Document:

EX-10.12

 Exhibit 10.12 

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause
competitive harm to the Company, if publicly disclosed. Double asterisks denote omissions. 
 LICENSE AGREEMENT 

between 
 THE REGENTS OF THE
UNIVERSITY OF CALIFORNIA 
 and 

Decibel Therapeutics 
 for 

COMPOSITIONS AND METHODS FOR EXPRESSING OTOFERLIN 

UC Case No. [**] 

 TABLE OF CONTENTS 
  

							
	Article No.	 	Title	  	 	Page	 
	 BACKGROUND
	  	 	1	 
	 1.
	 	 DEFINITIONS
	  	 	2	 
	 2.
	 	 GRANT
	  	 	5	 
	 3.
	 	 SUBLICENSES
	  	 	6	 
	 4.
	 	 PAYMENT TERMS
	  	 	7	 
	 5.
	 	 LICENSE ISSUE FEE
	  	 	10	 
	 6.
	 	 LICENSE MAINTENANCE FEE
	  	 	10	 
	 7.
	 	 PAYMENTS ON SUBLICENSES
	  	 	11	 
	 8.
	 	 EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES
	  	 	11	 
	 9.
	 	 MILESTONE PAYMENTS
	  	 	12	 
	 10.
	 	 DUE DILIGENCE
	  	 	13	 
	 11.
	 	 PROGRESS AND ROYALTY REPORTS
	  	 	14	 
	 12.
	 	 BOOKS AND RECORDS
	  	 	15	 
	 13.
	 	 LIFE OF THE AGREEMENT
	  	 	16	 
	 14.
	 	 TERMINATION
	  	 	17	 
	 15.
	 	 USE OF NAMES AND TRADEMARKS
	  	 	17	 
	 16.
	 	 LIMITED WARRANTY
	  	 	18	 
	 17.
	 	 LIMITATION OF LIABILITY
	  	 	19	 
	 18.
	 	 PATENT PROSECUTION AND MAINTENANCE
	  	 	19	 
	 19.
	 	 PATENT MARKING
	  	 	21	 
	 20.
	 	 PATENT INFRINGEMENT
	  	 	21	 
	 21.
	 	 INDEMNIFICATION
	  	 	23	 
	 22.
	 	 NOTICES
	  	 	25	 
	 23.
	 	 ASSIGNABILITY
	  	 	26	 
	 24.
	 	 FORCE MAJEURE
	  	 	26	 
	 25.
	 	 GOVERNING LAWS
	  	 	27	 
	 26.
	 	 GOVERNMENT APPROVAL OR REGISTRATION
	  	 	27	 
	 27.
	 	 COMPLIANCE WITH LAWS
	  	 	27	 
	 28.
	 	 CONFIDENTIALITY
	  	 	27	 
	 29.
	 	 MISCELLANEOUS
	  	 	29	 
	 APPENDIX A: PATENT MANAGEMENT AGREEMENT BETWEEN UCSF AND UFRF
	  	 	32	 
	 UC CASE NO. [**]
	  	 	32	 
	 APPENDIX B: CONSENT TO SUBSTITUTION OF PARTY
	  	 	33	 

 UC Case No [**] 

LICENSE AGREEMENT 
 for

 COMPOSITIONS AND METHODS FOR EXPRESSING OTOFERLIN 

This license agreement (“Agreement”) is made effective October 03, 2019 (“Effective Date”), by and between The Regents of
the University of California, a California public corporation, having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200 (“The
Regents”) and acting through its Office of Technology Management, University of California San Francisco (“UCSF”), 600 16th Street, Suite
S-272, San Francisco, CA 94143 and Decibel Therapeutics, a Delaware corporation, having a principal place of business 1325 Boylston Street Suite 500, Boston, Massachusetts 02215 (“Licensee”). 

BACKGROUND 
 A. Certain
inventions, generally characterized as “Compositions and methods for expressing otoferlin” (UC Case No. [**]) (collectively “Invention”), made in the course of research at University of Florida Research Foundation
(“UFRF”) and UCSF and are claimed in Patent Rights as defined below. Invention was made in the course of research at UCSF by Dr. Omar Akil (collectively, the “Inventor”). UCSF and UFRF, each is licensing their interest in
and to Patent Rights separately and independently. 
 B. The development of the Invention was sponsored in part by the National Institutes
of Health and, as a consequence, this license is subject to overriding obligations to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable regulations including a non-exclusive, non-transferable, irrevocable, paid-up license to practice or have practiced the Invention for or on behalf of the
United States Government throughout the world. 
 C. The development of the Invention was sponsored in part by Hearing Research, Inc. 

D. The Licensee and The Regents have executed a Secrecy Agreement (UC Control No.[**]) with an effective date of [**]. 

  
 Page 1 of 29 

 E. The scope of such rights granted by The Regents is intended to extend to the scope of the
patents and patent applications in Patent Rights, but only to the extent that The Regents has proprietary rights in and to the Valid Claims of such Patent Rights. 

F. Both parties recognize and agree that Earned Royalties are due under this Agreement with respect to products, services and methods and that
such royalties will be paid with respect to both pending patent applications and issued patents, in accordance with the terms and conditions set forth herein. 

G. The Licensee is a “small business firm” as defined in 15 U.S.C. §632. 

- - oo 0 oo - - 
 The parties
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” of the Licensee means any entity which, directly or indirectly, Controls the Licensee, is
Controlled by the Licensee or is under common Control with the Licensee. “Control” means (i) having the actual, present capacity to elect a majority of the directors of such affiliate; (ii) having the power to direct at least
fifty percent (50%) of the voting rights entitled to elect directors; or (iii) in any country where the local law will not permit foreign equity participation of a majority, ownership or control, directly or indirectly, of the maximum
percentage of such outstanding stock or voting rights permitted by local law. 

  

	1.2	 “Field of Use” means all fields. 

 

	1.3	 “Licensed Method” means any process, art or method the use or practice of which, but for the license
granted in this Agreement, would infringe, or contribute to, or induce the infringement of, any Patent Rights in any country were they issued at the time of the infringing activity in that country. 

 

	1.4	 “Licensed Product(s) “ means any product, including, without limitation, a product for use or used in
practicing a Licensed Method and any product made by practicing a Licensed Method, the manufacture, use, Sale, offer for Sale or import of which, but for the license granted in this Agreement, would infringe, or contribute to, or induce the
infringement of, any Patent Rights in any country were they issued at the time of the infringing activity in that country. 

  
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	1.5	 “Licensed Service(s)” means any service provided for consideration (whether in cash or any other
form), when such service (i) involves the use of a Licensed Product; or (ii) involves the practice of a Licensed Method. 

  

	1.6	 “Net Sale” means the total amount invoiced (including fair market value of any non-cash consideration) by Licensee or by any Affiliate or Sublicensee on account of Sales of Licensed Product or Licensed Services, after deduction of all the following in accordance with U.S. Generally Accepted
Accounting Principles (“U.S. GAAP”) to the extent applicable to such Sales: 

  

	 	1.6.1	 trade, quantity and cash discounts or rebates, chargebacks, actually allowed or taken; 

 

	 	1.6.2	 allowances or credits given for rejection or for return of previously sold Licensed Product or outdated
Licensed Product; 

  

	 	1.6.3	 amounts repaid or credited by reason of rejection, defects, recalls, or returns or because of chargebacks,
refunds, rebates or retroactive price reductions; 

  

	 	1.6.4	 discounts mandated by, or granted solely to meet the requirements of law, including required chargebacks and
retroactive price reductions required by law; 

  

	 	1.6.5	 bad debts and uncollectible receivables; 

 

	 	1.6.6	 any tax or other governmental charge (including without limitation custom surcharges) borne by and not
reimbursed to the Licensee other than income tax levied on the Sale, transportation or delivery of Licensed Product, and 

  

	 	1.6.7	 any charges for packing, handling, freight, insurance, transportation and duty charges borne by the seller.

 For the purposes of this Agreement, chargebacks, bad debt, uncollectible receivables are considered to be Uncollectible Debts.
“Uncollectible Debts” means amount owed and unpaid to the Licensee, or a Sublicensee for previously Sold Licensed Products, which Licensee or the Sublicensee has attempted to collect, using efforts at least as diligent as those efforts
that Licensee or the Sublicensee (as applicable) uses in attempting to collect other overdue debts, provided that such amounts have been formally designated as such in accordance with Licensee’s or the Sublicensee’s internal accounting
procedures and provided further that such allowance shall not be applicable in the event and to the extent any such designated amounts are ultimately collected. 

  
 Page 3 of 29 

 If Licensee or its Affiliates or Sublicensee makes any sales to any third party in a transaction in a given
country that is not an arms’ length transaction, unless a cash discount within the meaning of this Paragraph 1.6 applies, the Net Sales used to determine the royalties payable to The Regents shall be computed on the basis of the established
average price charged to unrelated third parties in such country. 
  

	1.7	 “Patent Rights” means the Valid Claims of, to the extent assigned to or otherwise obtained by The
Regents, the following United States patents and patent applications: 

  

					
	 UC Case Number
	  	
United States Application Number
	  	
Priority Date

	
[**]
	  	[**]	  	
[**]

 Patent Rights shall further include the Valid Claims of, to the extent assigned to or otherwise obtained by The Regents, the
corresponding foreign patents and patent applications and any reissues, extensions, substitutions, continuations, divisions, and continuation-in-part applications (but
only those Valid Claims in the continuation-in-part applications that are entirely supported in the specification and entitled to the priority date of the parent
application). 
  

	1.8	 “Sale” means the act of selling, leasing or otherwise transferring, providing, or furnishing for use
for any consideration. 

  

	1.9	 “Sublicensee” means any person or entity (including any Affiliate) to which any of the license rights
granted to the Licensee hereunder are granted a sublicense or an option to a sublicense. For avoidance of doubt, all sublicensees of Sublicensees are considered Sublicensees of the Regents under this Agreement in accordance with Article 3
(Sublicenses). 

  

	1.10	 “Sublicensing Revenues” means amounts (including, without limitation, any licensing or optioning
fees, or license maintenance fees, or milestone payments, and fair market value of any non-cash consideration), received by or payable to the Licensee from any Sublicensee under a sublicense of the
Licensee’s rights under this Agreement, provided that Sublicensing Revenues will not include amounts received by or payable to the Licensee that are reasonably and fairly attributable to any of the following to the extent that each is bona
fide: (a) debt financing of the Licensee, (b) amounts received by the Licensee as the purchase price, at fair market value, for equity securities (including stock 

  
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of whatever class or series, and including the purchase price for warrants and the exercise price under such warrants, or as convertible debt, and the like) of the Licensee;
(c) reimbursements of out-of-pocket Patent Prosecution Costs actually incurred by the Licensee directly related to the specific Licensed Product being sublicensed;
(d) royalty payments on Net Sales; and (e) reimbursement to the Licensee for documented cost of research and/or development activities performed or services provided by the Licensee for the specific Licensed Product, on a going-forward
basis, on the basis of reimbursement of out-of-pocket expenses and/or payments for full-time equivalent (“FTE”) efforts of personnel at or below commercially
reasonable and standard FTE rates for the location of Licensee and the kind of activities and services undertaken by the Licensee for which such reimbursement is made to the Licensee . 

 

	1.11	 “Valid Claim” means a claim of a patent or patent application in any country that (i) has not
expired; (ii) has not been disclaimed; (iii) has not been cancelled or superseded, or if cancelled or superseded, has been reinstated; or (iv) has not been revoked, held invalid, or otherwise declared unenforceable or not allowable by
a tribunal or patent authority of competent jurisdiction over such claim in such country from which no further appeal has or may be taken; and, for any of i-iv above, (v) has not been pending for more than [**] after the date of issuance of the
first office action on any patent application under Patent Rights, on a country-by-country basis. 

2. GRANT 
  

	2.1	 Subject to the limitations and other terms and conditions set forth in this Agreement including the license
granted to the United States Government and those reserved by The Regents set forth in the Background and in Paragraphs 2.2.1 (obligations to the United States Government) and 2.4 (Government Requirements) , The Regents grants to the
Licensee a worldwide, license under all of its rights in and to the Patent Rights to make, have made, use, Sell, offer for Sale and import Licensed Products, to provide Licensed Services, and to practice Licensed Methods, in the United States and in
other countries where The Regents may lawfully grant such licenses, only in the Field of Use. So long as this Agreement is in effect, other than as specified in Section 2.3 (Reservation of Rights), The Regents shall not grant any other licenses
for the Patent Rights. For the avoidance of doubt, The Regents grant under this Article 2 and under this Agreement does not include, (i) UFRF rights to the Invention; and, (ii) UFRF rights under Patent Rights. 

  
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	2.2	 The license granted in Paragraph 2.1 is subject to the following: 

 

	 	2.2.1	 The obligations to the United States Government under 35 U.S.C. §§
200-212 and all applicable governmental implementing regulations, as amended from time to time, including the obligation to report on the utilization of the Invention as set forth in 37 CFR. § 401.14(h),
and all applicable provisions of any license to the United States Government executed by The Regents; and 

  

	 	2.2.2	 the National Institutes of Health “Principles and Guidelines for Recipients of NIH Research Grants and
Contracts on Obtaining and Disseminating Biomedical Research Resources,” 64 F.R. 72090 (Dec. 23, 1999), as amended from time to time. 

  

	2.3	 Reservation of Rights. The Regents reserves and retains the right (and the rights granted to the
Licensee in this Agreement shall be limited accordingly) to make, use and practice the Invention, and any technology relating to any of the foregoing and to make and use any products and to practice any process that is the subject of the Patent
Rights (and to grant any of the foregoing rights to other educational and non-profit institutions) for educational and research purposes only, and including publication and other communication of any research
results. 

 3. SUBLICENSES 
  

	3.1	 Permitted Sublicensing. The Regents also grants to the Licensee the right to sublicense to third parties
(including to Affiliates) the rights granted to the Licensee hereunder, as long as the Licensee has current rights thereto under this Agreement. Each Sublicensee must be subject to a written sublicense agreement. All sublicenses will include all of
the rights of, and will require the performance of all the obligations due to, The Regents (and, if applicable, the United States Government and other sponsors), other than those rights and obligations specified in Article 5 (License Issue Fee),
Article 6 (License Maintenance Fee) and Paragraph 8.3 (Minimum Annual Royalty) and Paragraphs 18.3 and 18.4 (reimbursement of Patent Prosecution Costs). For the purposes of this Agreement, the

  
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operations of all Sublicensees shall be deemed to be the operations of the Licensee, for which the Licensee shall be responsible. In the event the Licensee is assigned or otherwise acquires a
license to the Patent Rights from UFRF, the Licensee shall not separately grant a sublicense to any third party under its UFRF rights without concurrently granting a sublicense under The Regents’ rights on the terms and conditions described in
this Article 3. 

  

	3.2	 Sublicensee of a Sublicensee. For the purpose of this Agreement, all sublicensees of Sublicensees are
(i) considered as Sublicensees of the Regents; and (ii) shall be subject to all the terms and conditions applicable to a Sublicensee under this Agreement; and (iii) shall pay all royalty and fees applicable to a Sublicensee under this
Agreement. Licensee shall remain fully liable to the Regents for all acts and obligations of such Sublicensee and, acts of such Sublicensee shall be considered acts of the Licensee. 

 

	3.3	 Sublicense Requirements. The Licensee shall provide The Regents with a copy of each sublicense issued
within [**] of execution of such sublicense or sublicense amendment; collect and guarantee payment of all payments due The Regents from Sublicensees; and summarize and deliver all reports due The Regents from Sublicensees. 

 

	3.4	 Mandatory Sublicensing. If Licensee is unable or unwilling to serve or develop a potential market or
market territory for which there is a company willing to be a Sublicensee, Licensee will, at The Regents’ request, negotiate in good faith with any such company. The Regents would like licensees to address unmet needs, such as those of
neglected patient populations or geographic areas, giving particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing world. 

 

	3.5	 License Termination. Upon termination of this Agreement for any reason, each sublicense granted by
Licensee to a Sublicensee shall remain in effect as a direct license from The Regents to the Sublicensee (each a “New License Agreement”), for the scope of the license granted to such Sublicensee, on the same terms as this Agreement
(taking into account any difference in license scope, territory, and duration of sublicense grant), provided that the Sublicensee is not at the time of such termination in breach of its sublicense agreement, is not at the time of such termination an
opposing party in any legal proceeding involving The Regents, and that the financial terms of each New Licensee Agreement shall be identical to the corresponding financial terms of this Agreement. In

  
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the event of termination of this Agreement and if The Regents shall grant a direct license to any Sublicensee pursuant to the preceding sentence, The Regents will not be bound by any grant of
rights broader than or will not be required to perform any obligation other than those rights and obligations contained in this Agreement. The Regents and the Sublicensee will modify each such New License Agreement to include all of the rights of
The Regents (and [**], and, if applicable, the United States Government and other sponsors) that are contained in this Agreement. Notwithstanding the foregoing, each Sublicensee’s right to enter into a New License Agreement shall only be
available to the extent (i) Licensee has provided The Regents with a copy of the sublicense agreement granting the sublicense to such Sublicensee as required under Paragraph 3.3 and with all terms relating to the rights and obligations under
this Agreement left unredacted, (ii) such Sublicensee notifies The Regents within [**] after the termination of this Agreement that it wishes to enter into a New License Agreement, (iii) Sublicensee pays to The Regents its pro rata share
of any unreimbursed patent expenses during the negotiation of the New License Agreement within [**] of the mailing date of the invoice for such expenses, and (iv) the duties of The Regents under the New License Agreement will not be greater
than the duties of The Regents under this Agreement and (v) there is no outstanding or ongoing material breach of such sublicense by such Sublicensee which remains uncured. The terms in this Paragraph 3.5 are applicable only to sublicenses
granted by Licensee and are not applicable to any sublicenses granted by a Sublicensee. 

 4. PAYMENT TERMS 

 

	4.1	 Payment Obligations. Paragraphs 1.3, 1.4, 1.5, and 1.7 define Licensed Method, Licensed Product,
Licensed Service and Patent Rights, so that Earned Royalties are payable on products and methods covered by both pending patent applications and issued patents. Earned Royalties will accrue in each country for the duration of Patent Rights in that
country and will be payable to The Regents when Licensed Products or Licensed Services are invoiced, or if not invoiced, when delivered or otherwise exploited by the Licensee or Sublicensee in a manner constituting a Net Sale as defined in Paragraph
1.6. Sublicense Fees with respect to any Sublicensing Revenue shall accrue to The Regents within [**] of the date that such Sublicensing Revenue is due to the Licensee. 

  
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	4.2	 Schedule. The Licensee will pay to The Regents all Earned Royalties, Sublicense Fees and other
consideration payable to The Regents quarterly on or before [**] (for the calendar quarter ending December 31), [**] (for the calendar quarter ending March 31), [**] (for the calendar quarter ending June 30) and [**] (for the calendar quarter ending
September 30) of each calendar year. Each payment will be for Earned Royalties, Sublicense Fees and other consideration which has accrued within the Licensee’s most recently completed calendar quarter. 

 

	4.3	 Currency. All consideration due The Regents will be payable and will be made in United States dollars by
check payable to “The Regents of the University of California” or by wire transfer to an account designated by The Regents. The Licensee is responsible for all bank or other transfer charges. When Licensed Products or Licensed Services are
Sold for monies other than United States dollars, the Earned Royalties and other consideration will first be determined in the foreign currency of the country in which such Licensed Products or Licensed Services were Sold and then converted into
equivalent United States dollars. The exchange rate will be the average exchange rate quoted in the The Wall Street Journal during the last [**] of the reporting period. 

 

	4.4	 Taxes. Sublicense Fees and Earned Royalties on Net Sales of Licensed Products or Licensed Services and
other consideration accrued in, any country outside the United States may not be reduced by any taxes, fees or other charges imposed by the government of such country, except those taxes, fees and charges allowed under the provisions of Paragraph
1.6 (Net Sales). 

  

	4.5	 Accrual. In the event that any patent or claim thereof included within the Patent Rights is held invalid
in a final decision by a court of competent jurisdiction and last resort and from which no appeal has or can be taken, then all obligation to pay royalties based on that patent or claim or any claim patentably indistinct therefrom will cease as of
the date of final decision. The Licensee will not, however, be relieved from paying any royalties that accrued before such final decision and the Licensee shall be obligated to pay the full amount of royalties due hereunder to the extent that The
Regents licenses one or more Valid Claims within the Patent Rights to the Licensee with respect to Licensed Products or Licensed Services. 

  
 Page 9 of 29 

	4.6	 Late Payments. In the event that royalties, fees, reimbursements for Patent Prosecution Costs or other
monies owed to The Regents are not received by The Regents when due, the Licensee will pay to The Regents interest at a rate of [**] percent ([**]%) simple interest per annum. Such interest will be calculated from the date payment was due until
actually received by The Regents. Such accrual of interest will be in addition to and not in lieu of, enforcement of any other rights of The Regents due to such late payment. 

5. LICENSE ISSUE FEE 
  

	5.1	 The Licensee will pay to The Regents a license issue fee of [**] dollars ($[**]) within [**] of the
Effective Date and [**] dollars ($[**]) within [**] of issuance of the first patent under Patent Rights in any jurisdiction. This fee is non-refundable, non-cancelable and is not an advance or otherwise
creditable against any royalties or other payments required to be paid under the terms of this Agreement. 

 6. LICENSE
MAINTENANCE FEE 
  

	6.1	 Subject to Paragraph 6.2, the Licensee shall also pay to The Regents a license maintenance fee within [**] of
the one-year anniversary of the Effective Date and within [**] of each subsequent anniversary of the Effective Date in an amount equal to: 

 

	 	6.1.1	 [**] dollars ($[**]) prior to issuance of the first patent under Patent Rights in any jurisdiction; or

  

	 	6.1.2	 [**] dollars ($[**]) after issuance of the first patent under Patent Rights in any jurisdiction; or

  

	6.2	 The license maintenance fee is not due on any anniversary of the Effective Date if on that date, the Licensee
is Selling or otherwise exploiting Licensed Products or Licensed Services and is paying an Earned Royalty to The Regents on the Net Sales of such Licensed Product or Licensed Service. The license maintenance fee is
non-refundable and is not an advance or otherwise creditable against any royalties or other payments required to be paid under the terms of this Agreement. 

  
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 7. PAYMENTS ON SUBLICENSES 

 

	7.1	 The Licensee will pay to The Regents the following non-refundable and non-creditable sublicense fees (“Sublicense Fees”) of all Sublicensing Revenues: 

  

	 	7.1.1	 [**] percent ([**]%) of all Sublicensing Revenues [**]; and, 

 

	 	7.1.2	 [**] percent ([**]%) of all Sublicensing Revenues [**]; and, 

 

	 	7.1.3	 [**] percent ([**]%) of all Sublicensing Revenues [**]; and, 

 

	 	7.1.4	 [**] percent ([**]%) of all Sublicensing Revenues [**]. 

8. EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES 
  

	8.1	 Earned Royalty. The Licensee will pay to The Regents an Earned Royalty of [**] percent ([**]%) of the
Net Sales of Licensed Product or Licensed Service by the Licensee, Sublicensee, or any Affiliate for all aggregate Net Sales (“Earned Royalty”). Any payments received for Earned Royalty will be
non-refundable and non-creditable towards any other payment due to The Regents. In case of documented overpayment, if Licensee gives notice to The Regents within [**] of
The Regents’ receipt of such payment, such overpayment can be credited against future royalty payments. 

  

	8.2	 Royalty Offset. In the event Licensee determines it is necessary for the Licensee to obtain a license to
patent rights of one or more third parties, that is/are not an Affiliate, in order to practice Licensed Methods and/or make, have made, use, sell, offer to sell or import Licensed Products, and Licensee is required to pay a royalty to both The
Regents under this license agreement and the unaffiliated third parties under a separate license agreement in order to practice Licensed Methods and/or to make, have made, use, sell, offer to sell or import Licensed Products, then if the combined
royalty due to The Regents and such third party(ies) exceeds [**] percent ([**]%) then the Earned Royalty percentage due to The Regents hereunder will be reduced by the amount determined by the following formula: [**], where “A” equals the
total royalty burden percentage due for the Licensed Product (including the Earned Royalty due to The Regents and any royalty due to one or more third parties, that is/are not an Affiliate,), and “B” equals the total number of licenses,
including this license and such licenses from all third parties, that is/are not Affiliate(s), provided that in no event will the Earned Royalty due to The Regents be less than [**] percent ([**]%) of the Net Sales of Licensed Product or Licensed
Service by the Licensee, Sublicensee, or any Affiliate for all aggregate Net Sales, in any given payment period. The royalty offset under this Paragraph 8.2 does not apply to any licenses obtained by the Licensee for UFRF rights in the
Invention. 

  
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	8.3	 Minimum Annual Royalty. The Licensee will also pay to The Regents a minimum annual royalty of [**]
dollars ($[**]) for the life of Patent Rights, beginning with the year of the first Sale of Licensed Product or Licensed Service. The minimum annual royalty will be paid to The Regents by [**] of each year and will be credited against the Earned
Royalty due for the calendar year in which the minimum payment was made. Licensee’s obligation to pay the minimum annual royalty will be pro-rated for the number of months remaining in the calendar year
when Sales commence and will be due the following [**] (along with the minimum annual royalty payment for that year), to allow for crediting of the pro-rated year’s Earned Royalties.

 9. MILESTONE PAYMENTS 
  

	9.1	 With respect to each Licensed Product and each Licensed Service, the Licensee will pay to The Regents the
following non-refundable, non-creditable amounts: 

  

	 	9.1.1	 [**] dollars ($[**]) upon the [**]; and, 

 

	 	9.1.2	 [**] dollars ($[**]) upon [**]; and, 

 

	 	9.1.3	 [**] dollars ($[**]) milestone payable the first time annual net sales exceed [**] dollars ($[**]); and,

  

	 	9.1.4	 [**] dollars ($[**]) payable the first time annual net sales exceed [**] dollars ($[**]); and,

  

	 	9.1.5	 [**] dollars ($[**]) when cumulative net sales exceed [**] dollars ($[**]); and, 

 

	 	9.1.6	 [**] dollars ($[**]) when cumulative net sales exceed [**] dollars ($[**]). 

 

	9.2	 For the avoidance of doubt, each of the milestone payments set forth in Paragraphs 9.1.1 through 9.1.6 will be
payable with respect to each Licensed Product and each Licensed Service and regardless of whether the applicable milestone event has been achieved by the Licensee, Sublicensee, or any Affiliate. 

 

	9.3	 All milestone payments set forth in Paragraphs 9.1.1 through 9.1.6 are due to The Regents within [**] of the
occurrence of the applicable milestone event. 

  
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 10. DUE DILIGENCE 

 

	10.1	 The Licensee, upon execution of this Agreement, will diligently proceed with the development, manufacture and
Sale of Licensed Products and Licensed Services and will earnestly and diligently market the same after execution of this Agreement and in quantities sufficient to meet the market demands therefor. 

 

	10.2	 The Licensee or a Sublicensee will obtain all necessary governmental approvals in each country where Licensed
Products or Licensed Services are manufactured, used, Sold, offered for Sale or imported. 

  

	10.3	 The Licensee will: 

  

	 	10.3.1	 [**] for a Licensed Product by [**]; 

 

	 	10.3.2	 [**] for a Licensed Product or by [**]; 

 

	 	10.3.3	 [**] for Licensed Product by [**]; 

 

	 	10.3.4	 [**] such Licensed Product [**]; and 

 

	 	10.3.5	 [**]. 

  

	10.4	 The Regents recognizes that there are uncertainties associated with the development of therapeutic products and
the regulatory process required by the FDA (and foreign regulatory authorities that are equivalent to the FDA), and that it may be necessary from time to time to amend the milestones under Paragraphs 10.3.1 through 10.3.5. Accordingly, The Regents
agrees to extend each such milestone under Paragraphs 10.3.1 through 10.3.5 for up to [**] provided that Licensee can demonstrate to The Regents its diligent efforts with supporting documentation, at no cost to the Licensee for the first extension.
Additional [**] extensions are available for any milestone provided that Licensee can continue to demonstrate its diligent efforts with supporting documentation and pays an additional extension fee of [**] dollars ($[**]). Each [**] extension will
automatically extend all remaining milestones in Paragraphs 10.3.1 through 10.3.5 by [**]. 

  

	10.5	 If the Licensee is unable to perform any of the above provisions, then The Regents has the right and option to
grant additional commercial licenses to the Patent Rights and/or revoke Licensee’s right to sublicense Patent Rights. This right, if exercised by The Regents, supersedes the rights granted in Article 2 (Grant) and Article 3 (Sublicenses).

  
 Page 13 of 29 

 11. PROGRESS AND ROYALTY REPORTS 

 

	11.1	 Progress Reports. Beginning on [**], and [**] thereafter, Licensee will submit a written report to The
Regents covering the Licensee’s (and any Affiliates’ or Sublicensees’) activities related to this Agreement. The report will include information sufficient to enable The Regents to satisfy reporting requirements of the U.S. Government
and to ascertain progress by Licensee toward meeting this Agreement’s diligence requirements set forth in Article 10 (Due Diligence). Each report will describe, the amount of funding raised to date, the names and titles of Licensee’s
executive leadership team, and where relevant: progress toward commercialization of Licensed Products and Licensed Services, including work completed, key scientific discoveries, summary of work in progress, current schedule of anticipated events or
milestones, market plans for introduction of Licensed Products and Licensed Services, and significant corporate transactions involving Licensed Products and Licensed Services. 

 

	11.2	 First Sale. The Licensee will report to The Regents the date of first Sale of a Licensed Product or
Licensed Service in each country in its first progress and royalty reports following such first Sale of a Licensed Product or Licensed Service. 

  

	11.3	 Royalty Reports. Beginning with the earlier of (i) the first Sale of a Licensed Product or Licensed
Service or (ii) the first transaction that results in Sublicense Fees accruing to The Regents, the Licensee shall make quarterly royalty reports to The Regents on or before each [**] of each year. Each royalty report will cover the
Licensee’s most recently completed calendar quarter and will show (a) the gross Sales and Net Sales of Licensed Products and/or Licensed Services Sold during the most recently completed calendar quarter; (b) the number of each type of
Licensed Product and/or Licensed Services Sold; (c) the royalties, in U.S. dollars, payable with respect to Sales of Licensed Products and/or Licensed Services; (d) the method used to calculate the royalty; (e) any Sublicense Fees due
to The Regents; (f) the exchange rates used; and (g) any other information reasonably necessary to confirm Licensee’s calculation of its financial obligations hereunder. 

 

	11.4	 Entity Status. The Licensee has a continuing responsibility to keep The Regents informed of the
large/small business entity status (as defined by the United States Patent and Trademark Office) of itself and its Sublicensees and Affiliates. 

  
 Page 14 of 29 

 12. BOOKS AND RECORDS 

 

	12.1	 Accounting. The Licensee shall keep accurate books and records showing all Licensed Products and
Licensed Services manufactured, used, and/or Sold under the terms of this Agreement. Books and records must be preserved for at least [**] from the date of the royalty payment to which they pertain. 

 

	12.2	 Auditing. Books and records must be open to inspection by representatives or agents of The Regents at
reasonable times, but in any event not more than [**]. The Regents shall bear the fees and expenses of examination but if an error in royalties of more than [**] percent ([**]%) of the total royalties due for any year is discovered in any
examination then the Licensee shall bear the fees and expenses of that examination and shall remit such underpayment to The Regents within [**] of the examination results. 

13. LIFE OF THE AGREEMENT 
  

	13.1	 Term. Unless otherwise terminated by operation of law, Paragraph 13.2 (Bankruptcy), or by acts of the
parties in accordance with the terms of this Agreement, this Agreement will remain in effect from the Effective Date until the expiration or abandonment of the last of the Patent Rights licensed hereunder. 

 

	13.2	 Bankruptcy. This Agreement will automatically terminate without the obligation to provide [**] notice as
set forth in Paragraph 14.1 (Termination By The Regents) upon the filing of a petition for relief under the United States Bankruptcy Code by or against the Licensee as a debtor or alleged debtor. 

 

	13.3	 Surviving Provisions. Any termination or expiration of this Agreement will not affect the rights and
obligations set forth in the following Articles: 

  

					
		 	Article 1	  	Definitions
		 	 Paragraph 4.6
	  	Late Payments
		 	Article 5	  	License Issue Fee
		 	Article 7	  	Payments on Sublicenses
		 	Article 8	  	Earned Royalties and Minimum Annual Royalties
		 	Article 12	  	Books and Records
		 	Article 13	  	Life of the Agreement
		 	Article 15	  	Use of Names and Trademarks
		 	Article 16	  	Limited Warranty
		 	Article 17	  	Limitation of Liability
		 	Paragraphs 18.3 & 18.4	  	Patent Prosecution Costs and Effects of Termination
		 	Article 21	  	Indemnification
		 	Article 22	  	Notices
		 	 Article 25
	  	 Governing Laws 

		 	 Article 28
	  	 Confidentiality 

  
 Page 15 of 29 

	13.4	 Effects of Termination. The termination or expiration of this Agreement will not relieve the Licensee of
its obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with
Article 8 (Earned Royalties and Minimum Annual Royalties). 

 14. TERMINATION 

 

	14.1	 By The Regents. If the Licensee fails to perform or violates any term of this Agreement,
then The Regents may give written notice of default (Notice of Default) to the Licensee. If the Licensee fails to repair the default within [**] of the effective date of Notice of Default, The Regents may terminate this Agreement and its licenses by
a second written notice (Notice of Termination). If a Notice of Termination is sent to the Licensee, this Agreement will automatically terminate on the effective date of that notice. 

 

	14.2	 By Licensee. The Licensee has the right at any time to terminate this Agreement by providing a Notice of
Termination to The Regents. Moreover, the Licensee will be entitled to terminate the rights under Patent Rights on a country-by-country basis by giving notice in writing
to The Regents. Termination of this Agreement (but not termination of any patents or patent applications under Patent Rights, which termination is subject to Paragraph 18.4 (Effects of Termination) will be effective sixty (60) days from the
date such termination notice is sent by Licensee. 

  

	14.3	 Immediate Termination. The Agreement will terminate immediately if the Licensee files a claim that
includes in any way the assertion that any portion of The Regents’ Patent Rights is invalid or unenforceable where the filing is by Licensee, a third party on behalf of Licensee, or a third party at the written urging of, or with the assistance
of, the Licensee. 

 15. USE OF NAMES AND TRADEMARKS 

 

	15.1	 Nothing contained in this Agreement will be construed as conferring any right to either party to use in
advertising, publicity or other promotional activities any name, trade name, trademark or other designation of the other party (including a contraction, abbreviation or 

  
 Page 16 of 29 

	 	
simulation of any of the foregoing). Without the Licensee’s consent case-by-case, The Regents may list
Licensee’s name as a licensee of technology from The Regents without further identifying the technology. Unless required by law or unless consented to in writing by the Director of the Office of Technology Management, UCSF Innovation Ventures,
the use by the Licensee of the name “The Regents of the University of California” or the name of any campus of the University of California in advertising, publicity or other promotional activities is expressly prohibited.

 16. LIMITED WARRANTY 
  

	16.1	 To the extent of the knowledge of the licensing professional administering this Agreement and as of the
Effective Date, The Regents warrants to the Licensee that it has the lawful right to grant this license. 

  

	16.2	 Except as expressly set forth in this Agreement, this license and the associated Invention, Patent Rights,
Licensed Products, Licensed Services and Licensed Methods provided by The Regents WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE REGENTS MAKES NO EXPRESS OR IMPLIED
REPRESENTATION OR WARRANTY THAT THE INVENTION, PATENT RIGHTS, LICENSED PRODUCTS, LICENSED SERVICES, LICENSED METHODS OR ORIGINAL MATERIALS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS. 

 

	16.3	 This Agreement does not: 

 

	 	16.3.1	 express or imply a warranty or representation as to the validity, enforceability, or scope of any Patent
Rights; or 

  

	 	16.3.2	 express or imply a warranty or representation that anything made, used, Sold, offered for Sale or imported or
otherwise exploited under any license granted in this Agreement is or will be free from infringement of patents, copyrights, or other rights of third parties; or 

 

	 	16.3.3	 obligate The Regents to bring or prosecute actions or suits against third parties for patent infringement
except as provided in Article 20 (Patent Infringement); or 

  
 Page 17 of 29 

	 	16.3.4	 confer by implication, estoppel or otherwise any license or rights under any patents or other rights of The
Regents other than Patent Rights, regardless of whether such patents are dominant or subordinate to Patent Rights; or 

  

	 	16.3.5	 obligate The Regents to furnish any advancements, developments, or other improvements to Patent Rights which
are not entitled to the priority dates of Patent Rights, or know-how, technology or information not provided in Patent Rights. 

17. LIMITATION OF LIABILITY 
  

	17.1	 THE REGENTS WILL NOT BE LIABLE FOR ANY LOST PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST
BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL
CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF THE REGENTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

18. PATENT PROSECUTION AND MAINTENANCE 
  

	18.1	 Patent Prosecution. UCSF and UFRF entered into a patent management agreement on July 5, 2019,
(“Patent Management Agreement”) for the management of matters related to the jointly owned Invention and Patent Rights thereto. Licensee has read and understood the Patent Management Agreement, which is attached in Appendix A. In the
event, Licensee wants to change the patent strategy or patent scope or patent claims, Licensee agrees to be transparent in their communication and promptly discuss with The Regents any such strategy. If aforementioned change in strategy by Licensee
may result in change in inventor-ship of Patent Rights as per patent law, then Licensee shall bring this to The Regents attention immediately. Licensee is committed to engaging in good faith patent strategies and shall diligently work with The
Regents for the same. As long as the Licensee has paid patent costs as provided for in this Article 18, The Regents shall diligently 

  
 Page 18 of 29 

	 	
endeavor to prosecute and maintain the United States and foreign patents comprising Regents’ Patent Rights using counsel of its choice. The Regents will provide the Licensee with copies of
all relevant documentation so that the Licensee will be informed of the continuing prosecution and may comment upon such documentation sufficiently in advance of any initial deadline for filing a response, provided, however, that if the Licensee has
not commented upon such documentation in a reasonable time for The Regents to sufficiently consider the Licensee’s comments prior to a deadline with the relevant government patent office, or The Regents must act to preserve the Patent Rights,
The Regents will be free to respond without consideration of the Licensee’s comments, if any. The Licensee agrees to keep this documentation confidential. The Regents’ counsel will take instructions only from The Regents, and all patents
and patent applications under this Agreement will be assigned solely to The Regents. The Regents shall use all reasonable efforts to amend any patent application to include claims reasonably requested by the Licensee to protect the products
contemplated to be sold under this Agreement and to file and prosecute patents in foreign countries indicated by and paid for by Licensee. 

  

	18.2	 Patent Term. The Licensee shall apply for an extension of the term of any patent included within
Regents’ Patent Rights if appropriate under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts of this Law. The Licensee shall prepare all documents, and The Regents
agrees to execute the documents and to take additional action as the Licensee reasonably requests in connection therewith. 

  

	18.3	 Costs. The Licensee will bear all costs of preparing, filing, prosecuting and maintaining all United
States and foreign patent applications contemplated by this Agreement (“Patent Prosecution Costs”). Patent Prosecution Costs billed by The Regents’ counsel will be rebilled to the Licensee and are due within [**] of rebilling by The
Regents. These Patent Prosecution Costs will include, without limitation, patent prosecution costs for the Invention incurred by The Regents prior to the execution of this Agreement and any patent prosecution costs that may be incurred for
patentability opinions, re-examination, re-issue, interferences, oppositions or inventorship determinations. Prior Patent Prosecution Costs will be due upon execution of
this Agreement and billing by The Regents. 

  
 Page 19 of 29 

	18.4	 Effects of Termination. The Licensee will be obligated to pay any agreed-upon Patent Prosecution Costs
incurred during the [**] period after receipt by either party of a Notice of Termination, even if the invoices for such Patent Prosecution Costs are received by the Licensee after the end of the [**] period following receipt of a Notice of
Termination. The Licensee may terminate its obligation to pay Patent Prosecution Costs with respect to any given patent application or patent under Patent Rights in any or all designated countries upon [**] written notice to The Regents. The Regents
may continue prosecution and/or maintenance of such application(s) or patent(s), and applications in foreign countries where Licensee has elected not to file, at its sole discretion and expense, provided, however, that the Licensee will have no
further right or licenses thereunder. Non-payment of Patent Prosecution Costs may be deemed by The Regents as an election by the Licensee not to maintain such application(s) or patent(s).

 19. PATENT MARKING 
  

	19.1	 The Licensee will mark all Licensed Products made, used or Sold under the terms of this Agreement or their
containers in accordance with the applicable patent marking laws. 

 20. PATENT INFRINGEMENT 

 

	20.1	 Infringement Notice. In the event that The Regents (to the knowledge of the licensing professional
responsible for the administration of this Agreement) or the Licensee learns of infringement of potential commercial significance of any patent licensed under this Agreement, the knowledgeable party will provide the other (i) with written
notice of such infringement and (ii) with any evidence of such infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction where, the Licensee has rights under this Agreement, the
Licensee shall not notify a possible infringer of infringement or put such infringer on notice of the existence of any Patent Rights without first consulting with The Regents. Both The Regents and the Licensee will use their diligent efforts to
cooperate with each other to terminate such infringement without litigation. 

  

	20.2	 Company Suit and Joining. At Licensee’s discretion and to the extent permitted by law, Licensee may
institute suit for patent infringement against the infringer if infringing 

  
 Page 20 of 29 

	 	
activity of potential commercial significance occurs. The Regents may voluntarily join such suit, but may not otherwise commence suit against the infringer for the acts of infringement that are
the subject of the Licensee’s suit or any judgment rendered in that suit. The Licensee may not join The Regents as a party in a suit initiated by the Licensee without The Regents’ prior written consent. If The Regents joins a suit
initiated by the Licensee, then the Licensee will pay any costs incurred by The Regents arising out of such suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it in the suit.

  

	20.3	 Regents’ Suit. If, within [**] following the date the Infringement Notice takes effect or for such
other time as the Parties mutually agree, infringing activity of potential commercial significance by the infringer has not been abated and if the Licensee has not brought suit against the infringer, then The Regents may institute suit for patent
infringement against the infringer. If The Regents institutes such suit, then the Licensee may not join such suit without The Regents’ consent and may not thereafter commence suit against the infringer for the acts of infringement that are the
subject of The Regents’ suit or any judgment rendered in that suit. 

  

	20.4	 Infringement Notice. Notwithstanding anything to the contrary in this Agreement, in the event that the
infringement or potential infringement pertains to an issued patent included within the Patent Rights and written notice is given under the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or foreign counterparts of this Law),
then the party in receipt of such notice under the Act (in the case of The Regents to the extent of the actual knowledge of the licensing officer responsible for the administration of this Agreement) shall provide the Infringement Notice to the
other party promptly. If the time period is such that the Licensee will lose the right to pursue legal remedy for infringement by not notifying a third party or by not filing suit, the notification period and the time period to file suit will be
accelerated to within [**] of the date of such notice under the Act to either party. 

  

	20.5	 Recovery. Any recovery or settlement received in connection with any suit will first be shared by The
Regents and the Licensee equally to cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by
Licensee, any 

  
 Page 21 of 29 

	 	
recovery in excess of litigation costs will be shared between Licensee and The Regents as follows: (a) for any recovery other than amounts paid for willful infringement The Regents will
receive [**] percent ([**]%) of the recovery; and (b) for any recovery for willful infringement, The Regents will receive [**] percent ([**]%) of the recovery. In any suit initiated by The Regents, any recovery in excess of litigation costs
will belong to The Regents. The Regents and the Licensee agree to be bound by all determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this
Article 20 (Patent Infringement). 

  

	20.6	 Sublicenses. Any agreement made by the Licensee for purposes of settling litigation or other dispute
shall comply with the requirements of Article 3 (Sublicenses) of this Agreement. 

  

	20.7	 Cooperation. Each party will cooperate with the other in litigation proceedings instituted hereunder but
at the expense of the party who initiated the suit (unless such suit is being jointly prosecuted by the parties). 

  

	20.8	 Control. Any litigation proceedings will be controlled by the party bringing the suit, except that The
Regents may be represented by counsel of its choice in any suit brought by the Licensee. 

 21. INDEMNIFICATION 

 

	21.1	 Indemnification. The Licensee will, and will require its Sublicensees to, indemnify, hold harmless and
defend The Regents, the sponsors of the research that led to the Invention, and the inventors of any invention claimed in patents or patent applications under Patent Rights (including the Licensed Products, Licensed Services and Licensed Methods
contemplated thereunder) and their employers, and the officers, employees and agents of any of the foregoing, against any and all claims, suits, losses, damage, costs, fees and expenses resulting from, or arising out of, the exercise of this license
or any sublicense. This indemnification will include, but not be limited to, any product liability. If The Regents believe that there will be a conflict of interest or it will not otherwise be adequately represented by counsel chosen by the Licensee
to defend The Regents in accordance with this Paragraph 21.1, then The Regents may retain counsel of its choice to represent it and the Licensee will pay all expenses for such representation. 

  
 Page 22 of 29 

	21.2	 Insurance. The Licensee, at its sole cost and expense, will insure its activities in connection with any
work performed hereunder and will obtain, keep in force, and maintain the following insurance: 

  

	 	21.2.1	 Commercial Form General Liability Insurance (contractual liability included) with limits as follows:

  

					
	 Each Occurrence
	  	$	[	**] 
	 Personal and Advertising Injury
	  	$	[	**] 
	 General Aggregate (commercial form only)
	  	$	[	**] 

 If the above insurance is written on a claims-made form, it shall continue for [**] following termination or
expiration of this Agreement. The insurance shall have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement; and 
  

	 	21.2.2	 Worker’s Compensation as legally required in the jurisdiction in which the Licensee is doing business.

 The coverage and limits above will not in any way limit the Licensee’s liability under this Article 21
(Indemnification.) 
  

	21.3	 Certificates. After the execution of this Agreement, and at the request of The Regents, the Licensee
will furnish The Regents with certificates of insurance evidencing compliance with all requirements. Such certificates will: indicate The Regents as an additional insured(s) under the coverage described above in Paragraph 21.2 (Insurance); and
include a provision that the coverage will be primary and will not participate with, nor will be excess over, any valid and collectable insurance or program of self-insurance maintained by The Regents. 

 

	21.4	 Notification. The Regents will promptly notify the Licensee in writing of any claim or suit brought
against The Regents for which The Regents intends to invoke the provisions of this Article 21 (Indemnification). The Licensee will keep The Regents informed of its defense of any claims pursuant to this Article 21 (Indemnification). 

 22. NOTICES 
  

	22.1	 Any notice or payment hereunder shall be deemed to have been properly given when sent in writing in English to
the respective address below and shall be deemed effective: 

  
 Page 23 of 29 

	 	22.1.1	 on the date of delivery if delivered in person, 

 

	 	22.1.2	 on the date of mailing if mailed by first-class certified mail, postage paid, or 

 

	 	22.1.3	 on the date of mailing if mailed by any global express carrier service that requires the recipient to sign the
documents demonstrating the delivery of such notice or payment, or 

  

	 	22.1.4	 in the case of notices, if sent by email, on the date the recipient acknowledges having received that email by
either an email sent to the sender or by a notice delivered by another method in accordance with this Paragraph 22.1, provided that, automated replies and “read receipts” shall not be considered acknowledgement of receipt.

 In the case of Licensee: 

Decibel Therapeutics 

1325 Boylston Street, Suite 500 

Boston, MA 02215 

Attention: VP, Legal 
 In the
case of The Regents: 
 For notices: 

University of California, San Francisco 

Innovation Ventures, Office of Technology Management, Box 2142 

600 16th Street, Suite S272 

San Francisco, CA 94143 

(for Fed-Ex use postal code 94158) 

Attention: Director, Technology Management 

Referring to: UC Case No. [**]     

Email: [**] 

For remittance of payments: 

Office of Innovation and Entrepreneurship 

Attn: Accounts Receivable 

University of California 

Office of the President 

1111 Franklin Street, 5th Floor 

Oakland, CA 94607-5200 

Referring to: UC Case No. [**] 

23. ASSIGNABILITY 
  

	23.1	 The Licensee may assign or transfer this Agreement, without The Regents’ prior written consent, only in
the case of assignment or transfer to a party that succeeds to all or substantially all of Licensee’s business or assets relating to this Agreement, whether by 

  
 Page 24 of 29 

	 	
Sale, merger, operation of law or otherwise, provided that a) such assignee or transferee promptly agrees to be bound by the terms and conditions of this Agreement and signs The Regents’
standard substitution of party letter (attached here as Appendix B), b) Licensee gives The Regents a [**] notice of assignment, and c) upon payment by Licensee to The Regents of [**] dollars ($[**]) assignment fee. Any attempted assignment by
Licensee other than in accordance with this Paragraph 23.1 will be null and void. This Agreement is binding upon and will inure to the benefit of The Regents, its successors and assigns. 

24. FORCE MAJEURE 
  

	24.1	 Except for the Licensee’s obligation to make any payments to The Regents hereunder, the parties shall not
be responsible for failure to perform due to the occurrence of any events beyond their reasonable control which render their performance impossible or onerous, including, but not limited to: accidents (environmental, toxic spill, etc.); acts of God;
biological or nuclear incidents; casualties; earthquakes; fires; floods; governmental acts; orders or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power
failure and power outages; acts of terrorism; strike; and war. 

 25. GOVERNING LAWS; VENUE 

 

	25.1	 Choice of Law. THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF CALIFORNIA, excluding any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted particular provisions of this Agreement, but the scope and validity of any patent or
patent application will be governed by the applicable laws of the country of such patent or patent application. 

 26.
GOVERNMENT APPROVAL OR REGISTRATION 
  

	26.1	 If this Agreement or any associated transaction is required by the law of any nation to be either approved or
registered with any governmental agency, the Licensee will assume all legal obligations to do so. The Licensee will notify The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval
requirement. The Licensee will make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or
approval process. 

  
 Page 25 of 29 

 27. COMPLIANCE WITH LAWS 

 

	27.1	 The Licensee shall comply with all applicable international, national, state, regional and local laws and
regulations in performing its obligations hereunder and in its use, manufacture, Sale or import of the Licensed Products, Licensed Services or practice of the Licensed Method. The Licensee will observe all applicable United States and foreign laws
with respect to the transfer of Licensed Products and related technical data and the provision of Licensed Services to foreign countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export
Administration Regulations. The Licensee shall manufacture Licensed Products and practice the Licensed Method in compliance with applicable government importation laws and regulations of a particular country for Licensed Products made outside the
particular country in which such Licensed Products are used, Sold or otherwise exploited. 

 28. CONFIDENTIALITY

  

	28.1	 Confidential Information. The Licensee and The Regents will treat and maintain the other party’s
proprietary business, patent prosecution, software, engineering drawings, process and technical information and other proprietary information, including the negotiated terms of this Agreement and any progress reports and royalty reports and any
sublicense agreement issued pursuant to this Agreement (“Proprietary Information”) in confidence using at least the same degree of care as the receiving party uses to protect its own proprietary information of a like nature from the date
of disclosure until [**] after the termination or expiration of this Agreement. Proprietary Information can be written, oral, or both. This confidentiality obligation will apply to the information defined as “Confidential Information”
under the Secrecy Agreement and such Confidential Information will be treated as Proprietary Information hereunder. 

  

	28.2	 The Licensee and The Regents may use and disclose Proprietary Information to their employees, agents,
consultants, contractors and, in the case of the Licensee, its 

  
 Page 26 of 29 

	 	
sublicensees, provided that such parties are bound by a like duty of confidentiality as that found in this Article 28 (Confidentiality). Notwithstanding anything to the contrary contained in this
Agreement, The Regents may release this Agreement, including any terms contained herein and information regarding payments or other income received in connection with this Agreement to the inventors, senior administrative officials employed by The
Regents and individual Regents upon their request. If such release is made, then The Regents will request that such terms be kept in confidence in accordance with the provisions of this Article 20 (Confidentiality). In addition, notwithstanding
anything to the contrary in this Agreement, if a third party inquires whether a license to Patent Rights is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Articles 2 (Grant) and 3
(Sublicenses) and related definitions to such third party, but will not disclose the name of the Licensee unless the Licensee has already made such disclosure publicly. 

 

	28.3	 Limitations. Nothing contained herein will restrict or impair, in any way, the right of the Licensee or
The Regents to use or disclose any Proprietary Information: 

  

	 	28.3.1	 that recipient can demonstrate by written records was previously known to it prior to its disclosure by the
disclosing party; 

  

	 	28.3.2	 that recipient can demonstrate by written records is now, or becomes in the future, public knowledge other than
through acts or omissions of recipient; 

  

	 	28.3.3	 that recipient can demonstrate by written records was obtained lawfully and without restrictions on the
recipient from sources independent of the disclosing party; and 

  

	 	28.3.4	 that The Regents is required to disclose pursuant to the California Public Records Act or other applicable law.

 The Licensee or The Regents also may disclose Proprietary Information that is required to be disclosed (i) to a
governmental entity or agency in connection with seeking any governmental or regulatory approval, governmental audit, or other governmental contractual requirement or (ii) by law, provided that the recipient uses reasonable efforts to give the
party owning the Proprietary Information sufficient notice of such required disclosure to allow the party owning the Proprietary Information reasonable opportunity to object to, and to take legal action to prevent, such disclosure. Nothing in this
Agreement will be construed to prevent The Regents from reporting de-identified raw terms of the Agreement as part of a larger database. 

  
 Page 27 of 29 

	28.4	 Return of Information. Upon termination of this Agreement, the Licensee and The Regents will destroy or
return any of the disclosing party’s Proprietary Information in its possession within [**] following the termination of this Agreement and provide each other with prompt written notice that such Proprietary Information has been returned or
destroyed. Each party may, however, retain one copy of such Proprietary Information for archival purposes in non-working files. 

29. MISCELLANEOUS 
  

	29.1	 Appendices. This Agreement includes the attached Appendix A and Appendix B. 

 

	29.2	 Headings. The headings of the several Paragraphs are inserted for convenience of reference only and are
not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

  

	29.3	 Binding Agreement. This Agreement is not binding on the parties until it has been signed below on behalf
of each party. It is then effective as of the Effective Date. 

  

	29.4	 Amendments. No amendment or modification of this Agreement is valid or binding on the parties unless
made in writing and signed on behalf of each party. 

  

	29.5	 Waiver. No waiver by either party of any breach or default of any of the agreements contained herein
will be deemed a waiver as to any subsequent and/or similar breach or default. 

  

	29.6	 Entire Agreement. This Agreement embodies the entire understanding of the parties and supersedes all
previous communications, representations or understandings, either oral or written, between the parties relating to the subject matter hereof. 

  

	29.7	 Invalidity. In case any of the provisions contained in this Agreement is held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provisions had never been
contained in it. 

  

	29.8	 Independent Contractors. In performing their respective duties under this Agreement, each of the parties
will be operating as an independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture between the parties hereto, or be construed to evidence the intention of the parties to establish any
such relationship. Neither party will have the power to bind the other party or incur obligations on the other party’s behalf without the other party’s prior written consent. 

  
 Page 28 of 29 

	29.9	 Counterparts. This Agreement may be executed in one or more counterparts, each of which together shall
constitute one and the same Agreement. For purposes of executing this Agreement, a facsimile (including a PDF image delivered via email) copy of this Agreement, including the signature pages, will be deemed an original. The parties agree that
neither party will have any rights to challenge the use or authenticity of a counterpart of this Agreement based solely on that its signature, or the signature of the other party, on such counterpart is not an original signature. 

  

	29.10	 Execution. The terms and conditions of this Agreement shall be considered by The Regents to be withdrawn
from the Licensee’s consideration and the Agreement itself to be null and void, unless this Agreement is executed by both The Regents and the Licensee within thirty (30) days of when the execution copy is circulated for signatures.

 IN WITNESS WHEREOF, both The Regents and the Licensee have executed this Agreement by their respective and duly authorized officers on
the day and year written. 
  

									
	DECIBEL THERAPEUTICS, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	/s/ Paula Cobb	 		 	By:	 	/s/ Gonzalo Barrera-Hernandez, Ph.D.
		 	(Signature)	 		 		 	(Signature)
					
	Name:	 	 Paula Cobb
	 		 	Name:	 	 Gonzalo Barrera-Hernandez, Ph.D.

		 	(Please Print)	 		 		 	(Please Print)
					
	Title:	 	 Chief Operating Officer
	 		 	Title:	 	 Associate Director, Innovation Ventures

					
	Date:	 	 Oct. 4, 2019
	 		 	Date:	 	 October 4, 2019

  
 Page 29 of 29EX-10.13

 Exhibit 10.13 

Certain identified information has been excluded from the exhibit because it is both (i) not 

material and (ii) would likely cause competitive harm to the Company, if publicly disclosed. 

Double asterisks denote omissions. 

EXCLUSIVE LICENSE AGREEMENT 
 THIS
EXCLUSIVE LICENSE AGREEMENT (“AGREEMENT”) is made and entered into the date of last signature (“EFFECTIVE DATE”), by and between THE CURATORS OF THE UNIVERSITY OF MISSOURI, a public corporation of the State of Missouri
(“UNIVERSITY”) and DECIBEL THERAPEUTICS, INC., a Delaware for-profit corporation having offices at 1325 Boylston Street, Suite 500, Boston, MA 02215 (“LICENSEE”). UNIVERSITY and LICENSEE
may sometimes be referred to herein as a “PARTY” or “PARTIES” as the case may be. 
 WHEREAS, UNIVERSITY has an ownership interest in
certain PATENT RIGHTS as defined herein related to UM Disclosure No. [**]; and 
 WHEREAS, the PATENT RIGHTS were developed under a research program
sponsored by National Institutes of Health. Therefore, this AGREEMENT is subject to the terms and conditions of the Bayh-Dole Act, Public Law 96-517 and 98-620 as
amended; and 
 WHEREAS, LICENSEE is desirous of obtaining a license to practice the PATENT RIGHTS under the terms and conditions of this AGREEMENT; and

 WHEREAS, UNIVERSITY is desirous of granting such a license to LICENSEE in accordance with the terms and conditions of this AGREEMENT. 

NOW, THEREFORE, in consideration of the foregoing premises and the covenants, representations and warranties contained herein, the PARTIES agree as follows:

 Article I. DEFINITIONS 

Section 1.01 “AFFILIATE” means any business entity more than fifty percent (50%) owned by LICENSEE, any business entity which owns more than
fifty percent (50%) of LICENSEE, or any business entity that is more than fifty percent (50%) owned by a business entity that owns more than fifty percent (50%) of LICENSEE. 

Section 1.02 “IMPROVEMENTS” shall mean any modification, enhancement, or improvement to an invention described in the PATENT RIGHTS, where such
modification, enhancement, or improvement is owned by, licensed to, or otherwise controlled by LICENSEE that (a) would be infringed, either directly or indirectly, by the practice of an invention claimed in the PATENT RIGHTS or (b) if not
for the license granted under this AGREEMENT, would infringe, either directly or indirectly, one or more claims of the PATENT RIGHTS. 
 Section 1.03
“LICENSED FIELD” means each of the following business areas: 
 (a) Therapy for hearing loss caused by mutations in the otoferlin
gene (“OTOFERLIN LICENSED SUBFIELD”); and 
 (b) Therapy for hearing loss caused by mutations in the [**] gene (“[**] LICENSED
SUBFIELD”). 

 Section 1.04 “LICENSED PRODUCT” means any (a) product, apparatus, kit, composition, or
component thereof (i) whose use, SALE, offer for SALE, or importation of which is covered, in whole or in part, by any issued, unexpired, or pending claim contained in the PATENT RIGHTS or (ii) which is made by any method, procedure,
process, or step which is covered, in whole or in part, by any issued, unexpired, or pending claim contained in the PATENT RIGHTS; or (b) any method, procedure, process, or step which is covered, in whole or in part, by any issued, unexpired,
or pending claim contained in the PATENT RIGHTS. 
 Section 1.05 “LICENSED TERRITORY” means the United States of America. 

Section 1.06 “NET SALES” means the amount billed or invoiced for the SALE of LICENSED PRODUCTS, less: 

 

	 	(a)	 Normal and customary trade, quantity and cash discounts actually given, chargebacks and any other allowances;

  

	 	(b)	 Credits and allowances, including for rejections or returns of any LICENSED PRODUCT; 

 

	 	(c)	 Amounts repaid or credited by reason of rejection, defects, recalls, or returns or because of chargebacks,
refunds, rebates or retroactive price reductions; 

  

	 	(d)	 Discounts mandated by, or granted to meet the requirements of law, including required chargebacks and
retroactive price reductions; 

  

	 	(e)	 Bad debts and uncollectible receivables; 

 

	 	(f)	 Charges for transportation or delivery to be paid by or on behalf of LICENSEE’s customer, to the extent
such charges are separately stated on purchase orders, invoices or other documents of SALE; and 

  

	 	(g)	 Sales, tariff duties, turnover, excise, value added, and/or use taxes directly imposed and with reference to
particular SALES. 

 In calculating NET SALES, no deductions shall be made for commissions paid to individuals whether they are with
independent sales agencies or regularly employed by LICENSEE and on its payroll, or for cost of collections. In the event LICENSEE SELLS a LICENSED PRODUCT to a third party in a bona fide arm’s length transaction, for consideration, in whole or
in part, other than cash, then the NET SALES price for such LICENSED PRODUCT shall be deemed to be the standard invoice price then being invoiced by LICENSEE in an arm’s length transaction with similar entities and in the absence of such
standard invoice price, then the reasonable fair market value of the LICENSED PRODUCT. For the purposes of calculating NET SALES, LICENSEE’s SALES to a SUBLICENSEE or to an AFFILIATE under this AGREEMENT for end use (but not resale) by the
SUBLICENSEE or the AFFILIATE shall be treated as SALES by LICENSEE at the greater of the (i) billed/invoiced price of LICENSEE the SUBLICENSEE or AFFILIATE or (ii) the billed/invoiced price that LICENSEE would have charged a third party in
a bona fide arm’s length transaction. For the purposes of calculating NET SALES, LICENSEE’s SALES to a SUBLICENSEE or to an AFFILIATE under this AGREEMENT for resale to end users by the SUBLICENSEE or an AFFILIATE shall be treated as SALES
at the billed/invoiced price to the end users of SUBLICENSEE or AFFILIATE. 

  
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 Section 1.07 “NON-COMMERCIAL RESEARCH PURPOSES” means
research, teaching, educational, or academic purposes which are undertaken at UNIVERSITY or at a non-profit, academic, educational, or governmental institution. Without limiting the foregoing, NON-COMMERCIAL RESEARCH PURPOSES includes research (including sponsored research) that leads, or may lead, to patentable or unpatentable inventions that may be licensed or otherwise transferred, either directly or
indirectly, to third parties. 
 Section 1.08 “PATENT EXPENSES” means all
out-of-pocket expenses, costs, and attorneys’ fees UNIVERSITY has incurred or will incur for the preparation, filing, prosecution and maintenance of the PATENT
RIGHTS, including but not limited to interferences, derivation proceedings, re-examinations, reissues, oppositions, supplemental examinations, inter partes reviews, and post grant reviews. 

Section 1.09 “PATENT RIGHTS” means UNIVERSITY’S rights in any of the following: (a) the United States patent No. [**] (“PATENT
APPLICATION”); and (b) any provisional, non-provisional, divisional, continuation (but not continuations-in-part),
extension, renewal, re-examination, reissue, substitute, supplementary protection certificate, utility model, or similar legal protection claiming priority to or from the PATENT APPLICATION. All of the
foregoing will be automatically incorporated in and added to this AGREEMENT and shall periodically be added to Appendix A attached to this AGREEMENT and made part thereof. 

Section 1.10 “ROYALTY PERIOD(S)” means the three-month periods ending on March 31, June 30, September 30, and December 31. 

Section 1.11 “SALE”, “SELL”, or “SOLD” means the sale, use, transfer, distribution or disposition of a LICENSED PRODUCT for
value to a third party. 
 Section 1.12 “SUBLICENSEE” means any person or entity to whom LICENSEE transfers any right or interest granted to
LICENSEE by UNIVERSITY under this AGREEMENT and who is not an AFFILIATE. 
 Article II. GRANT 

Section 2.01 Grant. Subject to the terms and conditions of this AGREEMENT, UNIVERSITY hereby grants to LICENSEE and LICENSEE accepts a
royalty-bearing, exclusive license under the PATENT RIGHTS to make, have made, use, SELL, have SOLD, import, distribute, or otherwise transfer LICENSED PRODUCTS within the LICENSED TERRITORY for use within LICENSED FIELD for a term as set forth in
Section 10.01 unless this AGREEMENT shall be sooner terminated according to the terms hereof. For the avoidance of doubt, this grant is subject to the rights retained by UNIVERSITY in Section 2.04, UNIVERSITY’s publication rights in
Section 2.07, and any rights of the GOVERNMENT as set forth in Section 2.08. 

  
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 Section 2.02 Affiliates. The license granted to LICENSEE may be extended to an AFFILIATE of
LICENSEE as well, on the condition that UNIVERSITY first receives written notice, signed on behalf of both LICENSEE and the AFFILIATE: (a) stating that the AFFILIATE intends to exercise such rights, and (b) agreeing that the AFFILIATE and
LICENSEE shall be jointly and severally liable for all obligations to UNIVERSITY under this AGREEMENT arising from the activities of that AFFILIATE. The activities or omissions of the AFFILIATE under this AGREEMENT shall then be deemed to be the
activities of LICENSEE. The rights of an AFFILIATE under this AGREEMENT shall terminate if LICENSEE’s rights under this AGREEMENT terminate. An AFFILIATE may not assign or otherwise transfer any rights under this AGREEMENT, without the prior
written consent of UNIVERSITY, which consent shall not be unreasonably withheld. If an entity ceases to be an AFFILIATE, then all of such entity’s rights under this AGREEMENT shall terminate. 

Section 2.03 Sublicenses. The license granted in Section 2.01 above shall include the right to grant written sublicenses through multiple
tiers, subject to UNIVERSITY’s prior written approval [**], UNIVERSITY will consider, among other things, whether the provisions of the proposed sublicense are consistent with and similar to those required of LICENSEE by this AGREEMENT. All
sublicenses must comply with the following: 
  

	 	(a)	 LICENSEE shall deliver to UNIVERSITY a true and correct copy of each fully executed sublicense granted by
LICENSEE, and any modification or termination thereof, within [**] after execution, modification, or termination. 

  

	 	(b)	 LICENSEE shall deliver to UNIVERSITY copies of all reports due to LICENSEE from SUBLICENSEE within [**] receipt
of such reports by LICENSEE. 

  

	 	(c)	 LICENSEE shall, at such reasonable times as UNIVERSITY directs and at UNIVERSITY’s reasonable request, but
in any event not more than [**], permit the inspection of SUBLICENSEE’s records by UNIVERSITY’s auditors or an independent certified public accountant selected by UNIVERSITY under the terms of Section 4.05. 

 

	 	(d)	 No sublicense shall relieve LICENSEE of its representations, warranties, or obligations under this AGREEMENT.
LICENSEE shall be responsible to UNIVERSITY for the performance of its SUBLICENSEES under each sublicense agreement granting rights to any PATENT RIGHTS. LICENSEE hereby guarantees each SUBLICENSEE’s compliance with the terms and conditions of
the license granted by UNIVERSITY under this AGREEMENT, including but not limited to the payment of all fees and royalties due under this AGREEMENT. 

  

	 	(e)	 Any sublicense granted by LICENSEE to a SUBLICENSEE shall incorporate all of the representations, warranties,
terms, conditions, and obligations of this AGREEMENT, which shall be binding upon each SUBLICENSEE as if such SUBLICENSEE were a party to this AGREEMENT. LICENSEE shall require that any sublicense agreement: 

 

	 	(i)	 be consistent with the terms, conditions, covenants, warranties, representations, limitations, obligations, and
duties of LICENSEE under this AGREEMENT; and 

  
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	 	(ii)	 contain express provisions under which the SUBLICENSEE expressly accepts duties and obligations at least
equivalent to those accepted by the LICENSEE in the following sections of this AGREEMENT: Section 2.04 (reserved rights), Section 2.05 (license to University), Section 2.07 (publication), Section 2.08 (governmental rights),
Section 3.07 (challenge to patent rights), Section 4.03 (reporting), Section 4.05 (records), Section 6.01 (indemnity), Section 6.02 (insurance), Section 6.03 (disclaimer of warranties), Section 6.04 (damages
exclusion/ limitation of remedies), Section 6.06 (sublicenses) Section 7.04 (entity status), Section 10.05 (assignment of sublicenses), Section 11.01 (marking), Section 11.02 (compliance with laws / export controls),
Section 11.03 (university name), and Section 11.11 (severability). 

  

	 	(f)	 Without UNIVERSITY prior written consent, if any sublicense agreement granting any rights to the PATENT RIGHTS
does not comport with above requirements in this Section 2.03(e), then that agreement shall be invalid, unenforceable, and void. Notwithstanding any such UNIVERSITY prior written consent, in the event of any inconsistency between this AGREEMENT
and any sublicense agreement, the terms and conditions of this AGREEMENT shall prevail. 

  

	 	(g)	 Upon any termination of this AGREEMENT, all SUBLICENSEE’s rights shall also terminate except as set forth
in Section 10.05 (assignment of sublicenses). 

 Section 2.04 Reserved Rights. UNIVERSITY reserves the right to make, use
or otherwise practice the PATENT RIGHTS for NON-COMMERCIAL RESEARCH PURPOSES and to grant nonexclusive licenses to non-profit, academic, educational, or governmental
institutions a royalty-free right to make, use or otherwise practice the PATENT RIGHTS for NON-COMMERCIAL RESEARCH PURPOSES. UNIVERSITY also reserves the right to transfer tangible research materials and
intangible materials incorporating the PATENT RIGHTS to other non-profit, academic, educational, or governmental institutions for such NON-COMMERCIAL RESEARCH PURPOSES.
LICENSEE agrees that, notwithstanding any other provision of this AGREEMENT, that LICENSEE has no right to enforce the PATENT RIGHTS against UNIVERSITY or any non-profit, academic, educational, or governmental
institution with respect to such use or practice for NON-COMMERCIAL RESEARCH PURPOSES.
 Section 2.05
License to University. LICENSEE hereby grants, and shall require its SUBLICENSEE(S) to grant to UNIVERSITY, a nonexclusive, royalty-free, irrevocable, paid-up license, with the right to grant
sublicenses to non-profit, academic, educational, or government institutions working in collaboration with UNIVERSITY, to practice and use IMPROVEMENTS for
NON-COMMERCIAL RESEARCH PURPOSES only. 
 Section 2.06 License Scope. The license granted herein shall
not be construed to confer any rights upon LICENSEE by implication, estoppel or otherwise as to any technology not specifically set forth in PATENT RIGHTS. LICENSEE shall at all times refrain from making, using, SELLING, offering for SALE,
importing, or otherwise practicing the PATENT RIGHTS outside of the LICENSED FIELD. UNIVERSITY shall be free to grant commercial licenses to the PATENT RIGHTS to third parties in all fields outside the LICENSED FIELD. 

  
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 Section 2.07 Publication. LICENSEE agrees that UNIVERSITY shall have a right to publish any
UNIVERSITY research results or UNIVERSITY technical data related to or arising out of the PATENT RIGHTS in accordance with UNIVERSITY’s general policies and that this AGREEMENT shall not restrict, in any fashion, UNIVERSITY’s right to
publish. 
 Section 2.08 Governmental Rights. LICENSEE understands that the PATENT RIGHTS were developed under a funding agreement with the
Government of the United States of America (“GOVERNMENT”) and that the GOVERNMENT may have certain rights relative thereto. Thus, notwithstanding anything hereunder, any and all licenses and other rights granted hereunder are limited by
and subject to the rights and requirements of the GOVERNMENT which may arise out of its sponsorship of the research which led to the conception or reduction to practice of the PATENT RIGHTS. The GOVERNMENT is entitled, as a right, under the
provisions of 35 U.S.C. §§ 200-212 and applicable regulations of Title 37 of the Code of Federal Regulations: (i) to a nonexclusive, nontransferable, irrevocable,
paid-up license to practice or have practiced for or on the behalf of the GOVERNMENT any of the PATENT RIGHTS throughout the world and (ii) to exercise march in rights on PATENT RIGHTS. This AGREEMENT
shall be exclusive, to the extent allowed in accordance with Public Laws 96-517 and 98-620 in the LICENSED FIELD and is explicitly made subject to the GOVERNMENT’s
rights under such GOVERNMENT funding agreement and any applicable law or regulation. If there is a conflict between the GOVERNMENT funding agreement, applicable law or regulation and this AGREEMENT, the terms of the GOVERNMENT funding agreement,
applicable law or regulation shall prevail. LICENSEE agrees to take any actions necessary to enable UNIVERSITY to satisfy its obligations with the GOVERNMENT relating to the PATENT RIGHTS. LICENSEE agrees, during the period of exclusivity of this
license in the United States, that any LICENSED PRODUCT produced for SALE in the United States will be manufactured substantially in the United States as required by 35 U.S.C. § 204. 

Article III. PAYMENTS 
 Section 3.01
License Payments: In consideration of rights granted by UNIVERSITY to LICENSEE under this AGREEMENT, LICENSEE will pay UNIVERSITY the following: 
  

	 	(a)	 License Execution Payment. LICENSEE shall pay to UNIVERSITY a nonrefundable license execution fee in the
amount of [**] dollars ($[**]), due and payable within [**] from when this AGREEMENT is fully executed. 

  

	 	(b)	 Annual Maintenance Fee. LICENSEE shall pay to UNIVERSITY an annual license maintenance fee (“ANNUAL
MAINTENANCE FEE”) of [**] dollars ($[**]). This ANNUAL MAINTENANCE FEE shall be due on each anniversary of the EFFECTIVE DATE during the term of this AGREEMENT and shall be fully creditable towards any Minimum Annual Royalty Payment owed as
specified in Section 3.01(d). 

  

	 	(c)	 Running Royalty / Earned Royalty. LICENSEE shall pay UNIVERSITY: 

 

	 	(i)	 A running royalty equal to [**] percent ([**]%) of NET SALES for LICENSED PRODUCTS SOLD by LICENSEE or
SUBLICENSEES in the LICENSED TERRITORY regardless of where LICENSED PRODUCTS are manufactured (hereinafter “SALES ROYALTY”); or, 

  
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	 	(ii)	 A running royalty equal to [**] percent ([**]%) of NET SALES for LICENSED PRODUCTS manufactured, used,
imported, distributed, or otherwise transferred in the LICENSED TERRITORY and SOLD by LICENSEE or SUBLICENSEES outside of the LICENSED TERRITORY (hereinafter “MANUFACTURING ROYALTY”). 

The SALES ROYALTY and the MANUFACTURING ROYALTY are each a “ROYALTY.” 

 

	 	(iii)	 Each ROYALTY accrues when LICENSED PRODUCTS are invoiced or shipped, whichever occurs first.

  

	 	(d)	 Minimum Annual Royalty Payment. LICENSEE shall pay to UNIVERSITY a
non-refundable minimum annual royalty of [**] dollars ($[**]) for each LICENSED PRODUCT in the United States due and payable beginning the end of the calendar year of first commercial SALE for each LICENSED
PRODUCT. Each minimum annual royalty payment is creditable against SALES ROYALTY due UNIVERSITY during the twelve (12) month period following each date the minimum annual royalty becomes due and is subsequently paid. For the avoidance of doubt,
such minimum annual royalty shall be considered a payment in advance of royalties yet to accrue. 

  

	 	(e)	 Milestone Payments. LICENSEE shall pay UNIVERSITY a milestone payment fee in accordance with the
following schedule: 

  

	 	(i)	 Regulatory Milestone Payments to be paid for each LICENSED PRODUCT: 

 

	 	1)	 Upon [**] for each LICENSED PRODUCT, LICENSEE shall pay [**] dollars ($[**]). 

 

	 	2)	 Upon [**], with each LICENSED PRODUCT, LICENSEE shall pay [**] dollars ($[**]). 

 

	 	3)	 Upon [**] with each LICENSED PRODUCT, LICENSEE shall pay [**] dollars ($[**]). 

 

	 	4)	 Upon [**] with each LICENSED PRODUCT, LICENSEE shall pay [**] dollars ($[**]). 

 

	 	5)	 Upon [**] of each LICENSED PRODUCT, LICENSEE shall pay [**] dollars ($[**]). 

In the event that a milestone is met and a prior milestone has not been met, then, the later and all prior unpaid milestone amounts will be
combined and will be due upon the occurrence of the later milestone. For example, a [**] would result in LICENSEE owing [**] dollars ($[**]) due upon [**]. 

For clarity, for each LICENSED PRODUCT achieving regulatory approval in the US, LICENSEE will owe UNIVERSITY a total amount in Regulatory
Milestone Payments of seven hundred sixty two thousand five hundred dollars ($762,500) for such LICENSED PRODUCT. 

  
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	 	(ii)	 Sales Milestone Payments to be paid for each LICENSED PRODUCT include: 

 

	 	1)	 Upon cumulative NET SALES of each LICENSED PRODUCT in the US exceeding [**] dollars ($[**]), LICENSEE shall pay
[**] dollars ($[**]). 

  

	 	2)	 Upon cumulative NET SALES of each LICENSED PRODUCT in the US exceeding [**] dollars ($[**]), LICENSEE shall pay
[**] dollars ($[**]) 

  

	 	3)	 Upon cumulative NET SALES of each LICENSED PRODUCT in the US exceeding [**] dollars ($[**]), LICENSEE shall pay
[**] dollars ($[**]) 

  

	 	4)	 Upon cumulative NET SALES of each LICENSED PRODUCT in the US exceeding [**] dollars ($[**]), LICENSEE shall pay
[**] dollars ($[**]). 

 By way of example, should LICENSEE develop two LICENSED PRODUCTS (i.e., two different commercial
products), then each of the foregoing milestones shall be payable for each of LICENSED PRODUCTS. Milestone fees are non-refundable. Royalty payments in a given license year shall not be creditable against any
milestone fees. 
 Section 3.02 Sublicense Royalties and Fees 
  

	 	(a)	 Sublicensee Earned Royalty. For the avoidance of doubt, LICENSEE shall pay to UNIVERSITY an amount for
NET SALES made by SUBLICENSEES (including through multiple tiers) equal to what LICENSEE would have been required to pay to UNIVERSITY had LICENSEE made such NET SALES.

 

	 	(b)	 Other Sublicensee Payments. In consideration of rights granted by UNIVERSITY to LICENSEE under this
AGREEMENT, in addition to the SUBLICENSEE earned royalty of Section 3.02(a), LICENSEE further agrees to pay UNIVERSITY an additional royalty on all other non-NET SALES revenue (i.e., not including the
ROYALTIES payable in Section 3.01(c)) or consideration received from any SUBLICENSEE (“SUBLICENSE REVENUE”) as set forth in this Section 3.02(b)(i) except as provided in Section 3.02(b)(ii). Such revenue or other
consideration shall include, but not be limited to all option fees, license issue fees (up-front payments), license maintenance fees, milestones, equity, joint marketing fees, and research and development
funding in excess of LICENSEE’s cost of performing such research and development, and all other royalty payments (other than the earned royalty specified in Section 3.02(a)). Notwithstanding the foregoing, SUBLICENSE REVENUE shall not
include research and development funding and/or patent cost reimbursement provided to LICENSEE by SUBLICENSEE, equity purchases at fair market value, loans by SUBLICENSEE to LICENSEE at fair market rates, and any royalty payments as specified in
Sections 3.01(c) and 3.02(a). 

  

	 	(i)	 The additional royalty on all other revenue or consideration received from any SUBLICENSEE shall be as
applicable to rights sublicensed in OTOFERLIN LICENSED SUBFIELD and [**] LICENSED SUBFIELD: 

  
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	 	1)	 [**]% if sublicensed [**] 

 

	 	2)	 [**]% if sublicensed [**] but before [**], 

 

	 	3)	 [**]% if sublicensed [**], but before [**] 

 

	 	4)	 [**]% if sublicensed [**], but before [**] 

 

	 	5)	 [**]% if sublicensed [**], but before [**] 

 

	 	6)	 [**]% if sublicensed [**]. 

By way of example, if LICENSEE enters into a sublicense agreement [**] in which a SUBLICENSEE later pays LICENSEE a [**] percent ([**]%)
royalty on NET SALES for LICENSED PRODUCTS SOLD in the LICENSED TERRITORY and a [**] dollar ($[**]) milestone payment based on sales made by SUBLICENSEE, then LICENSEE shall pay UNIVERSITY the [**] percent ([**]%) SALES ROYALTY pursuant to
Section 3.01(c)(i) and Section 3.02(a) and $[**] pursuant to Section 3.02(b)(i)1). 
  

	 	(ii)	 In the event that the PATENT RIGHTS are sublicensed [**]. LICENSEE shall [**] UNIVERSITY. If UNIVERSITY [**],
then the UNIVERSITY and LICENSEE will [**]. The PARTIES will [**]. In no event shall [**] set forth in [**]. 

  

	 	(c)	 Royalty Stacking. If, in order to make, use, import or SELL LICENSED PRODUCTS under the PATENT RIGHTS,
it becomes necessary for LICENSEE to obtain a royalty-bearing license to other patent(s) owned or controlled by a third party (“THIRD PARTY PATENTS”) to avoid infringement of the THIRD PARTY PATENTS because they dominate the PATENT RIGHTS
to the extent that the LICENSED PRODUCTS could not be made, used, or sold without infringing the THIRD PARTY PATENTS, then the SALES ROYALTY in Section 3.01(c)(i) shall be adjusted by an amount equal to [**] percent ([**]%) of the royalty rate
paid to the THIRD PARTY, provided that in no event shall the royalties otherwise due UNIVERSITY be less than [**] percent ([**]%) of the royalties that would be payable to UNIVERSITY absent the effects of this section. Thus, for clarity, the SALES
ROYALTY in Section 3.01(c)(i) shall never be reduced below [**] percent ([**]%). Furthermore, the MANUFACTURING ROYALTY in Section 3.01(c)(ii) is not subject to adjustments and shall never be reduced below [**] percent ([**]%).

 Section 3.03 How Payments are Made. All payments to UNIVERSITY pursuant to this AGREEMENT shall be paid in U.S. dollars.
Conversion of foreign currency to U. S. dollars shall be made at the conversion rate existing in the United States (as reported in the in the Wall Street Journal) on the last working day of each ROYALTY PERIOD. Such payments shall be without
deduction of exchange, collection or other charges. Such payments shall be made payable to The Curators of the University of Missouri and shall be mailed to the Office of Intellectual Property Administration, 475 McReynolds Hall, Columbia, MO 65211.

 Section 3.04 Payment Deadlines. Unless stipulated otherwise, all payments due UNIVERSITY hereunder shall be made within [**] after the end of
each ROYALTY PERIOD. Late payments shall be subject to an interest charge of [**] percent ([**]%) per month, compounded monthly. LICENSEE shall also be responsible for payment of all bank transfer charges. 

  
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 Section 3.05 No Taxes. Taxes and/or other governmental charges or fees shall not be levied on
the payments made to UNIVERSITY under this Article III and shall not be deducted from any payments due UNIVERSITY under this Article III. LICENSEE shall be responsible for any and all taxes, fees, levies, duties, or other charges imposed by the
government of any country on such payments. 
 Section 3.06 Default Payment. In the event of LICENSEE’s failure to pay any amount owing to
UNIVERSITY under the terms of this AGREEMENT, and if it becomes necessary for UNIVERSITY to engage outside legal counsel to collect such payment, and if UNIVERSITY is successful in collecting such payment wherein success is defined as either
(1) LICENSEE voluntarily paying as part of a settlement or (2) a court finding that LICENSEE needed to pay, LICENSEE shall pay all expenses, costs and attorneys’ fees incurred by UNIVERSITY in connection therewith. Further, in the
event that UNIVERSITY brings a lawsuit against a SUBLICENSEE for failure to pay any royalties or other payments due, and if UNIVERSITY is successful in collecting such payment wherein success is defined as either (1) SUBLICENSEE voluntarily
paying as part of a settlement or (2) a court finding that SUBLICENSEE needed to pay, LICENSEE shall pay all expenses, costs and attorneys’ fees incurred by UNIVERSITY in connection therewith. LICENSEE shall use commercially reasonable
efforts to enforce any SUBLICENSEE obligation or payment if the breach of that obligation or payment would be a breach of this AGREEMENT if made by LICENSEE. To the extent that LICENSEE may as to UNIVERSITY cure such breach by its own performance,
e.g., by making any payments due to UNIVERSITY regardless of SUBLICENSEE’s failure to pay LICENSEE, then LICENSEE shall do so at its own risk and expense. 

Section 3.07 Challenge to Patent Rights. During the term as set forth in Section 10.01, in the event that LICENSEE or one or more of its
SUBLICENSEES directly or indirectly: (a) issues a press release, public announcement, news release alleging invalidity or unenforceability of any claim within the PATENT RIGHTS; or (b) asserts a claim or counterclaim in the courts or
before the applicable governmental agency (e.g., the United States Patent Trial and Appeal Board) seeking to attack, invalidate or render unenforceable any claim within the PATENT RIGHTS; or (c) assists a third party with either or both
(a) or (b) (each of (a), (b), or (c) being a “CHALLENGE EVENT”), then LICENSEE or its SUBLICENSEE as applicable shall provide at least [**] written notice to UNIVERSITY prior to initiating such a CHALLENGE EVENT, along with a
copy of any prior art which forms the basis for the CHALLENGE EVENT and a claim-by-claim detailed analysis of patent invalidity and/or unenforceability. Upon the
occurrence of a CHALLENGE EVENT, UNIVERSITY, shall have the right, but not the obligation, to terminate this AGREEMENT with respect to such LICENSEE and/or SUBLICENSEE by providing written notice of the same. In the event that UNIVERSITY elects not
to terminate this AGREEMENT, then all payments due under Article III by LICENSEE or SUBLICENSEE(s) as applicable shall [**]. Moreover, should the outcome of any such action or proceeding be unsuccessful, then LICENSEE and/or SUBLICENSEE challenging
such claim shall pay (1) [**] all payments after the pendency of the aforementioned action and (2) UNIVERSITY’s costs, expenses, and reasonable attorneys’ fees incurred in such action. An action or proceeding shall be deemed
“unsuccessful” for purposes of this Section 3.07 if: (i) the proceeding or lawsuit is terminated for any reason prior to a settlement or judgment from which no appeal can be or is taken; (ii) one or more of the claims within
the PATENT RIGHTS challenged by said lawsuit remain valid and enforceable after any such settlement or judgment is in effect; or (iii) if LICENSEE would still require a license to any of the PATENT RIGHTS to SELL any of its products after any
such settlement or judgment is in effect. Any such judicial challenge by LICENSEE or a SUBLICENSEE shall be brought in the courts of Missouri, and LICENSEE and its SUBLICENSEE agree not to challenge personal jurisdiction in that forum. LICENSEE or
such SUBLICENSEE shall not be relieved from any payments that accrue before any decision invalidating a claim within the PATENT RIGHTS or a claim not involved in such decision. LICENSEE or such SUBLICENSEE shall have no right to recoup any such
payments paid before or during the period of challenge. 

  
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 Article IV. REPORTING 

Section 4.01 Commercialization Plan. Prior to signing this AGREEMENT, LICENSEE has provided to UNIVERSITY a written plan (hereinafter
“COMMERCIALIZATION PLAN”) for the LICENSED PRODUCT within the respective LICENSED FIELD and within the LICENSED TERRITORY to be introduced by LICENSEE into commercial use. The COMMERCIALIZATION PLAN shall include, without limitation:
(a) planned research and development activities and (b) milestones and evidence of sufficient financial resources to successfully implement the COMMERCIALIZATION PLAN and ensure that LICENSED PRODUCT will be kept reasonably available to
the public. Such COMMERCIALIZATION PLAN is incorporated as Appendix B. 
 Section 4.02 First Sale. LICENSEE shall report to UNIVERSITY the date
of first SALE of LICENSED PRODUCTS in LICENSED TERRITORY within [**] of occurrence. An exemplary report format is set forth as Appendix C. 

Section 4.03 Reporting. Within [**] after each ROYALTY PERIOD following the first SALE of LICENSED PRODUCT, whether SOLD by LICENSEE or its
SUBLICENSEE, if any exists, LICENSEE must deliver to UNIVERSITY a true and accurate written report, even if no payments are due UNIVERSITY, giving the particulars of the business conducted by LICENSEE and its SUBLICENSEE(s) during the ROYALTY PERIOD
as are pertinent to calculating payments hereunder. This report will include at least: 
  

	 	(a)	 the quantities of LICENSED PRODUCT produced or manufactured; 

 

	 	(b)	 the total NET SALES, including any deductions applicable as provided in Section 1.06;

  

	 	(c)	 the exchange rate used; 

 

	 	(d)	 the offsets of minimum annual royalties or other offsets allowed under this AGREEMENT; 

 

	 	(e)	 the method used to calculate the royalties thereon; 

 

	 	(f)	 the total SALES ROYALTY computed and due UNIVERSITY; 

  
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	 	(g)	 the royalties due UNIVERSITY on additional payments from SUBLICENSEE(s) under Section 3.02; and

  

	 	(h)	 the names and addresses of all SUBLICENSEES of LICENSEE. 

If no payment is due, LICENSEE shall so report to UNIVERSITY. An exemplary report format is set forth in Appendix D. This report shall identify the issued
patents and/or patent applications under the PATENT RIGHTS that cover the particular LICENSED PRODUCT being reported. LICENSEE shall direct its authorized representative to certify that reports required hereunder are correct to the best of
LICENSEE’s knowledge and information. Failure to provide reports as required under this Article shall be a material breach of this AGREEMENT. 

LICENSEE shall provide sufficient data for UNIVERSITY to verify the royalty calculations and any reasonable additional information UNIVERSITY requires to
determine LICENSEE’s satisfaction of the reporting requirements hereunder or to clarify the information contained in reports provided by LICENSEE. LICENSEE shall provide such additional information to UNIVERSITY within [**] of receiving a
request from UNIVERSITY. Simultaneously with the delivery of each report, LICENSEE must pay to UNIVERSITY the amount, if any, due for the period of each report. 

Section 4.04 Annual Commercialization Report. On or before each anniversary of the EFFECTIVE DATE, irrespective of having a first SALE or offer
for SALE, LICENSEE must deliver to UNIVERSITY a written annual report as to LICENSEE’s (and any SUBLICENSEE’s) efforts and accomplishments during the preceding year in diligently commercializing LICENSED PRODUCT in the LICENSED FIELD,
including, 
  

	 	(a)	 Material research and development progress, 

 

	 	(b)	 regulatory filings and approvals, 

 

	 	(c)	 manufacturing, 

  

	 	(d)	 sublicensing activities, 

 

	 	(e)	 marketing and sales, 

 

	 	(f)	 total capital raised (not necessarily related to LICENSED PRODUCT), 

 

	 	(g)	 LICENSEE’s (and, if applicable, SUBLICENSEE’s) commercialization plans for the upcoming year.

 LICENSEE shall also promptly provide any reasonable additional information UNIVERSITY requested to evaluate LICENSEE’S performance
under this AGREEMENT. An exemplary report format is set forth in Appendix E. 

  
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 Section 4.05 Records. LICENSEE shall keep full, true and accurate books of account containing
all particulars that may be necessary for the purpose of showing the amounts payable to UNIVERSITY. The books of account shall be kept at LICENSEE’s principal place of business or the principal place of business of the appropriate division of
LICENSEE to which this AGREEMENT relates. The books, ledgers, records, and the supporting data shall be open at all reasonable times for [**] following the end of the calendar year to which they pertain, for the inspection by UNIVERSITY or its
representatives for the purpose of verifying LICENSEE’s royalty statements or compliance in other respects with this AGREEMENT. If the amounts due to UNIVERSITY are determined to have been underpaid, LICENSEE will pay the amount of such
underpayment and interest on the amount of such underpayment with interest accumulating at the rate as set forth in Section 3.04 accruing from the date such payment was originally due to UNIVERSITY. Should such inspection lead to the discovery
of (a) a greater than [**] percent ([**]%) discrepancy or (b) [**] dollars ($[**]) or more, whichever would be greater, in reporting to UNIVERSITY’s detriment, LICENSEE agrees to pay the full cost of such inspection and audit. 

Article V. DUE DILIGENCE 

Section 5.01 LICENSEE shall use reasonable commercial efforts to effect introduction of the LICENSED PRODUCT into the commercial market as soon as
practicable, consistent with sound and reasonable business practices and judgment; thereafter, until the expiration or termination of this AGREEMENT, LICENSEE shall keep LICENSED PRODUCT reasonably available to the public. 

Section 5.02 UNIVERSITY shall have the right, at UNIVERSITY’s sole discretion, to either terminate or render this license nonexclusive in an
individual LICENSED FIELD and/or individual country or countries within the LICENSED TERRITORY if LICENSEE or its SUBLICENSEE (if applicable): 
  

	 	(a)	 In the OTOFERLIN LICENSED SUBFIELD: 

 

	 	(i)	 Has not [**] for a LICENSED PRODUCT targeting the otoferlin gene by [**]. 

 

	 	(ii)	 Has not [**] for a LICENSED PRODUCT targeting the otoferlin gene [**] by [**]. 

 

	 	(iii)	 Has not [**] for a LICENSED PRODUCT [**] targeting the otoferlin gene by [**]. 

 

	 	(iv)	 Has not [**] for a LICENSED PRODUCT [**] targeting the otoferlin gene by [**]. 

 

	 	(b)	 In the [**] LICENSED SUBFIELD: 

 

	 	(i)	 Has not [**] of the [**] gene [**] by [**]. 

 

	 	(ii)	 Has not [**] for a LICENSED PRODUCT targeting the [**] gene by [**]. 

 

	 	(iii)	 Has not [**] for a LICENSED PRODUCT targeting the [**] gene [**] by [**]. 

 

	 	(iv)	 Has not [**] for a LICENSED PRODUCT [**] targeting the [**] gene by [**]. 

 

	 	(v)	 Has not [**] for a LICENSED PRODUCT [**] targeting the [**] gene by [**]. 

 

	 	(c)	 Achieved [**] for any LICENSED PRODUCT [**] within [**]. 

  
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 Article VI. INDEMNITY, INSURANCE, WARRANTIES, DAMAGES 

Section 6.01 Indemnity. LICENSEE shall, and will require SUBLICENSEES to, at all times during the term of this AGREEMENT and thereafter,
indemnify, defend and hold UNIVERSITY, its current or former Curators, employees, agents, and affiliates, harmless from any claim, proceeding, suit, demand, expense, loss, penalty, judgment, or liability of any kind whatsoever, including costs,
expenses and reasonable attorneys’ fees, resulting from, related to, arising out of, or in connection with (a) the design, development, production, manufacture, shipping, use, performance, importation, SALE, advertisement, labeling,
promotion, or patent marking of the LICENSED PRODUCT by LICENSEE or its SUBLICENSEES, or end users, including but not limited to (i) any infringement or misappropriation of a patent, copyright, trade secret or other intellectual property or
proprietary right of any third party or (ii) any product liability claims, such as those involving the death of or injury to any person or persons or damage to property; or (b) any breach of any obligation, covenant, representation, or
warranty by LICENSEE or its SUBLICENSEES hereunder; or (c) the production, use or SALE of any product, process or service identified, characterized or otherwise developed with the aid of the PATENT RIGHTS by LICENSEE or its SUBLICENSEES; or
(d) any violation of applicable law by LICENSEE, or its SUBLICENSEES; or (e) the exercise of LICENSEE’s rights under this AGREEMENT. If any such claims or causes of action are made, UNIVERSITY shall be defended by counsel selected by
LICENSEE, subject to UNIVERSITY’s approval, which shall not be unreasonably withheld. UNIVERSITY reserves the right to be represented by its own counsel at its own expense. 

Section 6.02 Insurance. At such time as any LICENSED PRODUCT is being commercially SOLD (other than for the purpose of obtaining regulatory
approvals) by LICENSEE, a SUBLICENSEE, or a subsidiary or agent of LICENSEE, LICENSEE shall at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than $[**] per occurrence and naming
UNIVERSITY, its Curators, employees, agents, and affiliates, as additional insureds. Such commercial general liability insurance shall provide (a) product liability coverage and (b) contractual liability coverage for LICENSEE’s
indemnification under this AGREEMENT unless the UNIVERSITY Risk and Insurance Management expressly waives such requirement in writing. Such insurance will be considered primary as to any other valid and collectible insurance, but only as to acts of
the named insured. Any carrier providing coverage shall have a minimum “Best” rating of “A-XIII”. The minimum amounts of insurance coverage required shall not be construed to create a limit
of LICENSEE’s liability with respect to its indemnification under this AGREEMENT. 
 LICENSEE shall maintain such commercial general liability
insurance beyond the expiration or termination of this AGREEMENT during (i) the period that any product, process, or service, relating to, or developed pursuant to this AGREEMENT is being commercially SOLD by LICENSEE or its SUBLICENSEE and
(ii) a reasonable period after the period referred to in (i) above which in no event shall be less than [**]. 

  
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 LICENSEE shall provide Workers’ Compensation in accordance with applicable state statutes or provide
evidence of monopolistic state coverage. LICENSEE shall also purchase Employers Liability insurance with the following limits: $[**] each accident, disease each employee and disease policy limit 

LICENSEE shall provide UNIVERSITY with written evidence of the insurance requirements of this Section 6.02 within [**] after such insurance becomes
necessary pursuant to this AGREEMENT. LICENSEE shall provide UNIVERSITY with written notice at least [**] prior to the cancellation, non-renewal or material change in such insurance; if LICENSEE does not
obtain replacement insurance providing comparable coverage within such [**] period, UNIVERSITY shall have the right to terminate this AGREEMENT effective at the end of such [**] period without notice or any additional waiting periods. It is agreed
that the insurance required is required in the public interest and UNIVERSITY does not assume any liability for acts of LICENSEE, their officers, agents, and employees or of a SUBLICENSEE, their officers, agents, and employees, in connection with
the granting of this AGREEMENT. 
 If LICENSEE elects to self-insure all or part of the limits described above, such self-insurance program must be
acceptable to UNIVERSITY’s Risk and Insurance Management department. 
 Section 6.03 Disclaimer of Warranties. THE PATENT RIGHTS ARE
DELIVERED “AS IS” IN EVERY RESPECT. UNIVERSITY, ITS CURRENT OR FORMER CURATORS, EMPLOYEES, AGENTS, AND AFFILIATES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,
INCLUDING BUT NOT LIMITED TO WARRANTIES OF COMMERCIAL UTILITY, MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, THE SCOPE, VALIDITY OR ENFORCEABILITY OF THE PATENT RIGHTS,
WHETHER ISSUED OR PENDING, OR THAT THE MANUFACTURE, USE, IMPORTATION OR SALE OF THE LICENSED PRODUCT OR THAT THE PRACTICE OF THE PATENT RIGHTS WILL NOT INFRINGE OR MISAPPROPRIATE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF ANY THIRD
PARTY.  
 Section 6.04 Damages Exclusion / Limitation of Remedies. IN NO EVENT SHALL UNIVERSITY, ITS CURRENT OR FORMER CURATORS,
EMPLOYEE, AGENTS, AND AFFILIATES BE LIABLE FOR INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES OF ANY KIND, REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT OR IN TORT, INCLUDING NEGLIGENCE OR OTHERWISE, AND INCLUDING
ECONOMIC DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS, ATTORNEYS’ AND EXPERTS’ FEES, REGARDLESS OF WHETHER UNIVERSITY MAY BE ADVISED, MAY HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY.  

Section 6.05 For the avoidance of doubt, nothing in this AGREEMENT shall be construed as: 

 

	 	(a)	 a warranty or representation by UNIVERSITY as to the validity or scope of any PATENT RIGHTS;

  

	 	(b)	 a warranty or representation by UNIVERSITY that anything made, used, imported, SOLD or otherwise disposed of
pursuant to any license granted under this AGREEMENT is or will be free from infringement of intellectual property rights of third parties; 

  
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	 	(c)	 an obligation by UNIVERSITY to bring or prosecute actions or suits against third parties for patent
infringement; 

  

	 	(d)	 an obligation to furnish any know-how not provided in the PATENT
RIGHTS; or 

  

	 	(e)	 conferring by implication, estoppel or otherwise any license or rights under any patents of UNIVERSITY other
than PATENT RIGHTS, regardless of whether such patents are dominant or subordinate to the PATENT RIGHTS. 

 Section 6.06
Sublicenses. LICENSEE shall require in any sublicense in which LICENSEE grants to a third party the right to make, have made, use, import, offer to SELL or SELL any LICENSED PRODUCT, provisions that provide UNIVERSITY, its Curators,
employees, agents, and affiliates, comparable protections as those provided UNIVERSITY in this Article VI. LICENSEE shall not, and shall require that its SUBLICENSEES do not, make any statements, representations or warranties whatsoever to any
person or entity, or accept any liabilities or responsibilities whatsoever from any person or entity that are inconsistent with any disclaimer of warranties or damages exclusion / limitation of remedies included in this Article VI. 

Article VII. DOMESTIC AND FOREIGN PATENT FILING AND MAINTENANCE 

Section 7.01 Ownership and Control of Patents. UNIVERSITY shall have full, complete and sole ownership of any pending applications
and issued patents included in PATENT RIGHTS. UNIVERSITY shall be responsible for the preparation, filing, prosecution and maintenance of the patent applications and issued patents included in the PATENT RIGHTS. UNIVERSITY, either directly or
through its attorneys at UNIVERSITY’s option, shall first consult with LICENSEE or its attorneys as to the preparation, filing, prosecution, and maintenance of such patent applications and issued patents and shall furnish to LICENSEE or its
attorneys copies of significant documents it receives relevant to any such preparation, filing, prosecution or maintenance. LICENSEE shall cooperate with UNIVERSITY in such preparation, filing, prosecution, and maintenance. LICENSEE agrees to hold
such information confidential and to use the information provided by UNIVERSITY only for the purpose of advancing the PATENT RIGHTS and shall return all such information to UNIVERSITY upon termination of LICENSEE’s rights in any particular
patent application or issued patent under Section 7.05 or upon termination or expiration of this AGREEMENT. 
 Section 7.02 Common Legal
Interest.  
  

	 	(a)	 Existence of a Common Legal Interest. UNIVERSITY and LICENSEE confirm that they have had and continue to
have a common legal interest in preparation, filing, prosecution and maintenance of the patent applications and issued patents included in the PATENT RIGHTS, and including any infringement/validity litigation arising therefrom (the “COMMON
INTEREST”). 

  
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	 	(b)	 Common Interest Information. UNIVERSITY and LICENSEE agree that “COMMON INTEREST INFORMATION”
shall mean any and all information shared between UNIVERSITY and LICENSEE, or their counsel, to advance their common interest and/or relating in any way to the COMMON INTEREST, including, but not limited to, information exchanged through oral,
written, electronic or other means, documents, prior art, factual material, mental impressions, strategies, legal theories and analysis, memoranda, expert analysis and opinions, interviews and interview reports, witness statements and other
information, analysis and conclusions belonging to either or both PARTIES and communications between the PARTIES and their counsel. 

  

	 	(c)	 Application of Privilege. UNIVERSITY and LICENSEE intend this Section 7.02 shall enable them, to
the fullest extent permitted by law, to share COMMON INTEREST INFORMATION while preserving their common interest privilege, joint defense privilege, attorney-client privilege, litigation privilege, attorney work product protection or any other
related or applicable privilege or protection, or other exemptions from disclosure that might attach thereto. 

  

	 	(d)	 Use, Confidentiality and Marking.  

 

	 	(i)	 Each PARTY agrees that the COMMON INTEREST INFORMATION it receives from the other PARTY or developed jointly
shall be only used for the purpose of the COMMON INTEREST. 

  

	 	(ii)	 At all times, any COMMON INTEREST INFORMATION disclosed by UNIVERSITY and LICENSEE or any of their counsel
shall be maintained in confidence by the other PARTY and their counsel unless and until permission is given in writing by the disclosing PARTY or except as provided in Section 7.02(e). 

 

	 	(iii)	 UNIVERSITY and LICENSEE may in their discretion label as “COMMON INTEREST INFORMATION” materials
exchanged pursuant to this AGREEMENT. However, failure to so mark or label any material shall neither exclude that material from the scope of COMMON INTEREST INFORMATION nor constitute a waiver of any privilege or a waiver of any right or obligation
created by this AGREEMENT. 

  

	 	(e)	 Third Party Requests. If any third party requests or demands any COMMON INTEREST INFORMATION from
LICENSEE, LICENSEE will immediately notify the UNIVERSITY. All necessary steps will be taken by the LICENSEE to whom the request is made to permit the assertion of all applicable rights, privileges, doctrines and rules of protection with regard to
the COMMON INTEREST INFORMATION. Without limiting the foregoing, upon receipt by a LICENSEE of a summons, subpoena, or open records request requesting access to, or production of COMMON INTEREST MATERIALS provided by UNIVERSITY, LICENSEE shall
immediately: (i) notify the UNIVERSITY and provide not less than [**] notice before production; (ii) take all necessary steps to defend against and resist the request; and (iii) cooperate with UNIVERSITY in defending against and
resisting this request. LICENSEE agrees to inform the person or entity seeking the COMMON INTEREST INFORMATION that such materials are privileged and may not be disclosed unless so ordered by the court. LICENSEE shall not be deemed to be in breach
of this AGREEMENT if that LICENSEE communicates information because compelled to do so by law or a court of competent jurisdiction. 

  
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	 	(f)	 Effect of Termination or Expiration on Common Interest Information. Upon termination or expiration of
this AGREEMENT, any COMMON INTEREST INFORMATION made available by either UNIVERSITY or LICENSEE prior to such termination or expiration shall continue to be governed by the terms of this AGREEMENT. Further, the PARTY shall return or destroy all
COMMON INTEREST INFORMATION received from the other PARTY in its possession that is fixed in a tangible form of expression to the other PARTY within [**] of any request from the other PARTY. 

 

	 	(g)	 Disqualification. This Section 7.02 is not intended nor shall it be deemed to affect the
independent and separate representation of a PARTY by its counsel. Further, this AGREEMENT shall not affect the ethical, fiduciary, or other obligations inherent in those attorney-client relationship other than to extend the cloak of confidentiality
and privilege to the COMMON INTEREST INFORMATION. Neither the existence of this AGREEMENT nor the exchange of COMMON INTEREST INFORMATION pursuant to it, or any claim which may arise between the PARTIES in connection with the PATENT RIGHTS shall be
used as a basis for a claim that any counsel to either UNIVERSITY or LICENSEE is disqualified from representing such PARTY. 

  

	 	(h)	 Memorialization. Prior to execution of this AGREEMENT, the PARTIES may have shared information or
materials with one another that would be considered COMMON INTEREST INFORMATION. The PARTIES hereby state their intention and belief, and they hereby agree that such information is subject to the same legal privileges and protections as though it
had been shared after the execution of this AGREEMENT. Without limiting the foregoing, this AGREEMENT memorializes an understanding between the PARTIES that has existed since before the PARTIES shared any COMMON INTEREST INFORMATION in connection
with the PATENT RIGHTS and the terms of this AGREEMENT apply to any COMMON INTEREST INFORMATION that was shared between the PARTIES and/or their counsel before the EFFECTIVE DATE. 

Section 7.03 Patent Expenses. LICENSEE shall reimburse UNIVERSITY for [**] PATENT EXPENSES as a separate payment apart from any royalties or other
revenues owed UNIVERSITY as described herein. For PATENT EXPENSES incurred prior to the EFFECTIVE DATE, LICENSEE shall pay [**] dollars ($[**]); such reimbursement by LICENSEE shall be due and payable within [**] of execution of this AGREEMENT. For
all future PATENT EXPENSES incurred after the EFFECTIVE DATE, reimbursements by LICENSEE shall be [**]. Reimbursement of future PATENT EXPENSES incurred after the EFFECTIVE DATE shall be due within [**] of receipt of UNIVERSITY’s invoice by
LICENSEE, and shall be non-refundable and non-creditable. Late payment of invoices of PATENT EXPENSES received by LICENSEE from UNIVERSITY shall be subject to interest
charges of [**] percent ([**]%) per month. 

  
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 Section 7.04 Entity Status. LICENSEE shall have a continuing obligation to keep UNIVERSITY and
its patent counsel responsible for the PATENT RIGHTS informed of the entity status (large entity, small entity, and micro entity) of LICENSEE and all its SUBLICENSEES. LICENSEE agrees to give UNIVERSITY prompt notice of a change in any entity status
of it or any SUBLICENSEE. A statement or future statement by LICENSEE and/or its SUBLICENSEE as to its entity status constitutes a representation that is subject to indemnity under Section 6.01. 

Section 7.05 Termination of Patent Rights. By written notification to UNIVERSITY at least [**] in advance of any filing or response deadline or
fee due date (i.e., a date by which an action must be taken to avoid payment of a late fee), LICENSEE may elect not to have a particular patent application filed in a particular country or not to pay expenses associated with prosecuting or
maintaining any particular patent application or issued patent, provided that LICENSEE pays for all PATENT EXPENSES associated with the particular patent application or issued patent incurred up to UNIVERSITY’s receipt of such notification.
LICENSEE’s failure to provide a timely notification shall be considered by UNIVERSITY to be LICENSEE’s consent that it expressly wishes to support any particular issued patent(s) or patent application(s). Upon notice that LICENSEE elects
not to have a particular patent application filed or prosecuted or issued patent maintained in any particular country, or not to reimburse UNIVERSITY for all PATENT EXPENSES associated with prosecuting or maintaining any patent application or
patent, UNIVERSITY may at its sole discretion elect to file, prosecute, and/or maintain such particular patent applications or issued patents at its own expense and for its own benefit, and any rights or license granted under this AGREEMENT held by
LICENSEE or SUBLICENSEE(s) with respect to such patent application(s) or issued patent(s) shall be irrevocably terminated, forfeited, and relinquished. For the avoidance of doubt, LICENSEE and each SUBLICENSEE shall have no right to share in any
revenue derived from such particular patent application or issued patents. 
 Article VIII. INFRINGEMENT OF PATENT RIGHTS 

Section 8.01 Notifications. LICENSEE shall promptly inform UNIVERSITY in writing of any alleged infringement of the PATENT RIGHTS by a third party
and shall provide UNIVERSITY with any available evidence thereof. LICENSEE shall not notify a third party of such infringement of PATENT RIGHTS without first consulting with UNIVERSITY. 

Section 8.02 Enforcement. For so long as the license granted herein is exclusive, LICENSEE, at its expense, shall have the right to enforce PATENT
RIGHTS against infringement by third parties solely in the LICENSED FIELD. All recovery from any enforcement of the PATENT RIGHTS in the LICENSED FIELD, including any cash or other consideration received by way of judgment, settlement or compromise
(hereinafter “RECOVERY”) shall be allocated in the following order: (a) to LICENSEE and UNIVERSITY for reimbursement in pro rata proportions of their costs, fees, and other related expenses to the extent that each PARTY paid for such
costs, fees and expenses; and (b) any remaining amount shall be allocated to LICENSEE and UNIVERSITY either (i) in pro rata proportion to their costs, fees, and other related expenses with respect to such enforcement to the extent that
each PARTY paid for such costs, fees and expenses, provided or (ii) in proportion to the percentages specified by the royalty sublicensing provisions as specified in Section 3.02(b)(i) at the time of the infringement commences, whichever
results in a larger payment to UNIVERSITY. Before LICENSEE commences a formal legal proceeding with respect to any infringement of PATENT RIGHTS, LICENSEE shall first consult with UNIVERSITY regarding the potential effects such legal proceeding may
have on the public interest. LICENSEE shall not enforce the PATENT RIGHTS against any UNIVERSITY licensees of the PATENT RIGHTS without the prior written consent of UNIVERSITY. UNIVERSITY shall have the right, in its sole discretion, to join such
proceeding at its own expense. In the event that UNIVERSITY is involuntarily joined as a party to an infringement action brought by LICENSEE (including any counterclaim), then LICENSEE shall pay any costs, expenses, and attorneys’ fees incurred
by UNIVERSITY arising out of, relating to, or in connection therewith. In addition, LICENSEE agrees to consult with UNIVERSITY on any significant matters related to the litigation. LICENSEE shall be free to enter into a settlement, consent judgment,
or other voluntary disposition with respect to any such action, provided that any settlement, consent judgment or other voluntary disposition thereof which (i) materially limits the scope, validity, or enforceability of patents included in the
PATENT RIGHTS, (ii) admits fault or wrongdoing on the part of UNIVERSITY or (iii) imposes a financial or other obligation upon the UNIVERSITY, must in the case of (i), (ii), or (iii) be
pre-approved in writing by UNIVERSITY. LICENSEE shall keep UNIVERSITY informed on all actions taken by LICENSEE in its enforcement against an infringer and shall furnish to UNIVERSITY copies of all documents
related thereto. LICENSEE shall indemnify, defend, and hold harmless UNIVERSITY against any order for costs or fees that may be made against UNIVERSITY in such proceeding arising from, related to, or in connection with an act or omission made by
LICENSEE. 

  
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 Section 8.03 Rights of University. In the event that LICENSEE elects not to exercise its right
to bring an infringement action with respect to PATENT RIGHTS pursuant to the above paragraphs, then LICENSEE shall notify UNIVERSITY in writing within [**] of receiving notice that an infringement exists. UNIVERSITY may, at its own expense and
control, following the earlier of (i) such notice from LICENSEE or (ii) the expiration of such [**] period without LICENSEE electing to take any action with respect to such alleged or actual infringement, take steps to defend or enforce
any patent within the PATENT RIGHTS and retain all RECOVERY therefrom without a duty to account to LICENSEE. LICENSEE agrees to cooperate reasonably with UNIVERSITY in any validity or infringement suit or dispute involving the PATENT RIGHTS. 

Article IX. CONFIDENTIALITY 

Section 9.01 Confidential Information Defined. “CONFIDENTIAL INFORMATION” means any and all information not generally known to the
public, whether or not patentable or susceptible to any other form of legal protection, that is identified or designated by UNIVERSITY as being confidential or which, in light of the circumstances under which it was disclosed, whether oral or
written, is reasonably apparent to LICENSEE to be considered confidential or proprietary by UNIVERSITY, including but not limited to information, concepts, designs, processes, specifications, schematics, equipment, processing techniques, technical
information, drawings, diagrams, software (including source code), hardware, control systems, research, test results, manuals, trade secrets, commercialization studies, market studies, and business plans received by LICENSEE from UNIVERSITY except
to the extent LICENSEE can prove by written documentation that such information: 
  

	 	(a)	 was in the public domain at the time of disclosure; 

  
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	 	(b)	 later became part of the public domain through no act or omission or breach of this AGREEMENT by LICENSEE, its
employees, agents, successors or assigns; 

  

	 	(c)	 was lawfully disclosed to LICENSEE by a third party having the right to make such disclosure; or

  

	 	(d)	 was already known by LICENSEE at the time of disclosure; or 

 

	 	(e)	 was independently developed by LICENSEE without the aid, use or application of CONFIDENTIAL INFORMATION
received from UNIVERSITY and such independent development can be properly demonstrated by LICENSEE; or 

  

	 	(f)	 is otherwise required by law or regulation to be disclosed. 

Specific information shall not be deemed to be within the foregoing exceptions merely because it is embraced by more general information within the
exceptions. In addition, any combination of the features shall not be deemed to be within the foregoing exception merely because individual features may be within the exceptions. 

Section 9.02 Restrictions on Disclosure and Use. LICENSEE agrees that (a) all CONFIDENTIAL INFORMATION shall remain the exclusive property of
UNIVERSITY, (b) LICENSEE shall receive and hold the CONFIDENTIAL INFORMATION in strict confidence, (c) LICENSEE shall use the CONFIDENTIAL INFORMATION only for the purposes of this AGREEMENT, and (d) LICENSEE shall not disclose the
CONFIDENTIAL INFORMATION to third parties without the prior written consent of UNIVERSITY, and (e) LICENSEE shall protect the CONFIDENTIAL INFORMATION to the same extent that it protects its own trade secrets and confidential information, but
in no less than commercially reasonable care. 
 Section 9.03 Legally required Disclosures. In the event that LICENSEE receives a request or is
required by deposition, interrogatory, request for documents, subpoena, civil investigative demand, or similar process to disclose any or part or the CONFIDENTIAL INFORMATION, LICENSEE agrees to (a) immediately notify UNIVERSITY in writing of
the existence, terms, and circumstances surrounding such a request or requirement and (b) assist UNIVERSITY in seeking a protective order or other appropriate remedy satisfactory to UNIVERSITY. In the event that such a protective order or other
remedy is not obtained, (a) LICENSEE may disclose that portion of the CONFIDENTIAL INFORMATION which it is legally required to disclose, (b) LICENSEE shall exercise reasonable efforts to obtain assurance that confidential treatment will be
accorded the CONFIDENTIAL INFORMATION to be disclosed and (c) LICENSEE shall give written notice to UNIVERSITY of the information to be disclosed as far in advance of its disclosure as practical. LICENSEE may also disclose CONFIDENTIAL
INFORMATION to governmental or other regulatory agencies in order to obtain approvals to market any LICENSED PRODUCT, but such disclosure may only be to the extent reasonable necessary to obtain approvals. 

Section 9.04 Disclosure to Potential Sublicensee or Assignee. Upon receiving written approval from UNIVERSITY, LICENSEE may disclose the
CONFIDENTIAL INFORMATION to a potential SUBLICENSEE or assignee of LICENSEE in each case on the condition that such potential SUBLICENSEE or assignee agrees to be bound by the confidentiality obligations contained in this AGREEMENT. 

  
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 Section 9.05 Sunshine Law. LICENSEE acknowledges that UNIVERSITY is subject to the Missouri
Sunshine Act, 610 RSMo, and that all agreements, plans, reports, and other information marked “Confidential” shall be treated by UNIVERSITY as confidential only to the extent permitted by law. 

Section 9.06 Survival. LICENSEE’s obligations of confidentiality and non-use shall exist during the
term of this AGREEMENT and for so long as such CONFIDENTIAL INFORMATION remains confidential in accordance with Section 9.01. 

Article X. TERM AND TERMINATION 

Section 10.01 Term. This AGREEMENT shall become effective upon the EFFECTIVE DATE and, unless sooner terminated in accordance with any of the
provisions herein, shall remain in full force in the LICENSED TERRITORY until the expiration of the last to expire patent or last to be abandoned patent application included in the PATENT RIGHTS. 

Section 10.02 Right to Terminate by Licensee. LICENSEE shall have the right to terminate this AGREEMENT at any time on six (6) months notice
to UNIVERSITY. 
 Section 10.03 Breach. In the event that either PARTY defaults or breaches any of the provisions of this AGREEMENT, the other
PARTY shall have the right to terminate this AGREEMENT by giving written notice to the defaulting PARTY; provided, however, that if the defaulting PARTY cures the default within [**] after the notice shall have been given, this AGREEMENT shall
continue in full force and effect. The failure on the part of either of the PARTIES hereto to exercise or enforce any right conferred upon it hereunder shall not be deemed to be a waiver of any such right nor operate to bar the exercise or
enforcement thereof at any time or times thereafter. In relation to Article III (payments) and Section 7.03 (patent expenses), LICENSEE’s opportunity to cure a breach shall apply only to LICENSEE’s first two notices of a breach
properly given by UNIVERSITY. Upon occurrence of a third breach, UNIVERSITY may, at its option, terminate this AGREEMENT upon [**] written notice without an opportunity to cure. 

Section 10.04 Rights after Termination. 
  

	 	(a)	 Upon termination or expiration of this AGREEMENT for any reason, LICENSEE shall: 

 

	 	(i)	 promptly pay all amounts due UNIVERSITY through the effective date of the termination (even if they would
otherwise be payable at a later date, e.g. within [**] after invoicing), including those in Article III (payments) and Section 7.03 (patent expenses); 

  

	 	(ii)	 submit all final reports under Article IV; and 

 

	 	(iii)	 return any CONFIDENTIAL INFORMATION provided to LICENSEE by UNIVERSITY in connection with this AGREEMENT, or,
with UNIVERSITY’s prior approval, destroy such materials, and LICENSEE shall certify in writing that such materials have all been returned or destroyed. 

  
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	 	(b)	 Upon termination of this AGREEMENT for any reason, LICENSEE shall: 

 

	 	(i)	 provide UNIVERSITY a copy of any regulatory data or information filed with any U.S. or foreign government
agency with respect to the LICENSED PRODUCT; and 

  

	 	(ii)	 shall refrain, and shall require its SUBLICENSEES to refrain unless such sublicense is assigned to UNIVERSITY
under Section 10.05, from any further SALES or other commercial exploitation of the LICENSED PRODUCT under this LICENSE AGREEMENT except as provided in Section 10.08. 

Nothing in this section shall be construed as limiting in any way UNIVERSITY’S rights or remedies that UNIVERSITY may otherwise have,
either in law or in equity. 
 Section 10.05 Assignment of Sublicenses. Upon termination of this AGREEMENT, LICENSEE’s interest in
sublicenses granted by it under this AGREEMENT shall at UNIVERSITY’s sole option, terminate or be assigned to UNIVERSITY, including the right to receive income from SUBLICENSEES. LICENSEE shall make provision for UNIVERSITY’s rights under
the preceding sentence to be included in all sublicenses granted by it under this AGREEMENT. 
 Section 10.06 Insolvency. In the event that
LICENSEE (or SUBLICENSEE as applicable) dissolves, liquidates, ceases to carry on business, becomes insolvent, is unable to pay its debts as they become due, makes an assignment for the benefit of creditors, or has a petition for bankruptcy filed
for or against it, this AGREEMENT (or applicable SUBLICENSE) shall automatically terminate. 
 Section 10.07 Survival. Termination or expiration
of this AGREEMENT for any reason shall not release either PARTY from any obligation or liability theretofore accrued prior to such termination or expiration, and LICENSEE shall pay all expenses, costs and attorneys’ fees incurred by UNIVERSITY
in connection with enforcing any obligation or liability of LICENSEE or accrued right of UNIVERSITY. All provisions of this AGREEMENT that would reasonably be expected to survive the termination or expiration of this AGREEMENT shall do so, including
Article III (all--payments), Article VI (all—indemnity, insurance, warranties, damages), Article IX (all--confidentiality), Section 2.04 (reserved rights),
Section 2.05 (license to University), Section 2.08 (governmental rights), , Section 3.07 (challenge to patent rights), Section 4.03 (reporting), Section 4.05 (records), Section 7.02(f) (effect of termination or
expiration on common interest information); Section 10.04 (rights after termination), Section 10.05 (assignment of sublicenses), Section 10.07 (survival), Section 10.08 (inventory), Section 10.09 (ongoing payments), and
Article XI (general—all) survive the termination or expiration of this AGREEMENT. 
 Section 10.08 Inventory. 

  
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	 	(a)	 Upon termination or expiration of this AGREEMENT, LICENSEE shall provide UNIVERSITY with a written inventory,
including the number of units and anticipated invoice price of all LICENSED PRODUCTS in the possession or under the control of LICENSEE (including any in the process of manufacture). 

 

	 	(b)	 Except with respect to termination for uncured breach by LICENSEE, upon termination of this AGREEMENT, LICENSEE
shall have the privilege of SELLING the inventory of such LICENSED PRODUCTS made or partially made prior to termination within a period of [**] of such termination upon conditions most favorable to UNIVERSITY that LICENSEE can reasonably obtain and
paying any applicable royalties and providing applicable reports associated with such SALES to UNIVERSITY. 

  

	 	(c)	 Upon expiration of this AGREEMENT based on expiration of the PATENT RIGHTS, LICENSEE shall have the privilege
of SELLING the inventory of such LICENSED PRODUCTS made or partially made prior to expiration upon conditions most favorable to UNIVERSITY that LICENSEE can reasonably obtain and paying any applicable royalties and providing applicable reports
associated with such SALES to UNIVERSITY. 

 Section 10.09 Ongoing Payments. Any termination or cancellation under any
provision of this AGREEMENT shall not relieve LICENSEE of its obligation to pay any royalty or other fees due to UNIVERSITY at the time of such termination or cancellation. 

Article XI. GENERAL 
 Section 11.01
Marking. Prior to the issuance of patents under PATENT RIGHTS, LICENSEE agrees to mark LICENSED PRODUCTS (or their containers or labels) SOLD by LICENSEE or SUBLICENSEES under the license granted in this AGREEMENT with the words “Patent
Pending” and following the issuance of one or more patents under PATENT RIGHTS, with the words “Patent No. [**]” or in such a manner as to conform with the patent laws and practice of the country of manufacture, SALE, or importation.

 Section 11.02 Compliance with Laws; Export Controls. LICENSEE agrees to comply with all applicable federal, state, and local laws and
regulations. In particular, LICENSEE shall comply with all applicable U.S. laws dealing with the export and/or management of commodities, technology or information, and that LICENSEE will be responsible for any violation of such by LICENSEE or its
SUBLICENSEES, and that it will defend and hold UNIVERSITY harmless in the event of any legal action of any nature occasioned by such violation. LICENSEE understands that the Arms Export Control Act (AECA), including its implementing International
Traffic In Arms Regulations (ITAR,) and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are some (but not all) of the laws and regulations that comprise the U.S. export laws and regulations. LICENSEE
further understands that the U.S. export laws and regulations include (but are not limited to): (a) ITAR and EAR product/service/data-specific requirements; (b) ITAR and EAR ultimate destination-specific requirements; (c) ITAR and EAR
end user-specific requirements; (d) ITAR and EAR end use-specific requirements; (e) Foreign Corrupt Practices Act; and (f) anti-boycott laws and regulations. LICENSEE will comply with all
then-current applicable export laws and regulations of the U.S. Government (and other applicable U.S. laws and regulations) pertaining to the LICENSED PRODUCTS (including any associated products, items, articles, computer software, media, services,
technical data, and other information). LICENSEE warrants that it will not, directly or indirectly, export (including any deemed export), nor re-export (including any deemed
re-export) the LICENSED PRODUCT (including any associated products, items, articles, computer software, media, services, technical data, and other information) in violation of U.S. export laws and regulations
or other applicable U.S. laws and regulations. LICENSEE will include an appropriate provision in its agreements with its authorized SUBLICENSEES to assure that these parties comply with all then-current applicable U.S. export laws and regulations
and other applicable U.S. laws and regulations. LICENSEE’S OBLIGATIONS TO COMPLY WITH APPLICABLE LAW (INCLUDING U.S. EXPORT CONTROL LAWS AND REGULATIONS) ARE INDEPENDENT OF AND SURVIVE THE TERMINATION OR EXPIRATION OF THIS AGREEMENT. 

  
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 Section 11.03 University Name. LICENSEE agrees not to identify UNIVERSITY in any promotional
advertising or other promotional materials to be disseminated to the public or any portion thereof or to use the name of any UNIVERSITY faculty member, employee, or student or any trademark, service mark, trade name, or symbol of UNIVERSITY, without
UNIVERSITY’S prior written consent. 
 Section 11.04 Press. Notwithstanding Section 11.03, UNIVERSITY may disclose the existence of
this AGREEMENT and non-confidential information regarding the status of LICENSEE’s commercialization of LICENSED PRODUCTS in a press release, on-line, or otherwise,
and on the UNIVERSITY’s website. 
 Section 11.05 Assignment. This AGREEMENT is binding upon and shall inure to the benefit of UNIVERSITY,
its successors and assigns. However, this AGREEMENT shall be personal to LICENSEE, and it is not assignable or transferrable by LICENSEE to any other person or entity without the prior written consent of UNIVERSITY, such consent to be in
UNIVERSITY’s sole discretion. Any purported sale, transfer or assignment without UNIVERSITY’s prior written consent shall be void ab initio, and this AGREEMENT shall immediately terminate. For purposes of this Section, “transfer”
shall include any transfer by operation of law, dissolution, or otherwise (whether voluntary or involuntary). Notwithstanding the foregoing, LICENSEE may assign this AGREEMENT in conjunction with a merger, consolidation or transfer of substantially
all the business to which this AGREEMENT with the prior written consent of UNIVERSITY, such consent not to be unreasonably withheld. 
 Section 11.06
Sponsored Research. If LICENSEE desires UNIVERSITY participation in performing research and development activities directed towards PATENT RIGHTS, negotiation for such assistance shall be separate and apart from this AGREEMENT, and shall be
performed according to UNIVERSITY’S procedures related to research grant and contract activities. 
 Section 11.07 Consulting. In the event
LICENSEE wishes to engage the inventors as consultants, such an arrangement shall be separate and apart from this AGREEMENT, but shall be in keeping with UNIVERSITY’S policy on consulting and ownership of intellectual property developed by
UNIVERSITY employees. 

  
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 Section 11.08 Notices. Any notice or other communication given under this AGREEMENT (except for
correspondence relating to patent preparation, filing, prosecution and/or maintenance matters under Article VII herein) shall be in writing and shall be deemed delivered when sent by certified first class mail, registered mail, or overnight courier,
or by facsimile, provided that a copy of such facsimile is promptly sent by certified first class mail, registered or overnight courier, addressed to the PARTIES as follows (or at such other addresses as the PARTIES may notify each other in
writing): 
 If to UNIVERSITY: 
 Technology Advancement Office

 Mizzou North, Room 706 
 115 Business Loop 70 West 

Columbia, Missouri 65211-8375, USA 
 Attention: Director TAO 

If to LICENSEE: 
 Decibel Therapeutics, Inc. 

1325 Boylston St, Suite 500 
 Boston, MA 02215, USA 

ATTN: VP Legal 
 Section 11.09 No Other Relationship.
In assuming and performing the respective obligations under this AGREEMENT, LICENSEE and UNIVERSITY are each acting as independent parties and neither shall consider itself or represent itself as a joint venture, partner, agent or employee of the
other. 
 Section 11.10 No Waiver. None of the terms, covenants, and conditions of this AGREEMENT can be waived except by the written consent of
the PARTY waiving compliance. A failure by one of the PARTIES to this AGREEMENT to assert its rights for or upon any breach or default of this AGREEMENT shall not be deemed a waiver of such rights nor shall any such waiver be implied from acceptance
of any payment. No such failure or waiver in writing by any one of the PARTIES hereto with respect to any rights, shall extend to or affect any subsequent breach or impair any right consequent thereon. 

Section 11.11 Severability. If any sentence, paragraph, clause or combination of the same is found by a court of competent jurisdiction to be in
violation of any applicable law or regulation, or is unenforceable or void for any reason whatsoever, such sentence, paragraph, clause or combinations of the same shall be severed from the AGREEMENT and the remainder of the AGREEMENT shall remain
binding upon the PARTIES. 
 Section 11.12 Headings. The headings of the paragraphs of this AGREEMENT are inserted for convenience only and
shall not constitute a part hereof. 

  
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 Section 11.13 Choice of Law and Venue. This AGREEMENT shall be construed, interpreted, and
applied in accordance with the laws of the State of Missouri. 
 Section 11.14 Sovereign Immunity. The PARTIES agree that nothing in this
AGREEMENT is intended or shall be construed as a waiver, either express or implied, of any of the immunities, rights, benefits, defenses or protections provided to UNIVERSITY under governmental or sovereign immunity laws from time to time applicable
to UNIVERSITY. 
 Section 11.15 Counterparts. This AGREEMENT may be executed in any number of counterparts, including facsimile or scanned PDF
documents. Each such counterpart, facsimile or scanned PDF document shall be deemed an original instrument, and all of such counterparts, together, shall constitute one and the same executed AGREEMENT 

Section 11.16 Entire Agreement. This AGREEMENT constitutes the entire and only agreement between the PARTIES for PATENT RIGHTS and all other prior
negotiations, representations, agreements, and understandings are superseded hereby. No agreements altering or supplementing the terms hereof may be made except by a written document signed by both PARTIES. 

IN WITNESS WHEREOF, the PARTIES hereto have executed this AGREEMENT by their duly authorized officers or representatives. 

 

									
	 THE CURATORS OF THE
 UNIVERSITY OF
MISSOURI
	 		 	LICENSEE
					
	BY:	 	 /s/ William M. Turpin
	 		 	BY:	  	 /s/ Paula Cobb

			
	NAME: William M. Turpin	 		 	NAME: Paula Cobb
			
	TITLE: Interim Associate Vice Chancellor,	 		 	TITLE: Chief Operating Officer
		 	Economic Development	 		 		  	
					
	DATE	 	 8/26/2019
	 		 	DATE	  	 8/26/2019

  
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