not engage in, any dealings or transactions with any person
that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country, except to the extent authorized by OFAC; and the Company will not directly or indirectly use the proceeds of the offering
of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person, or in any
country or territory, that, at the time of such funding or facilitating, is the subject or target of Sanctions; (ii) to fund or facilitate any activities of or business in any Sanctioned Country in violation of Sanctions or (iii) in any
other manner that will result in a Sanctions violation by any person (including any person participating in the transaction, whether as an initial purchaser, underwriter, advisor, investor or otherwise). 

Any certificate signed by any officer of the Company or any Subsidiary Guarantor and delivered to any Initial Purchaser or to counsel for the
Initial Purchasers shall be deemed a joint and several representation and warranty by the Company and each of the Subsidiary Guarantors to each Initial Purchaser as to the matters covered thereby. 

Section 3. Purchase, Sale and Delivery of the Notes. On the basis of the representations, warranties, agreements and covenants
herein contained and subject to the terms and 

  
 -12- 

 
conditions herein set forth, the Company agrees to issue and sell to the Initial Purchasers, and the Initial Purchasers, acting severally and not jointly, agree to purchase, the Notes in the
respective amounts set forth on Schedule II attached hereto from the Company at 98.50% of their principal amount (i.e., a discount of $3,750,000). One or more certificates in global form for the Notes that the Initial Purchasers have
agreed to purchase hereunder, and in such denomination or denominations and registered in such name or names as the Initial Purchasers request upon notice to the Company at least 36 hours prior to the Closing Date, shall be delivered by or on behalf
of the Company to the Initial Purchasers, against payment by or on behalf of the Initial Purchasers of the purchase price therefor by wire transfer (same day funds), to such account or accounts as the Company shall specify prior to the Closing Date,
or by such means as the parties hereto shall agree prior to the Closing Date. Such delivery of and payment for the Notes shall be made at the offices of Cahill Gordon & Reindel LLP at 9:00 a.m., New York time, on May 9,
2015, or at such other place, time or date as the Initial Purchasers, on the one hand, and the Company, on the other hand, may agree upon, such time and date of delivery against payment being herein referred to as the “Closing
Date.” The Company will make such certificate or certificates for the Notes available for checking and packaging by the Initial Purchasers at the offices of Deutsche Bank Securities Inc. in New York, New York, or at such other place as
Deutsche Bank Securities Inc. may designate, at least 24 hours prior to the Closing Date. 
 Section 4. Offering by the Initial
Purchasers. The Initial Purchasers propose to make an offering of the Notes at the price and upon the terms set forth in the Pricing Disclosure Package and the Final Memorandum as soon as practicable after this Agreement is entered into and as
in the judgment of the Initial Purchasers is advisable. 
 Section 5. Covenants of the Company and the Subsidiary Guarantors.
The Company and the Subsidiary Guarantors, jointly and severally, covenant and agree with each of the Initial Purchasers as follows: 

(a) Until the later of (i) the completion of the distribution of the Notes by the Initial Purchasers (as determined by the
Initial Purchasers) and (ii) the Closing Date, the Company will not amend or supplement the Pricing Disclosure Package and the Final Memorandum or otherwise distribute or refer to any written communication (as defined under Rule 405 of the Act)
that constitutes an offer to sell or a solicitation of an offer to buy the Notes (other than the Pricing Disclosure Package, the Recorded Road Show and the Final Memorandum) or file any report with the Commission under the Exchange Act unless the
Initial Purchasers shall previously have been advised and furnished a copy for a reasonable period of time prior to the proposed amendment, supplement or report and as to which the Initial Purchasers shall have given their consent, which consent
shall not be unreasonably withheld. The Company will promptly, upon the reasonable request of the Initial Purchasers or counsel for the Initial Purchasers, make any amendments or supplements to the Pricing Disclosure Package and the Final Memorandum
that may be necessary or advisable in connection with the resale of the Notes by the Initial Purchasers. 
 (b) The Company
and the Subsidiary Guarantors will cooperate with the Initial Purchasers in arranging for the qualification of the Notes for offering and sale under the securities or “Blue Sky” laws of such jurisdictions as the Initial Purchasers may
designate and will continue such qualifications in effect for as long as may be necessary to complete the resale of the Notes; provided, however, that in connection therewith, neither the Company nor the Subsidiary Guarantors shall be
required to qualify as a foreign corporation or to execute a general 

  
 -13- 

 
consent to service of process in any jurisdiction or subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 

(c) (1) If, at any time prior to the completion of the sale by the Initial Purchasers of the Notes or the Private Exchange
Notes, any event occurs or information becomes known as a result of which the Pricing Disclosure Package and the Final Memorandum as then amended or supplemented would include any untrue statement of a material fact, or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if for any other reason it is necessary at any time to amend or supplement the Pricing Disclosure Package and the Final
Memorandum to comply with applicable law, the Company will promptly notify the Initial Purchasers thereof and will prepare, at the expense of the Company, an amendment or supplement to the Pricing Disclosure Package and the Final Memorandum that
corrects such statement or omission or effects such compliance and (2) if at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or any Issuer
Written Communication would conflict with the Pricing Disclosure Package as then amended or supplemented, or (ii) it is necessary to amend or supplement any of the Pricing Disclosure Package so that any of the Pricing Disclosure Package or any
Issuer Written Communication will comply with law, the Company will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (a) above, furnish to the Initial Purchasers such amendments or supplements to
the Pricing Disclosure Package or any Issuer Written Communication (it being understood that any such amendments or supplements may take the form of an amended or supplemented Final Memorandum) as may be necessary so that the statements in the
Pricing Disclosure Package as so amended or supplemented will not, in light of the circumstances under which they were made, be misleading or so that any Issuer Written Communication will not conflict with the Pricing Disclosure Package or so that
the Pricing Disclosure Package or any Issuer Written Communication as so amended or supplemented will comply with law. 
 (d)
The Company will, without charge, provide to the Initial Purchasers and to counsel for the Initial Purchasers as many copies of the Pricing Disclosure Package, any Issuer Written Communication and the Final Memorandum or any amendment or supplement
thereto as the Initial Purchasers may reasonably request. 
 (e) The Company will apply the net proceeds from the sale of the
Notes as set forth under “Use of Proceeds” in the Pricing Disclosure Package and the Final Memorandum. 
 (f) For
two years following the offering of the Notes, the Company will furnish to the Initial Purchasers copies of all reports and other communications (financial or otherwise) furnished by the Company to the Trustee or to the holders of the Notes and, as
soon as available, copies of any reports or financial statements furnished to or filed by the Company and the Subsidiary Guarantors with the Commission or any national securities exchange on which any class of securities of the Company may be
listed. 
 (g) Prior to the Closing Date, the Company will furnish to the Initial Purchasers, as soon as they have been
prepared, a copy of any unaudited interim financial statements of 

  
 -14- 

 
the Company and the Subsidiary Guarantors for any period subsequent to the period covered by the most recent financial statements appearing in the Pricing Disclosure Package and the Final
Memorandum. 
 (h) None of the Company or any of its Affiliates will sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any “security” (as defined in the Act) that could be integrated with the sale of the Notes in a manner which would require the registration under the Act of the Notes. 

(i) The Company will not, and will not permit any of the Subsidiaries or their respective Affiliates or persons acting on their
behalf to, engage in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) or in any directed selling efforts (as such term is defined in the Securities Act) in connection with the offering
of the Notes or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Act. 
 (j) For
so long as any of the Notes remain outstanding, the Company will make available at its expense, upon request, to any holder of such Notes and any prospective purchasers thereof the information specified in Rule 144A(d)(4) under the Act, unless
the Company is then subject to Section 13 or 15(d) of the Exchange Act. 
 (k) The Company will use its reasonable
efforts to permit the Notes to be eligible for clearance and settlement through The Depository Trust Company. 
 (l) During
the period beginning on the date hereof and continuing to the date that is 180 days after the Closing Date, without the prior written consent of Deutsche Bank Securities Inc., the Company will not offer, sell, contract to sell or otherwise dispose
of, except as provided hereunder, any securities of the Company (or guaranteed by the Company) that are substantially similar to the Notes. 

(m) In connection with Notes offered and sold in an off-shore transaction (as defined in Regulation S) the Company will not
authorize the Trustee to register any transfer of such Notes not made in accordance with the provisions of Regulation S and will not, except in accordance with the provisions of Regulation S, if applicable, issue any such Notes in the form of
definitive securities. 
 (n) The Company will not, and will not permit any of its Affiliates to, engage in any directed
selling efforts (as that term is defined in Regulation S) with respect to the Notes. 
 (o) During the period from the
Closing Date until one year after the Closing Date, without the prior written consent of the Initial Purchasers, the Company will not, and will not permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the
Notes that have been reacquired by them, except for Notes purchased by the Company and the Subsidiary Guarantors or any of their affiliates and resold in a transaction registered under the Securities Act. 

Section 6. Expenses. The Company and the Subsidiary Guarantors, jointly and severally, agree to pay all costs and expenses
incident to the performance of their obligations under 

  
 -15- 

 
this Agreement, whether or not the transactions contemplated herein are consummated or this Agreement is terminated pursuant to Section 12 hereof, including all costs and expenses incident
to (i) the printing, word processing or other production of documents with respect to the transactions contemplated hereby, including any costs of printing the Pricing Disclosure Package and the Final Memorandum and any amendment or supplement
thereto, and any “Blue Sky” memoranda, (ii) all arrangements relating to the delivery to the Initial Purchasers of copies of the foregoing documents, (iii) the fees and disbursements of the counsel, the accountants and any other
experts or advisors retained by the Company and the Subsidiary Guarantors, (iv) preparation (including printing), issuance and delivery to the Initial Purchasers of the Notes, (v) the qualification of the Notes under state securities and
“Blue Sky” laws, including filing fees and fees and disbursements of counsel for the Initial Purchasers relating thereto and in connection with the preparation of any “Blue Sky” memoranda and any supplements thereto, not to
exceed $15,000 in the aggregate, (vi) expenses in connection with the “roadshow” and any other meetings with prospective investors in the Notes; provided, however, that the Initial Purchasers shall pay one-half of the
cost of any chartered aircraft, (vii) fees and expenses of the Trustee including fees and expenses of counsel for the Trustee, (viii) any fees charged by investment rating agencies for the rating of the Notes, (ix) the cost of any
advertising approved by the Initial Purchasers and the Company in connection with the Notes, (x) any stamp or transfer taxes in connection with the original issuance and sale of the Notes and (xi) all other costs and expenses incident to
the performance by the Company and the Subsidiary Guarantors of their respective obligations hereunder. If the sale of the Notes provided for herein is not consummated because any condition to the obligations of the Initial Purchasers set forth in
Section 7 hereof is not satisfied, because this Agreement is terminated or because of any failure, refusal or inability on the part of the Company and the Subsidiary Guarantors to perform all obligations and satisfy all conditions on their part
to be performed or satisfied hereunder (other than pursuant to clauses (ii)(B), (iii) or (iv) of Section 12(a) hereof or solely by reason of a default by the Initial Purchasers of their obligations hereunder after all conditions
hereunder have been satisfied in accordance herewith), the Company and the Subsidiary Guarantors jointly and severally agree to promptly reimburse the Initial Purchasers upon demand for all out-of-pocket expenses (including reasonable fees,
disbursements and charges of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers) that shall have been reasonably incurred by the Initial Purchasers in connection with the proposed purchase and sale of the Notes.

 Section 7. Conditions of the Initial Purchasers’ Obligations. The obligation of the Initial Purchasers to purchase and
pay for the Notes shall, in their sole discretion, be subject to the satisfaction or waiver of the following conditions on or prior to the Closing Date: 

(a) On the Closing Date, the Initial Purchasers shall have received the opinion, dated as of the Closing Date and addressed to
the Initial Purchasers, of DLA Piper LLP (US), counsel for the Company, in form and substance reasonably satisfactory to counsel for the Initial Purchasers, to the effect that: 

(i) Each of the Company and the Subsidiaries is validly existing and in good standing under the laws of its respective
jurisdiction of organization and has all requisite corporate power and authority to own or lease its properties and to conduct its business as described in the Pricing Disclosure Package and the Final Memorandum. 

(ii) The Company has the authorized, issued and outstanding capitalization as set forth in the Pricing Disclosure Package and
the Final Memorandum under the 

  
 -16- 

 
caption “Capitalization”, as of the date stated under the caption; to the knowledge of such counsel, all of the outstanding shares of capital stock or ownership interests of the Company
and the Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and were not issued in violation of any preemptive rights or similar rights; to the knowledge of such counsel, all of the outstanding shares of
capital stock or ownership interests of the Subsidiaries are owned, directly or indirectly, by the Company, free and clear of all perfected security interests (other than securing indebtedness under the senior credit facility (or its predecessor))
and, to the knowledge of such counsel, free and clear of all other liens, encumbrances, equities and claims or restrictions on transferability (other than those imposed by the Act and the securities or “Blue Sky” laws of certain
jurisdictions) or voting. 
 (iii) Except as set forth in the Pricing Disclosure Package and the Final Memorandum or in any
filing by the Company with the Commission and to the knowledge of such counsel (A) no options, warrants or other rights to purchase from the Company or any Subsidiary shares of capital stock or ownership interests in the Company or any
Subsidiary are outstanding, (B) no agreements or other obligations to issue, or other rights to convert any obligation into, or exchange any securities for, shares of capital stock or ownership interests in the Company or any Subsidiary are
outstanding and (C) no holder of securities of the Company or any Subsidiary is entitled to have such securities registered under a registration statement filed by the Company pursuant to the Registration Rights Agreement. 

(iv) Each of the Company and the Subsidiary Guarantors has all requisite corporate, partnership, limited liability company or
other organizational power and authority to execute, deliver and perform each of its obligations under the Indenture, the Notes, the Guarantees, the Exchange Securities and the Private Exchange Notes; the Indenture meets the requirements for
qualification under the TIA; the Indenture has been duly and validly authorized by each of the Company and the Subsidiary Guarantors and, when duly executed and delivered by each of the Company and the Subsidiary Guarantors (assuming the due
authorization, execution and delivery thereof by the Trustee), will constitute the valid and legally binding agreement of each of the Company and the Subsidiary Guarantors, enforceable against each of the Company and the Subsidiary Guarantors in
accordance with its terms, except that the enforcement thereof may be subject to the Enforceability Exceptions. 
 (v) The
Notes are in the form contemplated by the Indenture. The Notes have each been duly and validly authorized by the Company and, when duly executed and delivered by the Company and paid for by the Initial Purchasers in accordance with the terms of this
Agreement (assuming the due authorization, execution and delivery of the Indenture by the Trustee and due authentication and delivery of the Notes by the Trustee in accordance with the Indenture), the Notes will constitute the valid and legally
binding obligations of the Company, entitled to the benefits of the Indenture, and enforceable against the Company in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions. 

(vi) The Exchange Notes and the Private Exchange Notes have been duly and validly authorized by the Company and, when the
Exchange Notes and the Private 

  
 -17- 

 
Exchange Notes are duly executed and delivered by the Company in accordance with the terms of the Registration Rights Agreement and the Indenture (assuming the due authorization, execution and
delivery of the Indenture by the Trustee and due authentication and delivery of the Exchange Notes and the Private Exchange Notes by the Trustee in accordance with the Indenture), the Exchange Notes and the Private Exchange Notes will constitute the
valid and legally binding obligations of the Company, entitled to the benefits of the Indenture, and enforceable against the Company in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions.

 (vii) The Guarantees and the guarantees of the Exchange Notes and the Private Exchange Notes have been duly and validly
authorized by each Subsidiary Guarantor and, when executed by each of the Subsidiary Guarantors and when the Notes are duly executed and delivered against payment therefor and are authenticated by the Trustee in accordance with the provisions of the
Indenture, such Guarantees and such guarantees of the Exchange Notes and the Private Exchange Notes will have been duly executed, issued and delivered and will constitute valid and legally binding obligations of each Subsidiary Guarantor, entitled
to the benefits of the Indenture and enforceable against the Subsidiary Guarantors in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions. 

(viii) Each of the Company and the Subsidiary Guarantors has all requisite corporate, partnership, limited liability company or
other organizational power and authority to execute, deliver and perform its obligations under the Registration Rights Agreement; the Registration Rights Agreement has been duly and validly authorized by each of the Company and the Subsidiary
Guarantors and, when duly executed and delivered by each of the Company and the Subsidiary Guarantors (assuming due authorization, execution and delivery thereof by the Initial Purchasers), will constitute the valid and legally binding agreement of
each of the Company and the Subsidiary Guarantors, enforceable against each of the Company and the Subsidiary Guarantors in accordance with its terms, except that (A) the enforcement thereof may be subject to the Enforceability Exceptions and
(B) any rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. 

(ix) Each of the Company and the Subsidiary Guarantors has all requisite corporate, partnership, limited liability company or
other organizational power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby; this Agreement and the consummation by the Company and each of the Subsidiaries of
the transactions contemplated hereby have been duly and validly authorized by the Company and each of the Subsidiary Guarantors. This Agreement has been duly executed and delivered by the Company and each of the Subsidiary Guarantors. 

(x) The Indenture, the Notes, the Guarantees and the Registration Rights Agreement conform in all material respects to the
descriptions thereof contained in the Pricing Disclosure Package and the Final Memorandum. 

  
 -18- 

 (xi) The statements in the Pricing Disclosure Package and the Final Offering
Memorandum under the captions “Certain United States Federal Income Tax Considerations” fairly present and summarize, in all material respects, the matters referred to therein. 

(xii) None of the Company or the Subsidiaries is (i) to the knowledge of such counsel, in violation of its certificate of
incorporation or bylaws (or similar organizational document) or (ii) to the knowledge of such counsel, in breach or default under (nor has any event occurred that, with notice or passage of time or both, would constitute a default under) or in
violation of any of the terms or provisions of any Contract filed as an exhibit to the Company’s Form 10-K for the year ended December 31, 2015, except for any such breach, default, violation or event which would not, individually or in
the aggregate, have a Material Adverse Effect. 
 (xiii) The execution, delivery and performance of this Agreement, the
Indenture and the Registration Rights Agreement and the consummation of the transactions contemplated hereby and thereby (including, without limitation, the issuance and sale of the Notes to the Initial Purchasers) will not conflict with or
constitute or result in a breach of or a default under (nor has any event occurred that, with notice or passage of time or both would constitute a default under or violation of) any of (i) the terms or provisions of any Contract filed as an
exhibit to the Company’s Form 10-K for the year ended December 31, 2015 (assuming the application of proceeds from the issuance and sale of the Notes as described in the Pricing Disclosure Package and the Final Memorandum), except for any
such conflict, breach, violation, default or event that could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (ii) the certificate of incorporation or bylaws (or similar organizational document)
of the Company or any of the Subsidiaries, or (iii) to such counsel’s knowledge (assuming compliance with all applicable state securities or “Blue Sky” laws and assuming the accuracy of the representations and warranties of the
Initial Purchasers in Section 8 of this Agreement) any statute, judgment, decree, order, rule or regulation in the States of Arizona, California, Delaware, New York or Texas known to such counsel to be applicable to the Company or any of the
Subsidiaries or any of their respective properties or assets, except for any such conflict, breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 

(xiv) Except for those consents as to which the failure to obtain would not, individually or in the aggregate, have a Material
Adverse Effect on the consummation of the transactions contemplated hereby, no consent, approval, authorization or order of any U.S. federal, Arizona, California, Delaware, New York or Texas governmental authority is required for the issuance and
sale by the Company of the Notes to the Initial Purchasers or the consummation by the Company of the other transactions contemplated hereby, except such as may be required under Blue Sky laws, as to which such counsel need express no opinion, and
those which have previously been obtained. 
 (xv) To the knowledge of such counsel, there are no legal or governmental
proceedings involving or affecting the Company or the Subsidiaries or any of their respective properties or assets that would be required to be described in a prospectus 

  
 -19- 

 
pursuant to the Act that are not described in the Pricing Disclosure Package and the Final Memorandum, nor are there, to the knowledge of such counsel, any material contracts or other documents
that would be required to be described in a prospectus pursuant to the Act that are not described in the Pricing Disclosure Package and the Final Memorandum. 

(xvi) None of the Company or the Subsidiaries is, or immediately after the sale of the Notes and Guarantees and the application
of the proceeds from such sale (as described in the Pricing Disclosure Package and the Final Memorandum under the caption “Use of Proceeds”) will be, an “investment company” as such term is defined in the Investment Company Act
of 1940, as amended. 
 (xvii) No registration under the Act of the Notes and Guarantees is required in connection with the
sale of the Notes and Guarantees to the Initial Purchasers as contemplated by this Agreement and the Pricing Disclosure Package and the Final Memorandum or in connection with the initial resale of the Notes by the Initial Purchasers in accordance
with Section 8 of this Agreement, and prior to the commencement of the Exchange Offer (as defined in the Registration Rights Agreement) or the effectiveness of the Shelf Registration Statement (as defined in the Registration Rights Agreement),
the Indenture is not required to be qualified under the TIA, in each case assuming (i)(A) that the purchasers who buy such Notes in the initial resale thereof are reasonably believed to be qualified institutional buyers as defined in
Rule 144A promulgated under the Act (“QIBs”) or (B) that the offer or sale of the Notes is made in compliance with Regulation S, (ii) the accuracy of the Initial Purchasers’ representations in Section 8 and
(iii) the due performance by the Initial Purchasers of the agreements set forth in Section 8 hereof. 
 (xviii)
Neither the consummation of the transactions contemplated by this Agreement nor the sale, issuance, execution or delivery of the Notes will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

At the time the foregoing opinion is delivered, DLA Piper LLP (US) shall additionally state that it has participated in
conferences with officers and other representatives of the Company, representatives of the independent public accountants for the Company, representatives of the Initial Purchasers and counsel for the Initial Purchasers, at which conferences the
contents of the Pricing Disclosure Package and the Final Memorandum and related matters were discussed, and, although it has not independently verified and is not passing upon and assumes no responsibility for the accuracy, completeness or fairness
of the statements contained in the Pricing Disclosure Package or the Final Memorandum (except to the extent specified in subsection 7(a)(x) and 7(a)(xi)), no facts have come to its attention which lead it to believe that the Pricing Disclosure
Package, as of the Time of Execution or at the Closing Date, or that the Final Memorandum, as of its date or at the Closing Date, contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements
contained therein, in light of the circumstances under which they were made, not misleading (it being understood that such firm need express no opinion with respect to the financial statements and related notes thereto and the other financial and
accounting data derived from the Company’s books and records included or incorporated by reference in the Pricing Disclosure Package or the Final Memorandum). The opinion of DLA Piper LLP (US) described in

  
 -20- 

 
this Section shall be rendered to the Initial Purchasers at the request of the Company and shall so state therein. Such counsel may also state that, insofar as such opinion involves factual
matters, they have relied, to the extent they deem proper, upon the representations and warranties of the Initial Purchasers and the Company contained in this Agreement, certificates of officers of the Company and any of the Subsidiaries and
certificates of public officials. 
 (b) On the Closing Date, the Initial Purchasers shall have received the opinion, in form
and substance satisfactory to the Initial Purchasers, dated as of the Closing Date and addressed to the Initial Purchasers, of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers, with respect to certain legal
matters relating to this Agreement and such other related matters as the Initial Purchasers may reasonably require. In rendering such opinion, Cahill Gordon & Reindel LLP shall have received and may rely upon such
certificates and other documents and information as it may reasonably request to pass upon such matters. 
 (c) The Initial
Purchasers shall have received from each of KPMG a comfort letter dated the date hereof, in form and substance reasonably satisfactory to counsel for the Initial Purchasers with respect to financial information included or incorporated by reference
in the Pricing Disclosure Package. On the Closing Date, the Initial Purchasers shall have received from KPMG a comfort letter dated the Closing Date, in form and substance satisfactory to counsel for the Initial Purchasers, which shall refer to the
comfort letter dated the date hereof and reaffirm or update as of a more recent date, the information stated in the comfort letter dated the date hereof and similarly address the audited and any unaudited financial information in the Final
Memorandum. 
 (d) The representations and warranties of the Company and the Subsidiary Guarantors contained in this
Agreement shall be true and correct on and as of the Time of Execution and on and as of the Closing Date as if made on and as of the Closing Date; the statements of the Company’s officers made pursuant to any certificate delivered in accordance
with the provisions hereof shall be true and correct in all material respects on and as of the date made and on and as of the Closing Date; the Company shall have performed all covenants and agreements and satisfied all conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date; and, except as described in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), subsequent to the date of
the most recent financial statements in such Pricing Disclosure Package and the Final Memorandum, there shall have been no event or development, and no information shall have become known, that, individually or in the aggregate, has or would be
reasonably likely to have a Material Adverse Effect. 
 (e) The sale of the Notes hereunder shall not be enjoined
(temporarily or permanently) on the Closing Date. 
 (f) Subsequent to the date of the most recent financial statements
included or incorporated by reference in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), none of the Company or any of the Subsidiaries shall have sustained any loss
or interference with respect to its business or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute, slowdown or work stoppage or from any legal or

  
 -21- 

 
governmental proceeding, order or decree, which loss or interference, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect. 

(g) The Initial Purchasers shall have received a certificate from each of the Company and the Subsidiary Guarantors, dated the
Closing Date, signed by two authorized officers on behalf of the Company or the Subsidiary Guarantors by their respective Chairman of the Board, President or any Senior Vice President and the Chief Financial Officer, to the effect that, to such
officer’s knowledge: 
 (i) the representations and warranties of the Company and the Subsidiary Guarantors contained in
this Agreement are true and correct on and as of the Time of Execution and on and as of the Closing Date, and the Company and the Guarantors have performed all covenants and agreements and satisfied all conditions on their part to be performed or
satisfied hereunder at or prior to the Closing Date; 
 (ii) at the Closing Date, since the date hereof or since the date of
the most recent financial statements included or incorporated by reference in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or development has occurred, and
no information has become known, that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect; and 

(iii) the sale of the Notes hereunder has not been enjoined (temporarily or permanently). 

(h) On the Closing Date, the Initial Purchasers shall have received the Registration Rights Agreement executed by the Company
and the Subsidiary Guarantors. 
 (i) The Notes shall be eligible for clearance and settlement through The Depository Trust
Company. 
 On or before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers shall have received such further
documents, opinions, certificates, letters and schedules or instruments relating to the business, corporate, legal and financial affairs of the Company and the Subsidiaries as they shall have heretofore reasonably requested from the Company. 

All such documents, opinions, certificates, letters, schedules or instruments delivered pursuant to this Agreement will comply with the
provisions hereof only if they are reasonably satisfactory in all material respects to the Initial Purchasers and counsel for the Initial Purchasers. Each of the Company and the Subsidiary Guarantors shall furnish to the Initial Purchasers such
conformed copies of such documents, opinions, certificates, letters, schedules and instruments in such quantities as the Initial Purchasers shall reasonably request. 

Section 8. Offering of Notes; Restrictions on Transfer. (a) Each of the Initial Purchasers agrees with the Company (as to
itself and its respective Affiliates) that (i) neither it nor its Affiliates has nor will they solicit offers for, or offer or sell, the Notes by any form of general solicitation or general advertising (as those terms are used in Regulation D
under the Act) or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Act; and (ii) neither it nor its 

  
 -22- 

 
Affiliates has nor will they solicit offers for the Notes only from, and will offer the Notes only to, (A) in the case of offers inside the United States, persons whom the Initial Purchasers
reasonably believe to be QIBs in transactions under Rule 144A and (B) in the case of offers outside the United States, to persons other than U.S. persons in compliance with Regulation S (“non-U.S. purchasers,” which term shall
include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)). 

(b) Each of the Initial Purchasers represents and warrants (as to itself and its respective Affiliates) with respect to offers and sales of
securities by it outside the United States that (i) it, its Affiliates and persons acting on its or their behalf has and will comply with all applicable laws and regulations in each jurisdiction in which it acquires, offers, sells or delivers
Notes or has in its possession or distributes any Memorandum or any such other material, in all cases at its own expense; (ii) the Notes have not been and will not be offered or sold within the United States or to, or for the account or benefit
of, U.S. persons except in accordance with Regulation S under the Act or pursuant to an exemption from the registration requirements of the Act; and (iii) it has offered the Notes and will offer and sell the Notes (A) as part of its
distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 of Regulation S and, accordingly, neither it nor any persons acting on its
behalf have engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Notes, and any such persons have complied and will comply with the offering restrictions requirement of Regulation S. 

Terms used in this Section 8 and not defined in this Agreement have the meanings given to them in Regulation S. 

Section 9. Indemnification and Contribution. (a) The Company and the Subsidiary Guarantors, jointly and severally, agree to
indemnify and hold harmless each Initial Purchaser, the directors, officers, employees, affiliates and agents of each Initial Purchaser and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which any Initial Purchaser, such director, officer, employees, affiliate, agent or such controlling person may become subject under the Act, the Exchange Act
or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon the following: 

(i) any untrue statement or alleged untrue statement of any material fact contained in the Pricing Disclosure Package, any
Issuer Written Communication or Final Memorandum or any amendment or supplement thereto; or 
 (ii) the omission or alleged
omission to state, in the Pricing Disclosure Package, any Issuer Written Communication or Final Memorandum or any amendment or supplement thereto, a material fact necessary to make the statements therein not misleading; 

and will reimburse, as incurred, the Initial Purchasers and each such director, officer, employees, affiliate and agent or controlling person for any legal or
other expenses incurred by the Initial Purchasers or such controlling person in connection with investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action;
provided, however, that the Company and the Subsidiary Guarantors will not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of or is based upon any untrue statement or

  
 -23- 

 
alleged untrue statement or omission or alleged omission made in the Pricing Disclosure Package or the Final Memorandum or any amendment or supplement thereto in reliance upon and in conformity
with written information concerning the Initial Purchasers furnished to the Company by the Initial Purchasers through Deutsche Bank Securities Inc. specifically for use therein as set forth in Section 13. The indemnity provided for in this
Section 9 will be in addition to any liability that the Company and the Subsidiary Guarantors may otherwise have to the indemnified parties. Neither the Company nor the Subsidiary Guarantors shall be liable under this Section 9 for any
settlement of any claim or action effected without its prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 

(b) Each Initial Purchaser, severally and not jointly, agrees to indemnify and hold harmless the Company and the Subsidiary Guarantors, their
respective directors, officers and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Company or any
such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue
statement or alleged untrue statement of any material fact contained in the Pricing Disclosure Package or the Final Memorandum or any amendment or supplement thereto, or (ii) the omission or the alleged omission to state therein a material fact
necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with
written information concerning such Initial Purchaser furnished to the Company by such Initial Purchaser through Deutsche Bank Securities Inc. specifically for use therein; and subject to the limitation set forth immediately preceding this clause,
will reimburse, as incurred, any legal or other expenses incurred by the Company and the Subsidiary Guarantors or any such director, officer or controlling person in connection with investigating or defending against or appearing as a third-party
witness in connection with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 9 will be in addition to any liability that the Initial Purchasers may otherwise have to the indemnified
parties. The Initial Purchasers shall not be liable under this Section 9 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld, conditioned or delayed. 

(c) Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of any action for
which such indemnified party is entitled to indemnification under this Section 9, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify the indemnifying party
of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure results in the forfeiture
by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs
(a) and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that
it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel (including local counsel) reasonably satisfactory to such indemnified party; provided, however, that if (i) the
use of counsel (including local counsel) chosen by the indemnifying party to represent the indemnified party would 

  
 -24- 

 
present such counsel with a conflict of interest or (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, then, in
each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such
action on behalf of such indemnified party or parties provided, however, in said event the indemnifying party will not be made liable for the expense of more than one separate counsel (in addition to any local counsel). After notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party
under this Section 9 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have
employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such action the indemnifying party shall not be liable for the expenses of more than one separate
counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the same general allegations or circumstances, designated by the Initial Purchasers in the case of
paragraph (a) of this Section 9 or the Company and the Subsidiary Guarantors in the case of paragraph (b) of this Section 9, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case
may be, who are parties to such action or actions) or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party or (iii) the indemnifying party has
failed to employ counsel reasonably satisfactory to the indemnified party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party to such
indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be
unreasonably withheld, conditioned or delayed), unless such indemnified party waived in writing its rights under this Section 9, in which case the indemnified party may effect such a settlement without such consent. No indemnifying party shall,
without the prior written consent of the indemnified party (which consent shall not be unreasonably withheld), effect any settlement or compromise of any pending or threatened proceeding in respect of which any indemnified party is or could have
been a party, or indemnity could have been sought hereunder by any indemnified party, unless such settlement (A) includes an unconditional written release of the indemnified party, in form and substance reasonably satisfactory to the
indemnified party, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of any indemnified party. 

(d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 9 is unavailable to, or
insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses, claims, damages or 

  
 -25- 

 
liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the offering of the Notes or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof). The relative benefits received by the Company and the Subsidiary Guarantors on the one hand and any Initial Purchaser on the other shall be deemed to be in the same proportion as the total proceeds from the offering (before
deducting expenses) received by the Company and the Subsidiary Guarantors bear to the total discounts and commissions received by such Initial Purchaser. The relative fault of the parties shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Subsidiary Guarantors on the one hand or such Initial Purchaser on
the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in the
circumstances. Each of the Company and the Subsidiary Guarantors and the Initial Purchasers agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no Initial Purchaser shall be obligated to make contributions
hereunder that in the aggregate exceed the total discounts, commissions and other compensation received by such Initial Purchaser under this Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required
to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls an Initial Purchaser (or any director, officer, employee, affiliate or agent thereof)
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Initial Purchasers, and each director of the Company and the Subsidiary Guarantors, each officer of the Company
and the Subsidiary Guarantors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Company. The Initial
Purchasers’ obligations to contribute pursuant to paragraph (d) above are several in proportion to their respective purchase obligations hereunder and not joint. 

Section 10. Survival Clause. The respective representations, warranties, agreements, covenants, indemnities and other statements
of the Company and the Subsidiary Guarantors, their officers and the Initial Purchasers set forth in this Agreement or made by or on behalf of them pursuant to this Agreement shall remain in full force and effect, regardless of (i) any
investigation made by or on behalf of the Company and the Subsidiary Guarantors, any of their officers, directors, employees, affiliates or agents, the Initial Purchasers or any controlling person referred to in Section 9 hereof and
(ii) delivery of and payment for the Notes. The respective agreements, covenants, indemnities and other statements set forth in Sections 6, 9, 10 and 16 hereof shall remain in full force and effect, regardless of any termination or
cancellation of this Agreement. 

  
 -26- 

 Section 11. Default of One or More of the Several Initial Purchasers. If, on the
Closing Date, any one or more of the several Initial Purchasers shall fail or refuse to purchase Notes that it or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Notes which such defaulting Initial
Purchaser or Initial Purchasers agreed but failed or refused to purchase does not exceed 10% of the aggregate principal amount of the Notes to be purchased on such date, the other Initial Purchasers shall be obligated, severally, in the proportions
that the principal amount of Notes to be purchased set forth opposite their respective names on Schedule II bears to the aggregate principal amount of Notes set forth opposite the names of all such non-defaulting Initial Purchasers, or in
such other proportions as may be specified by the Representative with the consent of the non-defaulting Initial Purchasers, to purchase the Notes which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase
on such date. If, on the Closing Date, any one or more of the Initial Purchasers shall fail or refuse to purchase Notes and the principal amount of Notes with respect to which such default occurs exceeds 10% of the principal amount of Notes to be
purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Notes are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other
party except that the provisions specified in Section 10 above shall at all times be effective and shall survive such termination. In any such case either the Representative or the Company shall have the right to postpone the Closing Date, but
in no event for longer than seven days in order that the required changes, if any, to the Final Memorandum or any other documents or arrangements may be effected. As used in this Agreement, the term “Initial Purchaser” shall be deemed to
include any person substituted for a defaulting Initial Purchaser under this Section 11. Any action taken under this Section 11 shall not relieve any defaulting Initial Purchaser from liability in respect of any default of such Initial
Purchaser under this Agreement. 
 Section 12. Termination. (a) This Agreement may be terminated in the sole discretion of
the Initial Purchasers by notice to the Company given prior to the Closing Date in the event that the Company shall have failed, refused or been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied
hereunder at or prior thereto or, if at or prior to the Closing Date, 
 (i) the Company or the Subsidiaries, taken as one
enterprise; shall have sustained any loss or interference with respect to its businesses or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute, slowdown or work
stoppage or any legal or governmental proceeding, which loss or interference, in the sole judgment of the Initial Purchasers, has had or has a Material Adverse Effect, or there shall have been, in the sole judgment of the Initial Purchasers, any
event or development that, individually or in the aggregate, has or could be reasonably likely to have a Material Adverse Effect (including without limitation a change in control of the Company or the Subsidiaries), except in each case as described
in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto); 
 (ii)
trading (A) in securities of the Company or (B) in securities generally on the New York Stock Exchange, American Stock Exchange or the NASDAQ Global Market shall have been suspended or materially limited or minimum or maximum prices shall
have been established on any such exchange or market; 

  
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 (iii) a banking moratorium shall have been declared by New York or United States
authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; 

(iv) there shall have been (A) an outbreak or escalation of hostilities between the United States and any foreign power,
or (B) an outbreak or escalation of any other insurrection or armed conflict involving the United States or any other national or international calamity or emergency, or (C) any material change in the financial markets of the United States
which, in the case of (A), (B) or (C) above and in the sole judgment of the Initial Purchasers, makes it impracticable or inadvisable to proceed with the offering or the delivery of the Notes as contemplated by the Pricing Disclosure
Package and the Final Memorandum; or 
 (v) any securities of the Company shall have been downgraded by any nationally
recognized statistical rating organization registered under Section 15E of the Exchange Act or any such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its ratings
of any securities of the Company (other than an announcement with positive implications of a possible upgrading). 
 (b) Termination of this
Agreement pursuant to this Section 12 shall be without liability of any party to any other party except as provided in Section 10 hereof. 

Section 13. Information Supplied by the Initial Purchasers. The statements set forth in the fifth paragraph and in the sixth
paragraph under the heading “Private Placement” in the Preliminary Memorandum and the Final Memorandum (to the extent such statements relate to the Initial Purchasers) constitute the only information furnished by the Initial Purchasers to
the Company for the purposes of Sections 2(a) and 9 hereof. 
 Section 14. Notices. All communications hereunder shall be in
writing and, if sent to the Initial Purchasers, shall be mailed or delivered to Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention: Leveraged Debt Capital Markets, Second Floor (fax: (212) 797-4877), with a copy
to the attention of the General Counsel, 36th Floor (fax: (212) 797-4561), with a copy to Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005, Attention: John A. Tripodoro; and if sent to the Company,
shall be mailed or delivered to the Company at 4646 East Van Buren, Suite 400, Phoenix, Arizona 85008, Attention: Christopher J. Miner; with a copy to DLA Piper LLP (US), 2525 East Camelback Road, Suite 1000, Phoenix, Arizona, Attention:
Gregory R. Hall. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally
delivered; five business days after being deposited in the mail, postage prepaid, if mailed; and one business day after being timely delivered to a next-day air courier. 

Section 15. Successors. This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Company and
their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this
Agreement, or any provisions herein contained; this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person except that (i) the
indemnities of the Company contained in Section 9 of this Agreement 

  
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shall also be for the benefit of any person or persons who control the Initial Purchasers (or any director, officer, employee, affiliate or agent thereof) within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act and (ii) the indemnities of the Initial Purchasers contained in Section 9 of this Agreement shall also be for the benefit of the directors of the Company, its officers and any person or
persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act. No purchaser of Notes from the Initial Purchasers will be deemed a successor because of such purchase. 

Section 16. APPLICABLE LAW; JURISDICTION; WAIVER OF JURY TRIAL. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS
AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO
CONFLICTS OF LAW. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the City and County of New York or the courts of the State of New York in each case located in the City
and County of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any
Specified Court in a Related Proceeding, as to which such jurisdiction is non-exclusive) of the Specified Courts in any Related Proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above
shall be effective service of process for any Related Proceeding brought in any Specified Court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any Related Proceeding in the Specified Courts and irrevocably
and unconditionally waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been brought in an inconvenient forum. 

Section 17. No Advisory or Fiduciary Responsibility. Each of the Company and the Subsidiary Guarantors acknowledges and agrees
that (i) the purchase and sale of the Notes pursuant to this Agreement is an arm’s-length commercial transaction between the Company and the Subsidiary Guarantors, on the one hand, and the Initial Purchasers, on the other, (ii) in
connection therewith and with the process leading to such transaction each Initial Purchaser is acting solely as a principal and not the agent or fiduciary of the Company and the Subsidiary Guarantors, (iii) no Initial Purchaser has assumed an
advisory or fiduciary responsibility in favor of the Company and the Subsidiary 

  
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Guarantors with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Initial Purchaser has advised or is currently advising the Company and the
Subsidiary Guarantors on other matters) or any other obligation to the Company and the Subsidiary Guarantors except the obligations expressly set forth in this Agreement and (iv) the Company and the Subsidiary Guarantors have consulted their
own legal and financial advisors to the extent it deemed appropriate. The Company and the Subsidiary Guarantors agree that they will not claim that any Initial Purchaser has rendered advisory services of any nature or respect, or owes a fiduciary or
similar duty to the Company and the Subsidiary Guarantors, in connection with such transaction or the process leading thereto. 

Section 18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 

  
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 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof
in the space provided below for that purpose, whereupon this Purchase Agreement shall constitute a binding agreement between the Company and the Initial Purchasers. 

 

			
	 Very truly yours,
  

MOBILE MINI, INC.

		
	By:	 	/s/ Mark E. Funk
		 	 Name:  Mark E. Funk

Title:    Chief Financial Officer

  

			
	EACH OF THE GUARANTORS LISTED ON SCHEDULE I HERETO
		
	By:	 	/s/ Mark E. Funk
		 	 Name:  Mark E. Funk

Title:    Chief Financial Officer

  
 -31- 

			
	 The foregoing Agreement is hereby confirmed

and accepted as of the date first above written.
  

DEUTSCHE BANK SECURITIES INC., as Representative of the several Initial Purchasers

		
	By:	 	/s/ Christopher Blum
		 	 Name:  Christopher Blum

Title:    Managing Director

  

			
	By:	 	/s/ Frank Fazio
		 	 Name:  Frank Fazio

Title:    Managing Director

 ANNEX A 

Pricing Supplement 
 [See
Attached] 

 SCHEDULE I 

Subsidiaries of the Company 
  

			
	 Name
	  	Jurisdiction of
Incorporation
		
	 Mobile Storage Group, Inc.
	  	Delaware
	 Mobile Mini I, Inc.
	  	Arizona
	 Mobile Mini Dealer, Inc.
	  	Arizona
	 Mobile Mini, LLC
	  	California
	 Mobile Mini, LLC
	  	Delaware
	 A Royal Wolf Portable Storage, Inc.
	  	California
	 Mobile Mini UK Holdings Ltd.
	  	United Kingdom
	 Mobile Mini Canada ULC
	  	Canada
	 A Better Mobile Storage Company
	  	California
	 MSG Investments, Inc.
	  	California
	 Mobile Mini Finance, LLC
	  	Delaware
	 Mobile Storage UK Finance LP
	  	United Kingdom
	 MSG MMI (Texas) L.P.
	  	Texas
	 Temporary Mobile Storage, Inc.
	  	California
	 Ravenstock MSG Ltd.
	  	United Kingdom
	 Mobile Mini UK Ltd.
	  	United Kingdom
	 Mobile Storage (UK) Ltd.
	  	United Kingdom
	 Ravenstock Tam (Hire) Ltd.
	  	United Kingdom
	 Sbox Storage, LLC
	  	Delaware
	 Gulf Tanks Holdings, Inc.
	  	Delaware
	 Evergreen Tank Solutions, Inc.
	  	Delaware
	 Water Movers, Inc.
	  	Arizona
	 Water Movers Contracting, LLC
	  	Arizona

 SCHEDULE II 
  

					
	 Initial Purchaser
	  	Principal Amount of Notes	 
	 Deutsche Bank Securities Inc.
	  	$	90,000,000	  
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	$	45,000,000	  
	 J.P. Morgan Securities LLC
	  	$	45,000,000	  
	 Barclays Capital Inc.
	  	$	27,500,000	  
	 BNP Paribas Securities Corp.
	  	$	27,500,000	  
	 BBVA Securities Inc.
	  	$	7,500,000	  
	 Mitsubishi UFJ Securities (USA), Inc.
	  	$	7,500,000	  
		  	  
	  
	 
	 Total
	  	$	250,000,000EX-10.10

 EXHIBIT 10.10 
  

	 	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as
amended. 

 COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT 

This COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT (the “Agreement”), effective as of March 10 , 2014 (the
“Effective Date”), is made by and between (i) AnaptysBio, Inc., a Delaware corporation, having a place of business at 10421 Pacific Center Court, Suite 200, San Diego, California 92121 (“AnaptysBio”),
and (ii) TESARO, Inc., a Delaware corporation, having a place of business at 1000 Winter Street, Suite 3300, Waltham, Massachusetts 02541 (“TESARO US”) and TESARO Development, Ltd., a Bermuda corporation, having
its principal office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (together with TESARO US, “TESARO”). 

BACKGROUND 
 A. AnaptysBio
has skills, expertise and proprietary technology for the discovery, generation and optimization of immunotherapy antibodies. 
 B.
AnaptysBio is developing therapeutic antibodies against immune checkpoint proteins for use in the treatment of cancer and related conditions. 

C. TESARO possesses expertise in the research, development, manufacturing and commercialization of treatments for cancer and related
conditions. 
 D. TESARO and AnaptysBio desire to enter a collaboration wherein AnaptysBio will perform certain discovery and early
development of therapeutic antibodies against immune checkpoint proteins, with the goal of generating immunotherapy antibodies to such targets for subsequent preclinical, clinical, regulatory and commercial development by TESARO. 

NOW, THEREFORE, for and in consideration of the covenants, conditions and undertakings hereinafter set forth, it is agreed by and
between the Parties as follows: 
  

	1.	DEFINITIONS 

 As used herein, the following terms will have the meanings set forth
below: 
 1.1. “Affiliate” shall mean any corporation or other entity, whether de jure or de facto, which is
directly or indirectly controlling, controlled by or under common control of a Party hereto for so long as such control exists. For the purposes of this Section 1.1, “control” shall mean the direct or indirect ownership of at least
fifty percent (50%) of the outstanding shares or other voting rights of the subject entity having the power to vote, or if not meeting the preceding, 

 
the maximum voting right that may be held by the particular Party under the laws of the country where such entity exists, or the power to otherwise direct the affairs of the entity. 

1.2. “AnaptysBio IP Rights” shall mean, collectively, the AnaptysBio Patents and the AnaptysBio Know-How. 

1.3. “AnaptysBio Know-How” shall mean all trade secret and other proprietary know- how rights in and to all data,
information, compositions and other technology (including, but not limited to, formulae, procedures, protocols, techniques and results of experimentation and testing) which are necessary or useful for TESARO to make, use, develop, sell or seek
regulatory approval to market a Product, or to practice any method or process, and which (a) AnaptysBio discloses or makes available to TESARO under this Agreement, or (b) are within the Control of AnaptysBio. AnaptysBio Know-How shall
exclude the AnaptysBio Platform. 
 1.4. “AnaptysBio Patents” shall mean all Patents owned or Controlled by
AnaptysBio to the extent claiming the manufacture, composition or use of the Development Antibodies. AnaptysBio Patents shall exclude Patents included within the AnaptysBio Platform. 

1.5. “AnaptysBio Platform” shall mean: (a) all know-how, trade secrets, data, inventions, proprietary software,
works of authorship, designs, techniques, methods, processes, formulations, structure and other information relating to compounds, compositions, specifications, reagents, ideas and information relating to AnaptysBio’s proprietary technology
that is, in each case, generally applicable to the discovery, modification, optimization and/or humanization of antibodies and/or other proteins, and/or nucleic acids relating thereto (including, without limitation, the expression, manufacture and
formulation of any of the foregoing); and (b) all patent and other intellectual property rights in any of the foregoing; provided, that the AnaptysBio Platform shall not include any Patents covering the composition of matter, in whole or in
part, of any Development Antibody or the Patents set forth on Schedule 12.2(i). Without limiting the generality of the foregoing, AnaptysBio Platform shall include any such information generated, discovered or developed in whole or in part by
employees or agents of AnaptysBio in performing any Discovery Program, or otherwise generated, discovered or developed in whole or in part by employees or agents of AnaptysBio during the term of this Agreement; in each case, to the extent any of the
foregoing: (i) relate to the AnaptysBio Platform, improvements to the AnaptysBio Platform, or the use of the AnaptysBio Platform or any such AnaptysBio Platform improvements; or (ii) are generally applicable to the discovery, modification,
optimization or humanization of proteins and nucleic acids (including, without limitation, the expression and manufacture thereof); provided, that the AnaptysBio Platform shall not include any Patents covering the composition of matter, in whole or
in part, of any Development Antibody or the Patents set forth on Schedule 12.2(i). 
 1.6. “Collaboration IP Rights”
shall mean all Collaboration Patents and Collaboration Know-How. 
 1.7. “Collaboration Know-How” shall mean all
proprietary ideas, inventions, data, instructions, processes, formulas, expert opinions and information, including, without limitation, biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical, safety,
manufacturing and quality control data and information developed solely or 

  
 2 

 
jointly by AnaptysBio and/or TESARO during and in connection with the Discovery Program, or by or for TESARO, its Affiliate or sublicensees in connection with the further development of a Product
during and in connection with the Discovery Program. Collaboration Know-How shall exclude the AnaptysBio Platform. 
 1.8.
“Collaboration Patents” shall mean all Patents the subject of which are inventions conceived and reduced to practice solely or jointly by AnaptysBio and/or TESARO during and in connection with the Discovery Program, or by or for
TESARO, its Affiliate or sublicensees in connection with the further development of a Product during and in connection with the Discovery Program. Collaboration Patents shall exclude the AnaptysBio Platform. 

1.9. “Combination Product” means a Product that contains a Development Antibody and at least one other therapeutically
active product or pharmaceutical ingredient which is not a Development Antibody. 
 1.10. “Commercially Reasonable
Efforts” means, with respect to a Party, such efforts that are consistent with the efforts and resources normally used by such Party in the exercise of its reasonable business discretion relating to the research, development and
commercialization of a pharmaceutical or biologic product owned by it or to which it has exclusive rights, with similar product characteristics, which is of similar market potential at a similar stage in its development or product life, taking into
account issues of patent coverage, safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory structure involved, the potential or actual profitability of the
applicable products (including pricing and reimbursement status achieved or to be achieved), and other relevant factors, including technical, legal, scientific and/or medical factors. For purposes of clarity, Commercially Reasonable Efforts would be
determined on a market-by-market and indication- by-indication basis for a particular product and it is anticipated that the level of effort may be different for different markets and may change over time, reflecting changes in the status of the
product and the market(s) involved. [*] 
 1.11. “Confidential Information” shall have the meaning set forth in
Section 10.1. 
 1.12. “Control,” “Controls,” “Controlled” or
“Controlling” shall mean possession of the ability to grant the licenses or sublicenses as provided herein without violating the terms of any agreement or other arrangements with any Third Party. 

1.13. “Development Antibody” shall mean any antibody that is developed using the AnaptysBio Platform antibody
technology under one of the Discovery Programs and is a Target Antagonist. In addition, the antibodies existing as of the Effective Date and identified on Exhibit C attached to the Supplmental Information Package, which Exhibit also sets forth the
sequence of such antibodies, shall each be a “Development Antibody” under this Agreement. 
 1.14. “Development
Programs” shall mean, collectively, the PD-1 Development Program, TIM-3 Development Program and LAG-3 Development Program, and “Development Program” shall mean any of such programs. 

1.15. “Discovery Plan” shall mean the written research plan governing the joint effort of the Parties in conducting
the applicable Discovery Program, which may be amended from 

  

					
		  	3	  	*Confidential Treatment Requested.

 
time to time, in accordance with this Agreement. The initial Discovery Plan for each Discovery Program is attached to the Supplemental Information Package as Exhibits A-1 – A-3. 

1.16. “Discovery Programs” shall mean, collectively, the PD-1 Discovery Program, TIM-3 Discovery Program and LAG-3
Discovery Program, and “Discovery Program” shall mean any of such programs. 
 1.17. “Discovery Program
Term” shall mean, with respect to a Discovery Program, the term of such Discovery Program, as provided in Section 2.7 below. 

1.18. “EMA” shall mean the European Agency for the Evaluation of Medicinal Products of the European Union, or the
successor thereto. 
 1.19. “FDA” shall mean the Food and Drug Administration of the United States, or the successor
thereto. 
 1.20. “Field” shall mean all uses of Products for any purpose, including the [*]. 

1.21. “FTE” shall mean a full-time person working on the Discovery Program, or in the case of less than a full-time,
dedicated person, a full-time, equivalent person year, based upon a total of [*] hours per year of work in connection with a Discovery Program. 

1.22. “GLP Study” shall mean any in vitro or in vivo study that (i) is required under 21 C.F.R. § 58 to be
governed under the principles of good laboratory practice, or (ii) is performed by a GLP vendor. 
 1.23. “IND”
shall mean an investigational new drug application filed with the FDA as more fully defined in 21 C.F.R. § 312.3 
 1.24.
“JSC” or “Joint Steering Committee” shall have the meaning set forth in Section 4.1. 
 1.25.
“LAG-3” shall mean lymphocyte-activation gene 3, encoded by the LAG3 gene, also known as CD223. 
 1.26.
“LAG-3 Development Program” shall mean the development program to be conducted in accordance with Section 3 for the development of Development Antibodies generated under the LAG-3 Discovery Program. 

1.27. “LAG-3 Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2 for
the development of antibodies directed to antagonize LAG-3, including dual-reactive antibodies that are directed to antagonize both PD-1 and LAG-3. 

1.28. “MAA” means a Marketing Authorization Application, or similar application for marketing approval of a Product
for use in the Field submitted to the EMA. 

  

					
		  	4	  	*Confidential Treatment Requested.

 1.29. “NDA” shall mean a New Drug Application or Biologics License
Application, or similar application for marketing approval of a Product for use in the Field submitted to the FDA. 
 1.30.
“Net Sales” means, with respect to any Product, the gross invoiced sales price of such Product sold by TESARO, its Affiliates or sublicensees (the “Selling Party”), in arm’s- length sales to Third Parties, less
deductions allowed to the Third Party customer by the Selling Party, to the extent actually taken by the Third Party customer, on such sales for: 

[*] 
 The maximum allowed for deductions
resulting from clauses [*], collectively, shall not exceed [*] percent ([*]) of the total Net Sales. 
 If a Product is sold as part of a Combination
Product, for purposes of determining payments due hereunder, Net Sales of such Product shall be deemed to be an amount equal to the following: 

(X divided by Y) multiplied by Z, 

where “X” is the average sales price during the applicable reporting period achieved for the relevant Product in the country in
which such sale occurred when the Product contains only the Product and no other active pharmaceutical ingredient; 
 “Y” is the
sum of the average sales price during the applicable reporting period achieved in that country (as applicable) of each active pharmaceutical ingredient included in the Combination Product when such compound is sold as a separate product and not as
part of a Combination Product; and 
 “Z” is the single price at which the relevant Combination Product was actually sold. 

In the event that no separate sale of either (i) the Product and no other active pharmaceutical ingredient or (ii) the other active
pharmaceutical ingredient(s) of the Combination Product are made during the accounting period in which the sale was made or if the price for a particular therapeutically active ingredient or relevant product cannot otherwise be determined for an
accounting period, Net Sales allocable to the Product shall be determined by mutual agreement reached in good faith by the Parties prior to the end of the accounting period in question based on an equitable method of determining the same that takes
into account, variations in potency, the relative contribution of each therapeutically active ingredient in the Combination Product, and relative value to the end user of each therapeutically active ingredient. 

Sales among TESARO and its Affiliates or sublicensees shall be excluded from the computation of Net Sales, and no royalties will be payable on
such sales except where such Affiliates or sublicensees are end users; provided, however, in that any subsequent resale to a Third Party shall be included within Net Sales. 

Notwithstanding the foregoing, Net Sales shall be calculated and accounted for in accordance with United States generally accepted accounting
principles (“GAAP”); provided, that if TESARO should change accounting standards during the term of this Agreement due to a 

  

					
		  	5	  	*Confidential Treatment Requested.

 
merger, acquisition or requirement of applicable laws, then Net Sales hereunder may be calculated and accounted for in accordance with such different set of accounting standards, consistently
applied, following such change. 
 1.31. “Party” or “Parties” shall mean, respectively, AnaptysBio
or TESARO, individually, or AnaptysBio and TESARO, collectively. 
 1.32. “Patents” shall mean (a) all patents
and patent applications in any country or supranational jurisdiction in the Territory, and (b) any substitutions, divisions, continuations, continuations-in-part, provisional applications, reissues, renewals, registrations, confirmations,
re-examinations, extensions, supplementary protection certificates and the like of any such patents or patent applications. 
 1.33.
“PD-1” shall mean programmed cell death protein 1, encoded by the PDCD1 gene, also known as CD279. 
 1.34.
“PD-1 Development Program” shall mean the development program to be conducted in accordance with Section 3 for the development of Development Antibodies generated under the PD-1 Discovery Program. 

1.35. “PD-1 Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2 for
the development of antibodies directed to antagonize PD-1, including the antibody identified on Exhibit C to the Supplemental Information Package. [*] 

1.36. “Phase II Clinical Trial” shall mean a human clinical trial in any country that is intended to initially
evaluate the effectiveness of a Product for a particular indication or indications in patients with the disease or indication under study and would satisfy requirements of 21 CFR 312.21(b) or its foreign equivalent. 

1.37. “Phase III Clinical Trial” shall mean a human clinical trial in any country, the results of which could be used
to establish safety and efficacy of a Product as a basis for an NDA, and would satisfy requirements of 21 CFR 312.21(c) or its foreign equivalent. 

1.38. “Product” shall mean any pharmaceutical or biologic product or therapy including one or more Development
Antibodies, in whole or in part, as an active ingredient. 
 1.39. “Subcontractor” means a Third Party which a Party
has engaged to perform services in connection with such Party fulfilling its obligations and exercising its rights under and pursuant to this Agreement. 

1.40. “Supplemental Information Package” means the Supplemental Information Package delivered in connection with the
execution of this Agreement by the Parties on the Effective Date. 
 1.41. “Target(s)” shall mean LAG-3, PD-1 and
TIM-3. 
 1.42. “Target Antagonist” shall mean an antibody that is created against and selected in order to
antagonize Target(s), and does anatagonize that Target. 

  

					
		  	6	  	*Confidential Treatment Requested.

 1.43. “Territory” shall mean worldwide. 

1.44. “TESARO Know-How” shall mean all proprietary ideas, inventions, data, instructions, processes, formulas, expert
opinions and information, including, without limitation, biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, clinical, safety, manufacturing and quality control data and information developed by or for
TESARO, its Affiliate or sublicensees in connection with the further development of a Product and Controlled by TESARO. 
 1.45.
“TESARO Patents” shall mean all Patents Controlled by TESARO the subject of which are inventions conceived and reduced to practice by or for TESARO, its Affiliate or sublicensees in connection with the further development of a
Product. 
 1.46. “TIM-3” shall mean the T cell immunoglobulin and mucin protein 3 protein, encoded by the TIM3
gene. 
 1.47. “TIM-3 Development Program” shall mean the development program to be conducted in accordance with
Section 3 for the development of Development Antibodies generated under the TIM-3 Discovery Program. 
 1.48. “TIM-3
Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2 for the development of antibodies directed to antagonize TIM-3, including dual-reactive antibodies that are directed to antagonize both
PD-1 and TIM-3. 
 1.49. “Third Party” shall mean any person or entity other than AnaptysBio and TESARO, and their
respective Affiliates. 
 1.50. “Third Party In-License” shall mean any agreement between AnaptysBio or any
Affiliate thereof and any Third Party under which AnaptysBio or such Affiliate is or has been granted a license or other rights under the AnaptysBio IP Rights or with respect to the AnaptysBio Platform. 

 

	2.	DISCOVERY PROGRAMS 

 2.1. Goals. The goals of the Discovery Programs are the
discovery of Development Antibodies directed to the applicable Targets, and characterization and certain testing, including certain efficacy, pharmacology and toxicology studies, provided that none shall be a GLP Study, all as set forth in the
applicable Discovery Plan for such Discovery Program. 
 2.2. Responsibility. AnaptysBio shall hold the primary responsibility for
executing each of the Discovery Programs in accordance with each Discovery Plan. AnaptysBio shall utilize resources and methodologies as needed with respect to the AnaptysBio Platform to generate Development Antibodies with respect to each Target.

 2.3. Conduct of the Discovery Program. Subject to the terms and conditions set forth herein, AnaptysBio agrees to conduct research
under the Discovery Programs, which shall be funded as set forth in Section 6. During each Discovery Program Term, AnaptysBio shall use Commercially Reasonable Efforts to conduct each Discovery Program in accordance with the

  
 7 

 
applicable Discovery Plan within the time schedules contemplated therein and to keep TESARO informed as to the progress and results of the Discovery Programs hereunder. 

2.4. Discovery Plans. Each Discovery Program shall be carried out in accordance with a mutually agreed upon written Discovery Plan,
which shall establish specific research objectives and the research tasks to be performed and resources to be provided by AnaptysBio. The initial Discovery Plans, attached to the Supplemental Information Package as Exhibits A-1 – A-3,
establish: (i) the scope of the research activities which will be performed under the applicable Discovery Program; (ii) the research objectives and work plan activities with respect to such Discovery Program; and (iii) the criteria
for determining when a Development Antibody shall be advanced into its respective Development Program. The Discovery Plans may be amended or modified from time to time by approval of the JSC. 

2.5. Discovery Budgets. Each Discovery Plan includes a budget covering the activities to be conducted by AnaptysBio under such
Discovery Plan, as approved by the Parties (each, a “Discovery Budget”). The Discovery Budgets may be amended from time to time by approval of the JSC, but, unless otherwise decided by the JSC, only following a JSC-approved
modification to the applicable Discovery Plan which necessitates a change in the applicable Discovery Budget. At all times the Discovery Budgets shall reflect the Parties’ good faith estimate of the costs reasonably necessary in order for
AnaptysBio to complete its activities set forth in the Discovery Plans. 
 2.6. Discovery Program Costs. During the applicable
Discovery Program Term and subject to TESARO funding the costs of each Discovery Program pursuant to Section 6.1, AnaptysBio shall [*]. At the beginning of each calendar quarter, [*]. 

2.7. Term of Discovery Program. Each Discovery Program Term shall commence on the Effective Date and shall end upon the earlier of [*].

 2.8. Third Party Licenses. In the event that the Parties agree to acquire additional technologies, equipment or other fixed assets
from a Third Party specifically for use in the conduct of a Discovery Program, TESARO will be responsible for the payment of any amounts due to Third Parties for the license of intellectual property which directly applies to any Target, and the
costs of negotiating, preparing and executing any such license. 
 2.9. Records; Inspection. 

(a) Records. AnaptysBio and TESARO shall maintain records of each Discovery Program (or cause such records to be maintained) in
sufficient detail and in good scientific manner as will properly reflect all work done and results achieved in the performance of the Discovery Program (including all data in the form required under any applicable governmental regulations or as
directed by the JSC). All such records shall be owned by AnaptysBio, and licensed to TESARO on a Discovery Program-by-Discovery Program basis in accordance with Section 5.1 and AnaptysBio shall deliver copies of any such records to TESARO upon
TESARO’s written request. AnaptysBio shall maintain any such records, to the extent not delivered to TESARO, during the applicable Discovery Program Term and for a 

  

					
		  	8	  	*Confidential Treatment Requested.

 
period of at least five (5) years thereafter, and shall provide TESARO access to such records at AnaptysBio’s place of business upon reasonable advance notice by TESARO. 

(b) Reports and Information Exchange. During each Discovery Program Term, each of TESARO and AnaptysBio shall use their respective
Commercially Reasonable Efforts to disclose to the other Party all material information relating to the applicable Discovery Program promptly after it is learned or its materiality is appreciated. Each Party shall also keep the other Party,
including the Joint Steering Committee, informed as to its progress under each Discovery Plan. [*] 
 2.10. Technology Transfer. At
any time after cessation, termination or completion of the applicable Discovery Program, or as reasonably requested by TESARO at any time after the Effective Date, TESARO shall have the right to request that AnaptysBio commence a technology transfer
to TESARO, or its designee, of any tangible embodiments of AnaptysBio Know-How or other information and technology reasonably necessary for the GLP manufacture, clinical and/or commercial manufacture of Products or any Development Antibodies with
respect to such Discovery Program. The cost of a technology transfer shall be borne by TESARO and shall be based on the FTE rates set forth herein. [*] 

2.11. Subcontracting. 

(a) AnaptysBio Right to Subcontract. Subject to the terms of this Agreement, AnaptysBio shall have the right to engage Affiliates or
Subcontractors to perform certain of its obligations under the Discovery Plans; provided, that with respect to each subcontract: (i) AnaptysBio shall notify TESARO in writing (on a confidential basis) in advance (including a description of the
activity(ies) to be subcontracted, the identity of the Subcontractor and the countries involved); (ii) AnaptysBio shall ensure that each of its Subcontractors accepts and complies with all applicable terms and conditions of this Agreement, and
AnaptysBio shall remain responsible for the performance of its Subcontractors hereunder; (iii) no subcontract shall contain any royalty bearing licenses or any milestone payment obligations, in each case, payable by AnaptysBio, without the
prior written consent of TESARO; and (iv) any such subcontract shall (A) be in writing, (B) be subject and subordinate to the terms and conditions of this Agreement, (C) contain terms and conditions which are consistent with the
terms and conditions of this Agreement, (D) not in any way diminish, reduce or eliminate any of AnaptysBio’s obligations under this Agreement, (E) impose on the Subcontractor all applicable obligations under the terms of this
Agreement, including the reporting, audit, inspection and confidentiality provisions hereunder, as well as a provision prohibiting such Subcontractor from further sublicensing or subcontracting, and (F) use reasonable efforts to cause such
subcontract to be assignable to TESARO without consent of the Subcontractor. Notwithstanding the foregoing, approval of the JSC will be required if AnaptysBio desires to engage a Subcontractor to perform work related to chemistry, manufacturing and
controls. 
 (b) TESARO Right to Subcontract. Subject to the terms of this Agreement, TESARO shall have the right to engage
Affiliates or Subcontractors to perform certain of its obligations and exercise its rights under this Agreement (including any activities under the Development Programs); provided, that with respect to each subcontract: (i) TESARO shall ensure
that each of its Subcontractors accepts and complies with all applicable terms and 

  

					
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conditions of this Agreement, and TESARO shall remain responsible for the performance of its Subcontractors hereunder; and (ii) any such subcontract shall (A) be in writing, (B) be
subject and subordinate to the terms and conditions of this Agreement, (C) contain terms and conditions which are consistent with the terms and conditions of this Agreement, (D) not in any way diminish, reduce or eliminate any of
TESARO’s obligations under this Agreement, (E) impose on the Subcontractor all applicable obligations under the terms of this Agreement, including the reporting, audit, inspection and confidentiality provisions hereunder, and (F) use
reasonable efforts to cause such subcontract to be assignable to AnaptysBio without consent of the Subcontractor. 
 2.12. [*] 

 

	3.	DEVELOPMENT PROGRAMS 

 3.1. Development Program Activities. Following completion
of each Discovery Program, TESARO shall be responsible, at its sole expense, for conducting the Development Program, which shall include without limitation all pre-IND activities, including cross-reactivity studies and pilot studies to enable GLP
pharmacology/toxicology studies, GMP manufacturing, regulatory filings, clinical trials and commercialization activities with respect to one or more Development Antibodies under each Development Program. 

3.2. Records; Inspection. 

(a) Records. TESARO shall maintain records of each Development Program (or cause such records to be maintained) in sufficient detail
and in good scientific manner as will properly reflect all work done and results achieved in the performance of the Development Program (including all data in the form required under any applicable governmental regulations). TESARO shall maintain
such records for a period of [*], and shall provide AnaptysBio access to such records at TESARO’s place of business upon reasonable advance notice by AnaptysBio in accordance with Section 7.4. 

(b) Reports and Information Exchange. During the performance of each Development Program, TESARO shall use Commercially Reasonable
Efforts to disclose to AnaptysBio all material information relating to the applicable Development Program promptly after it is learned or its materiality is appreciated. TESARO shall also keep AnaptysBio informed as to its progress under each
Development Program. Within sixty (60) days following the end of each calendar quarter of the Development Program, [*]. 
 (c)
Assistance by AnaptysBio. Upon reasonable request by TESARO, AnaptysBio will in good faith make available key personnel to assist TESARO in the planning, monitoring and strategy of preclinical development, manufacturing and early clinical
development under each Development Program, provided that any material expenses incurred by AnaptysBio (including FTEs utilized, reasonable travel expenses and specialized supplies or equipment required) shall be reimbursed by TESARO in accordance
with Section 2.6 above. 

  

					
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	4.	MANAGEMENT 

 4.1. Joint Steering Committee. Promptly after the Effective Date,
TESARO and AnaptysBio will establish a committee (the “Joint Steering Committee” or “JSC”) to oversee, review and recommend direction of each Discovery Program. The responsibilities of the Joint Steering Committee shall
include, monitoring, reporting progress, developing strategies and ensuring open and frequent exchange between the Parties regarding each Discovery Program and the activities of the Parties and their Affiliates, Subcontractors and agents thereunder.

 4.2. Membership. The JSC shall include [*] of each of TESARO and AnaptysBio, each Party’s members selected by that Party.
AnaptysBio and TESARO may each replace its JSC representatives at any time, upon written notice to the other Party. From time to time, the JSC may establish subcommittees to oversee particular projects or activities, and such subcommittees will be
constituted as the JSC agrees. Each Party’s JSC members shall be senior individuals empowered to provide timely feedback regarding their Party’s decisions on key matters. 

4.3. Meetings. During each Discovery Program Term, the JSC shall meet at least quarterly, or as agreed by the Parties, at such
locations as the Parties agree, and will otherwise communicate regularly by telephone, electronic mail, facsimile and/or video conference. With the consent of the Parties, other representatives of AnaptysBio or TESARO may attend JSC meetings as
nonvoting observers. Each Party shall be responsible for all of its own expenses associated with attendance of such meetings. [*] 
 4.4.
Minutes. The JSC shall keep accurate minutes of its deliberations which shall record all proposed decisions and all actions recommended or taken. The Secretary of the JSC (as appointed by the members of the JSC) shall be responsible for the
preparation of draft minutes. [*] All records of the JSC shall at all times be available to both AnaptysBio and TESARO. 
 4.5. Decision
Making. [*] 
 4.6. Development Program Meetings. During each [*] calendar period commencing with the completion of the
applicable Discovery Program and continuing for a period of [*] thereafter, and then annually after such [*] period, upon the written request of either Party, TESARO and AnaptysBio shall meet to discuss the progress of each Development Program and
review future activities planned by TESARO with respect thereto, including strategic plans for preclinical, clinical and commercial advancement of Products under each Development Program. 

 

	5.	LICENSES; EXCLUSIVITY 

 5.1. Grant. 

(a) Subject to the terms and conditions of this Agreement, AnaptysBio hereby grants to TESARO and its Affiliates an exclusive license
(with the right to grant sublicenses through multiple tiers) under the AnaptysBio IP Rights and Collaboration IP Rights to research, develop, make, have made, use, sell, offer for sale, import and export Products for use in the Field and in the
Territory. 

  

					
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 (b) Subject to the terms and conditions of this Agreement, AnaptysBio hereby grants to
TESARO and its Affiliates a non-exclusive license (with the right to grant sublicenses through multiple tiers) under the Patents and other intellectual property constituting the AnaptysBio Platform to research, develop, make, have made, use, sell,
offer for sale, import and export Products for use in the Field and in the Territory and as necessary for TESARO to practice the licenses granted to it under Section 5.1(a); provided, however that the foregoing license grant to TESARO is
limited to researching, developing, making, having made, selling, offering for sale, importing, exporting and using Development Antibodies previously generated by AnaptysBio, and expressly excludes any license of rights to TESARO to utilize,
practice or operate the AnaptysBio Platform to develop or generate new or materially different antibodies. 
 5.2. No Implied
Licenses. Only the licenses granted pursuant to the express terms of this Agreement shall be of any legal force or effect. No other license or rights shall be created by implication, estoppel or otherwise. Without limiting the foregoing, if a
Product contains an active pharmaceutcial ingredient or biologic in addition to the Development Antibody, then the licenses granted to TESARO under AnaptysBio IP Rights and the AnaptysBioPlatform shall not include the right to research, develop,
make, have made, use, sell, offer for sale, import and export such other active pharmaceutical ingredient or biologic. 
 5.3.
Exclusivity. 
 (a) Except to the extent required for AnaptysBio to fulfill its obligations under this Agreement and as permitted
under this Agreement, with respect to each Target (or combination of Targets), [*]. 
 (b) During the Exclusivity Period, and except
with respect to a Product pursuant to this Agreement, TESARO shall not [*]. 
 (c) The exclusivity described in Sections 5.3(a) and
5.3(b) will apply on a Discovery Program/Development Program basis, such that if a Discovery Program or Development Program is terminated for any reason, then the Targets that are subject of that Discovery Program or Development Program shall no
longer be subject to the exclusivity. By way of example, if the TIM-3 Discovery Program is terminated, then the exclusivity shall no longer apply to TIM-3 alone or dual-reactivity to TIM-3 and PD-1, but the exclusivity for the other non-terminated
Discovery Programs (or Development Programs) shall continue. 
 (d) Notwithstanding the foregoing provision of this Section 5.3,
in the event of a Change of Control (as defined below) of AnaptysBio, or if AnaptysBio or an Affiliate acquires any Third Party, business or assets, or any interest therein (an “AnaptysBio Business Acquisition”), the provisions of
this Section 5.3 shall not apply to any active research or development program that a portion of the surviving entity or Affiliate that was not AnaptysBio (prior to the Change of Control or AnaptysBio Business Acquisition) had ongoing as of
immediately prior to the date of such Change of Control or AnaptysBio Business Acquisition. For purposes of this Section 5.3, a “Change of Control” shall mean, with respect to a Party, the merger, consolidation, sale of
substantially all of such Party’s assets or similar transaction or series of transactions, as a result of which such Party’s shareholders before such transaction or series of transactions own less than fifty percent (50%) of the total
number of voting securities of 

  

					
		  	12	  	*Confidential Treatment Requested.

 
the surviving entity immediately after such transaction or series of transactions. For clarity, if as a result of any such Change of Control, a Party exists as a wholly owned subsidiary of a
parent, then the provisions of this Section 5.3 shall continue to apply to such Party as the surviving entity, but not to such parent. 

(e) Notwithstanding the foregoing provision of this Section 5.3, in the event of a Change of Control of TESARO or if TESARO or an
Affiliate acquires any Third Party, business or assets, or any interest therein (a “TESARO Business Acquisition”), the provisions of this Section 5.3 shall not apply to any active research or development program that a portion
of the surviving entity or Affiliate that was not TESARO (prior to the Change of Control or TESARO Business Acquisition) had ongoing as of immediately prior to the date of such Change of Control or TESARO Business Acquisition. 

 

	6.	PAYMENTS 

 6.1. Upfront Payment. Within ten (10) business days following the
Effective Date, TESARO shall pay to AnaptysBio a non-creditable, non-refundable license fee of seventeen million dollars (USD $17,000,000.00). 

6.2. Discovery Program Funding. TESARO shall reimburse AnaptysBio on a quarterly basis for all [*]. All payments are non-creditable
(against amounts in Section 6.3 or 6.4) and non-refundable (except pursuant to Section 7.4 or Section 13.2). Within ten (10) days of the end of each calendar quarter, AnaptysBio shall provide TESARO with an invoice for all amounts
owed by TESARO under this Section 6.2 for that calendar quarter and TESARO shall pay such amounts within thirty (30) days after receipt of AnaptysBio’s quarterly invoice. All amounts paid by TESARO to AnaptysBio pursuant to this
Section 6.2 shall be made in accordance with Section 7.2 with respect to withholding for taxes or any other charges. 
 6.3.
Upfront Payment. On a Development Program-by-Development Program basis, TESARO shall pay AnaptysBio the following payments [*]: 
  

			
	 Milestone Event
	  	 Milestone Payment
(USD)

	 Initiation of first GLP PK/tox Study
	  	$1,000,000.00
	 First IND clearance
	  	$4,000,000.00
	 Initiation of the first Phase II Clinical Trial
	  	[*]
	 Initiation of the first Phase III Clinical Trial for first indication
	  	[*]
	 Initiation of the first Phase III Clinical Trial for second indication
	  	[*]
	 Filing of the first NDA for the first indication
	  	$[*]
	 Filing of the first NDA for the second indication
	  	$[*]
	 Filing of the first MAA for the first indication
	  	$[*]
	 Filing of the first MAA for the second indication
	  	$[*]

  

					
		  	13	  	*Confidential Treatment Requested.

			
	 Milestone Event
	  	 Milestone Payment
(USD)

	 First NDA approval for the first indication
	  	$[*]
	 First NDA approval for the second indication
	  	$[*]
	 First MAA approval for the first indication
	  	$[*]
	 First MAA approval for the second indication
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]
	 Achievement of annual worldwide Net Sales in a calendar year equal to or greater than $[*]
	  	$[*]

 As used in this Section 6.3, the following terms have the meanings set forth below: 

“initiation” means, with respect to a study or clinical trial, the administration of the first dose of Product to the first
patient enrolled in such study or trial; 
 “IND clearance” means filing and clearance by FDA without rejection or being
placed on clinical hold; 
 “indication” means a specific disease or condition; 

“filing” means acceptance for filing with the applicable regulatory or governmental authority; and 

“approval” means, with respect to a Product in any country or jurisdiction, any approval, registration, license or
authorization from a regulatory or governmental authority in a country or other jurisdiction that is necessary to market and sell such Product in such country or jurisdiction; “approval” shall specifically include FDA approvals of BLAs.

 6.4. Earned Royalties. 

(a) With respect to Net Sales of a Product resulting from a Development Antibody, on a Product-by-Product basis, TESARO shall pay
AnaptysBio a royalty on Net Sales as follows: 
  

			
	 Worldwide Annual Net Sales of a Product (on a

Product-by-Product basis) during the applicable

calendar year during the Royalty Term:
	  	 Royalty Rate
Applicable to
a Product:

	 Portion less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*], but less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*], but less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*], but less than or equal to $[*]:
	  	[*]%
	 Portion greater than $[*]:
	  	[*]%

  

					
		  	14	  	*Confidential Treatment Requested.

 (b) Royalties payable under this Section 6.4 shall be paid on a country-by- country
basis from the date of the first commercial sale of each Product with respect to which royalty payments are due until the later of (i) the [*] ([*]) anniversary of the first commercial sale of the Product in such country, and (ii) the
expiration date in such country of the last to expire of any Patent within the AnaptysBio Patents or the Collaboration Patents covering the manufacture, use or sale of such Product in such country (the “Royalty Term”). For the
avoidance of doubt, TESARO’s obligation to pay royalties under this Section 6.4 is imposed only once with respect to the same unit of Product, notwithstanding such Product may be covered by more than one valid claim of an AnaptysBio Patent
or Collaboration Patent. 
 (c) If TESARO pays royalties to any Third Party in a country in order to make, use, sell, offer for sale
or import the Development Antibody component of a Product in such country, then TESARO shall have the right to credit [*] percent ([*]%) of such Third Party royalty payments against the royalties owing to AnaptysBio under Section 6.4(a) with
respect to sales of such Product in such country; provided, however, that TESARO shall not reduce the amount of the royalties owing to AnaptysBio under Section 6.4(a) with respect to such Product in such country to less than [*] percent ([*]%)
of the royalties that would otherwise be due under Section 6.4(a) with respect to such Product in such country. Notwithstanding the foregoing, if TESARO pays any such royalties to a Third Party that [*]. 

 

	7.	PAYMENTS; RECORDS 

 7.1. Payment Method. All payments due under this Agreement
shall be made from a bank located in the United States by bank wire transfer in immediately available funds to a bank account designated by AnaptysBio. All payments hereunder shall be made in U.S. dollars. In the event that the due date of any
payment subject to Section 6 is a Saturday, Sunday or national holiday, such payment may be paid on the following business day. Any payments that are not paid on the date such payments are due under this Agreement shall bear interest to the
extent permitted by applicable law at the rate of [*] percent ([*]%) per annum, calculated on the number of days such payment is delinquent. 

7.2. Taxes. All payments required to be paid to AnaptysBio pursuant to this Agreement shall be paid with deduction for withholding for
or on account of any taxes (other than taxes imposed on or measured by net income) or similar governmental charge. 

  

					
		  	15	  	*Confidential Treatment Requested.

 7.3. Royalty Payments and Reports. Royalty payments under this Agreement with respect to
Net Sales of Product in a given calendar quarter shall be made to AnaptysBio or its designee quarterly within [*] ([*]) days following the applicable calendar quarter. Each royalty payment shall be accompanied by a report [*]. 

7.4. Books and Records; Accounting and Audits. Each Party shall maintain complete and accurate books and records, in accordance with
GAAP, which are relevant to, as applicable, costs or expenses to be reimbursed by TESARO, or payments to made to AnaptysBio, under this Agreement, which books and records shall be sufficient in detail to verify all payment amounts due to a Party
hereunder. The Party requesting an audit (the “Auditing Party”) shall have the right, at its own expense and not more than once in any calendar year during the term of this Agreement, to have an independent, certified public
accountant, selected by the Auditing Party, and under an obligation of confidence, audit the books and records of the other Party (the “Audited Party”) in the location(s) where such books and records are maintained upon reasonable
notice (which shall be no less than fifteen (15) business days prior written notice) and during regular business hours, and for the sole purpose of verifying the basis and accuracy of payments required and made under this Agreement. The report
and communication of such accountant with respect to such an audit shall be limited to a certificate stating whether any, as applicable, report made or reimbursement or other payment submitted during such period is accurate or inaccurate and, if a
discrepancy is identified, shall also indicate the amount and if applicable, with respect to any report, the nature, of any discrepancy, and the correct information (with respect to the applicable period). Such accountant shall provide AnaptysBio
and TESARO with a copy of each such report simultaneously. Should the audit lead to the discovery of a discrepancy: (i) to the Auditing Party’s detriment, the Audited Party shall pay to the Auditing Party the amount of the discrepancy
within thirty (30) days of the Audited Party’s receipt of the report; or (ii) to the Audited Party’s detriment, the Audited Party may, as applicable, credit the amount of the discrepancy against future payments payable to the
Auditing Party under this Agreement, and if there are no such payments payable, then the Auditing Party shall pay to the Audited Party the amount of the discrepancy within thirty (30) days of the Auditing Party’s receipt of the report.
Additionally, in the event that the discrepancy is to the Auditing Party’s detriment and is greater than five percent (5%) of the amount due for such audited period, then the Audited Party shall pay or reimburse the reasonable cost charged
by such accountant for such audit. Once the Auditing Party has conducted an audit permitted by this Section 7.4 in respect of any period, it may not re-inspect the Audited Party’s books and records in respect of such period, unless a
subsequent audit of a separate reporting period uncovers fraud on the part of the Audited Party that is reasonably expected to have been occurring during the prior audited period. For clarity, however, if a discrepancy is identified by the
accountant during the course of an audit and the Parties do not agree upon a resolution of such discrepancy, then the Auditing Party’s accountant may re-inspect the books and records to the extent reasonably relevant to resolving such
discrepancy. Notwithstanding anything herein to the contrary, upon the expiration of three (3) years following the end of any calendar year, the right to audit, the books and records for such calendar year shall expire and such Party shall be
released from any liability or accountability with respect to payments or FTE work performed as reflected in such books of such Party for such calendar year (including, for clarity, with respect to the calculation of royalties payable with respect
to each such calendar year). The Parties shall no longer be required to retain such books and records for any calendar year after the expiration of the third (3rd) calendar year following such calendar year. 

  

					
		  	16	  	*Confidential Treatment Requested.

 7.5. Blocked Currency. If at any time legal restrictions in the Territory prevent the
prompt remittance of any payments with respect to sales therein, TESARO shall have the right and option to make such payments by depositing the amount thereof in local currency to AnaptysBio account in a bank or depository in the Territory. 

7.6. Confidentiality. Each Party shall treat all financial information of the other Party that is subject to review under this
Section 7 of this Agreement (including all royalty reports) as such other Party’s Confidential Information. 
  

	8.	DILIGENCE; REVERSION 

 8.1. Products. TESARO shall use Commercially Reasonable
Efforts to (a) fund the development of each Discovery Program as set forth in the applicable Discovery Plan and until each Discovery Program has reached the applicable key program decision point set forth in the applicable Discovery Plan,
(b) advance at least one Development Antibody with respect to each Development Program, (c) research, test and develop Products, (d) obtain regulatory approval for preclinical, clinical and commercial use of at least one Product with
respect to each Development Program, and (e) commercialize Products and attempt to obtain the optimum commercial return for each Product in all major markets throughout the world. [*] 

8.2. Reversion. If TESARO fails to satisfy its obligations under Section 8.1 with respect to a Discovery Program or Development
Program, or discontinues development of all Products within a Discovery Program or Development Program, then all rights to that Discovery Program and/or Development Program, including Development Antibody, Products, data, result, materials and
Collaboration IP Rights resulting from such Discovery Program or Development Program shall revert to AnaptysBio in accordance with Sections 14.4(b), 14.4(d) or 14.4(e) without any further obligation to TESARO. 

 

	9.	INTELLECTUAL PROPERTY 

 9.1. Ownership of Inventions; Disclosure. 

(a) Ownership. Title to all inventions and other intellectual property made by employees of AnaptysBio in the course of performing, or
in connection with, the Discovery Programs shall be owned by AnaptysBio; title to all inventions and other intellectual property made by employees of TESARO in the course of performing, or in connection with, the Discovery Programs or the further
development of a Product shall be owned by TESARO; title to all inventions and other intellectual property made jointly by employees of TESARO and AnaptysBio in the course of performing, or in connection with, the Discovery Programs shall be owned
jointly by TESARO and AnaptysBio. Inventorship of inventions and other intellectual property made pursuant to this Agreement shall be determined in accordance with the patent laws of the United States. Except as expressly provided in this Agreement,
neither Party shall have any obligation to account to the other for profits, or to obtain any approval of the other Party to license or exploit patented jointly-owned subject matter, by reason of joint ownership thereof, and each Party hereby waives
any right it may have under the laws of any jurisdiction to require any such consent or accounting. Notwithstanding the foregoing, AnaptysBio is and shall be the sole owner of the AnaptysBio Platform. 

  

					
		  	17	  	*Confidential Treatment Requested.

 (b) Disclosure of Inventions. Each Party shall promptly disclose to the other any
inventions made in connection with this Agreement. 
 9.2. Patent Prosecution. Prior to the IND clearance for a Product resulting
from a Discovery Program, AnaptysBio shall be responsible, at TESARO’s expense, for (i) preparing, filing, prosecuting and maintaining Patent applications and Patents directed to Collaboration Patents claiming the manufacture, composition
or use of such Product, and (ii) for conducting any interferences, re-examinations, reissues and oppositions relating thereto (“Prosecute and Maintain”); provided, that TESARO’s financial obligations with respect to any
such interference or opposition shall be subject to AnaptysBio obtaining TESARO’s prior written consent with respect to any such action and the associated costs. After IND clearance for a Product resulting from a Discovery Program, TESARO shall
be responsible at TESARO’s expense to Prosecute and Maintain the applicable Collaboration Patents. The Party that is tasked to Prosecute and Maintain shall keep the other Party informed with respect to the prosecution and issuance of the
Collaboration Patents and provide prompt notice of all material matters related thereto (including upon such Party’s request), and the other Party shall reasonably cooperate with and assist the Party tasked to Prosecute and Maintain in
connection with such activities, including without limitation by making scientists and scientific records reasonably available and the execution of all such documents and instruments and the performance of such acts as may be reasonably necessary in
order to continue any filing, prosecution, maintenance or extension thereof. 
 9.3. Enforcement and Defense. 

(a) Each Party shall promptly notify the other of any knowledge it acquires of any potential infringement of the Collaboration Patents
by a Third Party. 
 (b) If any Patent within the Collaboration Patents is infringed by a Third Party in any country in the Territory
in connection with the manufacture, use and sale of a product the same as or substantially similar to a Product in the Field in such country, TESARO shall have the primary right, but not the obligation, to institute, prosecute, and control any
action or proceeding with respect to such infringement of such Patent, by counsel of its own choice, and AnaptysBio shall have the right, at its own expense, to be represented in that action by counsel of its own choice. If TESARO fails to bring an
action or proceeding within a period of one hundred twenty (120) days after a request by AnaptysBio to do so, AnaptysBio shall have the right to bring and control any such action by counsel of its own choice, and TESARO shall have the right to
be represented in any such action by counsel of its own choice at its own expense. 
 (c) If one Party brings an action or proceeding
in accordance with Section 9.3(b), the second Party agrees to be joined as a party plaintiff if necessary and to give the first Party reasonable assistance and authority to file and prosecute the suit. The costs and expenses of the Party
bringing suit under this Section shall be borne by such Party, and any damages or other monetary awards recovered shall be shared as follows: The amount of such recovery actually received by the Party controlling such action shall first be applied
to the out-of- pocket costs of such action, and then (i) if TESARO is the Party that brings such action or proceeding, then AnaptysBio shall be paid an amount equal to the royalties, if any, that would have been due upon sales of the infringing
product as if such infringing sales had been Net Sales of a Product sold by 

  
 18 

 
or under the authority of TESARO, and the remaining portion of such recovery shall be paid to TESARO, or (ii) if AnaptysBio is the Party that brings such action or proceeding, then the
remaining portion of such recovery shall be retained by AnaptysBio. A settlement or consent judgment or other voluntary final disposition of a suit under this Section 9.3 may be entered into without the consent of the Party not bringing the
suit. Neither Party shall, however, have the right to enter into any settlement or consent to any claim to the effect that the patent protection offered under any part of the Collaboration Patents would be materially negatively affected, without the
consent of the other Party, such consent not to be unreasonably withheld. 
  

	10.	CONFIDENTIALITY 

 10.1. Confidential Information. Except as otherwise expressly
provided herein, the Parties agree that, for the term of this Agreement and for ten (10) years thereafter, the receiving Party shall not, except as expressly provided in this Section 10, disclose to any Third Party any Confidential
Information furnished to it by the disclosing Party hereto pursuant to this Agreement, or any results of the Discovery Programs (“Results”). For purposes of this Section 10, “Confidential Information” shall
mean any information, samples or other materials, which if disclosed in tangible form is marked “confidential” or with other similar designation to indicate its confidential or proprietary nature, or, if disclosed orally, is indicated
orally to be confidential or proprietary at the time of such disclosure and is confirmed in writing as confidential or proprietary within forty-five (45) days after such disclosure. Notwithstanding the foregoing, Confidential Information shall
not include any information that can be established by the receiving Party by competent proof that such information: 
 (a) was
already known to the receiving Party, other than under an obligation of confidentiality, at the time of disclosure; 
 (b) was
generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party; 
 (c)
became generally available to the public or otherwise part of the public domain after its disclosure and other than through any breach of this Agreement by the receiving Party; 

(d) was independently developed by the receiving Party as demonstrated by documented evidence prepared contemporaneously with such
independent development; or 
 (e) was disclosed to the receiving Party, other than under an obligation of confidentiality, by a
Third Party who had no obligation to the disclosing Party not to disclose such information to others. 
 10.2. Permitted Use and
Disclosures. Each Party hereto may use or disclose Confidential Information disclosed to it by the other Party or Results to the extent such use or disclosure is reasonably necessary and permitted in the exercise of the rights granted hereunder
in filing or prosecuting Patent applications, prosecuting or defending litigation, complying with applicable governmental laws, rules, regulations or court order or otherwise submitting information to tax or other governmental authorities,
conducting clinical trials, or making a permitted sublicense or otherwise exercising license rights expressly granted by the other Party 

  
 19 

 
to it pursuant to the terms of this Agreement; provided, that if a Party is required to make any such disclosure, other than pursuant to a confidentiality agreement, it will give reasonable
advance notice to the other Party of such disclosure and, save to the extent inappropriate in the case of Patent applications, will use its reasonable efforts to secure confidential treatment of such information in consultation with the other Party
prior to its disclosure (whether through protective orders or otherwise) and disclose only the minimum necessary to comply with such requirements. Nothing in this Article 10 shall restrict TESARO from providing Development Antibodies (and associated
related information) to academic and other collaborators to conduct pre-clinical and clinical studies to further the research, development and commercialization of the Development Antibodies. 

 

	11.	PUBLICITY 

 11.1. Nondisclosure of Terms. Each of the Parties hereto agrees not
to disclose the terms of this Agreement to any Third Party without the prior written consent of the other Party hereto, which consent shall not be unreasonably withheld, except to such Party’s attorneys, advisors, investors, potential investors
and other similarly situated Third Parties on a need to know basis under circumstances that reasonably ensure the confidentiality thereof, or to the extent required by law. Notwithstanding the foregoing, the press release attached to the
Supplemental Information Package as Exhibit B-1 shall be jointly released by both Parties promptly following the Effective Date, and the press release attached to the Supplemental Information Package as Exhibit B-2 shall be released by AnaptysBio
promptly following the Effective Date. Furthermore, it is understood that either Party may be required to issue subsequent press releases or make disclosures required by law (pursuant to filings with the Securities and Exchange Commission or
otherwise) relating to the terms of this Agreement or activities hereunder. The Parties agree to consult with each other reasonably and in good faith with respect to the text and timing of all such press releases or other disclosures required by law
prior to the issuance thereof, provided that a Party may not unreasonably withhold or delay consent to such releases or disclosures, and that either Party may issue such press releases or make such disclosures as it determines, based on advice of
counsel, are reasonably necessary to comply with laws or regulations or for appropriate stock market disclosure. Furthermore, AnaptysBio shall have the right to publicly announce, by press release or otherwise, the occurrence of each significant
event under the terms of this Agreement, including the receipt of each milestone payment reference above, provided that AnaptysBio consults with TESARO reasonably and in good faith with respect to the text and timing of such public announcement
prior to the issuance thereof, provided that no Confidential Information shall be disclosed without permission of TESARO. 
 11.2.
Publications. With respect to any Discovery Program, each Party shall submit any proposed scientific publication to the other Party that relates directly to one or more Development Antibodies or Products, discloses the results of a Discovery
Program or includes Confidential Information of the other Party at least thirty (30) days in advance to allow that Party to review such planned public disclosure. The reviewing Party will promptly review such proposed scientific publication and
make any objections that it may have to the publication of such results or the Confidential Information of the reviewing Party contained therein. Should the reviewing Party make an objection to the publication of any such results or Confidential
Information, then the Parties shall discuss the advantages and disadvantages of publishing such 

  
 20 

 
results or Confidential Information. If the Parties are unable to agree on whether to publish the same, the respective Chief Executive Officers of AnaptysBio and TESARO (or, with respect to
TESARO, the President) shall reasonably agree on the extent to which the publication of such results or Confidential Information shall be made. AnaptysBio acknowledges that TESARO may enter into agreements with academic and other collaborators to
conduct studies with Development Antibodies, including in combination with other compounds, in all cases consistent with the license rights granted hereunder. Notwithstanding the provisions of this Section 11.2 to the contrary, TESARO shall be
required only to request such collaborators comply with the provisions of this Section 11.2 with regard to their scientific publications, but TESARO shall not be in violation of this Section 11.2 as a result of the actions of such
collaborators with respect thereto. 
 11.3. Blinded Data. For the purposes of promoting or otherwise highlighting the advantages of
the AnaptysBio Platform, AnaptysBio may disclose (or cause to be disclosed) to Third Parties, blinded data relating to each of the Discovery Programs at any time during or subsequent to the term of the Agreement, provided that (a) neither
TESARO, the Targets or therapeutic area shall be identified, directly or indirectly, in connection therewith, (b) TESARO shall have an opportunity to review each such disclosure at least thirty (30) days prior to the release thereof, and
(c) no such disclosure shall include any Confidential Information of TESARO. 
 11.4. Permitted Disclosures. Notwithstanding
anything to the contrary contained in this Agreement or any confidentiality agreement between the Parties, nothing herein or therein shall prevent a Party from disclosing the terms of this Agreement or such other information a Party reasonably
determines, based on advice from its counsel, is necessary or desirable to disclose under applicable law, regulation or legal process (whether in connection with its ongoing disclosure obligations, in connection with a corporate activity or
otherwise), including as required by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or NASDAQ, or in connection with a
presentation or disclosure to investors or potential investors subject to customary and appropriate confidentiality restrictions. 
  

	12.	REPRESENTATIONS AND WARRANTIES 

 12.1. TESARO. TESARO represents and warrants
that: 
 (a) it has the legal power, authority and right to enter into this Agreement and to fully perform all of its obligations
hereunder, and has taken all necessary action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

(b) this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, or other similar laws affecting creditors, generally, or general principles of equity; 

  
 21 

 (c) the performance of its obligations hereunder do not conflict with, violate or breach
or constitute a default or require any consent under, any agreement, instrument or understanding, or other contractual obligations of TESARO; 

(d) no government authorization, consent, approval, license, exemption of or filing or registration with any court or governmental
authority, is necessary for the transactions contemplated by this Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Agreement; and 

(e) TESARO has not and shall not employ (or use any Subcontractor or consultant that employs) any individual or entity debarred by the
FDA (or subject to a similar sanction of the EMA), or any individual who or entity which is the subject of an FDA debarment investigation or proceeding (or similar proceeding of EMA), or is convicted of a crime for which an individual or entity
could be debarred under 21 U.S.C. Section 335a or its foreign equivalent or has been under indictment for a crime for which a person or entity could be debarred under such provision. 

12.2. AnaptysBio. AnaptysBio represents and warrants that: 

(a) it has the legal power, authority and right to enter into this Agreement and to fully perform all of its obligations hereunder, and
has taken all necessary action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

(b) this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, or other similar laws affecting creditors, generally, or general principles of equity; 

(c) the performance of its obligations hereunder do not conflict with, violate or breach or constitute a default or require any consent
under, any agreement, instrument or understanding, or other contractual obligations of AnaptysBio; 
 (d) no government
authorization, consent, approval, license, exemption of or filing or registration with any court or governmental authority, is necessary for the transactions contemplated by this Agreement or any other agreement or instrument executed in connection
herewith, or for the performance by it of its obligations under this Agreement; 
 (e) AnaptysBio Controls the AnaptysBio Know-How
and AnaptysBio Patents existing as of the Effective Date; 
 (f) AnaptysBio has the right to grant all rights and licenses it
purports to grant to TESARO with respect to the AnaptysBio Know-How, AnaptysBio Patents and AnaptysBio Platform under this Agreement; 

(g) AnaptysBio has no present knowledge that any settled, pending or threatened claim or lawsuit or legal proceeding of a Third Party
against AnaptysBio or any other person alleging that the AnaptysBio Know-How, AnaptysBio Patents or AnaptysBio Platform 

  
 22 

 
misappropriates or infringes, in part or in whole, the intellectual property or intellectual property rights of such Third Party; 

(h) AnaptysBio has not granted any right or license to any Third Party relating to any of the AnaptysBio Know-How, AnaptysBio Patents
or AnaptysBio Platform that would conflict or interfere with any of the rights or licenses granted or purported to be granted to TESARO hereunder; 

(i) Schedule 12.2(i) attached hereto sets forth a complete and accurate list of the AnaptysBio Patents as of the Effective Date,
indicating the owner or co-owners thereof if such AnaptysBio Patent is not solely owned by AnaptysBio. AnaptysBio has disclosed to TESARO all material information received by AnaptysBio as of the Effective Date concerning the institution of any
interference, opposition, reexamination, reissue, revocation, nullification or any official proceeding involving any AnaptysBio Patent or Patent included in the AnaptysBio Platform anywhere in the Territory; 

(j) To the best of AnaptysBio’s knowledge as of the Effective Date, Exhibit C attached to the Supplemental Information Package
sets forth a complete and accurate list of all Target Antagonists owned or Controlled by AnaptysBio as of the Effective Date; 
 (k)
To the best of AnaptysBio’s knowledge as of the Effective Date, TESARO will not be required to obtain a license or sublicense under any Third Party In-License for TESARO to research, develop, make, have made, use, sell, offer for sale, import
and export Products for use in the Field and in the Territory pursuant to the rights and licenses granted to it under this Agreement; 

(l) AnaptysBio has not and shall not employ (or use any Subcontractor or consultant that employs) any individual or entity debarred by
the FDA (or subject to a similar sanction of the EMA), or any individual who or entity which is the subject of an FDA debarment investigation or proceeding (or similar proceeding of EMA), or is convicted of a crime for which an individual or entity
could be debarred under 21 U.S.C. Section 335a or its foreign equivalent or has been under indictment for a crime for which a person or entity could be debarred under such provision; and 

(m) AnaptysBio acknowledges that, in entering into this Agreement, TESARO has relied upon information supplied by AnaptysBio and
information which AnaptysBio has caused to be supplied to TESARO by AnaptysBio’s agents and/or representatives (all of such information being hereinafter referred to collectively as “Product Information”). To the knowledge of
AnaptysBio as of the Effective Date, the Product Information is accurate in all material respects. AnaptysBio has not, as of the Effective Date, intentionally omitted to furnish TESARO with any material information known to AnaptysBio concerning the
AnaptysBio IP Rights, AnaptysBio Platform or Development Antibodies, or the transactions contemplated by this Agreement, which would reasonably be considered to be material to TESARO’s decision to enter into this Agreement and to undertake the
commitments and obligations set forth herein. 
 12.3. Disclaimer. TESARO and AnaptysBio specifically disclaim any guarantee that the
Discovery Programs will be successful, in whole or in part. The failure of the Parties to 

  
 23 

 
successfully develop Products will not constitute a breach of any representation or warranty or other obligation under this Agreement. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT,
ANAPTYSBIO AND TESARO MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE ANAPTYSBIO IP RIGHTS, INFORMATION DISCLOSED HEREUNDER OR PRODUCTS INCLUDING, BUT NOT LIMITED TO,
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
  

	13.	INDEMNIFICATION 

 13.1. TESARO. TESARO agrees to indemnify, defend and hold
AnaptysBio and its Affiliates and their respective directors, officers, employees, agents and their respective successors, heirs and assigns (the “AnaptysBio Indemnitees”) harmless from and against any losses, costs, claims,
damages, liabilities or expense (including reasonable attorneys’ and professional fees and other expenses of litigation) (collectively, “Liabilities”) arising, directly or indirectly out of or in connection with Third Party
claims, suits, actions, demands or judgments, relating to (i) any breach by TESARO of the representations and warranties made in this Agreement, or (ii) the development or commercialization of a Product, except, in each case, to the extent
such Liabilities result from the gross negligence or intentional misconduct of AnaptysBio. 
 13.2. AnaptysBio. AnaptysBio agrees to
indemnify, defend and hold TESARO and its Affiliates and their respective directors, officers, employees, agents and their respective successors, heirs and assigns (the “TESARO Indemnitees”) harmless from and against any Liabilities
arising, directly or indirectly out of or in connection with Third Party claims, suits, actions, demands or judgments, relating to any breach by AnaptysBio of its representations and warranties made in this Agreement, except to the extent such
Liabilities result from the gross negligence or intentional misconduct of TESARO. 
 13.3. Indemnification Procedure. A Party that
intends to claim indemnification (the “Indemnitee”) under this Section 13 shall promptly notify the other Party (the “Indemnitor”) in writing of any claim, complaint, suit, proceeding or cause of action with respect
to which the Indemnitee intends to claim such indemnification (for purposes of this Section 13.3, each a “Claim”), and the Indemnitor shall have sole control of the defense and/or settlement thereof; provided that the
Indemnitee shall have the right to participate, at its own expense, with counsel of its own choosing in the defense and/or settlement of such Claim. The indemnification obligations of the Parties under this Section 13 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the consent of the Indemnitor, which consent shall not be withheld or delayed unreasonably. The failure to deliver written notice to the Indemnitor within a reasonable time after
the commencement of any such Claim, if prejudicial to its ability to defend such action, shall relieve such Indemnitor of any liability to the Indemnitee under this Section 13, but the omission so to deliver written notice to the Indemnitor
shall not relieve the Indemnitor of any liability to any Indemnitee otherwise than under this Section 13. The Indemnitee under this Section 13, and its employees, at the Indemnitor’s request and

  
 24 

 
expense, shall provide full information and reasonable assistance to Indemnitor and its legal representatives with respect to such Claims covered by this indemnification. 

13.4. LIMITATION OF LIABILITY. EXCEPT FOR A BREACH OF ARTICLES 10 OR 11, OR FOR ACTS OF GROSS NEGLIGENCE OR WRONGFUL INTENTIONAL ACTS
OR OMISSIONS, NEITHER TESARO NOR ANAPTYSBIO, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR SUBLICENSEES, SHALL BE LIABLE TO THE OTHER PARTY, ITS AFFILIATES OR ANY OF THEIR SUBLICENSEES FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, RELIANCE OR
PUNITIVE DAMAGES OR LOST OR IMPUTED PROFITS, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT PRODUCT LIABILITY), INDEMNITY OR CONTRIBUTION, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT PARTY
HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE; PROVIDED, THAT THIS LIMITATION WILL NOT LIMIT THE INDEMNIFICATION OBLIGATION OF A PARTY UNDER THE PROVISIONS OF ARTICLE 13 FOR SUCH DAMAGES CLAIMED
BY A THIRD PARTY. 
  

	14.	TERM AND TERMINATION 

 14.1. Term. Unless earlier terminated, the Agreement will
continue in full force and effect, on a Product-by-Product, Discovery Program-by-Discovery Program, Development Program-by-Development Program and country-by-country basis until the date no further payments are due under Section 6 above. 

14.2. Termination for Breach. Either Party to this Agreement may terminate one or more Discovery Program(s), Development Program(s)
and/or this Agreement in the event the other Party hereto shall have materially breached or defaulted in any of its representations or warranties or the performance of any of its obligations hereunder, and such default shall have continued for sixty
(60) days after written notice thereof was provided to the breaching Party by the non-breaching Party. Any termination shall become effective at the end of such sixty (60) day period unless the breaching Party (or any other Party on its behalf) has
cured any such breach or default prior to the expiration of the sixty (60) day period; provided, however, in the case of a failure to pay any amount due hereunder, such default may be the basis of termination ten (10) business days following the
date that notice of such default was provided to the breaching Party. 
 14.3. Termination without cause by TESARO. TESARO may
terminate this Agreement in its entirety or on a Discovery Program-by-Discovery Program or Development Program-by-Development Program basis without cause upon ninety (90) days prior written notice to AnaptysBio. 

14.4. Effect of Breach or Termination. 

(a) Accrued Rights and Obligations. Termination of this Agreement, or any portion hereof, for any reason shall not release either Party
hereto from any liability which, at the time of such termination, has already accrued to the other Party or which is attributable to a 

  

					
		  	25	  	

 
period prior to such termination nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in equity with respect to any breach of this Agreement. 

(b) Return of Materials. Upon a termination of this Agreement, in its entirety, TESARO and AnaptysBio shall promptly return to the
other all Confidential Information of the other Party, except one copy of which may be retained for archival purposes. Upon termination of this Agreement, a Discovery Program or a Development Program by TESARO pursuant to Section 14.3, or by
AnaptysBio pursuant to Section 14.2, TESARO shall return to AnaptysBio copies of records received by TESARO pursuant to Section 2.9 or, if only a Discovery Program or a Development Program is terminated, then those records received by
TESARO pursuant to Section 2.9, with respect to the terminated program. 
 (c) Effect of Termination of Agreement by TESARO
Without Cause or by AnaptysBio for Breach by TESARO. If TESARO terminates this Agreement in its entirety without cause pursuant to Section 14.3 or if AnaptysBio terminates this Agreement in its entirety pursuant to Section 14.2 for breach
by TESARO, then: 
 (i) all licenses and rights to TESARO under Section 5.1 shall concurrently terminate, and TESARO and its
Affiliates and sublicensees shall immediately cease all manufacture, development and commercialization of Products; provided, that TESARO and its Affiliates, sublicensees and distributors shall be entitled, during the twelve (12) month period
immediately following the effective date of termination, to finish any work-in-progress and to sell any Products remaining in inventory, in accordance with the terms of this Agreement; 

(ii) TESARO hereby grants to AnaptysBio an irrevocable, non- exclusive, worldwide license, with the right to grant and authorize
sublicenses, under TESARO’s interest in the Collaboration IP Rights, TESARO Patents and TESARO Know-How, to make, have made, use, sell, offer to sell and import Products; 

(iii) To the extent permitted by applicable regulatory authorities, TESARO shall and hereby does transfer to AnaptysBio all regulatory
filings and regulatory approvals for the Products held by TESARO, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, TESARO hereby permit AnaptysBio to cross-reference and rely upon
any such regulatory approvals and regulatory filings; 
 (iv) AnaptysBio shall have the sole right to Prosecute and Maintain, and to
solely enforce, all Collaboration IP Rights; and 
 (v) Upon AnaptysBio’s request, TESARO shall continue all on-going
development for the Products for a mutually agreed upon migration period after termination of this Agreement (“Migration Period”). During such Migration Period, TESARO shall provide such knowledge transfer and other training to
AnaptysBio as reasonably necessary for AnaptysBio to continue such activities. In connection with such transfer, TESARO shall, subject to subsection (i) above: (A) transfer to AnaptysBio all quantities of Products manufactured by TESARO in
TESARO’s control as of the effective date of termination, (B) assign to AnaptysBio any agreements with Third Parties with respect to the development or commercialization of 

  
 26 

 
Product (to the extent assignable) and (C) continue funding FTEs (equivalent to the number of FTEs being funded upon the date of notice of termination) for a mutually agreed period not to
exceed the remaining portion of the then-current calendar quarter and one (1) full calendar quarter following the effective date of termination. 

(d) Effect of Termination of Discovery Program. If AnaptysBio terminates a Discovery Program pursuant to Section 14.2 for breach
by TESARO, or TESARO discontinues a Discovery Program in accordance with Section 8.2, then: 
 (i) AnaptysBio’s
obligations to conduct further activities under the applicable Discovery Program shall terminate as of the effective date of such termination; and 

(ii) all licenses and rights to TESARO under Section 5.1 for the Products resulting from such Discovery Program shall
concurrently terminate, and TESARO and its Affiliates and sublicensees shall immediately cease all manufacture, development and commercialization of such Products; 

(iii) TESARO hereby grants to AnaptysBio an irrevocable, non- exclusive, worldwide license, with the right to grant and authorize
sublicenses, under TESARO’s interest in the Collaboration IP Rights, TESARO Patents and TESARO Know-How, to make, have made, use, sell, offer to sell and import Products resulting from such Discovery Program; 

(iv) To the extent permitted by applicable regulatory authorities, TESARO shall and hereby does transfer to AnaptysBio all regulatory
filings and regulatory approvals for the Product resulting from such Discovery Program held by TESARO, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, TESARO hereby permit
AnaptysBio to cross-reference and rely upon any such regulatory approvals and regulatory filings; 
 (v) AnaptysBio shall have the
sole right to Prosecute and Maintain, and to solely enforce, all Collaboration IP Rights that are the subject of such Discovery Program; and 

(vi) Upon AnaptysBio’s request, TESARO shall continue all on-going development for the Products resulting from such Discovery
Program for a mutually agreed upon Migration Period after termination of this Agreement. During such Migration Period, TESARO shall provide such knowledge transfer and other training to AnaptysBio as reasonably necessary for AnaptysBio to continue
such activities. In connection with such transfer, TESARO shall: (A) transfer to AnaptysBio all quantities of Product resulting from such Discovery Program generated by TESARO in TESARO’s control as of the effective date of termination,
(B) assign to AnaptysBio any agreements with Third Parties with respect to the development or commercialization of such Products (to the extent assignable), and (C) continue funding FTEs (equivalent to the number of FTEs being funded upon
the date of notice of termination) for a mutually agreed period not to exceed the remaining portion of the then current calendar quarter and one (1) full calendar quarter following the effective date of termination. 

(e) Effect of Termination of Development Program. If AnaptysBio terminates a Development Program pursuant to Section 14.2 for
breach by TESARO, or TESARO discontinues a Development Program in accordance with Section 8.2, then: 

  

					
		  	27	  	

 (i) all licenses and rights to TESARO under Section 5.1 for the Products resulting
from such Development Program shall concurrently terminate, and TESARO and its Affiliates and sublicensees shall immediately cease all manufacture, development and commercialization of such Products; 

(ii) TESARO hereby grants to AnaptysBio an irrevocable, non- exclusive, worldwide license, with the right to grant and authorize
sublicenses, under TESARO’s interest in the Collaboration IP Rights, TESARO Patents and TESARO Know-How, to make, have made, use, sell, offer to sell and import Products resulting from such Development Program; 

(iii) To the extent permitted by applicable regulatory authorities, TESARO shall and hereby does transfer to AnaptysBio all regulatory
filings and regulatory approvals for the Product resulting from such Development Program held by TESARO, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, TESARO hereby permit
AnaptysBio to cross-reference and rely upon any such regulatory approvals and regulatory filings; 
 (iv) AnaptysBio shall have the
sole right to Prosecute and Maintain, and to solely enforce, all Collaboration IP Rights that are the subject of such Development Program; and 

(v) Upon AnaptysBio’s request, TESARO shall continue all on-going development for the Products resulting from such Development
Program for a mutually agreed upon Migration Period after termination of this Agreement. During such Migration Period, TESARO shall provide such knowledge transfer and other training to AnaptysBio as reasonably necessary for AnaptysBio to continue
such activities. In connection with such transfer, TESARO shall: (A) transfer to AnaptysBio all quantities of Product resulting from such Discovery Program manufactured by TESARO in TESARO’s control as of the effective date of termination,
(B) assign to AnaptysBio any agreements with Third Parties with respect to the development or commercialization of such Products (to the extent assignable), and (C) continue funding FTEs (equivalent to the number of FTEs being funded upon
the date of notice of termination) for a mutually agreed period not to exceed the remaining portion of the then-current calendar quarter and one (1) full calendar quarter following the effective date of termination. 

(f) Effect of Termination by TESARO With Cause or by TESARO for Breach by AnaptysBio. If TESARO terminates one or more Discovery
Programs or this Agreement pursuant to Section 14.2 for breach by AnaptysBio, then: 
 (i) all licenses and rights to TESARO
under Section 5.1 with respect to the applicable Discovery Program(s), Development Program(s) and Products shall automatically become perpetual and irrevocable; provided, that the payment obligations under Sections 6.3 and 6.4 shall continue;
provided, however, that if TESARO terminated this Agreement pursuant to AnaptysBio’s uncured material breach of Article 5, then without limiting any other rights or remedies available to TESARO, TESARO shall continue to make payments to
AnaptysBio under Sections 6.3 and 6.4 but at fifty percent (50%) of the amounts set forth therein when and if they become due; 

  

					
		  	28	  	

 (ii) AnaptysBio and its Affiliates and sublicensees shall immediately cease all research,
development or other activities with respect to applicable Development Antibodies and Products resulting from such Discovery Program; 

(iii) To the extent permitted by applicable regulatory authorities, AnaptysBio shall and hereby does transfer to TESARO all regulatory
filings and regulatory approvals for the applicable Products resulting from such Discovery Program held by AnaptysBio, its Affiliates or sublicensees, or if the foregoing transfer is not permitted by the applicable regulatory authority, AnaptysBio
shall, and hereby does, permit TESARO to cross- reference and rely upon any such regulatory approvals and regulatory filings; 

(iv) TESARO shall have the sole right to Prosecute and Maintain, and to solely enforce, all Collaboration IP Rights specific to such
Discovery Program; and 
 (v) Upon TESARO’s request, AnaptysBio shall continue all on-going development under such Discovery
Program and for applicable Products for a mutually agreed upon Migration Period after termination of this Agreement. During such Migration Period, AnaptysBio shall provide such knowledge transfer and other training to TESARO or its designees as
reasonably necessary for TESARO to continue such activities. In connection with such transfer, AnaptysBio shall transfer to TESARO all quantities of applicable Development Antibodies and Products manufactured by or on behalf of AnaptysBio and in the
possession or control of AnaptysBio or its affiliates or contractors as of the effective date of termination, and assign to TESARO any agreements with Third Parties with respect to the research, development or commercialization of applicable
Development Antibodies or Products. 
 14.5. Expiration. Upon the expiration of the last to expire Royalty Term for Products
resulting from a Discovery Program and Development Program, all licenses and rights to TESARO under Section 5.1 with respect to such Discovery Program and Development Program and Products shall automatically become fully paid up, perpetual and
irrevocable. 
 14.6. Survival Sections. Sections 7, 9, 10, 13, 14.4, 14.5, 14.6, 14.7 and 15 shall survive the expiration or
termination of this Agreement for any reason. 
 14.7. Termination Not Sole Remedy. Termination is not the sole remedy under this
Agreement and, whether or not termination is effected, all other remedies will remain available except as agreed to otherwise herein. 
  

	15.	MISCELLANEOUS 

 15.1. Governing Laws. This Agreement and any dispute arising from
the construction, performance or breach hereof shall be governed by and construed, and enforced in accordance with, the laws of the State of Delaware, without reference to conflicts of laws principles thereof that would result in the application of
any other law. 
 15.2. Waiver. It is agreed that no waiver by either Party hereto of any breach or default of any of the covenants
or agreements herein set forth shall be deemed a waiver as to any subsequent and/or similar breach or default. 

  
 29 

 15.3. Assignment. This Agreement shall not be assignable by either Party to any Third
Party hereto without the written consent of the other Party hereto, and any attempted assignment shall be null and void. Notwithstanding the foregoing, either Party may assign this Agreement, without such consent, to an entity that acquires all or
substantially all of the business or assets of such Party to which this Agreement pertains, whether by merger, reorganization, acquisition, sale, or otherwise. This Agreement shall be binding upon and accrue to the benefit any permitted assignee,
and any such assignee shall agree to perform the obligations of the assignor. 
 15.4. Independent Contractors. The relationship of
the Parties hereto is that of independent contractors. The Parties hereto are not deemed to be agents, partners or joint venturers of the others for any purpose as a result of this Agreement or the transactions contemplated thereby. 

15.5. Compliance with Laws. In exercising their rights under this license, the Parties shall fully comply in all material respects with
the requirements of any and all applicable laws, regulations, rules and orders of any governmental body having jurisdiction over the exercise of rights under this license including, without limitation, those applicable to the discovery, development,
manufacture, distribution, import and export and sale of Products pursuant to this Agreement. 
 15.6. Notices. All notices, requests
and other communications hereunder shall be in writing and shall be personally delivered or by registered or certified mail, return receipt requested, postage prepaid, in each case to the respective address specified below, or such other address as
may be specified in writing to the other Parties hereto and shall be deemed to have been given upon receipt: 
  

					
	If to TESARO:	  	TESARO, Inc.
		  	1000 Winter Street, Suite 3300
		  	Waltham, Massachusetts 02541
		  	Attention:	  	Leon O. Moulder, Jr.,
		  		  	Chief Executive Officer
		  	Facsimile:	  	339-230-3961
			
		  	and	  	
		
		  	TESARO Development Ltd.
		  	Clarendon House
		  	2 Church Street
		  	Hamilton HM 11
		  	Bermuda
		  	Attention:	  	Corporate Secretary
		
	 with a copy (which shall

not constitute notice) to:
	  	Hogan Lovells US LLP
		  	100 International Drive, Suite 2000

  
 30 

					
		  	Baltimore, MD 21202
		  	Attention:	  	Asher M. Rubin
		  	Facsimile:	  	410-659 2701
		
	If to AnaptysBio:	  	AnaptysBio, Inc.
		  	10421 Pacific Center Court, Suite 200
		  	San Diego, CA 92121
		  	Attention:	  	Hamza Suria, Chief Executive Officer
		  	Facsimile:	  	858-366-9055
		
	 with a copy (which shall
 not constitute
notice) to:
	  	Fenwick & West
		  	1191 Second Avenue, 10th Floor
		  	Seattle, WA 98101
		  	Attention:	  	Effie Toshav
		  	Facsimile:	  	206-389-4511

 15.7. Severability. Each Party hereby agrees that it does not intend to violate any public
policy, statutory or common laws, rules, regulations, treaty or decision of any government agency or executive body thereof of any country or community or association of countries. Should one or more provisions of this Agreement be or become
invalid, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid provisions which valid provisions in their economic effect are sufficiently similar to the invalid provisions that it can be reasonably assumed that
the Parties would have entered into this Agreement with such valid provisions. In the event a Party seeks to avoid a material provision of this Agreement upon an assertion that such provision is invalid, illegal or otherwise unenforceable, the other
Party shall have the right to terminate this Agreement upon sixty (60) days prior written notice to the asserting Party, unless such assertion is eliminated and cured within such sixty (60) day period. Such a termination shall be deemed a
termination by such Party for breach pursuant to Section 14.2. 
 15.8. Force Majeure. Neither Party shall lose any rights hereunder
or be liable to the other Party for damages or losses (except for payment obligations) on account of failure of performance by the defaulting Party if the failure is occasioned by war, strike, fire, Act of God, earthquake, flood, lockout, embargo,
governmental acts or orders or restrictions, failure of suppliers, or any other reason where failure to perform is beyond the reasonable control and not caused by the negligence, intentional conduct or misconduct of the non-performing Party and such
Party has exerted all reasonable efforts to avoid or remedy such force majeure; provided, however, that in no event shall a Party be required to settle any labor dispute or disturbance. 

15.9. Complete Agreement. This Agreement and the Supplemental Information Package, constitute the entire agreement, both written and
oral, between the Parties with respect to the subject matter hereof, and all prior agreements respecting the subject matter hereof, either written or oral, express or implied, shall be abrogated, canceled, and are null and void and of no effect. No
amendment or change hereof or addition hereto shall be effective or binding on either of the Parties hereto unless reduced to writing and executed by the respective duly authorized representatives of AnaptysBio and TESARO. TESARO, Inc., and TESARO
Development, Ltd shall be jointly and severally liable for all obligations of TESARO under this Agreement. 

  
 31 

 15.10. Headings. The captions to the several Sections hereof are not a part of this
Agreement, but are included merely for convenience of reference and shall not affect its meaning or interpretation. 
 15.11.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 

[signature page follows] 

  
 32 

 IN WITNESS WHEREOF, the Parties hereto have caused this Collaboration and Exclusive
License Agreement to be duly executed by their authorized representatives and delivered in duplicate originals effective as of the Effective Date. 
  

							
	TESARO, INC.	  	ANAPTYSBIO, INC.
				
	By:	  	/s/ Leon O. Moulder, Jr.	  	By:	  	/s/ Hamza Suria
				
	Name:	  	Leon O. Moulder, Jr.	  	Name:	  	Hamza Suria
				
	Title:	  	Chief Executive Officer	  	Title:	  	President & CEO
			
	TESARO DEVELOPMENT, LTD.	  		  	
				
	By:	  	/s/ Leon O. Moulder, Jr.	  		  	
				
	Name:	  	Leon O. Moulder, Jr.	  		  	
				
	Title:	  	Chief Executive Officer	  		  	

 Signature page to Collaboration and Exclusive License Agreement 

 Schedule 12.2(i) 

AnaptysBio Patents 
 [*] 

  
 *Confidential
Treatment Requested. 

 AMENDMENT NO. 1 

TO COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT 

This Amendment No. 1 to the Collaboration and Exclusive License Agreement (this “Amendment”) effective as of
November 28, 2014 (the “Amendment Date”), is entered into is made by and between (i) AnaptysBio, Inc., a Delaware corporation, having a place of business at 10421 Pacific Center Court, Suite 200, San Diego,
California 92121 (“AnaptysBio”), and (ii) TESARO, Inc., a Delaware corporation, having a place of business at 1000 Winter Street, Suite 3300, Waltham, Massachusetts 02541 (“TESARO US”) and TESARO
Development, Ltd., a Bermuda corporation, having its principal office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (together with TESARO US, “TESARO”). 

WHEREAS, the parties previously entered into that certain Collaboration and Exclusive License Agreement dated as of March 10, 2014 (the
“Agreement”); 
 WHEREAS, the parties wish to amend the Agreement in certain respects on the terms and conditions set forth
herein. 
 NOW THEREFORE, capitalized terms not defined in this Amendment shall have the meaning ascribed in the Agreement, and the parties
hereby agree as follows: 
 1. Amendment License Fee. Within ten (10) business days following the Amendment Date, TESARO
shall pay to AnaptysBio a non-creditable, non-refundable license fee of two million dollars (USD $2,000,000.00). 
 2.
Amendment. The following Sections of the Agreement are hereby amended and replaced in their entirety as follows: 
 2.1.
Section 1 of the Agreement is amended to add the following new definitions: 
 (a) 1.51 “[*]” shall mean [*].

 (b) 1.52 “[*]” shall mean both [*] and shall be used with respect to a Development Antibody that is specifically
designed to cross-react and antagonize both [*]. 
 (c) 1.53 “[*] Development Program” shall mean the development
program to be conducted in accordance with Section 3 for the development of Development Antibodies generated under the [*] Discovery Program. 

(d) 1.54 “[*] Discovery Program” shall mean the discovery program to be conducted in accordance with Section 2
for the development of antibodies directed to antagonize both [*]. 
 2.2. Section 1.14, the definition of “Development
Programs”, is amended to add the [*] Development Program. 

  
 *Confidential
Treatment Requested. 

 2.3. Section 1.15, the definition of “Discovery Plan”, is amended to add
Exhibit A-4 to the Supplemental Information Package. 
 2.4. Section 1.16, the definition of “Discovery Programs”, is
amended to add the [*] Discovery Program. 
 2.5. Section 1.41, the definition of “Target(s)”, is amended to include
[*]. 
 2.6. Section 2.4 is hereby amended by adding the following new sentence immediately following the end of
Section 2.4: “Exhibit A-4 to the Supplemental Information Package is hereby added as an additional Discovery Program to be carried out in accordance with this Agreement.” 

2.7. Section 5.3(a) of the Agreement is hereby amended by adding the following new sentence immediately following the end of
Section 5.3(a): 
 [*] 
 3.
TESARO shall pay AnaptysBio each of the milestone payments set forth in Section 6.3 of the License Agreement [*]. 
 4.
Discovery Plan. The Discovery Plan for the [*] Discovery Program shall be added to the Supplemental Information Package as Exhibit A-4, thereto. 

5. Press Release. Disclosure of the terms of this Amendment are subject to Section 11.1 of the Agreement, provided that the
press release attached to this Amendment as Appendix A shall be jointly released by both Parties promptly following the Amendment Date. 

6. Miscellaneous. This Amendment shall be effective for all purposes as of the Amendment Date. Except as expressly modified
herein, the Agreement shall continue to remain in full force and effect in accordance with its terms. This Amendment may be executed in counterparts, each of which shall be deemed to be an original and together shall be deemed to be one and the same
document. 

  
 *Confidential
Treatment Requested. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
duly authorized representatives effective as of the Amendment Date. 
  

							
	TESARO, INC.	  	ANAPTYSBIO, INC.
				
	By:	  	/s/ Leon O. Moulder, Jr.	  	By:	  	/s/ Hamza Suria
				
	Name:	  	Leon O. Moulder, Jr.	  	Name:	  	Hamza Suria
				
	Title:	  	Chief Executive Officer	  	Title:	  	President & CEO
			
	TESARO DEVELOPMENT, LTD.	  		  	
				
	By:	  	/s/ Leon O. Moulder, Jr.	  		  	
				
	Name:	  	Leon O. Moulder, Jr.	  		  	
				
	Title:	  	Chief Executive Officer	  		  	

 Appendix A 

Press Release 

 FOR RELEASE ON DECEMBER 2, 2014 AT 5:15 AM ET 

TESARO AND ANAPTYSBIO EXPAND IMMUNO-ONCOLOGY COLLABORATION TO INCLUDE NOVEL BISPECIFIC ANTIBODY CANDIDATE 

—Candidate Will Target Two Undisclosed Immune Checkpoints 

—Anti-TIM-3 Antibody Data to be Presented Today at the AACR Conference in Orlando 

WALTHAM, MA, and SAN DIEGO, CA – December 2, 2014 – TESARO, Inc. (NASDAQ: TSRO), an oncology-focused biopharmaceutical company, and AnaptysBio,
Inc., a privately-held therapeutic antibody company, today announced an expansion of their immuno-oncology collaboration and exclusive license agreement to include development of a novel bispecific antibody candidate designed to target two
undisclosed immune checkpoints. 
 AnaptysBio and TESARO first initiated their collaboration in March of 2014, and have together focused on the development
of monospecific antibody drug candidates targeting TIM-3, LAG-3 and PD-1 and dual reactive antibody drug candidates targeting PD-1/TIM-3 and PD-1/LAG-3. Since the beginning of this partnership, Investigational New Drug (IND) enabling preclinical
studies of TSR-042 (anti-PD-1 antibody candidate) have been initiated, and additional clinical candidates have been identified, including lead candidates targeting TIM-3 and LAG-3. 

“Through our collaboration with AnaptysBio, we are employing a variety of approaches, including monospecific, bispecific and dual specific antibodies, to
address some of the most validated and promising immune checkpoint targets,” said Mary Lynne Hedley, president and COO of TESARO. “We are committed to advancing the science of immuno-oncology in order to potentially transform the care of
patients with cancer. Our team looks forward to continued collaboration with AnaptysBio on these programs and to the presentation of data describing our anti-TIM-3 antibody candidate at the AACR conference later today in Orlando.” 

“AnaptysBio continues to focus on the development of therapeutic antibodies for unmet medical needs in immuno-oncology, inflammation and fibrosis. Our
strategic advantage is the ability to rapidly discover and develop therapeutic antibodies against emerging biological targets using the natural somatic hypermutation mechanism encoded within the human immune system,” said Hamza Suria, president
and CEO of AnaptysBio. “We are pleased to expand our collaboration with TESARO, and look forward to advancing multiple immuno-oncology antibodies into the clinic.” 

Under the terms of this expansion, TESARO will pay AnaptysBio an undisclosed upfront fee and will provide funding for all costs incurred by AnaptysBio related
to the development of a clinical antibody candidate. For each program within the collaboration, AnaptysBio is eligible to receive milestone payments if certain research and development events are achieved and additional payments for achievement of
certain U.S. and ex-U.S. regulatory submissions and approvals in multiple indications. AnaptysBio will also be eligible to receive royalties related to worldwide net sales of products developed under the collaboration, and may earn certain
commercial milestone payments if specified levels of annual worldwide net sales are attained. AnaptysBio and TESARO will together complete preclinical development of the antibody candidates, with 

  
 1 

 
TESARO being solely responsible for all clinical development, manufacturing, regulatory and commercial activities. 

AACR Poster Presentation Details 
 AACR Conference: Tumor
Immunology and Immunotherapy: A New Chapter (Orlando) Tuesday, December 2, 2014, 1:15 PM to 3:30 PM, Poster Session A 
 Abstract title:
Identification and characterization of a potent anti-human TIM-3 antagonist 
 This poster will be available following its presentation at:
http://www.tesarobio.com/documents/AACRDec2014.pdf 
 About AnaptysBio 

AnaptysBio is a privately-held antibody development company advancing first-in-class programs in immuno-oncology, inflammation and fibrosis. AnaptysBio’s
proprietary SHM-XELTM platform, which couples fully human antibody libraries with in vitro somatic hypermutation in mammalian cells to generate high affinity antibodies. replicates key features of the human immune system and overcomes
limitations of prior antibody technologies. Multiple antibodies emanating from the AnaptysBio pipeline are currently undergoing IND-enabling studies with potentially transformative clinical read-outs during the 2016-2017 timeframe. For more
information, visit www.anaptysbio.com 
 About TESARO 

TESARO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer
and more effective therapeutics. For more information, visit www.tesarobio.com. 
 TESARO Contact:  

Jennifer Davis Sr. 
 Director, Corporate Development &
Investor Relations 
 +1.781.325.1116 or jdavis@tesarobio.com 

AnaptysBio Contact:  
 Julie Rathbun 

+1.206.769.9219 or julie@rathbuncomm.com 
 To the
extent that statements contained in this press release are not descriptions of historical facts regarding TESARO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions (as well as other
words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward looking statements contained in this press release include, among others, statements regarding our
expectations regarding the timing of both the selection of clinical candidates from the programs and the commencement of clinical testing, our development plans for any antibody therapeutic candidates individually and in combination

  
 2 

 
other products and product candidates, and our ability to form partnerships in the future in support of our overall oncology strategy. Forward-looking statements in this release involve
substantial risks and uncertainties that could cause our research and pre-clinical development programs, clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among others. the uncertainties inherent in the research and development of therapeutic antibodies, including the selection, pre-clinical testing and manufacturing of antibodies,
initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, and other matters that could affect the availability or commercial potential of our drug candidates. TESARO undertakes no
obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to
the business of the Company in general, see TESARO’s Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. 

### 

  
 3 

 AMENDMENT NO. 2 

TO COLLABORATION AND EXCLUSIVE LICENSE AGREEMENT 

This Amendment No. 2 to the Collaboration and Exclusive License Agreement (this “Amendment”) effective as of
February 29, 2016 (the “Amendment Date”), is entered into is made by and between (i) AnaptysBio, Inc., a Delaware corporation, having a place of business at 10421 Pacific Center Court, Suite 200, San Diego,
California 92121 (“AnaptysBio”), and (ii) TESARO, Inc., a Delaware corporation, having a place of business at 1000 Winter Street, Suite 3300, Waltham, Massachusetts 02541 (“TESARO US”) and TESARO
Development, Ltd., a Bermuda corporation, having its principal office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (together with TESARO US, “TESARO”). 

WHEREAS, the parties previously entered into that certain Collaboration and Exclusive License Agreement dated as of March 10, 2014 (the
“Agreement”); 
 WHEREAS, the parties wish to amend the Agreement in certain respects on the terms and conditions set forth
herein. 
 NOW THEREFORE, capitalized terms not defined in this Amendment shall have the meaning ascribed in the Agreement, and the parties
hereby agree as follows: 
 Section 2.7 of the Agreement is hereby amended and replaced in its entirety as follows: 

2.7. Term of Discovery Program. Each Discovery Program Term shall commence on the Effective Date and shall end upon the earlier of
(i) December 31st 2016, or such other date as the Parties may agree through the JSC, (ii) a decision by TESARO to discontinue funding of all activities under such Discovery Program, or (iii) a mutual decision by TESARO and
AnaptysBio to cease activities with respect to that Discovery Program. 
 This Amendment shall be effective for all purposes as of the
Amendment Date. Except as expressly modified herein, the Agreement shall continue to remain in full force and effect in accordance with its terms. This Amendment may be executed in counterparts, each of which shall be deemed to be an original and
together shall be deemed to be one and the same document. 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective
duly authorized representatives effective as of the Amendment Date. 
  

									
		 		 	ANAPTYSBIO, INC.
					
	By:	 	/s/ Mary Lynne Hedley	 		 	By:	 	/s/ Hamza Suria
					
	Name:	 	Mary Lynne Hedley	 		 	Name:	 	Hamza Suria
					
	Title:	 	President & Chief Operating Officer	 		 	Title:	 	President & CEO
				
	TESARO DEVELOPMENT, LTD.	 		 		 	
					
	By:	 	/s/ Joseph Farmer	 		 		 	
					
	Name:	 	Joseph Farmer	 		 		 	
					
	Title:	 	Director / Vice President

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