Document:

EX-10.1

 Exhibit 10.1 

***Text Omitted and Filed Separately 

Confidential Treatment Requested 

Under 17 CFR §§ 200. 80(b)(4) and 230.406 
  

 
 LICENSE AGREEMENT 

between 
 EMORY
UNIVERSITY, 
 THE GEORGIA TECH RESEARCH CORPORATION 

and 
 CLEARSIDE
BIOMEDICAL, INC. 

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1. DEFINITIONS
	  	 	3	  
	 ARTICLE 2. GRANT OF LICENSE
	  	 	6	  
	 ARTICLE 3. CONSIDERATION FOR LICENSE
	  	 	9	  
	 ARTICLE 4. REPORTS AND ACCOUNTING
	  	 	12	  
	 ARTICLE 5. PAYMENTS
	  	 	14	  
	 ARTICLE 6. DILIGENCE AND COMMERCIALIZATION
	  	 	15	  
	 ARTICLE 7. PATENT PROSECUTION
	  	 	16	  
	 ARTICLE 8. INFRINGEMENT
	  	 	17	  
	 ARTICLE 9. LIMITED WARRANTY AND EXCLUSION OF WARRANTIES
	  	 	18	  
	 ARTICLE 10. DAMAGES, INDEMNIFICATION AND INSURANCE
	  	 	19	  
	 ARTICLE 11. CONFIDENTIALITY
	  	 	21	  
	 ARTICLE 12. TERM AND TERMINATION
	  	 	22	  
	 ARTICLE 13. ASSIGNMENT
	  	 	25	  
	 ARTICLE 14. ARBITRATION
	  	 	25	  
	 ARTICLE 15. MISCELLANEOUS
	  	 	26	  
	 ARTICLE 16. NOTICES
	  	 	28	  
	 APPENDIX A COMPANY’S DEVELOPMENT PLAN
	  	 	31	  
	 APPENDIX B LICENSED PATENTS
	  	 	32	  
	 APPENDIX C [omitted]
	  	 	33	  
	 APPENDIX D RUNNING ROYALTY PERCENTAGES
	  	 	34	  
	 APPENDIX E MINIMUM ROYALTIES
	  	 	35	  
	 APPENDIX F MILESTONE PAYMENTS
	  	 	36	  
	 APPENDIX G LICENSE MAINTENANCE FEES
	  	 	37	  
	 APPENDIX H DEVELOPMENT MILESTONES AND DATES
	  	 	38	  
	 APPENDIX I [* * *] TERM SHEET]
	  	 	39	  

 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 THIS LICENSE AGREEMENT is made and entered into as of the 4th day of July, 2012,
(hereinafter referred to as the “Effective Date”) by and among EMORY UNIVERSITY, a nonprofit Georgia corporation with offices located at 1599 Clifton Road NE, 4th Floor, Mailstop
1599/001/1AZ Atlanta, Georgia 30322, (hereinafter referred to as “EMORY”), “), the GEORGIA TECH RESEARCH CORPORATION, a nonprofit corporation with offices located at 505 10th
Street, NW, Atlanta, Georgia 30332-0415 (hereinafter referred to as “GTRC”) and Clearside Biomedical, Inc., a corporation organized under the laws of the state of Delaware having a principal place of business located at, 1220 Old
Alpharetta Road—Suite 300, Alpharetta, Georgia 30005 (hereinafter referred to as “COMPANY”). 
 WHEREAS, EMORY
and GTRC (hereinafter together, “LICENSOR”) are the owners of all right, title, and interest in inventions and technology, developed by their respective employees and are responsible for their protection and commercial
development; and 
 WHEREAS, LICENSOR has developed certain inventions and technology related to “Microneedle for Ocular
Procedure” and “Microneedles for Tissue Injections”, which is in part described in [* * *]; and 
 WHEREAS, COMPANY
wishes to obtain and LICENSOR wishes to grant certain rights to pursue the development and commercialization of the inventions in accordance with the terms and conditions of the Agreement; 

WHEREAS, COMPANY understands and acknowledges that GTRC may have one or more patent(s) which may be required to practice the
inventions licensed in this Agreement, and subject to a separate agreement with GTRC, COMPANY may obtain commercial rights that may be available at that time; 

NOW, THEREFORE, for and in consideration of the mutual covenants and the premises herein, the parties, intending to be legally bound,
hereby agree as follows. 
 ARTICLE 1. DEFINITIONS 

The following terms as used herein shall have the following meaning: 

“Affiliate” shall mean any corporation or non-corporate business entity which controls, is controlled by, or is under common control with a
party to this Agreement. A corporation or non-corporate business entity shall be regarded as in control of another corporation if it owns, or directly or indirectly controls, at least fifty (50%) percent of the voting stock of the other
corporation, or if it possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such entity. 

“Agreement” or “License Agreement” shall mean this Agreement, including all APPENDICES. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 “COMPANY’s Development Plan” shall mean the plan detailed in APPENDIX A of this
Agreement, which may be amended upon written agreement by the parties. 
 “Dollars” shall mean United States dollars. 

“Field of Use” shall mean all ophthalmic uses in mammals and birds. 

“Indemnitees” shall mean the Inventors, EMORY, GTRC, the Georgia Institute of Technology, (“GIT”), the Board of Regents of the
University System of Georgia, its directors, officers, employees and students, and their heirs, executors, administrators, successors and legal representatives. 

“Improvements” shall mean any inventions with utility solely in the Field of Use (a) that are claimed in patent applications filed or
identified in invention disclosures made to Licensor within two years of the Effective Date, (b) which if practiced would infringe any Valid Claim of any of the Licensed Patents listed in Appendix B, and (c) are invented solely by
Inventors of one or more Licensed Patents. 
 “Inventors” shall mean the named inventors of the Licensed Patents. 

“Licensed Patents” shall mean the patent applications identified in APPENDIX B, together with any and all substitutions, extensions,
divisionals, continuations, continuations-in-part (to the extent that the claimed subject matter of such continuations-in-part is disclosed and enabled in the parent Licensed Patent application or extensions based thereon), foreign counterparts of
such patent applications and any patents which issue thereon anywhere in the world, including reexamined and reissued patents. 
 “Licensed
Product(s)” shall mean any process, service or product covered by a Valid Claim of any Licensed Patent. For purposes of clarity, Licensed Product specifically includes any proprietary needle having measured gauge of thirty (30) or
smaller and length of less than [* * *] millimeters, or any product that may be packaged in combination with a syringe containing drug active, excipient, or similar substance (for example balanced saline), in each case to the extent covered by
Licensed Patents. 
 “Licensed Know-How” shall mean certain techniques, technology, prototypes, data, methods and other information known
to the Inventors of the Licensed Patents and owned by LICENSOR as of the Effective Date that is reasonably necessary to practice the Licensed Patents that is disclosed but not claimed in a patent or patent application. For clarification, any
information available in the public domain or that may otherwise be used by any person who is not an employee of LICENSOR without violating the intellectual property rights of LICENSOR shall no longer constitute Licensed Know-How and COMPANY may use
any such information without any restriction or obligation hereunder. 
 “Licensed Technology” means Licensed Patents and Licensed
Know-How. 
 “Licensed Territory” means the world. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 “Net Selling Price” of Licensed Products shall mean the gross selling price paid by a purchaser
of a Licensed Product to COMPANY, an Affiliate or Sublicensee of COMPANY, or any other party authorized by COMPANY to sell Licensed Products less the following discounts: 
  

	 	a)	customary trade, quantity and cash discounts, service allowances (including without limitation wholesalers’ fees for services and stocking fees) and retroactive price adjustments actually allowed and taken,
including rebates granted to vendors, managed health care or governmental organizations and independent brokers or agents’ commissions, if any, as accrued and adjusted for actual amounts taken, allowed or paid; 

 

	 	b)	credits actually given for rejected or returned Licensed Products; 

  

	 	c)	freight, postage, shipping, transportation and insurance costs, third-party handling charges and other costs directly related to bringing Licensed Product to the purchaser or end user, in each case in accordance with
industry norms; and 

  

	 	d)	sales, excise taxes and customs duties included in the invoiced amount. 

Notwithstanding the foregoing in this Section, amounts received by COMPANY, its Affiliates or Sublicensees of COMPANY or its
Affiliates for the sale of Licensed Products among COMPANY, its Affiliates and Sublicensees for resale shall not be included in the computation of Net Selling Price hereunder. 

Notwithstanding anything in this Agreement to the contrary, in the event that COMPANY grants a sublicense to a third party in a
bona fide, arm’s length transaction and the Sublicensee requires, as a condition to entering into the sublicense agreement, that running royalties on sales of Licensed Product by or on behalf of the sublicensee be calculated and paid based on a
different definition of Net Selling Price, then a substitute definition of Net Selling Price may be used with respect to such sublicense provided that the substitute definition (i) is consistent with generally accepted accounting principles as
consistently applied by such sublicensee and (ii) does not materially reduce royalties payable hereunder to LICENSOR. 
 “Prosecution and
Maintenance” or “Prosecute and Maintain” shall mean, with respect to a particular patent application or patent, means the preparation, filing, prosecution and maintenance of such patent or patent application, as well as
re-examinations, reissues, applications for patent term extensions and the like with respect to such patent or patent application, together with the conduct of interferences, the defense of oppositions and other similar proceedings with respect to
such patent or patent application. 
 “Sale,” “Sell” or “Sold” shall mean the sale, transfer, exchange,
or other disposition of Licensed Products whether by gift or otherwise by COMPANY, its Affiliates, Sublicensees or any third party authorized by COMPANY to make such sale, transfer, exchange or disposition. Sales of

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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Licensed Products shall be deemed consummated upon the first to occur of: (a) receipt of payment from the purchaser; (b) delivery of Licensed Products to the purchaser or a common
carrier; (c) release of Licensed Products from consignment; (d) if deemed Sold by use, when first put to such use; or (e) if otherwise transferred, exchanged, gifted, or disposed of, when such transfer, exchange, gift, or other
disposition occurs. 
 “U.S. Government Licenses” shall mean the non-exclusive license to the U.S. Government or agencies thereof pursuant
to 37 CFR Section 401 in connection with NIH grant Nos.: [* * *]. 
 “Valid Claim” shall mean a claim in an unexpired patent or
pending patent application so long as such claim shall not have been irrevocably abandoned or held invalid in an unappealable decision of a court or other authority of competent jurisdiction in the relevant country. 

ARTICLE 2. GRANT OF LICENSE 

2.1. License. 
  

	 	2.1.1.	LICENSOR hereby grants COMPANY and its Affiliates an exclusive right and license under the Licensed Patents, subject to Sections 2.2 through 2.4, including the right to sublicense, to make, have made, use, perform,
sell, offer for sale, import, manufacture and distribute Licensed Products in the Field of Use in the Licensed Territory during the term of the Agreement. 

  

	 	2.1.2.	LICENSOR hereby grants COMPANY and its Affiliates a non-exclusive right and license to the Licensed Know-How, subject to Sections 2.2 through 2.4, including the right to sublicense, to make, have made, use, perform,
sell, offer for sale, import, manufacture and distribute Licensed Products and products that would be Licensed Products if covered by one or more Valid Claims in the Field of Use in the Licensed Territory during the term of the Agreement.

 2.2. Government Rights. COMPANY acknowledges that LICENSOR and COMPANY may have certain obligations and the United
States government may have certain rights in the Licensed Technology if such was developed with any assistance through grants or contracts from the United States government. COMPANY hereby warrants that it shall take all action requested to enable
LICENSOR to satisfy such obligations. If the United States government should take action which renders it impossible or impractical for LICENSOR to grant, or which conditions or reduces the rights and licenses granted herein, LICENSOR or COMPANY may
terminate this Agreement upon reasonable prior notice or cause it to be equitably reformed upon reasonable prior notice to reflect such conditioned or reduced rights and licenses (including without limitation with respect to the value and price of
such rights and licenses). COMPANY shall not have any right to the return of any payments of any kind made by it to EMORY prior to the date of such action. To LICENSOR’s knowledge as of the Effective Date, the only rights of the United States
Federal government with respect to the Licensed Patent are the U.S. Government Licenses. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 2.3. Option. LICENSOR hereby grants COMPANY, subject to third party rights, an exclusive
option to an exclusive license to Improvements for a period of two years from the Effective Date. LICENSOR agrees to disclose, within a reasonable amount of time, any Improvements to COMPANY. COMPANY shall provide LICENSOR written notice of its
intent to exercise its option within [* * *] days of notification by LICENSOR. Unless otherwise agreed, if COMPANY exercises its option to license any IMPROVEMENT, such Improvements shall be included in the definition of Licensed Patent herein. 

2.4. Retained License. The exclusive license granted herein is further conditional on the right retained by LICENSOR, on behalf of
itself, its employees and LICENSOR research collaborators, to make, have made, use, import, and transfer Licensed Products and practice Technology for research, educational and non-commercial and humanitarian clinical purposes, subject to the
following limitations: LICENSOR shall not engage in any human use of any of the Licensed Technology in the Field of Use without the express written consent of COMPANY and shall not transfer microneedles to any third party for research purposes in
the Field of Use without COMPANY’s permission, such permission not to be unreasonably withheld. Should COMPANY not provide a response within [* * *] days of a request for permission, permission shall be presumed. Should COMPANY deny permission
to transfer microneedles, then COMPANY shall provide the microneedles requested to the third party on reasonable and appropriate terms and conditions. 

2.5. Sublicenses. COMPANY may grant sublicenses to third parties (“Sublicensees”) provided that COMPANY shall be
responsible for the operations of its Sublicensees that are relevant to this Agreement and remain responsible for any reporting and any payment of all fees and royalties due under this Agreement. 

 

	 	2.5.1.	COMPANY shall include in any sublicense granted pursuant to this Agreement which sublicense provides a Sublicense with the right to sell Licensed Products, a provision requiring the Sublicensee to indemnify Indemnitees
and maintain liability coverage to the same extent that COMPANY is so required pursuant to Section 10.3 of this Agreement. 

  

	 	2.5.2.	COMPANY shall include in any sublicense granted pursuant to this Agreement that provides a Sublicensee with the right to sell Licensed Products, a provision that grants LICENSOR the right to audit the Sublicensee to the
same extent that LICENSOR has the right to audit the COMPANY pursuant to Section 4.4 of this Agreement. 

  

	 	2.5.3.	COMPANY shall provide LICENSOR with copies of all sublicense agreements within [* * *] days of their execution date, which, if redacted, must include the relevant provisions under this Article 2 and a disclosure of the
financial terms of the sublicense (the use and disclosure of such sublicense agreement and information contained therein by LICENSOR shall be subject to the confidentiality provisions set forth in Section 11 unless otherwise obligated to
disclose to the federal government under Bayh-Dole provisions); 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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	 	2.5.4.	COMPANY shall ensure that any sublicense or distributor agreements will include a provision that causes automatic termination of the sublicense or distribution agreement in the event that a Sublicensee or distributor
challenges, either directly or indirectly, the validity, enforceability or scope of any claim within the Licensed Patent in a court or other governmental agency of competent jurisdiction, including in a reexamination or opposition proceeding.

  

	 	2.5.5.	If this Agreement terminates for any reason, any Sublicensee shall, unless the sublicense agreement also terminates, from the effective date of such termination, automatically become a direct licensee of LICENSOR with
respect to the rights originally sublicensed to it by COMPANY, provided such Sublicensee did not cause the termination of the Agreement, Sublicensee agrees to comply with all the terms of this Agreement and Sublicensee assumes the responsibilities
of COMPANY hereunder, to the extent applicable to the sublicense originally granted to it. 

  

	 	2.5.6.	If COMPANY does not enter into a sublicense to the Licensed Patents with [* * *] in a field of use for [* * *] to ocular tissue using microneedle for the purpose of [* * *], with the right to grant further sublicenses
in the [* * *], no later than [* * *] from the Effective Date unless Licensee demonstrates to LICENSOR’s reasonable satisfaction that such a sublicense could reasonably be expected to interfere with COMPANY’s business as evidenced by
documentation of secured funding in and business development plan for the [* * *], all rights and licenses to the Licensed Technology in the [* * *] shall revert to LICENSOR. Such license to [* * *] shall generally be in accordance with
the term sheet attached hereto as Appendix I and shall include such other terms and conditions as COMPANY may reasonably require to protect its business interests with respect to Licensed Products. Should no sublicense agreement be
executed by [* * *] from the Effective Date despite reasonable commercial efforts, this paragraph shall not apply unless LICENSOR confirms in writing that [* * *] is still interested in obtaining a license to the Licensed Patents in the [* *
*].

 2.6. No Implied License. The license and rights granted in this Agreement shall not be construed to confer any
rights upon COMPANY by implication, estoppel, or otherwise as to any technology not specifically identified in this Agreement as Licensed Technology. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 2.7. U.S. Manufacturing. To the extent that any Licensed Technology is developed using any
funding from the United States, COMPANY agrees that any Licensed Products used or sold in the United States will be manufactured substantially in the United States unless any waivers required are obtained from the United States Government by
COMPANY. 
 ARTICLE 3. CONSIDERATION FOR LICENSE 

3.1. License Fee. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY shall pay LICENSOR a
license fee in the amount of thirty thousand ($30,000) Dollars (less the $10,000 option fee paid) within thirty (30) days of the Effective Date of this Agreement. 

3.2. Running Royalties. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY shall pay LICENSOR a
total royalty equal to the percentage set forth on APPENDIX D times the Net Selling Price of all Licensed Products Sold during the term of this Agreement by COMPANY, its Affiliates, its Sublicensees or any third party authorized by COMPANY to
Sell Licensed Products. Royalties shall be due and payable on a quarterly basis (March 31, June 30, September 30 and December 31). 
  

	 	3.2.1.	Sublicensee Royalties. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY shall pay LICENSOR a total royalty equal to, (a) the greater of the royalty rate listed in
Appendix D or [* * *] of the running royalty payable to the COMPANY or its Affiliates on sales of any Licensed Product Sold during the term of this Agreement by a Sublicensee, if the sublicense is granted prior to the $35,000 Milestone Event
referenced in Appendix F, or (b) otherwise, the greater of the royalty rate listed in Appendix D or [* * *] of the running royalty payable to the COMPANY or its Affiliates on sales of any Licensed Product Sold during the term of
this Agreement by a Sublicensee. Any such Sublicense Royalties due under this Agreement shall be due and payable on a quarterly basis (March 31, June 30, September 30 and December 31) and payments due LICENSOR on such
Sublicense Royalty payments shall be due and payable thirty (30) days from receipt by COMPANY. 

  

	 	3.2.2.	 Reduction of Running Royalties-Compulsory Licenses. Should a compulsory license be granted to a third party with respect to Licensed Products
in the Licensed Field of Use in any country in the Licensed Territory with a royalty rate lower than the royalty rate provided herein, then the royalty rate to be paid by COMPANY on Sales of Licensed Product in that country under Article 3.2 shall
be reduced to the rate paid by the compulsory third party licensee. COMPANY shall provide LICENSOR with prompt written notice of any governmental or judicial procedures initiated in any country to impose a compulsory

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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license of which it is aware. If permitted by law, COMPANY shall use commercially reasonable efforts to oppose such compulsory license. At COMPANY’s request, LICENSOR will cooperate
reasonably in any legal action which COMPANY may wish to take to oppose such compulsory license, which action shall be at COMPANY’s sole expense. 

  

	 	3.2.3.	Reduction of Royalties-Third Party Royalties. In the event it becomes necessary for COMPANY or its Sublicensee, in the reasonable opinion of its counsel, to obtain a license from a third party in order to make,
have made, develop, import, export, use, sell, offer for sale, have sold or otherwise exploit any Licensed Product because, except for a license granted by the third party, sale of a Licensed Product in the relevant country would infringe an
intellectual property right of a third party in that country, COMPANY or its Sublicensee may offset the royalty rate paid to LICENSOR on a Licensed Product-by-Licensed Product and country-by-country basis by up to [* * *] of the royalties paid to
such third party in any calendar quarter. Notwithstanding the foregoing, however, in no event shall the royalties due to LICENSOR on Net Sales of such Licensed Products in any country be reduced by more than [* * *] of the Running Royalty Percent as
identified in APPENDIX D. 

 3.3. Minimum Royalties. In the event that, following the first Sale of a Licensed
Product (“First Sale”), the aggregate royalties paid to LICENSOR pursuant to Section 3.2 hereof during any calendar year after the calendar year in which the First Sale occurs do not exceed the minimum royalty set forth in APPENDIX
E, COMPANY shall pay to LICENSOR no later than [* * *] following the last day of such calendar year the difference between such minimum royalty amount and the actual royalties paid. This Section 3.3 shall terminate upon expiration of the
last Valid Claim of a Licensed Patent in the United States. 
 3.4. Sublicensee Payments. Within thirty (30) days of receipt by
COMPANY, COMPANY shall pay LICENSOR [* * *] of any fees or payments paid to COMPANY by a Sublicensee (“Sublicensee Percentage”) as consideration for a sublicense grant under this Agreement. Such Sublicense Percentage shall be applied to
any payments made to COMPANY by a Sublicensee as consideration for a sublicense grant, including but not limited to any initial licensing fees, milestone fees, maintenance fees and minimum royalty payments, to the extent any such payment is directly
attributable to the sublicense of the Licensed Patents and Licensed Technology, but excluding (i) amounts paid to reimburse COMPANY for actual costs (including overhead but excluding profit) incurred in connection with research and development
of Licensed Products and the prosecution, maintenance and enforcement of intellectual property rights covering Licensed Products, (ii) the value of any intellectual property rights transferred or granted to COMPANY if such rights are necessary
or helpful to the development or commercialization of Licensed Products and (iii) amounts paid for shares of Company stock. If COMPANY in-licenses third 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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party technology and/or intellectual property rights and incorporates it into Licensed Product, and receives sublicense revenue with respect to such Licensed Product, then the [* * *] sublicense
revenue sharing provided for above shall apply to that portion of the value of the Licensed Product that is attributable to the intellectual property licensed from LICENSOR. For example, the sublicense revenue that is subject to sharing with
LICENSOR shall be that fraction A/(A+B) of non-royalty revenue received where A is the amount attributable to the LICENSOR intellectual property, and B is the aggregate amount attributable to the remainder of the technology so licensed. If it is not
feasible to accurately determine such amounts, then the allocation shall be commercially reasonable and determined by good faith negotiation between COMPANY and LICENSOR. 

3.5. Milestone Payments. COMPANY shall pay LICENSOR a one-time Milestone Payment in the amount specified in APPENDIX F no later
than [* * *] after the first occurrence of the corresponding Milestone Event. To the extent that a Milestone Payment is due to the COMPANY from a Sublicensee, the COMPANY shall pay LICENSOR the amount of the Milestone Payment due, as well as a
Sublicense Percentage of any additional amount paid to COMPANY. 
 3.6. License Maintenance Fees. In the event no Milestone Payment
has been paid to LICENSOR prior to an anniversary of the Effective Date as set forth on APPENDIX G, COMPANY shall pay to LICENSOR the corresponding Maintenance Fee. No Maintenance Fee pursuant to this Section 3.6 shall be payable by
COMPANY during any year in which (a) it has achieved at least one Milestone Event, (b) it has spent at least $100,000 on research and development of the Licensed Products or (c) it has sold a Licensed Product. 

3.7. Reimbursement for Patent Expenses. 

(i) COMPANY shall reimburse LICENSOR for all fees, costs, and expenses incurred by LICENSOR after the Effective Date and during the term of
this Agreement related to Prosecuting or Maintaining the Licensed Patents in the Licensed Territory, as provided for in Section 7. COMPANY shall deliver such payment to LICENSOR within [* * *] days after LICENSOR notifies COMPANY of the amount
of such fees, costs, and expenses. 
 (ii) COMPANY shall reimburse LICENSOR for all previously unreimbursed fees, costs, and expenses
incurred by LICENSOR as of the Effective Date related to Prosecuting or Maintaining the Licensed Patents. These unreimbursed fees, costs, and expenses incurred up to the Effective Date are estimated to be $[* * *], however this amount may be subject
to change upon final notification, but in no event shall it be greater than $50,000. COMPANY shall deliver such payment to LICENSOR within [* * *] days after LICENSOR notifies COMPANY of the amount. 

3.8. Tax Payments. All payments made to LICENSOR under this Agreement shall be made free and clear of any tax, withholding or other
governmental charge or levy (other than taxes imposed on the net income of LICENSOR), all such non-excluded amounts being “Taxes.” However, should the 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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COMPANY (or a Sublicensee) be obligated by law to withhold any Taxes on such payments. COMPANY shall promptly pay such tax, levy or charge for and on behalf of LICENSOR to the proper governmental
authority, and shall promptly furnish LICENSOR with receipt evidencing such payment. COMPANY shall have the right to deduct any such tax, levy or charge actually paid from payment due LICENSOR. COMPANY shall promptly advise LICENSOR in the event it
determines that any tax withholding may be required. COMPANY shall reasonably cooperate with LICENSOR in any lawful action to claim exemption from such deductions or withholdings and otherwise to minimize the amount required to be so withheld or
deducted. 
 ARTICLE 4. REPORTS AND ACCOUNTING 

4.1. Progress Reports. Within five (5) days after the Board Meetings directly following each January 1st and July 1st of
each calendar year until the First Sale, COMPANY shall provide LICENSOR with a written report detailing the activities of the COMPANY relevant to the COMPANY’s Development Plan and the development and commercialization of Licensed Products. For
avoidance of doubt, non-receipt of such written report within the specified time period shall be considered a material breach of this Agreement under Section 12.2. For clarification, delivery to Licensor of the materials provided to
COMPANY’s Board of Directors related to the development and commercialization of Licensed Products shall be deemed to satisfy the written report requirement. If Licensor reasonably determines that such information is not sufficient to determine
that Company has met its obligations hereunder or that such information is not sufficient to enable LICENSOR to fulfill its obligation of reporting under Bayh-Dole, Licensor may notify COMPANY of such matter and Licensor shall promptly provide such
additional information as may be reasonably necessary to verify or enable such compliance. 
 4.2. Royalty Reports. During the term of
this Agreement, COMPANY shall provide LICENSOR written reports semiannually until the first Sale of a Licensed Product and quarterly thereafter showing: 
  

	 	i.	the occurrence of any event triggering a Milestone Payment obligation or any other payment in accordance with Article 3; and 

  

	 	ii.	a summary of all reports provided to COMPANY by COMPANY’S Sublicensees, including the names and addresses of all Sublicensees; and 

 

	 	iii.	the amount of any consideration received by COMPANY from Sublicensees and an explanation of the contractual obligation satisfied by such consideration; 

 

	 	iv.	within a given fiscal quarter, the gross selling price and the number of units of all Licensed Products (identified by product number/name) Sold in each country of the Licensed Territory, together with the calculations
of Net Selling Price; and 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
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	 	v.	within a given fiscal quarter, the royalties payable in Dollars which accrued hereunder; and 

  

	 	vi.	within a given fiscal quarter, the exchange rates, if any, used in determining the amount due 

4.3. Records. During the term of this Agreement and for a period of [* * *] thereafter, COMPANY shall keep at its principal place of
business true and accurate records of all Sales in accordance with generally accepted accounting principles in the respective country where such Sales occur and in such form and manner so that all royalties owed to LICENSOR may be readily and
accurately determined. COMPANY shall furnish LICENSOR copies of such records upon LICENSOR’s request. 
 4.4. Right to Audit.
LICENSOR shall have the right, upon prior notice to COMPANY or a Sublicensee, not more than once in each calendar year and the calendar year immediately following termination of the Agreement, through an independent certified public accountant
selected by LICENSOR, to have access during normal business hours as may be reasonably necessary to examine the records of COMPANY or Sublicensee to include, but not be limited to, sales invoice registers, sales analysis reports, original invoices,
inventory records, price lists, sublicense and distributor agreements, accounting general ledgers, and sales tax returns, in order to verify the accuracy of the of the calculation of any payment due under this Agreement. Such audit shall be limited
in scope to the preceding [* * *] from the date of the notice of audit. If such independent public accountant’s report shows any underpayment of royalties by COMPANY, its Affiliates or Sublicensees, within [* * *] days after COMPANY’S
receipt of such report, COMPANY shall remit or shall cause its Sublicensees to remit to LICENSOR: 
  

	 	i.	the amount of such underpayment; and 

  

	 	ii.	if such underpayment exceeds [* * *] of the total royalties owed for the fiscal year then being reviewed, the reasonably necessary fees and expenses of such independent public accountant performing the audit. Otherwise,
LICENSOR’s accountant’s fees and expenses shall be borne by LICENSOR. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 ARTICLE 5. PAYMENTS 

5.1. Payment Due Dates. Royalties shall be due commencing upon the first Sale of a Licensed Product in the Licensed Field of Use in any
country in the Licensed Territory. Royalties and sublicense fees payable to LICENSOR as a result of activities occurring during the period covered by each royalty report provided for under Article 4 of this Agreement shall be due and payable on the
date such royalty report is due. All other payments required under this Agreement, if not specified otherwise in this Agreement, shall be payable within [* * *] days of the due date for each payment. 

5.2. Payment Delivery. Unless otherwise requested by LICENSOR, all payments due to LICENSOR under this Agreement shall be made in person
or via the United States mail or private carrier to the following address: 
 Emory University 

Attn: Director, Office of Technology Transfer 

1599 Clifton Rd. 4th Floor 

Atlanta, Georgia 30322 

Facsimile: (404) 727-1271 

Any payment in excess of [* * *] or originating outside of the United States shall be made by wire transfer to an account of LICENSOR
designated by LICENSOR from time to time and royalty reports shall be sent by facsimile or express courier to the Director, Office of Technology Transfer on the same date. Royalty reports may also be transmitted via email to [* * *], provided that
if no confirmation of receipt is received, COMPANY agrees to forward the report via facsimile. 
 5.3. Currency Conversion. Except as
hereinafter provided in this Section 5.3, all royalties shall be paid in Dollars. If any Licensed Products are Sold for consideration other than Dollars, the Net Selling price of such Licensed Products shall first be determined in the foreign
currency of the country in which such Licensed Products are Sold and then converted to Dollars at a ninety (90)-day trailing average published by the Wall Street Journal (U.S. editions) for conversion of the foreign currency into Dollars on
the last day of the quarter for which such payment is due. 
 5.4. Interest. Royalties and other payments, including patent expense
reimbursements, required to be paid by COMPANY pursuant to this Agreement shall, if overdue, bear interest until payment at a rate [* * *] per month. The interest payment shall be due from the day the original payment was due until the day that the
payment was received by LICENSOR. The payment of such interest shall not foreclose LICENSOR from exercising any other rights it may have because any payment is overdue. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 ARTICLE 6. DILIGENCE AND COMMERCIALIZATION 

6.1. Diligence. COMPANY represents and warrants that it has the necessary expertise and will, as appropriate, acquire the necessary
resources to reasonably develop and commercialize Licensed Products. COMPANY shall use its commercially reasonable efforts, either directly or through Affiliates or Sublicensees, throughout the term of this Agreement to comply with COMPANY’s
Development Plan and to bring Licensed Products to market through a commercially reasonable and diligent program for exploitation of the right and license granted in this Agreement to COMPANY and to create, supply, and service in the Licensed
Territory as extensive a market as reasonably commercially practicable. In no instance shall COMPANY’s commercially reasonable efforts be less than efforts customary in COMPANY’s industry. 

6.2. Development Milestones. COMPANY shall adhere to the schedule of development milestones and dates set forth in APPENDIX H. If
COMPANY fails to meet any deadline set forth in APPENDIX H, COMPANY shall provide LICENSOR with a written report outlining the efforts undertaken thus far and the steps COMPANY will take to meet the unsatisfied milestone, which shall also
include an adjustment in the time required to meet such milestone or a substitute milestone (“Time Adjustment Proposal”). For clarity, a non-limiting example of a reasonable request for a Time Adjusted Delay contemplated herein is
regulatory review delay of the responsible agency. Such report shall be submitted to LICENSOR for consideration within [* * *] days after the failure to meet the milestone. If COMPANY fails to provide the report, LICENSOR reasonably
declines to accept the Time Adjustment Proposal, or if COMPANY fails to meet the new deadlines set in the Time Adjustment Proposal approved by LICENSOR, LICENSOR shall have the option in its sole discretion and following [* * *] days written notice
to COMPANY to terminate the license granted hereunder, to allow this Agreement to continue in full force and effect, or to convert the license granted hereunder to a nonexclusive license upon written notice to COMPANY. Notwithstanding the foregoing,
if COMPANY effects an assignment permitted by Article 13 prior to the first commercial Sale of a Licensed Product, the deadline set forth on Appendix H for such due diligence milestone event may, at the election of the COMPANY, be extended by a
period of [* * *], with the option to extend by a period of an additional [* * *] with payment of a nonrefundable fee of [* * *], provided, however that such extensions shall not relive COMPANY of its obligation to continue to use commercially
reasonable efforts to bring Licensed Product to market. 
 6.3. Sublicensee Performance. LICENSOR agrees that a Sublicensee’s
performance of its diligence obligations regarding a Licensed Product as set forth in the sublicense agreement shall be deemed to be performance by COMPANY of its diligence obligations for such Licensed Product under this License Agreement,
including, but not limited to, those set forth in Article 6 hereof. COMPANY further agrees to attach copies of pertinent portions of this Agreement to executed sublicense agreements. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 ARTICLE 7. PATENT PROSECUTION 

7.1. Licensed Patents. The Prosecution and Maintenance of the Licensed Patents shall be the primary responsibility of LICENSOR.
LICENSOR shall utilize patent counsel that is acceptable to COMPANY for the Prosecution and Maintenance of the Licensed Patents. 
  

	 	i.	Comment. LICENSOR shall use reasonable efforts to provide COMPANY with copies of all filings and official correspondence pertaining to such Prosecution and Maintenance of the Licensed Patents at least thirty days
prior to any deadline so as to give COMPANY an opportunity to advise and cooperate with LICENSOR in such Prosecution and Maintenance. In the event LICENSOR desires to transfer the prosecution of any of the Licensed Patents to new patent counsel,
LICENSOR shall be responsible for costs associated with effecting the transfer and COMPANY’s written consent shall be obtained, which consent shall not be unreasonably withheld or delayed. 

 

	 	ii.	New Applications. COMPANY shall notify LICENSOR in writing of the countries in which COMPANY wishes additional patent applications to be filed, including but not limited to national phase filings and regional
registrations. LICENSOR shall, at COMPANY’s expense, file such additional patent applications. LICENSOR may, at its own expense, file patent applications in any country in which COMPANY elects not to file and such applications shall not be
subject to any license granted to COMPANY hereunder. 

  

	 	iii.	Reimbursement. If COMPANY should fail to timely make reimbursement for patent expenses for any Licensed Patent, LICENSOR, in addition to any other remedies under the Agreement, shall have no further obligation to
Prosecute or Maintain such Licensed Patent(s). COMPANY, upon [* * *] days written notice, may advise LICENSOR that it no longer wishes to pay expenses for Prosecution or Maintenance of one or more Licensed Patents on a country-by-country basis.
LICENSOR may, at its sole option, elect to pay such expenses and, if so, such patents or patent applications shall cease to be subject to any license granted to COMPANY hereunder. 

7.2 Extension of Licensed Patents. COMPANY, at its expense, may request that LICENSOR have the normal term of any Licensed Patents
extended or restored under any country’s procedure for extending patent term and LICENSOR shall use all reasonable efforts to do so. Royalties shall be payable until the end of the extended term of the patent. LICENSOR acknowledges that there
are limits on the number of patents that may be extended with respect to any product and that COMPANY shall have the right in its sole discretion to determine which patent, if any, shall be extended with respect to any Licensed Product. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
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 ARTICLE 8. INFRINGEMENT 

8.1 The parties shall promptly notify each other of any suspected infringement of any Licensed Patents. 

 

	 	i.	During the Term, COMPANY shall, at its expense, have the right to enforce any Licensed Patents against such infringer and may defend any declaratory judgment action brought against it alleging the invalidity of a
Licensed Patent. COMPANY agrees to defend LICENSOR against any counterclaim brought against it in such action. LICENSOR shall cooperate with COMPANY in such effort, and EMORY agrees that it will, at COMPANY’S expense, be joined as a party to
such action, if necessary. It is LICENSOR’s intention that COMPANY be able to prosecute an alleged infringement without including LICENSOR as a party to the litigation, should LICENSOR choose at its discretion not to be a party to the
litigation, and as such herein grants COMPANY the rights in Licensed Patents to sue an infringer alone. Should GTRC choose not to join in such action and COMPANY is unable to initiate or prosecute such action in its name only by a ruling of a court
of competent jurisdiction, GTRC shall assign to EMORY only such rights to the applicable Licensed Patent that may be necessary to permit COMPANY to initiate or prosecute such action without GTRC, provided that COMPANY shall be responsible for all
reasonable attorney’s fees and costs associated with LICENSOR’s participation in such suit. COMPANY shall reimburse LICENSOR for any costs incurred, including reasonable attorneys’ fees, as part of any action brought by COMPANY.

  

	 	ii.	COMPANY shall not enter into any settlement agreement, voluntary dismissal, consent judgment or other voluntary final disposition in any action regarding the Licensed Patents, without the express written consent of
LICENSOR if such agreement would or would be reasonably likely to have a material adverse effect on the validity or enforceability of the Licensed Patents, which consent shall not be unreasonably withheld, conditioned or delayed. Consent shall be
deemed given hereunder if no objection is provided in writing within fifteen days of delivery of the request for such consent. Any recovery or settlement received (whether for punitive or exemplary damages, or any other recovery or settlement
received, including compensatory damages or damages based on loss or revenues (hereinafter referred to as “Recovery”)), shall first be used to reimburse the documented out-of-pocket costs and expenses incurred by COMPANY and LICENSOR in
pursuing such action, and to the extent any portion of the balance of the 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
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Recovery represents compensatory damages, for example, compensation for loss of revenues, such portion shall be deemed to be the Sales of Licensed Products in the fiscal quarter received by
COMPANY, and COMPANY shall pay to LICENSOR an amount representing the royalty which would have been paid by COMPANY in accordance with the provisions of Article 3.2 had such portion of the Recovery been accrued by COMPANY as Sales. Any remaining
amounts of such Recovery that represents, for example, additional damages (such as enhanced or punitive damages) shall be paid (a) [* * *] to the extent the Recovery is attributable to infringement in the United States of Licensed Patents and
(b) otherwise [* * *]. 

 8.2 If COMPANY fails, within [* * *] days after receiving notice of a potential infringement
that would or would be reasonably likely to have a material adverse effect the validity or enforceability of the Licensed Patents , to institute an action against such infringer or notifies LICENSOR that it does not plan to institute such action,
then LICENSOR shall have the right to do so at its own expense unless COMPANY notifies LICENSOR that COMPANY is engaged in bona fide negotiations for the grant to the alleged infringer of a sublicense. COMPANY shall cooperate with LICENSOR in such
effort including being joined as a party to such action if necessary. LICENSOR shall be entitled to retain all damages or costs awarded in such action. Should either LICENSOR or COMPANY be a party to a suit under the provisions of this Article and
thereafter elect to abandon such suit, the abandoning party shall give timely notice to the other party who may, at its discretion, continue prosecution of such suit. 

ARTICLE 9. LIMITED WARRANTY AND EXCLUSION OF WARRANTIES 

9.1 Representation by Licensor. LICENSOR represents that it has the right and authority to enter into this Agreement and that, to the
best of its knowledge, neither the execution of this Agreement nor the performance of its obligations hereunder will constitute a breach of the terms and provisions of any other agreement to which LICENSOR is a party. LICENSOR represents that, to
the best of its knowledge, it is an owner of the Licensed Technology and has the right to issue licenses to the same. LICENSOR has provided to the COMPANY copies of assignments whereby each inventor named in a Licensed Patent has assigned to
LICENSOR all of such inventor’s interest in any inventions claimed in any such Licensed Patent. 
 It is hereby acknowledged and
expressly understood by COMPANY that GTRC and EMORY do not represent or warrant that COMPANY may practice the Licensed Technology hereunder without infringing one or more patents, which may be owned by GTRC. Furthermore, GTRC and EMORY do not
warrant that the Licensed Patents licensed hereunder or Licensed Technology may be exploited by COMPANY or its Affiliates or Sublicensees without infringing other patents, which may be owned by GTRC. To the extent GTRC is able and GRTC and COMPANY
can reach agreement, and upon COMPANY’s election, GTRC will grant COMPANY non-exclusive rights to additional technologies owned by GTRC under a completely separate agreement. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
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 LICENSOR does not warrant the validity of the Licensed Patents licensed hereunder and makes no
representation whatsoever with regard to the scope of the Licensed Patents or that such Licensed Patents or Licensed Technology may be exploited by COMPANY or its Affiliates or Sublicensees without infringing other patents including those owned by
GTRC. 
 9.2 Merchantability and Exclusion of Warranties. COMPANY possesses the necessary expertise and skill in the technical areas
pertaining to the Licensed Products and Licensed Technology to make, and has made, its own evaluation of the capabilities, safety, utility and commercial application of the Licensed Products and Licensed Technology. ACCORDINGLY, LICENSOR DOES NOT
MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE LICENSED TECHNOLOGY OR LICENSED PRODUCTS AND EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY OTHER IMPLIED WARRANTIES WITH RESPECT
TO THE CAPABILITIES, SAFETY, UTILITY, OR COMMERCIAL APPLICATION OF THE LICENSED TECHNOLOGY OR LICENSED PRODUCTS. 
 9.3 FDA and Other
Regulations. COMPANY represents and warrants that any Products made or Sold by COMPANY or its Affiliates pursuant to this Agreement shall comply with all applicable federal and state law regulations, including but not limited to regulations of
the Federal Drug Administration, the Environmental Protection Agency, and their state equivalents. COMPANY further warrants to include in any sublicense agreement in which a Sublicensee is granted the right to make and sell Licensed Products, that
such agreement shall include a comparable covenant by the Sublicensee. 
 ARTICLE 10. DAMAGES, INDEMNIFICATION AND INSURANCE

 10.1 No Liability. LICENSOR shall not be liable to COMPANY or COMPANY’S Affiliates, or customers and/or Sublicensees
of COMPANY or COMPANY’S Affiliates, for compensatory, special, incidental, indirect, consequential or exemplary damages resulting from the manufacture, testing, design, labeling, use or sale of Licensed Products. 

10.2 Indemnification. COMPANY shall defend, indemnify, and hold harmless the Indemnitees, from and against any and all claims, demands,
loss, liability, expense, or damage (including investigative costs, court costs and attorneys’ fees) Indemnitees may suffer, pay, or incur as a result of claims, demands or actions against any of the Indemnitees caused or contributed to, in
whole or in part, by COMPANY’S or COMPANY’S Affiliates, contractors, agents, or Sublicensees manufacture, testing, design, use, Sale, or labeling of any Licensed Products or the use of any Licensed Technology. COMPANY’S obligations
under this Article shall survive the expiration or termination of this Agreement for any reason. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 COMPANY agrees to provide attorneys reasonably acceptable to LICENSOR to defend against such a
claim. LICENSOR shall cooperate with COMPANY in any defense of such claim. COMPANY shall not settle any such claims, demands or actions under this Section 10.2, without the express, prior written consent of LICENSOR, which consent shall not be
unreasonably withheld or delayed. COMPANY’S obligations under this Article shall survive the expiration or termination of this Agreement for any reason. Notwithstanding the foregoing, in the case of both the Georgia Institute of Technology and
the Board of Regents of the State of Georgia, at their sole discretion, the Attorney General of the State of Georgia may represent them on any such matter. 

10.3 Insurance. Without limiting COMPANY’S indemnity obligations under the preceding paragraph, COMPANY shall, prior to any
clinical trial or Sale of any Licensed Product, cause to be in force a products liability insurance (or, prior to first commercial Sale, general commercial liability and/or clinical trials insurance) policy. Such polic(y)(ies) shall: 

 

	 	i.	provide Indemnitees product liability, clinical trial and/or general liability coverage in an amount no less than $Two Million Dollars ($2,000,000.00) per occurrence for personal injury and $1,000,000 per occurrence for
property damage; 

  

	 	ii.	insure Indemnitees for all claims, damages, and actions mentioned in Section 10.2 of this Agreement; 

  

	 	iii.	include contractual liability coverage for all liability which may be incurred by Indemnitees in connection with this Agreement; 

  

	 	iv.	require the insurance carrier to provide LICENSOR with no less than thirty (30) days’ written notice of any change in the terms or coverage of the policy or its cancellation; and 

 

	 	v.	If written on a “claims made” basis, the Company agrees to provide coverage for five years after termination of the Agreement. 

Company shall purchase statutory Workers Compensation insurance including employers liability as required by applicable law 

All insurance coverage required under this Agreement shall be primary to any coverage carried by LICENSOR, shall waive all rights of
subrogation against any additional insured and shall be placed with insurers whose A.M. Best’s rating is at least A-X. 
 As detailed
in Section 2.5, COMPANY agrees to require any Sublicensee under Section 2.5 of this Agreement to maintain insurance coverage consistent with this Section 10.3. Notwithstanding the foregoing, self-insurance may be substituted for
insurance meeting the above standards if (a) Company has become an Affiliate of a company with a market capitalization in excess of US$10 billion or (b) trials are conducted by or on behalf of a Sublicensee that, together with its
Affiliates, meets the foregoing market capitalization test. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 10.4 Notification. COMPANY shall provide to LICENSOR prior to its, Affiliate’s and/or
Sublicensee’s first clinical trial or commercial Sale of any Licensed Product, certificates of insurance evidencing the coverages required in section 10.3 above and adding LICENSOR as an additional insured. 

10.5 Notice of Claims. COMPANY shall promptly notify LICENSOR of all claims involving the Indemnitees and shall advise LICENSOR of the
amounts that might be needed to defend and pay any such claims. LICENSOR shall promptly notify COMPANY of any and all claims brought to its attention relating to COMPANY’s indemnity obligations under this Agreement. 

ARTICLE 11. CONFIDENTIALITY 

11.1 Treatment of Confidential Information. Except as otherwise provided hereunder, during the term of this Agreement and for a period
of five (5) years thereafter: 
  

	 	i.	COMPANY and its Affiliates and Sublicensees shall retain in confidence and use only for purposes of this Agreement, any written information and data supplied by LICENSOR under this Agreement; 

 

	 	ii.	LICENSOR shall retain in confidence and use only for purposes of this Agreement any written information and data supplied by COMPANY under this Agreement and marked as proprietary, except for any information required to
be provided to the federal funding agency under 35 CFR Part 401 and its accompanying legislation (commonly referred to as the “Bayh-Dole Act”). 

For purposes of this Agreement, all such information and data which a party is obligated to retain in confidence shall be called
“Confidential Information.” 
 11.2 Right to Disclose. To the extent that it is reasonably necessary to fulfill its
obligations or exercise its rights under this Agreement, or any rights which survive termination or expiration hereof, each party may disclose Confidential Information to its Affiliates, Sublicensees, consultants, outside contractors, governmental
regulatory authorities and clinical investigators on condition that such entities or persons agree: 
  

	 	i.	to keep the Confidential Information confidential for at least the same time periods and to the same extent as each party is required to keep it confidential; 

 

	 	ii.	to use the Confidential Information only for such purposes as such parties are authorized to use it. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
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 11.3 Release from Restrictions. Each party or its Affiliates or Sublicensees may use or
disclose Confidential Information to the government or other regulatory authorities to the extent that such disclosure is reasonably necessary for the prosecution and enforcement of patents, or to obtain or maintain any regulatory approval,
including authorizations to conduct clinical trials, or commercially market or obtain pricing approval of any Licensed Products, provided that such party is otherwise entitled to engage in such activities under this Agreement. 

The obligation not to disclose Confidential Information shall not apply to any part of such Confidential Information that: 

 

	 	i.	is or becomes patented, published or otherwise part of the public domain, other than by unauthorized acts of the party obligated not to disclose such Confidential Information (for purposes of this Article 11 the
“receiving party”) or its Affiliates or Sublicensees in contravention of this Agreement; 

  

	 	ii.	is disclosed to the receiving party or its Affiliates or Sublicensees by a third party provided that such Confidential Information was not obtained by such third party directly or indirectly from the other party under
this Agreement; or 

  

	 	iii.	prior to disclosure under this Agreement, was already in the possession of the receiving party, its Affiliates or Sublicensees, provided that such Confidential Information was not obtained directly or indirectly from
the other party under this Agreement; or 

  

	 	iv.	results from research and development by the receiving party or its Affiliates or Sublicensees, independent of disclosures from the other party of this Agreement, provided that the persons developing it have not had
exposure to the Confidential Information from the disclosing party; or 

  

	 	v.	is required by law to be disclosed by the receiving party, provided that the receiving party uses its best efforts to notify the other party immediately upon learning of such requirement in order to give the other party
reasonable opportunity to oppose such requirement; or 

  

	 	vi.	COMPANY and LICENSOR agree in writing may be disclosed; or 

  

	 	vii.	is subject to an open records request under the laws of the State of Georgia. LICENSOR shall reasonably cooperate with COMPANY in any lawful effort requested by COMPANY to minimize disclosures pursuant to any such law.

 ARTICLE 12. TERM AND TERMINATION 

12.1 Term. Unless sooner terminated as otherwise provided in this Agreement, the term of this Agreement shall commence on the effective
date hereof and shall continue in full force and effect until the expiration of the last to expire of the Licensed Patents. Following termination resulting from expiration of Licensed Patents only, on a country by country basis, COMPANY shall have a
perpetual, irrevocable non-exclusive royalty-free license to the Licensed Know-How. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
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 12.2 Termination. LICENSOR shall have the right to terminate this Agreement upon the
occurrence of a material breach. Without limitation, any one or more of the following shall each be deemed a material breach of this Agreement by COMPANY: 
  

	 	i.	failure of COMPANY to make any payment required under this Agreement when due; or 

  

	 	ii.	failure of COMPANY to provide Progress Reports or Royalty Reports; or 

  

	 	iii.	lack of Diligence as set forth in Article 6; or 

  

	 	iv.	the dissolution of the Company, the institution of any proceeding under any bankruptcy, insolvency, or moratorium law, by or on behalf of COMPANY or its creditors (excluding a reorganization under Chapter 11 of the
US Bankruptcy Code or similar law of another jurisdiction in which the reorganized entity assumes and timely satisfies the obligations under this Agreement and excluding an involuntary bankruptcy, insolvency or similar proceeding initiated by
creditors and dismissed within sixty days of commencement); or 

  

	 	v.	any COMPANY decision to cease developing or quit the business of selling Licensed Products; or 

  

	 	vi.	the breach by COMPANY of any other material term of this Agreement. 

 12.3 LICENSOR shall
provide COMPANY written notice describing the breach, which notice shall include LICENSOR’s intention to terminate the Agreement. If COMPANY does not cure the breach within thirty (30) days after receipt of such notice, this Agreement will
terminate immediately without further action by LICENSOR. If COMPANY disputes such breach in good faith by written notice to LICENSOR within the thirty (30) day period, the matter will be submitted to dispute resolution as described under
Article 14. LICENSOR’s right to terminate shall be suspended until resolution of the dispute. The procedures set forth in this Section 12.2 shall not prejudice LICENSOR’s right to receive royalties or other sums due hereunder and
shall not prejudice any cause of action or claim due to any breach or default by the COMPANY. 
 Notwithstanding the foregoing, if the
COMPANY challenges the validity or enforceability of any Licensed Patents in a court or other governmental agency of competent jurisdiction, this Agreement shall terminate immediately. 

12.4 Notice of Bankruptcy. COMPANY must inform LICENSOR of its intention to file a voluntary petition in bankruptcy or of another’s
intention to file an involuntary petition in bankruptcy to be received at least forty five (45) days prior to filing such a petition. If COMPANY files a petition of bankruptcy without conforming to this requirement, this shall be deemed a
material, pre-petition, incurable breach. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
  
 23 

 12.5 Failure to Enforce. The failure of LICENSOR, at any time, or for any period of time,
to enforce any of the provisions of this Agreement, shall not be construed as a waiver of such provisions or as a waiver of the right of LICENSOR thereafter to enforce each and every such provision of this Agreement. 

12.6 Termination by COMPANY. COMPANY shall have the right to terminate this Agreement at its sole discretion upon sixty (60) days
written notice to LICENSOR and upon payment of any amounts due to LICENSOR under this Agreement through the effective date of such termination. 

12.7 Effect. If this Agreement is terminated for any reason whatsoever (other than expiration or as a result of material breach by
LICENSOR), COMPANY shall return, or at LICENSOR’s direction, destroy, all tangible materials (including plans, documents, samples, biological materials, models and the like) pertaining to the Licensed Patents or Licensed Technology supplied to
COMPANY by LICENSOR, retaining archival copies in its corporate legal or data management department as required so that compliance with any continuing obligations may be determined. Within [* * *] days after termination of this Agreement for any
reason (other than expiration or as a result of material breach by LICENSOR), COMPANY shall provide LICENSOR full and complete copies of development information, including in vitro studies, toxicology, pharmacokinetic, efficacy, clinical and other
technical data and all correspondence to and from regulatory agencies relating to approval of Licensed Products generated by COMPANY and/or its Affiliates, contractors and agents to the extent the Company can do so without violating the rights of
any third party (hereinafter “Development Information”). Development Information shall remain the Confidential Information of Licensee, subject to the protections of Article 11 and subject to the rights in favor of LICENSOR set forth in
Section 12.8. Upon termination of this Agreement (other than upon expiration), COMPANY shall cease manufacturing, processing, producing, using, importing or Selling Licensed Products; provided, however, that COMPANY may continue to Sell in the
ordinary course of business for a period of [* * *] reasonable quantities of Licensed Products which are fully manufactured or on order at the date of termination if (a) all monetary obligations of COMPANY to LICENSOR have been satisfied and
(b) royalties on such sales are paid to LICENSOR in the amounts and in the manner provided in this Agreement. However, nothing herein shall be construed to release either party of any obligation which matured prior to the effective date of such
termination. 
 12.8 Development Information. COMPANY shall, subject to any rights any Sublicensees or other third parties may have
with respect to Development Information, grant to LICENSOR a right for LICENSOR to access and to refer to all Development Information delivered or required to be delivered pursuant to Section 12.7, and to provide a copy thereof to potential
licensees of the Licensed Patents (under conditions of confidentiality consistent with Article 11), solely for use in LICENSOR’s efforts to license the Licensed Patents to any third party; LICENSOR shall not be entitled to license, grant, or
transfer to any third party any rights in such Development Information. In the event LICENSOR agrees 

  
 CONFIDENTIAL TREATMENT
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 24 

 
in writing to material economic terms with a third party concerning the grant of a license to such third party under the Licensed Patents formerly licensed to COMPANY hereunder, LICENSOR shall
provide written notice thereof to COMPANY and COMPANY shall enter into good faith negotiations with such third party concerning the granting of rights to, or transfer of title in, the Development Information to such third party on commercially
reasonable terms, subject to any rights any Sublicensees or other third parties may have with respect to any of the foregoing that survive termination of this Agreement. 

ARTICLE 13. ASSIGNMENT 

COMPANY may grant, transfer, convey, or otherwise assign any or all of its rights and obligations under this Agreement in conjunction with the
transfer of all, or substantially all, of the business interests of COMPANY related to Licensed Products. LICENSOR’s written consent, which shall not be unreasonably withheld, shall be required prior to any other assignment of COMPANY’S
rights or obligations under this Agreement. This Agreement shall be assignable by LICENSOR to any other nonprofit corporation which promotes the research purposes of LICENSOR, including but not limited to GIT, the Georgia Tech Foundation, and/or the
Board of Regents of the University System of Georgia. 
 ARTICLE 14. DISPUTE RESOLUTION 

14.1. Negotiation. Any dispute related to this License Agreement shall be settled in accordance with the procedures specified in this
Section. COMPANY and LICENSOR agree to attempt to settle any claim or controversy arising out of this Agreement through consultation and negotiation in good faith and spirit of mutual cooperation. Any dispute between the parties relating to this
Agreement will first be submitted in writing to a senior executive of COMPANY and LICENSOR (the “Dispute Notice”), who will promptly meet and confer in an effort to resolve such dispute. Any agreed decisions of the executives will be final
and binding on the parties. All negotiations pursuant to this Section are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence. 

14.2. Non-binding Mediation. If the parties are unable to resolve any dispute by negotiation within [* * *] days of the Dispute Notice,
then either party may initiate mediation upon written notice to the other party demanding mediation (the “Mediation Notice”), whereupon the dispute will be mediated by a mutually acceptable mediator to be chosen within [* * *] days after
the Mediation Notice. The parties will share the costs of the mediator equally. If the parties cannot agree upon selection of a mediator within [* * *] days of the notice, then upon request of either party, the AAA shall appoint the mediator.
Mediation shall take place in Atlanta, Georgia and shall proceed under the then current American Arbitration Association Model Commercial Mediation Procedures to the extent that the Model Procedure does not conflict with provisions of this article.

  
 CONFIDENTIAL TREATMENT
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 25 

 14.3. Costs. The fees and expenses, but not attorney’s fees, incurred in connection
with any non-binding mediation shall be borne by the party initiating the non-binding mediation proceeding (or equally by both parties if both parties jointly initiate such proceeding) subject to reimbursement by the party which does not prevail in
such proceeding promptly upon the termination thereof in the event that the party initiating such proceeding is the prevailing party. 

14.4. Continued Obligations. Each party shall continue to perform its undisputed obligations under this Agreement, including payments
due, pending final resolution of any dispute arising out of or relating to this Agreement; provided, however that a party may suspend performance during any period in which the other party fails to perform its undisputed obligations. 

ARTICLE 15. MISCELLANEOUS 

15.1 Export Controls. COMPANY acknowledges that Licensed Products and Licensed Technology may be subject to United States laws and
regulations controlling the export of technical data, biological materials, chemical compositions, computer software, laboratory prototypes and other commodities and that LICENSOR’s obligations under this Agreement are contingent upon
compliance with applicable United States export laws and regulations. The transfer of technical data and commodities may require a license from the cognizant agency of the United States government or written assurances by COMPANY that COMPANY shall
not export data or commodities to certain foreign countries without the prior approval of certain United States agencies. LICENSOR neither represents that an export license shall not be required nor that, if required, such export license shall
issue. 
 15.2 Legal Compliance. COMPANY shall comply in all material respects with all laws and regulations relating to its
manufacture, processing, producing, using, importing Selling, labeling or distribution of Licensed Products and Licensed Technology and shall not take any action which would cause LICENSOR to violate any laws or regulations. 

15.3 Independent Contractor. COMPANY’s relationship to LICENSOR shall be that of a licensee only. COMPANY shall not be the agent of
LICENSOR and shall have no authority to act for, or on behalf of, LICENSOR in any matter. Persons retained by COMPANY as employees or agents shall not, by reason thereof, be deemed to be employees or agents of LICENSOR. 

15.4 Patent Marking. COMPANY shall mark Licensed Products Sold in the United States with United States patent numbers. Licensed Products
manufactured or Sold in other countries shall be marked in compliance with the intellectual property laws in force in such foreign countries. 

  
 CONFIDENTIAL TREATMENT
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 26 

 15.5 Use of Names. COMPANY shall obtain the prior written approval of LICENSOR prior to
making use of their names for any commercial purpose, except as required by law. As an exception to the foregoing, both COMPANY and LICENSOR shall have the right to publicize the existence of this Agreement; however, neither COMPANY nor LICENSOR
shall disclose the terms and conditions of this Agreement without the other party’s consent, except as required by law. Notwithstanding the foregoing, (a) COMPANY shall not use the names of Georgia Tech Research Corporation, the Georgia
Institute of Technology, Georgia Tech, the Georgia Tech Foundation or any of their respective affiliates or divisions or any derivations thereof in any advertisement, publications, or sales materials without the prior written consent of GTRC and
(b) COMPANY may disclose this Agreement and the terms hereof on a confidential basis to actual or prospective acquirors, merger partners, sources of funding, professional advisors, Sublicensees and research and commercialization collaborators.

 15.6 Place of Execution. This Agreement and any subsequent modifications or amendments hereto shall be deemed to have been executed
in the State of Georgia, U.S.A. 
 15.7 Governing Law. This Agreement and all amendments, modifications, alterations, or supplements
hereto, and the rights of the parties hereunder, shall be construed under and governed by the laws of the State of Georgia and the United States of America. 

15.8 Venue. Only courts in the State of Georgia, U.S.A., shall have jurisdiction to hear and decide any controversy or claim between the
parties arising under or relating to this Agreement. 
 15.9 Entire Agreement. This Agreement constitutes the entire agreement between
LICENSOR and COMPANY with respect to the subject matter hereof and shall not be modified, amended or terminated, except as herein provided or except by another agreement in writing executed by the parties hereto. 

15.10 Survival. Articles 9, 10, 11, 12.7 and 12.8 shall survive termination of this Agreement for any reason. 

15.11 Severability. All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent
that they do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement, not
essential to the commercial purpose of this Agreement, shall be held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute
their agreement with respect to the subject matter hereof, and all such remaining provisions, or portions thereof, shall remain in full force and effect. To the extent legally permissible, any illegal, invalid or unenforceable provision of this
Agreement shall be replaced by a valid provision which shall implement the commercial purpose of the illegal, invalid, or unenforceable provision. 

  
 CONFIDENTIAL TREATMENT
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 27 

 15.12 Force Majeure. Any delays in, or failure of performance of any party to this
Agreement, shall not constitute a default hereunder, or give rise to any claim for damages, if and to the extent caused by occurrences beyond the control of the party affected, including, but not limited to, acts of God, strikes or other concerted
acts of workmen, civil disturbances, fires, floods, explosions, riots, war, rebellion, sabotage, acts of governmental authority or failure of governmental authority to issue licenses or approvals which may be required. 

15.13 Counterparts. This Agreement may be executed by facsimile and in counterparts, each of which is deemed an original, but all of
which together shall constitute one and the same instrument 
 ARTICLE 16. NOTICES 

All notices, statements, and reports required to be given by one party to the other shall be in writing. Progress and Royalty reports required
under Article 4 may be delivered electronically with a copy to [* * *] and to [* * *]. 
 Except for progress and royalty reports required
under Article 4, all reports shall be hand delivered, sent by private overnight mail service, or sent by registered or certified U.S. mail, postage prepaid, return receipt requested and addressed as follows: 

 

			
	If to EMORY:	  	 Emory University
 Office of Technology
Transfer
 1599 Clifton Rd., 4th Floor

Atlanta, Georgia 30322
 ATTN: Director

Facsimile: (404) 727-1271

		
	 If to GTRC:
	  	 Director, Office of Innovation Commercialization

Georgia Tech Research Corporation
 505 Tenth St NW

Atlanta, GA 30332-0415
 Fax: (404) 894-9728

		
	 If to COMPANY:
	  	 Clearside Biomedical, Inc.
 1220 Old Alpharetta
Rd. Suite 300
 Alpharetta GA 30005
 Attn: CEO

		
		  	 With a copy to

		
		  	 Hutchison Law Group
 5410 Trinity Road, Suite
400
 Raleigh, NC 27607
 bwofford@hutchlaw.com

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 28 

 Such notices or other communications shall be effective upon receipt by an employee, agent or
representative of the receiving party authorized to receive notices or other communications sent or delivered in the manner set forth above. Any party hereto may change the address to which notices to such party are to be sent by giving notice to
the other party at the address and in the manner provided above. Any notice may be given, in addition to the manner set forth above by facsimile provided that the party giving such notice obtains acknowledgement by facsimile that such notice has
been received by the party to be notified. Notice made in this manner shall be deemed to have been given when such acknowledgement has been transmitted. 

[signature page follows] 

  
 CONFIDENTIAL TREATMENT
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 29 

 IN WITNESS WHEREOF, LICENSOR and COMPANY have caused this Agreement to be signed by their
duly authorized representatives as of the Effective Date. 
  

									
		 	EMORY UNIVERSITY	 		 		 	CLEARSIDE BIOMEDICAL, INC.
					
	 By:
	 	/s/ Todd Sherer	 		 	By:	 	/s/ Daniel H. White
	 Name:
	 	Todd T. Sherer, Ph.D.	 		 	Name:	 	Daniel H. White
	 Title:
	 	Assistant Vice President for Research	 		 	Title:	 	President & CEO
	 and Director office of Technology Transfer
	 		 		 	

 LIC.    .     

 

			
		 	 GEORGIA TECH RESEARCH CORPORATION

		
	 By:
	 	/s/ Jilda Diehl Garton
	 Name:
	 	Jilda Diehl Garton
	 Title:
	 	General Manager

  
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 30 

 APPENDIX A 

COMPANY’S DEVELOPMENT PLAN 

[* * *] 

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 31 

 APPENDIX B 

LICENSED PATENTS 
 U.S. Patent
No. 7,918,814 entitled “Method for Drug Delivery to Ocular Tissue Using Microneedle” 
 U.S. Patent Serial No. 12/767,768 “Methods
and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 PCT Patent Application No. PCT/US2011/033987 “Methods and Devices for Drug
Delivery to Ocular Tissue Using Microneedle” 
 U.S. Patent Serial No. 13/447,246 “Methods and Devices for Drug Delivery to Ocular Tissue
Using Microneedle” 
 U.S. Patent Serial No. 13/453,407 “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle”

Draft provisional patent application based on the invention disclosure [* * *], which application is titled, “METHODS AND DEVICES FOR DRUG DELIVERY USING
MICRONEEDLES” . 

  
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 32 

 APPENDIX C 

[omitted] 

  
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 33 

 APPENDIX D 

RUNNING ROYALTY PERCENTAGES 
  

			
	 	  	Percentage of Net Selling
Price
	 510k/CE device disposable tip
	  	[***]%
	 510k/CE device syringe plus tip
	  	[***]%
	 Device in combination or packaged with enabling instrument
	  	[***]%
	 Device in combination with Patent Protected Active Pharmaceutical Ingredient (API)
	  	[***]%
	 Device in combination with a Generic active pharmaceutical ingredient
	  	[***]%
	 Device in combination with Non API (e.g., balanced saline)
	  	[***]%

  

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 34 

 APPENDIX E 

MINIMUM ROYALTIES 
  

					
	Calendar Year after First commercial Sale	  	Minimum Royalty	 
	 Year 1 and 2 (1st and 2nd calendar year following First Sale)
	  	$	15,000	  
	 Year 3
	  	$	25,000	  
	 Year 4
	  	$	50,000	  
	 Year 5
	  	$	75,000	  
	 Year 6 and subsequent years
	  	$	100,000	  

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 35 

 APPENDIX F 

MILESTONES 
  

							
	Milestone Event	  	Milestone Payment	 
	a)	  	First FDA 510(k) regulatory approval, CE Mark approval or dosing of a first human patient in a Company-sponsored clinical trial	  	$	35,000	  
	b)	  	First commercial Sale of an FDA approved product as a human therapeutic	  	$	75,000	  

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 36 

 APPENDIX G 

LICENSE MAINTENANCE FEES 
  

					
	Effective Date Anniversary	  	License Maintenance Fee	 
	 First and Second Anniversary
	  	 	None	  
	 Third and Each Subsequent Anniversary
	  	$	25,000	  

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
  
 37 

 APPENDIX H 

DEVELOPMENT MILESTONES AND DATES 
  

	1.	Initiate GLP safety studies in a suitable animal model within [* * *] of the Effective Date of this Agreement; and 

  

	2.	Submission of first application for FDA 510(k) or CE Mark or IND within [* * *] of the Effective Date of this Agreement; and 

  

	3.	Initiate human clinical studies within [* * *] of successful completion of GLP safety studies; and 

  

	4.	First commercial Sale of a Licensed Product within [* * *] of the Effective Date of this Agreement. * 

  

	*	Company may extend the date for achievement of this milestone by [* * *] by providing written notice to LICENSOR together with the $75,000 milestone payment set forth on Appendix F, with the option to extend by a period
of an additional [* * *] with payment of a nonrefundable fee of [* * *], provided, however that such extension shall not relive COMPANY of its obligation to continue to use commercially reasonable efforts to bring Licensed Product to market.

  
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 38 

 APPENDIX I 

[* * *] TERM SHEET 
 [*
* *] 

  
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VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 
  

39 

 Exhibit A 

Patent Rights 
 Emory File No
[* * *]. 
 U.S. Patent No. 7,918,814 entitled “Method for Drug Delivery to Ocular Tissue Using Microneedle” 

  
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 40 

 FIRST AMENDMENT TO 

LICENSE AGREEMENT 

This First Amendment (the “First Amendment”) to the License Agreement (the “Agreement”) dated July 4,
2012, by and among Clearside Biomedical, Inc., a Delaware corporation having a principal place of business at 1220 Old Alpharetta Road, Suite 300, Alpharetta, Georgia 30005 (“Clearside” or “COMPANY”), Emory
University, a nonprofit Georgia corporation having offices located at 1599 Clifton Road NE, 4th Floor, Mailstop 1599/001/1AZ, Atlanta, Georgia 30322 (“Emory”) and the Georgia Tech
Research Corporation, a nonprofit corporation with offices located at offices located at 505 10th Street NW, Atlanta, Georgia 30332-0415 (“GTRC” and together with Emory,
“LICENSOR”) is effective this 2nd day of April, 2014 (the “First Amendment Effective Date”). 
 WHEREAS,
the parties have made joint advances to the technology licensed pursuant to the Agreement; 
 WHEREAS, the parties desire to treat patents
that may issue based on certain joint discoveries as “Licensed Patents” during the term of the Agreement; 
 WHEREAS, the parties
also desire to treat patents that may issue based on U.S. Provisional Patent Application Serial No. 61/918,992 (the “2014 Patent Application”) as “Licensed Patents” during the term of the Agreement. 

WHEREAS, in connection with such advances, the parties hereto wish to make certain changes to the Agreement. 

NOW THEREFORE, in consideration of the promises, undertakings and covenants set forth in this First Amendment, the receipt and sufficiency of
which are hereby agreed and acknowledged, the parties agree as follows: 
  

	1.	Additional License Fee. As partial consideration for the license granted to COMPANY with respect to the 2014 Patent Application, COMPANY shall pay LICENSOR a license fee in the amount of fifteen thousand
($15,000) Dollars within thirty (30) days of the First Amendment Effective Date. 

  

	2.	Amendment of Section 2.5.6. Section 2.5.6 shall be revised to read as follows: “Notwithstanding anything herein to the contrary, in no event shall Clearside have any obligation to grant any
sublicense to any person with respect to any Licensed Patent that is jointly owned by Clearside and Licensor during the term of this License.” 

  

	3.	Amendment to Section 11. The following sentence shall be added at the end of Section 11.1(i): 

“COMPANY and its Affiliates and Sublicensees shall retain in confidence and use only for the purposes of this Agreement any written
information and data supplied by LICENSOR before the First Amendment Effective Date regarding the 2014 Patent Application. 
  

	4.	Amendment of Section 12. The following sentence shall be added at the end of Section 12.7: 

“Notwithstanding the foregoing, with respect to any Licensed Patents that are jointly owned by COMPANY and Licensor, upon termination of
this Agreement, COMPANY agrees, at LICENSOR’s request within one year of termination to negotiate in good faith an exclusive license to any jointly owned rights.” 
  

	5.	Amendment of Appendix B. Appendix B shall be deleted and replaced with the Appendix B attached hereto. 

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
 1 

	6.	Miscellaneous. 

  

	 	6.1.	Defined Terms. Capitalized terms undefined herein shall have the meaning ascribed to them in the Agreement. 

  

	 	6.2.	No Other Amendment; Effectiveness. Except as expressly amended herein, the Agreement remains in full force and effect according to its original terms. 

 

	 	6.3.	Governing Law. This First Amendment shall be construed under and governed by the laws of the State of Georgia and the United States of America. 

 

	 	6.4.	Severability. All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent that they do not violate any applicable laws and are intended to be limited to
the extent necessary so that they will not render this Agreement illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement, not essential to the commercial purpose of this Agreement, shall be held to be
illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the subject matter hereof, and all such
remaining provisions, or portions thereof, shall remain in full force and effect. To the extent legally permissible, any illegal, invalid or unenforceable provision of this Agreement shall be replaced by a valid provision which shall implement the
commercial purpose of the illegal, invalid, or unenforceable provision. 

  

	 	6.5.	Counterparts. This First Agreement may be executed electronically and in counterparts, each of which is deemed an original, but all of which together shall constitute one and the same instrument.

  
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THE SECURITIES AND EXCHANGE COMMISSION. 
 2 

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

									
	EMORY UNIVERSITY	 		 	GEORGIA TECH RESEARCH CORPORATION
					
	By:	 	/s/ Todd Sherer	 		 	By:	 	/s/ Lauren MacLanahan
	Name:	 	Todd Sherer	 		 	Name:	 	Lauren MacLanahan
	Title:	 	Director, OTT	 		 	Title:	 	Director
	Date:	 	April 3, 2014	 		 	Date:	 	April 1, 2014
		
	CLEARSIDE BIOMEDICAL, INC.	 	
					
	By:	 	/s/ Daniel H. White	 		 		 	
	Name:	 	Daniel White	 		 		 	
	Title:	 	President and CEO	 		 		 	
	Date:	 	April 11, 2014	 		 		 	

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
 3 

 APPENDIX B 

LICENSED PATENTS 
 Licensor solely owned

 U.S. Patent No. 7,918,814, issued April 5, 2011, entitled “Method for Drug Delivery to Ocular Tissue Using Microneedle” 

U.S. Patent No. 8,197,435, issued June 12, 2012, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 

U.S. Patent No. 8,636,713, issued January 28, 2014, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle”

 U.S. Patent Application Serial No. 13/447,246, filed April 15, 2012, entitled “Methods and Devices for Drug Delivery to Ocular Tissue
Using Microneedle” 
 U.S. Patent Application Serial No. 14/136,657, filed December 20, 2013, entitled “Methods and Devices for Drug
Delivery to Ocular Tissue Using Microneedle 
 PCT Patent Application No. PCT/US2011/033987, filed April 26, 2011, entitled “Methods and Devices
for Drug Delivery to Ocular Tissue Using Microneedle” 
 Australia Patent Application No. 2011248624, filed April 26, 2011, which is the
National Phase of PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 Brazil Patent
Application No. 11 2012 027416-3, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 

Canada Patent Application No. 2797258, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and Devices
for Drug Delivery to Ocular Tissue Using Microneedle” 
 China national phase of PCT/US2011/033987, filed April 26, 2011, entitled “Methods
and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 European Patent Application No. 11777924.9, filed April 26, 2011,
entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 India Patent Application No. 10099/DELNP/2012, filed
April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 

Israel Patent Application No. 222638, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and Devices for
Drug Delivery to Ocular Tissue Using Microneedle” 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
 4 

 Japan Patent Application No. 2013-508168, filed April 26, 2011, which is the National Phase of
PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 Mexico Patent Application No.
MX/a/2012/012495, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 

New Zealand Patent Application No. 603185, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and
Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 Russia Patent Application No. 2012147341, filed April 26, 2011, which is the
National Phase of PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 Singapore Patent
Application No. 201207910-9, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and Devices for Drug Delivery to Ocular Tissue Using Microneedle” 

South Africa Patent Application No. 2012/08069, filed April 26, 2011, which is the National Phase of PCT/US2011/033987, entitled “Methods and
Devices for Drug Delivery to Ocular Tissue Using Microneedle” 
 U.S. Provisional Patent Application Serial No. 61/698,254, filed
September 7, 2012, entitled “Microneedles and Systems for Administration of Drug to the Suprachoroidal Space and Other Tissue Sites” 
 U.S.
Provisional Patent Application Serial No. 61/918,992, filed December 20, 2013, entitled “Ocular Drug Delivery” 
 Jointly Owned
Patents 
 U.S. Provisional Patent Application Serial No. 61/693,542, filed August 27, 2012, entitled “Apparatus and Methods for Drug
Delivery Using Microneedles” 
 U.S. Provisional Patent Application Serial No. 61/754,495, filed January 18, 2013, entitled “Apparatus
and Methods for Drug Delivery Using Microneedles” 
 U.S. Provisional Patent Application Serial No. 61/784,817, filed March 14, 2013,
entitled “Apparatus and Methods for Drug Delivery Using Microneedles” 
 PCT Patent Application No. PCT/US2013/056863, filed August 27, 2013,
entitled “Apparatus and Methods for Drug Delivery Using Microneedles” 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A REQUEST FOR CONFIDENTIAL TREATMENT. OMISSIONS ARE DESIGNATED BY [* * *]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION. 
 5EX-10.2

 Exhibit 10.2 

LEASE AGREEMENT 
 THIS LEASE
AGREEMENT (the “Lease”), made and entered into as of March 14, 2012 (the “date of this Lease”) by and between Clearside Biomedical, Inc., a Delaware corporation (hereinafter referred to as “Tenant”), and McDonald
Ventures XI, LLC, a Georgia limited liability company (hereinafter referred to as “Landlord”); 

W I T N E S S E T H 

1. PREMISES. For and in consideration of the obligation of Tenant to pay rent as herein provided, and in consideration of the other
terms, provisions and covenants hereof, Landlord hereby demises and leases to Tenant, and Tenant hereby leases from Landlord certain premises (Suite 300) being approximately 8,823 square feet of space (the “Premises”) shown on Exhibit
“B”, within the building known as Windward Chase 300, (the “Building”), located at 1220 Old Alpharetta Road, Alpharetta, Forsyth County, Georgia, described on Exhibit “A” attached hereto and incorporated herein by
reference, together with all rights, privileges, easements, and appurtenances belonging to or in any way pertaining to said Premises (hereinafter collectively the “Property”). 

TO HAVE AND TO HOLD the Premises for the Demised Term, as hereinafter defined. 

2. TERM. The Term of this Lease (hereinafter referred to as the “Demised Term”) shall be for a period commencing on the
Commencement Date, as hereinafter defined, and ending thirty (30) full calendar months thereafter, unless sooner terminated as provided in this Lease; provided, however, that, in the event the Commencement Date is not the first day of a
calendar month, the Demised Term shall extend for the remainder of the calendar month in which the Commencement Date occurs plus said number of months. 

The “Commencement Date” shall be the earlier of: (i) April 1, 2012; or (ii) the date upon which the buildings and
other improvements erected and to be erected upon the Premises shall have been substantially completed in accordance with the plans and specifications described on Exhibit “B” attached hereto and incorporated herein by reference (the
“Plans”). In the event of delays caused by Tenant due to changes to the Plans or delayed approval of final construction drawings, the Commencement Date shall be the date upon which Landlord would have achieved substantial completion in the
absence of Tenant’s delays. 
 Landlord shall provide the improvements more particularly described on Exhibit “B” attached
hereto. Landlord shall over perform the improvements described on the Plans, excluding those improvements to be installed by Tenant. Tenant shall have the right to enter the Premises during the final stages of construction for purposes of installing
its phone and data cabling and security systems, if applicable. Upon substantial completion, Landlord shall notify Tenant in writing that the improvements are ready for occupancy. In the event that said buildings and other improvements have not in
fact been substantially completed as aforesaid, Tenant shall notify Landlord in writing of its objections. Landlord shall have a reasonable time after delivery of such notice in which to take such corrective action as may be necessary, and shall
notify Tenant in writing as soon as it deems such corrective action has been completed so that said buildings and other improvements are completed and ready for occupancy, subject to punch list items. Taking of possession by Tenant shall be deemed
conclusively to establish that said buildings and other improvements have been completed in accordance with the plans and specifications and are in good and satisfactory condition. In the event of any dispute as to substantial completion of work
performed or required to be performed by Landlord, or the date of substantial completion of such work, the certificate of the Landlord’s contractor shall be conclusive. Tenant acknowledges that no representations as to the condition of the
Premises have been made by Landlord, unless such are expressly set forth in this Lease. After the Commencement Date, Tenant shall, upon demand, execute and deliver to Landlord a letter of acceptance of delivery of the Premises. 

3. BASE RENT. 
 A. Tenant
agrees to pay Landlord rent for the Premises (“Base Rent”), in advance, without demand, deduction or set off, for the Demised Term at the rate of Six Thousand Six Hundred Eighteen and No/100s ($6,618.00) per month. The first monthly
installment of Base Rent shall be due and payable on the date hereof and a like monthly installment of Base Rent shall be due and payable on or before the first day of each calendar month thereafter during the Demised Term, except that the rent
payment for any fractional calendar month at the commencement or end of the Demised Term shall be prorated on the basis of a thirty-day month. 

  

					
	

	 		 	
	Lease Agreement	 	1	 	March 13, 2012

 B. Landlord and Tenant agree that the Base Rent set forth in Paragraph 3.A. above shall increase
by three percent (3%) at the beginning of the thirteenth (13th) full calendar month of the Demised Term, which adjusted rent amount shall remain in effect for the next twelve (12) consecutive months and shall increase by three percent
(3%) each twelve (12) months thereafter for the balance of the Demised Term; it being the express intention of the parties that in the event the Commencement Date is not the first day of a calendar month, the anniversary date of the rent
adjustment hereunder shall be the first day of the first full calendar month. Whenever Base Rent is escalated under this Lease based on a percentage increase, the resulting escalated Base Rent amount shall be rounded up or down to the nearest whole
dollar. 
 4. SECURITY DEPOSIT. Tenant agrees to deposit with Landlord on the date hereof, in addition to the rent specified in
Paragraph 3, the sum off Six Thousand Six Hundred Eighteen and No/100s ($6,618.00), which sum shall be held by Landlord, without obligation for interest (except as may be required by law), as security for the performance of Tenant’s covenants
and obligations under this Lease, it being expressly understood and agreed that such deposit is not an advance rent payment or a measure of Landlord’s damages in case of Tenant’s default. Upon the occurrence of any event of default by
Tenant under this Lease, Landlord may (but without obligation to do so), from time to time, without prejudice to any other remedy provided herein or provided by law or in equity, use this security deposit to the extent necessary to make good any
arrears of rent or other payments due Landlord hereunder, and any other damage, injury, expense or liability caused by such event of default. Tenant shall pay Landlord, on demand, the amount of the security deposit so applied in order to restore the
security deposit to its original amount. This security deposit shall be deemed the property of Landlord, but any remaining balance of such deposit shall be returned by Landlord to Tenant within thirty (30) days after termination of this Lease
and date that all of Tenant’s obligations under this fulfilled. 
 5. USE. The Premises shall be used only for general office
purposes, engineering to include (a) visual inspection – requires microscope and special light as well as computer and digital camera; (b) mechanical inspection – requires force-displacement station and video camera;
(c) micro processing including polishing, sharpening; (d) assembly of devices and tools; (e) electrical testing – requires oscilloscopes and amplifiers; (f) light manufacturing; (g) research and development; and for the
purpose of receiving, storing, shipping and selling (other than retail) products, materials and merchandise made and/or distributed by Tenant and for such other lawful purposes as may be incidental thereto. In the event, Tenant’s uses should
require any permits, variances, or other requirements as in order to occupy and use the Premises, Tenant shall be responsible for securing them at its sole cost and expense. Outside storage, including without limitation, trucks and other vehicles,
is prohibited without Landlord’s prior written consent. Tenant shall at its own cost and expense, obtain any and all other licenses and permits necessary for any such use. Tenant shall comply with all governmental laws, ordinances and
regulations applicable to the use of the Premises, and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of nuisances in or upon, or connected with, the Premises, all at Tenant’s sole
expense. Tenant shall not permit any objectionable or unpleasant odors, smoke, dust, gas, noise or vibrations to emanate from the Premises, nor take any other action which would constitute a nuisance or would disturb or endanger any other tenants of
the building or buildings in which the Premises are situated or unreasonably interfere with their use of their respective premises. Without Landlord’s prior written consent, Tenant shall not receive, store or otherwise handle any product,
material or merchandise which is explosive or highly inflammable. Tenant will not permit the Premises to be used for any purpose or in any manner (including without limitation, any method of storage) which would render the insurance thereon void or
the insurance risk more hazardous or cause the State Board of Insurance or other insurance authority to disallow any sprinkler credits. Tenant shall not use the Premises for the generation, storage, transportation or disposal of dangerous, toxic or
hazardous materials, chemicals, wastes or similar substances. 
 6. TAXES. 

A. Landlord agrees to pay before delinquency, all taxes, assessments and governmental charges of any kind and nature whatsoever (hereinafter
collectively referred to as “taxes”) lawfully levied or assessed against the Property. Tenant agrees to pay to Landlord, as additional rent, upon demand, the amount of Tenant’s projected “proportionate share” of the taxes
assessed against the Property. Tenant’s “proportionate share”, 

  

					
	

	 		 	
	Lease Agreement	 	2	 	March 13, 2012

 as used in this Lease, shall mean a fraction, the numerator of which is the gross square footage contained in the
Premises and the denominator of which is the gross square footage contained in the building or buildings located on the Property. 
 B. If
at any time during the Term of this Lease, the present method of taxation shall be changed so that in lieu of the whole or any part of any taxes, assessments or governmental charges, levied, assessed or imposed on real estate and the improvements
thereon, there shall be charged, levied, assessed or imposed on Landlord a capital levy or other tax directly on the rents received therefrom and/or a franchise tax, assessment, levy or charge measured by or based, in whole or in part, upon such
rents for the present or any future building or buildings on the Property, then all such taxes, assessments, levies or charges, or the part thereof so measured or based, shall be deemed to be included within the term “taxes” for the
purposes hereof. 
 C. The Landlord shall have the right (but no obligation) to employ a tax-consulting firm to attempt to assure a fair tax
burden on the building or buildings on the Property within the applicable tax jurisdiction. Tenant shall pay to Landlord upon demand from time to time, as additional rent, the amount of Tenant’s “proportionate share” (as defined in
subparagraph 6.A herein) of the cost of such service, which is normally a contingency fee based on a percentage of tax savings generated by the tax firm. 

D. Any payment to be made pursuant to this Paragraph 6 shall be prorated in the event any portion of the Demised Term is not within a full
real estate tax year. 
 7. LANDLORD’S REPAIRS. Landlord, at its expense, shall maintain only the roof, foundation, and the
structural soundness of the exterior walls of the Premises in good repair, reasonable wear and tear excepted. Tenant shall repair and pay for any damage caused by the negligence of Tenant, or Tenant’s employees, agents or invitees, or caused by
Tenant’s default hereunder. The term “walls” as used herein shall not include windows, glass or plate glass, doors, special storefronts or office entries. Tenant shall immediately give Landlord written notice of defects or need for
repairs, after which Landlord shall have reasonable opportunity to repair same or cure such defects. Landlord’s liability with respect to any defects, repairs or maintenance for which Landlord is responsible under any of the provisions of this
Lease shall be limited to the cost of such repairs or maintenance or the curing of such defects. 
 8. TENANT’S REPAIRS. 

A. Tenant shall at its own cost and expense keep and maintain all parts of the Premises (except those for which Landlord is expressly
responsible under the terms of this Lease) in good condition, promptly making all necessary repairs and replacements, including but not limited to, windows, glass and plate glass, doors, any special office entry, interior walls and finish work,
floors and floor covering, heating and air condition systems, dock boards, truck doors, dock bumpers, plumbing work and fixtures, termite and pest extermination, and regular removal of trash and debris. 

Tenant shall provide Landlord with prior notice of any repair to be undertaken by Tenant costing in excess of $1,000 (in Tenant’s
reasonable estimation) and such other information as Landlord may reasonably request with respect to such repair, except such notice shall not be required if immediate repair is necessary for security or safety reasons. 

B. Tenant shall not damage any wall or disturb the integrity and support provided by any wall and shall, at its sole cost and expense,
promptly repair any damage or injury to any wall caused by Tenant or its employees, agents or invitees. 
 C. Tenant shall, at its own cost
and expense, enter into a quarterly preventative maintenance/service contract with one of Landlord’s preferred licensed HVAC contractors for servicing all heating and air conditioning systems and equipment, within the Premises over the term of
the lease. In the event Landlord has not received a copy of Tenant’s service contract described herein within 30 days after the commencement date of the Lease or Tenant fails to maintain the contract during the Term, Landlord may, at its
option, enter into a service contract on behalf of Tenant, and Tenant shall reimburse Landlord, within 10 days notice from Landlord, for 

  

					
	

	 		 	
	Lease Agreement	 	3	 	March 13, 2012

 the cost of such service contract. Tenant shall keep accurate and complete records of the performance of all
scheduled maintenance under such contract and shall provide copies thereof to Landlord from time to time upon request by Landlord. The service contract must i) include all services suggested by the licensed contractor to keep the units in good
repair, and ii) comply with any warranties (if applicable). Notwithstanding the foregoing, Landlord will warrant, for the first six (6) months of the Demised Term (“Warranty Period”), that all heating, cooling, ventilation, air
conditioning systems are in good working order. Landlord will assume responsibility for repairs and replacements during the Warranty Period, by but not routine maintenance. During the Warranty Period and throughout the term of the Lease, Tenant will
be responsible for any required maintenance to all systems in compliance with any warranties as recommended as part of the preventative maintenance agreement. Upon expiration of the Warranty Period, Tenant will be responsible for repairs,
replacements, and maintenance of the HVAC units as required herein. Upon expiration of the Warranty Period, Landlord will agree to cap HVAC repairs or replacement at $3,000.00 per unit per lease year for the balance of the Demised Term. Tenant will
not be allowed to apply the cost of the regular maintenance contract towards the cap. Tenant shall notify Landlord in writing of any repairs or replacements needed that exceed the above referenced cap prior to such repairs and replacements being
made. Landlord shall have the right to approve the contractor who is to perform such work or use a contractor of Landlord’s choosing. The cap will be null and void if Tenant has not i) kept a quarterly maintenance contract with a licensed
contractor, approved by Landlord, in place over the term of the lease to maintain the applicable equipment per the manufacturer’s recommendations and ii) performed the maintenance recommended by the licensed contractor to keep the units in good
repairs, iii) complied with any warranties (if applicable), (iv) notified Landlord in writing prior to such repairs and replacements being made, and (v) kept accurate and complete records of the performance of all scheduled maintenance
under the service contract and provided copies thereof to Landlord from time to time upon request by Landlord. 
 9. COMMON AREA
MAINTENANCE. 
 A. Tenant shall pay to Landlord as additional rent a common area operating and maintenance fee (“CAM”) equal to
Tenant’s “proportionate share” (as defined in subparagraph 6.A. herein) of the cost and expense for the operation and maintenance of the common areas of the building and park in which the Premises are located, including, but not
limited to, the mowing of grass, care of shrubs, general landscaping, common sewage line plumbing, maintenance of building, parking areas, entrances, driveways, and management thereof. If Tenant or any other particular tenant of the building can be
clearly identified as being responsible for obstructions or stoppage of the common sanitary sewage line, then Tenant, if Tenant is responsible, or such other responsible tenant, shall pay the entire cost thereof, upon demand, as additional rent.
Payment shall be made on the first day of each month based on the projected cost of such maintenance. At the end of each year, Landlord shall determine the actual costs of such maintenance. Any additional costs due from Tenant based on the actual
costs shall be promptly paid by Tenant. Any savings will be credited against the following year’s payments. 
 B. In addition to the
CAM costs above, Tenant shall pay to Landlord a management fee equal to three percent (3%) of all rents paid in accordance with the Lease on a monthly basis, which payment shall be made on the first day of each month and shall be capped at
three percent (3%) during the term of the Lease. 
 10. TENANT IMPROVEMENTS TO PREMISES. Notwithstanding Landlord’s
obligations under Exhibit “B”, Tenant shall not make any alterations, additions or improvements to the Premises, exterior or interior (the “Tenant Alterations”), without the prior written consent of Landlord, except for
unattached movable furniture and equipment which may be installed without drilling, cutting or otherwise defacing, damaging or overloading the Premises. In the event, Tenant desires to make an alterations to the Premises, Tenant shall submit to
Landlord for approval: i) scope of work of the requested alterations, along with, ii) design drawings, and iii) the proposed contractors to perform as reasonably acceptable to Landlord. Upon Approval, Tenant shall prepare, if applicable, for review
and approval for Landlord: i) all architectural, ii) mechanical, iii) electrical, iv) plumbing, v) and partition drawings. Once the work is completed, Tenant will provide Landlord with certificate of completion or equivalent documentation from
governing authority and provide Landlord with all drawings. Without limiting the generality of the foregoing, Tenant acknowledges that floor striping of any kind constitutes a Tenant Alteration requiring the prior written approval of Landlord. The
Tenant Alterations shall be deemed for all purposes a part of the real property of the Building immediately upon the installation thereof and shall remain on the Premises as 

  

					
	

	 		 	
	Lease Agreement	 	4	 	March 13, 2012

 
Landlord’s property at the expiration or earlier termination of the term hereof without compensation to Tenant, unless Landlord elects by notice to Tenant to have Tenant remove such Tenant
Alterations, in which event, Tenant, at its sole cost and expense, shall promptly remove such Tenant Alterations and restore the Premises to its condition prior to the installation of such Tenant Alterations, normal wear and tear excepted (it being
agreed that any damages resulting from the removal of any Tenant Alterations shall not constitute normal wear and tear). Tenant may not use or penetrate the roof of the Premises for any purpose whatsoever without Landlord’s prior written
consent. All construction work done by Tenant in the Premises shall be performed in a good and workmanlike manner, in compliance with all governmental requirements, and at such times and in such manner as will cause a minimum of interference with
other construction in progress and with the transaction of business in the building or buildings in which the Premises are located. 
 11.
SIGNAGE. Landlord shall install, at its expense, Tenant’s name and suite number on the building directory sign and Tenant may install its name and logo on the door to the Premises. Tenant shall not install any signs visible from outside
the Premises except with the prior written consent of Landlord. Any permitted signs shall be maintained in compliance with applicable governmental rules and regulations governing such signs. Tenant shall be responsible to Landlord for any damage
caused by the installation, use or maintenance of said signs. Tenant agrees, upon removal of said signs, to repair all damage (including discoloration) incident thereto. 

12. RIGHT OF ENTRY INSPECTION. Landlord and Landlord’s agents and representatives shall have the right to enter and inspect the
Premises at any reasonable time during business hours, upon reasonable advance notice (except in cases of emergency), to ascertain the condition of the Premises, to make such repairs as may be required or permitted to be made by Landlord under the
terms of this Lease, or to show the Premises to prospective purchasers or tenants. Landlord shall have the right to place or erect on the Property, but not directly in the Premises a suitable sign indicating the Premises are available for rent
(during the last six (6) months of the Demised Term 
 Tenant shall give written notice to Landlord at least thirty (30) days
prior to vacating the Premises and shall arrange to meet with Landlord for a joint inspection of the Premises prior to vacating. In the event of Tenant’s failure to give such notice or arrange a joint inspection, Landlord’s inspection at
or after Tenant’s vacating the Premises shall be conclusively deemed correct for purposes of determining Tenant’s responsibility for repairs and restoration. 

13. UTILITIES. Landlord agrees to provide at its cost water, electricity and telephone service connections into the Premises; but
Tenant shall pay for all water, gas, heat, light, power, telephone, sewer, sprinkler charges and other utilities and services used in or from the Premises, together with any taxes, penalties, surcharges or the like pertaining thereto and any
maintenance charges for utilities and shall furnish all electric light bulbs and tubes. If any such services are not separately metered to Tenant, Tenant shall pay a reasonable proportion as determined by Landlord of all charges jointly metered with
other premises. Landlord shall in no event be liable for any interruption or failure of utility services on the Premises;. 
 14.
ASSIGNMENT AND SUBLETTING. 
 A. Tenant shall not, directly or indirectly, have the right to assign this Lease or to sublet the whole
or any part of the Premises without the prior written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed. Consent to any assignment or sublease shall not be deemed a waiver of the right of Landlord to approve or
disapprove a further assignment or subletting. Notwithstanding any permitted assignment or subletting, Tenant shall at all times remain directly, primarily and fully responsible and liable for the payment of the rent herein specified and for
compliance with all of its other obligations under the terms, provisions and covenants of this Lease. Upon the occurrence of an “event of default”, as hereinafter defined, if the Premises or any part thereof are then assigned or sublet,
Landlord, in addition to any other remedies herein provided, or provided by law, may at its option collect directly from such assignee or subtenant all rents becoming due to Tenant under such assignment or sublease and apply such rent against any
sums due to Landlord from Tenant hereunder, and no such collection shall be construed to constitute a novation or a release of Tenant from the further performance of Tenant’s obligations hereunder. For purposes of this Paragraph 14, each of the
following events shall be deemed an assignment: 
  

	 	(i)	if Tenant is a partnership, a dissolution of the partnership or a change in ownership, legal or beneficial, of 50% or more of the partnership interests, whether by withdrawal or admission, voluntary or by operation of
law; 

  

					
	

	 		 	
	Lease Agreement	 	5	 	March 13, 2012

	 	(ii)	if Tenant is a corporation, the dissolution, consolidation or merger of Tenant or the sale or transfer of more than 50% of the voting shares of Tenant; 

 

	 	(iii)	distribution or sale of over 50% of the value of Tenant’s assets (net of undistributed consideration received); or 

  

	 	(iv)	any other change of effective control of Tenant. 

 Notwithstanding (ii) & (iii) the above, Tenant
shall have the right to assign this Lease in the event of sale or transfer of more than 50% of the voting shares or assets of Tenant without Landlord’s consent, provided however, Tenant must provide Landlord written notice of its election to
assign this Lease and execute those reasonable instruments recognizing such transfer. In the event of assignment, Tenant shall not be released from its obligations and shall remain liable for all obligations of the Lease under the Demised Term
including any Renewal Options as provided for in Section 32. 
 B. In the event that Tenant assigns this Lease or sublets the Premises
or any part thereof, as permitted herein, and at any time receives rent and/or other consideration which exceeds that which Tenant would at that time be obligated to pay Landlord, Tenant shall pay to Landlord 50% of the gross excess in such rent as
such rent is received by Tenant and 50% of any other consideration received by Tenant from such assignee or subtenant. In addition, should Landlord agree to an assignment or sublease agreement, Tenant will pay to Landlord on demand a sum equal to
all Landlord’s costs, including reasonable attorney’s fees, incurred in connection with such assignment or transfer not to exceed $2,500.00. If an assignment or subletting is approved, Tenant shall be entitled to deduct from any excess
proceeds described in this subparagraph 14.B. its reasonable expenses incurred in connection with such assignment or subletting. 
 15.
INSURANCE. 
 A. Landlord agrees to maintain standard all risk insurance covering the building or buildings of which the Premises are
a part in an amount not less than 80% (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the “replacement cost” thereof as such term is defined in the Replacement
Cost Endorsement to be attached thereto, insuring against the perils of Fire, Lightning and Extended Coverage, such coverage and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory
authority for the State in which the Premises are situated for use by insurance companies admitted in such state for the writing of such insurance on risks located within such state. Subject to the provisions of this Paragraph 15, such insurance
shall be for the sole benefit of Landlord and under its sole control. 
 Tenant agrees to pay to Landlord, as additional rent, the amount of
Tenant’s “proportionate share” of the cost of Landlord’s insurance coverage on the building, all costs and premiums of all insurance, including but not limited to fire, casualty, business interruption, boiler and machinery
(equipment breakdown) and commercial general liability insurance applicable to the building, the common areas and the operation thereof and Landlord’s personal property used in connection therewith. Said payments shall be made to Landlord
within ten (10) days after presentation to Tenant of Landlord’s statement setting forth the amount due. Any payment to be made pursuant to this subparagraph 15.A. shall be prorated for any portion of the Demised Term that is not a full
premium period under said insurance policy. 
 B. Tenant shall, throughout the Term of this Lease, at its cost and expense, provide and keep
in force a commercial general liability insurance policy for bodily injury, property damage, and personal injury to a third party in the amount of not less than $1,000,000 per occurrence and $2,000,000 on an aggregate basis. Tenant shall be solely
responsible for keeping insured, to the extent Tenant elects, its own personal property located on the Premises. All such insurances shall provide that the coverage there under shall be primary and noncontributing with 

  

					
	

	 		 	
	Lease Agreement	 	6	 	March 13, 2012

 
other coverage maintained by any additional insured affiliates and subsidiaries, including w/o limitation McDonald Development Company and McDonald Investments, Ltd. Tenant agrees to provide to
Landlord a copy of the insurance policy endorsement confirming that the Landlord, McDonald Development Company, and McDonald Investments, Ltd. Area are additionally insured. 

All insurance provided by Tenant as required by this subparagraph 15.B. shall name, as additional insured, Landlord and any mortgagees or deed
to secure debt holders of the Premises, and be carried by such responsible companies and in such form satisfactory to Landlord. 
 Tenant
agrees to deliver to Landlord on or before the Commencement Date the original policy of insurance required by this subparagraph 15.B. or certificate thereof and evidence of payment of premium. Prior to the expiration of each such policy, Tenant
shall deliver to Landlord the new original policy or certificate for renewal insurance and evidence of payment of premium. In the event Landlord has not received (on or before the Commencement Date) evidence of Tenant’s compliance with the
insurance coverage’s required by this subparagraph 15.B., Landlord may, but shall not be required to, secure coverage on behalf of Tenant in the amounts required by this subparagraph 15.B with companies satisfactory to Landlord. Tenant shall
pay the costs of such coverage directly, or, if paid by Landlord, reimburse Landlord as additional rent, within ten (10) days of notice, for all costs incurred by Landlord in securing such coverage. 

Tenant shall not violate or knowingly permit to be violated any of the conditions or provisions of any policy required by this subparagraph
15.B. 
 Each insurance policy (including renewal insurance) or certificates thereof issued by the insurer shall contain an agreement by the
insurer that should any of the policies be cancelled before the expiration date thereof, notice will be delivered in accordance with the policy provisions, and in no event shall such policies be canceled by Tenant without Landlord’s prior
written consent. 
 C. Tenant and Landlord shall cooperate in connection with the collection of any insurance monies that may be due in the
event of loss. Tenant and Landlord shall execute and deliver such proofs of loss and other instruments that may be required for the purpose of obtaining the recovery of any such insurance monies. 

D. Any insurance provided for in this Paragraph 15 may be effected by a policy or policies of blanket insurance; provided, however, that the
amount of the total insurance allocated to the Premises shall be such as to furnish in protection the equivalent of separate policies in the amount herein required, and provided further that in all other respects, any such policy or policies shall
comply with the other provisions of this Lease. In any such case, it shall not be necessary to deliver the original of any such blanket policy, but rather a certified duplicate of such policy or certificate thereof. 

16. DAMAGE OR DESTRUCTION; MUTUAL WAIVER OF SUBROGATION. 

A. If the Premises should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give written notice thereof to Landlord as
soon as practicable. 
 B. If the Premises should be totally destroyed by fire, tornado or other casualty, or if they should be so damaged
thereby that rebuilding or repairs cannot, in Landlord’s estimation, be completed within one hundred fifty (150) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be
abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. 
 C. If 80% or more of the
gross square footage of the building in which the Premises are located is damaged or destroyed by any peril or casualty, Landlord shall have the right to terminate this Lease. Subject to the foregoing, if the Premises should be damaged or destroyed
by any peril covered by the insurance to be provided by Landlord under subparagraph 15.A., but only to the extent that rebuilding or repairs can in Landlord’s estimation be completed one hundred fifty (150) days after the date upon which
the Landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall at its sole cost and expense thereupon proceed 

  

					
	

	 		 	
	Lease Agreement	 	7	 	March 13, 2012

 
with reasonable diligence to rebuild and repair such buildings to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild,
repair or replace any part of the partitions, fixtures, addition and other improvements which may have been placed in, on or about the Premises by Tenant. If the Premises are untenantable in whole or in part following such damage, the rent payable
hereunder during the period in which they are untenantable shall be reduced to such extent Tenant is able to conduct its business. In the event that Landlord should fail to complete such repairs and rebuilding within one hundred fifty
(150) days after the date upon which Landlord is notified by Tenant of such damage, Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord as Tenant’s exclusive remedy, whereupon all rights
and obligations hereunder shall cease and terminate as of the date of such notice. 
 D. Notwithstanding anything herein to the contrary, in
the event the holder of any indebtedness secured by a mortgage or deed to secure debt covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by
delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder shall cease and terminate. 

E. Each of Landlord and Tenant hereby releases the other from any loss or damage to property caused by fire or any other perils insured
through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils insured in policies of insurance covering such property, even if such loss or damage shall have been caused by the fault
or negligence of the other party, or anyone for whom such party may be responsible; provided, however, that this release shall be applicable and in force and effect only with respect to loss or damage occurring during such times as the
releasor’s policies shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the extent of the
insurance proceeds payable under such policies. Each of the Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. If extra cost shall be charged therefore, each party shall
advise the other thereof and of the amount of the extra cost, and the other party, at its election, may pay the same, but shall not be obligated to do so. 

17. LIABILITY; MUTUAL INDEMNIFICATION. 

A. Landlord shall not be liable to Tenant or Tenant’s employees, agents, invitees, patrons or visitors, or to any other person whomsoever,
for any injury to person or damage to property on or about the Premises, resulting from and/or caused in part or whole by, the negligence or misconduct of Tenant, its employees, agents, invitees, patrons or visitors, or of any other person entering
upon the Premises, or caused by the buildings and improvements located on the Premises becoming out of repair, use, generation, storage or disposal of toxic or hazardous materials or substances on or about the Premises, or caused by leakage of gas,
oil, water or steam or by electricity emanating from the Premises, or due to any cause whatsoever. Tenant hereby covenants and agrees that it will at all times indemnify and hold safe and harmless the property, the Landlord (including without
limitation, the trustee and beneficiaries if Landlord is a trust), Landlord’s agents and employees from any loss, liability, claims, suits, costs, expenses, including without limitation, attorney’s fees and damages, both real and alleged,
arising out of any such damage or injury, except injury to persons or damage to property the sole cause of which is the negligence of Landlord or the failure of Landlord to repair any part of the Premises which Landlord is obligated to repair and
maintain hereunder within a reasonable time after the receipt of written notice from Tenant of needed repairs. 
 B. Tenant shall not be
liable to Landlord or Landlord’s employees, agents, invitees, patrons or visitors, or to any other person whomsoever, for any injury to person or damage to property on or about the Building, resulting from and/or caused in part or whole by, the
negligence or misconduct of Landlord, its employees, agents, invitees, patrons or visitors, or caused by the Building (other than the Premises) becoming out of repair, or caused by the use, generation, storage or disposal of toxic or hazardous
materials or substances on or about the Building (other than the Premises),, or caused by leakage of gas, oil, water or steam or by electricity emanating from the Building, or due to any cause whatsoever Subject to the waiver of subrogation
provision in Section 16(E) of this Lease, Landlord hereby covenants and agrees that it will at all times indemnify and hold safe and harmless the Tenant (including without limitation, the trustee and beneficiaries if Tenant is a trust),
Tenant’s agents and employees from any loss, liability, claims, suits, costs, expenses, including without limitation, attorney’s fees and damages arising out of any such damage or injury, except injury to persons or damage to property the
cause of 

  

					
	

	 		 	
	Lease Agreement	 	8	 	March 13, 2012

 which is the negligence of Tenant or the failure of Tenant to repair any part of the Premises which Tenant is
obligated to repair and maintain hereunder within a reasonable time after the receipt of written notice from Landlord of needed repairs. 

18. CONDEMNATION. 
 A. If
80% or more of the gross square footage of the building in which the Premises are located should be taken for public or quasi-public use under governmental law, ordinance or regulation by right of eminent domain, or by private purchase in lieu
thereof, Landlord shall have the right to terminate this Lease and the rent shall be abated effective on the date of Landlord’s election to so terminate. Additionally, if the whole or any substantial part of the Premises should be taken for any
public or quasi-public use under governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof and the taking would prevent or materially interfere with the use of the Premises for the purpose for
which that are being used, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective on the date of the physical taking of the Premises. 

B. If part of the Premises shall be taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right
of eminent domain, or by private purchase in lieu thereof, and this Lease is not terminated as provided in subparagraph 18A., this Lease shall not terminate but the rent payable hereunder during the unexpired portion of this Lease shall be reduced
to such extent as may be fair and reasonable under all of the circumstances. 
 C. In the event of any such taking or private purchase in
lieu thereof, Landlord and Tenant shall each be entitled to receive and retain such separate awards and/or portion of lump sum awards as may be allocated to their respective interests in any condemnation proceedings. 

19. HOLDING OVER. Tenant shall, at the termination of this Lease by lapse of time or otherwise, deliver immediate possession of the
Premises to Landlord. If Landlord agrees in writing that Tenant may hold over after the expiration or termination of this Lease, unless the parties hereto otherwise agree in writing on the terms of such holding over, the hold over tenancy shall be
subject to termination by Landlord at any time upon not less than thirty (30) days advance written notice, or by Tenant at any time upon not less than thirty (30) days advance written notice, and all of the other terms and provisions of
this Lease shall be applicable during that period, except that Tenant shall pay Landlord from time to time, upon demand, as rent for the period of any such hold over, an amount equal to one hundred fifty percent (150%) of the rent in effect on
the termination date, computed on a daily basis for each day of the hold over period. No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided. The preceding
provisions of this Paragraph 19 shall not be construed as Landlord’s consent for Tenant to hold over. 
 20. QUIET ENJOYMENT.
Landlord represents and warrants that it has full right and authority to enter into this Lease and that Tenant, upon paying the rent herein set forth and performing its other covenants agreements herein set forth, shall peaceably and quietly have,
hold and enjoy the Premises for the Demised Term hereof, subject to the terms and provisions of this Lease. 
 21. EVENTS OF DEFAULT.
The following events shall each be deemed an event of default by Tenant under this Lease: 
 A. Tenant shall fail to pay any installment of
the rent herein required when due, or any payment with respect to taxes hereunder when due, or any other payment or reimbursement to Landlord required herein when due, and such failure shall continue for a period of five (5) days from the date
of written notice from Landlord, provided, however, that Landlord shall not be required to give such notice more than twice in a twelve (12) month period. 

B. Tenant shall become insolvent, or shall make a transfer to defraud creditors, or shall make an assignment for the benefit of creditors.

  

					
	

	 		 	
	Lease Agreement	 	9	 	March 13, 2012

 C. Tenant shall file a petition under any section or chapter of the National Bankruptcy Act, as
amended, or under any similar law or statute of the United States or any State thereof, or Tenant shall be adjudged bankrupt or insolvent in proceedings filed against Tenant thereunder. 

D. A receiver or trustee shall be appointed for all or substantially all of the assets of Tenant. 

E. Tenant shall desert, abandon or vacate any substantial portion of the Premises. 

F. Tenant shall fail to deliver an estoppel certificate to Landlord within the time frame set forth in Paragraph 24. 

G. Tenant shall fail to comply with any term, provision or covenant of this Lease (other than as set forth in clauses A through F in this
Paragraph 21), and shall not cure such failure within twenty (20) days after written notice thereof to Tenant; except however, in the event such cure is not available within twenty (20) days and Tenant continuously works to cure, then it
shall have an extension until the compliance date. 
 22. REMEDIES. Upon the occurrence of any of the events of default described in
Paragraph 21 hereof, Landlord shall have the option to pursue any one or more of the following remedies without notice or demand whatsoever: 

A. Immediately or at any time thereafter terminate this Lease, and this Lease shall be deemed to have been terminated upon giving of notice of
such termination pursuant to Paragraph 26 hereof. Upon such termination, Landlord shall have the right to recover from Tenant, as liquidated damages, the following: 

(1) the worth, at the time of the award, of the unpaid rent that has been earned at the time of termination of this Lease: and 

(2) the worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of
this Lease until the time of the award exceeds the net amount of rent that could have been reasonably obtained by Landlord using reasonable diligence to relet the Premises; and 

(3) the worth, at the time of the award, of the amount by which the unpaid rent for the balance of the Lease term (as extended), if
applicable) after the time of the award exceeds the net amount of rent that reasonably could have been obtained by Landlord using reasonable diligence to relet the Premises; and 

(4) any other amount and court costs necessary to compensate Landlord for all detriment directly caused by Tenant’s failure to perform
its obligations under this Lease. 
 Any such payment shall constitute liquidated damages to Landlord, Landlord and Tenant acknowledging and
agreeing that it is difficult to determine the actual damages Landlord would suffer by virtue of an event of default and that the agreed-upon liquidated damages are not punitive or a penalty and are just, fair, and reasonable, all in accordance with
O.C.G.A. sec. 13-6-7. 
 The following words and phrases as used above in this Paragraph 22.A. shall have the following meanings: 

(i) the “worth at the time of the award” as used in Paragraph 22.A. (1) and (2) shall be computed by allowing interest at
the lesser of (A) eight percent (8%) per annum or (B) the maximum rate permitted by law. 
 (ii) the “worth at the time
of the award” as used in Paragraph 22.A (3) shall be computed by discounting the amount at the discount rate of six percent (6%) per annum; 

(iii) the term “time of the award” shall mean either the date upon which Tenant pays to Landlord the amount recoverable by Landlord
as set forth above or the date of entry of any determination, order, or judgment of any court, whichever first occurs: and 

  

					
	

	 		 	
	Lease Agreement	 	10	 	March 13, 2012

 (iv) the term “net amount of rent” means the gross rent payable under a lease
reletting the Premises on market terms for the remaining Term of this Lease from and after the time of the award, less the amortized portion (such amortization being on a straightline basis over the term of the subject lease) attributable to the
remaining Term of this Lease from and after the time of the award of brokerage commissions and fees, design fees, attorney’s fees, improvement allowances, rent concessions, improvement costs, and other economic concessions and costs made or
incurred in connection with a reletting of the Premises to a third party on market terms. 
 B. Enter upon and take possession of the
Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, by force if necessary (to the extent permitted by law), without being liable for prosecution or any claim for damages thereof, and relet
the Premises and receive the rent therefore; and Tenant agrees to pay to the Landlord on demand any deficiency that may arise by reason of such reletting. In the event Landlord is successful in reletting the Premises at a rent in excess of that
agreed to be paid by Tenant pursuant to the terms of this Lease, Landlord and Tenant each mutually agree that Tenant shall not be entitled, under any circumstances, to such excess rent, and Tenant does hereby specifically waive any claim to such
excess rent. 
 C. Enter upon the Premises, by force if necessary (to the extent permitted by law), without being liable for prosecution or
any claim for damages therefore, and do whatever Tenant is obligated to do under the terms of this Lease; and Tenant agrees to reimburse Landlord on demand for any expenses which Landlord may incur in thus effecting compliance with Tenant’s
obligations under this Lease, and Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such action, whether caused by the negligence of Landlord or otherwise. 

D. Landlord shall have all other rights and remedies provided by law or in equity. 

In the event Tenant fails to pay any installment of rent hereunder within five (5) days after such installment is due, to help defray the
additional cost to Landlord for processing such late payments, Tenant shall pay to Landlord a late charge in an amount equal to five percent (5%) of such installment; and the failure to pay such amount within ten (10) days shall be an
event of default hereunder. The provision for such late charge shall be in addition to all Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any
manner. 
 Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other
remedies provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or any damages accruing to Landlord by reason of the violation of any of the terms, provisions and
covenants herein contained. Notwithstanding the foregoing, if Landlord elects to terminate this Lease pursuant to Paragraph 22.A. hereof, Landlord’s remedies thereunder constituting liquidated damages shall be Landlord’s exclusive remedies
hereunder respecting Landlord’s breach of contract damages resulting from the termination of this Lease. No act or thing done by the Landlord or its agents during the Demised Term shall be deemed a termination of this Lease or an acceptance of
the surrender of the Premises, and no agreement to terminate this Lease or accept a surrender of the Premises shall be valid unless in writing signed by Landlord. No waiver by Landlord of any violation or breach of any of the terms, provisions and
covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach of any of the terms, provisions and covenants herein contained. Landlord’s acceptance of the payment of rent or other payments
hereunder after the occurrence of an event of default shall not be construed as a waiver of such default, unless Landlord so notifies Tenant in writing. Forbearance by Landlord to enforce one or more of the remedies herein provided upon an event of
default shall not be deemed or construed to constitute a waiver of such default or of Landlord’s right to enforce any such remedies with respect to such default or any subsequent default. If, on account of any breach or default by Tenant in
Tenant’s obligations under the terms and conditions of this Lease, it shall become necessary or appropriate for Landlord to employ or consult with an attorney concerning or to enforce or defend any of Landlord’s rights or remedies
hereunder, Tenant agrees to pay any reasonable attorney’s fees so incurred. 
 Tenant agrees to indemnify and hold Landlord harmless
from any and all losses, costs, expenses (including, without limitation, attorney’s fees), liabilities, causes of action, suits, claims, and damages arising out of, or in connection with any violation or breach of, or failure of Tenant to fully
and completely observe, satisfy, perform and comply with, the terms and conditions of this Lease. 

  

					
	

	 		 	
	Lease Agreement	 	11	 	March 13, 2012

 23. LANDLORD’S LIEN. [Intentionally Deleted] 

24. MORTGAGES, GROUND LEASES AND ESTOPPEL CERTIFICATES.  

A. Tenant hereby agrees and accepts that this Lease is and shall be subject and subordinate to any mortgage(s) and/or deeds to secure debt
(collectively referred to as the “Mortgage”) now or any time hereafter constituting a lien or charge upon the Premises or the improvements situated thereon; provided, however, that if the holder of any such Mortgage elects to have
Tenant’s interest in this Lease superior to any such instrument, then by notice to Tenant from such holder, this Lease shall be deemed superior to such lien, whether this Lease was executed before or after said Mortgage. If the holder of the
Mortgage or any successor in interest shall succeed to the rights of Landlord under this Lease through a foreclosure sale or a sale in lieu of foreclosure, Tenant will attorn to and recognize such successor-landlord as Tenant’s landlord and
such successor-landlord shall accept such attornment and recognize Tenant’s rights of possession and use of the Premises in accordance with the provisions of this Lease. At the request of any holder of a Mortgage, Tenant, Landlord and such
holder shall enter into a subordination, non- disturbance and attornment agreement reasonably acceptable to Landlord, Tenant and such holder, but in any event substantially consistent with the terms of this Lease. Tenant shall at any time hereafter
on demand execute any instruments, releases or other documents which may be required by the holder of the Mortgage for the purpose of subjecting and subordinating this Lease to the lien of any such Mortgage. 

If, in connection with obtaining financing or refinancing for the Premises, or a sale of the Premises, any lender or purchaser shall request
reasonable modifications in this Lease as a condition to such financing or purchase, Tenant will not unreasonably withhold or delay or defer its consent thereto, provided that such modifications do not increase the obligations of Tenant hereunder or
materially and adversely affect Tenant’s rights hereunder. 
 B. Tenant hereby further agrees and accepts that this Lease is and shall
be subject and subordinate to any ground lease now or at any time hereafter affecting the Premises. Tenant shall at any time hereafter on demand execute any instruments, releases or other documents which may be required by the ground lessor of any
ground lease affecting the Premises for the purpose of subjecting and subordinating this Lease to any such ground lease. 
 In the event any
ground lessor of a ground lease affecting the Premises requests reasonable modifications in this Lease, Tenant will not unreasonably withhold or delay or defer its consent thereto, provided that such modifications do not increase the obligations of
Tenant hereunder or materially and adversely affect Tenant’s rights hereunder. 
 C. At any time and from time to time designated by
Landlord, Tenant will execute, acknowledge and deliver to Landlord, within ten (10) days after receipt of a request from Landlord, a certificate certifying (a) that this Lease is unmodified and in full force and effect (or, if there have
been modifications, that this Lease is in full force and effect, as modified, and stating the date and nature of each modification), (b) the date, if any, to which rent and other sums payable hereunder have been paid, (c) that no notice
has been received by Tenant of any default which has not been cured, except as to defaults specified in said certificate, and (d) such other matters as may be requested by Landlord. Any such certificate may be relied upon by any existing or
prospective purchaser, investor, ground lessor, mortgagee or holder of any deed to secure debt on the Building or any part thereof. 
 25.
MECHANIC’S LIENS. Tenant shall have no authority, express or implied, to create or place any lien or encumbrance of any kind or nature whatever upon or in any matter to bind, the interest of Landlord in the Premises or to charge the rent
payable hereunder for any claim in favor of any person dealing with Tenant, including those who may furnish materials or perform labor for any construction or repairs and each such claim shall affect and each such lien shall attach to, if at all,
only the leasehold interest granted to Tenant by this instrument. Tenant 

  

					
	

	 		 	
	Lease Agreement	 	12	 	March 13, 2012

 covenants and agrees that it will pay or cause to be paid all sums legally due and payable by it on account of
any labor performed or materials furnished in connection with any work performed on the Premises on which any lien is or can be validly and legally asserted against its leasehold interest in the Premises or the improvements thereon and that it will
save and hold Landlord harmless from any and all loss, cost or expense based on or arising out of asserted claims or liens against the leasehold estate or against the right, title and interest of the Landlord in the Premises or under the terms of
the lease. 
 26. NOTICES. Any notice, demands, payments or other communications required or permitted to be delivered under this
Lease shall be given by personal delivery, by deposit with a courier service that provides next-business-day service, or by deposit in the United States Mail, postage prepaid, Certified or Registered Mail, addressed to the parties hereto at the
respective addresses set out below, or at such other address as they have theretofore specified by written notice delivered in accordance herewith: 
  

			
	LANDLORD:	 	TENANT:
		
	 McDonald Ventures XI, LLC
	 	 Clearside Biomedical, Inc.

	 c/o McDonald Development Company
	 	 1220 Old Alpharetta Road

	 3715 Northside Parkway, Bldg 200, Suite 700
	 	 Suite 300

	 Atlanta, Georgia 30327
	 	 Alpharetta, Georgia 30005

	 Attn: John R. McDonald
	 	  

 All notices shall be deemed given upon personal delivery, or upon deposit with a courier service that provides
next-business-day service, or deposit in the United States Mail, postage prepaid, Certified or Registered Mail, except as otherwise specifically provided in this Lease and except as to the payments of rent to Landlord which shall be effective upon
receipt by Landlord. 
 If and when included within the term “Landlord”, as used in this instrument, there are more than one
person, firm or corporation, all shall jointly arrange among themselves for their joint execution of such a notice specifying some individual at some specific address for the receipt of notices and payments to Landlord; if and when included within
the term “Tenant”, as used in this instrument, there are more than one person, firm or corporation, all shall jointly arrange among themselves for their joint execution of such a notice specifying some individual at some specific address
within the continental United States for the receipt of notices and payments to Tenant. All parties within the terms “Landlord” and “Tenant”, respectively, shall be bound by notices given in accordance with the provisions of this
Paragraph 26 to the same effect as if each had received such notice. 
 27. RESTRICTIVE COVENANTS. Tenant acknowledges that this
Lease shall be subject and subordinate at all times to the Declaration of Easements, recorded, or to be recorded, in County, Georgia Records, as the same may be amended from time to time (hereinafter referred to as the “Declaration”),
which affects the Premises. Tenant agrees to comply with all of the terms and provisions of the Declaration, and not suffer or cause any act by Tenant or any of its employees, agents or invitees, which would violate the Declaration. 

28. REAL ESTATE BROKER. Tenant represents and warrants that the Tenant has dealt with no broker, agent or finder in connection with
this Lease other than Lavista Associates, Inc. (“Broker”), which broker is acting on behalf of Tenant and shall be paid a commission by Landlord pursuant to a separate agreement, and insofar as the Tenant knows, no other brokers, agent or
finder negotiated this Lease or is entitled to any commission or fee in connection herewith. Tenant agrees to indemnify, defend and hold Landlord free and harmless from and against all claims for broker’s or agent’s commissions or
finder’s fees by any person claiming to have been retained by Tenant in connection with this transaction, or any other losses, costs, expenses (including, without limitation, attorney’s fees), liabilities, damages, causes of actions or
suits arising out of the alleged employment or use of a broker, agent or finder by Tenant. 

  

					
		 		 	
	Lease Agreement	 	13	 	March 20, 2012

 29. LIMITATIONS ON LANDLORD’S LIABILITY LANDLORD’S LIABILITY FOR DAMAGES OR
BREACH OR NONPERFORMANCE BY LANDLORD, OR ARISING OUT OF THE SUBJECT MATTER OF THIS LEASE OR THE RELATIONSHIP CREATED HEREBY, SHALL BE LIMITED TO, AND COLLECTIBLE ONLY OUT OF, LANDLORD’S INTEREST IN THE PREMISES AND NO PERSONAL LIABILITY IS
ASSUMED BY, OR SHALL AT ANY TIME BE ASSERTED AGAINST, LANDLORD OR ITS AFFILIATED CORPORATIONS, ITS AND THEIR PARTNERS, VENTURERS, DIRECTORS, SHAREHOLDERS, OFFICERS, AGENTS, SERVANTS AND EMPLOYEES, OR ANY OF ITS OR THEIR SUCCESSORS OR ASSIGNS; ALL
SUCH LIABILITY, IF ANY, BEING EXPRESSLY WAIVED AND RELEASED BY TENANT. IF LANDLORD, IN VIOLATION OF THE TERMS OF THIS LEASE OR THE PROVISIONS OF LAW, WITHHOLDS, DENIES OR DELAYS ANY CONSENT WHICH TENANT IS REQUIRED TO OBTAIN HEREUNDER, TENANT MAY
SEEK SPECIFIC PERFORMANCE BUT SHALL NOT BE ENTITLED TO DAMAGES THEREFORE. LANDLORD’S REVIEW, SUPERVISION, COMMENTING ON OR APPROVAL OF ANY ASPECT OF WORK TO BE DONE BY OR FOR TENANT IS SOLELY FOR LANDLORD’S PROTECTION AND, EXCEPT AS
EXPRESSLY PROVIDED, CREATES NO WARRANTIES OR DUTIES TO TENANT OR TO THIRD PARTIES. LANDLORD SHALL NOT BE LIABLE IN ANY EVENT FOR INDIRECT, CONSEQUENTIAL, OR SPECULATIVE DAMAGES SUCH AS BUSINESS LOSS. 

30. RIGHT TO RELOCATE. Anytime after the Twenty-fourth (24) month following the Commencement Date, or anytime after the after
sixieth (60th) month following the Commencement Date provided Tenant has exercised its Renewal Option under Section 32 (Renewal Option), Landlord shall have the option to relocate the
Tenant to alternative space (“Relocated Space”) in the Building or Park at any time during the Term of the Lease, which alternative space shall be substantially the same size as the Premises. In the event, Landlord is interested in
relocating Tenant to a purposed Relocated Space, Landlord shall send written notice to Tenant with the location of the Relocated Space and Tenant shall have five (5) business days to decide in writing, to Landlord, if the Relocation Space is
acceptable or not to Tenant. If Tenant does not send written notice to Landlord of its decision to accept or reject the purposed Relocated Space, Tenant shall have deemed to have accepted the Relocated Space. If Tenant responds in writing, that the
Relocated Space is not acceptable, Landlord, at it’s option, shall have five (5) business days to decide whether or not to terminate the Lease with written notice to Tenant. If Landlord elects to terminate the Lease, Landlord shall provide
Tenant an $8,000 reimbursement allowance for reasonable and actual out of pocket relocation expenses of for its actual move to another facility. If Tenant elects to accept that the Relocated Space, Landlord shall, at its option, give not less than
sixty (60) days’ prior written notice, to Tenant, of such relocation, which notice shall include the date on which the Tenant shall be required to relocate or move and a description of the space to which Tenant will be relocated. Landlord
shall pay all reasonable and actual out-of-pocket costs and expenses of relocating Tenant. If the Premises have already been improved for Tenant’s occupancy, Landlord shall improve the new premises at its expense such that they are in
substantially the same condition as the Premises. In the event of such relocation, such alternative space shall, for all purposes, be deemed the Premises hereunder and this Lease shall continue in full force and effect without any change in the
other terms or conditions hereof; provided however, the Base Rent and other expenses paid hereunder shall be adjusted such that the Base Rent and other expenses paid by Tenant for the new premises shall be the same on a per square foot basis as they
are for the Premises. 
 31. MISCELLANEOUS. 

A. Words of any gender used in this Lease shall be held and construed to include any other gender, and words in the singular number shall be
held to include the plural, unless the context otherwise requires. 
 B. The terms, provisions and covenants and conditions contained in
this Lease shall apply to, inure to the benefit of, and be binding upon, the parties hereto and upon their respective heirs, legal representatives, successors and permitted assigns, except as otherwise herein expressly provided. Landlord shall have
the right to assign any of its rights and obligations under this Lease. 
 C . Tenant agrees to furnish to the Landlord promptly upon
demand, a corporate resolution, proof of due authorization by partners, or other appropriate documentation evidencing the due authorization of such Tenant to enter into this Lease. 

  

					
	

	 		 	
	Lease Agreement	 	14	 	March 13, 2012

 D. The captions inserted in this Lease are for convenience only and in no way define, limit or
otherwise describe the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease. 
 E.
Time is of the essence of this Lease. 
 F. Tenant agrees from time to time within ten (10) days after request of Landlord, to deliver
to Landlord, or Landlord’s designee, an estoppel certificate stating whether this Lease is in full force and effect, the date to which rent has been paid, the unexpired Term of this Lease and such other matters pertaining to this Lease as may
be requested by Landlord. It is understood and agreed that Tenant’s obligation to furnish such estoppel certificates in a timely fashion is a material inducement for Landlord’s execution of this Lease. 

G. This Lease may not be altered, changed, or amended except by an instrument in writing signed by both parties hereto. 

H. All obligations of Tenant hereunder not fully performed as of the expiration or earlier termination of the Demised Term shall survive the
expiration or earlier termination of the Demised Term, including without limitation, all payment obligations with respect to taxes and insurance and all obligations concerning the condition of the Premises. Upon the expiration or earlier termination
of the Demised Term, and prior to Tenant vacating the Premises, Tenant shall pay to Landlord any amount reasonably estimated by Landlord as necessary to put the Premises, including without limitation, all heating and air conditioning systems and
equipment therein, in good condition and repair. Tenant shall also, prior to vacating the Premises, pay to Landlord the amount, as estimated by Landlord, of Tenant’s obligation hereunder for real estate taxes and insurance premiums for the year
in which the lease expires or terminates. All such amounts shall be used and held by Landlord for payment of such obligations of Tenant hereunder, with Tenant being liable for any additional costs therefore upon demand by Landlord, or being liable
for any additional costs therefore upon demand by Landlord, or with any excess to be returned to Tenant after all such obligations have been determined and satisfied, as the case may be. Any security deposit held by Landlord shall be credited
against the amount payable by Tenant under this Paragraph 31.H. 
 I. If any clause, sentence, paragraph or provision of this Lease is
illegal, invalid or unenforceable under present or future laws effective during the Term of this Lease, then and in that event it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby, and it is also
the intention of the parties to this Lease that in lieu of each clause, sentence, paragraph or provision of this Lease that is illegal, invalid or unenforceable, there be added as a part of this Lease contract a clause, sentence, paragraph or
provision as similar in terms to such illegal, invalid or unenforceable clause or provision as may be possible and be legal, valid and enforceable. 

J. Provided Landlord is the prevailing party, Tenant agrees to pay any and all attorneys’ fees and expenses Landlord incurs in enforcing
any of the obligations of Tenant under this Lease, or in any litigation or negotiation in which Landlord shall, by virtue of this Lease or Landlord’s ownership of the Premises, become involved in, through or on account of this Lease. Provided
Tenant is the prevailing party, Landlord agrees to pay any and all attorneys’ fees and expenses Tenant incurs in enforcing any of the obligations of Landlord under this Lease. 

K. This Lease shall create the relationship of landlord and tenant between Landlord and Tenant; no estate shall pass out of Landlord; Tenant
has only a usufruct, not subject to levy and sale. 
 L. Neither this Lease, nor any memorandum, affidavit or other writing with respect
thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant, and the recording thereof in violation of this provision shall make this Lease voidable at Landlord’s election. 

M. Because the Premises are on the open market and are presently being shown, this Lease shall be treated as an offer with the Premises being
subject to prior lease and such offer subject to withdrawal or non-acceptance by Landlord or to other use of the Premises without notice, and this Lease shall not be valid or binding unless and until accepted by Landlord in writing and a fully
executed copy delivered to both parties hereto. 

  

					
	

	 		 	
	Lease Agreement	 	15	 	March 13, 2012

 N. All references in this Lease to “the date hereof” or similar references shall be
deemed to refer to the last date, in point of time, on which all parties hereto have executed this Lease. 
 O. This Lease may be executed
in counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same lease agreement 
 P.
Landlord and Tenant each hereby covenant and agree that this lease, including the exhibits hereto, sets forth all of the promises, covenants, agreements, conditions and understandings between them with respect to the subject matter hereof and
supersedes all prior and contemporaneous agreements and understandings relating to such subject matter except as otherwise set forth herein. In entering into this lease, neither party has relied upon any representation, warranty, covenant or other
inducement not expressly set forth in this lease. 
 32. RENEWAL OPTION. Provided that Tenant is not in default at the time of
exercise of this option or at the expiration of the initial Demised Term, Tenant shall have the right to renew the term of the lease for a single, thirty (30) month period, upon not less than six (6) months and no more than eighteen
(18) months written notice to Landlord. The base rental rate shall increase by three percent (3%) over the then escalated Base Rent at the beginning of the Renewal Period and shall increase by three percent (3%) every twelve
(12) months during the Renewal Period. Additionally, Landlord as part of the Renewal Period will provide Tenant with $2.00 per square foot allowance to make improvements to the Premises. 

(Signatures on the following Page) 

  

					
	

	 		 	
	Lease Agreement	 	16	 	March 13, 2012

 IN WITNESS WHEREOF, the parties have executed this Lease with intent to be bound hereby as of the
day and year indicated above each signature block, respectively, but effective as of the day and year first above written. 
 EXECUTED BY
LANDLORD, this 15 day of March, 2012. 
  

			
	LANDLORD
	
	McDonald Ventures XI, LLC, a Georgia limited liability company
		
	By:	 	McDonald Industrial XI, LLC, a Georgia limited liability company, its Manager
		
	By:	 	 McDonald Development Company, a Georgia

corporation, its Manager

		
	By:	 	 /s/ John R. McDonald

		 	John R. McDonald, President

 EXECUTED BY TENANT, this 14 day of March, 2012. 

 

			
	TENANT
	
	Clearside Biomedical, Inc., a Delaware corporartion
		
	By:	 	 /s/ Daniel H. White

	Title:	 	Daniel H. White
		 	President & CEO

  

					
		 		 	
	Lease Agreement	 	17	 	March 13, 2012

 Exhibit A 

Exhibit A 
 Site 300

 ALL THAT TRACT OR PARCEL OF LAND lying and being in Land Lots 961, 984, 985, and 1032 of the 2nd District, 1st Section, Forsyth County, Georgia and being more particularly described as follows: 

BEGINNING at an iron pin set (1/2” rebar) in the centerline of a creek, said point being 595.28 feet Easterly along the Northern
right-of-way of Old Alpharetta Road (80’ right-of-way) from the intersection of said right-of-way with the Eastern right-of-way of Curie Drive (right-of-way varies); thence along the centerline of said creek the following courses and distances:
North 25 degrees 15 minutes 00 seconds West, a distance of 35.53 feet to a point; thence North 76 degrees 58 minutes 18 seconds West, a distance of 38.18 feet to a point; thence North 68 degrees 03 minutes 59 seconds West, a distance of 54.22 feet
to a point; thence North 79 degrees 37 minutes 19 seconds West, a distance of 93.86 feet to a point; thence North 43 degrees 29 minutes 10 seconds West, a distance of 41.28 feet to a point in the centerline of a ditch; thence leaving said creek run
along the centerline of said ditch the following courses and distances: North 85 degrees 37 minutes 32 seconds East a distance of 56.58 feet to a point; thence South 87 degrees 26 minutes 32 seconds East, a distance of 57.91 feet to a point; thence
South 87 degrees 46 minutes 39 seconds East, a distance of 56.41 feet to a point; thence North 85 degrees 24 minutes 48 seconds East, a distance of 74.94 feet to an iron pin set (1/2” rebar): thence leaving said centerline, run North 12 degrees
55 minutes 23 seconds West, a distance of 193.67 feet to an iron pin set (1/2” rebar); thence North 03 degrees 35 minutes 37 seconds West, a distance of 239.39 feet to an iron pin set (1/2” rebar); thence North 02 degrees 43 minutes 53
seconds East, a distance of 155.00 feet to an iron pin set (1/2” rebar); thence North 09 degrees 50 minutes 59 seconds West; a distance of 530.00 feet to an iron pin set (1/2” rebar); thence North 08 degrees 40 minutes 54 seconds West, a
distance of 318.37 feet to a point in the centerline of a creek, thence along the centerline of said creek the following courses and distances: North 74 degrees 51 minutes 04 seconds East, a distance of 2.98 feet to a point; thence 61 degrees 47
minutes 22 seconds East, a distance of 69.08 feet to a point; thence North 71 degrees 58 minutes 52 seconds East, a distance of 49.00 feet to a point; thence North 54 degrees 40 minutes 01 seconds East, a distance of 85.21 feet to a point; thence
North 34 degrees 05 minutes 43 seconds East, a distance of 43.55 feet to a point; thence North 44 degrees 21 minutes 22 seconds East, a distance of 80.85 feet to a point; thence North 55 degrees 24 minutes 53 seconds East, a distance of 29.08 feet
to a point; thence North 78 degrees 05 minutes 36 seconds East, a distance of 39.31 feet to a point; thence North 20 degrees 47 minutes 30 seconds East, a distance of 60.84 feet to a point; thence North 03 degrees 41 minutes 47 seconds West, a
distance of 52.09 feet to a point; thence North 08 degree s 25 minutes 09 seconds East, a distance of 42.24 feet to a point; thence North 12 degrees 45 minutes 07 seconds West, a distance of 35.00 feet to a point; thence North 37 degrees 35 minutes
10 seconds East, a distance of 102.08 feet to a point; thence North 22 degrees 14 minutes 09 seconds West, a distance of 16.34 feet to a point; thence North 67 degrees 28 minutes 23 seconds East, a distance of 59.20 feet to a point: thence North 12
degrees 04 minutes 49 seconds East, a distance of 65.65 feet to a point; thence North 45 degrees 16 minutes 17 seconds East, a distance of 12.33 feet to a point; thence South 70 degrees 34 minutes 30 seconds East, a distance of 30.58 feet to a
point; thence North 25 degrees 37 minutes 40 seconds East, a distance of 7.33 feet to a point; thence leaving said centerline of creek run South 09 degrees 41 minutes 02 seconds East, a distance of 1348.01 feet to an iron pin found (1/2” open
top pipe); thence South 00 degrees 30 minutes 04 seconds West, a distance of 199.99 feet to an iron pin found (1/2” open top pipe): thence South 18 degrees 29 minutes 50 seconds West, a distance of 199.95 feet to an iron pin found (1/2”
rebar): thence South 09 degrees 33 minutes 05 seconds West, a distance of 241.90 feet an iron pin set (1/2” rebar) on said Northern right-of-way line of Old Alpharetta Road; thence along said right-of-way line 447.43 feet along the arc of a
curve to the left, having a chord bearing a distance of South 68 degrees 05 minutes 06 seconds West, 447.42 feet and a radius of 26,773.81 feet to the POINT OF BEGINNING. 

Said tract contains 22.818 acres. 

Being the same tract of land as depicted on Survey for McDonald Ventures XI, LLC, Chicago Title Insurance Company and Regions Bank, prepared
by Rochester & Associates, Inc., dated March 26, 1999, last revised April 14,1999. 

  

					
	

	 		 	
	Exhibit A	 	18	 	March 13, 2012

 Exhibit B 

Premises 
  

 
 

 

  

					
	

	 		 	
	Exhibit B	 	19	 	March 13, 2012

 Exhibit B 

Landlord will make the following improvements to the Premises: 
  

	 	•	 	Paint walls and frames with one coat to match existing colors 

  

	 	•	 	Repaint accent walls with one coat to match existing 

  

	 	•	 	Wall covering to remain “as-is”. Glue as needed 

  

	 	•	 	Provide new vct in the restrooms, break room, and electrical room. 

  

	 	•	 	Provide new cove base throughout the Premises. 

  

	 	•	 	Re-Seal doors to match 

  

	 	•	 	Luxury vinyl composite tile (wood look) in lobby area 

  

	 	•	 	Provide new building standard carpet. 

  

	 	•	 	Replace 32 T-12 lights. 

  

	 	•	 	Re-Lamp 1 exit sign, re-charge 3 fire extinguishers, 

  

	 	•	 	Patch sheet rock in corner of 1 office 

  

	 	•	 	Demolish phone board, remove wiring, 

 Note: All work to be performed using Landlord’s building standards
attached hereto or as mutually agreed to by both Tenant and Landlord. 

  

					
	

	 		 	
	Exhibit B	 	20	 	March 13, 2012

 Exhibit B 

McDONALD DEVELOPMENT COMPANY 

OUTLINE OF 
 STANDARD TENANT FINISH
SPECIFICATIONS 
  

	1.	CARPENTRY & MILLWORK 

  

	 	A.	Single fixture toilet rooms to have a wall-hung lavatory. Multiple fixture toilet rooms shall have plastic laminate lavatory counter-tops without base cabinet for handicap access. 

 

	 	B.	One coat rod and shelf in each coat closet. 

  

	 	C.	Two levels of adjustable shelves in storage room. 

  

	 	D.	Toilet partitions to be metal, in standard colors. 

  

	2.	DOORS & HARDWARE 

  

	 	A.	Glass entrance door is existing. 

  

	 	B.	Interior Doors 

 3’ - 0” x 6’ - 8” x 1 - 3/4” flush solid core, stain
grade, birch veneer door or to match existing (New doors to have Minwax Dark Walnut #2716). 
 Door frames shall be KD hollow metal. 

(3) 4 x 4 hinges with 26 D finish (Brushed finish). 

Hardware shall be lever action Cal-Royal SL Series with 26D finish (Grade 2 or better). 

Function to be compatible with room types indicated on drawings 

Wall mounted door stops with interior wall blocking. 

Provide closers on all bathroom doors (excluding single fixture bathrooms) and doors leading to warehouse. 

 

	 	C.	Labeled Doors (where required) 

 Provide labeled doors and frames with rated hinges. 

Lever action Cal-Royal SL Series locksets. 

Surface mounted closers. 
  

	3.	PARTITIONS 

  

	 	A.	Demising Walls 

 Demising wall partitions shall be 1-hour rated extending from finished slab to
deck (height varies) and shall be constructed with 5/8” type C gypsum wallboard screwed to both sides of 6” wide metal studs. Provide R-l1 fiberglass blankets in wall cavity floor to roof deck (UL Des. U-465), painted white with black cove
base. 
  

	 	B.	Interior Partitions 

 Typical 9’ - 0” interior partitions shall extend from finished
slab to finished ceiling. Construction to be of 3-5/8” wide metal studs (25 Ga.) spaced 24” o.c. with 1/2” gypsum wallboard screwed to both sides. Toilet room walls shall extend to 10’. 

Insulation - sound attenuation blanket is to be installed in all toilet room, break room, and conference room walls. 

All exterior tilt-up walls in office areas to receive 1/2” gypsum board on 3-5/8” wide metal studs (25 Ga.) spaced 24” o.c. with
R-ll insulation. 

  

					
	

	 		 	
	Exhibit B	 	21	 	March 13, 2012

 Exhibit B 
  

	 	C.	Office/Warehouse Separation Wall 

 If not 1-hour rated: Construction to be of 6” wide metal
studs with 1/2” gypsum wallboard screwed to both sides (one side to the deck, one side to 10’) and R-11 insulation to deck. Warehouse side to be painted white with black cove base. 

 

	4.	ACOUSTICAL CEILINGS 

  

	 	A.	2’ - 0” x 2’ - 0” standard grid system with 5/8” non-directional fissured mineral board ceiling panels installed at 9’ a.f.f. with no insulation above ceiling grid. 

 

	 	B.	Ceiling to be continuous over all interior partitions, except at toilet rooms. 

  

	5.	FLOORING 

  

	 	A.	Vinyl composition tile (VCT) is to be installed in bathrooms and kitchen/break room, 

  

	 	B.	All other finished office areas are to be carpeted using building standard carpet. 

  

	 	C.	4” rubber cove base is to be installed in all finished office areas and the warehouse side of the warehouse/office separation wall. Pre-molded tab corners to be used on all outside corners. 

 

	 	D.	The warehouse floor shall be sealed with Lapidolith. 

  

	6.	PAINTING 

  

	 	A.	All walls in finished office area are to be painted with a minimum of two coats of eggshell paint. 

  

	 	B.	Warehouse side of office warehouse separation wall to be painted white with a minimum of two coats of eggshell paint. 

  

	 	C.	All door frames to be painted with oil-based enamel, semi-gloss. 

  

	 	D.	Toilet room walls to be painted with eggshell latex paint. 

  

	7.	HVAC 

  

	 	A.	Heating and air conditioning in office area to be furnished by either split systems or roof top/package units to maintain a maximum 75°F with 94°F outside air temperature. Higher cooling loads imposed by
equipment or heavier than normal occupancy would be an additional cost. Roof mounted equipment shall not be installed within thirty feet (30’) of building perimeter unless a parapet provides adequate screening. 

 

	 	B.	Provide exhaust fans in toilet rooms. 

  

	 	C.	Heating in the warehouse is to be furnished by gas-fired unit heaters in order to maintain 50°F with 32°F outside air temperature. All vent stacks shall be provided with appropriate roof flashing that has fully
soldered joints. 

  

	 	D.	Provide additional structural reinforcement as required for all roof mounted equipment. 

  

	 	E.	Warehouse ventilation provided by roof-mounted up blast fans. 

  

	8.	PLUMBING 

  

	 	A.	Water closet and urinals in toilet rooms in quantities as indicated on drawings. 

  

	 	B.	Lavatory in each toilet room per drawings. 

  

	 	C.	48” grab bar and 36” grab bar in handicapped toilet. 

  

	 	D.	Single roll toilet paper holder. 

  

	 	E.	Surface mounted towel dispenser. 

  

					
	

	 		 	
	Exhibit B	 	22	 	March 13, 2012

 Exhibit B 
  

	 	F.	One mirror extending the full width of the lavatory counter top. 

  

	 	G.	Provided water heater (above ceiling in office area) sized as required to server fixtures indicated. 

  

	 	H.	All drinking fountains to be non-electric. 

  

	9.	FIRE PROTECTION 

  

	 	A.	Provide sprinkler drops to accommodate the office lay-out. 

  

	 	B.	Provide fire extinguishers per local fire marshal’s requirements. 

  

	10.	ELECTRICAL 

  

	 	A.	Provide service as recommended by electrical contractor. 

  

	 	B.	Provide 3-phase, 277/480 volt electric service. 

  

	 	C.	Provide warehouse lighting of 20 f.c. (unracked at 36” a.f.f.) using metal halide fixtures. Switching at panel with one fixture on continuous circuit for night-light. 

 

	 	D.	Office lighting by 2’ - 0” x 4’ - 0” lay-in fluorescent fixtures with acrylic lens to maintain 50 foot candles at desk top. 

 

	 	E.	Provide duplex receptacles and telephone boxes as shown on the drawings (Phone and data wiring to be provided by tenant.). 

  

	 	F.	Exit signs and battery-pack emergency lighting as required by code. 

  

	 	G.	Fire alarm and security system to be provided by tenant. 

  

	 	H.	Provide electrical room lay-out drawing for owner’s approval prior to beginning work. 

  

	11.	MISCELLANEOUS 

  

	 	A.	Bali customizer mini blinds, 6 gauge aluminum, Snow Cap White (#386) to be placed at all storefront glass in first generation build-out. Repair and replace as necessary to match existing in renovated spaces.

  

					
	

	 		 	
	Exhibit B	 	23	 	March 13, 2012

 McDonald Ventures XI, LLC 

c/o McDonald Development Company 

3715 Northside Parkway NW 
 Building
200, Suite 700 
 Atlanta, Georgia 30327 

March 18, 2014 
  

					
	 Charles A. Deignan
 Chief Financial Officer

Clearside Biomedical, Inc.
 1220 Old Alpharetta Road, Suite
300
 Alpharetta, Georgia 30005
	 		 	 Via Overnight Mail &

Email

  

	RE:	1220 Old Alpharetta Road, Suite 100, Alpharetta GA 30005 

 Renewal Notice dated
November 26, 2013 
 Dear Charles: 
 We are in receipt of
your letter of November 26, 2013, in which Clearside Biomedical, Inc. exercised its option to renew its Lease Agreement between McDonald Ventures XI, LLC and Clearside Biomedical, Inc. dated March 14, 2012. Please consider this letter as
an acknowledgement of Clearside Biomedical, Inc.’s exercising of its Renewal Option outlined in Section 32 of the Lease Agreement. 
 Beginning
October 1, 2014, Base Rent shall be $7,233.00 per month ($9.84 per square foot) and shall increase by 3% on October 151 each year thereafter. The Lease Term is extended by thirty (30) months, expiring March 31, 2017. 

Sincerely, 
  

									
	 McDonald Ventures XI, LLC, a

Georgia limited liability company

			
		 	By:  	 	 McDonald Industrial XI, LLC, a

Georgia limited liability company, its Manager

				
		 		 	By:	 	McDonald Development Company, a Georgia corporation , its Manager
					
		 		 		 	By:	 	 /s/ John R. McDonald

		 		 		 		 	John R. McDonald, President

  

	cc:	Tom Davenport 

 FIRST AMENDMENT TO LEASE AGREEMENT 

THIS FIRST AMENDMENT TO LEASE AGREEMENT (“Amendment”), made and entered into this 22nd day of August 2014, by and between Clearside
Biomedical, Inc., a Delaware corporation (hereinafter referred to as “Tenant”), and McDonald Ventures XI, LLC, a Georgia limited liability company (hereinafter referred to as “Landlord”): 

W I T N E S S E T H: 

WHEREAS, Landlord and Tenant entered into a lease agreement of certain premises located at 1220 Old Alpharetta Road, Suite 300, Alpharetta,
Forsyth County, Georgia 30005, as evidenced by that certain Lease Agreement dated March 14, 2012 (the “Lease”); and 

WHEREAS, Tenant exercised is Renewal Option via a letter to Landlord dated November 26, 2013, a copy of which is attached hereto as
Exhibit “A”; and 
 WHEREAS, Landlord and Tenant desire to amend the Lease to set forth the terms of renewal. 

NOW, THEREFORE, for and in consideration of TEN AND NO/100 DOLLARS ($10.00), and other good and valuable consideration, the receipt, adequacy
and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
 1. Defined Terms. All capitalized
terms used herein shall have the same meaning as in the Lease, unless otherwise expressly defined herein. 
 2. Extension of Demised
Term. The Demised Term under Paragraph 2 of the Lease is hereby extended for thirty (30) full calendar months beginning October 1, 2014 (the “Renewal Commencement Date”) and ending March 31, 2017. 

3. Base Rent. Commencing on the Renewal Commencement Date, Base Rent under Paragraph 3.A. of the Lease shall be Seven Thousand Two
Hundred Thirty-Three and No/100s Dollars ($7,233.00) per month. 
 4. Rent Increase. Base Rent set forth in Paragraph 3. above shall
increase at the beginning of the thirteenth (13th) full calendar month from the Renewal Commencement Date by three percent (3%), which adjusted rent amount shall remain in effect for the next twelve (12) consecutive months and shall
increase by three percent (3%) each twelve (12) months thereafter for the balance of the Demised Term. 
 5. Tenant
Improvements. Landlord shall provide Tenant with a onetime tenant improvement allowance in the amount of $17,646.00 ($2.00 per square foot) (the “Allowance”) for the costs relating to construction of the Tenant Improvement Work, as
hereinafter defined. Landlord shall perform the improvements shown on the space plan prepared by Loia Budde Associates dated August 7, 2014, attached hereto as Exhibit “B” (the “Tenant Improvement Work”), which shall be
completed in accordance with the Standard Tenant Finish Specifications attached hereto as Exhibit “C”. The current estimate for the Tenant Improvement Work is Forty Thousand Three Hundred Forty-Two and No/100 Dollars ($40,342.00) (the
“Total Projected Cost”). Tenant shall fund the cost of any Tenant Improvement Work that exceeds the Allowance. Tenant shall pay to Landlord at execution of the Amendment the estimated overage of the Tenant Improvement Work equal to the
Total Projected Cost less the Allowance, which is currently estimated to be Twenty-Two Thousand Six Hundred Ninety-Six and No/100 Dollars ($22,696.00) (the “Estimated Tenant Overage”). Landlord and Tenant agree, that upon determination of
the actual costs of the Tenant Improvement Work, the unused portion of the Estimated Tenant Overage collected from Tenant, if any, will either be returned to Tenant or applied towards Tenant’s Base Rent obligation within thirty (30) days.
In the event, the Tenant Improvement Work exceeds the Estimated Tenant Overage, Tenant shall have thirty (30) days after receipt of invoice from Landlord to pay to Landlord the balance due for any cost of the Tenant Improvement Work that
exceeded the Total Projected Cost. The Tenant Improvement Work shall begin after execution of the Amendment by both Tenant and Landlord and shall be completed per a mutually agreeable schedule. McDonald Construction Services shall be the General
Contractor for all construction, and McDonald Development Company will oversee the construction process. 

  

					
	Lease Agreement	 	25	 	 

 Except as expressly modified hereby, the Lease shall remain in full force and effect, Landlord
and Tenant ratifying and affirming the same. 
 IN WITNESS WHEREOF, the parties have executed this Amendment with intent to be bound hereby
as of the day and year indicated above each signature block, respectively, but effective as of the day and year first above written. 

EXECUTED BY LANDLORD, this 22nd day of August, 2014. 

 

			
	LANDLORD
	
	McDonald Ventures XI, LLC, a Georgia limited liability company
		
	By:	 	McDonald Industrial XI, LLC, a Georgia limited liability company, its Manager
		
	By:	 	McDonald Development Company, a Georgia corporation, its Manager
		
	By:	 	 /s/ John R. McDonald, President

		 	John R. McDonald, President

 EXECUTED BY TENANT, this 18th day of August, 2014. 

 

					
		 	TENANT
		
		 	Clearside Biomedical, Inc., a Delaware corporation
			
		 	By:	 	 /s/ Daniel White

		 	Title:	 	President and CEO

  

					
	Lease Agreement	 	26	 	 

 Exhibit “A” 

 
 

 
 November 26, 2013 

Mr. John T. Downing 
 McDonald Development Company 

3715 Northside Parkway, Bldg 200, Ste. 700 
 Atlanta, GA 30327

  

	RE:	    Lease Renewal Option 

 Dear Mr. Downing, 

Clearside Biomedical is exercising its Renewal Option as provided for in Section 32 of the lease dated March 14, 2012. 

Attached please find a copy of our audited financial statements from May 26, 2011 through December 31, 2012. 

If you need additional information, please do not hesitate to contact me. 

Sincerely, 
 CLEARSIDE BIOMEDICAL, INC. 

 
 

 
 Charles A. Deignan 
 Chief
Financial Officer 
 CAS/sgk 
 Attachment (1) 

 
 

 

  

					
	Lease Amendment – Exhibit “A”	 	27	 	 

 Exhibit “B” 

 
 

 

  

					
	Lease Amendment – Exhibit “B”	 	28	 	 

 Exhibit “B” 

 
 

 

  

					
	Lease Amendment – Exhibit “B”	 	29	 	 

 Exhibit “B” 

 
 

 

  

					
	Lease Amendment – Exhibit “B”	 	30	 	 

 Exhibit “C” 

McDONALD DEVELOPMENT COMPANY 

OUTLINE OF 
 STANDARD OFFICE FINISH
SPECIFICATIONS 
  

	1.	CARPENTRY & MILLWORK 

  

	 	A.	Single fixture toilet rooms to have a wall-hung lavatory. Multiple fixture toilet rooms shall have plastic laminate lavatory counter-tops without base cabinet for handicap access. 

 

	 	B.	One coat rod and shelf in each coat closet. 

  

	 	C.	Two levels of adjustable shelves in storage room. 

  

	 	D.	Toilet partitions to be metal, in standard colors. 

  

	2.	DOORS & HARDWARE 

  

	 	A.	Glass entrance door is existing. 

  

	 	B.	Interior Doors 

 3’ - 0” x 6’ - 8” x 1 - 3/4” flush solid core, stain
grade, birch veneer door or to match existing (New doors to have Minwax Dark Walnut #2716). 
 Door frames shall be KD hollow metal. 

(3) 4 x 4 hinges with 26 D finish (Brushed finish). 

Hardware shall be lever action Cal-Royal SL Series with 26D finish (Grade 2 or better). 

Function to be compatible with room types indicated on drawings 

Wall mounted door stops with interior wall blocking. 

Provide closers on all bathroom doors (excluding single fixture bathrooms) and doors leading to warehouse. 

 

	 	C.	Labeled Doors (where required) 

 Provide labeled doors and frames with rated hinges. 

Lever action Cal-Royal SL Series locksets. 

Surface mounted closers. 
  

	3.	PARTITIONS 

  

	 	A.	Demising Walls 

 Demising wall partitions shall be 1-hour rated extending from finished slab to
deck (height varies) and shall be constructed with 5/8” type C gypsum wallboard screwed to both sides of 6” wide metal studs Provide R-11 fiberglass blankets in wall cavity floor to roof deck (UL Des. U-465), painted white with black cove
base. 
  

	 	B.	Interior Partitions 

 Typical 9’ - 0” interior partitions shall extend from finished
slab to finished ceiling. Construction to be of 3-5/8” wide metal studs (25 Ga.) spaced 24” o.c. with 1/2” gypsum wallboard screwed to both sides. Toilet room walls shall extend to 10’. 

Insulation — sound attenuation blanket is to be installed in all toilet room, break room, and conference room walls. 

All exterior tilt-up walls in office areas to receive 1/2” gypsum board on 3-5/8” wide metal studs (25 Ga.) spaced 24” o.c. with
R-11 insulation. 

  

					
	Lease Amendment – Exhibit “C”	 	31	 	 

 Exhibit “C” 

 

	4.	ACOUSTICAL CEILINGS 

  

	 	A.	2’ - 0” x 2’ - 0” standard grid system with 5/8” non-directional reveal-edge mineral board ceiling panels. 

  

	 	B.	Ceiling to be continuous over all interior partitions, except at toilet rooms. 

  

	5.	FLOORING 

  

	 	A.	Vinyl composition tile (VCT) is to be installed in bathrooms and kitchen/break room. 

  

	 	B.	All other finished areas are to be carpeted using building standard carpet. 

  

	 	C.	4” rubber cove base is to be installed in all finished areas. Pre-molded tab corners to be used on all outside corners. 

  

	6.	PAINTING 

  

	 	A.	All walls are to be painted with a minimum of two coats of eggshell paint. 

  

	 	B.	All door frames to be painted with oil-based enamel, semi-gloss. 

  

	 	C.	Toilet room walls to be painted with eggshell latex paint. 

  

	7.	HVAC 

  

	 	A.	Heating and air conditioning to be furnished by either split systems or roof top/package units to maintain a maximum 75oF with 94oF outside air temperature. Higher cooling loads imposed by equipment or heavier
than normal occupancy would be an additional cost. Roof mounted equipment shall not be installed within thirty feet (30’) of building perimeter unless a parapet provides adequate screening. 

 

	 	B.	Provide exhaust fans in toilet rooms. 

  

	 	C.	Provide additional structural reinforcement as required for all roof mounted equipment. 

  

	8.	PLUMBING 

  

	 	A.	Water closet and urinals in toilet rooms in quantities as indicated on drawings. 

  

	 	B.	Lavatory in each toilet room per drawings. 

  

	 	C.	48” grab bar and 36” grab bar in handicapped toilet. 

  

	 	D.	Single roll toilet paper holder. 

  

	 	E.	Surface mounted towel dispenser. 

  

	 	F.	One mirror extending the full width of the lavatory counter top. 

  

	 	G.	Provide water heater (above ceiling in office area) sized as required to serve fixtures indicated. 

  

	 	H.	All drinking fountains to be non-electric. 

  

	9.	FIRE PROTECTION 

  

	 	A.	Provide sprinkler drops to accommodate the office lay-out. 

  

	 	B.	Provide fire extinguishers per local fire marshal’s requirements. 

  

					
	Lease Amendment – Exhibit “C”	 	32	 	 

 Exhibit “C” 

 

	10.	ELECTRICAL 

  

	 	A.	Provide service as recommended by electrical contractor. 

  

	 	B.	Office lighting by 2’ - 0” x 4’ - 0” lay-in fluorescent fixtures with parabolic lens to maintain 50 foot candles at desk top. 

 

	 	C.	Provide duplex receptacles and telephone boxes as shown on the drawings (Phone and data wiring to be provided by tenant.). 

  

	 	D.	Exit signs and battery-pack emergency lighting as required by code. 

  

	 	E.	Fire alarm and security system to be provided by tenant. 

  

	11.	MISCELLANEOUS 

  

	 	A.	Bali customizer mini blinds, 6 gauge aluminum, Snow Cap White (#386) to be placed at all storefront glass in first generation build-out. Repair and replace as necessary to match existing in renovated spaces.

  

					
	Lease Amendment – Exhibit “C”	 	33

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