Document:

EX-10.12

 Exhibit 10.12 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of October 18, 2017 (the
“Effective Date”), between SILICON VALLEY BANK, a California corporation (“Bank”), and PHASEBIO PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), provides the terms on which
Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 

1        ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made
following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to
the extent such terms are defined therein. 
 2        LOAN AND TERMS OF
PAYMENT 
 2.1    Promise to Pay. Borrower hereby unconditionally promises to pay
Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 

2.1.1 Growth Capital Advances. 

(a)    Availability. Subject to the terms and conditions of this Agreement, Bank agrees to make
Growth Capital Advances to Borrower from time to time in three (3) tranches: “Tranche A”, “Tranche B” and “Tranche C”. On the Effective Date, or as soon thereafter as all conditions precedent
to the making thereof have been met, Bank shall make one (1) Growth Capital Advance under Tranche A, in an amount equal to Three Million Five Hundred Thousand Dollars ($3,500,000) (the “Tranche A Growth Capital Advance”).
During the Tranche B Draw Period, Borrower may request and Bank shall make one (1) Growth Capital Advance under Tranche B, in an amount equal to Two Million Dollars ($2,000,000) (the “Tranche B Growth Capital Advance”). During
the Tranche C Draw Period, Borrower may request and Bank shall make one (1) Growth Capital Advance under Tranche C, in an amount equal to Two Million Dollars ($2,000,000) (the “Tranche C Growth Capital Advance”, and together
with the Tranche A Growth Capital Advance and the Tranche B Growth Capital Advance, each a “Growth Capital Advance” and collectively, the “Growth Capital Advances”). The aggregate outstanding amount of the Growth
Capital Advances shall not, at any time, exceed the Growth Capital Line. 
 (b)    Repayment.
The Growth Capital Advances shall be “interest-only” during the Interest-Only Period, with interest due and payable in accordance with Section 2.3(d) hereof. Thereafter, the Growth Capital Advances shall be payable in twenty-four
(24) equal monthly installments of principal plus accrued and unpaid interest (each a “Growth Capital Advance Payment”), beginning on the Amortization Start Date and continuing on the first (1st) day of each month thereafter. Borrower’s final Growth Capital Advance Payment, due on the Growth Capital Maturity Date, shall include all outstanding principal and accrued and unpaid interest
on the Growth Capital Advances. After repayment, no Growth Capital Advance may be reborrowed. 

(c)    Prepayment.  

(i)        Voluntary Prepayment. Borrower shall have the option to prepay all,
but not less than all, of the Growth Capital Advances advanced by Bank under this Agreement, provided Borrower (A) delivers written notice to Bank of its election to prepay such Growth Capital Advances at least ten (10) Business Days prior
to such prepayment, and (B) pays, on the date of such prepayment (w) all outstanding principal due in connection with the Growth Capital Advances, plus accrued and unpaid interest thereon, (x) the Prepayment Fee (if applicable), (y)
the Final Payment and (z) all other sums, if any, that shall have become due and payable hereunder in connection with the Growth Capital Advances. 

 (ii)        Mandatory Prepayment
Upon an Acceleration. If the Growth Capital Advances are accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all outstanding principal, due in connection with
the Growth Capital Advances, plus accrued and unpaid interest thereon, (B) the Prepayment Fee (if applicable), (C) the Final Payment, and (D) all other sums, if any, that shall have become due and payable hereunder in connection with the
Growth Capital Advances. 
 2.2        Intentionally Omitted. 

2.3        Payment of Interest on the Credit Extensions. 

(a)    Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the
Growth Capital Line shall accrue interest at a floating per annum rate equal to (a) the Prime Rate at all times prior to the date that Borrower achieves the Grant Proceeds Milestone and (b) one half of one percentage point (0.50%) below
the Prime Rate at all times on and after the date that Borrower achieves the Grant Proceeds Milestone, which interest shall, in either case, be payable monthly in accordance with Section 2.3(d) below. 

(b)    Default Rate. Immediately upon the occurrence and during the continuance of an Event of
Default, Obligations shall bear interest at a rate per annum which is five percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by
Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased
interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c)    Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on
changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d)    Payment; Interest Computation. Interest is payable monthly on the first calendar day of
each month and shall be computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Eastern time on any day shall be deemed received
at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day
on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.4        Fees and Expenses. Borrower shall pay to Bank: 

(a)    Prepayment Fee. The Prepayment Fee, when due pursuant to the terms of
Section 2.1.1(c); provided, however, that that Bank shall waive the Prepayment Fee if Borrower refinances the Growth Capital Advances with Bank; 

(b)    Final Payment. The Final Payment, when due hereunder; 

(c)    Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses
for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank); and 

(d)    Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by
Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans
and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit
Account pursuant to the terms of the clauses of this Section 2.4. 

 2.5        Payments;
Application of Payments; Debit of Accounts. 
 (a)    All payments to be made by Borrower under any
Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Eastern time are considered
received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until
paid. 
 (b)    Bank has the exclusive right to determine the order and manner in which all payments
with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this
Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

(c)    Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account,
for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.6        Withholding. Payments received by Bank from Borrower under
this Agreement will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any
interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such
payment or other sum payable hereunder to Bank, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the
making of such required withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant
Governmental Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the
amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this
Section 2.6 shall survive the termination of this Agreement. 

3           CONDITIONS OF LOANS 

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

 (b)    duly executed original signatures to the Warrant; 

(c)    the Operating Documents and long-form good standing certificates of Borrower and its Subsidiaries
certified by the Secretary of State (or equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each jurisdiction in which Borrower and each Subsidiary is qualified to conduct business, each as
of a date no earlier than thirty (30) days prior to the Effective Date; 
 (d)    duly executed
original signatures to the completed Borrowing Resolutions for Borrower; 
 (e)    the Perfection
Certificate of Borrower, together with the duly executed original signature thereto; 

 (f)    a landlord’s consent in favor of Bank for 1
Great Valley Parkway, Suite 30, Malvern PA 19355, by the respective landlord thereof, together with the duly executed original signatures thereto; 

(g)    a copy of Borrower’s Investors’ Rights Agreement and any amendments thereto; 

(h)    evidence that the convertible note agreement by and between Borrower and Zeneca Inc., together
with all documents and agreements executed in connection therewith (including filing of a UCC-3 amendment), has been amended to remove intellectual property as secured collateral; 

(i)    evidence that Borrower has received net new cash proceeds (on or about the Effective Date) in an
aggregate amount not less than Eight Million Eighty-Five Thousand Dollars ($8,085,000) from the incurrence of Subordinated Debt with investors and on terms and conditions acceptable to Bank in its sole discretion; 

(j)    a Subordination Agreement, duly executed by New Enterprise Associates 13, L.P., Zeneca, Inc.,
Johnson & Johnson Innovation – JJDC, Inc., Hatteras Venture Partners III, L.P., Hatteras Venture Affiliates III, L.P., Venture Capital Multiplier Fund, LP, Fletcher Spaght Ventures II, L.P., FSV II, L.P., FSV II-B, L.P. and Syno Ventures Master Fund, LP; 
 (k)    evidence
satisfactory to Bank that the insurance policies and endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in
favor of Bank; and 
 (l)    payment of the fees and Bank Expenses then due as specified in
Section 2.4 hereof. 
 3.2        Conditions Precedent to all Credit
Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a) timely receipt of an executed Payment/Advance Form; 

(b)    the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of
Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and
complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that
those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c)    Bank determines to its satisfaction that there has not been a Material Adverse Change. 

3.3        Covenant to Deliver. Borrower agrees to deliver to Bank each
item required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank
of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

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

 
executed by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Growth
Capital Advance to the Designated Deposit Account. Bank may make Growth Capital Advance under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Growth Capital Advance is necessary
to meet Obligations which have become due. 

4           CREATION OF SECURITY INTEREST 

4.1        Grant of Security Interest. Borrower hereby grants Bank, to
secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products
thereof. 
 Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services
Agreements with Bank. Regardless of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such
Obligations secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this
Agreement). 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations
(other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated,
Bank shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services,
are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In
the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent
(105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due
or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2        Priority of Security Interest. Borrower represents, warrants,
and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this
Agreement to have superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in
such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 

4.3        Authorization to File Financing Statements. Borrower hereby
authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either
Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 

5           REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1        Due Organization, Authorization; Power and Authority.
Borrower is duly existing and in good standing as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its
ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a
completed certificate signed by Borrower, entitled “Perfection Certificate”. Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page
hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection 

 
Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection
Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each of its
predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the
Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date
to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s
organizational identification number. 
 The execution, delivery and performance by Borrower of the Loan Documents to which
it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law,
(iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or
affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect
or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is
a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2        Collateral. Borrower has good title to, rights in, and the
power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution other than
Bank or Bank’s Affiliates. The Accounts are bona fide, existing obligations of the Account Debtors. 
 The Collateral
is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection
Certificate or as permitted pursuant to Section 7.2. 
 All Inventory is in all material respects of good and
marketable quality, free from material defects. 
 Borrower is the sole owner of the Intellectual Property which it owns or
purports to own except for (a) nonexclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is
commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid
and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s
knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

 5.3        Intentionally
Omitted. 
 5.4        Litigation. There are no actions or
proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Hundred Thousand Dollars ($100,000). 

5.5        Financial Statements; Financial Condition. All consolidated
financial statements for Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any
material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 

5.6        Solvency. The fair salable value of Borrower’s
consolidated assets (including goodwill minus disposition costs) exceeds the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its
debts (including trade debts) as they mature. 
 5.7        Regulatory
Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important
activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any
Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or,
to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and
authorizations of, made all declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted. 

5.8        Subsidiaries; Investments. Borrower does not own any stock,
partnership, or other ownership interest or other equity securities except for Permitted Investments. 

5.9        Tax Returns and Payments; Pension Contributions. Borrower has
timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except to the extent such taxes are being contested in good faith
by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor. 

To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Bank in writing of the
commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is
other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all amounts
necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the
occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental
agency. 
 5.10        Use of Proceeds. Borrower shall use the
proceeds of the Credit Extensions solely as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.11        Full Disclosure. No written representation, warranty or
other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was 

 
made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make
the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that
actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.12        Definition of “Knowledge.” For purposes of the
Loan Documents, whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after
reasonable investigation, of any Responsible Officer. 

6            AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1          Government Compliance. 

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

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

6.2           Financial Statements, Reports,
Certificates. Provide Bank with the following: 
 (a)    Monthly Financial Statements. As
soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower’s and each of its Subsidiary’s operations
for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial Statements”); 

(b)    Monthly Compliance Certificate. Within thirty (30) days after the last day of each
month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of
this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request; 

(c)    Annual Operating Budget and Financial Projections. Within the sixty (60) days after
the end of each fiscal year of Borrower, and within thirty (30) days of any updates or amendments thereto, (i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for such fiscal year
of Borrower, and (ii) annual financial projections for such fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial
projections; 
 (d)    Annual Audited Financial Statements. As soon as available, but no later
than one hundred eighty (180) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an
independent certified public accounting firm reasonably acceptable to Bank (the “Annual Financial Statements”); 

(e)    Other Statements. Within five (5) days of delivery, copies of all statements, reports
and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 

 (f)        SEC Filings. In
the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any
Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link
thereto, on Borrower’s website on the Internet at Borrower’s website address; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 

(g)        Legal Action Notice. A prompt report of any legal actions pending
or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Fifty Thousand Dollars ($50,000) or more; and 

(h)        Other Financial Information. Other financial information reasonably
requested by Bank. 
 6.3          Inventory; Returns. Keep
all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly
notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000). 

6.4          Taxes; Pensions. Timely file, and require each of
its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each
of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to
fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.5          Insurance. 

(a)    Keep its business and the Collateral insured for risks and in amounts standard for companies in
Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to
Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss
payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. 

(b)    Ensure that proceeds payable under any property policy are, at Bank’s option, payable to Bank
on account of the Obligations. 
 (c)    At Bank’s request, Borrower shall deliver certified
copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished
to Bank, that it will give Bank thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount
or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6          Operating Accounts. 

(a)        Maintain all of its and all of its Subsidiaries’ operating and other
deposit accounts with Bank and use best-efforts to maintain all securities accounts, Letters of Credit and FX Contracts with Bank. 

 (b)        Provide Bank five
(5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall
cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect
Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts
exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.7          Intentionally Omitted. 

6.8          Protection of Intellectual Property Rights. 

(a)    (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property;
(ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property; and (iii) not allow any Intellectual Property
material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b)    Provide written notice to Bank within ten (10) days of entering or becoming bound by any
Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Bank requests to obtain the
consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law
or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s
rights and remedies under this Agreement and the other Loan Documents. 

6.9          Litigation Cooperation. From the date hereof and
continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary
to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.10        Access to Collateral; Books and Records. Allow Bank, or its
agents, at reasonable times, on one (1) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such inspections or audits
shall be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing
inspections and audits shall be at Borrower’s expense, and the charge therefor shall be One Thousand Dollars ($1,000) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus
reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule
the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of One Thousand Dollars ($1,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.11        Formation or Acquisition of Subsidiaries. Notwithstanding
and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower
and such Guarantor shall (a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower or Guarantor (as determined by Bank in its sole
discretion) hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and
to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing 

 
statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in
form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document,
agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document. 

6.12        Further Assurances. Execute any further instruments and take
further action as Bank reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received, copies of all
correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of
the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries. 

7           NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1        Dispositions. Convey, sell, lease, transfer, assign, or
otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of
Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of money or Cash Equivalents
in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; and (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary
course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas
outside of the United States. 
 7.2        Changes in Business,
Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related
thereto; (b) liquidate or dissolve; (c) (i) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after his or her departure from Borrower; or (d) permit or
suffer any Change in Control. 
 Borrower shall not, without at least thirty (30) days prior written notice to Bank:
(1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Ten Thousand Dollars ($10,000) in Borrower’s assets or property) or deliver any portion of the Collateral
valued, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of
organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower
intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank. 

7.3        Mergers or Acquisitions. Merge or consolidate, or permit any
of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the
formation of any Subsidiary). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

7.4        Indebtedness. Create, incur, assume, or be liable for any
Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 

7.5        Encumbrance. Create, incur, allow, or suffer any Lien on any
of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security
interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from
assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein. 
 7.6        Maintenance of
Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6 hereof. 

7.7        Distributions; Investments. (a) Pay any dividends or
make any distribution or payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in
exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist
at the time of such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed Fifty Thousand Dollars ($50,000) per fiscal year; or (b) directly or
indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8        Transactions with Affiliates. Directly or indirectly enter
into or permit to exist any material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be
obtained in an arm’s length transaction with a non-affiliated Person. 

7.9        Subordinated Debt. (a) Make or permit any payment on any
Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would
increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

7.10      Compliance. Become an “investment company” or a company
controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction as defined in
ERISA, or (c) comply with the Federal Labor Standards Act, the failure of any of the conditions in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s business, or violate any
other law or regulation, if the violation could reasonably be expected to have a materials adverse effect on Borrower’s business or permit any Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit
partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including
any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8        EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 8.1     Payment Default. Borrower fails to (a) make any payment of principal
or interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the
Growth Capital 

 
Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during
the cure period); 
 8.2          Covenant Default. 

(a)    Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.8(b), 6.10,
6.11, 6.12 or violates any covenant in Section 7; or 
 (b)    Borrower fails or neglects to
perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision,
condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or
cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided
under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

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

8.5          Insolvency. (a) Borrower or any of its
Subsidiaries is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against
Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is
dismissed); 
 8.6          Other Agreements. There is,
under any agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an
amount individually or in the aggregate in excess of Fifty Thousand Dollars ($50,000); or (b) any breach or default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’s
business; 
 8.7          Judgments; Penalties. One or more
fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000) (not covered by independent third-party insurance as to which liability has
been accepted by such insurance carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after
execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of
such fine, penalty, judgment, order or decree); 

8.8         Misrepresentations. Borrower or any Person acting for
Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty,
or other statement is incorrect in any material respect when made; 

8.9         Subordinated Debt. Any document, instrument, or
agreement evidencing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or
deny that it has any further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or the applicable subordination/intercreditor agreement; 

8.10        Guaranty. (a) Any guaranty of any Obligations
terminates or ceases for any reason to be in full force and effect; (b) any Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8
occurs with respect to any Guarantor, or (d) the death, liquidation, winding up, or termination of existence of any Guarantor; or (e) (i) a material impairment in the perfection or priority of Bank’s Lien in the collateral provided by
Guarantor or in the value of such collateral or (ii) a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations occurs with respect to
any Guarantor; or 
 8.11        Governmental Approvals. Any
Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a
hearing with respect to any applications for renewal of any of such Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation,
rescission, suspension, modification or non-renewal (i) cause, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or
any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the
status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 

9            BANK’S RIGHTS AND REMEDIES 

9.1        Rights and Remedies. Upon the occurrence and during the
continuance of an Event of Default, Bank may, without notice or demand, do any or all of the following: 

(a)    declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

(b)    stop advancing money or extending credit for Borrower’s benefit under this Agreement or under
any other agreement between Borrower and Bank; 
 (c)    demand that Borrower (i) deposit cash
with Bank in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred
ten percent (110.0%), of the Dollar Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business
judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and
(ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d)    terminate any FX Contracts; 

(e)    verify the amount of, demand payment of and performance under, and collect any Accounts and
General Intangibles, settle or adjust disputes and claims directly with Account Debtors for amounts on 

 
terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

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

(h)    ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and
sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name,
trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of
its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i)    place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive
control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

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

(k)    exercise all rights and remedies available to Bank under the Loan Documents or at law or equity,
including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2        Power of Attorney. Borrower hereby irrevocably appoints Bank
as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any
checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with
Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and
adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby
appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security
interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as
Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

9.3        Protective Payments. If Borrower fails to obtain the
insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral,
Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will
make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or
Bank’s waiver of any Event of Default. 

 9.4        Application of
Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the
result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower
shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either
reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

9.5        Bank’s Liability for Collateral. So long as Bank
complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or
damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6        No Waiver; Remedies Cumulative. Bank’s failure, at any
time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or
therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the
other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under
this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

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

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan
Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail
return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or
(d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic
mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

					
		  	 If to Borrower:
	  	   PHASEBIO PHARMACEUTICALS, INC.

		  		  	   1 Great Valley Parkway, Suite 30

		  		  	   Malvern, PA 19355

		  		  	 Attn: Jonathan Mow, CEO

		  		  	   Email: jonathan.mow@phasebio.com

			
		  	 If to Bank:
	  	   SILICON VALLEY BANK

		  		  	   3353 Peachtree Rd, NE, North Tower, Suite
M-10

		  		  	   Atlanta, GA 30326

		  		  	     Attn: Scott McCarty

 Email: smccarty@svb.com 

11        CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE

 Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents
without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to
operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower
expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non
conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees
that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and
that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS
AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE
PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them
arising at any time shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California
Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties
hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall
have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the
public and confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial
reference procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of
evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge
shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all
issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to
exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

12           GENERAL PROVISIONS 

12.1        Termination Prior to Growth Capital Maturity Date; Survival.
All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other
than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with
Section 4.1 of this Agreement), this Agreement may be terminated prior to the Growth Capital Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are
expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. 

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

12.3        Indemnification. Borrower agrees to indemnify, defend and
hold Bank and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and
liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered,
incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly
caused by such Indemnified Person’s gross negligence or willful misconduct. 
 This Section 12.3 shall survive
until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run. 

12.4        Time of Essence. Time is of the essence for the performance
of all Obligations in this Agreement. 
 12.5        Severability of
Provisions. Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision. 

12.6        Correction of Loan Documents. Bank may correct patent errors
and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 

12.7        Amendments in Writing; Waiver; Integration. No purported
amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party
against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an
amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar
or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.8        Counterparts. This Agreement may be executed in any number
of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9        Confidentiality. In handling any confidential information,
Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank,
collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its 

 
best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to
Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so
long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in
Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank
does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use anonymous forms
of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement.

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

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and
words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or
the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of
this Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys
have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this
Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length
contract. 
 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to:
(a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or
liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13           DEFINITIONS 

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

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

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Affiliate” is, with respect to any Person, each other Person that owns or
controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble
hereof. 
 “Amortization Start Date” is July 1, 2018; provided, however, if Bank fully funds both the
Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Amortization Start Date shall automatically, and with no further action required by the parties hereto, be extended to January 1, 2019. 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to
execute the Loan Documents on behalf of Borrower. 
 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’
fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with
respect to Borrower or any Guarantor. 
 “Bank Services” are any products, credit services, and/or
financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation,
merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements
related thereto (each, a “Bank Services Agreement”). 
 “Borrower” is defined in the
preamble hereof. 
 “Borrower’s Books” are all Borrower’s books and records including ledgers,
federal and state tax returns, records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions substantially in the form attached
hereto as Exhibit D. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which
Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its
creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and
(d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

 “Change in Control” means (a) at any time, any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), (other than New Enterprise Associates 13, L.P.) shall
become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under
the Exchange Act), directly or indirectly, of twenty-five percent (25%) or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities
in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides
to Bank a description of the material terms of the transaction; (b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of
individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause
(i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by
individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; (c) New Enterprise Associates 13, L.P. ceases to own at least
twenty-five percent (25%) of the voting securities of Borrower; or (d) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of each class of outstanding capital
stock of each subsidiary of Borrower free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

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

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

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

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

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

“Credit Extension” is any Growth Capital Advance, Letter of Credit, FX Contract, amount utilized for cash
management services, or any other extension of credit by Bank for Borrower’s benefit. 
 “Default
Rate” is defined in Section 2.3(b). 
 “Deposit Account” is any “deposit account”
as defined in the Code with such additions to such term as may hereafter be made. 
 “Designated Deposit
Account” is the multicurrency account denominated in Dollars, account number xxx-xxxx-254, maintained by Borrower with Bank. 

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

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount,
and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of
the Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Effective Date” is
defined in the preamble hereof. 
 “Equipment” is all “equipment” as defined in the Code with
such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

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

“Event of Default” is defined in Section 8. 

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

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of
principal plus accrued interest) due on the earliest to occur of (a) the Growth Capital Maturity Date, or (b) the acceleration of the Growth Capital Advances, or (c) the prepayment of the Growth Capital Advances in full pursuant to
Section 2.1.1(c)(i) or 2.1.1(c)(ii), equal to the original aggregate principal amount of the Growth Capital Advances multiplied by the Final Payment Percentage. 

“Final Payment Percentage” is, for each Growth Capital Advance, seven percent (7%). 

“Foreign Currency” means lawful money of a country other than the United States. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall
be a Business Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under
which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 

 “GAAP” is generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date
hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to
purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption
insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” is any
consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Grant Proceeds Milestone” means that Borrower has received at least Two
Million Dollars ($2,000,000) of net cash federal grant proceeds from the National Institute of Health into Borrower’s accounts at Bank on or prior to December 31, 2018. 

“Growth Capital Advance” and “Growth Capital Advances” are defined in Section 2.1.1(a).

 “Growth Capital Advance Payment” is defined in Section 2.1.1(b)(i). 

“Growth Capital Line” is a Growth Capital Advance or Growth Capital Advances in an aggregate principal amount
of up to Seven Million Five Hundred Thousand Dollars ($7,500,000). 
 “Growth Capital Maturity Date” is
June 1, 2020; provided, however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Growth Capital Maturity Date shall automatically, and with no further action required
by the parties hereto, be extended to December 1, 2020. 
 “Guarantor” is any Person providing a
Guaranty in favor of Bank. 
 “Guaranty” is any guarantee of all or any part of the Obligations, as the
same may from time to time be amended, restated, modified or otherwise supplemented. 
 “Indebtedness” is
(a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar
instruments, (c) capital lease obligations, and (d) Contingent Obligations. 
 “Indemnified
Person” is defined in Section 12.3. 
 “Initial Audit” is Bank’s inspection of the
Collateral and Borrower’s Books with results satisfactory to Bank in its sole and absolute discretion. 

“Intellectual Property” means, with respect to any Person, means all of such Person’s right, title, and
interest in and to the following: 

 (a)    its Copyrights, Trademarks and Patents; 

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

(c)    any and all source code; 

(d)    any and all design rights which may be available to such Person; 

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

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

“Interest-Only Period” is the period of time from the Effective Date through June 30, 2018; provided,
however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Interest-Only Period shall automatically, and with no further action required by the parties hereto, be extended to
December 31, 2018. 
 “Inventory” is all “inventory” as defined in the Code in effect on the
date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without
limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or
other securities), and any loan, advance or capital contribution to any Person. 
 “Key Person” is each of
Borrower’s (a) Chief Executive Officer, who is Jonathan Mow as of the Effective Date, (b) Chief Financial Officer, who is John Sharp as of the Effective Date, and (c) Chief Medical Officer, who is John Lee as of the Effective
Date. 
 “Letter of Credit” is a standby or commercial letter of credit issued by Bank upon request of
Borrower based upon an application, guarantee, indemnity, or similar agreement. 
 “Lien” is a claim,
mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and
any other documents related to this Agreement, the Warrant, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement by Borrower
and/or any Guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien
in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of
the Obligations. 
 “MedImmune Acquisition” means Borrower’s acquisition of certain assets from
MedImmune Limited, a United Kingdom limited liability company, for an aggregate purchase price of One Hundred Thousand Dollars ($100,000) in accordance with and pursuant to the terms and conditions of an asset purchase agreement, by and among
Borrower and MedImmune Limited, in form and substance reasonably acceptable to Bank. 

 “Monthly Financial Statements” is defined in
Section 6.2(a). 
 “Obligations” are Borrower’s obligations to pay when due any debts, principal,
interest, fees, Bank Expenses, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, all obligations relating to letters of
credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or
obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified by the
Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current
form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all
current amendments or modifications thereto. 
 “Patents” means all patents, patent applications and like
protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

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

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

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

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

(c)    Subordinated Debt; 

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

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

(a)    Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown
on the Perfection Certificate; 
 (b)    Investments consisting of Cash Equivalents; 

(c)    Investments consisting of the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of Borrower; 

 (d)    Investments accepted in connection with Transfers
permitted by Section 7.1; 
 (e)    Investments consisting of the creation of a Subsidiary for the
purpose of consummating a merger transaction permitted by Section 7.3 of this Agreement, which is otherwise a Permitted Investment; 

(f)    Investments (i) by Borrower in Subsidiaries not to exceed Fifty Thousand Dollars ($50,000) in
the aggregate in any fiscal year and (ii) by Subsidiaries in other Subsidiaries not to exceed Fifty Thousand Dollars ($50,000) in the aggregate in any fiscal year or in Borrower; 

(g)    Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or
agreements approved by Borrower’s Board of Directors; 
 (h)    Investments (including debt
obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; and 

(i)    Investments consisting of notes receivable of, or prepaid royalties and other credit extensions,
to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (i) shall not apply to Investments of Borrower in any Subsidiary. 

“Permitted Liens” are: 

(a)    Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this
Agreement and the other Loan Documents; 
 (b)    Liens for taxes, fees, assessments or other
government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded
under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder; 

(c)    purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the
acquisition of the Equipment securing no more than Twenty-Five Thousand Dollars ($25,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the
proceeds of the Equipment; 
 (d)    Liens of carriers, warehousemen, suppliers, or other Persons that
are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Twenty-Five Thousand Dollars ($25,000), and which are not delinquent or
remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e)    Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f)    Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens
described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(g)    leases or subleases of real property granted in the ordinary course of Borrower’s business
(or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, nonexclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary

 
course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit
granting Bank a security interest therein; 

(h)    non-exclusive license of Intellectual Property granted to
third parties in the ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as
to territory only as to discreet geographical areas outside of the United States; and 
 (i)    Liens
arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7. 

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

“Phase IIB Milestone” means Borrower’s delivery to Bank of evidence, in form and substance satisfactory
to Bank in its sole discretion, that Borrower has (a) refiled an Investigational new drug application for PB1046 pulmonary arterial hypertension indication, (b) progressed to Phase IIB trial design and (c) consummated the MedImmune
Acquisition. 
 “Phase III Milestone” means Borrower’s delivery to Bank of evidence, in form and
substance satisfactory to Bank in its sole discretion, that Borrower has (a) dosed its first patient in the Phase IIB pulmonary arterial hypertension trial and (b) dosed its first patient in the Verso Phase I trial. 

“Prepayment Fee” means a fee due upon prepayment (whether voluntary or otherwise) of the Growth Capital
Advances equal to (a) three percent (3.00%) of the outstanding principal balance of the Growth Capital Advances if such prepayment occurs prior to the first anniversary of the Effective Date, (b) two percent (2.00%) of the outstanding
principal balance of the Growth Capital Advances if such prepayment occurs on or after the first anniversary of the Effective Date, but prior to the second anniversary of the Effective Date, or (c) one percent (1.00%) of the outstanding
principal balance of Growth Capital Advances if such prepayment occurs on the second anniversary of the Effective Date or at any time thereafter. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The
Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and
provided further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of
interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of
credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Requirement of Law” is as to any Person, the
organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer”
is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower. 
 “Restricted
License” is any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in

 
such license or agreement or any other property, or (b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous
Governmental Authority. 
 “Securities Account” is any “securities account” as defined in the
Code with such additions to such term as may hereafter be made. 
 “Subordinated Debt” is indebtedness
incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the
other creditor), on terms acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation,
partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more
intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register
and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Tranche A” is defined in Section 2.1.1(a) hereof. 

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

“Tranche A Milestone” is defined in Section 3.1(h) hereof. 

“Tranche B” is defined in Section 2.1.1(a) hereof. 

“Tranche B Draw Period” is the period of time commencing on the date that Borrower achieves the Phase IIB
Milestone through the earlier to occur of (i) March 31, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

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

“Tranche C” is defined in Section 2.1.1(a) hereof. 

“Tranche C Draw Period” is the period of time commencing on the date that Borrower achieves the Phase III
Milestone through the earlier to occur of (i) June 30, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

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

“Transfer” is defined in Section 7.1. 

“Warrants” are those certain Warrants to Purchase Stock dated as of the Effective Date, or any date
theretofore or thereafter, issued by Borrower in favor of Bank. 
 [Balance of Page Intentionally Left Blank]

 IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as of the Effective Date. 
  

			
	 BORROWER:

			
	
	 PHASEBIO PHARMACEUTICALS, INC.

			
		
	 By
	 	 /s/ Jonathan Mow

			
		
	 Name:
	 	 Jonathan Mow

			
		
	 Title:
	 	 CEO

			
	
	 BANK:

			
	
	 SILICON VALLEY BANK

			
		
	 By
	 	 /s/ James
Caccavaro

			
		
	 Name:
	 	 James Caccavaro

			
		
	 Title:
	 	 Vice President

 [Signature Page to Loan and Security Agreement] 

 EXHIBIT A 

COLLATERAL DESCRIPTION 

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

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money,
leases, license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit
accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests
in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its
Intellectual Property without Bank’s prior written consent. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 

TO:    SILICON VALLEY BANK
                                         
                               Date:
                , 20     

FROM: PHASEBIO PHARMACEUTICALS, INC. 

The undersigned authorized officer of PHASEBIO PHARMACEUTICALS, INC. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in
complete compliance for the period ending                              with all required covenants
except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date
shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local
taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in
accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is
not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the
Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	Required	  	Complies
	 	  	 	  	 
	
Monthly financial statements with

Compliance Certificate
	  	 Monthly within 30
days
	  	Yes    No
	
Annual financial statement (CPA Audited)*
	  	 FYE within 150
days
	  	Yes    No
	
10-Q, 10-K and 8-K
	  	 Within 5 days after
filing with SEC
	  	Yes    No
	
Annual Operating Budget and Financial Projections
	  	 FYE within 60 days and monthly within 30
days of any updates or amendments
	  	Yes    No
	 

 

					
	Performance Pricing	  	Applies
	  	  	  	  	  
	 Prior
to receipt of Grant Proceeds
	  	 Prime
	  	Yes    No
	
On and after receipt of Grant Proceeds
	  	 Prime - 0.5%
	  	Yes    No

 Other Matters 
  

					
	 Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating
Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate.
	  	Yes	  	No

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

 
  
  

			
	 PHASEBIO PHARMACEUTICALS, INC.
	  	 BANK USE ONLY

		
		  	
Received by:                
                                         
           

	
By:                  
                                         
             
	  	AUTHORIZED SIGNER
	
Name:                  
                                         
        
	  	
Date:                  
                                         
                     

	
Title:                  
                                         
          
	  	
		  	  

Verified:                 
                                         
                

		  	AUTHORIZED SIGNER
		
		  	
Date:                  
                                         
                     
  

		
		  	 Compliance
Status:                Yes             No

 EXHIBIT C – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS NOON EASTERN TIME 

Fax To:
                                         
                                         
                                         
     Date:                                   
      
  

					
	LOAN PAYMENT:	 	 	  	 
	PHASEBIO PHARMACEUTICALS, INC.
	 		 
	From Account
#                                       
                             	 		  	To Account
#                                         
                                     
	
                    
	 		  	 
	                             
       (Deposit Account #)	 		  	                             
                               (Loan Account #)
	Principal
$                                         
                                   	 		  	and/or Interest
$                                         
                                 
	                    	 		  	 
	 		 
	Authorized
Signature:                                      
                    	 		  	Phone
Number:                                        
                                    
	
                      
  
	 		  	 
	Print
Name/Title:                                       
                           	 		  	 
	 	 	 	  	 

  

	
	
LOAN ADVANCE:

	 
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an
outgoing wire.
	 
	From Account
#                                         
                                         
      To Account
#                                         
                                         
          
	
                    

	                     
                   (Loan Account
#)                                         
                                         
                      (Deposit Account #)
	 
	Amount of Growth Capital Advance $
                                         
                                   
	 
	 All
Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date:

	 
	 Authorized
Signature:                                       
                                         
                                 Phone
Number:                                        
             

	
                    

	 
	 Print
Name/Title:                                       
                      

	 

  

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

(For International Wire Only)

	 	 
	Intermediary
Bank:                                        
                   	  	Transit (ABA)
#:                                        
                               
	 
	For Further Credit
to:                                        
                                         
                                         
                                         
                                         
 
	 
	Special
Instruction:                                       
                                         
                                         
                                         
                                         
      
	 
	 By
signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s)
were previously received and executed by me (us).

	 	 
	 Authorized
Signature:                                       
              
  
	  	2nd Signature (if
required):                                       
              

			
	 Print
Name/Title:                                       
                     
	  	 Print
Name/Title:                                       
                         

	 	 
	 Telephone
#:                                        
                           

 
	  	 Telephone
#:                                        
                               

 EXHIBIT D 

BORROWING RESOLUTIONS 
  

 
 CORPORATE BORROWING CERTIFICATE 

BORROWER: PHASEBIO PHARMACEUTICALS, INC.    
                             DATE: August
    , 2017 
 BANK:          SILICON VALLEY BANK 

I hereby certify as follows, as of the date set forth above: 

1.   I am the Secretary, Assistant Secretary or other officer of Borrower.    My title is as set forth below.

 2.   Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of
Delaware. 
 3.   Attached hereto are true, correct and complete copies of Borrower’s Certificate of Incorporation (including
amendments), as filed with the Secretary of State of the state in which Borrower is incorporated as set forth above. Such Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and
effect as of the date hereof. 
 4.   The following resolutions were duly and validly adopted by Borrower’s Board of
Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified,
repealed, rescinded, amended or revoked, and Silicon Valley Bank (“Bank”) may rely on them until Bank receives written notice of revocation from Borrower. 

RESOLVED, that any one of the following officers or employees of Borrower, whose
names, titles and signatures are below, may act on behalf of Borrower: 
  

							
	Name	  	Title	  	Signature	  	 Authorized

to Add or
 Remove

Signatories

				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐
				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐
				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐
				
	                                   
                     	  	                                   
                     	  	                                   
                     	  	☐

 RESOLVED FURTHER, that any one of the persons
designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 

 RESOLVED
FURTHER, that such individuals may, on behalf of Borrower: 
 Borrow
Money. Borrow money from Bank. 
 Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Bank a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which
Borrower has an interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of Credit. Apply for
letters of credit from Bank. 
 Enter Derivative Transactions. Execute spot or forward foreign exchange contracts,
interest rate swap agreements, or other derivative transactions. 
 Issue Warrants. Issue warrants for Borrower’s
capital stock. 
 Further Acts. Designate other individuals to request advances, pay fees and costs and execute other
documents or agreements (including documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effect these resolutions. 

RESOLVED FURTHER, that all acts authorized by the above
resolutions and any prior acts relating thereto are ratified. 
 5.    The persons listed above are Borrower’s
officers or employees with their titles and signatures shown next to their names. 
  

					
	PHASEBIO PHARMACEUTICALS, INC.	 	

 
					
			
	 By:
	 	 	 	

 
					
			
	 Name:
	 	 	 	

 
					
			
	 Title:
	 	 	 	

 *** If the Secretary, Assistant Secretary or other certifying officer executing above
is designated by the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the __________________________ of Borrower, hereby certify as to paragraphs 1 through 5 above, as of the date set forth
above. 

					
			
	 By:
	 	 	 	

 
					
			
	 Name:
	 	 	 	

 
					
			
	 Title:
	 	 	 	

 FIRST AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 THIS FIRST AMENDMENT to Loan and Security Agreement (this “Amendment”) is dated as
of April 19, 2018, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and PHASEBIO PHARMACEUTICALS, INC., a Delaware corporation (“Borrower”), whose address is 1 Great Valley
Parkway, Suite 30, Malvern, PA 19355. 
 RECITALS 

A.        Bank and Borrower have entered into that certain Loan and Security
Agreement dated as of October 18, 2017 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). 

B.        Bank has extended credit to Borrower for the purposes permitted in
the Loan Agreement. 
 C.        Borrower has requested that Bank amend the
Loan Agreement to (i) extend the Tranche B Draw Period, (ii) extend the Tranche C Draw Period, (iii) extend the interest-only period and (iv) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D.        Bank has agreed to so amend certain provisions of the Loan Agreement,
but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good
and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.        Definitions. Capitalized terms used but not defined in this
Amendment shall have the meanings given to them in the Loan Agreement. 

2.        Amendments to Loan Agreement. 

2.1        Section 2.1.1 (Growth Capital Advances). The second sentence
of Section 2.1.1(b) of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“Thereafter, the Growth Capital Advances shall be payable in the Applicable Number of
Payments of principal plus accrued and unpaid interest (each a “Growth Capital Advance Payment”), beginning on the Amortization Start Date and continuing on the first (1st) day of
each month thereafter.” 
 2.2        Section 13.1 (Definitions).
The following terms and their respective definitions hereby are added or amended and restated in their entirety, as appropriate, in Section 13.1 of the Loan Agreement to read as follows: 

“Amortization Start Date” is August 1, 2018; provided, however, if Bank
fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital 

 
Advance to Borrower, then the Amortization Start Date shall automatically, and with no further action required by the parties hereto, be extended to January 1, 2019. 

“Applicable Number of Payments” means (i) if Bank does not fully fund
both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, twenty-three (23) equal monthly installments, and (ii) if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth
Capital Advance to Borrower, twenty-four (24) equal monthly installments. 

“Interest-Only Period” is the period of time from the Effective Date through
July 31, 2018; provided, however, if Bank fully funds both the Tranche B Growth Capital Advance and the Tranche C Growth Capital Advance to Borrower, then the Interest-Only Period shall automatically, and with no further action required by the
parties hereto, be extended to December 31, 2018. 
 “Tranche B Draw
Period” is the period of time commencing on the date that Borrower achieves the Phase IIB Milestone through the earlier to occur of (i) April 30, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

“Tranche C Draw Period” is the period of time commencing on the date that
Borrower achieves the Phase III Milestone through the earlier to occur of (i) July 31, 2018, or (ii) the date on which an Event of Default occurs hereunder. 

3.        Limitation of Amendments. 

3.1        The amendments set forth in Section 2, above, are effective for
the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice
any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 

3.2        This Amendment shall be construed in connection with and as part of
the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4.        Representations and Warranties. To induce Bank to enter into
this Amendment, Borrower hereby represents and warrants to Bank as follows: 

4.1        Immediately after giving effect to this Amendment (a) the
representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are
true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2        Borrower has the power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

4.3        The organizational documents of Borrower delivered to Bank on the
Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

  
 2 

 4.4    The execution and delivery by Borrower of
this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of
its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower,
(c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of
its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body
or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 

4.7    This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 

5.        Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

6.        Effectiveness. This Amendment shall be deemed effective upon
(a) the due execution and delivery to Bank of this Amendment by each party hereto , (b) Borrower’s payment of an amendment fee in an amount equal to Five Thousand Dollars ($5,000), which may be debited from any of Borrower’s accounts
at Bank, and (c) Borrower’s payment of all Bank Expenses due and owing as of the date hereof, which may be debited from any of Borrower’s accounts at Bank. 

[Balance of Page Intentionally Left Blank] 

  
 3 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

					
	 BANK:
	  	 BORROWER:
	  	
			
	SILICON VALLEY BANK	  	PHASEBIO PHARMACEUTICALS, INC.	  	
			
	 By: /s/
Michael McMahon                        
	  	 By: /s/ John
Sharp                                    
	  	
			
	 Name: Michael
McMahon                       
	  	 Name: John
Sharp                                   
	  	
			
	
Title:  Director              
                            
	  	 Title:  Chief Financial
Officer                 
	  	

 [Signature Page to First Amendment to Loan and Security Agreement]EX-10.13

 Exhibit 10.13 

LEASE AGREEMENT 

LIBERTY PROPERTY LIMITED PARTNERSHIP 

Landlord 
 AND 

PHASEBIO PHARMACEUTICALS, INC. 

Tenant 
 AT 

1 Great Valley Parkway 

Malvern, PA 19355 

 LEASE AGREEMENT 

INDEX 
  

							
	§	 	Section	  	    Page
				
	 1.
	 	Basic Lease Terms and Definitions	  	2    	  	
	 2.
	 	Premises	  	3    	  	
	 3.
	 	Use	  	3    	  	
	 4.
	 	Term; Possession	  	3    	  	
	 5.
	 	Rent; Taxes	  	3    	  	
	 6.
	 	Operating Expenses	  	4    	  	
	 7.
	 	Utilities	  	4    	  	
	 8.
	 	Insurance; Waivers; Indemnification	  	4    	  	
	 9.
	 	Maintenance and Repairs	  	5    	  	
	 10.
	 	Compliance	  	6    	  	
	 11.
	 	Signs	  	7    	  	
	 12.
	 	Alterations	  	7    	  	
	 13.
	 	Mechanics’ Liens	  	7    	  	
	 14.
	 	Landlord’s Right of Entry	  	7    	  	
	 15.
	 	Damage by Fire or Other Casualty	  	8    	  	
	 16.
	 	Condemnation	  	8    	  	
	 17.
	 	Quiet Enjoyment	  	8    	  	
	 18.
	 	Assignment and Subletting	  	8    	  	
	 19.
	 	Subordination; Mortgagee’s Rights	  	9    	  	
	 20.
	 	Tenant’s Certificate; Financial Information	  	9    	  	
	 21.
	 	Surrender	  	9    	  	
	 22.
	 	Defaults - Remedies	  	10  	  	
	 23.
	 	Tenant’s Authority	  	12  	  	
	 24.
	 	Liability of Landlord	  	12  	  	
	 25.
	 	Miscellaneous	  	13  	  	
	 26.
	 	Notices	  	13  	  	
	 27.
	 	Security Deposit	  	14  	  	
			
	 Rider 1
	  		  	
			
	 Additional Definations
	  	R-l	  	
			
	 Rider 2
	  		  	
	 28.
	 	    Tenant Improvements	  	Rider2 – 1	  	
	 29.
	 	    Option to Extend Term	  	Rider2 – 1	  	
	 30.
	 	    ROFO Space	  	Rider2 – 1	  	
	 31.
	 	    Parking	  	Rider2 – 2	  	
	 32.
	 	    Broker	  	Rider2 – 2	  	
	 33.
	 	    Landlord’s Warranties	  	Rider2 – 2	  	

  
 i 

 THIS LEASE AGREEMENT is made by and between LIBERTY PROPERTY
LIMITED PARTNERSHIP, a Pennsylvania limited partnership (“Landlord”) and PHASEBIO PHARMACEUTICALS, INC., a corporation organized under the laws of Delaware (“Tenant”), and is dated as of the date on which this Lease
has been fully executed by Landlord and Tenant. 
 1.         Basic Lease Terms and
Definitions. 
 (a)        Premises: Suite 30, consisting of
approximately 15,881 rentable square feet as shown on Exhibit “A”. 

(b)        Building: Approximate rentable square feet: 60,880 

        Address: 1 Great Valley Parkway, Malvern, PA 19355 

(c)        Term: Sixty-four (64) months (plus any partial month from
the Commencement Date until the first day of the next full calendar month during the Term). 

(d)        Commencement Date: Date of Substantial Completion (as defined
in Section 28) of the Tenant Improvements (as defined in Section 28). 

(e)        Expiration Date: The last day of the Term, unless extended as
hereinafter provided. 
 (f)         Minimum Annual Rent: Payable in
monthly installments as follows: 
  

							
	 Lease Year
	  	 $/RSF Rate
	  	 Annual Basis
	  	 Monthly Installment

	 Months 1 – 12
	  	$14.85	  	$235,832.85	  	$19,652.74*
	 Months 13 – 24
	  	$15.35	  	$243,773.35	  	$20,314.45
	 Months 25 – 36
	  	$15.85	  	$251,713.85	  	$20,976.16
	 Months 37 – 48
	  	$16.35	  	$259,654.35	  	$21,637.87
	 Months 49 – 60
	  	$16.85	  	$267,594.85	  	$22,299.57
	 Months 61 – 64
	  	$17.35	  	$275,535.35	  	$22,961.28

 *Notwithstanding the foregoing, Tenant shall not be obligated to pay Minimum Annual Rent for
the first one hundred twenty (120) days of the Term. 

(g)        Annual Operating Expenses: $83,375.25, payable in monthly
installments of $6,947.94, subject to adjustment as provided in this Lease. (Electric costs to be paid by Tenant directly to provider.) Tenant shall pay Annual Operating Expenses throughout the Term, including but not limited to the first one
hundred twenty (120) days of the Term set forth in Section 1(f) above. 

(h)        Tenant’s Share: 26.1% (also see Definitions) 

(i)        Use: For general office, administrative and laboratory,
research and development uses. 
 (j)        Security Deposit: $45,922.56;
provided, however, if: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of
time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises, Landlord will return one-half of the Security Deposit ($22,961.28) to Tenant after the twenty-fourth (24th) full month of the Term. 

(k)         Addresses For Notices: 

 

			
	 Landlord:    Liberty Property Limited Partnership
	  	 Tenant:    Before the Commencement Date:

	     500 Chesterfield Parkway
	  	 4020 Aerial Center Parkway

	     Malvern, PA 19355
	  	 Suite 101

  
 2 

			
	 Attn: Senior Vice President/Regional Director
	  	 Morrisville, NC 27560

		  	 On or after the Commencement Date:

 Premises 
  

					
	 (1)
	  	 Guarantor: NONE
	  	
		
	 (m)
	  	 Additional Defined Terms: See Rider 1 for the definitions of other capitalized
terms.

		
	 (n)
	  	 Contents: The following are attached to and made a part of this
Lease:

		  	 Rider 1 – Additional Definitions

Rider 2 – Sections 28 – 33
	  	 Exhibits: “A” – Plan showing Premises

                “B” –
Building Rules

                “C” –
Estoppel Certificate Form

 2.        Premises. Landlord leases to
Tenant and Tenant leases from Landlord the Premises, together with the right in common with others to use the Common Areas. Tenant accepts the Premises, Building and Common Areas “AS IS”, without relying on any representation, covenant or
warranty by Landlord other than as expressly set forth in this Lease. Landlord and Tenant stipulate and agree to the rentable square footage set forth in Section 1(a) above without regard to actual measurement. 

3.        Use. Tenant shall occupy and use the Premises only for the Use
specified in Section 1 above. Tenant shall not permit any conduct or condition which may endanger, disturb or otherwise interfere with any other Building occupant’s normal operations or with the management of the Building. Tenant shall not
use or permit the use of any portion of the Property for outdoor storage or installations outside of the Premises. Tenant may use all Common Areas only for their intended purposes. Landlord shall have exclusive control of all Common Areas at all
times and not permit any unreasonable interference with Tenant’s ability to access to the Premises. 

4.        Term; Possession. The Term of this Lease shall commence on the
Commencement Date and shall end on the Expiration Date, except as may be otherwise extended herein, unless sooner terminated in accordance with this Lease. Provided that this Lease is fully executed and delivered to each party by no later than
January 22, 2010, if Landlord is delayed eight (8) weeks beyond the date that applicable government permits for the Tenant Improvements have been obtained, in delivering possession of all or any portion of the Premises to Tenant, Tenant
will take possession on the date Landlord delivers possession, which date will then become the Commencement Date (and the Expiration Date will be extended so that the length of the Term remains unaffected by such delay). Landlord shall not be liable
for any loss or damage to Tenant resulting from any delay in delivering possession due to the holdover of any existing tenant or other circumstances outside of Landlord’s reasonable control. 

5.        Rent; Taxes. Tenant agrees to pay to Landlord, without demand,
deduction or offset, Minimum Annual Rent and Annual Operating Expenses for the Term. Tenant shall pay the Monthly Rent, in advance, on the first day of each calendar month during the Term, at Landlord’s address designated in Section 1
above unless Landlord designates otherwise; provided that Monthly Rent for the first full month such rent is due shall be paid at the signing of this Lease. If the Commencement Date is not the first day of the month, the Monthly Rent (including
Tenant’s Share of Annual Operating Expenses) for that partial month shall be apportioned on a per diem basis and shall be paid on the Commencement Date. Tenant shall pay Landlord a service and handling charge equal to 5% of any Rent not paid
within 5 days after the date due. In addition, any Rent, including such charge, not paid within 5 days after the due date will bear interest at the Interest Rate from the date due to the date paid. Tenant shall pay before delinquent all taxes levied
or assessed upon, measured by, or arising from: (a) the conduct of Tenant’s business; (b) Tenant’s leasehold estate; or (c) Tenant’s property. Additionally, Tenant shall pay to Landlord all sales, use, transaction
privilege, or other excise tax that may at any time be levied or imposed upon, or measured by, any amount payable by Tenant under this Lease, provided that Tenant shall have the right to contest the amount or application of any such applied tax to
the taxing authority, at Tenant’s expense, and receive any refund obtained through such contest. 

  
 3 

 6.        Operating
Expenses. The amount of the Annual Operating Expenses set forth in Section 1(g) above represents Tenant’s Share of the estimated Operating Expenses for the calendar year in which the Term commences. Landlord may adjust such
amount from time to time if the estimated Annual Operating Expenses increase or decrease; Landlord may also invoice Tenant separately from time to time for Tenant’s Share of any extraordinary or unanticipated Operating Expenses. By April 30th of each year (and as soon as practical after the expiration or termination of this Lease or, at Landlord’s option, after a sale of the Property), Landlord shall provide Tenant with a statement
of Operating Expenses for the preceding calendar year or part thereof. Within 30 days after delivery of the statement to Tenant, Landlord or Tenant shall pay to the other the amount of any overpayment or deficiency then due from one to the other or,
at Landlord’s option, Landlord may credit Tenant’s account for any overpayment. If Tenant does not give Landlord notice within 30 days after receiving Landlord’s statement that Tenant disagrees with the statement and specifying the
items and amounts in dispute, Tenant shall be deemed to have waived the right to contest the statement. Landlord’s and Tenant’s obligation to pay any overpayment or deficiency due the other pursuant to this Section shall survive the
expiration or termination of this Lease. Notwithstanding any other provision of this Lease to the contrary, Landlord may, in its reasonable discretion, determine from time to time the method of computing and allocating Operating Expenses, including
the method of allocating Operating Expenses to various types of space within the Building to reflect any disparate levels of services provided to different types of space. If the Building is not fully occupied during any period, Landlord may make a
reasonable adjustment based on occupancy in computing the Operating Expenses for such period so that Operating Expenses are computed as though the Building had been fully occupied. 

7.        Utilities. Tenant shall pay for water, sewer, gas, electricity,
heat, power, telephone and other communication services and any other utilities supplied to the Premises. Except to the extent Landlord elects to provide any such services and invoice Tenant for the cost or include the cost in Operating Expenses,
Tenant shall obtain service in its own name and timely pay all charges directly to the provider. Landlord shall not be responsible or liable for any interruption in such services, nor shall such interruption affect the continuation or validity of
this Lease. Landlord shall have the exclusive right to select, and to change, the companies providing such services to the Building or Premises. Any wiring, cabling or other equipment necessary to connect Tenant’s telecommunications equipment
shall be Tenant’s responsibility, and shall be installed in a manner approved by Landlord. In the event Tenant’s consumption of any utility or other service included in Operating Expenses is excessive when compared with other occupants of
the Property, Landlord may invoice Tenant separately for, and Tenant shall pay on demand, the cost of Tenant’s excessive consumption, as reasonably determined by Landlord. 

8.        Insurance; Waivers; Indemnification. 

(a)        Landlord shall maintain insurance against loss or damage to the
Building or the Property with coverage for perils as set forth under the “Causes of Loss-Special Form” or equivalent property insurance policy in an amount equal to the full insurable replacement cost of the Building (excluding coverage of
Tenant’s personal property and any Alterations by Tenant), and such other insurance, including rent loss coverage, as Landlord may reasonably deem appropriate or as any Mortgagee may require. 

(b)        Tenant, at its expense, shall keep in effect commercial general
liability insurance, including blanket contractual liability insurance, covering Tenant’s use of the Property, with such coverages and limits of liability as Landlord may reasonably require, but not less than a $1,000,000 combined single limit
with a $5,000,000 general aggregate limit (which general aggregate limit may be satisfied by an umbrella liability policy) for bodily injury or property damage; however, such limits shall not limit Tenant’s liability hereunder. The policy shall
name Landlord, Liberty Property Trust and any other associated or affiliated entity as their interests may appear and at Landlord’s request, any Mortgagee(s), as additional insureds, shall be written on an “occurrence” basis and not
on a “claims made” basis and shall be endorsed to provide that it is primary to and not contributory to any policies carried by Landlord and to provide that it shall not be cancelable or reduced without at least 30 days prior notice to
Landlord. The insurer shall be authorized to issue such insurance, licensed to do business and admitted in the state in which the Property is located and rated at least A VII in the most current edition of Best’s Insurance Reports.
Tenant shall deliver to Landlord on or before the Commencement Date or 

  
 4 

 
any earlier date on which Tenant accesses the Premises, and at least 30 days prior to the date of each policy renewal, a certificate of insurance evidencing such coverage. 

(c)        Landlord and Tenant each waive, and release each other from and
against, all claims for recovery against the other for any loss or damage to the property of such party arising out of fire or other casualty coverable by a standard “Causes of Loss-Special Form” property insurance policy with, in the case
of Tenant, such endorsements and additional coverages as are considered good business practice in Tenant’s business, even if such loss or damage shall be brought about by the fault or negligence of the other party or its Agents; provided,
however, such waiver by Landlord shall not be effective with respect to Tenant’s liability described in Sections 9(b) and 10(d) below. This waiver and release is effective regardless of whether the releasing party actually maintains the
insurance described above in this subsection and is not limited to the amount of insurance actually carried, or to the actual proceeds received after a loss. Each party shall have its insurance company that issues its property coverage waive any
rights of subrogation, and shall have the insurance company include an endorsement acknowledging this waiver, if necessary. Tenant assumes all risk of damage of Tenant’s property within the Property, including any loss or damage caused by water
leakage, fire, windstorm, explosion, theft, act of any other tenant, or other cause. 

(d)        Subject to subsection (c) above, and except to the extent
caused by the negligence or willful misconduct of Landlord or its Agents, Tenant will indemnify, defend, and hold harmless Landlord and its Agents from and against any and all claims, actions, damages, liability and expense (including fees of
attorneys, investigators and experts) which may be asserted against, imposed upon, or incurred by Landlord or its Agents and arising out of or in connection with loss of life, personal injury or damage to property in or about the Premises or arising
out of the occupancy or use of the Property by Tenant or its Agents or occasioned wholly or in part by any act or omission of Tenant or its Agents, whether prior to, during or after the Term. Tenant’s obligations pursuant to this subsection
shall survive the expiration or termination of this Lease. 

(e)        Subject to subsection (c) above, Landlord will protect,
indemnify and hold harmless Tenant and its Agents from and against any and all claims, actions, damages, liability and expense (including reasonable fees of attorneys, investigators and experts) in connection with loss of life, personal injury or
damage to property caused to any person in or about the Premises occasioned wholly or in part by the negligence of Landlord or its Agents, except to the extent such loss, injury or damage was caused by the negligence of Tenant or its Agents. In case
any action or proceeding is brought against Tenant and/or its Agents by reason of the foregoing, Landlord, at its expense, shall resist and defend such action or proceeding, or cause the same to be resisted and defended by counsel (reasonably
acceptable to Tenant and its Agents) designated by the insurer whose policy covers such occurrence or by counsel designated by Landlord and approved by Tenant and its Agents. Landlord’s obligations pursuant to this Section shall survive the
expiration or termination of this lease. 
 9.        Maintenance and Repairs. 

(a)        Landlord shall Maintain the: (i) Building footings, foundations,
structural steel columns and girders at Landlord’s sole expense; (ii) Building roof and exterior walls; (iii) Building Systems; and (iv) Common Areas in accordance with comparable flex space buildings located within the Malvern,
PA market. Costs incurred by Landlord under the foregoing subsections (ii), (iii) and (iv) will be included in Operating Expenses, provided that to the extent any heating, ventilation and air conditioning system, or other Building System,
equipment or fixture exclusively serves the Premises, Landlord may elect either to Maintain the same at Tenant’s sole expense and bill Tenant directly or by notice to Tenant require Tenant to Maintain the same at Tenant’s expense. If
Tenant becomes aware of any condition that is Landlord’s responsibility to repair, Tenant shall promptly notify Landlord of the condition. 

(b)        Except as provided in subsection (a) above, Tenant at its sole
expense shall Maintain the Premises and all fixtures and equipment in the Premises; provided, however, Tenant’s obligation to Maintain shall not extend to (i) damage caused by Landlord or defects in the design and construction of the
Building, (ii) repairs whose costs are included in Operating Costs, and (iii) damage to the interior resulting from causes outside the Premises not required to be insured by Tenant. All repairs and replacements by Tenant shall utilize
materials and 

  
 5 

 
equipment which are comparable to those originally used in constructing the Building and Premises. Alterations, repairs and replacements to the Property, including the Premises, made necessary
because of Tenant’s Alterations or installations, any use or circumstances special or particular to Tenant, or any act or omission of Tenant or its Agents shall be made by Landlord or Tenant as set forth above, but at the sole expense of Tenant
to the extent not covered by any applicable insurance proceeds paid to Landlord. 

10.        Compliance. 

(a)        Tenant will, at its expense, promptly comply with all Laws now or
subsequently pertaining to the Premises that may be in effect from time to time pertaining to Tenant’s use or occupancy of the Premises. Tenant will pay any taxes or other charges by any authority on Tenant’s property or trade fixtures or
relating to Tenant’s use of the Premises. Neither Tenant nor its Agents shall use the Premises in any manner that under any Law would require Landlord to make any Alteration to or in the Building or Common Areas. Without limiting the foregoing,
Tenant shall not alter or change its use the Premises in any manner that would cause the Premises or the Property to be deemed a “place of public accommodation” under the ADA or any other law without the prior consent of the Landlord,
which may be withheld in the sole discretion of Landlord notwithstanding Section 25(g) to the contrary. Landlord agrees that is shall be solely responsible for compliance with all laws affecting the Building and Common areas outside the
Premises, including the ADA. The parties’ understanding is that the current use of the Premises does not make it a “place of public accommodation” under the ADA or other accessibility laws. If Tenant’s use changes, Tenant shall
be solely responsible for compliance with the ADA, and any other Laws regarding accessibility, with respect to the Premises made necessary by Tenant’s use or occupancy of the Premises. Provided, however, in the event that an employee of Tenant
is an otherwise qualified person with a disability, and requires structural modifications to the Building (the “Structural Modification”) as a reasonable accommodation to that disability, Landlord and Tenant agree to address the
appropriate allocation of payment for the Structural Modification at the time that such employee requests the Structural Modification. 

(b)        Tenant will comply, and will cause its Agents to comply, with the
Building Rules. Tenant shall be required to comply with only those Building Rules which do not conflict with the terms and conditions of this Lease. The terms of this Lease shall control any conflict with the terms of the rules and regulations. 

(c)        Tenant agrees not to do anything or fail to do anything which will
increase the cost of Landlord’s insurance or which will prevent Landlord from procuring policies (including public liability) from companies and in a form satisfactory to Landlord. If any breach of the preceding sentence by Tenant causes the
rate of fire or other insurance to be increased, Tenant shall pay the amount of such increase as additional Rent within 30 days after being billed. 

(d)        Tenant agrees that (i) no activity will be conducted on the
Premises that will use or produce any Hazardous Materials, except for activities which are part of the ordinary course of Tenant’s business and are conducted in accordance with all Environmental Laws (“Permitted Activities”); (ii) the
Premises will not be used for storage of any Hazardous Materials, except for materials used in the Permitted Activities which are properly stored in a manner and location complying with all Environmental Laws; (iii) no portion of the Premises
or Property will be used by Tenant or Tenant’s Agents for disposal of Hazardous Materials; (iv) Tenant will deliver to Landlord copies of all Material Safety Data Sheets and other written information prepared by manufacturers, importers or
suppliers of any chemical; and (v) Tenant will immediately notify Landlord of any violation by Tenant or Tenant’s Agents of any Environmental Laws or the release or suspected release of Hazardous Materials in, under or about the Premises,
and Tenant shall immediately deliver to Landlord a copy of any notice, filing or permit sent or received by Tenant with respect to the foregoing. If at any time during or after the Term, any portion of the Property is found to be contaminated by
Tenant or Tenant’s Agents or subject to conditions prohibited in this Lease caused by Tenant or Tenant’s Agents, Tenant will indemnify, defend and hold Landlord harmless from all claims, demands, actions, liabilities, costs, expenses,
attorneys’ fees, damages and obligations of any nature arising from or as a result thereof, and Landlord shall have the right to direct remediation activities, all of which shall be performed at Tenant’s cost. Tenant’s obligations
pursuant to this subsection shall survive the expiration or termination of this Lease. Tenant’s indemnification obligations shall not apply to events which occur at any time to the extent of the acts or omissions of the Landlord or its Agents;
or which arise out of and are 

  
 6 

 
directly caused by events occurring before Tenant took possession of the Premises; or events after the Landlord or its Agents have regained exclusive possession of the Premises. 

11.        Signs. Landlord will furnish Tenant building standard identification signage on
or beside the main entrance door to the Premises and standard identification signage on the Building monument sign located at the driveway entrance to the Property. Tenant shall not place any signs on the Property without the prior consent of
Landlord, other than signs that are located wholly within the interior of the Premises and not visible from the exterior of the Premises. Tenant shall maintain all signs installed by Tenant in good condition. Tenant shall remove its signs at the
termination of this Lease, shall repair any resulting damage, and shall restore the Property to its condition existing prior to the installation of Tenant’s signs. 

12.        Alterations. Except for
non-structural Alterations that (i) do not exceed $5,000 in the aggregate, (ii) are not visible from the exterior of the Premises, (iii) do not affect any Building System or the structural
strength of the Building, (iv) do not require penetrations into the floor, ceiling or walls, and (v) do not require work within the walls, below the floor or above the ceiling, Tenant shall not make or permit any Alterations in or to the
Premises without first obtaining Landlord’s consent, which consent shall not be unreasonably withheld. With respect to any Alterations made by or on behalf of Tenant (whether or not the Alteration requires Landlord’s consent): (i) not less
than 10 days prior to commencing any Alteration, Tenant shall deliver to Landlord the plans, specifications and necessary permits for the Alteration, together with certificates evidencing that Tenant’s contractors and subcontractors have
adequate insurance coverage naming Landlord, Liberty Property Trust and any other associated or affiliated entity as their interests may appear as additional insureds, (ii) Tenant shall obtain Landlord’s prior written approval of any
contractor or subcontractor, which approval shall not be unreasonably withheld, (iii) the Alteration shall be constructed with new materials, in a good and workmanlike manner, and in compliance with all Laws and the plans and specifications
delivered to, and, if required above, approved by Landlord, (iv) Tenant shall pay Landlord all reasonable costs and expenses in connection with Landlord’s review of Tenant’s plans and specifications, and of any supervision or
inspection of the construction Landlord deems necessary, and (v) upon Landlord’s request Tenant shall, prior to commencing any Alteration, provide Landlord reasonable security against liens arising out of such construction. Any Alteration
by Tenant shall be the property of Tenant until the expiration or termination of this Lease; at that time without payment by Landlord the Alteration shall remain on the Property and become the property of Landlord unless Landlord gives notice to
Tenant to remove it, in which event Tenant will remove it, will repair any resulting damage and will restore the Premises to the condition existing prior to Tenant’s Alteration. At Tenant’s request prior to Tenant making any Alterations,
Landlord will notify Tenant whether Tenant is required to remove the Alterations at the expiration or termination of this Lease. Tenant may install its trade fixtures, furniture and equipment in the Premises, provided that the installation and
removal of them will not affect any structural portion of the Property, any Building System or any other equipment or facilities serving the Building or any occupant. 

13.        Mechanics’ Liens. Tenant promptly shall pay for any labor,
services, materials, supplies or equipment furnished to Tenant in or about the Premises. Tenant shall keep the Premises and the Property free from any liens arising out of any labor, services, materials, supplies or equipment furnished or alleged to
have been furnished to Tenant. Tenant shall take all steps permitted by law in order to avoid the imposition of any such lien. Should any such lien or notice of such lien be filed against the Premises or the Property, Tenant shall discharge the same
by bonding or otherwise within 15 days after Tenant has notice that the lien or claim is filed regardless of the validity of such lien or claim. 

14.        Landlord’s Right of Entry. Tenant shall permit Landlord and its Agents to
enter the Premises at all reasonable times following reasonable notice (except in an emergency) by telephone and compliance with any health or safety procedures reasonably implemented by Tenant, to inspect, Maintain, or make Alterations to the
Premises or Property, to exhibit the Premises for the purpose of sale or financing, and, during the last 12 months of the Term, to exhibit the Premises to any prospective tenant. Landlord will make reasonable efforts not to inconvenience Tenant in
exercising such rights, but Landlord shall not be liable for any interference with Tenant’s occupancy resulting from Landlord’s entry. Tenant may at its option provide an escort to accompany Landlord and those persons authorized by it
during their entry (except in an emergency). 

  
 7 

 
15.        Damage by Fire or Other Casualty. If the Premises or Common Areas shall be damaged or destroyed by fire or other
casualty, Tenant shall promptly notify Landlord, and Landlord, subject to the conditions set forth in this Section, shall repair such damage and restore the Premises or Common Areas to substantially the same condition in which they were immediately
prior to such damage or destruction, but not including the repair, restoration or replacement of the fixtures, equipment, or Alterations installed by or on behalf of Tenant. Landlord shall notify Tenant, within 30 days after the date of the
casualty, if Landlord anticipates that the restoration will take more than 180 days from the date of the casualty to complete; in such event, either Landlord or Tenant (unless the damage was caused by Tenant) may terminate this Lease effective as of
the date of casualty by giving notice to the other within 10 days after Landlord’s notice. If a casualty occurs during the last 12 months of the Term, Landlord may terminate this Lease unless Tenant has the right to extend the Term for at least
3 more years and does so within 30 days after the date of the casualty. Moreover, Landlord may terminate this Lease if the loss is not covered by the insurance required to be maintained by Landlord under this Lease. Tenant will receive an abatement
of Minimum Annual Rent and Annual Operating Expenses to the extent the Premises are rendered untenantable as a result of the casualty. 

16.        Condemnation. If (a) all of the Premises are Taken,
(b) any part of the Premises is Taken and the remainder is insufficient in Landlord’s opinion for the reasonable operation of Tenant’s business, or (c) any of the Property is Taken, and, in Landlord’s opinion, it would be
impractical or the condemnation proceeds are insufficient to restore the remainder, then this Lease shall terminate as of the date the condemning authority takes possession. If this Lease is not terminated, Landlord shall restore the Building to a
condition as near as reasonably possible to the condition prior to the Taking, the Minimum Annual Rent shall be abated for the period of time all or a part of the Premises is untenantable in proportion to the square foot area untenantable, and this
Lease shall be amended appropriately. The compensation awarded for a Taking shall belong to Landlord. Except for any relocation benefits to which Tenant may be entitled, Tenant hereby assigns all claims against the condemning authority to Landlord,
including, but not limited to, any claim relating to Tenant’s leasehold estate. 

17.        Quiet Enjoyment. Landlord covenants that Tenant, upon
performing all of its covenants, agreements and conditions of this Lease, shall have quiet and peaceful possession of the Premises as against anyone claiming by or through Landlord, subject, however, to the terms of this Lease. 

18.        Assignment and Subletting. 

(a)        Except as provided in Section (b) below, Tenant shall not enter
into nor permit any Transfer voluntarily or by operation of law, without the prior consent of Landlord, which consent shall not be unreasonably withheld. Without limitation, Tenant agrees that Landlord’s consent shall not be considered
unreasonably withheld if (i) the proposed transferee is an existing tenant of Landlord or an affiliate of Landlord, (ii) the business, business reputation or creditworthiness of the proposed transferee is unacceptable to Landlord,
(iii) Landlord or an affiliate of Landlord has comparable space available for lease by the proposed transferee or (iv) Tenant is in default under this Lease or any act or omission has occurred which would constitute a default with the
giving of notice and/or the passage of time. A consent to one Transfer shall not be deemed to be a consent to any subsequent Transfer. In no event shall any Transfer relieve Tenant from any obligation under this Lease. Landlord’s acceptance of
Rent from any person shall not be deemed to be a waiver by Landlord of any provision of this Lease or to be a consent to any Transfer. Any Transfer not in conformity with this Section 18 shall be void at the option of Landlord. 

(b)        Landlord’s consent shall not be required in the event of any
Transfer by Tenant to an Affiliate provided that (i) the Affiliate has a tangible net worth at least equal to that of Tenant as of the date of this Lease, (ii) Tenant provides Landlord notice of the Transfer at least 15 days prior to the
effective date, together with current financial statements of the Affiliate certified by an executive officer of the Affiliate, and (iii) in the case of an assignment or sublease, Tenant delivers to Landlord an assumption agreement reasonably
acceptable to Landlord executed by Tenant and the Affiliate, together with a certificate of insurance evidencing the Affiliate’s compliance with the insurance requirements of Tenant under this Lease. 

  
 8 

 (c)        The provisions of
subsection (a) above notwithstanding, if Tenant proposes to Transfer all of the Premises (other than to an Affiliate), Landlord may terminate this Lease, either conditioned on execution of a new lease between Landlord and the proposed
transferee or without that condition. If Tenant proposes to enter into a Transfer of less than all of the Premises (other than to an Affiliate), Landlord may amend this Lease to remove the portion of the Premises to be transferred, either
conditioned on execution of a new lease between Landlord and the proposed transferee or without that condition. If this Lease is not so terminated or amended, Tenant shall pay to Landlord, immediately upon receipt, the excess of (i) all
compensation received by Tenant for the Transfer over (ii) the Rent allocable to the Premises transferred. 

(d)        If Tenant requests Landlord’s consent to a Transfer, Tenant
shall provide Landlord, at least 15 days prior to the proposed Transfer, current financial statements of the transferee certified by an executive officer of the transferee, a complete copy of the proposed Transfer documents, and any other
information Landlord reasonably requests. Immediately following any approved assignment or sublease, Tenant shall deliver to Landlord an assumption agreement reasonably acceptable to Landlord executed by Tenant and the transferee, together with a
certificate of insurance evidencing the transferee’s compliance with the insurance requirements of Tenant under this Lease. Tenant agrees to reimburse Landlord for reasonable administrative and attorneys’ fees in connection with the
processing and documentation of any Transfer for which Landlord’s consent is requested. 

19.        Subordination; Mortgagee’s Rights. 

(a)        Tenant accepts this Lease subject and subordinate to any Mortgage
now or in the future affecting the Premises, provided that Tenant’s right of possession of the Premises shall not be disturbed by the Mortgagee so long as Tenant is not in default under this Lease beyond any applicable cure period. This clause
shall be self-operative, but within 10 days after request, Tenant shall execute and deliver any further instruments confirming the subordination of this Lease and any further instruments of attornment that the Mortgagee may reasonably request.
However, any Mortgagee may at any time subordinate its Mortgage to this Lease, without Tenant’s consent, by giving notice to Tenant, and this Lease shall then be deemed prior to such Mortgage without regard to their respective dates of
execution and delivery; provided that such subordination shall not affect any Mortgagee’s rights with respect to condemnation awards, casualty insurance proceeds, intervening liens or any right which shall arise between the recording of such
Mortgage and the execution of this Lease. At the written request of Tenant, Landlord shall use reasonable efforts to request of any Mortgagee that such Mortgagee enter into a non-disturbance agreement with
Tenant in such form as is commercially reasonable. 
 (b)        No Mortgagee
shall be (i) liable for any act or omission of a prior landlord, (ii) subject to any rental offsets or defenses against a prior landlord, (iii) bound by any amendment of this Lease made without its written consent, or (iv) bound
by payment of Monthly Rent more than one month in advance or liable for any other funds paid by Tenant to Landlord unless such funds actually have been transferred to the Mortgagee by Landlord. 

(c)         The provisions of Sections 15 and 16 above notwithstanding,
Landlord’s obligation to restore the Premises after a casualty or condemnation shall be subject to the consent and prior rights of any Mortgagee. 

20.        Tenant’s Certificate; Financial Information. Within 10
days after Landlord’s request from time to time, (a) Tenant shall execute, acknowledge and deliver to Landlord, for the benefit of Landlord, Mortgagee, any prospective Mortgagee, and any prospective purchaser of Landlord’s interest in
the Property, an estoppel certificate in the form of attached Exhibit “C” (or other form requested by Landlord), modified as necessary to accurately state the facts represented, and (b) Tenant shall furnish to Landlord,
Landlord’s Mortgagee, prospective Mortgagee and/or prospective purchaser reasonably requested financial information. 

21.    Surrender. 

(a)         On the date on which this Lease expires or terminates, Tenant shall
return possession of the Premises to Landlord in good condition, except for ordinary wear and tear, and except for casualty damage, acts of Landlord or its Agents or other conditions that Tenant is not required to remedy under this Lease. Prior to
the 

  
 9 

 
expiration or termination of this Lease, Tenant shall remove from the Property all furniture, trade fixtures, equipment, wiring and cabling (unless Landlord directs Tenant otherwise), and all
other personal property installed by Tenant or its assignees or subtenants. Tenant shall repair any damage resulting from such removal and shall restore the Property to good order and condition. Any of Tenant’s personal property not removed as
required shall be deemed abandoned, and Landlord, at Tenant’s expense, may remove, store, sell or otherwise dispose of such property in such manner as Landlord may see fit and/or Landlord may retain such property or sale proceeds as its
property. If Tenant does not return possession of the Premises to Landlord in the condition required under this Lease, Tenant shall pay Landlord all resulting damages Landlord may suffer. 

(b)        If Tenant remains in possession of the Premises after the expiration
or termination of this Lease, Tenant’s occupancy of the Premises shall be that of a tenancy at will. Tenant’s occupancy during any holdover period shall otherwise be subject to the provisions of this Lease (unless clearly inapplicable),
except that the Monthly Rent shall be double the Monthly Rent payable for the last full month immediately preceding the holdover. No holdover or payment by Tenant after the expiration or termination of this Lease shall operate to extend the Term or
prevent Landlord from immediate recovery of possession of the Premises by summary proceedings or otherwise. Any provision in this Lease to the contrary notwithstanding, any holdover by Tenant shall constitute a default on the part of Tenant under
this Lease entitling Landlord to exercise, without obligation to provide Tenant any notice or cure period, all of the remedies available to Landlord in the event of a Tenant default, and Tenant shall be liable for all damages, including
consequential damages, that Landlord suffers as a result of the holdover. 

22.        Defaults - Remedies. 

(a)        It shall be an Event of Default: 

(i)        If Tenant does not pay in full when due any and all Rent and, except as
provided in Section 22(d) below, Tenant fails to cure such default on or before the date that is 5 days after Landlord gives Tenant notice of default; 

(ii)        If Tenant enters into or permits any Transfer in violation of
Section 18 above; 
 (iii)        If Tenant fails to observe and perform or
otherwise breaches any other provision of this Lease, and, except as provided in Section 22(d) below, Tenant fails to cure the default on or before the date that is 10days after Landlord gives Tenant notice of default; provided, however, if the
default cannot reasonably be cured within 10 days following Landlord’s giving of notice, Tenant shall be afforded additional reasonable time (not to exceed 30 days following Landlord’s notice) to cure the default if Tenant begins to cure
the default within 10 days following Landlord’s notice and continues diligently in good faith to completely cure the default; or 

(iv)        If Tenant becomes insolvent or makes a general assignment for the benefit
of creditors or offers a settlement to creditors, or if a petition in bankruptcy or for reorganization or for an arrangement with creditor sunder any federal or state law is filed by or against Tenant, or a bill in equity or other proceeding for the
appointment of a receiver for any of Tenant’s assets is commenced, or if any of the real or personal property of Tenant shall be levied upon; provided that any proceeding brought by anyone other than Landlord or Tenant under any bankruptcy,
insolvency, receivership or similar law shall not constitute an Event of Default until such proceeding has continued unstayed for more than 60 consecutive days. 

(b)        If an Event of Default occurs, Landlord shall have the following
rights and remedies: 
 (i)         Landlord, without any obligation to do so, may
elect to cure the default on behalf of Tenant, in which event Tenant shall reimburse Landlord upon demand for any sums paid or costs incurred by Landlord (together with an administrative fee of 15% thereof) in curing the default, plus interest at
the Interest Rate from the respective dates of Landlord’s incurring such costs, which sums and costs together with interest at the Interest Rate shall be deemed additional Rent; 

  
 10 

 (ii)        By lawful means, enter
and repossess the Premises, and remove all persons and all or any property, by action at law or otherwise, without being liable for prosecution or damages. Landlord may, at Landlord’s option, make Alterations and repairs in order to relet the
Premises and relet all or any part(s) of the Premises for Tenant’s account. Tenant agrees to pay to Landlord on demand any deficiency (taking into account all costs incurred by Landlord) that may arise by reason of such reletting. In the event
of reletting without termination of this Lease, Landlord may at any time thereafter elect to terminate this Lease for such previous breach; 

(iii)        To accelerate the whole or any part of the Rent for the balance of the
Term, and declare the same to be immediately due and payable; and 
 (iv)        To
terminate this Lease and the Term without any right on the part of Tenant to save the forfeiture by payment of any sum due or by other performance of any condition, term or covenant broken. 

(c)         In addition to the rights and remedies provided in subsection
(b) above, if an Event of Default occurs relating to Tenant’s non-payment of the Rent due hereunder, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania
to appear for Tenant and to confess judgment against Tenant, and in favor of Landlord, for all Rent due hereunder plus costs and an attorney’s collection commission equal to the greater of 10% of all Rent or $1,000, for which this Lease or a
true and correct copy hereof shall be good and sufficient warrant. TENANT UNDERSTANDS THAT THE FOREGOING PERMITS LANDLORD TO ENTER A JUDGMENT AGAINST TENANT WITHOUT PRIOR NOTICE OR HEARING. ONCE SUCH A JUDGMENT HAS BEEN ENTERED AGAINST TENANT,
ONE OR MORE WRITS OF EXECUTION OR WRITS OF GARNISHMENT MAY BE ISSUED THEREON WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING, AND, PURSUANT TO SUCH WRITS, LANDLORD MAY CAUSE THE SHERIFF OF THE COUNTY IN WHICH ANY PROPERTY OF TENANT IS LOCATED
TO SEIZE TENANT’S PROPERTY BY LEVY OR ATTACHMENT. IF THE JUDGMENT AGAINST TENANT REMAINS UNPAID AFTER SUCH LEVY OR ATTACHMENT, LANDLORD CAN CAUSE SUCH PROPERTY TO BE SOLD BY THE SHERIFF EXECUTING THE WRITS, OR, IF SUCH PROPERTY CONSISTS OF A
DEBT OWED TO TENANT BY ANOTHER ENTITY, LANDLORD CAN CAUSE SUCH DEBT TO BE PAID DIRECTLY TO LANDLORD IN AN AMOUNT UP TO BUT NOT TO EXCEED THE AMOUNT OF THE JUDGMENT OBTAINED BY LANDLORD AGAINST TENANT, PLUS THE COSTS OF THE EXECUTION. Such
authority shall not be exhausted by one exercise thereof, but judgment may be confessed as aforesaid from time to time as often as any of the Rent and other sums shall fall due or be in arrears, and such powers may be exercised as well after the
expiration of the initial term of this Lease and during any extended or renewal term of this Lease and after the expiration of any extended or renewal term of this Lease. 

Initials on behalf of Tenant: CP 

(d)        Any provision to the contrary in this Section 22
notwithstanding, (i) Landlord shall not be required to give Tenant the notice and opportunity to cure provided in Section 22(a) above more than twice in any consecutive 12-month period, and
thereafter Landlord may declare an Event of Default without affording Tenant any of the notice and cure rights provided under this Lease, and (ii) Landlord shall not be required to give such notice prior to exercising its rights if Tenant fails
to comply with the provisions of Sections 13, 20 or 27 or in an emergency. 

(e)        No waiver by Landlord of any breach by Tenant shall be a waiver of
any subsequent breach, nor shall any forbearance by Landlord to seek a remedy for any breach by Tenant be a waiver by Landlord of any rights and remedies with respect to such or any subsequent breach. Efforts by Landlord to mitigate the damages
caused by Tenant’s default shall not constitute a waiver of Landlord’s right to recover damages hereunder. No right or remedy herein conferred upon or reserved to Landlord is intended to be exclusive of any other right or remedy provided
herein or by law, but each shall be cumulative and in addition to every other right or remedy given herein or now or hereafter existing at law or in equity. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the total
amount due Landlord under this Lease shall be deemed to be other than 

  
 11 

 on account, nor shall any endorsement or statement on any check or payment be deemed an
accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of Rent due, or Landlord’s right to pursue any other available remedy. 

(f)        If either party commences an action against the other party arising
out of or in connection with this Lease, the prevailing party shall be entitled to have and recover from the other party attorneys’ fees, costs of suit, investigation expenses and discovery costs, including costs of appeal. 

(g)        Landlord and Tenant waive the right to a trial by jury in any action
or proceeding based upon or related to, the subject matter of this Lease. 

(h)        When this Lease and the Term or any extension thereof shall have
been terminated on account of any default by Tenant, or when the Term or any extension thereof shall have expired, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania to appear for Tenant and for anyone
claiming by, through or under Tenant and to confess judgment against all such parties, and in favor of Landlord, in ejectment and for the recovery of possession of the Premises, for which this Lease or a true and correct copy hereof shall be good
and sufficient warrant. AFTER THE ENTRY OF ANY SUCH JUDGMENT A WRIT OF POSSESSION MAY BE ISSUED THEREON WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING. If for any reason after such action shall have been commenced it shall be
determined and possession of the Premises remain in or be restored to Tenant, Landlord shall have the right for the same default and upon any subsequent default(s) or upon the termination of this Lease or Tenant’s right of possession as herein
set forth, to again confess judgment as herein provided, for which this Lease or a true and correct copy hereof shall be good and sufficient warrant. 

Initials on behalf of Tenant: CP 

(i)        The warrants to confess judgment set forth above shall continue in
full force and effect and be unaffected by amendments to this Lease or other agreements between Landlord and Tenant even if any such amendments or other agreements increase Tenant’s obligations or expand the size of the Premises. 

(j)         TENANT EXPRESSLY AND ABSOLUTELY KNOWINGLY AND EXPRESSLY WAIVES
AND RELEASES (i) ANY RIGHT, INCLUDING, WITHOUT LIMITATION, UNDER ANY APPLICABLE STATUTE, WHICH TENANT MAY HAVE TO RECEIVE A NOTICE TO QUIT PRIOR TO LANDLORD COMMENCING AN ACTION FOR REPOSSESSION OF THE PREMISES AND (ii) ANY RIGHT WHICH
TENANT MAY HAVE TO NOTICE AND TO HEARING PRIOR TO A LEVY UPON OR ATTACHMENT OF TENANT’S PROPERTY OR THEREAFTER AND (iii) ANY PROCEDURAL ERRORS IN CONNECTION WITH THE ENTRY OF ANY SUCH JUDGMENT OR IN THE ISSUANCE OF ANY ONE OR MORE WRITS OF
POSSESSION OR EXECUTION OR GARNISHMENT THEREON. 
 Initials on behalf of Tenant: CP 

23.        Tenant’s Authority. Tenant represents and warrants to Landlord
that: (a) Tenant is duly formed, validly existing and in good standing under the laws of the state under which Tenant is organized, and qualified to do business in the state in which the Property is located, and (b) the person(s) signing
this Lease are duly authorized to execute and deliver this Lease on behalf of Tenant. 

24.        Liability of Landlord. The word “Landlord” in this
Lease includes the Landlord executing this Lease as well as its successors and assigns, each of which shall have the same rights, remedies, powers, authorities and privileges as it would have had it originally signed this Lease as Landlord. Any such
person or entity, whether or not named in this Lease, shall have no liability under this Lease after it ceases to hold title to the Premises except for obligations already accrued (and, as to any unapplied portion of Tenant’s Security Deposit,
Landlord shall be relieved of all liability upon transfer of such portion to its successor in interest). Tenant shall look solely to Landlord’s successor in interest for the performance of the covenants and obligations of the Landlord hereunder

  
 12 

 which subsequently accrue. Landlord shall not be deemed to be in default under this Lease
unless Tenant gives Landlord notice specifying the default and Landlord fails to cure the default within a reasonable period following Tenant’s notice. In no event shall Landlord be liable to Tenant for any loss of business or profits of Tenant
or for consequential, punitive or special damages of any kind. Neither Landlord nor any principal of Landlord nor any owner of the Property, whether disclosed or undisclosed, shall have any personal liability with respect to any of the provisions of
this Lease or the Premises; Tenant shall look solely to the equity of Landlord in the Property for the satisfaction of any claim by Tenant against Landlord. 

25.        Miscellaneous. 

(a)        The captions in this Lease are for convenience only, are not a part
of this Lease and do not in any way define, limit, describe or amplify the terms of this Lease. 

(b)        This Lease represents the entire agreement between the parties
hereto and there are no collateral or oral agreements or understandings between Landlord and Tenant with respect to the Premises or the Property. No rights, easements or licenses are acquired in the Property or any land adjacent to the Property by
Tenant by implication or otherwise except as expressly set forth in this Lease. This Lease shall not be modified in any manner except by an instrument in writing executed by the parties. The masculine (or neuter) pronoun and the singular number
shall include the masculine, feminine and neuter genders and the singular and plural number. The word “including” followed by any specific item(s) is deemed to refer to examples rather than to be words of limitation. The word
“person” includes a natural person, a partnership, a corporation, a limited liability company, an association and any other form of business association or entity. Both parties having participated fully and equally in the negotiation and
preparation of this Lease, this Lease shall not be more strictly construed, nor any ambiguities in this Lease resolved, against either Landlord or Tenant. 

(c)        Each covenant, agreement, obligation, term, condition or other
provision contained in this Lease shall be deemed and construed as a separate and independent covenant of the party bound by, undertaking or making the same, not dependent on any other provision of this Lease unless otherwise expressly provided. All
of the terms and conditions set forth in this Lease shall apply throughout the Term unless otherwise expressly set forth herein. 

(d)        If any provisions of this Lease shall be declared unenforceable in
any respect, such unenforceability shall not affect any other provision of this Lease, and each such provision shall be deemed to be modified, if possible, in such a manner as to render it enforceable and to preserve to the extent possible the
intent of the parties as set forth herein. This Lease shall be construed and enforced in accordance with the laws of the state in which the Property is located. 

(e)        This Lease shall be binding upon and inure to the benefit of
Landlord and Tenant and their respective heirs, personal representatives and permitted successors and assigns. All persons liable for the obligations of Tenant under this Lease shall be jointly and severally liable for such obligations. 

(f)        Tenant shall not record this Lease or any memorandum without
Landlord’s prior consent. 
 (g)        A party’s consent/approval
shall not be unreasonably withheld, conditioned, or delayed. Whenever a party is authorized to use its discretion in deciding to take or taking action under the Lease, such exercise shall be subject to a standard of commercial reasonableness. 

26.        Notices. Any notice, consent or other communication under this
Lease shall be in writing and addressed to Landlord or Tenant at their respective addresses specified in Section 1 above (or to such other address as either may designate by notice to the other) with a copy to any Mortgagee or other party
designated by Landlord. Each notice or other communication shall be deemed given if sent by prepaid overnight delivery service or by certified mail, return receipt requested, postage prepaid or in any other manner, with delivery in any case
evidenced by a receipt, and shall be deemed to have been given on the day of actual delivery to the intended recipient or on the 

  
 13 

 business day delivery is refused. The giving of notice by Landlord’s attorneys,
representatives and agents under this Section shall be deemed to be the acts of Landlord. 

27.         Security Deposit. At the time of signing this Lease, Tenant
shall deposit with Landlord the Security Deposit to be retained by Landlord as cash security for the faithful performance and observance by Tenant of the provisions of this Lease. Tenant shall not be entitled to any interest on the Security Deposit.
Landlord shall have the right to commingle the Security Deposit with its other funds. Landlord may use the whole or any part of the Security Deposit for the payment of any amount as to which Tenant is in default or to compensate Landlord for any
loss or damage it may suffer by reason of Tenant’s default under this Lease. If Landlord uses all or any portion of the Security Deposit as herein provided, within 10 days after demand, Tenant shall pay Landlord cash in an amount equal to that
portion of the Security Deposit used by Landlord. Subject to Section l(j) of this Lease, if Tenant complies fully and faithfully with all of the provisions of this Lease, the Security Deposit shall be returned to Tenant after the Expiration Date and
surrender of the Premises to Landlord. 
 {the next page is the signature page} 

  
 14 

 Landlord and Tenant have executed this Lease on the respective date(s) set
forth below. 
  

							
		 		 	Landlord:
			
		 		 	LIBERTY PROPERTY LIMITED PARTNERSHIP
				
		 		 	By:	 	Liberty Property Trust, Sole General Partner
		 		 		 	
		 		 		 	
	Date signed:	 		 	
				
	1/15/10	 		 	By:	 	 /s/ JAMES J. DOWES

		 		 		 	Name:  James J. Dowes
		 		 		 	Title:    Secretary, General Counsel
			
	Date signed:	 		 	Tenant:
			
	1/15/10	 		 	PHASEBIO PHARMACEUTICALS, INC.
				
		 		 		 	
	Attest/Witness:	 		 	
				
	/s/ J. Underwood	 		 	By:	 	 /s/ Christopher Prior

	Name: J. Underwood	 		 		 	Name:  Christopher Prior
		 		 		 	Title:    Chief Executive Offer

  
 15 

 Rider 1 to Lease Agreement 

(Multi-Tenant Industrial) 

ADDITIONAL DEFINITIONS 

“ADA” means the Americans With Disabilities Act of 1990 (42 U.S.C. § 1201 et seq.), as amended and supplemented from time to
time. 
 “Affiliate” means (i) any entity controlling, controlled by, or under common control of, Tenant, (ii) any
successor to Tenant by merger, consolidation or reorganization, and (iii) any purchaser of all or substantially all of the assets of Tenant as a going concern. 

“Agents” of a party means such party’s employees, agents, representatives, contractors, licensees or invitees. 

“Alteration” means any addition, alteration or improvement to the Premises or Property, as the case may be. 

“Building Rules” means the rules and regulations attached to this Lease as Exhibit “B” as they may be
amended from time to time. 
 “Building Systems” means any electrical, mechanical, structural, plumbing, heating, ventilating, air
conditioning, sprinkler, life safety or security systems serving the Building. 
 “Common Areas” means all areas and facilities as
provided by Landlord from time to time for the use or enjoyment of all tenants in the Building or Property, including, if applicable, driveways, sidewalks, parking, loading and landscaped areas. 

“Environmental Laws” means all present or future federal, state or local laws, ordinances, rules or regulations (including the rules
and regulations of the federal Environmental Protection Agency and comparable state agency) relating to the protection of human health or the environment. 

“Event of Default” means a default described in Section 22(a) of this Lease. 

“Hazardous Materials” means pollutants, contaminants, toxic or hazardous wastes or other materials the removal of which is required
or the use of which is regulated, restricted, or prohibited by any Environmental Law. 
 “Interest Rate” means interest at the
rate of 1 1⁄2% per month. 
 “Land”
means the lot or plot of land on which the Building is situated or the portion thereof allocated by Landlord to the Building. 

“Laws” means all laws, ordinances, rules, orders, regulations, guidelines and other requirements of federal, state or local
governmental authorities or of any private association or contained in any restrictive covenants or other declarations or agreements, now or subsequently pertaining to the Property or the use and occupation of the Property. 

“Lease Year” means the period from the Commencement Date through the succeeding 12 full calendar months (including for the first
Lease Year any partial month from the Commencement Date until the first day of the first full calendar month) and each successive 12-month period thereafter during the Term. 

“Maintain” means to provide such maintenance, repair and, to the extent necessary and appropriate, replacement, as may be needed to
keep the subject property in good condition and repair. 

 “Monthly Rent” means the monthly installment of Minimum Annual Rent plus the
monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease. 
 “Mortgage” means any mortgage,
deed of trust or other lien or encumbrance on Landlord’s interest in the Property or any portion thereof, including without limitation any ground or master lease if Landlord’s interest is or becomes a leasehold estate. 

“Mortgagee” means the holder of any Mortgage, including any ground or master lessor if Landlord’s interest is or becomes a
leasehold estate. 
 “Operating Expenses” means all costs, fees, charges and expenses incurred or charged by Landlord in
connection with the ownership, operation, maintenance and repair of, and services provided to, the Property, including, but not limited to, (i) the charges at standard retail rates for any utilities provided by Landlord pursuant to
Section 7 of this Lease, (ii) the cost of insurance carried by Landlord pursuant to Section 8 of this Lease together with the cost of any deductible paid by Landlord in connection with an insured loss, (iii) Landlord’s cost
to Maintain the Property, subject to the provisions of Section 9 of this Lease, (iv) the cost of trash collection, (v) to the extent not otherwise payable by Tenant pursuant to Section 5 of this Lease, all levies, taxes
(including real estate taxes, sales taxes and gross receipt taxes), assessments, liens, license and permit fees, together with the reasonable cost of contesting any of the foregoing, which are applicable to the Term, and which are imposed by any
authority or under any Law, or pursuant to any recorded covenants or agreements, upon or with respect to the Property, or any improvements thereto, or directly upon this Lease or the Rent or upon amounts payable by any subtenants or other occupants
of the Premises, or against Landlord because of Landlord’s estate or interest in the Property, (vi) the annual amortization (over their estimated economic useful life or payback period, whichever is shorter) of the costs (including
reasonable financing charges) of capital improvements or replacements, and (vii) a management and administrative fee. The foregoing notwithstanding, Operating Expenses will not include: (i) depreciation on the Building, (ii) financing
and refinancing costs (except as provided above), interest on debt or amortization payments on any mortgage, or rental under any ground or underlying lease, (iii) leasing commissions, advertising expenses, tenant improvements or other costs
directly related to the leasing of the Property, or (iv) income, excess profits or corporate capital stock tax imposed or assessed upon Landlord, unless such tax or any similar tax is levied or assessed by the taxing authority in lieu of all or
any part of any taxes includable in Operating Expenses above. If Landlord elects to prepay real estate taxes during any discount period, Landlord shall be entitled to the benefit of any such prepayment. Landlord shall have the right to directly
perform (by itself or through an affiliate) any services provided under this Lease provided that the Landlord’s charges included in Operating Expenses for any such services shall not exceed competitive market rates for comparable services. 

“Property” means the Land, the Building, the Common Areas, and all appurtenances to them. 

“Rent” means the Minimum Annual Rent, Annual Operating Expenses and any other amounts payable by Tenant to Landlord under this
Lease. 
 “Taken” or “Taking” means acquisition by a public authority having the power of eminent domain by condemnation
or conveyance in lieu of condemnation. 
 “Tenant’s Share” means the percentage obtained by dividing the rentable square feet
of the Premises by the rentable square feet of the Building, as set forth in Section 1 of this Lease. 
 “Transfer” means
(i) any assignment, transfer, pledge or other encumbrance of all or a portion of Tenant’s interest in this Lease, (ii) any sublease, license or concession of all or a portion of Tenant’s interest in the Premises, or
(iii) any transfer of a controlling interest in Tenant. 

 Rider 2 to Lease Agreement 

28.        Tenant Improvements. 

The Premises is leased to Tenant in its as is condition; provided, however, Landlord shall complete the following work in the
Premises using Landlord standard finishes (the “Tenant Improvements”): (a) perform necessary work to the existing bathrooms and kitchen in the Premises to comply with all applicable laws and requirements of the governmental authorities
having jurisdiction; (b) demise the Premises from the remainder of the space of which the Premises is a part; (c) provide separate utilities for the Premises from the remainder of the space of which the Premises is a part;
(d) construct one (1) unisex restroom in the Premises and (e) separately meter the utilities serving the Premises. Landlord shall use commercially reasonable efforts to have the Tenant Improvements substantially completed ready for
use and occupancy by Tenant within eight (8) weeks after receipt of all required Township and building permits for the Tenant Improvements (the “Target Date”), subject to extension for delays due to any cause beyond the reasonable
control of Landlord or Landlord’s contractors or suppliers and for delays due to Tenant or Tenant’s contractors, employees, or agents. All construction shall be done using Landlord standard materials and finishes in a good and workmanlike
manner and shall comply at the time of completion with all applicable laws and requirements of the governmental authorities having jurisdiction. “Substantial Completion” means that the Tenant Improvements have been substantially completed,
except for minor details of construction or decoration or mechanical adjustments, as evidenced by a permanent or temporary Certificate of Occupancy issued by proper governmental authority and provided to Tenant, if required, and that the Premises
may be used by Tenant without interference for the use permitted under this Lease; provided, however, if the date of substantial completion is delayed by Tenant, the Term shall commence as if the Premises were substantially complete on the Target
Date, as extended for reasons other than those caused by Tenant. 
 29.        Option To
Extend Term. (A) Provided that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of
notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises, Tenant shall have the right and option (“Extension Option”) to extend the Term for one (1) additional
period of three (3) years (the “Renewal Term”), exercisable in the following manner. If Tenant intends to exercise the Extension Option under this Section, Tenant shall give Landlord written notice not less than nine (9) months in
advance of the scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any Affiliate or other party. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market
rental rate for the Premises based upon the then market rate for comparable office space in Class “A” buildings, located within the Malvern office market. If Tenant accepts such determination in writing within fifteen days of delivery of
Landlord’s market rent notice, and, if requested by Landlord, enters into a lease amendment extending the term of the Lease within such fifteen days as provided in this Section, the Extension Option shall be effective. If Tenant does not accept
Landlord’s determination of market rent within fifteen days, or does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain sixty-four
(64) months from the Commencement Date. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows: 

(i)        the Extension Option period shall begin at the original Expiration Date,
and thereafter the Expiration Date shall be one hundred (100) months from the Commencement Date; 

(ii)        all references to the Term in this Lease shall be deemed to mean the Term
as extended pursuant to this Section; 
 (iii)        after the Extension Option,
there shall be no further options to extend; and 
 (iv)        the Minimum Annual
Rent payable by Tenant shall be the greater of the then market rate as reasonably determined by Landlord above, or the Minimum Annual Rent for the immediately preceding lease year. 

 30.        ROFO Space. The
space in the Building contiguous to the Premises, consisting of approximately 20,073 rentable square feet (the “ROFO Space”) is on the date of this Lease not leased to other tenants. If Landlord intends to lease the ROFO Space to a tenant
during the initial twenty-eight (28) months of the Term, and provided that (i) Landlord has not given Tenant notice of default more than two (2) times within the immediately preceding twelve (12) month period, (ii) there
then exists no event of default by Tenant under this Lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant is the sole occupant of the Premises, then Tenant shall have a one-time right of first offer (“ROFO Option”) to lease the ROFO Space, in the following manner: 

(a)        Landlord shall notify Tenant when it intends to lease the ROFO
Space to a prospective tenant and Tenant shall have seven (7) days following receipt of such notice within which to notify Landlord in writing that Tenant is interested in negotiating terms for leasing such ROFO Space and to have its offer
considered by Landlord prior to the leasing by Landlord of the ROFO Space to a third party. If Tenant notifies Landlord within such time period that Tenant is so interested, then Landlord shall notify Tenant in writing of Landlord’s calculation
of rent and other terms proposed to be applicable to the ROFO Space, for a term coterminous with the Term of this Lease, which shall be equivalent to fair market rental value as determined by Landlord in its sole discretion, which Landlord proposes
to be applicable to the ROFO Space, which shall either be on an “as is” basis or with a retrofit allowance, as Landlord shall determine (“Landlord’s Notice of ROFO Terms”). d shall include with Landlord’s Notice of ROFO
Terms data in support of Landlord’s calculation of fair market rental value. Within fifteen (15) days following Tenant’s receipt of Landlord’s Notice of ROFO Terms, Tenant shall notify Landlord in writing (the “Tenant ROFO
Response”) that Tenant either (1) accepts Landlord’s calculation of rent and terms for the ROFO Space, or (2) withdraws its notice of interest in leasing the ROFO Space and waives its right to lease the ROFO Space under this
Lease. If Tenant fails to issue the Tenant ROFO Response within the time and in the manner set forth herein, Tenant will be deemed to have withdrawn its notice of interest in leasing the ROFO Space and waived its right to lease the ROFO Space under
this Lease. Landlord and Tenant shall have fifteen (15) days following Landlord’s receipt of the Tenant ROFO Response within which to negotiate mutually satisfactory terms for the leasing of the ROFO Space by Tenant on the terms contained
in Landlord’s Notice of ROFO Terms and to execute an amendment to this Lease incorporating such terms or a new lease for the ROFO Space. Notwithstanding the foregoing, the parties intend that any ROFO Space leased by Tenant pursuant to this
Section 30 shall be, to the fullest extent possible, contiguous. Under no circumstances shall Tenant have the right under this Section 30 to lease more or less than 20,073 square feet of the ROFO space. 

(b)        If Tenant does not notify Landlord within such seven (7) days
of its interest in leasing the ROFO Space, or if Tenant does not issue the Tenant ROFO Response within such fifteen (15) days, or if Tenant does not execute such amendment or lease within such fifteen (15) days, if applicable, then this
right of first offer to lease the ROFO Space will lapse and be of no further force or effect and Landlord shall have the right to lease all or part of the ROFO Space to any other party at any time on any terms and conditions acceptable to Landlord.

 (c)        If Tenant provides such notice, the term of the ROFO Space
will commence (the “ROFO Space Commencement Date”) upon the date that tenant improvements to the ROFO Space are Substantially Completed (as defined in Section 28 above), and shall be coterminous with the Term set forth in
Section 1. The ROFO Space will be part of the Premises for all purposes under this Lease on and after the ROFO Space Commencement Date. 

(d)        This option is a one-time
right that is personal to Tenant and is non-transferable to any assignee or sublessee (regardless of whether any such assignment of sublease was made with or without Landlord’s consent) or other party.

 31.        Parking. Landlord shall provide Tenant, at no charge, on a non-exclusive and non-reserved basis during the Term 3.00 parking spaces per 1,000 rsf of the Premises, which use shall be in common with Landlord and other tenants and
occupants of the Building. 

 32.        Broker. The parties
agree that they have dealt with no brokers in connection with this lease, except for CB Richard Ellis (“Broker”), whose commission shall be paid by Landlord pursuant to separate agreement. Landlord agrees to indemnify Tenant and hold
Tenant harmless from the commission payable to Broker, and each party agrees to indemnify and hold the other harmless from any and all claims arising out of a breach of the foregoing representation. 

33.        Landlord’s Warranties Landlord warrants to its actual knowledge
that as of the date hereof all the Building Systems are functional and in good working order. 

 

 

 EXHIBIT “B” 

BUILDING RULES 

1.        Any sidewalks, lobbies, passages and stairways shall not be obstructed or
used by Tenant for any purpose other than ingress and egress from and to the Premises. Landlord shall in all cases retain the right to control or prevent access by all persons whose presence, in the judgment of Landlord, shall be prejudicial to the
safety, peace or character of the Property. 
 2.        The toilet rooms, toilets,
urinals, sinks, faucets, plumbing or other service apparatus of any kind shall not be used for any purposes other than those for which they were installed, and no sweepings, rubbish, rags, ashes, chemicals or other refuse or injurious substances
shall be placed therein or used in connection therewith or left in any lobbies, passages, elevators or stairways. 

3.        Tenant shall not impair in any way the fire safety system and shall comply
with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governmental agency. No person shall go on the roof without Landlord’s prior written permission. 

4.        Skylights, windows, doors and transoms shall not be covered or obstructed by
Tenant, and Tenant shall not install any window covering which would affect the exterior appearance of the Building, except as approved in writing by Landlord. Tenant shall not remove, without Landlord’s prior written consent, any shades,
blinds or curtains in the Premises. 
 5.        Without Landlord’s prior
written consent, Tenant shall not hang, install, mount, suspend or attach anything from or to any sprinkler, plumbing, utility or other lines. If Tenant hangs, installs, mounts, suspends or attaches anything from or to any doors, windows, walls,
floors or ceilings, Tenant shall spackle and sand all holes and repair any damage caused thereby or by the removal thereof at or prior to the expiration or termination of the Lease. If Tenant elects to seal the floor, Tenant shall seal the entire
unfinished floor area within the Premises. 
 6.        Tenant shall not change any
locks nor place additional locks upon any doors. 
 7.        Tenant shall not use
nor keep in the Building any matter having an offensive odor, nor explosive or highly flammable material, nor shall any animals other than handicap assistance dogs in the company of their masters be brought into or kept in or about the Property.

 8.        If Tenant desires to introduce electrical, signaling, telegraphic,
telephonic, protective alarm or other wires, apparatus or devices, Landlord shall direct where and how the same are to be placed, and except as so directed, no installation boring or cutting shall be permitted. Landlord shall have the right to
prevent and to cut off the transmission of excessive or dangerous current of electricity or annoyances into or through the Building or the Premises and to require the changing of wiring connections or layout at Tenant’s expense, to the extent
that Landlord may deem necessary, and further to require compliance with such reasonable rules as Landlord may establish relating thereto, and in the event of non-compliance with the requirements or rules,
Landlord shall have the right immediately to cut wiring or to do what it considers necessary to remove the danger, annoyance or electrical interference with apparatus in any part of the Building. All wires installed by Tenant must be clearly tagged
at the distributing boards and junction boxes and elsewhere where required by Landlord, with the number of the office to which said wires lead, and the purpose for which the wires respectively are used, together with the name of the concern, if any,
operating same. 
 9.        Tenant shall not place weights anywhere beyond the safe
carrying capacity of the Building. 
 10.        The use of rooms as sleeping
quarters is strictly prohibited at all times. 
 11.        Tenant shall have the
right, at Tenant’s sole risk and responsibility, to use only Tenant’s Share of the parking spaces at the Property as reasonably determined by Landlord. Tenant shall comply with all parking 

  
 B-1 

 
regulations promulgated by Landlord from time to time for the orderly use of the vehicle parking areas, including without limitation the following: Parking shall be limited to automobiles,
passenger or equivalent vans, motorcycles, light four wheel pickup trucks and (in designated areas) bicycles. No vehicles shall be left in the parking lot overnight without Landlord’s prior written approval. Parked vehicles shall not be used
for vending or any other business or other activity while parked in the parking areas. Vehicles shall be parked only in striped parking spaces, except for loading and unloading, which shall occur solely in zones marked for such purpose, and be so
conducted as to not unreasonably interfere with traffic flow within the Property or with loading and unloading areas of other tenants. Employee and tenant vehicles shall not be parked in spaces marked for visitor parking or other specific use. All
vehicles entering or parking in the parking areas shall do so at owner’s sole risk and Landlord assumes no responsibility for any damage, destruction, vandalism or theft. Tenant shall cooperate with Landlord in any measures implemented by
Landlord to control abuse of the parking areas, including without limitation access control programs, tenant and guest vehicle identification programs, and validated parking programs, provided that no such validated parking program shall result in
Tenant being charged for spaces to which it has a right to free use under its Lease. Each vehicle owner shall promptly respond to any sounding vehicle alarm or horn, and failure to do so may result in temporary or permanent exclusion of such vehicle
from the parking areas. Any vehicle which violates the parking regulations may be cited, towed at the expense of the owner, temporarily or permanently excluded from the parking areas, or subject to other lawful consequence. 

12.        If Landlord designates the Building as a
non-smoking building, Tenant and its Agents shall not smoke in the Building nor at the Building entrances and exits. 

13.        If at Tenant’s request, Landlord consents to Tenant having a dumpster
at the Property, Tenant shall locate the dumpster in the area designated by Landlord and shall keep and maintain the dumpster clean and painted with lids and doors in good working order and, at Landlord’s request, locked. 

14.        Tenant shall provide Landlord with a written identification of any vendors
engaged by Tenant to perform services for Tenant at the Premises (examples: cleaners, security guards/monitors, trash haulers, telecommunications installers/maintenance). 

15.        Tenant shall comply with any move-in/move-out rules provided by Landlord. 

16.        Tenant shall cause all of Tenant’s Agents to comply with these
Building Rules. 
 17.        Landlord reserves the right to rescind, suspend or
modify any rules or regulations and to make such other rules and regulations as, in Landlord’s reasonable judgment, may from time to time be needed for the safety, care, maintenance, operation and cleanliness of the Property. Notice of any
action by Landlord referred to in this section, given to Tenant, shall have the same force and effect as if originally made a part of the foregoing Lease. New rules or regulations will not, however, be unreasonably inconsistent with the proper and
rightful enjoyment of the Premises by Tenant under the Lease. 
 18.        These
Building Rules are not intended to give Tenant any rights or claims in the event that Landlord does not enforce any of them against any other tenants or if Landlord does not have the right to enforce them against any other tenants and such
nonenforcement will not constitute a waiver as to Tenant. 

  
 B-2 

 EXHIBIT “C” 

TENANT ESTOPPEL CERTIFICATE 

Please refer to the documents described in Schedule 1 hereto, (the “Lease Documents”) including the
“Lease” therein described; all defined terms in this Certificate shall have the same meanings as set forth in the Lease unless otherwise expressly set forth herein. The undersigned Tenant hereby certifies that it is the tenant under the
Lease. Tenant hereby further acknowledges that it has been advised that the Lease may be collaterally assigned in connection with a proposed financing secured by the Property and/or may be assigned in connection with a sale of the Property and
certifies both to Landlord and to any and all prospective mortgagees and purchasers of the Property, including any trustee on behalf of any holders of notes or other similar instruments, any holders from time to time of such notes or other
instruments, and their respective successors and assigns (the “Beneficiaries”) that as of the date hereof: 

1.        The information set forth in attached Schedule 1 is true and correct. 

2.        Tenant is in occupancy of the Premises and the Lease is in full force and
effect, and, except by such writings as are identified on Schedule 1, has not been modified, assigned, supplemented or amended since its original execution, nor are there any other agreements between Landlord and Tenant concerning the Premises,
whether oral or written. 
 3.        All conditions and agreements under the Lease
to be satisfied or performed by Landlord have been satisfied and performed. 

4.        Tenant is not in default under the Lease Documents, Tenant has not received
any notice of default under the Lease Documents, and, to Tenant’s knowledge, there are no events which have occurred that, with the giving of notice and/or the passage of time, would result in a default by Tenant under the Lease Documents. 

5.        Tenant has not paid any Rent due under the Lease more than 30 days in
advance of the date due under the Lease and Tenant has no rights of setoff, counterclaim, concession or other rights of diminution of any Rent due and payable under the Lease except as set forth in Schedule 1. 

6.        To Tenant’s knowledge, there are no uncured defaults on the part of
Landlord under the Lease Documents, Tenant has not sent any notice of default under the Lease Documents to Landlord, and there are no events which have occurred that, with the giving of notice and/or the passage of time, would result in a default by
Landlord thereunder, and that at the present time Tenant has no claim against Landlord under the Lease Documents. 

7.        Except as expressly set forth in Part G of Schedule 1, there are no
provisions for any, and Tenant has no, options with respect to the Premises or all or any portion of the Property. 

8.        No action, voluntary or involuntary, is pending against Tenant under federal
or state bankruptcy or insolvency law. 
 9.        The undersigned has the
authority to execute and deliver this Certificate on behalf of Tenant and acknowledges that all Beneficiaries will rely upon this Certificate in purchasing the Property or extending credit to Landlord or its successors in interest. 

10.      This Certificate shall be binding upon the successors, assigns and representatives of
Tenant and any party claiming through or under Tenant and shall inure to the benefit of all Beneficiaries. 
 IN WITNESS
WHEREOF, Tenant has executed this Certificate this          day of                 ,
2        . 
  

							
		  		  	 	  	

  
 C-1 

 
			
	Name of Tenant
		
	By:	 	 

 
			
	Title:	 	 

  
 C-2 

 SCHEDULE 1 TO TENANT ESTOPPEL CERTIFICATE 

Lease Documents, Lease Terms and Current Status 
  

			
		
	 A.
	  	 Date of Lease:

		
	 B.
	  	 Parties:

		
		  	 1.         Landlord:

		
		  	 2.         Tenant:

		
	 C.
	  	 Premises:

		
	 D.
	  	 Modifications, Assignments, Supplements or Amendments to Lease:

		
	 E.
	  	 Commencement Date:

		
	 F.
	  	 Expiration of Current Term:

		
	 G.
	  	 Option Rights:

		
	 H.
	  	 Security Deposit Paid to Landlord: $

		
	 I.
	  	 Current Minimum Annual Rent: $

		
	 J.
	  	 Current Annual Operating Expenses: $

		
	 K.
	  	 Current Total Rent: $

		
	 L.
	  	 Square Feet Demised:

  
 C-3 

 FIRST AMENDMENT TO LEASE AGREEMENT 

THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made as of December 18, 2014, by and
between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership (“Landlord”), and PHASEBIO PHARMACEUTICALS, INC., a corporation organized under the laws of Delaware (“Tenant”). 

BACKGROUND 

A.        Landlord and Tenant entered into a Lease Agreement dated as of
January 15, 2010 (the “Lease”), for Premises consisting of approximately 15,881 rentable square feet known as Suite 30 and located at 1 Great Valley Parkway, Malvern, Pennsylvania, as more fully described in the Lease. 

B.        The Expiration Date of the Lease is July 31, 2015. Landlord and Tenant
desire to extend the Expiration Date for a period of thirty-six (36) months, and to make certain other modifications as set forth in this Amendment. 

NOW, THEREFORE, the parties hereto, in consideration of the mutual promises and covenants contained herein and in the
Lease, and intending to be legally bound hereby, agree that the Lease is amended as follows: 

1.        Term.   The term of the Lease is hereby
extended for thirty-six (36) months, beginning August 1, 2015, and ending July 31, 2018, which last date shall be the Expiration Date. 

2.        Minimum Annual Rent.    The
following is added to Section 1(f) entitled “Minimum Annual Rent” effective on and after August 1, 2015: 
  

							
	      Lease
Year      	  	$/RSF Rate
      (15,881)      	  	      Annualized      	  	      Monthly      
	    8/1/15 – 7/31/16    	  	    $16.00    	  	    $254,096.00    	  	    $21,174.67    
	    8/1/16 – 7/31/17    	  	    $16.50    	  	    $262,036.50    	  	    $21,836.38    
	    8/1/17 – 7/31/18    	  	    $17.00    	  	    $269,977.00    	  	    $22,498.08    

 3.        Annual Operating
Expenses.   Tenant shall continue to pay Annual Operating Expenses, which shall be subject to reconciliation and adjustment as provided in Section 6 of the Lease, based on Tenant’s Share. As provided in the Lease,
Tenant shall pay for all utilities supplied to or consumed in or on the Premises, including not but limited to electricity. For the year 2015, Annual Operating Expenses (net of electric) are estimated to be $5.50 per rentable square foot, which
includes full service tenant services for interior and exterior, as well as preventative maintenance for all exhaust, heating and cooling equipment (the “Equipment”) in the Premises. In the event that the Equipment must be replaced by
Landlord during the Term of 

 
the Lease, the cost (including reasonable finance charges) of such replacement shall be amortized over the estimated useful life of such Equipment and passed through to Tenant on a yearly basis
as part of Tenant’s Operating Expenses. 
 4.        “As-Is”.   Tenant is presently occupying the Premises and is thoroughly familiar with its condition. Based upon such knowledge, Tenant agrees that it is leasing the Premises
in its “As-Is” condition, provided that Landlord, at Landlord’s cost, shall: (i) replace one 57
 1⁄2” x 67  1⁄4” Bronze Annealed Insulated Window;
(ii) install a new propane meter; (iii) install nine (9) radiant ceiling heaters in the office area; and (iv) perform certain HVAC modifications as set forth on Exhibit “A” attached hereto. Landlord will complete
the work in (i) and (iii) within thirty (30) days of Amendment execution. Landlord will complete the work in (iv) by April 30, 2015. 

5.        Maintenance and Repair.  
Section 9(a) of the Lease is amended by deleting the following phrase in its entirety therefrom: “provided that to the extent any heating, ventilation and air conditioning system, or other Building System, equipment or fixture
exclusively serves the Premises, Landlord may elect either to Maintain the same at Tenant’s sole expense and bill Tenant directly or by notice to Tenant require Tenant to Maintain the same at Tenant’s expense.” 

6.        Assignment and Subletting. Section 18 of
the Lease is hereby deleted in its entirety and replaced with the following: 
 18.   Assignment and Subletting.

 (a)        Except as provided in Section (b) below, Tenant
shall not enter into nor permit any Transfer voluntarily or by operation of law, without the prior consent of Landlord, which consent shall not be unreasonably withheld. Without limitation, Tenant agrees that Landlord’s consent shall not be
considered unreasonably withheld if (i) the proposed transferee is an existing tenant of Landlord or an affiliate of Landlord in a building owned by Landlord or its affiliate located within Great Valley Parkway, except in the event the
transferee is TELA Bio in which case Landlord consent shall not be unreasonably withheld (ii) the business, business reputation or creditworthiness of the proposed transferee is unacceptable to Landlord, (iii) Landlord or an affiliate of
Landlord has comparable space available for lease by the proposed transferee in a building owned by Landlord or its affiliate located within Great Valley Parkway, or (iv) Tenant is in default under this Lease or any act or omission has occurred
which would constitute a default with the giving of notice and/or the passage of time. A consent to one Transfer shall not be deemed to be a consent to any subsequent Transfer. In no event shall any Transfer relieve Tenant from any obligation under
this Lease. Landlord’s acceptance of Rent from any person shall not be deemed to be a waiver by Landlord of any provision of this Lease or to be a consent to any Transfer. Any Transfer not in conformity with this Section 18 shall be void
at the option of Landlord. 
 (b)        Landlord’s consent
shall not be required in the event of any Transfer by Tenant to an Affiliate provided that (i) the Affiliate has a tangible net worth at least equal 

  
 2 

 
to that of Tenant as of the date of this Lease, (ii) Tenant provides Landlord notice of the Transfer at least 15 days prior to the effective date, together with current financial statements
of the Affiliate certified by an executive officer of the Affiliate, and (iii) in the case of an assignment or sublease, Tenant delivers to Landlord an assumption agreement reasonably acceptable to Landlord executed by Tenant and the Affiliate,
together with a certificate of insurance evidencing the Affiliate’s compliance with the insurance requirements of Tenant under this Lease. 

(c)        The provisions of subsection (a) above
notwithstanding, if Tenant proposes to Transfer all of the Premises (other than to an Affiliate or to TELA Bio), Landlord may terminate this Lease, either conditioned on execution of a new lease between Landlord and the proposed transferee or
without that condition. If Tenant proposes to enter into a Transfer of less than all of the Premises (other than to an Affiliate or TELA Bio), Landlord may amend this Lease to remove the portion of the Premises to be transferred, either conditioned
on execution of a new lease between Landlord and the proposed transferee or without that condition. If this Lease is not so terminated or amended, Tenant shall pay to Landlord, immediately upon receipt, the excess of (i) all compensation
received by Tenant for the Transfer over (ii) the Rent allocable to the Premises transferred. 

(d)        If Tenant requests Landlord’s consent to a Transfer,
Tenant shall provide Landlord, at least 15 days prior to the proposed Transfer, current financial statements of the transferee certified by an executive officer of the transferee, a complete copy of the proposed Transfer documents, and any other
information Landlord reasonably requests. Immediately following any approved assignment or sublease, Tenant shall deliver to Landlord an assumption agreement reasonably acceptable to Landlord executed by Tenant and the transferee, together with a
certificate of insurance evidencing the transferee’s compliance with the insurance requirements of Tenant under this Lease. Tenant agrees to reimburse Landlord for reasonable administrative and attorneys’ fees in connection with the
processing and documentation of any Transfer for which Landlord’s consent is requested. 

7.         Option To Extend Term.   (A) Provided
that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would
constitute a default, and (iii) that Tenant occupies not less than all of the Premises (except for any approved and permitted sublet to TELA Bio pursuant to Section 18 of this Lease), Tenant shall have the right and option (“Extension
Option”) to extend the Term for one (1) additional period of three (3) years (the “Renewal Term”), exercisable in the following manner. If Tenant intends to exercise the Extension Option under this Section, Tenant shall give
Landlord written notice not less than nine (9) months in advance of the scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence and that
the Extension Option is personal to Tenant and is non-transferable to any other party, other than an Affiliate in accordance with a transfer pursuant to Section 18(b) of the Lease. Promptly after receipt
of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate for the Premises based upon the then 

  
 3 

 
market rate for comparable lab space in Malvern sub-market. If Tenant accepts such determination in writing within fifteen days of delivery of
Landlord’s market rent notice, and, if requested by Landlord, enters into a lease amendment extending the term of the Lease within such fifteen days as provided in this Section, the Extension Option shall be effective. If Tenant does not accept
Landlord’s determination of market rent within fifteen days, or does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain one hundred
(100) months from the Commencement Date. The Extension Option shall be under the same terms and conditions as provided in this Lease except as follows: 

a.        the Extension Option period shall begin at the original Expiration Date,
and thereafter the Expiration Date shall be one hundred thirty-six (136) months from the Commencement Date; 

b.        all references to the Term in this Lease shall be deemed to mean the Term
as extended pursuant to this Section; 
 c.        after the Extension Option, there
shall be no further options to extend; and 
 d.        the Minimum Annual Rent
payable by Tenant shall be the greater of the then market rate as reasonably determined by Landlord above, or the Minimum Annual Rent for the immediately preceding lease year. 

8.        ROFO Space.   Section 30 of the Lease is
hereby deleted in its entirety. Effective on and after the date of this Amendment, Tenant shall have no ROFO Option or any other like option unless expressly set forth herein. 

9.        Confession of Judgment.   Tenant hereby
agrees to the Confession of Judgment provisions as set forth in Section 22 (c), (h), (i), and (j) of the Lease, restated as follows: 

a.        If an Event of Default occurs relating to Tenant’s non-payment of the Rent due hereunder, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania to appear for Tenant and to confess judgment against Tenant, and in favor of
Landlord, for all Rent due hereunder plus costs and an attorney’s collection commission equal to the greater of 10% of all Rent or $1,000, for which this Lease or a true and correct copy hereof shall be good and sufficient warrant. TENANT
UNDERSTANDS THAT THE FOREGOING PERMITS LANDLORD TO ENTER A JUDGMENT AGAINST TENANT WITHOUT PRIOR NOTICE OR HEARING. ONCE SUCH A JUDGMENT HAS BEEN ENTERED AGAINST TENANT, ONE OR MORE WRITS OF EXECUTION OR WRITS OF GARNISHMENT MAY BE ISSUED THEREON
WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING, AND, PURSUANT TO SUCH WRITS, LANDLORD MAY CAUSE THE SHERIFF OF THE COUNTY IN WHICH ANY PROPERTY OF TENANT IS LOCATED TO SEIZE TENANT’S PROPERTY BY LEVY OR ATTACHMENT. IF THE JUDGMENT
AGAINST TENANT REMAINS UNPAID AFTER SUCH LEVY OR ATTACHMENT, LANDLORD CAN CAUSE SUCH 

  
 4 

 
PROPERTY TO BE SOLD BY THE SHERIFF EXECUTING THE WRITS, OR, IF SUCH PROPERTY CONSISTS OF A DEBT OWED TO TENANT BY ANOTHER ENTITY, LANDLORD CAN CAUSE SUCH DEBT TO BE PAID DIRECTLY TO LANDLORD
IN AN AMOUNT UP TO BUT NOT TO EXCEED THE AMOUNT OF THE JUDGMENT OBTAINED BY LANDLORD AGAINST TENANT, PLUS THE COSTS OF THE EXECUTION. Such authority shall not be exhausted by one exercise thereof, but judgment may be confessed as aforesaid from
time to time as often as any of the Rent and other sums shall fall due or be in arrears, and such powers may be exercised as well after the expiration of the initial term of this Lease and during any extended or renewal term of this Lease and after
the expiration of any extended or renewal term of this Lease. 
 b.        When
this Lease and the Term or any extension thereof shall have been terminated on account of any default by Tenant, or when the Term or any extension thereof shall have expired, Tenant hereby authorizes any attorney of any court of record of the
Commonwealth of Pennsylvania to appear for Tenant and for anyone claiming by, through or under Tenant and to confess judgment against all such parties, and in favor of Landlord, in ejectment and for the recovery of possession of the Premises, for
which this Lease or a true and correct copy hereof shall be good and sufficient warrant. AFTER THE ENTRY OF ANY SUCH JUDGMENT A WRIT OF POSSESSION MAY BE ISSUED THEREON WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING. If for any reason
after such action shall have been commenced it shall be determined and possession of the Premises remain in or be restored to Tenant, Landlord shall have the right for the same default and upon any subsequent default(s) or upon the termination of
this Lease or Tenant’s right of possession as herein set forth, to again confess judgment as herein provided, for which this Lease or a true and correct copy hereof shall be good and sufficient warrant. 

c.        The warrants to confess judgment set forth above shall continue in full
force and effect and be unaffected by amendments to this Lease or other agreements between Landlord and Tenant even if any such amendments or other agreements increase Tenant’s obligations or expand the size of the Premises. 

d.        TENANT EXPRESSLY AND ABSOLUTELY KNOWINGLY AND EXPRESSLY WAIVES AND
RELEASES (i) ANY RIGHT, INCLUDING, WITHOUT LIMITATION, UNDER ANY APPLICABLE STATUTE, WHICH TENANT MAY HAVE TO RECEIVE A NOTICE TO QUIT PRIOR TO LANDLORD COMMENCING AN ACTION FOR REPOSSESSION OF THE PREMISES AND
(ii) ANY RIGHT WHICH TENANT MAY HAVE TO NOTICE AND TO HEARING PRIOR TO A LEVY UPON OR ATTACHMENT OF TENANT’S PROPERTY OR THEREAFTER AND (iii) ANY PROCEDURAL ERRORS IN CONNECTION WITH THE ENTRY OF ANY SUCH
JUDGMENT OR IN THE ISSUANCE OF ANY ONE OR MORE WRITS OF POSSESSION OR EXECUTION OR GARNISHMENT THEREON. 

e.        Broker. The parties agree that they have dealt with no
brokers in connection with this lease, except for Skyline Commercial Real Estate, whose commission shall be paid by Landlord pursuant to separate agreement. Landlord agrees to indemnify Tenant and hold Tenant harmless from the commission payable to
Skyline Commercial Real Estate, and each 

  
 5 

 
party agrees to indemnify and hold the other harmless from any and all claims for commissions or fees in connection with the Premises and this lease from any other real estate brokers or agents
with whom they may have dealt. 
 f.        Lease In Full Force And
Effect.   Except as expressly modified herein, the terms and conditions of the Lease shall remain unchanged and in full force and effect. 

g.        Counterparts.   This Amendment may be
executed in counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Executed copies of this Amendment may be delivered by facsimile or electronic transmission. 

  
 6 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment
as of the day and year first above written. 
  

					
	
	 LANDLORD:

	
	LIBERTY PROPERTY LIMITED PARTNERSHIP

 
					
		
	 By:
	 	 Liberty Property Trust, Sole General
Partner

 
					
			
		 	 By:
	 	 /s/ Anthony Nichols,
Jr.

 
					
		 	  Name:
	 	 Anthony Nichols, Jr.

 
					
		 	 Title:
	 	 Vice-President & City Manager

	
	 TENANT

	
	PHASEBIO PHARMACEUTICALS, INC.
		
	 By:
	 	 /s/ Jonathan P
Mow

 
					
		 	 Name: Jonathan P Mow

		 	 Title: CEO

  
 7 

 EXHIBIT “A” 

HVAC MODIFICATIONS 

Landlord, at Landlord’s cost, shall: 

1.        Extend the existing 5 ton unit- PPO-2 (Purple area)
to service the lab that is currently being serviced by unit PPI-7 25 tons (Blue area). This will include new supply and return air main trunk ducts, branch ducts and a new Honeywell TH8320 Thermostat so
Landlord can run the unit fan in occupied / Unoccupied mode. Landlord will use the existing ceiling mounted grills and registers. Also included in this item will be to extend ductwork from the 10 ton PPO-1
unit (Light green area), to tie into the ductwork that was servicing area PPO-2 (purple area). Landlord will also abandon the existing Trane VAV system and install a Honeywell Th8320 thermostat so the entire
of PPO-1 & PPO-2 are being serviced by the 10 ton unit. This work will be completed after 5pm. 

2.        PPO-2 (Orange area) For this unit Landlord will
remove and patch the single supply outlet that is supplying conditioned air to the lunch room (from unit DPI-12) and the one for office 7505 (from unit PPO-1) The
existing main duct will be patched as necessary. 
 The Siemens Damper system will be removed and a new Jackson brand analog damper system
will be installed in place. A new barometric relief damper will be installed between the supply and return air drops to provide the proper static pressure in the duct main. 4 new Honeywell TH8320 thermostats will be installed in office 7505, front
conference room, waiting area and lunch room. 

3.        PPO-1 (Green area). A new wall mounted humidistat
will be installed in the office area and will be wired through a switching/ lockout relay to the 2ed. stage compressor contactor (Y-2). Whenever the lockout relay is energized a 2ed relay will reduce the
indoor fan speed to its lowest possible setting to drop the evaporator temperature as low as possible without freezing on the coil. 

4.        As in the option above Landlord will remove the Siemens VAV system and install a Jackson
analog system to zone offices 7506-7511, back conference room. Landlord will also install zone dampers in the main office area. For this system a total of 7 Honeywell TH8320 thermostats will be installed. Landlord will install barometric bypass
dampers between the supply and return air drops to maintain the static as dampers open and close. 

5.        The existing economizer will be disconnected and a minimum outdoor air setting will be
maintained. 

 SECOND AMENDMENT TO LEASE AGREEMENT 

THIS SECOND AMENDMENT TO LEASE AGREEMENT (this “Second Amendment”) is made this 9th day of February,
2018 (the “Effective Date”), by and between WPT LAND 2 LP, a Delaware limited partnership (“Landlord”), and PHASEBIO PHARMACEUTICALS, INC., a Delaware corporation
(“Tenant”). 
 BACKGROUND: 

A.        Liberty Property Limited Partnership (“LPLP”) and Tenant
entered into that certain Lease Agreement dated January 15, 2010 (the “Original Lease”), as amended by that certain First Amendment to Agreement of Lease dated December 18, 2014 (the “First Amendment” and
together with the Original Lease, collectively, the “Existing Lease” and as amended by this Second Amendment, collectively, the “Lease”), covering certain premises containing approximately 15,881 rentable square
feet of space identified as Suite 30 (the “Premises”), located in Landlord’s approximate 60,880 rentable square foot building identified as One Great Valley Parkway, Great Valley Corporate Center, Malvern, Pennsylvania 19355
(the “Building”), as more fully described in the Existing Lease. 

B.        In connection with Landlord’s acquisition of the Building, by that
certain Assignment and Assumption of Leases dated October 3, 2016, Landlord assumed all of LPLP’s right, title and interest, in, to and under the Existing Lease. 

C.        Tenant desires to extend the Term and modify other sections of the Existing
Lease, and Landlord has agreed to such extension and modifications, subject to the provisions of this Second Amendment. Accordingly, Landlord and Tenant desire to amend the Existing Lease. 

NOW, THEREFORE, the parties hereto, in consideration of the mutual promises and covenants contained herein and in the
Lease, and intending to be legally bound, hereby agree that the Lease is amended as follows: 

1.        Incorporation. The above Background is incorporated
herein by reference. 
 2.        Defined Terms; Conflict. All
capitalized terms used herein and not otherwise, defined herein shall have the meanings ascribed to them in the Existing Lease. In the event there is a conflict between the terms of the Existing Lease and this Second Amendment, this Second Amendment
shall control. 
 3.        Term. The Lease is hereby amended
to extend the Term for one (1) additional period of sixty-two (62) full calendar months (the “Extension Term”), commencing on August 1, 2018, and expiring at 11:59 P.M. local
time on September 30, 2023 (the “Expiration Date”). 

4.        Minimum Annual Rent. Effective as of August 1,
2018, and continuing through and including the Expiration Date, Tenant’s Minimum Annual Rent obligation for the Premises shall be as follows: 
  

							
	 Period

 
	  	
$RSF
  
	  	
Annual
  
	  	
Monthly
  

	8/1/2018 – 9/30/2019	  	$15.75	  	$250,125.75	  	$20,843.81
	10/1/2019 – 9/30/2020	  	$16.07	  	$255,128.27	  	$21,260.69

							
	10/1/2020 – 9/30/2021	  	$16.39	  	$260,230.83	  	$21,685.90
	10/1/2021 – 9/30/2022	  	$16.72	  	$265,435.45	  	$22,119.62
	10/1/2022 – 9/30/2023	  	$17.05	  	$270,744.16	  	$22,562.01

 * Notwithstanding the foregoing, provided there then exists no Event of
Default, Minimum Annual Rent, but not Tenant’s Share of Annual Operating Expenses or utility payments, shall be abated for the period of August 1, 2018 through August 31, 2018, inclusive, and for the period of September 1, 2019
through September 30, 2019, inclusive. Should there occur an Event of Default by Tenant, Landlord shall be entitled to recover from Tenant (in addition to all other rights and remedies available to Landlord) the unamortized portion of any
abated Minimum Annual Rent. Landlord’s management fee shall not be reduced on account of the abatement in Minimum Annual Rent, and the Minimum Annual Rent abatement shall be disregarded for purposes of calculating any management fee based on a
percentage of rental revenues. 
 5.        Annual Operating Expenses.
Tenant’s Share of Annual Operating Expenses applicable to the Premises shall continue to be paid by Tenant, in addition to the Minimum Annual Rent, subject to adjustment and reconciliation and in accordance with the terms and conditions of the
Lease. Tenant shall pay for all utilities supplied to or consumed in or on the Premises, including (without limitation) electricity. For the calendar year 2018, Landlord projects, as an estimate only, Tenant’s Share of Annual Operating Expenses
(net of electric and other utilities payable by Tenant) for the Premises to be $5.50 per rentable square foot of the Premises. 

6.        Extension Option. The Option to Extend Term set forth in
Section 7 of the First Amendment shall be deleted in its entirety, and the following shall be substituted in its place: 

“Option To Extend Term. Provided that: (i) Landlord has not given Tenant notice of default more than
two (2) times, (ii) there then exists no Event of Default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of
the Premises (except for any approved and permitted sublet to TELA Bio pursuant to Section 18 of this Lease), Tenant shall have the right and option (“Extension Option”) to extend the Term for one
(1) additional period of thirty-six (36) consecutive full calendar months (the “Renewal Term”), exercisable in the following manner: If Tenant intends to exercise the Extension
Option under this Section, Tenant shall give Landlord written notice not less than twelve (12) months in advance of the then scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension
Notice”), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any other party, other than an Affiliate in accordance with a
transfer pursuant to Section 18(b) of the Lease. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate
for the Premises based upon the then market rate for comparable lab space in Malvern sub-markets. If Tenant accepts such determination in writing within fifteen (15) days of delivery of Landlord’s
market rent notice, and, if requested by Landlord, enters into a lease amendment extending the term of the Lease within such fifteen (15) days as provided in this Section, the Extension Option shall be effective and the

 
Renewal Term shall commence on October 1, 2023. If Tenant does not accept Landlord’s determination of market rent within fifteen (15) days, or does not enter into a lease amendment
within such fifteen (15) days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain September 30, 2023. The Extension Option shall be under the same terms and conditions as provided in this
Lease except as follows: 
 (a)        all references to the Term
in this Lease shall be deemed to mean the Term as extended pursuant to this Section; 

(b)        after the Extension Option, there shall be no further
options to extend; and 
 (c)        the Minimum Annual Rent payable
by Tenant shall be the greater of the then market rate as reasonably determined by Landlord above, or the Minimum Annual Rent for the immediately preceding lease year.” 

7.        Exhaust, Heating and Cooling Equipment Maintenance.
Landlord warrants, represents and agrees that Landlord’s contractor shall provide preventative maintenance not less than once every three (3) months for the exhaust, heating and cooling equipment serving the Premises. 

8.        Tenant’s Improvements and Engineering. Landlord
warrants, represents and agrees that Landlord shall pay directly to the applicable third-parties all costs associated with the add-alternate scope of work as described on those certain plans created by
Chestnut Technical Associates, titled M-l, and last revised December 1, 2017, a copy of which is attached hereto as Exhibit ‘A’, utilizing a new AAON or Trane equivalent unit. 

9.        Assignment and Subletting. Notwithstanding anything to
the contrary contained in the Lease, Section 18(a)(iii) of the Original Lease shall be deleted as of the Effective Date hereof, the following shall be substituted in its place: “[Intentionally Omitted] or”, and it
shall have no further effect upon the parties hereafter. 

10.        Notices. All notices to Landlord shall be sent in
accordance with the terms of the Lease to Landlord at: 
 c/o Workspace Property Trust 

700 Dresher Road 

Suite 150 

Horsham, PA 19044 

Attention: Tony A. Nichols, SVP 

With a copy to: 

c/o Workspace Property Trust 

5 Great Valley Parkway 

Suite 209 

Malvern, PA 19355 

Attention: Catherine Bianco, Director of Leasing 

 11.        Brokers.
  Each party covenants and represents to the other that it has dealt with no brokers in connection with this Second Amendment, other than Skyline Commercial Real Estate (“Broker”). Each party agrees to indemnify and
hold the other harmless from any and all claims for commissions or fees in connection with this Second Amendment from any real estate brokers or agents, aside from those of Broker. Landlord shall pay Broker a market commission in accordance with a
separate agreement. 
 12.        Survival; Confession
Acknowledgement.   All references to the “Lease” shall refer to the Existing Lease as modified by this Second Amendment. Except as expressly modified herein, the terms and conditions of the Lease shall
remain unchanged and in full force and effect in accordance with its terms. Specifically, without limitation, in the event of any default by Tenant of any of its obligations under the Lease, Landlord shall be entitled to pursue all remedies
available under the Lease, or otherwise available at law or in equity. Accordingly, Tenant agrees to the following: 

(a)        If an Event of Default occurs relating to Tenant’s non-payment of the Annual Minimum Rent, Tenant’s Share of Annual Operating Expenses, or any other sums due and owing to Landlord under the Lease (collectively, the “Rent”), provided that
Landlord first provides to Tenant not less than ten (10) days’ notice of its intent to confess judgment against Tenant, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania to appear for Tenant
and to confess judgment against Tenant, and in favor of Landlord, for all Rent due hereunder plus costs and an attorney’s collection commission equal to the greater of 10% of all Rent or $1,000, for which this Lease or a true and correct copy
hereof shall be good and sufficient warrant. TENANT UNDERSTANDS THAT THE FOREGOING PERMITS LANDLORD TO ENTER A JUDGMENT AGAINST TENANT WITHOUT PRIOR NOTICE OR HEARING. ONCE SUCH A JUDGMENT HAS BEEN ENTERED AGAINST TENANT, ONE OR MORE WRITS OF
EXECUTION OR WRITS OF GARNISHMENT MAY BE ISSUED THEREON WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING, AND, PURSUANT TO SUCH WRITS, LANDLORD MAY CAUSE THE SHERIFF OF THE COUNTY IN WHICH ANY PROPERTY OF TENANT IS LOCATED TO SEIZE TENANTS
PROPERTY BY LEVY OR ATTACHMENT. IF THE JUDGMENT AGAINST TENANT REMAINS UNPAID AFTER SUCH LEVY OR ATTACHMENT, LANDLORD CAN CAUSE SUCH PROPERTY TO BE SOLD BY THE SHERIFF EXECUTING THE WRITS, OR, IF SUCH PROPERTY CONSISTS OF A DEBT OWED TO TENANT BY
ANOTHER ENTITY, LANDLORD CAN CAUSE SUCH DEBT TO BE PAID DIRECTLY TO LANDLORD IN AN AMOUNT UP TO BUT NOT TO EXCEED THE AMOUNT OF THE JUDGMENT OBTAINED BY LANDLORD AGAINST TENANT, PLUS THE COSTS OF THE EXECUTION. Such authority shall not be
exhausted by one exercise thereof, but judgment may be confessed as aforesaid from time to time as often as any of the Rent and other sums shall fall due or be in arrears, and such powers may be exercised as well after the expiration of the initial
term of the Lease and during any extended or renewal term of the Lease and after the expiration of any extended or renewal term of the Lease. 

(b)        When the Lease and the Term or any extension thereof shall have been
terminated on account of any Event of Default by Tenant, or when the Term or any extension thereof shall have expired, Tenant hereby authorizes any attorney of any court of record of the Commonwealth of Pennsylvania to appear for Tenant and for
anyone claiming by, through or under Tenant and to confess judgment against all such parties, and in favor of Landlord, in 

 
ejectment and for the recovery of possession of the Premises, for which this Lease or a true and correct copy hereof shall be good and sufficient warrant. AFTER THE ENTRY OF ANY SUCH JUDGMENT
A WRIT OF POSSESSION MAY BE ISSUED THEREON WITHOUT FURTHER NOTICE TO TENANT AND WITHOUT A HEARING. If for any reason after such action shall have been commenced it shall be determined and possession of the Premises remain in or be restored to
Tenant, Landlord shall have the right for the same Event of Default and upon any subsequent Event of Default or upon the termination of the Lease or Tenant’s right of possession as the Lease, to again confess judgment as herein provided, for
which the Lease or a true and correct copy thereof shall be good and sufficient warrant. 

(c)        The warrants to confess judgment set forth above shall continue in full
force and effect and be unaffected by amendments to the Lease or other agreements between Landlord and Tenant even if any such amendments or other agreements increase Tenant’s obligations or expand the size of the Premises. 

(d)        TENANT ABSOLUTELY KNOWINGLY AND EXPRESSLY WAIVES AND RELEASES
(i) ANY RIGHT, INCLUDING, WITHOUT LIMITATION, UNDER ANY APPLICABLE STATUTE, WHICH TENANT MAY HAVE TO RECEIVE A NOTICE TO QUIT PRIOR TO LANDLORD COMMENCING AN ACTION FOR REPOSSESSION OF THE PREMISES AND (ii) ANY
RIGHT WHICH TENANT MAY HAVE TO NOTICE AND TO HEARING PRIOR TO A LEVY UPON OR ATTACHMENT OF TENANT’S PROPERTY OR THEREAFTER AND (iii) ANY PROCEDURAL ERRORS IN CONNECTION WITH THE ENTRY OF ANY SUCH JUDGMENT OR IN THE
ISSUANCE OF ANY ONE OR MORE WRITS OF POSSESSION OR EXECUTION OR GARNISHMENT THEREON AND (iv) TO THE FULLEST EXTENT PERMITTED BY LAW, ANY FIDUCIARY DUTIES OWED BY LANDLORD TO TENANT UNDER THE PROVISIONS OF 20 PA. C.S.A. § 5601
ET SEQ. 
 13.        Lease Confirmation.  Tenant
acknowledges and agrees that the Lease is in full force and effect and Tenant has no claims or offsets against Rent due or becoming due hereunder. 

14.        Successors and Assigns.  This Second Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

15.        Ministerial Actions.  Each of Landlord and Tenant
agrees that it will not raise or assert as a defense to any obligation under this Second Amendment, or make any claim that this Second Amendment or the Lease is invalid or unenforceable, due to any failure of this document or the Lease to comply
with ministerial requirements, including requirements for corporate seals, attestations, witnesses, notarizations or other similar requirements, and each party hereby waives the right to assert any such defense or make any claim of invalidity or
unenforceability due to any of the foregoing. 
 16.        Signatures;
Multiple Counterparts.  This Second Amendment may be executed in multiple counterparts, each of which, when assembled to include an original signature for each party contemplated to sign this Second Amendment, will constitute a
complete and fully executed original. All such fully executed counterparts will collectively constitute a single Second Amendment. The parties expressly agree that if the signature of Landlord and/or Tenant on this Second Amendment is not an
original, but is a digital, mechanical or electronic reproduction (such as, but not limited to, a photocopy, fax, e-mail, PDF, Adobe image, JPEG, telegram, telex or

 
telecopy), then such digital, mechanical or electronic reproduction shall be as enforceable, valid and binding as, and the legal equivalent to, an authentic and traditional ink-on-paper original wet signature penned manually by its signatory. 

[Remainder of page intentionally left blank. Signatures on following page] 

 IN WITNESS WHEREOF, Landlord and Tenant, intending to be legally bound, have executed
this Second Amendment as of the day and year first above written. 
  

							
	LANDLORD:	 	
		
	WPT LAND 2 LP	 	
			
	 By:   
	 	 WPT Land 2 GP LLC, its general partner
	 	

 
							
				
		 	 By: 
	 	 /s/ Tony A. Nichols, Jr.
	 	

 
							
		 	 Name: Tony A. Nichols, Jr.
	 	
		 	Title:   Senior Vice President	 	
		
	TENANT:	 	
		
	PHASEBIO PHARMACEUTICALS, INC.	 	
			
	 By:
	 	 /s/ John Sharp
	 	
	 Name:
	 	 John Sharp
	 	
	 Title:
	 	Chief Financial Officer	 	

 EXHIBIT A

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