Document:

EX-10.5

 Exhibit 10.5 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the [    ] day of
[            ], 2016, by and among Highland Acquisition Corporation, a Delaware corporation (the “Company”), and the undersigned parties listed under Investors on
the signature page hereto (each, an “Investor” and collectively, the “Investors”). 

WHEREAS, the Investors currently hold all of the issued and outstanding securities of the Company; 

WHEREAS, the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the
registration of shares of Common Stock, Founders’ Warrants (defined below) and Working Capital Warrants (defined below) held by them; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. DEFINITIONS. The following
capitalized terms used herein have the following meanings: 
 “Agreement” means this Agreement, as amended,
restated, supplemented, or otherwise modified from time to time. 
 “Business Combination” means the acquisition of
direct or indirect ownership through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities. 

“Commission” means the Securities and Exchange Commission, or any other federal agency then administering the
Securities Act or the Exchange Act. 
 “Common Stock” means the common stock, par value $0.0001 per share, of the
Company. 
 “Company” is defined in the preamble to this Agreement. 

“Demand Registration” is defined in Section 2.1.1. 

“Demanding Holder” is defined in Section 2.1.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect at the time. 
 “Form S-3” is defined in Section 2.3.

 “Founders’ Warrants” means the warrants being purchased privately by
the Investors simultaneously with the consummation of the Company’s initial public offering (including to a certain extent in connection with the consummation of the underwriters’ over-allotment option related thereto). 

“Indemnified Party” is defined in Section 4.3. 

“Indemnifying Party” is defined in Section 4.3. 

“Investor” is defined in the preamble to this Agreement. 

“Investor Indemnified Party” is defined in Section 4.1. 

“Maximum Number of Shares” is defined in Section 2.1.4. 

“Notices” is defined in Section 6.3. 

“Piggy-Back Registration” is defined in Section 2.2.1. 

“Register,” “Registered” and “Registration” mean a registration
effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective. 
 “Registrable Securities” means (i) all of the shares of Common Stock beneficially owned or held by
Investors prior to the consummation of the Company’s initial public offering, (ii) all of the Founders’ Warrants (and underlying shares of Common Stock), and (iii) all of the Working Capital Warrants (and underlying shares of Common
Stock). Registrable Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such shares of Common Stock,
Founders’ Warrants (and underlying shares) and Working Capital Warrants (and underlying shares). As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with
respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall
have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act;
(c) such securities shall have ceased to be outstanding; or (d) such securities are freely saleable under Rule 144 without volume limitations. 

“Registration Statement” means a registration statement filed by the Company with the Commission in compliance with
the Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of Common Stock (other than a registration statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only
securities proposed to be issued in exchange for securities or assets of another entity). 

  
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 “Release Date” means the date on which shares of Common Stock are
disbursed from escrow pursuant to Section 3 of that certain Stock Escrow Agreement dated as of                 , 2016 by and among the parties hereto and Continental
Stock Transfer & Trust Company. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder, all as the same shall be in effect at the time. 
 “Underwriter” means a securities dealer
who purchases any Registrable Securities as principal in an underwritten offering and not as part of such dealer’s market-making activities. 

“Working Capital Warrants” means the warrants held by Investors, officers or directors of the Company or their
affiliates which may be issued in payment of working capital loans made to the Company. 
 2. REGISTRATION RIGHTS. 

2.1 Demand Registration. 

2.1.1. Request for Registration. At any time and from time to time on or after (i) the date that the Company consummates a Business
Combination with respect to the Founders’ Warrants (or underlying shares of Common Stock) and Working Capital Warrants (or underlying shares of Common Stock) or (ii) three months prior to the Release Date with respect to all other Registrable
Securities, the holders of a majority-in-interest of such Founders’ Warrants (or underlying shares of Common Stock), Working Capital Warrants (or underlying shares of Common Stock) or other Registrable Securities, as the case may be, held by
the Investors, officers or directors of the Company or their affiliates, or the transferees of the Investors, may make a written demand for registration under the Securities Act of all or part of their Founders’ Warrants (or underlying shares
of Common Stock), Working Capital Warrants (or underlying shares of Common Stock) or other Registrable Securities, as the case may be (a “Demand Registration”). Any demand for a Demand Registration shall specify the number of
shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will within 10 days of the Company’s receipt of the Demand Registration notify all holders of Registrable Securities of the
demand, and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a
“Demanding Holder”) shall so notify the Company within ten (10) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable
Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of two (2) Demand Registrations under this Section 2.1.1 in
respect of all Registrable Securities. 
 2.1.2. Effective Registration. A registration will not count as a Demand Registration until
the Registration Statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its 

  
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obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable Securities pursuant
to a Demand Registration is interfered with by any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to have been declared
effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter affirmatively elect to continue the offering and notify the Company in
writing, but in no event later than five (5) days of such election; provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand
Registration or is terminated. 
 2.1.3. Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such
holders so advise the Company as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of
any holder to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting to the extent
provided herein. All Demanding Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by a
majority-in-interest of the holders initiating the Demand Registration. 
 2.1.4. Reduction of Offering. If the managing Underwriter
or Underwriters for a Demand Registration that is to be an underwritten offering, in good faith, advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding
Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the
timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company shall include in such
registration: (i) the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each such Demanding Holder has requested be included in such
registration, regardless of the number of shares held by each such Demanding Holder (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Shares; (ii) to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Registrable Securities of holders exercising their rights to register their Registrable Securities pursuant to Section 2.2; (iii) to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; and (iv) to the
extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to
written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares. 
 2.1.5.
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders
may elect to withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such
Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count as a Demand Registration provided for in this Section 2.1. 

  
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 2.2 Piggy-Back Registration. 

2.2.1. Piggy-Back Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to
file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account
or for stockholders of the Company for their account (or by the Company and by stockholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee stock
option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall
describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of
Registrable Securities in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering
to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in
accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an
underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. 
 2.2.2.
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number
of shares of Common Stock which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded pursuant to separate written 

  
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contractual arrangements with persons or entities other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this
Section 2.2, and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the
Company shall include in any such registration: 
 a) If the registration is undertaken for the Company’s account: (A)
the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A),
the shares of Common Stock or other securities, if any, comprised of Registrable Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro
Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the
account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and 

b) If the registration is a “demand” registration undertaken at the demand of persons or entities other than the holders of
Registrable Securities, (A) the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), collectively the shares of Common Stock or other securities comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, as applicable, that can be
sold without exceeding the Maximum Number of Shares; (C) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities that the Company desires to sell
that can be sold without exceeding the Maximum Number of Shares; and (D) to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the
account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares. 

2.2.3. Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether on its own determination or as the result of a

  
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withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness of the Registration Statement.
Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3. 

2.2.4. Unlimited Piggy-Back Registration Rights. For purposes of clarity, any registration effected pursuant to Section 2.2
hereof shall not be counted as a registration pursuant to a Demand Registration effected under Section 2.1 hereof. 
 2.3 Registrations
on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration
which may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated to effect such request through an underwritten offering. Upon receipt of such written request, the Company will
promptly give written notice of the proposed registration to all other holders of Registrable Securities, and each holder of Registrable Securities who thereafter wishes to include all or a portion of such holder’s Registrable Securities in
such registration shall so notify the Company, in writing, within ten (10) days after the receipt by the holder of the notice from the Company, and, as soon as practicable thereafter but not more than twelve (12) days after the Company’s
initial receipt of such written request for a registration, effect the registration of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities or other securities of the Company, if any, of any other holder or holders joining in such request; provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3 if:
(i) Form S-3 is not available for such offering; or (ii) the holders of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities
and such other securities (if any) at any aggregate price to the public of less than $500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1. 

3. REGISTRATION PROCEDURES. 

3.1 Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 3.1.1. Filing Registration Statement. The Company shall, as expeditiously as possible and in any event within sixty (60) days
after receipt of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and
which form shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use its best efforts to cause such Registration Statement to become and
remain effective for the period required by Section 3.1.3; provided, however, that the Company shall have the right to 

  
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defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to which such Piggy-Back
Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the Chairman of the Board of Directors or President of the Company stating that, in the good faith judgment of the Board of Directors of the
Company, it would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the
immediately preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder. 
 3.1.2. Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in
such Registration Statement (including each preliminary prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any such holders may request in order to facilitate the
disposition of the Registrable Securities owned by such holders. 
 3.1.3. Amendments and Supplements. The Company shall prepare and
file with the Commission such amendments, including post-effective amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and in
compliance with the provisions of the Securities Act until all Registrable Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or
court) or such securities have been withdrawn. 
 3.1.4. Notification. After the filing of a Registration Statement, the Company
shall promptly, and in no event more than two (2) business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify such holders promptly and confirm such
advice in writing in all events within two (2) business days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes effective;
(iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any
amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before 

  
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filing with the Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders
of Registrable Securities included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with a
reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or
their legal counsel shall reasonably object. 
 3.1.5. Securities Laws Compliance. The Company shall use its best efforts to (i)
register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the holders of Registrable Securities included in such Registration
Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental
authorities or securities exchanges, including the Nasdaq Capital Market, as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders
of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in
any jurisdiction where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction. 

3.1.6. Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting
agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable Securities included in such registration statement. No holder of Registrable
Securities included in such registration statement shall be required to make any representations or warranties in the underwriting agreement except as reasonably requested by the Underwriters and, if applicable, with respect to such holder’s
organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational documents, and with respect to written information relating to such holder that
such holder has furnished in writing expressly for inclusion in such Registration Statement. 
 3.1.7. Cooperation. The principal
executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of
Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings
with Underwriters, attorneys, accountants and potential investors. 
 3.1.8. Records. The Company shall make available for inspection
by the holders of Registrable Securities included in such Registration Statement, any Underwriter participating 

  
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in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any holder of Registrable Securities included in such Registration
Statement or any Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information requested by any of them in connection with such Registration Statement. 
 3.1.9.
Opinions and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to
any Underwriter and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event no legal opinion is delivered to any Underwriter, the Company shall furnish to each holder of Registrable
Securities included in such Registration Statement, at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing such prospectus has been declared effective
and that no stop order is in effect. 
 3.1.10. Earnings Statement. The Company shall comply with all applicable rules and
regulations of the Commission and the Securities Act, and make available to its stockholders, as soon as reasonably practicable, an earnings statement covering a period of twelve (12) months, beginning within three (3) months after the effective
date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

3.1.11. Listing. The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed
on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the
holders of a majority of the Registrable Securities included in such registration. 
 3.1.12. Transfer Agent. The Company shall
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of the registration statement. 

3.1.13. Misstatements. The Company shall notify the holders at any time when a prospectus relating to such registration statement is
required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or an omission to state
a material fact required to be stated in a registration statement or prospectus, or necessary to make the statements therein in the light of the circumstances under which they were made not misleading (a “Misstatement”), and then to
correct such Misstatement. 
 3.2 Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written insider trading compliance program adopted by the
Company’s Board of Directors, of the ability of all “insiders” covered by such program to transact in the Company’s 

  
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securities because of the existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition of such
Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of
“insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. 
 3.3 Registration
Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant to
Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and
fees of any securities exchange on which the Common Stock is then listed; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky
qualifications of the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the
fees and expenses incurred in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses
for independent certified public accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special
experts retained by the Company in connection with such registration; and (ix) the fees and expenses of one legal counsel selected by the holders of a majority-in-interest of the Registrable Securities included in such registration. The Company
shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders.
Additionally, in an underwritten offering, all selling stockholders and the Company shall bear the expenses of the underwriter pro rata in proportion to the respective amount of shares each is selling in such offering. 

3.4 Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or
the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company’s obligation to comply with federal and applicable state securities laws. 
 3.5
Requirements for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity securities of the Company pursuant to a registration initiated by the Company hereunder unless such person (i) agrees
to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting
agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements. 

  
 11 

 3.6 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the
Company that a registration statement or prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended prospectus correcting the
Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the
prospectus may be resumed. If the filing, initial effectiveness or continued use of a registration statement in respect of any registration at any time would require the Company to make an Adverse Disclosure (as defined below) or would require the
inclusion in such registration statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the holders, delay the filing or
initial effectiveness of, or suspend use of, such registration statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company
exercises its rights under the preceding sentence, the holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to any registration in connection with any sale or offer to sell
Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.6. “Adverse Disclosure” shall mean any public disclosure of material
non-public information, which disclosure, in the good faith judgment of the principal executive officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any
registration statement or prospectus in order for the applicable registration statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the
case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the registration statement were not being filed, and (iii) the
Company has a bona fide business purpose for not making such information public. 
 3.7 Reporting Obligations. As long as any holder
shall own Registrable Securities, the Company, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the holders with true and complete copies of all such filings. The Company further covenants that it shall take such further
action as any holder may reasonably request, all to the extent required from time to time to enable such holder to sell shares of the Common Stock held by such holder without registration under the Securities Act within the limitation of the
exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request of any holder, the Company shall deliver to such holder a written certification of a duly authorized officer as to whether
it has complied with such requirements. 

  
 12 

 4. INDEMNIFICATION AND CONTRIBUTION. 

4.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of
Registrable Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls an Investor and each other holder of Registrable Securities (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or
several, arising out of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act, any
preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company and relating to
action or inaction required of the Company in connection with any such registration; and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party
in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such expense, loss, claim, damage or
liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment
or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their
officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the same basis as that of the indemnification provided above in this Section 4.1. 

4.2 Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any
registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any),
and each other selling holder and each other person, if any, who controls another selling holder or such underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several,
insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration
Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance
upon and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers, and each other selling holder or controlling person for any
legal or other expenses reasonably incurred by any of them in 

  
 13 

 
connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification obligations hereunder shall be several and not joint and
shall be limited to the amount of any net proceeds actually received by such selling holder. Each selling holder of Registrable Securities shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates, directors,
partners, members and agents and each person who controls such Underwriter to the same extent as provided in the foregoing with respect to indemnification of the Company. 

4.3 Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification
hereunder, notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the
Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense of
such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of
investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such separate
counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the fees and
expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out
of such claim or proceeding. 
 4.4 Contribution. 

4.4.1. If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of
any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss,
claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection 

  
 14 

 
with the actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party
and any Indemnifying Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

4.4.2. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss,
claim, damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after payment
of any underwriting fees, discounts, commissions or taxes) actually received by such holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

4.5 Survival. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified Party and shall survive the transfer of securities. 

5. UNDERWRITING AND DISTRIBUTION. 

5.1 Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 

6. MISCELLANEOUS. 
 6.1
Other Registration Rights. The Company represents and warrants that no person, other than a holder of the Registrable Securities, has any right to require the Company to register any shares of the Company’s capital stock for sale or to
include shares of the Company’s capital stock in any registration filed by the Company for the sale of shares of capital stock for its own account or for the account of any other person. Further, the Company represents and warrants that this
Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. 

  
 15 

 6.2 Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and
obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder may be freely assigned or delegated by
such holder of Registrable Securities in conjunction with and to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the
parties and the permitted assigns of the Investor or holder of Registrable Securities or of any assignee of the Investor or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits on any persons that are not
party hereto other than as expressly set forth in Article 4 and this Section 6.2. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the
Company shall have received (i) written notice of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished
by an addendum or certificate of joinder to this Agreement). 
 6.3 Notices. All notices, demands, requests, consents, approvals or
other communications (collectively, “Notices”) required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally served, delivered by reputable air
courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall be deemed
given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours, then such notice shall be
deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery. 

To the Company: 
 Highland
Acquisition Corporation 
 c/o Highland Capital Management, L.P. 

300 Crescent Court, Suite 700 

Dallas, Texas 75201 

Attn: General Counsel 
 with
a copy to: 
 Graubard Miller 

The Chrysler Building 
 405
Lexington Avenue 
 New York NY 10174 

Attn: David Alan Miller, Esq. 

  
 16 

 To an Investor, to such Investor c/o: 

Highland Capital Management, L.P. 

300 Crescent Court, Suite 700 

Dallas, Texas 75201 
 Attn:
General Counsel 
 6.4 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be
added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable. 

6.5 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which
taken together shall constitute one and the same instrument. 
 6.6 Entire Agreement. This Agreement (including all agreements
entered into pursuant hereto and all certificates and instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements,
representations, understandings, negotiations and discussions between the parties, whether oral or written. 
 6.7 Modifications and
Amendments. Upon the written consent of the Company and the holders of at least sixty-six and two-thirds percent (66-2/3%) of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set
forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one holder of
Registrable Securities, solely in its capacity as a holder of the shares of Common Stock of the Company, in a manner that is materially different from the other holders of Registrable Securities (in such capacity) shall require the consent of the
holder so affected. No course of dealing between any holders of Registrable Securities or the Company and any other party hereto or any failure or delay on the part of a holder of Registrable Securities or the Company in exercising any rights or
remedies under this Agreement shall operate as a waiver of any rights or remedies of any holder of Registrable Securities or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a
waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 
 6.8 Titles and Headings.
Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement. 

6.9 Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be 

  
 17 

 
effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has
arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other
agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 

6.10 Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or
performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or
for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a
bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this
Agreement or now or hereafter available at law, in equity, by statute or otherwise. 
 6.11 Governing Law. This Agreement shall be
governed by, interpreted under, and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law provisions thereof
that would compel the application of the substantive laws of any other jurisdiction. 
 6.12 Waiver of Trial by Jury. Each party
hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the
transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance or enforcement hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 18 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and
delivered by their duly authorized representatives as of the date first written above. 
  

			
		 	HIGHLAND ACQUISITION CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	INVESTORS:
		
		 	HIGHLAND CAPITAL MANAGEMENT, L.P.
		
	By:	 	Strand Advisors, Inc., its general partner
		
	By:	 	  

		 	[                    ]
		
		 	  

		 	William Swenson
		
		 	  

		 	Kevin MacDonald
		
		 	  

		 	Robert W. Scannell

  
 19EX-10.11

 Exhibit 10.11 

CONFIDENTIAL TREATMENT REQUESTED 

Research Collaboration and License Agreement 

This Agreement is entered into with effect as of the Effective Date (as defined below) 

by and between 
 F. Hoffmann-La Roche Ltd

 with an office and place of business at Grenzacherstrasse 124, 4070 Basel, Switzerland (“Roche Basel”) 

and 
 Hoffmann-La Roche Inc. 

with an office and place of business at 150 Clove Road, Suite 8, Little Falls, New Jersey 07424, U.S.A. (“Roche US”; Roche Basel and Roche US
together referred to as “Roche”) 
 on the one hand 

and 
 Pieris Pharmaceuticals GmbH 

with an office and place of business at Lise-Meitner-Str. 30, 83534 Freising, Germany (“Pieris Freising”) 

and 
 Pieris Pharmaceuticals, Inc. 

with an office and place of business at 255 State Street, 9th Floor, Boston, MA 02109, USA
(“Pieris US”; Pieris Freising and Pieris US together referred to as “Pieris”) 
 on the other hand. 

  
 Portions of the exhibit,
indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Table of Contents 

 

									
	 1.
	  	 Definitions
	  	 	6	  
		  	1.1	  	Affiliate	  	 	6	  
		  	1.2	  	Agreement	  	 	7	  
		  	1.3	  	Agreement Term	  	 	7	  
		  	1.4	  	Anticalin®	  	 	7	  
		  	1.5	  	Anticalin Affinity Maturation	  	 	7	  
		  	1.6	  	Anticalin Expression	  	 	7	  
		  	1.7	  	Anticalin Libraries	  	 	7	  
		  	1.8	  	Anticalin Selection	  	 	7	  
		  	1.9	  	Applicable Law	  	 	7	  
		  	1.10	  	Binder	  	 	7	  
		  	1.11	  	Biosimilar Product	  	 	8	  
		  	1.12	  	Calendar Quarter	  	 	8	  
		  	1.13	  	Calendar Year	  	 	8	  
		  	1.14	  	Change of Control	  	 	8	  
		  	1.15	  	Change of Control Group	  	 	8	  
		  	1.16	  	Clinical Study	  	 	8	  
		  	1.17	  	Combination Product	  	 	8	  
		  	1.18	  	Commercially Reasonable Efforts	  	 	9	  
		  	1.19	  	Companion Diagnostic	  	 	9	  
		  	1.20	  	Composition of Matter Claim	  	 	9	  
		  	1.21	  	Compulsory Sublicense	  	 	9	  
		  	1.22	  	Confidential Information	  	 	9	  
		  	1.23	  	Continuation Election Notice	  	 	10	  
		  	1.24	  	Control	  	 	10	  
		  	1.25	  	Cover	  	 	10	  
		  	1.26	  	Effective Date	  	 	10	  
		  	1.27	  	Entry into Portfolio	  	 	10	  
		  	1.28	  	EU	  	 	10	  
		  	1.29	  	Event	  	 	10	  
		  	1.30	  	Expert	  	 	10	  
		  	1.31	  	FDA	  	 	11	  
		  	1.32	  	FDCA	  	 	11	  
		  	1.33	  	Field	  	 	11	  
		  	1.34	  	Filing	  	 	11	  
		  	1.35	  	First Commercial Sale	  	 	11	  
		  	1.36	  	FTE	  	 	11	  
		  	1.37	  	FTE Rate	  	 	11	  
		  	1.38	  	Generated	  	 	11	  
		  	1.39	  	GLP Tox Study	  	 	11	  
		  	1.40	  	Handle	  	 	11	  
		  	1.41	  	HSR	  	 	11	  
		  	1.42	  	ICD	  	 	12	  
		  	1.43	  	IFRS	  	 	12	  
		  	1.44	  	Indication	  	 	12	  
		  	1.45	  	Initiation	  	 	12	  
		  	1.46	  	Insolvency Event	  	 	12	  
		  	1.47	  	Invention	  	 	12	  
		  	1.48	  	JP	  	 	12	  
		  	1.49	  	JRC	  	 	12	  
		  	1.50	  	Know-How	  	 	12	  

  
 - 2 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

									
		  	1.51	  	Modified Binder	  	 	13	  
		  	1.52	  	NDA	  	 	13	  
		  	1.53	  	Net Sales	  	 	13	  
		  	1.54	  	Party	  	 	13	  
		  	1.55	  	Patent Rights	  	 	13	  
		  	1.56	  	Phase I Study	  	 	13	  
		  	1.57	  	Phase II Study	  	 	13	  
		  	1.58	  	Phase III Study	  	 	14	  
		  	1.59	  	Phase-out Binder	  	 	14	  
		  	1.60	  	Phase-out Term	  	 	14	  
		  	1.61	  	Pieris IP	  	 	14	  
		  	1.62	  	Pieris Technology	  	 	14	  
		  	1.63	  	Product	  	 	14	  
		  	1.64	  	Regulatory Approval	  	 	14	  
		  	1.65	  	Regulatory Authority	  	 	14	  
		  	1.66	  	Research Plan	  	 	15	  
		  	1.67	  	Roche Group	  	 	15	  
		  	1.68	  	Roche IP	  	 	15	  
		  	1.69	  	Roche Technology	  	 	15	  
		  	1.70	  	Royalty Term	  	 	15	  
		  	1.71	  	Sales	  	 	15	  
		  	1.72	  	Selected Binder	  	 	16	  
		  	1.73	  	Sublicensee	  	 	16	  
		  	1.74	  	Target	  	 	16	  
		  	1.75	  	Territory	  	 	16	  
		  	1.76	  	Third Party	  	 	16	  
		  	1.77	  	US	  	 	16	  
		  	1.78	  	Valid Claim	  	 	16	  
		  	1.79	  	Additional Definitions	  	 	17	  
	 2.
	  	 Grant of License
	  	 	18	  
		  	2.1	  	Research Licenses	  	 	18	  
		  	2.2	  	Commercial License to Roche	  	 	18	  
		  	2.3	  	Sublicense	  	 	18	  
		  	2.4	  	License to Pieris after Phase-out Term	  	 	18	  
	 3.
	  	 Research Collaboration
	  	 	19	  
	 4.
	  	 Diligence
	  	 	21	  
		  	4.1	  	In General	  	 	21	  
		  	4.2	  	Diligence of Roche [***]	  	 	21	  
		  	4.3	  	Limits	  	 	21	  
	 5.
	  	 Development
	  	 	21	  
		  	5.1	  	Development by Roche	  	 	21	  
		  	5.2	  	Provision of Information	  	 	21	  
	 6.
	  	 Governance
	  	 	22	  
		  	6.1	  	Joint Research Committee	  	 	22	  
		  	6.2	  	Members	  	 	22	  
		  	6.3	  	Responsibilities of the JRC	  	 	22	  
		  	6.4	  	Meetings	  	 	23	  
		  	6.5	  	Minutes	  	 	23	  
		  	6.6	  	Decisions	  	 	23	  
		  	6.7	  	Information Exchange	  	 	23	  
		  	6.8	  	Alliance Director	  	 	23	  
		  	6.9	  	Limitations of Authority	  	 	24	  

  
 - 3 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

									
		  	6.10	  	Expenses	  	 	24	  
		  	6.11	  	Lifetime	  	 	24	  
	 7.
	  	 Supply
	  	 	24	  
		  	7.1	  	Clinical Supply of Product(s)	  	 	24	  
		  	7.2	  	Commercial Supply of Product(s)	  	 	24	  
	 8.
	  	Regulatory	  	 	24	  
		  	8.1	  	Responsibility	  	 	24	  
	 9.
	  	 Commercialization
	  	 	24	  
		  	9.1	  	Responsibility	  	 	24	  
		  	9.2	  	Updates to Pieris	  	 	25	  
	 10.
	  	 Payment
	  	 	25	  
		  	10.1	  	Initiation Payment	  	 	25	  
		  	10.2	  	Research Costs	  	 	25	  
		  	10.3	  	Annual Exclusive Target Access Fee and Phase-out Extension Fee	  	 	25	  
		  	10.4	  	Development Event Payments	  	 	26	  
		  	10.5	  	Sales Based Events	  	 	27	  
		  	10.6	  	Royalty Payments	  	 	28	  
		  	10.7	  	Combination Product	  	 	29	  
		  	10.8	  	Third Party Payments	  	 	30	  
		  	10.9	  	Disclosure of Payments	  	 	30	  
	 11.
	  	 Accounting and reporting
	  	 	30	  
		  	11.1	  	Timing of Payments	  	 	30	  
		  	11.2	  	Late Payment	  	 	30	  
		  	11.3	  	Method of Payment	  	 	30	  
		  	11.4	  	Currency Conversion	  	 	30	  
		  	11.5	  	Reporting	  	 	31	  
	 12.
	  	 Taxes
	  	 	31	  
	 13.
	  	 Auditing
	  	 	31	  
		  	13.1	  	Pieris’ Right to Audit	  	 	31	  
		  	13.2	  	Audit Reports	  	 	32	  
		  	13.3	  	Over- or Underpayment	  	 	32	  
		  	13.4	  	Duration of Audit Rights	  	 	32	  
	 14.
	  	 Intellectual Property
	  	 	32	  
		  	14.1	  	Ownership of Pieris IP and Roche IP	  	 	32	  
		  	14.2	  	Ownership of Inventions	  	 	32	  
		  	14.3	  	German Statute on Employee’s Inventions	  	 	33	  
		  	14.4	  	Prosecution of Patent Rights by Pieris	  	 	33	  
		  	14.5	  	Prosecution of Patent Rights by Roche	  	 	33	  
		  	14.6	  	CREATE Act	  	 	33	  
		  	14.7	  	Defense	  	 	33	  
		  	14.8	  	Enforcement	  	 	34	  
		  	14.9	  	Common Interest Disclosures	  	 	35	  
		  	14.10	  	Biosimilar or interchangeable biological products	  	 	35	  
		  	14.11	  	Patent Term Extensions	  	 	35	  
	 15.
	  	 Representations and Warranties
	  	 	35	  
		  	15.1	  	Third Party Patent Rights	  	 	35	  
		  	15.2	  	Ownership of Patent Rights	  	 	36	  
		  	15.3	  	Inventors	  	 	36	  
		  	15.4	  	Grants	  	 	36	  
		  	15.5	  	Authorization	  	 	36	  
		  	15.6	  	Validity of Patent Rights	  	 	36	  
		  	15.7	  	Ownership and Validity of Know-How	  	 	36	  

  
 - 4 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

									
		  	15.8	  	No Claims	  	 	36	  
		  	15.9	  	No Conflict	  	 	37	  
		  	15.10	  	No Other Representations	  	 	37	  
	 16.
	  	 Indemnification
	  	 	37	  
	 17.
	  	 Liability
	  	 	37	  
		  	17.1	  	Limitation of Liability	  	 	37	  
		  	17.2	  	Disclaimer	  	 	38	  
	 18.
	  	 Obligation Not to Disclose Confidential Information
	  	 	38	  
		  	18.1	  	Non-Use and Non-Disclosure	  	 	38	  
		  	18.2	  	Permitted Disclosure	  	 	38	  
		  	18.3	  	Press Releases	  	 	38	  
		  	18.4	  	Publications	  	 	39	  
		  	18.5	  	Commercial Considerations	  	 	39	  
	 19.
	  	 Term and Termination
	  	 	40	  
		  	19.1	  	Commencement and Term	  	 	40	  
		  	19.2	  	Termination	  	 	40	  
		  	19.3	  	Consequences of Termination	  	 	41	  
		  	19.4	  	Survival	  	 	45	  
	 20.
	  	 Bankruptcy
	  	 	45	  
	 21.
	  	 Miscellaneous
	  	 	45	  
		  	21.1	  	Governing Law	  	 	45	  
		  	21.2	  	Disputes	  	 	45	  
		  	21.3	  	Assignment	  	 	46	  
		  	21.4	  	Debarment	  	 	46	  
		  	21.5	  	Independent Contractor	  	 	46	  
		  	21.6	  	Unenforceable Provisions and Severability	  	 	46	  
		  	21.7	  	Waiver	  	 	46	  
		  	21.8	  	Appendices	  	 	47	  
		  	21.9	  	Entire Understanding	  	 	47	  
		  	21.10	  	Amendments	  	 	47	  
		  	21.11	  	Invoices	  	 	47	  
		  	21.12	  	Notice	  	 	47	  

  
 - 5 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Research Collaboration and License Agreement 

WHEREAS, Pieris has access to a proprietary Anticalin® (lipocalin derived) discovery and
manufacturing platform and possesses proprietary technology and intellectual property rights relating thereto; and 
 WHEREAS, Roche has access to the [***]
and [***] target protein and other tools and to [***] for [***] as well as expertise in the research, development, manufacture and commercialization of pharmaceutical and diagnostic products, in particular in the field of cancer immunotherapy; and

 WHEREAS, the Parties wish to combine their respective expertise to develop binders that [***]or specifically bind to [***] using Pieris Technology and
Roche’s [***] for application in particular in cancer, and the Parties will collaborate from the beginning of lead identification through a mutually agreeable preclinical research stage set forth in the Research Plan. 

WHEREAS, Roche wishes to develop for commercialization such binders and explore their potential applications in various indications; and 

WHEREAS, Pieris is willing to grant to Roche rights to use certain of its intellectual property rights to make, use, offer for sale, sell and import and
export such binders (including Products containing such binders) in the Territory for use in the Field (as such terms are respectively defined below), as contemplated herein; and 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows: 
 1. Definitions 

As used in this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings: 

1.1 Affiliate 
 The term “Affiliate” shall mean
any individual, corporation, association or other business entity that directly or indirectly controls, is controlled by, or is under common control with the Party in question. As used in this definition of “Affiliate,” the term
“control” shall mean the direct or indirect ownership of more than fifty percent (>50%) of the stock having the right to vote for directors thereof or the ability to otherwise control the management of the corporation or other business
entity whether through the ownership of voting securities, by contract, resolution, regulation or otherwise. Anything to the contrary in this paragraph notwithstanding, Chugai Pharmaceutical Co., Ltd, a Japanese corporation
(“Chugai”) and Foundation Medicine, Inc., an American corporation (“Foundation”) and their subsidiaries, shall not be deemed an Affiliate of Roche unless Roche provides written notice to Pieris of its desire to
include Chugai and/or Foundation as an Affiliate of Roche. 

  
 - 6 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.2 Agreement 

The term “Agreement” shall mean this document including any and all appendices and amendments to it as may be added and/or amended from time to time
in accordance with the provisions of this Agreement. 
 1.3 Agreement Term 

The term “Agreement Term” shall mean the period of time commencing on the Effective Date and, unless this Agreement is terminated sooner as provided
in Article 19, expiring on the date when no royalty or other payment obligations under this Agreement are or will become due. 
 1.4 Anticalin® 
 The term “Anticalin®” shall
mean, whether in nucleic acid or protein form, (i) any lipocalin mutein isolated from the Anticalin Libraries, or (ii) any lipocalin mutein that, in each case, has been derived (either physically, intellectually or by reverse engineering,
in one (1) or more steps) from any lipocalin mutein referred to in Section (i) of this definition. For the sake of this Section, mutein shall mean a protein arising as a result of a mutation or a recombinant DNA procedure. 

1.5 Anticalin Affinity Maturation 
 The term
“Anticalin Affinity Maturation” shall mean the process of engineering for an Anticalin to enhance its developability profile, such as increasing binding activities and specificity by introducing, e.g., one or more amino acid mutations.

 1.6 Anticalin Expression 
 The term “Anticalin
Expression” shall mean heterologous expression of an Anticalin in E. coli or other hosts as may be mutually agreed between the Parties. 
 1.7
Anticalin Libraries 
 The term “Anticalin Libraries” shall mean any phage display library based on (i) the human [***] lipocalin (Uniprot
[***]), (ii) the human [***] lipocalin (Uniprot [***]), or (iii) [***], if applicable. For clarity, as of the Effective Date, Pieris [***] referred to in Section (iii) of this definition and this Section (iii) only becomes
relevant if and when Pieris [***] or [***] such [***] during the Agreement Term. For further clarity, notwithstanding anything to the contrary in this Agreement, Pieris has no obligation to [***] or [***] such [***] during the Term. 

1.8 Anticalin Selection 
 The term “Anticalin
Selection” shall mean the process of screening an Anticalin Library with a defined target through the process of phage display, within a solution, and physically separating the target, containing binding Anticalins, from the solution containing
non-binding Anticalins. 
 1.9 Applicable Law 
 The term
“Applicable Law” shall mean any law, statute, ordinance, code, rule or regulation that has been enacted by a government authority (including without limitation, any Regulatory Authority and the United States Securities and Exchange
Commission (“SEC”)) and is in force as of the Effective Date or come into force during the Agreement Term, in each case to the extent that the same are applicable to the performance by the Parties of their respective obligations under this
Agreement. 
 1.10 Binder 
 The term “Binder”
shall mean an Anticalin® discovered under the Research Plan that specifically binds to or inhibits the Target. 

  
 - 7 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.11 Biosimilar Product 

The term “Biosimilar Product” shall mean a product that is not produced, licensed or owned by the Roche Group and is, according to the relevant
Regulatory Authority for the given country or jurisdiction, highly similar with respect to a given Product, notwithstanding minor differences in clinically inactive components, and with no clinically meaningful differences between the Biosimilar
Product and the given Product in terms of the safety, purity and potency of the product. 
 For countries or jurisdictions where no explicit biosimilar
regulations exist, Biosimilar Product includes products which (i) have been deemed to be a Biosimilar Product by a Regulatory Authority in another country or jurisdiction or (ii) have the identical amino acid sequence. 

1.12 Calendar Quarter 
 The term “Calendar
Quarter” shall mean each period of three (3) consecutive calendar months, ending March 31, June 30, September 30, and December 31. 

1.13 Calendar Year 
 The term “Calendar Year”
shall mean the period of time beginning on January 1 and ending December 31, except for the first year which shall begin on the Effective Date and end on December 31. 

1.14 Change of Control 
 The term “Change of
Control” shall mean, with respect to a Party: (a) the acquisition by any Third Party of beneficial ownership of fifty percent (50%) or more of the then outstanding common shares or voting power of such Party, other than acquisitions
by employee benefit plans sponsored or maintained by such Party; (b) the consummation of a business combination involving such Party, unless, following such business combination, the stockholders of such Party immediately prior to such business
combination beneficially own directly or indirectly more than fifty percent (50%) of the then outstanding common shares or voting power of the entity resulting from such business combination; or (c) the sale of all or substantially all of
such Party’s assets or business relating to the subject matter of the Agreement. 
 1.15 Change of Control Group 

The term “Change of Control Group” shall mean with respect to a Party, the person or entity, or group of persons or entities, that is the acquirer
of, or a successor to, a Party in connection with a Change of Control, together with affiliates of such persons or entities that are not Affiliates of such Party immediately prior to the completion of such Change of Control of such Party. 

1.16 Clinical Study 
 The term “Clinical Study”
shall mean a Phase I Study, Phase II Study, Phase III Study, as applicable. 
 1.17 Combination Product 

The term “Combination Product” shall mean 
  

	a)	a single pharmaceutical formulation containing as its active ingredients either (i) a Selected Binder or (ii) a Modified Binder, in each case together with one or more other therapeutically or prophylactically
active ingredients targeting an antigen other than the Target. For clarity, Combination Product in this Subsection a) also includes a [***] comprised of a Selected Binder or Modified Binder [***] or [***] to [***] an[***], 

 

	b)	a combination therapy comprised of a Selected Binder or Modified Binder alone (or combined as described in a) above) and one or more other therapeutically or prophylactically active products, priced and sold in a single
package containing such multiple products or packaged separately but sold together for a single price, or 

  
 - 8 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

	c)	a combination therapy comprised of a Selected Binder alone (or combined as described in a) above) and a Companion Diagnostic, priced and sold in a single package containing such multiple products or packaged separately
but sold together for a single price, 

 in each case, including all dosage forms, formulations, presentations, line extensions, and package
configurations. 
 1.18 Commercially Reasonable Efforts 

The term “Commercially Reasonable Efforts” shall mean such level of efforts required to carry out such obligation in a sustained manner consistent
with the efforts Roche or Pieris, as applicable, devotes at the same stage of development or commercialization, as applicable, for its own internally developed pharmaceutical products in a similar area with similar market potential, at a similar
stage of their product life taking into account the existence of other competitive products in the market place or under development, the proprietary position of the product, the regulatory structure involved, the anticipated profitability of the
product and other relevant factors. It is understood that such product potential may change from time to time based upon changing scientific, business and marketing and return on investment considerations. 

However, Roche (and its Affiliates) does not always seek to market its own products in every country or seek to obtain regulatory approval in every country or
for every potential indication. As a result, the exercise of diligence by Roche is to be determined by judging Roche’s commercially reasonable efforts, taken as a whole. 

1.19 Companion Diagnostic 
 The term “Companion
Diagnostic” shall mean any product that is used for predicting and/or monitoring the response of a human being to treatment with a Product (e.g. device, compound, kit, biomarker or service that contains a component that is used to detect or
quantify the presence or amount of an analyte in body or tissue that affects the pathogens of the disease). 
 1.20 Composition of Matter Claim 

The term “Composition of Matter Claim” shall mean, for a given Product in a given country of the Territory, a Valid Claim of a Patent Right that
Covers the active ingredient of a Product as a composition of matter. 
 1.21 Compulsory Sublicense 

The term “Compulsory Sublicense” shall mean a license or sublicense granted to a Third Party (a “Compulsory Sublicensee”), through
the order, decree or grant of a governmental authority having competent jurisdiction, authorizing such Third Party to manufacture, use, sell, offer for sale, import or export a Product in any country in the Territory. 

1.22 Confidential Information 
 The term
“Confidential Information” shall mean any and all information, data or know-how (including Know-How), whether technical or non-technical, oral or written, that is disclosed by one Party or its Affiliates (“Disclosing
Party”) to the other Party or its Affiliates (“Receiving Party”). Confidential Information shall not include any information, data or know-how that: 
  

	 	(i)	was generally available to the public at the time of disclosure, or information that becomes available to the public after disclosure by the Disclosing Party other than through fault (whether by action or inaction) of
the Receiving Party or its Affiliates, 

  

	 	(ii)	can be evidenced by written records to have been already known to the Receiving Party or its Affiliates prior to its receipt from the Disclosing Party, 

 

	 	(iii)	is obtained at any time lawfully from a Third Party under circumstances permitting its use or disclosure, 

  
 - 9 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

	 	(iv)	is developed independently by the Receiving Party or its Affiliates as evidenced by written records other than through knowledge of Confidential Information, 

 

	 	(v)	is required to be disclosed by the Receiving Party or its Affiliates to comply with a court or administrative order, provided that the Receiving Party or its Affiliates furnishes prompt notice (in no event less than
three (3) days prior to such required disclosure) to the Disclosing Party to enable it to contest such disclosure, or 

  

	 	(vi)	is approved in writing by the Disclosing Party for release by the Receiving Party. 

 The terms of this
Agreement shall be considered Confidential Information of the Parties. 
 1.23 Continuation Election Notice 

The term “Continuation Election Notice” shall mean the notice Pieris may provide to Roche under Section 19.3.4. 

1.24 Control 
 The term “Control” shall mean (as
an adjective or as a verb including conjugations and variations such as “Controls” “Controlled” or “Controlling”) (a) with respect to Patent Rights and/or Know-How, the possession by a Party of the ability to grant
a license or sublicense of such Patent Rights and/or Know-How without violating the terms of any agreement or arrangement between such Party and any other party and (b) with respect to proprietary materials, the possession by a Party of the
ability to supply such proprietary materials to the other Party as provided herein without violating the terms of any agreement or arrangement between such Party and any other party. 

1.25 Cover 
 The term “Cover” shall mean (as an
adjective or as a verb including conjugations and variations such as “Covered,” “Coverage” or “Covering”) that the developing, making, using, offering for sale, promoting, selling, exporting or importing of a given
compound, formulation or product would infringe a Valid Claim in the absence of a license under the Patent Rights to which such Valid Claim pertains. The determination of whether a compound, formulation, process or product is Covered by a particular
Valid Claim shall be made on a country-by-country basis. 
 1.26 Effective Date 

The term “Effective Date” shall mean December 8, 2015. 

1.27 Entry into Portfolio 
 The term “Entry into
Portfolio” shall mean, with regard to a Product, in the case of Roche, the decision by [***] to enter [***], and in the case of Pieris, with regards to a [***], the decision by its [***] to further develop such [***] following confirmation of
functionality in vitro. 
 1.28 EU 
 The term
“EU” shall mean the European Union and all its then-current member countries. 
 1.29 Event 

The term “Event” shall designate a Product and a certain Indication for such Product. Each subsequent Event differentiates itself from the prior
Event by either having a different Indication for the same Product, or by being a different Product with the same or a different Indication. 
 1.30
Expert 
 The term “Expert” shall mean a person with no less than fifteen (15) years of pharmaceutical industry experience and expertise
having occupied at least one senior position within a large pharmaceutical company relating to product development and/or licensing but excluding any current or former employee or current consultant of either Party. Such person shall be fluent in
the English language. 

  
 - 10 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.31 FDA 

The term “FDA” shall mean the Food and Drug Administration of the United States of America. 

1.32 FDCA 
 The term “FDCA” shall mean the Food,
Drug and Cosmetics Act. 
 1.33 Field 
 The term
“Field” shall mean all biopharmaceutical, biomedical and diagnostic uses, including all therapeutic and prophylactic uses. 
 1.34 Filing

 The term “Filing” shall mean the filing of an application by the FDA as defined in the FDCA and applicable regulations, or the equivalent
application to the equivalent agency in any other country or group of countries, the official approval of which is required before any lawful commercial sale or marketing of Products. 

1.35 First Commercial Sale 
 The term “First
Commercial Sale” shall mean, on a country-by-country basis, the first invoiced sale of a Product to a Third Party by the Roche Group following the receipt of any Regulatory Approval required for the sale of such Product, or if no such
Regulatory Approval is required, the date of the first invoiced sale of a Product to a Third Party by the Roche Group in such country. 
 1.36 FTE

 The term “FTE” shall mean a full-time equivalent person-year, taking into consideration statutory holidays and paid annual leave. In no
circumstance can the work of any given person exceed one (1) FTE. 
 1.37 FTE Rate 

The term “FTE Rate” shall mean the amount of EUR [***] ([***] Euros) per FTE, on a fully burdened cost basis. Notwithstanding the foregoing, such FTE
Rate shall include the costs for [***] not to exceed EUR [***] ([***] Euros) during the Research Term. 
 1.38 Generated 

The term “Generated” means, with respect to a Product, that a plasmid construct was created and expressed in eukaryotic or bacterial cells. 

1.39 GLP Tox Study 
 The term “GLP Tox Study”
shall mean a study in accordance with the Good Laboratory Practice (GLP) to generate data by which the hazards and risks to users, consumers and third parties, including the environment, can be assessed for a product. 

1.40 Handle 
 The term “Handle” shall mean
preparing, filing, prosecuting (including interference and opposition proceedings) and maintaining (including interferences, reissue, re-examination, post-grant reviews, inter-parties reviews, derivation proceedings and opposition proceedings). 

1.41 HSR 
 The term “HSR” shall mean the
Hart-Scott-Rodino Antitrust Improvements Act. 

  
 - 11 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.42 ICD 

The term “ICD” shall mean the Tenth Revision of the International Classifications of Diseases and Related Health Problems of 2010. 

1.43 IFRS 
 The term “IFRS” shall mean
International Financial Reporting Standards. 
 1.44 Indication 

The term “Indication” shall mean a distinct type of disease or medical condition in humans to which a Product is directed and eventually approved. To
distinguish one Indication from another Indication, the two Indications have to be (i) listed in two different blocks of the ICD (as a way of example, any neoplasm under C15 is in a different block from any neoplasm under block C16, whereas
C15.0 and C15.1 belong to the same block) and (ii) developed by Roche under separate Clinical Studies. Notwithstanding the foregoing, [***] and [***] shall be deemed to be two distinct Indications. 

1.45 Initiation 
 The term “Initiation” or
“Initiated” shall mean, with respect to Clinical Studies, the date that a human is first dosed with the Product in a Clinical Study approved by (or allowed by) the respective Regulatory Authority, or, with respect to GLP Tox Studies, the
date an animal is first dosed with the Product in a GLP Tox Study approved by (or allowed by) the respective Regulatory Authority. 
 1.46 Insolvency
Event 
 The term “Insolvency Event” shall mean circumstances under which a Party (i) has a receiver or similar officer appointed over all
or a material part of its assets or undertaking; (ii) passes a resolution for winding-up (other than a winding-up for the purpose of, or in connection with, any solvent amalgamation or reconstruction) or a court makes an order to that effect or
a court makes an order for administration (or any equivalent order in any jurisdiction); (iii) enters into any composition or arrangement with its creditors (other than relating to a solvent restructuring); (iv) ceases to carry on
business; (v) is unable to pay its debts as they become due in the ordinary course of business. 
 1.47 Invention 

The term “Invention” shall mean an invention that is conceived or reduced to practice in connection with any activity carried out pursuant to this
Agreement. Under this definition, an Invention may be made (including conceived) by employees of Pieris solely or jointly with a Third Party (a “Pieris Invention”), by employees of Roche solely or jointly with a Third Party (a
“Roche Invention”), or jointly by employees of Pieris and employees of Roche with or without a Third Party (a “Joint Invention”). Inventorship shall be determined in accordance with US patent laws. 

1.48 JP 
 The term “JP” shall mean Japan. 

1.49 JRC 
 The term “JRC” shall mean the joint
research committee described in Section 6. 
 1.50 Know-How 

The term “Know-How” shall mean data, knowledge and information, including materials, samples, chemical manufacturing data, toxicological data,
pharmacological data, preclinical data, assays, platforms, formulations, specifications, quality control testing data, that are necessary or useful for the discovery, manufacture, development or commercialization of Products. 

  
 - 12 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.51 Modified Binder 

The term “Modified Binder” shall mean a) a single Selected Binder alone or b) multiple Selected Binders conjugated and/or fused to each other (such
as by a genetic linkage), in the case of a) with, and in the case of b) either with or without modification by conjugation and/or fusion to a moiety, e.g., for [***]. Such [***] may include, without limitation, [***], including [***] based on Roche
Technology. 
 1.52 NDA 
 The term “NDA” shall
mean a new drug application, including all necessary documents, data, and other information concerning a Product, required for Regulatory Approval of the Product as a pharmaceutical product by the FDA or an equivalent application to the equivalent
agency in any other country or group of countries (e.g. the marketing authorization application (MAA) in the EU). 
 1.53 Net Sales 

The term “Net Sales” shall mean, for a Product in a particular period, the amount calculated by subtracting from the Sales of such Product for such
period: (i) a lump sum deduction of [***] ([***]%) of Sales in lieu of those deductions that are not accounted for on a Product-by-Product basis (e.g., freight, postage charges, transportation insurance, packing materials for dispatch of
goods, custom duties); (ii) actual uncollectible amounts accrued during such period and not already taken as a gross-to-net deduction in accordance with the then currently used IFRS in the calculation of Sales of such Product for such period;
(iii) credit card charges (including processing fees) accrued during such period on such Sales; and (iv) government mandated fees and taxes and other government charges accrued (but excluding taxes based on the income of the selling party)
during such period not already taken as a gross-to-net deduction in accordance with the then currently used IFRS in the calculation of Sales of such Product for such period, including, for example, any fees, taxes or other charges that become due in
connection with any healthcare reform, change in government pricing or discounting schemes, or other action of a government or regulatory body. For clarity, no deductions taken in calculating Sales under Section 1.71 may be taken a second time
in calculating Net Sales. 
 1.54 Party 
 The term
“Party” shall mean Pieris or Roche, as the case may be, and “Parties” shall mean Pieris and Roche collectively. 
 1.55 Patent Rights

 The term “Patent Rights” shall mean all rights under any patent or patent application, in any country of the Territory, including any
patents issuing on such patent application, and further including any substitution, extension or supplementary protection certificate, reissue, reexamination, renewal, division, continuation or continuation-in-part of any of the foregoing. 

1.56 Phase I Study 
 The term “Phase I Study”
shall mean a human clinical trial in any country that would satisfy the requirements of 21 C.F.R. § 312.21(a) (FDCA), as amended from time to time, and the foreign equivalent thereof. 

1.57 Phase II Study 
 The term “Phase II Study”
shall mean a human clinical trial, for which the primary endpoints include a determination of dose ranges and/or a preliminary determination of efficacy in patients being studied as described in 21 C.F.R. § 312.21(b) (FDCA), as amended from
time to time, and the foreign equivalent thereof. 

  
 - 13 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.58 Phase III Study 

The term “Phase III Study” shall mean a human clinical trial that is prospectively designed to demonstrate statistically whether a product is safe
and effective for use in humans in a manner sufficient to obtain regulatory approval to market such product in patients having the disease or condition being studied as described in 21 C.F.R. § 312.21(c) (FDCA), as amended from time to time,
and the foreign equivalent thereof. 
 1.59 Phase-out Binder 

The term “Phase-out Binder” shall mean an Anticalin® discovered during the Phase-out Term
that specifically binds to the Target. 
 1.60 Phase-out Term 

The term “Phase-out Term” shall mean the period beginning at the end of the Research Term provided that Roche has opted for [***] as described in
Section 10.3.1, and ending at the latest five (5) years thereafter if Roche has paid the Annual Exclusive Target Access Fee and beyond the third year, the Phase-out Extension Fee, if applicable as per Sections 10.3.1. and 10.3.2. 

1.61 Pieris IP 
 The term “Pieris IP” shall mean
Know-How and Patent Rights that Pieris owns or Controls (i) as of the Effective Date, which include Patent Rights listed in Appendix 1.60; and (ii) during the Agreement Term that are necessary or useful for the discovery, manufacture,
development or commercialization of an Anticalin®, or that are relating to Pieris Technology. 

1.62 Pieris Technology 
 The term “Pieris
Technology” shall mean Anticalin Libraries, Anticalin Selection, Anticalin Expression and Anticalin Affinity Maturation methods. 
 1.63 Product

 The term “Product” shall mean any product or composition containing at least one Selected Binder, regardless of their finished forms or
formulations or dosages. With regard to milestone and royalty payments, a Product shall differentiate itself from another Product by containing, in addition to at least one Selected Binder, a [***] ([***]Selected Binder) as active ingredient that
binds to [***]. Examples: 1) [***]Selected Binders developed as separate products are considered the same Product; 2) a Selected Binder[***] and a Selected Binder [***] a pharmaceutically active molecule that [***] are considered two distinct
Products. 
 1.64 Regulatory Approval 
 The term
“Regulatory Approval” shall mean any approvals, licenses, registrations or authorizations by Regulatory Authority, necessary for the sale of a Product in the Field in a regulatory jurisdiction in the Territory. 

1.65 Regulatory Authority 
 The term “Regulatory
Authority” shall mean any national, supranational (e.g., the European Commission, the Council of the European Union, the European Medicines Agency), regional, state or local regulatory agency, department, bureau, commission, council or other
governmental entity including the FDA, in each country involved in the granting of Regulatory Approval for the Product. 

  
 - 14 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.66 Research Plan 

The term “Research Plan” shall mean the plan of research attached as Appendix 1.66 outlining the work expected to be performed by Pieris and Roche,
as such plan may be updated from time to time as permitted in this Agreement. 
 1.67 Roche Group 

The term “Roche Group” shall mean collectively Roche, its Affiliates and its Sublicensees. 

1.68 Roche IP 
 The term “Roche IP” shall mean
Know-How and Patent Rights that Roche owns or Controls as of the Effective Date and during the Agreement Term and that relate to Roche Technology. For purposes of clarity, the Patent Rights identified in Appendix 1.68 (“Excluded Patent
Rights”) are specifically excluded from the Roche IP. 
 1.69 Roche Technology 

The term “Roche Technology” shall mean Roche’s [***] to be [***] with the Binder(s) or Phase-out Binder(s) for [***]. 

1.70 Royalty Term 
 The term “Royalty Term”
shall mean, with respect to a Product and for a given country, the period of time commencing on the date of First Commercial Sale of the Product in such country and ending on the later of the date that is (a) ten (10) years after the date
of the First Commercial Sale of the Product in such country, or (b) the expiration of the last to expire Composition of Matter Claim of a patent owned or Controlled by Roche (or Pieris pursuant to Section 14.5) in such country Covering the
use, import, offering for sale, or sale of the Product. With regard to the countries of the EU, the ten (10) year period shall for each country begin at the earlier of (i) date of First Commercial Sale in the specific country or
(ii) date of First Commercial Sale in [***] ([***]). For clarity, any Composition of Matter Claim Covering only [***] that [***] and which is comprised within Product shall not be relevant for determining the Royalty Term. 

1.71 Sales 
 The term “Sales” shall mean, for a
Product in a particular period, the sum of (i) and (ii): 
  

	(i)	the amount stated in the Roche Holding AG “Sales” line of its externally published audited consolidated financial statements with respect to such Product for such period (excluding sales to any Sublicensees
that are not Affiliates of Roche). This amount reflects the gross invoice price at which such Product was sold or otherwise disposed of (other than for use as clinical supplies or free samples) by Roche and its Affiliates to such Third Parties
(excluding sales to any Sublicensees that are not Affiliates of Roche) in such period reduced by gross-to-net deductions, if not previously deducted from such invoiced amount, taken in accordance with the then currently used IFRS, to the extent any
of such gross-to-net deductions are actually allowed. 

  

	    	By way of example, the gross-to-net deductions taken in accordance with IFRS as of the Effective Date include the following: 

  

	 	(a)	credits, reserves or allowances granted for (i) damaged, outdated, returned, rejected, withdrawn or recalled Product, (ii) wastage replacement and short-shipments; (iii) billing errors and
(iv) indigent patient and similar programs (e.g., price capitation); 

  
 - 15 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

	 	(b)	governmental price reductions and government mandated rebates; 

  

	 	(c)	chargebacks, including those granted to wholesalers, buying groups and retailers; 

  

	 	(d)	customer rebates, including cash sales incentives for prompt payment, cash and volume discounts; and 

  

	 	(e)	taxes and any other governmental charges or levies imposed upon or measured by the import, export, use, manufacture or sale of a Product (excluding income or franchise taxes). 

 

	    	For purposes of clarity, sales by Roche and its Affiliates to any Sublicensee shall be excluded from “Sales”, but a subsequent sale to Third Parties by such Affiliate or Sublicensee shall be deemed a
“Sale”. 

  

	(ii)	for Sublicensees that are not Roche Affiliates (and excluding Compulsory Sublicensees), the sales amounts reported to Roche and its Affiliates in accordance with the sublicensee contractual terms and their
then-currently used accounting standards. For the purpose of clarity, any such Sublicensee sales as reported to Roche in accordance with Compulsory Sublicense agreements shall be excluded from the sales amount. 

1.72 Selected Binder 
 The term “Selected
Binder” shall mean a Binder or Phase-out Binder that originates from the pool of Binders discovered by screening any Pieris Anticalin Library, that may have undergone lead optimization, and is then selected by Roche for incorporation into a
Product. At its discretion, Roche can select [***]Binders or Phase-out Binders during the Research Term or the Phase-out Term and shall be free to [***] Binders or Phase-out Binders during such period, with such [***] to be [***] 

1.73 Sublicensee 
 The term “Sublicensee” shall
mean an entity to which Roche has licensed any right (through one or multiple tiers), other than through a Compulsory Sublicense, pursuant to this Agreement. 

1.74 Target 
 The term “Target” shall mean the
biological target of a pharmacologically active drug compound. For this collaboration the [***] Target is [***] as described in Appendix 1.74. 
 1.75
Territory 
 The term “Territory” shall mean all countries of the world. 

1.76 Third Party 
 The term “Third Party” shall
mean a person or entity other than (i) Pieris or any of its Affiliates or (ii) a member of the Roche Group. 
 1.77 US 

The term “US” shall mean the United States of America and its territories and possessions. 

1.78 Valid Claim 
 The term “Valid Claim” shall
mean a claim in any unexpired and issued Patent Rights that has not been disclaimed, revoked or held invalid by a final non-appealable decision of a court of competent jurisdiction or government agency. 

  
 - 16 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.79 Additional Definitions 

Each of the following definitions is set forth in the Section of this Agreement indicated below: 

 

			
	 Definition
	 	 Section

	 Accounting Period
	 	11.1
	 Acquired Party
	 	19.2.3
	 Alliance Director
	 	6.8
	 Annual Exclusive Target Access Fee
	 	10.3.1
	 Bankruptcy Code
	 	20
	 [***]
	 	2.4
	 Breaching Party
	 	19.2.1
	 Chairperson
	 	6.2
	 Chugai
	 	1.1
	 Companion Diagnostic Product
	 	10.4
	 Compulsory Sublicensee
	 	1.21
	 Development Event
	 	10.4 (in table)
	 Disclosing Party
	 	1.22
	 Excluded Patent Rights
	 	1.68
	 Expert Committee
	 	10.7
	 First Sales Based Event
	 	10.5
	 Foundation
	 	1.1
	 Indemnified Party
	 	16.3
	 Indemnifying Party
	 	16.3
	 Joint Invention
	 	1.47
	 Members
	 	6.2
	 Non-Acquired Party
	 	19.2.3
	 Non-Breaching Party
	 	19.2.1
	 Patent Term Extensions
	 	14.11
	 Payment Currency
	 	11.3
	 Peremptory Notice Period
	 	19.2.1
	 Phase-out Extension Fee
	 	0
	 Pieris Invention
	 	1.47
	 Progress Reports
	 	3.1.5
	 Publishing Notice
	 	18.4
	 Publishing Party
	 	18.4
	 Receiving Party
	 	1.22
	 Reference Product Sponsor
	 	14.10
	 Relative Commercial Value
	 	10.7
	 Research Records
	 	3.1.6
	 Research Term
	 	3.1.4
	 Roche Invention
	 	1.47
	 Roche Valid Claim
	 	19.3.4 (b)
	 Samples
	 	19.3.4 (b)
	 SEC
	 	1.9
	 Second Sales Based Event
	 	10.5
	 Sensitive Information
	 	19.2.3
	 SPCs
	 	14.11
	 Stand-alone Diagnostic Product
	 	10.4
	 Third Sales Based Event
	 	10.5

  
 - 17 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 2. Grant of License 

2.1 Research Licenses 
 Roche grants to Pieris during the
Research Term a non-exclusive right and license under Roche IP that are necessary or useful for the discovery, manufacture or development of Binders, Phase-out Binders, Modified Binders, Selected Binders and Products solely to enable Pieris to
perform the activities contemplated under the Research Plan under this Agreement. 
 Pieris grants to Roche during the Agreement Term an exclusive (even as
to Pieris except for activities performed under the Research Plan and, if applicable, during the Phase-out Term for Roche) right and license under Pieris IP that are necessary or useful for the discovery, manufacture or development of Binders,
Phase-out Binders, Modified Binders, Selected Binders and Products, in particular to enable Roche to identify and evaluate Binders and Phase-out Binders in order to enable selection of Selected Binders. 

2.2 Commercial License to Roche 
 Pieris hereby grants to
Roche an exclusive (even as to Pieris) right and license, including the right to sublicense through multiple tiers, under Pieris’ interest in the Pieris IP to research, have researched, develop, have developed, register, have registered, use,
have used, make, have made, import, have imported, export, have exported, market, have marketed, distribute, have distributed, sell and have sold Products in the Field in the Territory. 

2.3 Sublicense 
 Roche shall have the right to sublicense
or subcontract (through multiple tiers); provided, however, that in the event of such sublicensing, (a) such Sublicensees will be subject to the same confidentiality and diligence obligations Roche has hereunder, and (b) Roche will remain
liable for all the terms and conditions of this Agreement. 
 2.4 License to Pieris after Phase-out Term 

After expiration of the Phase-out Term and with respect to Target, Roche grants Pieris (subject to Roche’s right of first negotiation as defined below) a
non-exclusive license, including the right to sublicense through multiple tiers, under Roche’s Patent Rights on Inventions made under the Agreement. Said license shall be limited to such Inventions (a) made (including conceived) during the
time period starting at the Effective Date and ending [***] and (b) related to Selected Binders to: 
  

	(i)	Select binders from the hits obtained [***], performed after [***]the Phase-out Term, of the Anticalin Libraries, that – per each individual binder – contain [***] in the amino acid positions that Pieris
randomizes in its Anticalin Libraries (in comparison to the amino acid sequence of the respective wild type lipocalin; for clarity, this means [***] depending on the Anticalin Library used) as compared to each Selected Binder and 

 

	(ii)	 On the basis of binders obtained under (i) above, research, have researched, develop, have developed,
register, have registered, use, have used, make, have made, import, have imported, export, have exported, market, have marketed, distribute, have distributed, sell and have sold products that, in addition to [***] and which would infringe such
Roche’s Patent Rights but for a license granted hereunder (“[***]”), in the Field in the Territory. [***] may not bind to the [***] as [***] for which [***] has [***] and is developing using Commercially Reasonable Efforts at
the time Pieris initiates an independent screening campaign as described under (i) above for a [***]. Pieris shall have the right to make a written query to Roche’s alliance manager (to be communicated by Roche in the annual reports under
Section 6.11) in order to find out if [***] has [***] with regard to a [***], which query shall be answered within thirty (30) days. For clarity, the license granted by Roche to Pieris for a [***] shall be maintained even in the situation
where Roche has, subsequent to Roche granting the license hereunder, [***], provided, however, that Pieris has used 

  
 - 18 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
Commercially Reasonable Efforts to [***]. For further clarity, the above license is limited to [***] and does not include [***]. Pieris shall inform Roche in writing about all [***] for which it
has reached [***] within thirty (30) days after such [***] has been reached. Furthermore, Pieris shall annually inform Roche on the development progress of such [***] until completion of the first Phase II Study. 

 

	    	Example 1: If Pieris makes a query for a specific [***] (i.e., [***]), and Roche has reached [***], then no license is granted to Pieris. 

 

	    	Example 2: If Pieris makes a query for a specific [***] (i.e. [***]), and Roche has reached [***] (i.e., [***]) that [***], then no license is granted to Pieris. 

Further, the above license is subject to Roche’s right of first negotiation along the following lines: (i) if either Pieris decides to seek a
licensing partnership with a third party with regards to a [***], or to sell such [***] to a third party (for clarity, a Change of Control of Pieris shall not be deemed a sale of such [***]), or a [***] that has not been partnered or sold has
completed the first Phase II Study, it shall provide written notice of such intent to Roche; (ii) Roche shall then have [***] to request access to any information Pieris’ has with regard to such [***]; (iii) in case Roche does request
such access, then Roche shall have [***] after Pieris has granted to Roche access to the relevant and complete files and provided corresponding information to Roche to decide whether it wants to develop and commercialize such [***] itself and to
provide a corresponding written notice to Pieris of its intent to do so; (iv) in case Roche does provide such written notice, then Roche shall have the exclusive right to negotiate an agreement with Pieris with regard to such [***], under terms
to be negotiated in good faith and such agreement to be put in writing within [***] of Roche’s written notification to Pieris of its intent to develop and commercialize such [***] itself (hereinafter called “Negotiation Period”). If
Roche and Pieris fail to agree upon the terms and conditions for such agreement during the Negotiation Period, Pieris will be free to enter into a transaction regarding such [***] with any Third Party; provided that Pieris shall not enter into an
agreement with any Third Party on financial terms and conditions that are more favourable for the Third Party when taken in their totality than the terms and conditions last offered in writing by Roche to Pieris during the Negotiation Period.
Notwithstanding the foregoing, if Pieris intends to enter into a partnership to Generate [***] (i.e., that have not been Generated at the time of notification from Pieris), Roche shall only have [***] from receipt of such notification under
(i) to assess and decide if it wants to request negotiations under (iv). In other words, the procedures foreseen in (ii) and (iii) of this paragraph shall in total [***]. 

3. Research Collaboration 
 3.1.1 Scope

 The execution of the Research Plan shall begin on January 1, 2016. During the Research Term, Pieris commits, subject to FTE funding by Roche, to an
average of [***] as specified in the Research Plan and adjusted as necessary by the JRC from time to time, allowing the generation and testing of such Binders against the Target, the generation and testing of Modified Binders and Products, as well
as any other activities to be performed according to the Research Plan. The criteria for successfully completing the Research Plan and handing over the deliverables are defined in the Research Plan. The activities conducted in connection with the
Research Plan will be overseen by the JRC. 

  
 - 19 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 3.1.2 Diligent Efforts 

Roche and Pieris shall each use Commercially Reasonable Efforts to perform their respective tasks and obligations in conducting all activities ascribed to it
in the then-current Research Plan, in accordance with the time parameters set forth therein. 
 3.1.3 Research Plan 

The Parties will conduct the research in accordance with the Research Plan. In alignment with Section 6.3, the Research Plan will be updated as needed by
the JRC, with such updates to be documented in an updated Research Plan as part of the applicable JRC Minutes. The Research Plan will set forth (i) the scope of the research and the resources that will be dedicated to the activities
contemplated within the scope of the research, including the responsibilities of each Party, (ii) specific objectives for each Research Plan task, which objectives will be updated or amended, as appropriate, by the JRC as research progresses,
and (iii) budgets for such activities. 
 3.1.4 Research Term 

The Research Term shall commence on January 1, 2016 and shall continue for twenty (20) months unless extended by Roche by providing written notice to
Pieris no later than ninety (90) days prior to the end of the initial term and subject to further FTE funding for a period up to one additional year. If at the end of the Research Term (including any extension) the original objectives of the
Research Plan are not met and Roche could not choose Selected Binders for product development, the Parties shall agree on whether to further extend the Research Term and the share of funding by each Party. 

3.1.5 Progress Reports 
 At least quarterly
during the Research Term, Pieris shall have the obligation to prepare and provide to the JRC a detailed written report summarizing the progress of the work performed by Pieris under the Research Plan during the preceding Calendar Quarter. Promptly
upon expiry of the Research Term, Pieris shall provide a final written report summarizing its activities under the Research Plan and the results thereof. Upon the written request of Roche and not more than once in each Calendar Year, Pieris shall
permit Roche, at Roche’s expense, to have access during normal business hours to those records of Pieris that may be necessary to verify the basis for any payments hereunder. 

3.1.6 Research Records 
 Each Party shall
maintain records regarding the execution of the Research Plan (or cause such records to be maintained) in sufficient detail and in good scientific manner as will properly reflect all work done and results achieved by or on behalf of such Party in
the performance of the Research Plan. 
 3.1.7 Work on Target by Pieris 

During the Research Term and, if applicable, the Phase-out Term, Pieris shall work exclusively with Roche to identify and discover molecules that inhibit or
specifically bind to the Target. For the avoidance of doubt, this obligation also precludes Pieris from working on the Target under its own independent research. In case Pieris undergoes a Change of Control and the Change of Control Group has or
puts in place a research program targeting the Target, or if Pieris takes over control of a Third Party having such a research program, then Pieris shall put or have put 

  
 - 20 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
in place appropriate fire walls in order to avoid any spillover of information regarding the Research Plan and associated Progress Reports, Research Records and Confidential Information received
from Roche under this Agreement outside of the organisation of Pieris that exists before such Change of Control or take over takes place. Pieris may not perform work on Pieris Technology with regard to Target except as provided for under this
Agreement (including, for clarity, as described under Section 2.4). 
 4. Diligence 

4.1 In General 
 Roche and Pieris shall use Commercially
Reasonable Efforts to perform their respective activities contemplated by this Agreement or as may be agreed upon in any subsequent written agreements with respect to the subject matter hereof, including but not limited to any activities under the
Research Plan. Specifically, Roche agrees to use Commercially Reasonable Efforts to pursue development and commercialization of Products in the Field in the Territory, which minimally shall require that Roche shall seek to market at least one
Product in [***] and in [***] ([***]). Notwithstanding anything to the contrary in this Agreement, Roche shall be deemed to not be using Commercially Reasonable Efforts, if, for whatever reason, it completely ceases all research, development or
commercialization activities on all Products for a period longer than [***] during the Agreement Term. 
 4.2 Diligence of Roche prior to Initiation of
Phase III Study 
 If Roche or any of its Affiliates (i) acquires (e.g., by way of in-license or acquisition) a product targeting the Target for
which [***], or (ii) internally develops a product targeting the Target for which [***], and that for (i) and (ii) does not utilize Pieris Technology, then, for as long as such competing product is more advanced than the first
Product, Roche shall and shall ensure that its Affiliates with regards to any first Product commit to the following timelines: (a) Initiation of first GLP Tox Study within [***], (b) Initiation of first Phase I Study within [***],
(c) Initiation of first Phase II Study within [***], or, if such timelines are not deemed appropriate by Roche, and Roche provides acceptable reasons for delays as reasonably accepted by Pieris, such timelines may be extended by mutual written
agreement. The diligence obligation under this Section 4.2 expires when such acquired or internally developed product is terminated. 
 4.3 Limits

 For clarity, the foregoing limitations on acquiring or internally developing products targeting the Target as described in Section 4.2 shall not
apply to [***] of the [***] or [***] or that are [***] or [***], for as long as [***]. 
 5. Development 

5.1 Development by Roche 
 After a Selected Binder and/or
Modified Binder has been transferred from Pieris to Roche as specified in the Research Plan, Roche, at its sole cost, shall be responsible for pursuing pre-clinical and clinical development of Products, subject to the terms of this Agreement. 

5.2 Provision of Information 
 Pieris shall disclose and
make available to Roche (i) all data and information developed under the Research Plan, and (ii) all additional data and information that Pieris reasonably believes are necessary to conduct development of Products. Pieris, through the JRC,
shall answer any questions reasonably posed and provide any information reasonably requested. Notwithstanding the foregoing, Pieris shall not be obligated to disclose any confidential information received from a Third Party to Roche. 

  
 - 21 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 6. Governance 

6.1 Joint Research Committee 
 Within sixty (60) days
after the Effective Date of this Agreement, the Parties shall establish a JRC to oversee the development activities under this Agreement. 
 6.2 Members

 The JRC shall be composed of four (4) persons (“Members”). Roche and Pieris each shall be entitled to appoint two
(2) Members with appropriate seniority and functional expertise. Each Party may replace any of its Members and appoint a person to fill the vacancy arising from each such replacement. A Party that replaces a Member shall notify the other Party
at least ten (10) days prior to the next scheduled meeting of the JRC. Both Parties shall use reasonable efforts to keep an appropriate level of continuity in representation. Both Parties may invite a reasonable number of additional experts
and/or advisors to attend part or the whole JRC meeting with prior notification to the JRC. Members may be represented at any meeting by another person designated by the absent Member. The JRC shall be chaired by a Roche Member
(“Chairperson”). 
 6.3 Responsibilities of the JRC 

The JRC shall have the responsibility and authority to: 
  

	a)	approve the Research Plan; 

  

	b)	review and revise the Research Plan; 

  

	c)	oversee the execution of the Research Plan; 

  

	d)	establish timelines and criteria for decision points; 

  

	e)	determine whether success- and other criteria have been met; 

  

	f)	evaluate Binders and select Selected Binders 

  

	g)	review the efforts of the Parties and allocate those resources for the Research Plan (including the budget); 

  

	h)	identify and agree on the appropriate resources (including FTE staffing requirements) necessary to conduct the Research Plan; 

  

	i)	establish a touch point site or similar tool to enable secured exchange of data generated under the Research Plan 

  

	j)	monitor and implement the transfer of the Selected Binders and Modified Binders, both in terms of material available at Pieris and the corresponding amino acid and nucleic acid sequences, and any associated data
generated under the Research Plan to Roche; 

  

	k)	monitor the number of FTE funding and adaptation of such number as necessary as set forth in Section 3.1.1; 

  

	l)	recommend action items to its respective decision making bodies; 

  

	m)	in a JRC meeting towards the end of the Research Term, list the materials and information to be provided by Pieris to Roche according to Section 10.3.1; 

 

	n)	attempt to resolve any disputes on an informal basis; 

  

	o)	determine the mechanism of project information exchange, including project team meetings. 

  
 - 22 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 The JRC shall have no responsibility and authority other than that expressly set forth in this section or
otherwise expressly provided in this Agreement. 
 6.4 Meetings 

The Chairperson or his/her delegate is responsible for sending invitations and agendas for all JRC meetings to all Members at least ten (10) days before
the next scheduled meeting of the JRC. The venue for the meetings shall be agreed by the JRC. The JRC shall hold meetings at least twice per calendar year, either in person or by tele-/video-conference (but at least once per year in person), and in
any case as frequently as the Members of the JRC may agree shall be necessary, but not more than four times a year. The Alliance Director of each Party may attend the JRC meetings as a permanent participant and may be a JRC Member. 

6.5 Minutes 
 The Chairperson is responsible for
designating a Member to record in reasonable detail and circulate draft minutes of JRC meetings to all members of the JRC for comment and review within twenty (20) days after the relevant meeting. The Members of the JRC shall have ten
(10) days to provide comments. The Party preparing the minutes shall incorporate timely received comments and distribute finalized minutes to all Members of the JRC within thirty-five (35) days of the relevant meeting. The Chairperson
approves the final version of the minutes before its distribution. 
 6.6 Decisions 

6.6.1 Decision Making Authority 
 The JRC shall
decide matters within its responsibilities set forth in Section 6.3. 
 6.6.2 Consensus; Good Faith 

The Members of the JRC shall act in good faith to cooperate with one another and seek agreement with respect to issues to be decided by the JRC. The Parties
shall endeavor to make decisions by consensus. 
 6.6.3 Failure to Reach Consensus 

If the JRC is unable to decide a matter by consensus, then Roche shall have the final decision authority on any matter. However, a unilateral decision by Roche
shall not result in any material change of the day to day use or operational allocation of Pieris’ personnel, equipment and resources, or in any material increase in the overall level of resources to be committed by Pieris to the Research Plan
unless Roche compensates Pieris accordingly. 
 6.7 Information Exchange 

Pieris and Roche shall exchange the information in relation to their activities under the Research Plan through the JRC and Pieris and Roche may ask reasonable
questions in relation to the above information and offer advice in relation thereto. The JRC may determine other routes of information exchange. 
 6.8
Alliance Director 
 Each Party shall appoint one person to be the point of contact within each Party with responsibility for facilitating communication
and collaboration between the Parties (each, an “Alliance Director”). The Alliance Directors may participate in the JRC meetings. The Alliance Directors shall facilitate resolution of potential and pending issues and potential
disputes to enable the JRC to reach consensus and avert escalation of such issues or potential disputes. 

  
 - 23 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 6.9 Limitations of Authority 

The JRC shall have no authority to amend or waive any terms of this Agreement. 

6.10 Expenses 
 Each Party shall be responsible for its
own expenses including travel and accommodation costs incurred in connection with the JRC. 
 6.11 Lifetime 

The JRC shall exist until the [***] Research Term. Thereafter, Roche shall provide Pieris annual reports describing in reasonable detail the development and
commercialization progress of the Product(s), including [***] in Roche’s opinion (these include activities related to milestone achievements under this Agreement). 

7. Supply 
 7.1 Clinical Supply of Product(s) 

Roche shall be responsible at its own expense for the manufacture and supply of clinical supplies of the Product(s). 

7.2 Commercial Supply of Product(s) 
 Roche shall be
solely and exclusively responsible at its own expense for the commercial manufacture and commercial supply of Product(s) for sale in the Territory, either by itself or through Third Parties. 

7.3 Provision of Information 
 Pieris shall disclose and
make available to Roche all additional data and information that Pieris reasonably believes are necessary or useful to manufacture and supply the Product(s). 

8. Regulatory 
 8.1 Responsibility 

Roche, at its sole cost, shall pursue all regulatory affairs related to Product(s) in the Territory including the preparation and filing of applications for
regulatory approval, as well as any or all governmental approvals required to develop, have developed, make, have made, use, have used, manufacture, have manufactured, import, have imported, sell and have sold Products. Roche shall be responsible
for pursuing, compiling and submitting all regulatory filing documentation, and for interacting with regulatory agencies, for all Products in all countries in the Territory. Roche or its Affiliates shall own and file in their discretion all
regulatory filings and regulatory approvals for all Products in all countries of the Territory. 
 Roche, at its sole cost, shall report to appropriate
authorities in accordance with local requirements all adverse events related to use of the Products in the Territory. 
 9. Commercialization 

9.1 Responsibility 
 Roche, at its own expense, shall have
sole responsibility and decision making authority for the marketing, promotion, sale and distribution of Products in the Territory. 

  
 - 24 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 9.2 Updates to Pieris 

Upon request of Pieris, Roche shall update Pieris regarding the commercialization of the Product in the Territory in the Field by Roche, its Affiliates and
Sublicensees. If Pieris requests an update, Roche shall provide a high level summary, in writing and/or through a meeting (face to face/ tele-presence/videoconference or telephone). Pieris shall not request an update more frequently than [***]. 

10. Payment 
 10.1 Initiation Payment 

Within thirty (30) days after the Effective Date and receipt of an invoice from Pieris, Roche shall pay to Pieris six and a half million Swiss francs (CHF
6,500,000). 
 10.2 Research Costs 
 During the Research
Term, Roche shall fund the work to be performed at Pieris for the Research Plan at the FTE Rate as specified in the Agreement. 
 Roche shall pay to Pieris
such work to be performed during the Research Term, [***], within [***] after receiving a corresponding invoice from Pieris, corresponding to the [***] for such [***] according to the Research Plan (as it may be amended from time to time through the
JRC). Within thirty (30) days after the end of each Calendar Quarter during the Research Term, Pieris shall provide to Roche a document specifying [***] and [***] incurred by Pieris during such Calendar Quarter. Any overpayment from Roche shall
be credited to the invoice for the next quarter. Any underpayment from Roche shall be added to the invoice for the next quarter. 
 10.3 Annual Exclusive
Target Access Fee and Phase-out Extension Fee 
 10.3.1 Annual Exclusive Target Access Fee 

When (i) all Selected Binders and/or Modified Binders have been transferred to Roche, including material available at Pieris, information on the
corresponding amino acid and nucleic acid sequences, and any relevant associated data generated under the Research Plan in accordance with the final report under Section 3.1.5 (excluding the Phase-out Binders) and as specified by the JRC in
accordance with Section 6.3 (m), and Roche has confirmed the receipt of all materials, information and the final report as per 3.1.5 (such confirmation not to be unduly delayed), and (ii) the Research Term has ended, then Roche shall have
[***] to exercise its option to [***] as specified in [***] by giving written notice to Pieris. If Roche provides such written notice, it shall pay to Pieris an annual exclusive target access fee as specified in this Section (“Annual
Exclusive Target Access Fee”). In case Roche opts for such continued exclusivity, then Roche shall have the right to terminate such continued exclusivity at the end of each anniversary date of the end of the Research Term, by providing
written notice to Pieris at the latest [***] prior to such anniversary. 
 The Annual Exclusive Target Access Fee shall be, if applicable: 

 

	a)	for each of the [***] following the end of the Research Term:
 CHF [***]. 

  

	b)	for each of the [***] following the end of the Research Term:
 CHF [***]. 

 10.3.2 Phase-out Extension
Fee[***]If Roche has opted for continued exclusivity as described in Section 10.3.1 above, then Roche shall pay to Pieris an additional phase-out extension fee (“Phase-out Extension Fee”) if (i) Roche does not terminate
continued exclusivity as described in Section 10.3.1 before the [***] of the end of the Research Term and (ii) Roche has [***] with regard to the first Product reaching this development stage within [***] of expiry of the Research Term.

  
 - 25 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 The Phase-out Extension Fee shall be, if applicable: 

 

	a)	for the [***] following the end of the Research Term:
 CHF [***]. 

  

	b)	for the [***] following the end of the Research Term:
 CHF [***]. 

 The Phase-out Extension Fee will be paid
in addition to the Annual Exclusive Target Access Fee (if applicable) for the [***] following the end of the Research Term. Roche shall pay to Pieris amounts due under this Section 10.3 within [***] from receipt of the correct invoice from
Pieris. 
 10.4 Development Event Payments 
 For
Products Generated during the Research Term or the Phase-out Term (the Phase-out Term shall be deemed to be (i) five (5) years [***], and (ii) for any other Product as long as specified in Section 1.60, but in any event at least
three (3) years), Roche shall pay to Pieris the following one-time payments at the following respective amounts for the applicable Development Events (as listed in the table below) upon reaching the respective Development Event: 

 

							
	 Development Event
	  	first Event
([***] CHF)	 	[***]
([***] CHF)	 	[***]
([***] CHF)
	 Initiation of GLP Tox Study
	  	[***]	 	[***]	 	[***]
	 Initiation of Phase I Study
	  	[***]	 	[***]	 	[***]
	 Initiation of Phase II Study
	  	[***]	 	[***]	 	[***]
	 Initiation of Phase III Study
	  	[***]	 	[***]	 	[***]
	 NDA Filing [***]
	  	[***]	 	[***]	 	[***]
	 NDA Filing [***]
	  	[***]	 	[***]	 	[***]
	 NDA Filing [***]
	  	[***]	 	[***]	 	[***]
	 First Commercial Sale [***]*
	  	[***]	 	[***]	 	[***]
	 First Commercial Sale [***]*
	  	[***]	 	[***]	 	[***]
	 First Commercial Sale [***]*
	  	[***]	 	[***]	 	[***]
	 Total
	  	[***]	 	[***]	 	[***]

  

	*	Payments for a [***] of a Product shall be payable upon achievement of Regulatory Approval in the respective portion of the Territory. 

The amounts specified in the table immediately above shall be reduced by [***] for Products Generated during the five (5) years following expiry of the
Phase-out Term. For clarity, the respective Development Event shall be deemed to have been paid in full, even if such reduction applies. For Products Generated later than five (5) years following expiry of the Phase-out Term, no milestone
payments shall be paid. 
 For clarity, the total potential development event payments for a first Event shall not exceed [***] Swiss francs (CHF [***]),
the total potential development event payments for each of a [***] shall not exceed [***] Swiss francs (CHF [***]), the total potential development event payments for each of a [***] shall not exceed [***] Swiss francs (CHF [***]), and in no case
shall the total development event payments paid to Pieris under this Section exceed [***] Swiss francs (CHF 

  
 - 26 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
[***]). In case[***] and/or [***] is not [***], then the [***]and/or [***] becomes [***] and/or [***] with regard to[***] to the extent of the [***], and [***] with regard to the [***] and/or
[***]. Payments with regards to a Development Event for a [***], respectively, are payable only once under this Agreement, upon the first occurrence of the applicable Development Event irrespective of the number of times such Development Event may
subsequently occur through the development of a subsequent Product and/or Indication. 
 Example: [***]. 

Upon reaching Development Events, Roche shall timely notify Pieris and Development Event payments shall be paid by Roche to Pieris within [***] from
occurrence of the applicable event and receipt of a correct invoice from Pieris. 
 Notwithstanding anything contained in this Section 10.4, no
development event payments shall be paid to Pieris in the event that a Product is itself developed as a companion diagnostic, i.e. for predicting and/or monitoring the response of a human being to treatment with another Product (e.g. as a biomarker
that is used to detect or quantify the presence or amount of Target in body or tissue; such Product a “Companion Diagnostic Product”). The same rule shall apply (no development event payments) in case a Product is developed as a
stand-alone diagnostic product, i.e. for detecting the presence and/or quantifying the amount of Target in body fluids or tissue (“Stand-alone Diagnostic Product”). 

10.5 Sales Based Events 
 Roche shall pay to Pieris the
following one-time sales based event payments as specified in the table below (First Sales Based Event, Second Sales Based Event, Third Sales Based Event) up to a total of one hundred twenty million Swiss francs (CHF 120,000,000) at the following
respective amounts for the applicable events for the first Product to achieve the following levels of Net Sales: 
  

									
	 	  	Payment	 
	 Net Sales Threshold
	  	if Product is
Generated
during the
Research
Term or the
Phase-out
Term*	 	  	if Product is
Generated
during
[***]of the
Phase-out
Term*	 
			
	 First Calendar Year in which worldwide calendar year Net Sales of a Product exceed CHF [***]
(“First Sales Based Event”)
	  	 	CHF [***]	  	  	 	CHF [***]	  
			
	 First Calendar Year in which worldwide calendar year Net Sales of a Product exceed CHF [***]
(“Second Sales Based Event”)
	  	 	CHF [***]	  	  	 	CHF [***]	  
			
	 First Calendar Year in which worldwide calendar year Net Sales of a Product exceed CHF [***]
(“Third Sales Based Event”)
	  	 	CHF [***]	  	  	 	CHF [***]	  

  

	*	The Phase-out Term shall be deemed to be (i) five (5) years for [***], and (ii) for any other Product as long as specified in Section 1.60, but in any event at least three (3) years.

  
 - 27 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 For Products Generated later than five (5) years following expiry of the Phase-out Term, no milestone
payments shall be paid. 
 Each of the sales based event payments shall be paid no more than once during the Agreement Term, at first occurrence of the
event for the Product in the Territory first reaching the respective Net Sales Threshold, irrespective of whether or not the previous sales based event payment was triggered by the same or by a different Product, and shall be non-refundable, and
shall be paid within [***] after the end of the Calendar Year in which the event first occurs. 
 Notwithstanding anything contained in this
Section 10.5, no sales event payments shall be paid to Pieris in the event that a Product is itself developed, used and commercialized as a Companion Diagnostic Product or as a Stand-alone Diagnostic Product. 

10.6 Royalty Payments 
 10.6.1 Royalty
Term 
 Royalties shall be payable by Roche on Net Sales of Products on a Product-by-Product and country-by-country basis until the expiry of the Royalty
Term. Thereafter, the licenses granted to Roche shall be fully paid up, irrevocable, and royalty-free. 
 10.6.2 Royalty Rates 

Roche shall, on a Product-by-Product basis, for any Product that was Generated during the Research Term or the Phase-out Term (the Phase-out Term shall be
deemed to be (i) five (5) years for [***], and (ii) for any other Product as long as specified in Section 1.60, but in any event at least three (3) years), pay to Pieris royalties by applying the following royalty rates on
Calendar Year Net Sales of a given Product in the Territory as follows: 
  

			
	 Tier of Calendar Year

Net Sales in CHF of a Product:
	  	Percent (%) of
Net Sales:
	 Up to CHF [***] Net Sales
	  	[***]
	 More than CHF [***] Net Sales and up to CHF [***] Net Sales
	  	[***]
	 More than CHF [***] Net Sales and up to CHF [***] Net Sales
	  	[***]
	 More than CHF [***] Net Sales and up to CHF [***] Net Sales
	  	[***]
	 More than CHF [***] Net Sales
	  	[***]

 For Products Generated during the five (5) years following expiry of the Phase-out Term, Roche shall pay royalties to
Pieris by applying [***] of the applicable royalty rate specified in this Section. For Products Generated later than five (5) years following expiry of the Phase-out Term, no royalty payments shall be paid. 

10.6.3 Royalty Reductions 
 For the purpose of
calculating royalties of a Product, Calendar Year Net Sales and the royalty rates shall be subject to the following adjustments, as applicable: 

10.6.3.1 No Valid Claim 
 If no Composition of
Matter Claim of a patent owned or Controlled by Roche exists in a given country Covering the use, import, offering for sale, or sale of the Product, or if such claim that previously existed loses its validity during the applicable Calendar Year,
then the royalty payments due to Pieris for such Product in such country shall be reduced by [***] 

  
 - 28 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 10.6.3.2 Biosimilar Product 

Upon the first entry in a given country of a Biosimilar Product, the royalties in such country for such Product shall be reduced as follows: 

 

	a)	If in any Calendar Quarter after entry of a Biosimilar Product there has been a decline of the Net Sales of the applicable Product in such country greater than [***] of the level of the Net Sales of such Product
achieved in the two consecutive Calendar Quarters immediately prior to such entry, then the royalty payments due to Pieris for such Product in such country shall be reduced by [***] for the remainder of the Royalty Term as from such Calendar
Quarter. 

  

	b)	If in any Calendar Quarter after entry of a Biosimilar Product there has been a decline of the Net Sales of the applicable Product in such country greater than [***] of the level of the Net Sales of such Product
achieved in the two consecutive Calendar Quarters immediately prior to such entry, then the royalty payments due to Pieris for such Product in such country shall end as from such Calendar Quarter and no royalties shall be due by Roche in such
country for such Product, and the license in that country for such Product shall be fully paid-up and irrevocable. 

 10.6.4
Products used as Diagnostics 
 Notwithstanding anything contained in this Section 10.6, no royalty payments shall be paid to Pieris in the event that a
Product is itself developed, used and commercialized as a Companion Diagnostic Product. 
 In case a Product is developed, used and commercialized as a
Stand-alone Diagnostic Product, the Parties shall agree on royalties to be paid on Net Sales of such Product in good faith, but in any case lower than those specified in this Section. 

10.7 Combination Product 
 If Roche or its Affiliates
intend to sell a Combination Product, then the Parties shall meet approximately [***] prior to the anticipated First Commercial Sale of such Combination Product in the Territory to negotiate in good faith and agree to an appropriate adjustment to
Net Sales to reflect the relative commercial value contributed by the components of the Combination Product (the “Relative Commercial Value”). If, after such good faith negotiations not to exceed [***], the Parties cannot agree to
an appropriate adjustment, the dispute shall be initially referred to the executive officers of the Parties in accordance with Section 21.2. Should the Parties fail to agree [***] of such referral, then the Relative Commercial Value shall be
determined by an Expert Committee under the procedures of this Section. 
 If the Parties are unable to agree on the Relative Commercial Value, then Roche
will select one (1) individual who would qualify as an Expert, Pieris will select (1) individual who would qualify as an Expert, and those two (2) individuals shall select one (1) individual who would qualify as an Expert and who
shall be chairman of a committee of the three Experts (the “Expert Committee”), each with a single deciding vote. The Expert Committee will promptly hold a meeting to review the issue under review, at which it will consider
memoranda submitted by each Party at least [***] before the meeting, as well as reasonable presentations that each Party may present at the meeting. The determination of the Expert Committee as to the issue under review will be binding on both
Parties. The Parties will share equally in the costs of the Expert Committee. Unless otherwise agreed to by the Parties, the Expert Committee may not decide on issues outside the scope mandated under terms of this Agreement. 

Notwithstanding the foregoing, for any Combination Product that includes a Companion Diagnostic Product (i.e., not a Companion Diagnostic), the Relative
Commercial Value of such Companion Diagnostic Product shall be [***] 

  
 - 29 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 10.8 Third Party Payments 

With the exception of Pieris IP, Roche shall be responsible for and pay or have paid any consideration owed to any Third Party in relation to Third Party
intellectual property rights. Roche shall have the right to deduct a maximum of 
  

	 	a)	[***], if such Third Party intellectual property rights Cover the [***] in such Product; or 

  

	 	b)	[***] if such Third Party intellectual property rights Cover any other part of the Product, provided, however, that no such [***] reduction shall apply if (i) such Third Party intellectual property rights Cover a
molecule targeting an antigen other than the Target and such molecule is part of a Combination Product whose sales have been deducted from Net Sales per Section 10.7, or (ii) such Third Party intellectual property rights Cover Roche
Technology existing as of the Effective Date and used in the Product; 

 of such consideration actually paid to a Third Party from any
payments otherwise due and payable by Roche to Pieris under this Agreement. Any such deduction shall be permitted on a Product-by-Product and country-by-country basis. In no event shall the amount of royalties payable to Pieris for a given Calendar
Year be reduced to lower than [***] of the royalties otherwise due for the Net Sales of such Product for the applicable Calendar Year as a result of deductions made under this Section. 

10.9 Disclosure of Payments 
 Each Party acknowledges that
the other Party may be obligated to disclose this financial arrangement, including all fees, payments and transfers of value, as may be advisable or required under Applicable Law, including the US Sunshine Act. 

11. Accounting and reporting 
 11.1 Timing of Payments

 Roche shall calculate royalty payments set forth in Section 10.6 quarterly as of March 31, June 30, September 30 and
December 31 (each being the last day of a reporting period). Roche shall pay such payments quarterly within [***] after the end of each reporting period in which Net Sales occur. 

11.2 Late Payment 
 Any payment under this Agreement that
is not paid on or before the date such payment is due shall bear interest, to the extent permitted by Applicable Law, at [***] above the average one-month Euro Interbank Offered Rate (EURIBOR), as reported by Reuters from time to time, calculated on
the number of days such payment is overdue. 
 11.3 Method of Payment 

Royalties on Net Sales and all other amounts payable by Roche hereunder shall be paid by Roche in Swiss francs (the “Payment Currency”) to
account(s) designated by Pieris, except Research Costs according to Section 10.2 which shall be paid to such account(s) in Euros. 
 11.4 Currency
Conversion 
 When calculating the Sales of any royalty-bearing Product that occur in currencies other than the Payment Currency, Roche shall convert the
amount of such sales into the Payment Currency using Roche’s then-current internal foreign currency translation actually used on a consistent basis in preparing its audited financial statements (at the Effective Date, YTD average rate as
reported by Reuters). 

  
 - 30 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 11.5 Reporting 

With each payment Roche shall provide Pieris in writing for the relevant Calendar Quarter on a Product-by-Product and [***] (i.e. [***]) basis the following
information: 
  

	 	a)	Sales in the Payment Currency; 

  

	 	b)	Net Sales in the Payment Currency; 

  

	 	c)	adjustments made pursuant to Section 10.7; 

  

	 	d)	Net Sales in the Payment Currency after adjustments made pursuant to Section 10.7 in the Payment Currency; 

  

	 	e)	royalty rate pursuant to Section 10.6.2; 

  

	 	f)	adjustments made pursuant to Sections 10.6.3 and 10.8; and 

  

	 	g)	total royalty payable in the Payment Currency. 

 12. Taxes 

Pieris shall pay all sales, turnover, income, revenue, value added, and other taxes levied on account of any payments accruing or made to Pieris under this
Agreement. Roche agrees to reasonably assist Pieris in claiming exemption from such taxes and in minimizing the amount required to be so paid. 
 If
provision is made in law or regulation of any country for withholding of taxes of any type, levies or other charges with respect to any royalty or other amounts payable under this Agreement to Pieris, then Roche shall promptly pay such tax, levy or
charge for and on behalf of Pieris to the proper governmental authority, and shall promptly furnish Pieris with receipt of payment. Roche shall be entitled to deduct any such tax, levy or charge actually paid from royalty or other payment due to
Pieris or be promptly reimbursed by Pieris if no further payments are due to Pieris. Each Party agrees to reasonably assist the other Party in claiming exemption from such deductions or withholdings under double taxation or similar agreement or
treaty from time to time in force and in minimizing the amount required to be so withheld or deducted. 
 13. Auditing 

13.1 Pieris’ Right to Audit 
 Roche shall keep, and
shall require its Affiliates and Sublicensees to keep, full, true and accurate books of account containing all particulars that may be necessary for the purpose of calculating all royalties payable under this Agreement. Such books of accounts shall
be kept at their principal place of business. At the expense of Pieris, Pieris shall have the right to engage an independent public accountant reasonably acceptable to Roche to perform, on behalf of Pieris an audit of such books and records of Roche
and its Affiliates, its licensees and Sublicensees, that are deemed necessary by Roche’s independent public accountant to report on Net Sales of Product for the period or periods requested by Pieris, and the correctness of any financial report
or payments made under this Agreement. 

  
 - 31 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Upon timely request and at least [***] prior written notice from Pieris, such audit shall be conducted in the
countries specifically requested by such independent public accountant, during regular business hours in such a manner as to not unnecessarily interfere with Roche’s normal business activities, and shall be limited to results in the [***] prior
to audit notification. 
 Such audit shall not be performed more frequently than [***] nor more frequently than once with respect to records covering any
specific period of time. 
 All information, data documents and abstracts herein referred to shall be used only for the purpose of verifying royalty
statements, shall be treated as Roche’s Confidential Information subject to the obligations of this Agreement and need neither be retained more than [***] after completion of an audit hereof, if an audit has been requested; nor more than [***]
from the end of the Calendar Year to which each shall pertain; nor more than [***] after the date of termination of this Agreement. 
 13.2 Audit Reports

 The auditors shall only state factual findings in the audit reports and shall not interpret the agreement. The auditors shall share all draft audit
reports with Roche before the draft report is shared with Pieris and before the final document is issued. The final audit report shall be shared with Roche at the same time it is shared with Pieris. 

13.3 Over- or Underpayment 
 If the audit reveals an
overpayment, Pieris shall reimburse Roche for the amount of the overpayment within [***]. If the audit reveals an underpayment, Roche shall make up such underpayment with the next royalty payment or, if no further royalty payments are owed by Roche,
Roche shall reimburse Pieris for the amount of the underpayment within [***]. Roche shall pay for the audit costs if the underpayment of Roche exceeds [***] of the aggregate amount of royalty payments owed with regard to the royalty statements
subject to the audit. Section 11.2 shall apply to this Section 13.3. 
 13.4 Duration of Audit Rights 

The failure of Pieris to request verification of any royalty calculation within the period during which corresponding records must be maintained under this
Article 13 will be deemed to be acceptance of the royalty payments and reports. 
 14. Intellectual Property 

14.1 Ownership of Pieris IP and Roche IP 
 Pieris shall
remain the owner of Pieris IP, and Roche of Roche IP. 
 14.2 Ownership of Inventions 

Pieris and Roche shall own Pieris Inventions and Roche Inventions, respectively. Joint Inventions shall be jointly owned by the Parties. 

Notwithstanding the foregoing, Pieris shall own Inventions and Know-How solely related to improvements to the Pieris Technology, and Roche shall own
Inventions and Know-How solely related to improvements to the Roche Technology. Each Party shall, to the extent legally permitted, require all of its employees to assign all Inventions related to such improvements made by them. 

  
 - 32 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Pieris shall own any Inventions and Know-How related to Binders and Phase-out Binders. Roche shall, to the
extent legally permitted, require all of its employees to assign all Inventions related to Binders and Phase-out Binders made by them. 
 Roche shall own
any Inventions and Know-How related to Selected Binders, Modified Binders, and Products. Pieris shall require all of its employees to assign all Inventions related to Selected Binders, Modified Binders, and Products made by them. 

Except as specifically set forth herein, this Agreement shall not be construed as (i) giving any of the Parties any license, right, title, interest in or
ownership to the Confidential Information; (ii) granting any license or right under any intellectual property rights; or (iii) representing any commitment by either Party to enter into any additional agreement, by implication or otherwise.

 14.3 German Statute on Employee’s Inventions 

In accordance with the German Statute on Employees’ Inventions, each Party agrees to claim the unlimited use of any Invention conceived, reduced to
practice, developed, made or created in the performance of, or as a result of, any research program by employees of any German Affiliates or any other persons acting on behalf of such German Affiliates. For the avoidance of doubt, each Party is
responsible for fulfilling the obligations towards their employees under the German Statute of Employee’s Inventions. 
 14.4 Prosecution of Patent
Rights by Pieris 
 Pieris shall have the right to Handle its Patent Rights on Inventions assigned to Pieris pursuant to Section 14.2 at its own
expense and with Roche’s prior written consent (such consent not to be unreasonably withheld with regard to improvements to Pieris Technology) to the time point of filing any Patent Rights on such Inventions. When Handling its Patent Rights on
Inventions made under this Agreement, Pieris shall, at its own expense, (i) consult with Roche as to the Handling of such Patent Rights, and (ii) furnish to Roche copies of all documents relevant to any such Handling. Pieris shall furnish
such documents and consult with Roche in sufficient time before any action by Pieris is due to allow Roche to provide comments thereon, which comments Pieris must consider. At Pieris’ expense and reasonable request, Roche shall cooperate, in
all reasonable ways with the Handling of all of Pieris’ Patent Rights relating to Inventions. 
 14.5 Prosecution of Patent Rights by Roche 

Roche shall, at its own expense and discretion, Handle (including abandon) all its Patent Rights, including all Patent Rights claiming any Selected Binders,
Modified Binders, and Products, provided, however, that prior to abandoning of any Valid Claims of any Patent Rights related to Selected Binders, Roche shall provide reasonable advanced written notice to Pieris before abandoning such Patent Rights,
in which case Pieris shall have the right to assume, at Pieris’ cost, ownership of such Patent Rights as well as the right to continue maintenance thereof. 

14.6 CREATE Act 
 It is the intention of the Parties that
this Agreement is a “joint research agreement” as that phrase is defined in 35 USC §103(c)(3). 
 14.7 Defense 

If the manufacture, use, importation, offer for sale or sale of any Product pursuant to this Agreement results in any claim, suit or proceeding alleging patent
infringement or trade secret misappropriation against Pieris or a member of the Roche Group, then such Party shall promptly notify the other Party hereto. The Parties shall cooperate with each other in connection with any such claim, suit or
proceeding and shall keep each other reasonably informed of all material developments in connection with any such claim, suit or proceeding. 

  
 - 33 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 If a Third Party asserts that Patent Rights owned by or licensed to it are infringed by the development,
manufacture, use, importation, offer for sale or sale of Products by a member of the Roche Group, or that its trade secrets were misappropriated in connection with such activity, then Roche shall have the exclusive right and responsibility to
resolve any such claim, whether by obtaining a license from such Third Party, by defending against such Third Party’s claims or otherwise, and shall be solely responsible for the defense of any such action, any and all costs incurred in
connection with such action (including, without limitation, attorneys’ and expert fees) and all liabilities incurred in connection therewith. Notwithstanding the above, Roche shall not enter into any settlement of any such claim without the
prior written consent of Pieris if such settlement would require Pieris to be subject to an injunction or to make any monetary payment to Roche or any Third Party, or admit any wrongful conduct by Pieris or its Affiliates, or would limit or restrict
the claims of or admit any invalidity and/or unenforceability of any of the Patent Rights Controlled by Pieris, or have any impact on activities outside the Field. 

If an action for infringement is commenced against Pieris, its licensees or its sublicensees related to Pieris’s conduct of the research program within
the scope of the Research Plan or the discovery of a Product, then Pieris shall have the right (but not the obligation) to defend such action at its own expense, and Roche shall assist and cooperate with Pieris, at Pieris’ expense, to the
extent necessary in the defense of such suit. Pieris shall have the right to settle the suit or consent to an adverse judgment thereto, in its sole discretion, so long as such settlement or adverse judgment does not adversely affect the rights of
Roche and its Affiliates (including any patent rights Controlled by any of them). Pieris shall assume full responsibility for the payment of any award for damages, or any amount due pursuant to any settlement entered into by it with such Third
Party. 
 14.8 Enforcement 
 14.8.1
Enforcement of Patent Rights relating to Selected Binders, Modified Binders and Products 
 Roche shall have the full and unrestricted right, but not the
obligation, to bring and control an appropriate suit or other action against any person or entity engaged in any infringement action or proceeding to the extent directly relating to Patent Rights relating to Selected Binders, Modified Binders and
Products, in its own name and entirely under its own direction and control. If Roche requests so, Pieris shall reasonably cooperate with Roche in the planning and execution of any such action to enforce such Patent Rights (including the obligation
to be named or joined as a party in a lawsuit, as applicable). All monies recovered upon the final judgment or settlement of any such suit or action to enforce such Patent Rights subtracting any costs that Roche bore in connection with such suit or
action shall be calculated as Net Sales. In the event that Roche does not wish to enforce such Patent Rights against such a potential infringer, then Roche shall deliver prompt written notice thereof to Pieris. 

14.8.2 Enforcement of Patent Rights related to Pieris IP 

Pieris shall have the first right, but not the obligation, to bring an appropriate suit or other action against any person or entity engaged in any
infringement action or proceeding to the extent directly relating to Pieris IP and to Patents relating to Binders and Phase-out Binders (but excluding Patents relating to Selected Binders, Modified Binders and Products). If Pieris fails to commence
a suit to enforce the applicable Pieris IP and to Patents relating to Binders and Phase-out Binders or to settle or otherwise secure the abatement of such action or proceeding within a reasonable period, then Roche shall have the right, but not the
obligation, to commence a suit or take action to enforce such Patent Rights against such infringement action or proceeding in the Field in the Territory at its own cost and expense, and only to the extent such action or proceeding is related to the
Product(s). 

  
 - 34 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 14.9 Common Interest Disclosures 

With regard to any information or opinions disclosed pursuant to this Agreement by one Party to each other regarding intellectual property and/or technology
owned by Third Parties, the Parties agree that they have a common legal interest in determining whether, and to what extent, Third Party intellectual property rights may affect the conduct of the Research Plan and/or Compounds and/or Products, and
have a further common legal interest in defending against any actual or prospective Third Party claims based on allegations of misuse or infringement of intellectual property rights relating to the conduct of the Research Plan and/or Compounds
and/or Products. Accordingly, the Parties agree that all such information and materials obtained by Pieris and Roche from each other will be used solely for purposes of the Parties’ common legal interests with respect to the conduct of the
Agreement. All information and materials will be treated as protected by the attorney-client privilege, the work product privilege, and any other privilege or immunity that may otherwise be applicable. By sharing any such information and materials,
neither Party intends to waive or limit any privilege or immunity that may apply to the shared information and materials. Neither Party shall have the authority to waive any privilege or immunity on behalf of the other Party without such other
Party’s prior written consent, nor shall the waiver of privilege or immunity resulting from the conduct of one Party be deemed to apply against any other Party. 

14.10 Biosimilar or interchangeable biological products 

If Roche requests so, within four (4) years after the approval of a Product that has been licensed in the US as a biological product under 42 USC
§262(a), and as may be needed from time to time thereafter, the Parties shall consult as to potential strategies with respect to unexpired US Patent Rights that Cover the Product. Specifically, in anticipation of a receipt by the Product’s
reference product sponsor (“Reference Product Sponsor”) of a biosimilar or interchangeable product application pursuant to the Biologics Price Competition and Innovation Act of 2009 (Public Law 111-148), the Parties will discuss the
Reference Product Sponsor’s likely course of action with regard to each such US Patent Right in the procedural steps set forth under 42 USC §262(l), including a general plan for timely communication between the Parties in light of the
statutory response deadlines. 
 14.11 Patent Term Extensions 

The Parties shall use Commercially Reasonable Efforts to obtain all available patent term extensions, adjustments or restorations, or supplementary protection
certificates (“SPCs”, and together with patent term extensions, adjustments and restorations, “Patent Term Extensions”). Pieris shall execute such authorizations and other documents and take such other actions as
may be reasonably requested by Roche to obtain such Patent Term Extensions, including designating Roche as its agent for such purpose as provided in 35 U.S.C. Section 156. All filings for such Patent Term Extensions shall be made by Roche;
provided, that in the event that Roche elects not to file for a Patent Term Extension, Roche shall (a) promptly inform Pieris of its intention not to file and (b) grant Pieris the right to file for such Patent Term Extension. Each Party
shall execute such authorizations and other documents and take such other actions as may be reasonably requested by the other Party to obtain such extensions. The Parties shall cooperate with each other in gaining patent term restorations,
extensions and/or SPCs wherever applicable to such Patent Rights. 
 15. Representations and Warranties 

15.1 Third Party Patent Rights 
 As of the Effective Date,
Pieris has no knowledge of the existence of any patent or patent application owned by or licensed to any Third Party that could prevent Roche from making, having made, using, offering for sale, selling or importing Selected Binders, Modified Binders
and Products in the Territory. 

  
 - 35 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 15.2 Ownership of Patent Rights 

Pieris is the exclusive owner of all right, title and interest in, or is the exclusive licensee, with the right to sublicense in the Field and in the Territory
of, the Patent Rights related to Pieris IP. 
 15.3 Inventors 

Pieris warrants that, for Patent Rights owned by Pieris and its Affiliates, the inventors of the Inventions disclosed and/or claimed in Pieris IP have
transferred to Pieris full ownership of the patent rights and know-how licensed under this Agreement. 
 15.4 Grants 

To the best of Pieris’ knowledge and belief, Pieris has the lawful right to grant Roche and its Affiliates the rights and licenses described in this
Agreement. 
 15.5 Authorization 
 The execution,
delivery and performance of this Agreement by either Party and all instruments and documents to be delivered by a Party hereunder: (i) are within the corporate power of such Party; (ii) have been duly authorized by all necessary or proper
corporate action; (iii) are not in contravention of any provision of the certificate of formation or limited liability company agreement of such Party; (iv) to the knowledge of such Party, will not violate any law or regulation or any
order or decree of any court of governmental instrumentality; (v) will not violate the terms of any indenture, mortgage, deed of trust, lease, agreement, or other instrument to which such Party is a party or by which such Party or any of its
property is bound, which violation would have an adverse effect on the financial condition of such Party or on the ability of such Party to perform its obligations hereunder; and (vi) do not require any filing or registration with, or the
consent or approval of, any governmental body, agency, authority or any other person, which has not been made or obtained previously (other than approvals required under the HSR Act, Regulatory Approvals required for the sale of Products and filings
with Regulatory Authorities required in connection with Products). 
 15.6 Validity of Patent Rights 

As of the Effective Date, Pieris is not in possession of information that could render invalid and/or unenforceable any claims that are in any of the Patent
Rights related to Pieris IP. Pieris has no knowledge of any inventorship disputes concerning any Patent Rights related to Pieris IP. 
 15.7 Ownership
and Validity of Know-How 
 The Know-How of each Party is legitimately in the possession of such Party and has not been misappropriated from any Third
Party. The Parties have taken reasonable measures to protect the confidentiality of its Know-How. 
 15.8 No Claims 

There are no claims or investigations, pending or threatened against Pieris or any of its Affiliates, at law or in equity, or before or by any governmental
authority relating to the matters contemplated under this Agreement and that would materially adversely affect Pieris’ ability to perform its obligations hereunder. 

  
 - 36 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 15.9 No Conflict 

Neither Party nor any of their respective Affiliates is or will be under any obligation to any person, contractual or otherwise, that is conflicting with the
terms of this Agreement or that would impede the fulfillment of their respective obligations hereunder. 
 15.10 No Other Representations 

EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, THE FOREGOING REPRESENTATIONS AND WARRANTIES ARE IN LIEU OF ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS
OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF PRODUCTS, VALIDITY AND ENFORCEABILITY OF ANY PATENT RIGHT LICENSED HEREUNDER, AND NON-INFRINGEMENT OF ANY PRODUCT. 

16. Indemnification 
 16.1 Indemnification by Roche

 Roche shall indemnify, hold harmless and defend Pieris and its directors, officers, employees and agents from and against any and all losses,
expenses, cost of defense (including without limitation attorneys’ fees, witness fees, damages, judgments, fines and amounts paid in settlement) and any amounts Pieris becomes legally obligated to pay because of any claim or claims against it
to the extent that such claim or claims arise out of activities conducted by or on behalf of Roche under this Agreement, except to the extent such losses, expenses, costs and amounts are due to the gross negligence or willful misconduct or failure
to act of Pieris. 
 16.2 Indemnification by Pieris 

Pieris shall indemnify, hold harmless and defend Roche and its directors, officers, employees and agents from and against any and all losses, expenses, cost of
defense (including without limitation attorneys’ fees, witness fees, damages, judgments, fines and amounts paid in settlement) and any amounts Roche becomes legally obligated to pay because of any claim or claims against it to the extent that
such claim or claims arise out of activities conducted by or on behalf of Pieris under this Agreement, except to the extent such losses, expenses, costs and amounts are due to the gross negligence or willful misconduct or failure to act of Roche.

 16.3 Procedure 
 In the event of a claim by a Third
Party against a Party entitled to indemnification under this Agreement (“Indemnified Party”), the Indemnified Party shall promptly notify the other Party (“Indemnifying Party”) in writing of the claim and the
Indemnifying Party shall undertake and solely manage and control, at its sole expense, the defense of the claim and its settlement. The Indemnified Party shall cooperate with the Indemnifying Party and may, at its option and expense, be represented
in any such action or proceeding by counsel of its choice. The Indemnifying Party shall not be liable for any litigation costs or expenses incurred by the Indemnified Party without the Indemnifying Party’s written consent. The Indemnifying
Party shall not settle any such claim unless such settlement fully and unconditionally releases the Indemnified Party from all liability relating thereto, unless the Indemnified Party otherwise agrees in writing. 

17. Liability 
 17.1 Limitation of Liability 

Subject to Section 4.2, neither Party shall be liable to the other Party as a result of failure or delay to develop and/or commercialize the Product(s),
as applicable, including but not limited to, a) a delay in timelines, or b) delay or failure to recruit patients, or c) a change in its respective study protocols, or d) failure of the other Party to obtain regulatory approval for the Product(s), as
applicable. 

  
 - 37 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 17.2 Disclaimer 

THE FOREGOING REPRESENTATIONS AND WARRANTIES ARE IN LIEU OF ALL OTHER REPRESENTATIONS AND WARRANTIES NOT EXPRESSLY SET FORTH HEREIN. PIERIS AND ROCHE DISCLAIM
ALL OTHER WARRANTIES, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO EACH OF THEIR RESEARCH, DEVELOPMENT AND COMMERCIALIZATION EFFORTS HEREUNDER, INCLUDING, WITHOUT LIMITATION, WHETHER THE PRODUCTS CAN BE SUCCESSFULLY DEVELOPED OR MARKETED, THE
ACCURACY, PERFORMANCE, UTILITY, RELIABILITY, TECHNOLOGICAL OR COMMERCIAL VALUE, COMPREHENSIVENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WHATSOEVER OF THE PRODUCTS. IN NO EVENT SHALL EITHER PIERIS OR ROCHE BE LIABLE FOR SPECIAL,
INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT BASED ON CONTRACT, TORT OR ANY OTHER LEGAL THEORY. 
 18. Obligation Not to
Disclose Confidential Information 
 18.1 Non-Use and Non-Disclosure 

During the Agreement Term and for [***] thereafter, a Receiving Party shall (i) treat Confidential Information provided by Disclosing Party as it would
treat its own information of a similar nature, (ii) take all reasonable precautions not to disclose such Confidential Information to Third Parties, without the Disclosing Party’s prior written consent, and (iii) not use such
Confidential Information other than for fulfilling its obligations under this Agreement. 
 18.2 Permitted Disclosure 

Notwithstanding the obligation of non-use and non-disclosure set forth in Section 18.1, the Parties recognize the need for certain exceptions to this
obligation, specifically set forth below, with respect to press releases, patent rights, publications, and certain commercial considerations. 
 18.3
Press Releases 
 The Parties may issue a press release announcing the existence and selected key terms of this Agreement, as attached as Appendix 18.3.

 Roche shall issue press releases in accordance with its internal policy that typically does not issue a second press release until proof of concept has
been achieved for a Product. Roche shall provide Pieris with a copy of any draft press release related to the Agreement at least [***] prior to its intended publication for Pieris’ review. Pieris may provide Roche with suggested modification to
the draft press release. Roche shall consider Pieris’ timely suggestions in issuing its press release. 
 Pieris shall only issue press releases
related to the activities contemplated by this Agreement that have either (i) been approved by Roche (such approval not to be unreasonably withheld), or (ii) are required to be issued by Pieris as a matter of law and Pieris has a competent
legal opinion to that effect. In all circumstances, Pieris shall provide Roche with a draft press release at least [***] prior to its intended publication for Roche’s review. During such period, Roche shall (i) approve the draft press
release and permit Pieris to issue the press release, (ii) contact Pieris to discuss modification to the draft press release, or (iii) contact Pieris and disapprove the press release. If Roche asks for modification, then Pieris shall
either make such modification or work with Roche to arrive at a press release that Roche approves. If Pieris issues a press release without Roche’s approval, then Pieris must obtain a competent legal opinion that the release was required to be
issued by Pieris as a matter of law. 

  
 - 38 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 18.4 Publications 

During the Agreement Term, the following restrictions shall apply with respect to disclosure by any Party of Confidential Information relating to the Product
in any publication or presentation: 
  

	a)	Both Parties acknowledge that it is their policy for the studies and results thereof to be registered and published in accordance with their internal guidelines. Roche, in accordance with its internal policies and
procedures, shall have the right to publish all studies, clinical trials and results thereof on the clinical trial registries that are maintained by or on behalf of Roche. 

 

	b)	A Party (“Publishing Party”) shall provide the other Party with a copy of any proposed publication or presentation at least [***] prior to submission for publication so as to provide such other Party
with an opportunity to recommend any changes it reasonably believes are necessary to continue to maintain the Confidential Information disclosed by the other Party to the Publishing Party in accordance with the requirements of this Agreement. The
incorporation of such recommended changes shall not be unreasonably refused; and if such other Party notifies (“Publishing Notice”) the Publishing Party in writing, within [***] after receipt of the copy of the proposed publication
or presentation, that such publication or presentation in its reasonable judgment (i) contains an invention, solely or jointly conceived and/or reduced to practice by the other Party, for which the other Party reasonably desires to obtain
patent protection or (ii) could be expected to have a material adverse effect on the commercial value of any Confidential Information disclosed by the other Party to the Publishing Party, the Publishing Party shall prevent such publication or
delay such publication for a mutually agreeable period of time. In the case of inventions, a delay shall be for a period reasonably sufficient to permit the timely preparation and filing of a patent application(s) on such invention, and in no event
less than [***] from the date of the Publishing Notice. 

 18.5 Commercial Considerations 

 

	 	(a)	Nothing in this Agreement shall prevent Roche or its Affiliates from disclosing Confidential Information of Pieris to (i) governmental agencies to the extent required or desirable to secure government approval for
the development, manufacture or sale of Product(s) in the Territory, (ii) Third Parties acting on behalf of Roche, to the extent reasonably necessary for the development, manufacture or sale of Product(s) in the Territory, or (iii) Third
Parties to the extent reasonably necessary to market the Product in the Territory, provided that for disclosures according to (ii) or (iii) of this Section, such Third Parties will be subject to the same confidentiality obligations as
Roche has hereunder. 

  

	 	(b)	Nothing in this Agreement shall prevent Pieris or its Affiliates from disclosing (1) Confidential Information of Roche to (i) governmental agencies to the extent required or desirable to secure government
approval for the development, manufacture or sale of Product(s) in the Territory as provided for in Section 19.3.4, (ii) Third Parties acting on behalf of Pieris, to the extent reasonably necessary for (A) Pieris to perform its
activities and obligations under the Research Plan, or (B) the development, manufacture or sale of Product(s) in the Territory as provided for in Section 19.3.4, or (iii) Third Parties to the extent reasonably necessary to market the
Product in the Territory as provided for in Section 19.3.4, or (2) to a Third Party the terms of this Agreement as part of confidential due diligence carried out by such Third Party in connection with a potential Change of Control of
Pieris; provided that for disclosures according to (1) (ii) and (iii) or (2) of this Section, such Third Parties will be subject to the same confidentiality obligations as Pieris has hereunder. 

  
 - 39 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

	 	(c)	The Receiving Party may disclose Confidential Information of the Disclosing Party to the extent that such Confidential Information is required to be disclosed by the Receiving Party to comply with Applicable Law, to
defend or prosecute litigation or to comply with governmental regulations, provided that the Receiving Party provides prior written notice of such disclosure to the Disclosing Party and, to the extent practicable, takes reasonable and lawful actions
to minimize the degree of such disclosure. 

 19. Term and Termination 

19.1 Commencement and Term 
 This Agreement shall commence
upon the Effective Date and continue for the Agreement Term. 
 19.2 Termination 

19.2.1 Termination for Breach 
 A Party
(“Non-Breaching Party”) shall have the right to terminate this Agreement in its entirety or on a country-by-country basis in the event the other Party (“Breaching Party”) is in breach of any of its material
obligations under this Agreement. The Non-Breaching Party shall provide written notice to the Breaching Party, which notice shall identify the breach and the countries in which the Non-Breaching Party intends to have this Agreement terminate. The
Breaching Party shall have a period of ninety (90) days after such written notice is provided (“Peremptory Notice Period”) to cure such breach. If the Breaching Party has a dispute as to whether such breach occurred or has been
cured, it will so notify the Non-Breaching Party, and the expiration of the Peremptory Notice Period shall be tolled until such dispute is resolved pursuant to Section 21.2. Upon a determination of breach or failure to cure, the Breaching Party
may have the remainder of the Peremptory Notice Period to cure such breach. If such breach is not cured within the Peremptory Notice Period, then absent withdrawal of the Non-Breaching Party’s request for termination, this Agreement shall
terminate in such countries effective as of the expiration of the Peremptory Notice Period. 
 19.2.2 Insolvency 

A Party shall have the right to terminate this Agreement, if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary
bankruptcy proceeding, such right to terminate shall only become effective if the Party that incurs the Insolvency Event consents to the involuntary bankruptcy or such proceeding is not dismissed within [***] after the filing thereof. 

19.2.3 Effects of Change of Control 
 If there is
a Change of Control, then the Party experiencing such Change of Control (“Acquired Party”) shall provide written notice to the other Party (“Non-Acquired Party”) at least [***] to completion of such Change of
Control, subject to any confidentiality obligations of the Acquired Party then in effect (but in any event shall notify the Non-Acquired Party within [***] after completion of such Change of Control). 

The Change of Control Group in connection with such Change of Control shall agree in writing with the Non-Acquired Party that it will not utilize any of the
Non-Acquired Party’s Know-How, Patent Rights, Inventions, or Confidential Information (collectively, “Sensitive Information”) for the research, development or commercialization of any product for the treatment of any indication
or patient population for which a Product may be developed or commercialized. 

  
 - 40 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Following consummation of the Change of Control, the Non-Acquired Party and the Change of Control Group shall
adopt in writing reasonable procedures to prevent the disclosure of Sensitive Information beyond the Acquired Party’s personnel who need to know the Sensitive Information solely for the purpose of fulfilling the Acquired Party’s
obligations under this Agreement. The Non-Acquired Party may restrict the Acquired Party’s participation in the JRC and any other committee in effect at the time of the Change of Control, and decisions of the JRC and other such committees shall
be made by Roche. 
 If there is a Change of Control of Pieris involving a company that develops or commercializes biopharmaceutical products (for clarity,
generally for itself and not typically on a contract basis for other companies), then Roche may, in its sole discretion, immediately terminate the Agreement in its entirety. Upon any such termination by Roche, Pieris will immediately cease all
activity and transfer to Roche all data developed by Pieris. Pieris shall provide an invoice to Roche specifying the, and reconcile [***] made by Roche. Within [***] of such reconciliation, Pieris will refund to Roche the difference between the
[***] by Roche and Pieris actual FTE expenditures [***]. All licenses granted by Pieris to Roche shall remain in effect subject to the payment and diligence obligations under this Agreement. Pieris shall lose the right to query Roche for the [***]
as foreseen in Section 2.4, and all licenses granted by Roche to Pieris shall terminate, except for the licenses under Section 2.4 with regards to licenses for [***] already granted and for which Pieris is [***] and provided that the
Change of Control Group or its sublicensees develop such [***] without the use of any Sensitive Information. Further, the right to query Roche for the [***] and Roche’s grant of licenses for such [***] as foreseen under Section 2.4 shall
remain in effect provided that the Change of Control of Pieris involves a company as described above that, at the time of such Change of Control, (i) has a market capitalization of less than [***] US dollars (USD [***]) and (ii) has [***].

 19.2.4 Voluntary Termination by Roche 

Termination Without a Cause 
 After fifteen
(15) months from the Effective Date, Roche shall have the right to terminate this Agreement at any time as a whole, or on a Product-by-Product and country-by-country basis upon ninety (90) days prior written notice before First Commercial
Sale of a Product or upon one hundred eighty (180) days prior written notice after the First Commercial Sale of a Product. For clarity, Roche shall have the right to provide written notice of termination before the end of the initial fifteen
(15) months, but such termination shall only take effect when the initial eighteen (18) months have ended. 
 Effective Date of
Termination 
 The effective date of termination under this Section 19.2.4 shall be the date ninety (90) days (or one hundred eighty
(180) days as the case may be) after Roche provides such written notice to Pieris. 
 19.3 Consequences of Termination 

19.3.1 Termination by Pieris for Breach by Roche 

Upon any termination by Pieris for breach by Roche, the rights and licenses granted by Pieris to Roche under this Agreement shall terminate in their entirety
or on a country-by-country and Product-by-Product basis, as applicable, on the effective date of termination, and all licenses granted by Roche to Pieris under Section 2.4 shall remain in effect. 

  
 - 41 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 19.3.2 Termination by Roche for Breach by Pieris or Pieris’ Insolvency 

Upon any termination by Roche for breach by Pieris or Pieris’ Insolvency, Roche and its Affiliates may upon notice retain all rights and licenses granted
to Roche by Pieris under this Agreement; provided that after the effective date of termination the amounts of such payments and royalties that otherwise would have become due and payable shall continue to be due and payable to Pieris or its
successor in interest (as applicable). 
 19.3.3 Voluntary Termination by Roche 

Upon any voluntary termination by Roche, the rights and licenses granted by Pieris to Roche under this Agreement shall terminate in their entirety or on a
country-by-country and Product-by Product basis, as applicable, on the effective date of termination, and all licenses granted by Roche to Pieris under Section 2.4 shall remain in effect. 

19.3.4 Continuation Election Notice 
 In the case
of termination by Pieris for breach by Roche (Section 19.3.1) or in case of voluntary termination by Roche (Section 19.3.3), if Pieris desires to continue development and/or commercialization of Product(s), Pieris shall give a Continuation Election
Notice to Roche within [***] of receipt of Pieris’ or Roche’s notice of termination, as applicable, and pay [***] Swiss francs (CHF [***]) within [***] after receipt of respective invoice from Roche. If Roche receives such a timely
Continuation Election Notice, and to the extent reasonably requested by Pieris: 
  

	 	a)	At Roche’s choice, Roche shall either grant to Pieris an exclusive (with respect to the terminated territory and Product only) and royalty free license to Patent Rights only to the extent covering Inventions
relating to Selected Binders that Roche received from Pieris under Section 14.2 and to the extent necessary to continue development and/or commercialization of the terminated Product in the terminated territory, or assign and transfer to Pieris
such Patent Rights, free of charge. For clarity, if such Patent Rights also cover Inventions relating to Modified Binders, Products or other subject matters, the license to such Inventions shall be subject to Section 19.3.4 (b).

  

	 	b)	The Parties shall enter into good faith negotiations with regards to a royalty-bearing license, with the right to grant sublicenses (through multiple tiers), under intellectual property and rights owned by Roche not
covered under Section 19.3.4 (a) and relating to Products [***] (for clarity, [***] are excluded from such license). Such license shall be under terms to be negotiated in good faith between the Parties, taking into account the value of
such intellectual property and rights and the contribution made by Roche to the development of the Product(s) and their development stage. The good faith negotiations for a license described in this Section shall in particular address:

  

	 	i.	 The obligation of Roche to, to the extent Roche has the right to do so, transfer to Pieris all material
regulatory correspondence, filings (including all Filings) and approvals (including all Regulatory Approvals), all final pre-clinical and clinical study reports and clinical study protocols, and all data, including clinical data, in Roche’s
possession or control related to Product(s) in the country useful or necessary for Pieris to continue to develop, manufacture and commercialize the Product(s). All data shall be transferred in the form and format in which it is maintained by Roche.
Original paper copies shall only be transferred, if legally required. Roche shall not be required to prepare or finalize any new data, reports or information solely for purposes of transfer to Pieris. In connection with

  
 - 42 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

	 	
research studies or clinical trials, Roche may have collected human samples and related clinical information for additional limited research and development programs (“Samples”).
Legal and contractual restrictions may apply to such Samples, in particular as Samples may qualify as personal identifiable information. Roche shall transfer any such Samples to Pieris to the extent permitted by the informed consents as originally
established with respect to such Samples and Applicable Laws. 

  

	 	ii.	Assignment of all clinical trial agreements and any other Third Party agreement relating to the development, manufacture or commercialization of a Product, to the extent such agreements have not been cancelled and are
assignable without Roche paying any consideration or commencing litigation in order to effect an assignment of any such agreement (and the obligation of Roche to use Commercially Reasonable Efforts to obtain consent from the concerned Third Party to
such a transfer). 

  

	 	iii.	The obligation of Pieris to [***] incurred by or on behalf of Roche for transfer activities from Roche to Pieris to the extent such costs and expenses exceed the fee of [***] Swiss francs (CHF [***]) paid by Pieris
under this Section. 

  

	 	iv.	The obligation of Pieris to pay royalties to Roche on Net Sales of such Product(s). Such royalties shall be dependent on the then-current development stage of the Product(s) according to the following table:

  

					
	 Development stage of Product(s)
	  	Royalty
rate	 
	 Prior to start of Phase II Study
	  	 	[***]	  
	 After start of Phase II Study but before Start of Phase III Study
	  	 	[***]	  
	 After Start of Phase III Study but before First Commercial Sale
	  	 	[***]	  
	 After First Commercial Sale
	  	 	[***]	  

  

	 	    	The above royalty rates shall be reduced by [***] on a Product-by-Product and country-by-country basis in each country in which the manufacture, use, sale or import of the Product(s) is not covered by a Composition of
Matter Claim of Roche. 

  

	 	    	Pieris’ obligation to pay royalties to Roche shall, with respect to such Product(s) and for a given country, start on the date of First Commercial Sale of such Product(s) in such country and end on the later of the
date that is (a) ten (10) years after the date of the First Commercial Sale of such Product(s) in such country, or (b) the expiration of the last to expire Composition of Matter Claim of a patent owned or Controlled by Roche (or by
Pieris pursuant to Sections 14.5 or 19.3.4) in such country Covering the use, import, offering for sale, or sale of such Product(s). Sections 10.6.3.2, 10.7 and 10.8 shall apply mutatis mutandis to the royalty rate owed by Pieris to Roche.

  

	 	v.	 The obligation of Roche to manufacture and supply the Product(s) to Pieris during a transition period at [***],
until such time as Pieris has procured or developed its own source of Product supply, provided that Pieris can demonstrate it has been diligently seeking an alternative manufacturer and provided further that in any case Roche’s manufacture and
supply obligation shall in no event exceed [***] from the effective date of the termination of this Agreement, except as provided below. Pieris shall use Commercially Reasonable Efforts to establish or take over the manufacturing as soon as possible
after the effective date of termination. In case termination occurs before Phase II Studies have been Initiated, Pieris shall, at the request of Roche, use Commercially Reasonable Efforts to develop their [***] to be used in pivotal studies. In case

  
 - 43 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

	 	
termination occurs when Phase II Studies have already been Initiated or later, Roche shall reasonably cooperate in assisting Pieris in the transfer of manufacturing process for such Product to a
Third Party manufacturer, provided such Third Party manufacturer is acceptable to Roche; and Roche shall transfer the [***] to such Third Party manufacturer. Except as provided herein, Roche shall be under no obligation to provide, transfer or allow
Pieris to use proprietary [***], or disclose proprietary [***] related to the Product(s). In case termination occurs after Initiation of Phase III Studies, Roche shall, upon Pieris’ request, [***] for the manufacture of Product(s) to the Third
Party manufacturer acceptable to Roche. 

  

	 	vi.	In case the necessary transfers under subsections (i), (ii) and (v) have not been achieved within the foreseen timelines due to difficulties not under control of the Parties, then Roche shall reasonably
cooperate and assist Pieris for a reasonable additional period not to exceed [***] (such difficulties can consist in, for example, a regulatory approval being delayed). 

 

	c)	For clarity, the licenses under this Section 19.3.4.a) and b) shall not include (i) any licenses that Roche has with a Third Party for which such grant would be prohibited or under which a member of the Roche
Group would incur financial obligations to such Third Party, provided, however, that Roche shall (a) sublicense such Third Party licenses to Pieris if allowed in the respective license agreement, subject to Pieris committing to assume full
responsibility for any and all financial obligations owed by Roche to such Third Party for the sublicense, and (b) reasonably support Pieris in getting in contact with such Third Party, for which a sublicense is not permitted, to get access to
such Third Party rights, and (ii) the Excluded Patent Rights. 

 19.3.5 Direct License 

Irrespective of anything to the contrary in this Agreement, any existing, permitted sublicense granted by Roche under Section 2.3 of this Agreement (and
any further sublicenses thereunder) shall, upon the written request of Roche, remain in full force and effect, provided that (i) such Sublicensee is not then in breach of its sublicense agreement (and, in the case of termination by Pieris for
breach by Roche, that such Sublicensee and any further sublicensees did not cause the breach that gave rise to the termination by Pieris); and (ii) and such Sublicensee agrees to be bound to Pieris under the terms and conditions of such
sublicense agreement, provided that the payments due to Pieris by such Sublicensee under such sublicense agreement are no less than the payments that would have been due to Pieris by Roche under this Agreement. 

19.3.6 Other Activities 

19.3.6.1 Ongoing Activities 
 If Pieris does not
provide timely Continuation Election Notice (Section 19.3.4), then Roche (a) shall have the right to cancel all ongoing activities and (b) shall complete all non-cancellable activities at its own expense. 

If Pieris provides such timely Continuation Election Notice, then from the date of notice of termination until the effective date of termination, Roche shall,
at Pieris’ request and expense, continue activities performed by or on behalf of Roche, including preparatory activities, ongoing as of the date of notice of termination. However, subject to Section 19.3.4, Roche shall not be obliged to
initiate any new activities not ongoing at the date of notice of termination. 

  
 - 44 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 After the effective date of termination and to the extent that Pieris has not made a request as described
above, Roche shall not have any obligation to perform and/or complete any activities or to make any payments for performing or completing any activities under this Agreement, except as expressly stated herein. 

19.3.6.2 Royalty and Payment Obligations 

Termination of this Agreement by a Party, for any reason, shall not release Roche from any obligation to pay royalties or make any payments to Pieris that are
due and payable prior to the effective date of termination. 
 19.4 Survival 

Section 11.2 (Late Payment), Article 13 (Auditing), Article 14 (Intellectual Property), Article 16 (Indemnification), Article 18 (Obligation Not to
Disclose Confidential Information), Article 19 (Term and Termination), Section 21.1 (Governing Law), Section 21.2 (Disputes), Section 21.12 (Notice) and all definitions used in such Articles and Sections shall survive any expiration
or termination of this Agreement for any reason. 
 20. Bankruptcy 

All licenses (and to the extent applicable rights) granted under or pursuant to this Agreement by Pieris to Roche are, and shall otherwise be deemed to be, for
purposes of Section 365(n) of Title 11, US Code (the “Bankruptcy Code”) licenses of rights to “intellectual property” as defined under Section 101(60) of the Bankruptcy Code. Unless Roche elects to terminate this
Agreement, the Parties agree that Roche, as a licensee or sublicensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code, subject to the continued performance of its
obligations under this Agreement. 
 21. Miscellaneous 

21.1 Governing Law 
 This Agreement shall be governed by
and construed in accordance with the laws of Germany, without reference to its conflict of laws principles, and shall not be governed by the United Nations Convention of International Contracts on the Sale of Goods (the Vienna Convention). 

21.2 Disputes 
  

	 	(a)	Unless otherwise set forth in this Agreement, in the event of any dispute in connection with this Agreement, such dispute shall be referred to the respective executive officers of the Parties designated below or their
designees, for good faith negotiations attempting to resolve the dispute. The designated executive officers are as follows: 

For Pieris:  CEO 

For Roche: Head of Roche Partnering 
  

	 	(b)	Should the Parties fail to agree within [***] after such dispute has been referred to the Parties’ designated executive officers, then either Party shall be entitled to request resolution of the dispute through
arbitration, which shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by three (3) arbitrators appointed in accordance with said Rules. The place of arbitration shall be Basel, Switzerland. The
language to be used in the arbitration proceeding shall be English. 

  
 - 45 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 21.3 Assignment 

Neither Party shall have the right to assign the present Agreement or any part thereof to any Third Party other than Affiliates without the prior written
approval of the other Party which shall not unreasonably be withheld, provided however, if a Party is acquired or is to be acquired by a third party by merger, acquisition, or the sale of substantially all of the assets of the division of such Party
to which the subject matter of this Agreement relates, then such Party may effect such an assignment or transfer to such acquiring Third Party without the consent of the other Party. 

21.4 Debarment 
 Each Party represents and warrants that
it has never been debarred or otherwise sanctioned by the FDA, or a corresponding regulatory authority. Neither Party has been debarred under 21 U.S.C. §335a, disqualified under 21 C.F.R. §312.70 or §812.119, sanctioned by a Federal
Health Care Program (as defined in 42 U.S.C §1320 a-7b(f)), including without limitation the federal Medicare or a state Medicaid program, or debarred, suspended, excluded or otherwise declared ineligible from any other similar Federal or state
agency or program. In the event either Party receives notice of debarment, suspension, sanction, exclusion, ineligibility or disqualification under the above-referenced statutes, such Party shall immediately notify the other Party in writing and
such other Party shall have the right, but not the obligation, to terminate this Agreement, effective, at such Party’s option, immediately or at a specified future date. 

21.5 Independent Contractor 
 No employee or
representative of either Party shall have any authority to bind or obligate the other Party to this Agreement for any sum or in any manner whatsoever or to create or impose any contractual or other liability on the other Party without said
Party’s prior written approval. For all purposes, and notwithstanding any other provision of this Agreement to the contrary, Pieris’ legal relationship to Roche under this Agreement shall be that of independent contractor. 

21.6 Unenforceable Provisions and Severability 
 If any of
the provisions of this Agreement are held to be void or unenforceable, then such void or unenforceable provisions shall be replaced by valid and enforceable provisions that will achieve as far as possible the economic business intentions of the
Parties. However the remainder of this Agreement will remain in full force and effect, provided that the material interests of the Parties are not affected, i.e. the Parties would presumably have concluded this Agreement without the unenforceable
provisions. 
 21.7 Waiver 
 The failure by either Party
to require strict performance and/or observance of any obligation, term, provision or condition under this Agreement will neither constitute a waiver thereof nor affect in any way the right of the respective Party to require such performance and/or
observance. The waiver by either Party of a breach of any obligation, term, provision or condition hereunder shall not constitute a waiver of any subsequent breach thereof or of any other obligation, term, provision or condition. 

21.8 Appendices 
 All Appendices to this Agreement shall
form an integral part to this Agreement. 

  
 - 46 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 21.9 Entire Understanding 

This Agreement contains the entire understanding between the Parties hereto with respect to the within subject matter and supersedes any and all prior
agreements, understandings and arrangements, whether written or oral. 
 21.10 Amendments 

No amendments of the terms and conditions of this Agreement shall be binding upon either Party hereto unless in writing and signed by both Parties. 

21.11 Invoices 
 All invoices that are required or
permitted hereunder shall be in writing and sent by Pieris to Roche at the following address or other address as Roche may later provide: 

F. Hoffmann-La Roche Ltd 

[***] 

Switzerland 
 21.12 Notice

 All notices that are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by facsimile (and promptly
confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 

 

			
	if to Pieris, to:	  	 Pieris Pharmaceuticals GmbH

Lise-Meitner-strasse 30
 85354 Freising

Germany
 Attn: CEO

Facsimile No.: [***]

		
	and:	  	 Pieris Pharmaceuticals, Inc.
 255 State
Street, 9th floor
 Boston, MA 02109

U.S.A
 Attn: CEO

Facsimile No.: [***]

		
	if to Roche, to:	  	 F. Hoffmann-La Roche Ltd
 [***]

Switzerland
 Attn: Legal Department

Facsimile No.: [***]

		
	and:	  	 Hoffmann-La Roche Inc.
 [***]

U.S.A.
 Attn. Corporate Secretary

Facsimile No.: [***]

  
 - 47 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 or to such other address as the Party to whom notice is to be given may have furnished to the other Party in
writing in accordance herewith. 
 [Signature Page Follows] 

  
 - 48 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the Effective Date. 

 

	
	Pieris Pharmaceuticals GmbH
	
	/s/ Stephen S. Yoder
	Name: Stephen S. Yoder
	Title: President & CEO
	
	Pieris Pharmaceuticals, Inc.
	
	/s/ Stephen S. Yoder
	Name: Stephen S. Yoder
	Title: President & CEO

  

					
	F. Hoffmann-La Roche Ltd	 		 	
			
	/s/ Vikas Kabra	 		 	/s/ Dr. Christof Burri
	Name: Vikas Kabra	 		 	Name: Dr. Christof Burri
	Title: Head of Transaction Excellence	 		 	Title: Legal Counsel

  

	
	Hoffmann-La Roche Inc.
	
	/s/ John P. Parise
	Name: John P. Parise
	Title: Authorized Signatory

  
 - 49 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix 1.60 

Pieris IP 
 [***, 1 page] 

  
 Portions of the exhibit,
indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix 1.66 

Research Plan 
 [***, 11 pages] 

  
 - 51 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix 1.68 

Excluded Patent Rights 
 [***, 2 pages]

  
 - 52 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix 1.74 

[***, 2 pages] 

  
 - 53 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix 18.3 

Press Release 
  

 
 PRESS RELEASE 

Pieris Pharmaceuticals Announces 

First Cancer Immunotherapy Collaboration 

Agreement with Roche Leverages Proprietary Anticalin® Technology Platform 

Boston, MA, December 8, 2015 – Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS), a biotechnology company advancing novel bio therapeutics
through its proprietary Anticalin® technology platform, today announced a research collaboration and license agreement with Roche in cancer immunotherapy (CIT). Under the terms of
the agreement, Pieris will discover, characterize and optimize Anticalin®-based drug candidates against an undisclosed target. Roche and Pieris will evaluate different drug formats against
this target and advance them through preclinical development, with Roche being responsible for IND-enabling activities, clinical development and worldwide marketing of any resulting products. Pieris will receive an upfront payment of CHF
6.5 million (~$6.4 million USD) and committed research funding, and may receive development and regulatory-based milestone payments, sales-based milestone payments as well as mid single-digit to low double-digit royalties on any future product
sales. If all milestones and other conditions are met, the total payments to Pieris could surpass CHF 415 million (~$409.3 million USD), excluding royalties. 

“Our partnership with Roche is a significant step forward for Pieris,” commented Stephen Yoder, President and CEO of Pieris. “The decision by
the leader in the development and commercialization of cancer biologics to collaborate with Pieris underscores the unique potential of Anticalin-based proteins as a differentiated class of immuno-oncology drugs. As we initiate this collaboration, we
will continue to vigorously advance our fully proprietary programs, including our lead CD137-HER2 bispecific.” 
 With its immuno-oncology PRS-300
Series, which remains proprietary to the Company, Pieris is developing bispecific Anticalin-based protein therapeutics against a variety of tumor and immunomodulatory targets. These compounds, including its lead program PRS-343 (CD137/HER2
bispecific), aim to activate the immune system in the tumor microenvironment, with the goal of increasing efficacy as well as improving safety compared to existing 

  
 - 54 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
approaches. This collaboration represents Pieris’ first partnered immuno-oncology program and leverages Pieris’ capability to address a target in multiple ways through Anticalin-based
drug candidates in different formats. 
 About Pieris Pharmaceuticals: 

Pieris Pharmaceuticals is a clinical stage biotechnology company that discovers and develops Anticalin-based drugs to target validated disease pathways in a
unique and transformative way. Our pipeline includes immuno-oncology multi-specifics tailored for the tumour micro-environment, an inhaled Anticalin to treat uncontrolled asthma and a half-life-optimized Anticalin to treat anemia. Proprietary
to Pieris, Anticalins are a novel class of protein therapeutics validated in the clinic and by partnerships with leading pharmaceutical companies. Anticalin®, Anticalins® are registered trademarks of Pieris. For more information visit www.pieris.com. 
 About
Anticalins: 
 Anticalins are derived from lipocalins, small human proteins that naturally bind, store and transport a wide spectrum of molecules.
Anticalins feature the typical four-loop variable region and a rigidly conserved beta-barrel backbone of lipocalins, which, together, form a shapeable cup-like binding pocket. Proprietary to Pieris, Anticalins are a novel class of protein
therapeutics validated in the clinic and by partnerships with leading pharmaceutical companies. 

Anticalin®, Anticalins® are registered
trademarks of Pieris. 
 Forward Looking Statements 

This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to novel technologies and methods; our business,
research and product development plans; our liquidity and ability to fund our future operations; our ability to achieve certain milestones and receive future milestone or royalty payments; or market information. Actual results could differ from
those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding we will need to continue to pursue our business, research and product development plans; the
inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of our product candidates;
competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the
reports and other documents we file with the SEC available at www.sec.gov, including without limitation the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and the Company’s Quarterly Reports on Form
10-Q. 

  
 - 55 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

			
	 Company Contact:
 Pieris Pharmaceuticals,
Inc.
 Darlene Deptula-Hicks
 SVP and Chief Financial
Officer
 +1-603-553-5803
 deptula@pieris.com
	 	         Investor Relations Contact:

The Trout Group

        Thomas Hoffmann

        +1-646-378-2931

thoffmann@troutgroup.com

		
		 	                or
		
	 Media Inquiries:

Gretchen Schweitzer

+49 172 861 8540

gschweitzer@macbiocom.com
	 	         The Del Mar Consulting Group, Inc.

        Robert Prag, President

        +1-858-794-5000

        bprag@delmarconsulting.com

 ##END## 

  
 - 56 - 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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