Document:

Form of Note issued October 2012

 Exhibit 10.21 
 [Form of Pre-IPO Note] 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND STATE SECURITIES LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PARATEK PHARMACEUTICALS, INC. 
 PRE-IPO NOTE 

 

			
	$                        	  	[February 27] [March 22] [October __], 2012        

 FOR VALUE RECEIVED, the undersigned, PARATEK PHARMACEUTICALS, INC., a corporation duly formed under the
laws of the State of Delaware (the “Issuer”), hereby unconditionally promises to pay to the order of
                                        ,
or its registered assigns (the “Holder”), in lawful money of the United States of America and in immediately available funds, the amounts as and when provided for below. Each amount of principal advanced to or for the account of the
Issuer under this Pre-IPO Note on the First Closing, the Second Closing or the Third Closing (as the case may be), as set forth in the Register, is a “Principal Advance” and such amounts in the aggregate, the “Principal
Amount”. 
 This note is either (y) one of a series of notes (the “Prior Closing Notes”)
originally issued pursuant to that certain Non-Convertible Note Purchase Agreement, dated as of February 13, 2012, between the Issuer and the holders party thereto (as amended pursuant to the October Purchase Agreement, and as amended from time
to time, the “Original Purchase Agreement”) and subsequently exchanged for a series of notes issued in exchange for such Prior Closing Notes pursuant to that certain Note and Stock Purchase Agreement, dated as of October __, 2012,
between the Issuer and the holders party thereto (as amended from time to time, the “October Purchase Agreement”) or (z) one a series of similar notes issued at the Third Closing or a Subsequent Closing under the October
Purchase Agreement (individually, this “Pre-IPO Note” and collectively, the “Pre-IPO Notes”). in each case entitled to the benefits of the Original Purchase Agreement, if applicable, and the October Purchase
Agreement. By acceptance of this Pre-IPO Note, the Holder and the Issuer each hereby agree that each of the Pre-IPO Notes shall rank equally and ratably without priority over one another, and the Issuer covenants and agrees that none of the Pre-IPO
Notes shall be paid, in whole or in part, unless a reasonably equivalent, pro rata payment is made with respect to all other Pre-IPO Notes so as to maintain as near as possible the amount owing under the Pre-IPO Notes pro rata according to the
respective balances owed as of the date immediately prior to such payment. Capitalized terms used in this Pre-IPO Note and not otherwise defined in this Pre-IPO Note shall have the meanings given to such terms in the October Purchase Agreement,
unless the context requires that such term have the meaning given to such term in the Original Purchase Agreement. 

 1. Repurchase Upon Reorganization. In the event that a Reorganization (as defined in
the Restated Certificate of Incorporation as in effect on the Third Closing Date) occurs, then the Pre-IPO Notes shall become due and payable and the Issuer shall, as a condition to the effectiveness of such Reorganization, repurchase this Pre-IPO
Note for a repurchase price equal to the sum of (a) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Pre-IPO Note, plus (b) simple interest on the Principal Amount outstanding under this Pre-IPO Note
from the date a Principal Advance was advanced to the date of repurchase at the rate of ten percent (10%) per annum. The Issuer shall not consummate a Reorganization unless, as a condition thereto, the Pre-IPO Notes are repurchased pursuant to
this Section 1 at the closing of such Reorganization. 
 2. Repurchase Following Liquidity Event(s). In the event
that one or more Liquidity Events occurs prior to a Reorganization, the Issuer shall repurchase this Pre-IPO Note for a repurchase price equal to: 
 (a) In the case of a repurchase effected prior to the eighteen (18) month anniversary of the First Closing, an amount equal to two hundred and fifty percent (250%) of the outstanding Principal
Amount of this Pre-IPO Note; and 
 (b) In the case of a repurchase effected on or after the eighteen (18) month
anniversary of the First Closing, an amount equal to the sum of (i) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Pre-IPO Note, plus (b) simple interest on the Principal Advances outstanding
under this Pre-IPO Note from the date such Principal Advances were advanced to the date of repurchase at the rate of ten percent (10%) per annum; 
 provided that, in each such case, (i) such repurchase would be permitted if such repurchase were a redemption under Section 160(a)(1) of the Delaware General Corporation Law and
(ii) the Issuer’s Board of Directors shall have determined that Sufficient Cash exists to effect such repurchase. 
 Notwithstanding
the foregoing, in the event that the Issuer’s Board of Directors shall have determined that Sufficient Cash exists to effect a repurchase of some, but not all, of the outstanding Pre-IPO Notes, then the partial repurchase of Pre-IPO Notes shall
be allocated among all of the Pre-IPO Notes in proportion, so as to maintain as near as possible the amount owing under the Pre-IPO Notes pro rata according to the respective balances owed as of the date immediately prior to such payment, and shall
be applied, (x) first, to the payment of fees and charges under this Pre-IPO Note, (y) second, to the respective unpaid amounts of accrued interest thereunder at the time such partial repurchase is made and (z) third, to the
respective unpaid Principal Amounts outstanding thereunder at the time such partial repurchase is made. In the event of a partial repurchase of Pre-IPO Notes under this Section 2, the balance of the unpaid repurchase price shall be paid at such
time, or times, as the Issuer’s Board of Directors determine that Sufficient Cash exists to effect such additional repurchase or repurchases, provided that the calculation of the repurchase price shall be made as of the date of each repurchase
and payments shall be applied first to the payment of fees and charges under this Pre-IPO Note, second to 

  
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accrued interest through the date of such repurchase and third to the unpaid portion of two hundred and fifty percent (250%) of the outstanding Principal Amount of this Pre-IPO Note
outstanding. 
 3. Treatment for Tax Purposes. The Issuer and the Holder agree that this Pre-IPO Note shall be treated as
equity (and not as debt) for tax purposes. 
 4. Event of Default. Notwithstanding anything in this Pre-IPO Note to the
contrary, in case an Event of Default shall occur, payment of this Pre-IPO Note shall be automatically accelerated unless (for any Event of Default other than an Event of Default under Sections 6.1 of the October Purchase Agreement) waived by the
holders of the requisite amount of Notes (as set forth in the October Purchase Agreement) and the entire unpaid repurchase price of this Note, and all accrued and unpaid interest thereon (i.e. (a) two hundred and fifty percent (250%) of
the outstanding Principal Amount of this Pre-IPO Note, plus (b) simple interest on the Principal Advances outstanding under this Pre-IPO Note from the date such Principal Advances were advanced to the date of repurchase at the rate of
ten percent (10%) per annum), shall become immediately due and payable in full, and, subject to the provisions of the October Purchase Agreement, the holder shall have all rights and remedies of a creditor of the Issuer under applicable law.

 5. Payments. Payment of the repurchase price of, and principal and interest on this Pre-IPO Note shall be made in
money of the United States of America which at the time of payment is legal tender for the payment of public and private debts, by wire transfer in immediately available funds to such account as the Holder shall from time to time have designated to
the Issuer in writing, or, if requested by the Holder, by certified or back cashier’s check payable to the Holder, mailed to the Holder at its address of record in the Issuer’s record of Pre-IPO Note Holders, or such other address as shall
be designated in writing by the Holder to the Issuer. 
 6. Application of Payments. Any and all payments made by the
Issuer in respect of this Pre-IPO Note shall be applied first to payment of the fees and charges due under this Pre-IPO Note, second to payment of accrued and unpaid interest on this Pre-IPO Note (except in the cases of payments made pursuant to
Section 2(a), and third to payment of the applicable repurchase price (i.e., two hundred and fifty percent (250%) of the outstanding Principal Amount of this Pre-IPO Note. 

7. Calculations. All calculations and applications of amounts due on any date, whether by acceleration or otherwise, shall be made
by the Issuer, and the Holder agrees that all such calculations and applications shall be conclusive and binding absent manifest error. 
 8. No Prepayment. The Issuer shall have no right to prepay this Pre-IPO Note; provided that the Issuer may, with the prior approval of the Issuer’s Board of Directors and the prior
consent of the Required Holders, and so long as all Pre-IPO Notes are simultaneously prepaid in full, prepay in full this Pre-IPO Note at a prepayment price equal to two hundred and fifty percent (250%) of the outstanding Principal Amount of
this Pre-IPO Note, plus (b) simple interest on the Principal Advances outstanding under this Pre-IPO Note from the date such Principal Advances were advanced to the date of prepayment at the rate of ten percent (10%) per annum.

  
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 9. Optional Conversion upon Private Financing. 

(a) Private Financing. In the event that, prior to an IPO, the Company intends to consummate a Private Financing (as defined
below), the Company shall send written notice at least ten (10) business days prior to the closing of such Private Financing to the Holder hereof (the “Company Notice”), which Company Notice shall describe the Private Financing
in reasonable detail. Upon written notice to the Company delivered prior to the closing of such Private Financing, the Holder may elect, by written notice to the Company, to exchange the outstanding Principal Amount of this Pre-IPO Note plus accrued
and unpaid interest on the Principal Amount outstanding under this Pre-IPO Note from the date a Principal Advance was advanced to the Investor Exchange Date (as defined below) at the rate of ten percent (10%) per annum (the “Note
Balance”), but not less than the Note Balance, of this Pre-IPO Note into the same type, class and tenor of securities issued by the Company in such Private Financing (the “Private Financing Securities”) on the same terms
and conditions that the Private Financing Securities were issued to investors generally; provided that, as a condition to such exchange, (i) the Holder shall, if such Holder received or is entitled to receive any shares of Common Stock
comprising the Third Closing Equity Kicker, be required to forfeit and return to the Company, such shares of Common Stock comprising the Third Closing Equity Kicker (or forfeit the right to receive shares of Common Stock comprising the Third Closing
Equity Kicker) and (ii) the Holder shall timely execute any and all financing documentation related to such Private Financing as is reasonably requested by the Company, including without limitation any purchase agreement, subscription
agreement, stockholders agreement, investor rights agreement and the like. Upon exchange of this Pre-IPO Note pursuant to this Section 9(a), subject to the provisions of Section 9(b) hereof, the holder of this Pre-IPO Note shall be
entitled to receive a number of Private Financing Securities determined by dividing (i) the Note Balance of this Pre-IPO Note as of the Investor Exchange Date (as defined below) by (ii) an amount equal to the price per Private Financing
Security paid by the investors in connection with the Private Financing (the “Private Financing Price”). A “Private Financing” shall mean and include the issuance and sale of any security of the Company (other than
(i) the issuance and sale of additional Pre-IPO Notes, (ii) the issuance of shares of Common Stock in an IPO, (iii) the issuance and sale of securities in connection with the incurrence of any “venture debt”, which
incurrence is approved by Required Holders and (iv) the issuance of shares of the Company’s Common Stock or other securities to officers, directors or employees of, or consultants to, the Company in connection with their provision of
services to the Company) in one transaction or series of related transactions, which sale or sales result in gross proceeds to the Company (not including any Note Balance of any Pre-IPO Note converted to Private Financing Securities) of at least One
Million Dollars ($1,000,000). 
 (b) Fractional Shares. No fractional shares of capital stock of the Company shall be
issued upon conversion of this Pre-IPO Note. In lieu of any fractional shares to which the holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the Private Financing Price. 

  
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 (c) Mechanics of Exchange. 

(i) Upon the closing (the “Investor Exchange Date”) of a Private Financing, if the Holder has elected to exchange the
Note Balance of this Pre-IPO Note pursuant to Section 9(a), the Note Balance of this Pre-IPO Note shall be exchanged automatically without any further action by the holder and whether or not this Pre-IPO Note is surrendered to the Company or
the transfer agent for this Pre-IPO Note; provided that the Company shall not be obligated to issue a certificate or certificates or instrument or instruments evidencing the Private Financing Securities into which this Pre-IPO Note is
exchangeable unless this Pre-IPO Note is delivered to the Company, or the holder notifies the Company that the Pre-IPO Note has been lost, stolen, or destroyed and executes and delivers an agreement satisfactory to the Company to indemnify the
Company from any loss incurred by it in connection therewith and, if the Company so elects, provides an appropriate indemnity. 

(ii) If the Holder has elected to exchange the Note Balance of this Pre-IPO Note pursuant to Section 9(a), the Company shall cause
notice of the Investor Exchange Date to be mailed to the registered Holder, at such Holder’s address appearing in the records of the Company, as promptly as practicable after the Investor Exchange Date. Thereafter, the Holder shall surrender
this Pre-IPO Note at the place designated in such notice, together with a written notice by the holder of this Pre-IPO Note stating such holder’s name or the names of his, her or its nominees in which such holder wishes the certificate or
certificates or instrument or instruments evidencing the Private Financing Securities to be issued. If required by the Company, the Pre-IPO Note surrendered shall be marked cancelled. The Company covenants and agrees that it will not consummate a
Private Financing unless it has provided a Company Notice to the holders of the Pre-IPO Notes. 
 (iii) Upon authorization of
the sale of its securities in a Private Financing, for the purpose of effecting the exchange of this Pre-IPO Note as provided in Section 9(a) hereof, the Company shall have (A) authorized a sufficient number of Private Financing Securities
to effect the exchange of the Note Balance, (B) reserved such shares of capital stock, if applicable, as to which the Holder would be entitled upon exchange of such Private Financing Securities, if applicable, and (C) taken all other
actions reasonably requested by the Holder to effect the foregoing. The Company shall take all such reasonable actions as may be necessary to assure that all Private Financing Securities which may be issuable upon the exchange of this Pre-IPO Note
and, if applicable, all shares of capital stock issuable upon exchange thereof, may be issued without violation of any applicable law or governmental regulation. 
 (iv) If the Holder has elected to exchange the Note Balance of this Pre-IPO Note pursuant to Section 9(a), immediately upon the Investor Exchange Date, this Pre-IPO Note shall be cancelled and no
longer be deemed to be outstanding and all rights with respect to this Pre-IPO Note shall immediately cease and terminate on the Investor Exchange Date, except only the right of the holder to receive the Private Financing Securities on the Investor
Exchange Date, together with any cash in lieu of fractional shares of capital stock. Notwithstanding the foregoing, upon the Investor Exchange Date, if such Investor Exchange Date occurs, the Company shall be released from all obligations arising
under this Pre-IPO Note. 
 (v) The Company shall pay any and all issue and other taxes that may be payable in respect of any
issuance or delivery of shares of Private Financing Securities upon exchange of this Pre-IPO Note pursuant to Section 9(a). The Company shall not, 

  
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however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of Private Financing Securities in a name other than that of the
registered holder of this Pre-IPO Note, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Company the amount of any such tax or has established, to the satisfaction of the
Company, that such tax has been paid. 
 10. Exchange for Post-IPO Note. This Pre-IPO Note shall be exchanged for a
Post-IPO Note of like tenor, with the same date of issuance, same Principal Amount and the same payee as in this Pre-IPO Note, subject to the terms and conditions set forth in the October Purchase Agreement. 

11. Waivers. The Issuer hereby waives presentment, notice of dishonor, protest and notice of protest, and any or all other notices
or demands in connection with the delivery, acceptance, performance, default, endorsement or guarantee of this Pre-IPO Note. 

12. Enforcement and Collection. In case any principal of or interest on this Pre-IPO Note, or any other obligation or amount owing
under this Pre-IPO Note, is not paid when due, or any other Event of Default shall occur, the Issuer shall be liable for, and agrees to pay, in addition to principal, interest and other amounts owing hereunder, all costs of enforcement and
collection of this Pre-IPO Note incurred by the Holder, including, without limitation, reasonable attorney’s fees, disbursements and court costs. In addition, if an Event of Default shall occur, the Issuer shall pay all reasonable
attorney’s fees and disbursements incurred by the Holder in obtaining advice as to its rights and remedies in connection with such default. 
 13. Amendments; Waivers. Except where the consent of the Required Holders is expressly provided to be sufficient under the provisions of this Note or the October Purchase Agreement, no amendment,
modification or waiver of any provision of this Pre-IPO Note or consent to any departure by the Issuer therefrom shall be effective, irrespective of any course of dealing, unless the same shall be in writing and signed by, as specified in the
October Purchase Agreement, Holders of Pre-IPO Notes representing at least eighty-five percent (85%) of the aggregate principal amount of Pre-IPO Notes then outstanding; provided that in the event that any such amendment,
modification or waiver is adverse to the interests of one or more Holders of the Pre-IPO Notes so as to affect such Holders adversely and in a manner that the interests of all others Holders is not likewise affected, the written agreement of each
such adversely affected Holder shall be required. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 14. Liability Unconditional. The liability of the Issuer hereunder shall be unconditional and shall not be in any manner affected by any indulgence whatsoever granted or consented to by the Holder,
including, but not limited to any extension of time, renewal, waiver or other modification. Any failure of the Holder to exercise any right hereunder shall not be construed as a waiver of the right to exercise the same or any other right at any time
and from time to time thereafter. The Holder may accept late payments, or partial payments, even though marked “payment in full” or containing words of similar import or other conditions, without waiving any of its rights. This Pre-IPO
Note cannot be changed or terminated orally or by estoppel or waiver or by any alleged oral modification regardless of any claimed partial performance referable thereto. 

  
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 15. Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business
day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the Issuer at Paratek Pharmaceuticals, Inc., 75 Kneeland Street, Boston, MA 02111, Attention: President, with a required copy to Mintz Levin, One Financial Center,
Boston, MA 02111, Attn: Lewis Geffen, and to Holder at its address set forth in the Company’s record books or at such other address(es) as the Issuer or Holder may designate by ten (10) days advance written notice to the other parties
hereto. 
 16. Governing Law. This Pre-IPO Note shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts applicable to instruments made and to be performed wholly within that state. If any provision of this Pre-IPO Note is held to be illegal or unenforceable for any reason whatsoever, such illegality or unenforceability
shall not affect the validity of any other provision of this Pre-IPO Note. 
 17. Ranking. This Pre-IPO Note shall rank
pari passu with all other debt and liabilities of the Issuer. 
 18. Jurisdiction. EACH OF THE ISSUER AND THE
HOLDER AGREES THAT ANY ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS PRE-IPO NOTE MAY BE INITIATED AND PROSECUTED IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR THE FEDERAL COURTS FOR THE COMMONWEALTH OF MASSACHUSETTS. EACH
OF THE ISSUER AND THE HOLDER CONSENTS TO AND SUBMITS TO THE EXERCISE OF JURISDICTION OVER ITS PERSON BY ANY SUCH COURT HAVING JURISDICTION OVER THE SUBJECT MATTER, WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH
SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE HOLDER AT ITS ADDRESS SET FORTH ABOVE, AND TO THE ISSUER AT ITS ADDRESS SET FORTH BELOW OR TO ANY OTHER ADDRESS AS MAY APPEAR IN THE HOLDER’S RECORDS AS THE ADDRESS OF THE ISSUER.

 19. Waiver of Jury Trial. IN ANY ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS PRE-IPO NOTE, EACH OF
THE HOLDER AND THE ISSUER WAIVES TRIAL BY JURY, AND THE ISSUER ALSO WAIVES (I) ANY OBJECTION BASED ON FORUM NON CONVENIENS OR VENUE AND (II) ANY CLAIM FOR CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the Issuer has caused this Pre-IPO Note to be duly executed and
delivered. 
  

			
	PARATEK PHARMACEUTICALS, INC.
		
	By:	 	  

	Name:	 	Dennis P. Molnar
	Title:	 	President and CEO

  

			
	Address for Notices:
	
	75 Kneeland Street
	Boston, MA 02111
	Tel:	  	(617) 275-0400
	Fax:	  	(617) 275-0039
	Attn:	  	President

  
 8Form of Post-IPO Note

 Exhibit 10.22 
 [Form of Post-IPO Note] 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND STATE SECURITIES LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PARATEK PHARMACEUTICALS, INC. 
 POST-IPO NOTE 

 

			
	$                        	  	[February 27] [March 22] [October __], 2012        

 FOR VALUE RECEIVED, the undersigned, PARATEK PHARMACEUTICALS, INC., a corporation duly formed under the
laws of the State of Delaware (the “Issuer”), hereby unconditionally promises to pay to the order of
                                        ,
or its registered assigns (the “Holder”), in lawful money of the United States of America and in immediately available funds, the amounts as and when provided for below. Each amount of principal advanced to or for the account of the
Issuer under this Note at the First Closing, the Second Closing or the Third Closing (as the case may be), as set forth in the Register, is a “Principal Advance” and such amounts in the aggregate, the “Principal
Amount”. 
 This Note (this “Note”) is one of a series of notes (collectively, the
“Notes”) issued pursuant to Section 2.12 of that certain Note and Stock Purchase Agreement, dated as of October __, 2012, between the Issuer and the holders party thereto (as amended from time to time, the “October
Purchase Agreement”) and is entitled to the benefits of the October Purchase Agreement. By acceptance of this Note, the Holder and the Issuer each hereby agree that each of the Notes shall rank equally and ratably without priority over one
another, and the Issuer covenants and agrees that none of the Notes shall be paid, in whole or in part, unless a reasonably equivalent, pro rata payment is made with respect to all other Notes so as to maintain as near as possible the amount owing
under the Notes pro rata according to the respective balances owed as of the date immediately prior to such payment. Capitalized terms used in this Note and not otherwise defined in this Note shall have the meanings given to such terms in the
October Purchase Agreement, unless the context requires that such term have the meaning given to such term in the Original Purchase Agreement. 
 1. Repurchase Upon Reorganization. In the event that a Reorganization (as such term is defined in the Restated Certificate of Incorporate in effect on the Third Closing Date) occurs, then the Notes
shall become due and payable and the Issuer shall, as a condition to the effectiveness of such Reorganization, repurchase this Note for a repurchase price equal to the 

 
sum of (a) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Note, plus (b) simple interest on the Principal Amount outstanding under this Note from
the date a Principal Advance was advanced to the date of repurchase at the rate of ten percent (10%) per annum. The Issuer shall not consummate a Reorganization unless, as a condition thereto, the Notes are repurchased pursuant to this
Section 1 at the closing of such Reorganization. 
 2. Repurchase Upon Regulatory Approval. Upon Regulatory Approval
of a Company Product for any indication, the Issuer shall repurchase this Note for a repurchase price equal to an amount equal to the sum of (a) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Note,
plus (b) simple interest on the Principal Advances outstanding under this Note from the date such Principal Advances were advanced to the date of repurchase at the rate of ten percent (10%) per annum; provided that such
repurchase would be permitted if the payment of the repurchase price were a redemption under Section 160(a)(1) of the Delaware General Corporation Law. 
 3. Repurchase Following Liquidity Event(s). In the event that, following an IPO, one or more Liquidity Events occur prior to a Reorganization or Regulatory Approval of a Company Product, the Issuer
may repurchase this Note for a repurchase price equal to an amount equal to the sum of (a) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Note, plus (b) simple interest on the Principal
Advances outstanding under this Note from the date such Principal Advances were advanced to the date of repurchase at the rate of ten percent (10%) per annum; provided that, in each such case, (i) such repurchase would be permitted
if the payment of the repurchase price were a redemption under Section 160(b) of the Delaware General Corporation Law, (ii) such repurchase is permitted under the Issuer’s then existing loan or debt instruments and documentation and
(iii) the Issuer’s Board of Directors shall have reasonably determined in good faith that (A) no IPO Proceeds will be used to effect such repurchase and (B) the Issuer has Sufficient Cash to effect such repurchase; provided that
in the event that the Issuer’s Board of Directors shall have determined that Sufficient Cash exists to effect a repurchase of some, but not all, of the outstanding Notes, then the partial repurchase of Notes shall be allocated among all of the
Notes, so as to maintain as near as possible the amount owing under the Notes pro rata according to the respective balances owed as of the date immediately prior to such payment, and shall be applied (x) first, to the payment of fees and
charges under this Note, (y) second, to the respective unpaid amounts of accrued interest thereunder at the time such partial repurchase is made and (z) third, to the respective unpaid portion of two hundred and fifty percent
(250%) of the outstanding Principal Amount of this Note outstanding thereunder at the time such partial repurchase is made. In the event of a partial repurchase of Notes under this Section 3, the balance of the unpaid two hundred and fifty
percent (250%) of the outstanding Principal Amount of this Note, together with simple interest on such Principal Amount remaining outstanding under this Note from the date such Principal Advances were advanced to the date of repurchase, shall
be paid at such time, or times, as the Issuer’s Board of Directors determine that Sufficient Cash exists to effect such additional repurchase or repurchases, and such payment(s) shall be applied first to the payment of fees and charges under
this Note, second to accrued and unpaid interest and third to the respective unpaid portion of two hundred and fifty percent (250%) of the outstanding Principal Amount of this Note outstanding. 

4. Treatment for Tax Purposes. The Issuer and the Holder agree that this Note shall be treated as equity (and not as debt) for tax
purposes. 

  
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 5. Event of Default. Notwithstanding anything in this Note to the contrary, in case
an Event of Default shall occur, payment of this Note shall be automatically accelerated unless (for any Event of Default other than an Event of Default under Sections 6.1 of the October Purchase Agreement) waived by the holders of the requisite
amount of Notes (as set forth in the October Purchase Agreement) and the entire unpaid repurchase price of this Note, and all accrued and unpaid interest thereon (i.e. (a) two hundred and fifty percent (250%) of the outstanding Principal
Amount of this Note, plus (b) simple interest on the Principal Advances outstanding under this Note from the date such Principal Advances were advanced to the date of repurchase at the rate of ten percent (10%) per annum), shall
become immediately due and payable in full, and, subject to the provisions of the October Purchase Agreement, the holder shall have all rights and remedies of a creditor of the Issuer under applicable law. 

6. Payments. Payment of the repurchase price of, and principal and interest on, this Note shall be made in money of the United
States of America which at the time of payment is legal tender for the payment of public and private debts, by wire transfer in immediately available funds to such account as the Holder shall from time to time have designated to the Issuer in
writing, or, if requested by the Holder, by certified or back cashier’s check payable to the Holder, mailed to the Holder at its address of record in the Issuer’s record of Note Holders, or such other address as shall be designated in
writing by the Holder to the Issuer 
 7. No Prepayments. The issuer shall have no right to prepay this Note other than
as stated in Section 3 hereof in connection with one or more Liquidity Events. 
 8. Application of Payments. Any
and all payments made by the Issuer in respect of this Note shall be applied first to payment of the fees and charges due under this Note, second to payment of accrued and unpaid interest and third to payment of the applicable repurchase price
(i.e., two hundred and fifty percent (250%) of the outstanding Principal Amount of this Note. 
 9. Calculations.
All calculations and applications of amounts due on any date, whether by acceleration or otherwise, shall be made by the Issuer, and the Holder agrees that all such calculations and applications shall be conclusive and binding absent manifest error.

 10. Optional Conversion Following IPO. 
 (a) Optional Conversion. Commencing on the date of closing of the Company’s IPO and unless and until the Holder has received payment in full of the applicable repurchase price pursuant to
Section 1, 2, 3 or 5, as the case may (such period being the “Optional Conversion Period”), the Holder may elect to convert all, or any portion of, the outstanding Principal Amount of this Note plus accrued and unpaid interest
on the Principal Amount outstanding under this Note from the date a Principal Advance was advanced to the Optional Conversion Date (as defined below) at the rate of ten percent (10%) per annum into fully paid and non-assessable shares of the
Company’s Common Stock. Upon such optional conversion of this Note (or portion thereof), subject to the provisions of Section 9(b) hereof, the holder of this Note shall be entitled to receive a number of shares of Common Stock determined
by dividing (A) an amount equal to the sum of (1) one and one-half (1.5x) times the Principal Amount of this Note that the Holder is electing to convert, plus (2) the accrued and unpaid interest on such Principal Amount (or
portion thereof) being converting from the date a Principal 

  
 3 

 
Advance was advanced to the Optional Conversion Date (the “Post IPO Note Balance”), by (B) an amount equal to 115% of the offering price to public of the shares of Common
Stock issued by the Company in its IPO, as equitably adjusted for any stock splits, stock dividends, combinations and the like occurring after the IPO) (the “Optional Conversion Price”). 

(b) Fractional Shares. No fractional shares of Common Stock of the Company shall be issued upon optional conversion of this Note.
In lieu of any fractional shares to which the holder would otherwise be entitled, the Company shall pay cash equal to such fraction multiplied by the Optional Conversion Price. 

(c) Mechanics of Optional Conversion to Common Stock. 

(i) During the Optional Conversion Period, the Holder may exercise the option to convert the Post-IPO Note Balance into
fully paid and non-assessable shares of Common Stock by delivering a written notice (an “Optional Conversion Notice”) to the Company to the effect that the Holder elects to convert the Post-IPO Note Balance into shares of Common
Stock pursuant to Section 9(a) hereof and, upon the Company’s receipt of the Optional Conversion Notice (the “Optional Conversion Date”) this Note (or such designated portion) shall be deemed to be irrevocably converted
without any further action by the Holder and whether or not this Note is surrendered to the Company or the transfer agent for this Note; provided that the Company shall not be obligated to issue a certificate or certificates evidencing the
shares of Common Stock into which this Note (or such designated portion) is converted unless this Note is delivered to the Company, or the Holder notifies the Company that the Note has been lost, stolen, or destroyed and executes and delivers an
agreement reasonably satisfactory to the Company to indemnify the Company from any loss incurred by it in connection therewith. 
 (ii) Together with the Optional Conversion Notice or as promptly as practicable thereafter, the Holder shall surrender this Note to the Company, together with a written notice by the Holder stating such
Holder’s name or the names of his or its nominees in which such holder wishes the certificate or certificates for shares of Common Stock to be issued (and any replacement Note if less than the full Note was converted). If required by the
Company, the Note surrendered shall be marked cancelled. The Company shall, as soon as practicable after such surrender, issue and deliver to such Holder, or to his or its nominees, a certificate or certificates for the number of shares of Common
Stock to which such holder shall be entitled (and any replacement Note if less than the full Note was converted), together with cash in lieu of any fractional share. 

(iii) For the purpose of effecting the conversion of this Note as provided in Section 10(a), the Company shall
authorize a sufficient number of shares of Common Stock to effect the conversion of the Post IPO Note Balance, as determined by the Company’s Board of Directors in good faith. 

(iv) On the Optional Conversion Date, this Note (or portion thereof that has been converted, if not converted in full)
shall no longer be deemed to be outstanding and, with respect to a conversion of this entire Note, all rights with respect to this Note shall immediately cease and terminate on the Optional Conversion Date, except only the right

  
 4 

 
of the holder to receive the shares of Common Stock to which it is entitled as a result of the conversion on the Optional Conversion Date (and any replacement Note if less than the full Post IPO
Note Balance was converted). 
 (v) The Company shall pay any and all issue and other taxes that may be payable
in respect of any issuance or delivery of shares of Common Stock upon conversion of this Note pursuant to Section 9(a). The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of shares of Common Stock in a name other than that of the registered holder of this Note, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Company
the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid. 
 11.
Waivers. The Issuer hereby waives presentment, notice of dishonor, protest and notice of protest, and any or all other notices or demands in connection with the delivery, acceptance, performance, default, endorsement or guarantee of this
Note. 
 12. Enforcement and Collection. In case any repurchase price of or interest on this Note, or any other
obligation or amount owing under this Note, is not paid when due, or any other Event of Default shall occur, the Issuer shall be liable for, and agrees to pay, in addition to such repurchase price, interest and other amounts owing hereunder, all
costs of enforcement and collection of this Note incurred by the Holder, including, without limitation, reasonable attorney’s fees, disbursements and court costs. In addition, if an Event of Default shall occur, the Issuer shall pay all
reasonable attorney’s fees and disbursements incurred by the Holder in obtaining advice as to its rights and remedies in connection with such default. 
 13. Amendments; Waivers. Except where the consent of the Required Holders is expressly provided to be sufficient in the October Purchase Agreement, no amendment, modification or waiver of any
provision of this Note or consent to any departure by the Issuer therefrom shall be effective, irrespective of any course of dealing, unless the same shall be in writing and signed by, as specified in the October Purchase Agreement, Holders of Notes
representing at least eighty-five percent (85%) of the aggregate Principal Amount of Notes then outstanding; provided that in the event that any such amendment, modification or waiver is adverse to the interests of one or more
Holders of the Notes so as to affect such Holders adversely and in a manner that the interests of all others Holders is not likewise affected, the written agreement of each such adversely affected Holder shall be required. Any waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given 
 14. Liability
Unconditional. The liability of the Issuer hereunder shall be unconditional and shall not be in any manner affected by any indulgence whatsoever granted or consented to by the Holder, including, but not limited to any extension of time, renewal,
waiver or other modification. Any failure of the Holder to exercise any right hereunder shall not be construed as a waiver of the right to exercise the same or any other right at any time and from time to time thereafter. The Holder may accept late
payments, or partial payments, even though marked “payment in full” or containing words of similar import or other conditions, without 

  
 5 

 
waiving any of its rights. This Note cannot be changed or terminated orally or by estoppel or waiver or by any alleged oral modification regardless of any claimed partial performance referable
thereto. 
 15. Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telecopy, electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the Issuer at Paratek Pharmaceuticals, Inc., 75 Kneeland Street, Boston, MA 02111, Attention: President, with a required copy to Mintz Levin, One Financial Center, Boston, MA 02111, Attn:
Lewis Geffen, and to Holder at its address set forth in the Company’s record books or at such other address(es) as the Issuer or Holder may designate by ten (10) days advance written notice to the other parties hereto. 

16. Governing Law. This Note shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
applicable to instruments made and to be performed wholly within that state. If any provision of this Note is held to be illegal or unenforceable for any reason whatsoever, such illegality or unenforceability shall not affect the validity of any
other provision of this Note. 
 17. Ranking. This Note shall rank pari passu with all other debt and liabilities
of the Issuer. 
 18. Jurisdiction. EACH OF THE ISSUER AND THE HOLDER AGREES THAT ANY ACTION, SUIT OR PROCEEDING IN
RESPECT OF OR ARISING OUT OF THIS NOTE MAY BE INITIATED AND PROSECUTED IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR THE FEDERAL COURTS FOR THE COMMONWEALTH OF MASSACHUSETTS. EACH OF THE ISSUER AND THE HOLDER CONSENTS TO AND SUBMITS TO THE
EXERCISE OF JURISDICTION OVER ITS PERSON BY ANY SUCH COURT HAVING JURISDICTION OVER THE SUBJECT MATTER, WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED TO THE
HOLDER AT ITS ADDRESS SET FORTH ABOVE, AND TO THE ISSUER AT ITS ADDRESS SET FORTH BELOW OR TO ANY OTHER ADDRESS AS MAY APPEAR IN THE HOLDER’S RECORDS AS THE ADDRESS OF THE ISSUER. 

19. Waiver of Jury Trial. IN ANY ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS NOTE, EACH OF THE HOLDER AND THE
ISSUER WAIVES TRIAL BY JURY, AND THE ISSUER ALSO WAIVES (I) ANY OBJECTION BASED ON FORUM NON CONVENIENS OR VENUE AND (II) ANY CLAIM FOR CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES. 

 
  
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 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed and delivered.

  

			
	PARATEK PHARMACEUTICALS, INC.
		
	By:	 	  

	Name:	 	Dennis P. Molnar
	Title:	 	President and CEO
	
	Address for Notices:
	
	75 Kneeland Street
	Boston, MA 02111
	Tel:	 	(617) 275-0400
	Fax:	 	(617) 275-0039
	Attn:	 	President

  
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