Document:

EX-10.14

 Exhibit 10.14 

INDENTURE OF LEASE 

by and between 

RIVERTECH ASSOCIATES II, LLC 

(“LESSOR”) 

and 
 CERULEAN
PHARMA INC. 
 (“LESSEE”) 
  

 
 RIVERSIDE TECHNOLOGY CENTER

 840 Memorial Drive 

Cambridge, Massachusetts 
  

 

 RIVERSIDE TECHNOLOGY CENTER 

COMMERCIAL LEASE 

BETWEEN 
 RIVERTECH
ASSOCIATES II, LLC 
 AND 

CERULEAN PHARMA INC. 
 Agreement entered
into this 8th day of September 2009 in consideration of the covenants and other benefits herein contained, the receipt and sufficiency of said consideration being hereby acknowledged. 

Rivertech Associates II, LLC, a Massachusetts limited liability corporation, c/o The Abbey Group, 575 Boylston Street, Boston, MA 02116 (herein
“LESSOR”), does hereby lease to and Cerulean Pharma Inc. a Delaware corporation duly qualified to conduct business in Massachusetts, having its principal place of business at 161 First Street, Suite 2A, Cambridge, MA 02142 (herein
“LESSEE”), does hereby lease from said LESSOR, certain space located at 840 Memorial Drive, Cambridge, Massachusetts (herein “Building”) being that portion of the fifth
(5th) floor of the Building consisting of approximately 14,168 rentable square feet of space, and that portion of the fourth
(4lh) floor of the Building consisting of approximately 66 rentable square feet of space, for a combination of approximately 14,234 rentable square feet of space, all as shown on Exhibit A
attached hereto (herein, “Lease Plan”) and all comprising the “Leased Premises” or “Premises” hereunder; with the right in common with others in the Building to use such common areas of the Building and the property on
which the Building is located as are designated by the LESSOR, from time to time including but not limited to the5th and 4th floor common
lavatories; shared loading dock; shared passenger and freight elevators; and common stairways, corridors, walkways, driveways and lobbies. 
 1.
Lease Term. LESSOR shall deliver the Leased Premises to the LESSEE vacant but with LESSOR’S Build-Out (as defined in Section 32) substantially completed as set forth in Section 32 hereof, the date of delivery being
referred to herein as the “Delivery Date”. 
 LESSEE leases the Leased Premises for an original Term consisting of an “Interim Period
(as defined below) and thereafter running forty (40) consecutive months (herein, “Lease Term”). The Term of the Lease shall begin on the earlier to occur of: (i) Tenant’s occupancy for the purpose of the conduct of its
business or (ii) the Delivery Date. LESSEE shall have the right of early access to perform LESSEE’s work as set forth in 

  
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Section 32. The portion of the calendar month between the beginning of the Term and the first day of the next calendar month (if the beginning of the Term occurs other than on the 1st of a month) is referred to herein as the “Interim Period”, with the first day of said next calendar month being the “Commencement Date”. Therefore, with Interim Period, the Term
shall end on the last day of the calendar month which is forty (40) full months from the Commencement Date, referred to herein as the “Termination Date”. The first Lease Year shall begin on the Commencement Date, and each successive
Lease Year shall be the next twelve full month period after the end of the First Lease Year. By way of illustration, if the Interim Period starts November 15, 2009 then: (i) the Commencement Date shall be December 1, 2009;
(iii) the First Lease Year shall begin on December 1, 2009 and shall conclude on November 30, 2010; the Second Lease Year shall begin on December 1, 2010 and conclude on November 30, 2011; the Third Lease Year shall begin on
December 1, 2011 and conclude on November 30, 2012; and the Fourth Lease Year shall begin on December 1, 2012 and the Termination Date would be March 30, 2013. 

LESSOR agrees to use commercially reasonable efforts to substantially complete LESSOR’s Build-Out on or before November 1, 2009, but LESSOR shall
incur no liability, nor shall there be any abatement of Annual Base Rent or other payments due hereunder, if the Delivery Date occurs subsequent to said target date; provided, however, that in the event that the Delivery Date (as defined in
Section 32) has not occurred on or before December 1, 2009 for whatever reason (the “Outside Termination Date”), then LESSEE shall have the right to terminate this Lease by written notice to LESSOR delivered within 15 business
days after the Outside Termination Date, and in such event the Lease shall be deemed to be terminated if the Delivery Date has not occurred by December 31, 2009 (absent separate written agreement of the parties). 

The Term may be extended as contemplated by Section 33 hereof. 

2. Annual Base Rent and Additional Rent. Subject to the provisions hereof, commencing on the Commencement Date, LESSEE shall pay to LESSOR an Annual
Base Rent pursuant to the schedule below during each Lease Year (or portion thereof as the case may be) of the Term hereof, (herein, “Annual Base Rent”). Annual Base Rent shall be payable in advance, in equal monthly installments, due on
the first day of each calendar month, pursuant to the schedule below. 
 LESSEE’s first payment of Annual Base Rent for the first month of the
First Lease Year and LESSEE’s payment of Annual Base Rent for the Interim Period (if any), which shall be calculated by multiplying the number of days in the Interim Period (i.e. starting with the beginning of the Term through the last day of
the month prior to the Commencement Date by an applicable per diem rate (reflecting Annual Base Rent for the First Lease Year on an annualized basis) shall both be due on the Delivery Date. 

All payments of Annual Base Rent (and any Additional Rent or other sums due LESSOR) shall be made to LESSOR at 575 Boylston Street, Boston, Massachusetts

  
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02116 or to such other agent or at such other place as LESSOR may designate in writing. The covenants to pay all Annual Base Rent and all Additional Rent hereunder (collectively,
“Rent”) shall be independent from any and all other covenants of LESSOR to LESSEE hereunder; and all Rent shall be promptly paid when due stated hereunder. 

LESSEE shall pay interest from the date due, at annual rate of eighteen (18) percent of any installments of Annual Base Rent, or Additional Rent or other
payments which are not received by LESSOR within ten days after written notice from LESSOR that any such Rent was not received. 

SCHEDULE OF ANNUAL BASE RENT 
  

									
	 Lease Year
	  	Annual Base Rent	 	  	Monthly Installment	 
	 First Lease Year
	  	$	378,624.40	  	  	$	31,552.03	  
	 Second Lease Year
	  	$	562,243.00	  	  	$	46,853.58	  
	 Third Lease Year
	  	$	583,594.00	  	  	$	48,632.83	  
	 Fourth Lease Year*
	  	$	199,276.00	  	  	$	49,819.00	  

 (*reflecting four months only) 

This Lease is intended to be a triple net lease, and as such LESSEE shall also be responsible for payment of its pro rata share of Operating Expenses (see
Section 3 herein), real estate taxes (see Section 4 herein) and utilities (see Section 7 herein), all in accordance with the terms and conditions herein. All payments due to LESSOR hereunder in addition to those under Section 2
shall be deemed to be “Additional Rent”. 
 LESSEE’s allocable pro rata share is 11.04 % (the LESSEE’s
“Allocable Percentage”) as that concept is applicable and used herein, which Allocable Percentage is determined by dividing Building square footage of 128,920 square feet by the Leased Premises square footage of 14,234 square feet.
Notwithstanding the foregoing for the Interim Period and the First Lease Year (only) the Allocable Percentage shall be deemed to be 9.39%, which Allocable Percentage is determined by dividing Building square footage of 128,920 square feet by 12,100
square feet. 
 3. Additional Rent (Operating Expenses). LESSEE, in addition to the sums payable to LESSOR as Annual Base Rent as determined in
Section 2 hereof shall pay to LESSOR for each year (or portion thereof, as applicable) of the Lease Term, as Additional Rent, LESSEE’S Allocable Percentage of any and all Operating Expenses attributable to the Building for
said year of the Lease Term (herein, “Additional Operating Expense Rent”). Operating Expenses as set forth in Exhibit B hereto are the unaudited actuals for calendar year 2008 (and will be subject to change based on actual costs and
expenses incurred for each of the categorized Exhibit B costs and expenses in the remainder of 2009 and for each subsequent calendar year during the Extended Term). 

  
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 Notwithstanding the foregoing, LESSEE shall be responsible for payment of Additional Operating Expense Rent for
the Interim Period and First Lease Year (only) based on 12,100 rentable square feet (vis a vis 14, 234 rentable square feet for the remainder of the Term). 

“Operating Expenses” means the costs incurred by the LESSOR in connection with the operation, management and maintenance of the Building.”
Operating Expenses” shall not include the following: the costs of LESSEE’S or any other tenant’s improvements and services for which LESSEE or any tenant directly reimburses LESSOR, or pays third persons at
LESSOR’S directions; income or franchise taxes of the LESSOR; the costs incurred in any rehabilitation, reconstruction or other work occasioned fay any insured casualty (i.e. as to which LESSOR is required to carry insurance
hereunder), or by the exercise of the right of eminent domain (except to the extent of any so-called “deductible” amount under policies of insurance or any costs actually incurred for which any insurance company does not reimburse or
compensate LESSOR or Owner); depreciation or interest payments on the Building; general corporate overhead of the LESSOR entity; expenses incurred in any direct dispute with any particular tenant (other than those incurred which are of benefit to or
protect the rights of other tenants in the Building, generally); costs of renovations to vacant or other tenants’ spaces; costs of capital improvements to the Building its systems and appurtenances (but not including maintenance, repairs or
replacements), and any rental payments for equipment which, if purchased, would be excluded as a capital improvement under generally accepted accounting standards in LESSOR’S reasonable judgment; brokerage and advertising costs
in seeking or leasing to new tenants; and penalties incurred due to LESSOR’S willful violation or any direct violation of any government order; any ground or underlying lease rental; bad debt expenses and interest, principal,
points and fees on debts or amortization on any mortgage or other debt instrument encumbering the Building or the property; costs arising from LESSOR’S charitable or political contributions; costs of selling, syndicating,
financing, mortgaging or hypothecating any of LESSOR’S interest in the Building; management fees paid or charged by LESSOR in connection with the management of the Building other than a management fee based on five
(5%) percent of income which is the management fee uniformly and customarily charged to other tenants in the Building by LESSOR; costs and expenses (including taxes) to operate the parking garage, valet and other parking services for the
Building, and any replacement garages or parking facilities and any shuttle services as may be placed in service, including any capital improvements to the parking areas. 

LESSEE shall pay its Allocable Percentage of Additional Operating Expense Rent to LESSOR based on a prospective annual schedule prepared by the LESSOR, in
monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. LESSOR, at its discretion, may assess LESSEE for any extraordinary item of cost or expense which may actually occur as a direct result of
LESSEE’s own distinct uses or activities which shall be itemized, invoiced separately, and paid by LESSEE within thirty (30) days of its receipt of the invoice. Within one hundred twenty (120) days of the close of each calendar year,
LESSOR shall adjust the prior year’s schedule of 

  
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Additional Operating Expense Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund or deficiency statement for that year, as
appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said invoice. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s reasonable discretion, be credited toward current
monthly Additional Operating Expense Rent or paid to LESSEE within thirty (30) days. 
 4. Additional Rent (Real Estate Taxes). LESSEE, in
addition to the sums payable to LESSOR as Annual Base Rent as determined in Section 2 hereof, shall pay to LESSOR for each year (or portion thereof, as applicable) of the Lease Term, as Additional Rent, LESSEE’S Allocable Percentage of all
sums attributable to the municipal real estate taxes on the Building and land on which it is situated (“Taxes) allocable to said year) (herein the “Additional Real Estate Tax Rent”. 

Notwithstanding the foregoing, LESSEE shall be responsible for payment or Real Estate Taxes for the Interim Period and First Lease Year (only) based on 12,100
rentable square feet (vis a vis 14,234 rentable square feet for the remainder of the Term). 
 Notwithstanding the foregoing, LESSOR shall be under no
obligation to file for any abatement of taxes for FY 2009, FY 2010 or any other fiscal year, and LESSEE shall pay all amounts as invoiced by LESSOR, receiving a rebate based on its Allocable Percentage only if an abatement is sought and received by
LESSOR. 
 LESSEE shall pay its Allocable Percentage of Additional Real Estate Tax Rent to LESSOR based on a prospective annual schedule prepared by the
LESSOR, in monthly increments based on said schedule, with each monthly payment of Annual Base Rent due hereunder. Within one hundred twenty (120) days of the close of each tax year, LESSOR shall adjust the prior year’s schedule of
Additional Real Estate Tax Rent to account for actual and properly accrued costs, expenses, and liabilities, and shall issue LESSEE a refund or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within
thirty (30) days of its receipt of said invoice. Any rebates due LESSEE (not contested by LESSOR) shall, in LESSOR’s reasonable discretion, be credited toward current monthly Additional Real Estate Tax Rent or paid to LESSEE within thirty
(30) days. 
 LESSOR shall keep complete books and records regarding Operating Expenses and Taxes at LESSOR’s principal offices, as to which
LESSEE shall be given access as contemplated below during LESSOR’s normal business hours for the purpose of reviewing and copying (at LESSEE’s expense). LESSEE shall retain all records of Operating Expenses and Taxes for at least three
(3) years. LESSEE shall have the right to audit the applicable records of LESSOR to confirm that the charges billed to LESSEE under Sections 3 and 4 above are proper and conform to the provisions of such Sections. Such right shall be
exercisable by LESSEE within one year after LESSEE’s receipt of LESSOR’s Operating Statement for the subject Lease Year. LESSOR shall cooperate with LESSEE in providing LESSEE reasonable access to LESSOR’s books and records

  
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during normal business hours to enable LESSEE to audit LESSOR’s books and records as they relate to any costs or expenses passed through to LESSEE pursuant to any provisions of this Lease.
If the audit discloses any overpayment on the part of LESSEE, then LESSEE shall be entitled to a credit on the next succeeding installment of Rent for an amount equal to the overcharge plus interest on the amount of such overcharge from the date on
which same was paid by LESSEE until the date refunded by LESSOR at the prime rate then published in The Wall Street Journal, and such credit shall be extended to succeeding installments of Rent in the event such overcharge exceeds the amount of the
next succeeding such installment and, in the event the term of this Lease has expired or been earlier terminated, then LESSEE shall be entitled to a refund of such excess from LESSOR within thirty (30) days after such date or expiration or
earlier termination. If the audit discloses any undercharge or underpayment on the part of LESSEE, then LESSOR shall be entitled payment of that difference, to be paid with the next succeeding installment of Rent, in the amount equal to the
undercharge or underpayment. 
 5. Security Deposit. Within three (3) business days after full execution and delivery of this Lease by both
parties hereof, LESSEE shall post with LESSOR (and maintain at all times during the Original and Extended Term, if any), a Security Deposit in the amount of One Hundred Seventeen Thousand One Hundred Thirty Four ($117,134.00) Dollars (the
“Security Deposit Amount”) as described below; which shall be held as security for LESSEE’S performance as herein provided, to be returned to LESSEE at the end of this Lease Term (as may be earlier terminated or
extended), unless applied by LESSOR prior thereto in the event of any uncured default by LESSEE hereunder. Failure to deliver the Security Deposit shall result in automatic termination of this Lease, time being of the essence. 

The Security Deposit Amount shall be delivered to LESSOR, as set forth above, either by: 

 

	 	(a)	certified or bank check (which sum, plus any interest thereon, LESSOR shall be entitled to commingle and use with LESSOR’S own funds); or 

 

	 	(b)	irrevocable stand-by Letter of Credit, substantially in the form attached hereto as Exhibit C from Silicon Valley Bank or another commercial bank in Massachusetts reasonably acceptable to LESSOR. 

If available to LESSEE, the Letter of Credit shall be the full term of this Lease. However, the Letter of Credit may be written on an annual basis with a
provision that it may be drawn upon if LESSEE fails to provide a renewal or replacement therefor forty-five (45) days prior to the expiration of the then existing Letter of Credit. 

The Letter of Credit shall; (i) name LESSOR as beneficiary; (ii) be cancelable only with a minimum 30 days prior notice to LESSOR; and (iii) be
substantially in the form attached hereto as Exhibit C and in all respects in form and substance reasonably satisfactory to LESSOR 

  
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LESSOR reserves the right, at any time, at which the LESSOR reasonably questions the economic viability of the bank issuing the then existing Letter of Credit, to require that the original Letter
of Credit be replaced by another Letter of Credit issued by another commercial bank reasonably acceptable to LESSOR. LESSEE shall be required to make its substitution within fifteen (15) days from receipt of LESSOR’s notice. Failure to
provide said replacement Letter of Credit shall entitle LESSOR to draw on the existing Letter of Credit and hold the cash proceeds thereof as the Security Deposit hereunder. 

LESSOR agrees that it shall not draw on the Security Deposit Amount hereunder except to the extent necessary to cure a default beyond applicable notice and
cure periods of LESSEE hereunder, or upon failure to LESSEE to tender a replacement or renewal Letter of Credit as contemplated above. LESSOR agrees that it shall deliver the Security Deposit to any successor in interest to LESSOR’s rights
hereunder. 
 6. Use of Leased Premises. LESSEE shall use the leased premises for general office, research and development and laboratory use, and
any other use ancillary thereto only (the “Permitted Uses”), which uses LESSOR warrants and represents are currently allowed under local zoning regulations (subject to compliance with federal, state and municipal safety, healthy, building,
and sanitary codes), and any encumbrance and restrictive instruments and agreements affecting the Building. LESSEE will use the Leased Premises in a safe manner and will not do or permit any act or thing which is contrary to any legal or insurance
requirement referred to in Section 17 hereof or which constitutes a risk to the safety, health or well-being of other lessees in the Building, or the community, or creates a public or private or private nuisance or waste. 

LESSEE shall not be entitled, for research or testing purposes, to bring any animals (including without limitation laboratory mice, rats or other mammals or
primates, reptiles or aquatic life); micro-organisms; or bacteriological, biological, or pathological agents; (collectively, “Biological Items”) into the Building or the Leased Premises without prior written notice to LESSOR and
LESSOR’s express written consent; which consent shall not be unreasonably withheld, conditioned or delayed. LESSEE, at its sole cost and expense, shall comply with all applicable local, state and federal governmental statutes, regulations,
rulings and orders applicable thereto (including procuring any required permits or authorizations) as to any of the foregoing Biological Items allowed under this Section 6. LESSOR may condition its consent to the presence of such animals based
on quantity, type, arrangements for storage, sanitation, transportation, and other physical and logistical considerations as LESSOR may reasonably determine in each instance and from time to time as circumstances may require. Notwithstanding any
provision to the contrary herein, LESSOR hereby consents and agrees that LESSEE may keep at the Leased Premises and utilize for the Permitted Uses hereunder, the “Permitted Items” described on Exhibit E attached hereto, provided however,
such consent by LESSOR does not relieve LESSEE from identifying, procuring in advance, and maintaining any and all municipal, state and federal permits or authorizations therefor (including without limitation the transport, storage and handling
thereof), which shall be LESSEE’s sole 

  
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responsibility and the absence of which shall not in manner abrogate this Lease or reduce any of LESSEE’s obligations to pay all Rent due hereunder or otherwise perform hereunder. Any
material additions or changes to the Permitted Items shown on Exhibit E shall require LESSOR’s further consent per the standards set forth above in this Section 6 and upon the giving of such further consent Exhibit E shall be deemed to be
amended accordingly. LESSEE hereby indemnifies and holds harmless LESSOR from and against any and all damages, liabilities, claims, demands, actions or other losses arising from LESSEE’s non-compliance with this clause, except to the extent the
same results or arises from the negligence or willful misconduct of LESSOR. 
 To the extent LESSEE requires additional space for the proper handling of its
hazardous materials, then upon LESSEE’s request LESSOR shall provide LESSEE with the option to occupy such separately demised space in the basement of the Building for such purpose, in and AS/IS condition and without representation or warranty
by LESSOR of any kind or nature, whereupon an amendment will be executed to this Lease adding the rentable square footage of such additional space to this Lease with adjustment for Annual Base Rent and all Additional Rent at the rates hereunder, and
all other calculations (e.g. Percentage Interest) hereunder, to reflect the addition of such space. LESSEE shall be under no obligation to accept such space, and LESSOR shall be under no obligation to offer such space more than once. If LESSEE
requests such space, LESSOR shall provide LESSEE with the keys or access cards for such space. 
 LESSEE shall have access to the Leased Premises for
LESSEE’s use seven days per week and twenty four hours per day for each day of the Term, subject to the provisions of Section 7 hereof relative to overtime heat and air-conditioning. LESSEE shall keep the Leased Premises and adjacent areas
in a clean and good condition equivalent to the standards reasonably set by LESSOR for the Building, reasonable wear and tear and casualty excepted. LESSEE shall be solely responsible to provide its own cleaning and janitorial services to the Leased
Premises, at its sole cost and expense. 
 LESSEE shall be responsible for its own cleaning of the Leased Premises, and the prompt and proper disposal of
all garbage, refuse, debris and other waste as mandated by reasonable and uniform Building regulations. LESSOR shall provide and maintain a trash dumpster and/or compactor at the Building loading dock, for the non-exclusive use of all tenants for
disposal of non-hazardous/non controlled materials and substances. LESSEE may, but shall not be obligated to implement a recycling program, but its implementation, maintenance, or operation shall be without any cost or expense to LESSOR or any other
tenants of the Building. LESSOR is not obligated to coordinate any such program in any respect. 
 7. Utilities. LESSOR shall provide to the Leased
Premises and also to the common areas and facilities which LESSEE enjoys the right to use in accordance with standards reasonably determined by LESSOR for the Building and set forth herein, the following services: (1) hot and cold running water
from points of supply to the water faucets or taps in the Leased Premises for use by LESSEE, the cost of which shall be paid by LESSEE  

  
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per the readings of the existing submeter for the Leased Premises; (2) heat and air conditioning (as applicable) during Normal Business Hours (and at such other times requested by LESSEE in
accordance with the provisions of this Section 7 set forth below), as to which LESSEE controls and maintains the system servicing its laboratory space within the Leased Premises, and LESSOR controls and maintains the system servicing the office
space within the Leased Premises; (3) ventilation and exhaust, and electricity (payable by LESSEE), sufficient for the Permitted Uses as they are generally stated and in amounts that satisfy the operating criteria set forth on Exhibit D (the
“Operating Criteria”); (4) maintenance and repair of the Building, Premises and Common Areas as set forth in Section 11 below; and (5) elevator service; (items (1) through (5) above are collectively referred to
herein as “Services”). “Normal Business Hours” shall mean 8 AM to 6 PM Monday through Friday, except for the following holidays, only: Thanksgiving Day, Christmas Day, New Years Day, Memorial Day, Fourth of July Day, and Labor
Day. 
 Notwithstanding the foregoing, LESSEE shall pay all charges for electricity used on the Leased Premises per the existing submeter for the Leased
Premises as set forth below. LESSOR shall provide monthly estimates of use that are based upon actual use for the prior year (i.e. the estimates to be reset annually), to be confirmed by periodic check meter readings for the Leased Premises itself.
LESSEE shall pay for such electrical charges upon receipt of its monthly invoice from LESSOR, to be rendered and paid based on those estimates within thirty (30) days of LESSEE’s receipt of the invoice. Within one hundred twenty
(120) days of the close of each calendar year, LESSOR shall adjust the LESSEE’s prior year’s electrical payments to account for the actual and properly accrued charges reflective of the actual check meter readings for such year, and
shall issue LESSEE a refund or deficiency statement for that year, as appropriate. LESSEE shall pay any deficiency shown thereon within thirty (30) days of its receipt of said invoice. Any rebates due LESSEE (not contested by LESSOR) shall be
credited toward then current monthly electrical charge invoices or paid to LESSEE within thirty (30) days. 
 LESSOR shall maintain (a) an average
temperature in the useable common areas of the Building generally between 60 degrees Fahrenheit and 80 degrees Fahrenheit at all times, and (b) an average temperature in the office portions of the Leased Premises generally between 60 degrees
Fahrenheit and 80 degree Fahrenheit during Normal Business Hours (the “HVAC Criteria”). LESSEE hereby acknowledges that LESSEE controls the temperature in its own laboratory spaces; there shall be no requirement for LESSOR to maintain the
foregoing standards with respect thereto; and LESSOR shall not be responsible for coordination of the relative temperatures within the Leased Premises or the balancing of the HVAC systems servicing the Leased Premises, given LESSEE’s control
over such laboratory spaces; provided, however, that LESSOR shall be responsible for providing electricity and water to the HVAC equipment serving the laboratory spaces 24-hours per day, 7 days per week, such usual and customary electrical capacity
and water volume to be in same quantities as are sufficient for the average office/laboratory tenant in the building without regard to any special requirements or 

  
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specialized equipment (it being LESSEE’s responsibility to make separate arrangements with LESSOR, at LESSEE’s cost and expense, for any greater or more intense requirements). At any
time, upon no less than 48 hours’ prior notice by LESSEE, LESSOR shall make available overtime heat and air-conditioning to LESSEE at the Premises in accordance with clause (b) of the HVAC criteria, and LESSEE shall pay as additional rent,
overtime heat and air-conditioning for the office portions of the Leased Premises as may be requested by LESSEE for the Leased Premises on the basis of $ 350.00 per zone, per hour (subject to increase by the same percentage amount by which the
standard electric rates are increased), as billed by LESSOR. LESSEE shall give LESSOR 48 hours prior notice of any requirements for specialized overtime heating and air-conditioning. LESSOR shall not be liable to LESSEE for any interruption,
interference, damage or loss to LESSEE’s research or experimentation occasioned as a result of any failure in the heating, ventilation, air conditioning, or electrical services or other utilities servicing the Building or the Leased Premises.
No plumbing or electrical work of any type shall be done without LESSOR’s approval which approval shall not be unreasonably withheld or delayed, and, if applicable, the appropriate municipal permit and/or inspector’s approval. Water for
domestic type sanitary purposes (only) shall be supplied at LESSOR’s expense. There shall be separately metered and separately paid for by LESSEE, non-potable laboratory water and water for other particularized uses in the Leased Premises. 

An “Abatement Event” shall be defined as an event or circumstance (other than those addressed in Section 18, and subject to Section 27
herein) that prevents LESSEE from using the Premises or any portion thereof, as a result of any failure to provide Services or access to the Premises. LESSEE shall give LESSOR notice (“Abatement Notice”) of any such Abatement Event, and if
such Abatement Event continues beyond the “Eligibility Period” (as that term is defined below), then the Annual Base Rent and LESSEE’s other monetary obligations to LESSOR hereunder shall be abated entirely or reduced, as the case may
be, after expiration of the Eligibility Period for such time that LESSEE continues to be so prevented from using, and does not use, the Premises or a portion thereof, in the proportion that the rentable area of the portion of the Premises that
LESSEE is prevented from using, and does not use, bears to the total rentable area of the Premises; provided, however, in the event that LESSEE is prevented from using, and does not use, a portion of the Premises for a period of time in excess of
the Eligibility Period and the remaining portion of the Premises is not sufficient to allow LESSEE to effectively conduct its business therein, and if LESSEE does not conduct its business from such remaining portion, then for such time after
expiration of the Eligibility Period during which LESSEE is so prevented from effectively conducting its business therein. Annual Base Rent and LESSEE’s other monetary obligations to LESSOR hereunder shall be abated entirely for such time as
LESSEE continues to be so prevented from using, and does not use, the Premises. The term “Eligibility Period” shall mean a period of three (3) consecutive days after LESSOR’s receipt of any Abatement Notice(s). In addition, if an
Abatement Event continues for sixty (60) consecutive days after any Abatement Notice, LESSEE may terminate this Lease by written notice to LESSOR at any time prior to the date such Abatement Event is cured by LESSOR. 

  
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 8. Compliance with Laws. LESSEE acknowledges that no trade, occupation, or activity shall be conducted in
the Leased Premises or use made thereof which will be unlawful, improper, noisy or offensive, or contrary to any federal or state law or administrative regulations, or any municipal ordinance or regulations in force at any time in Cambridge. LESSEE
shall keep all employees working in the Leased Premises covered with Worker’s Compensation Insurance, as applicable. Specifically, LESSEE shall be responsible for causing the Premises and any work conducted therein to be in full compliance with
the Occupational Safety and Health Act of 1970 and any amendments thereto. LESSEE shall strictly adhere to any and all federal, state, and municipal laws, ordinances, and regulations governing the use of LESSEE’S laboratory
scientific experimentation. LESSEE shall be solely responsible for procuring and complying at all times with any and all necessary permits directly relating or incident to: the conduct of its office and research activities on the Premises; its
scientific experimentation on the Premises; any transportation; storage; handling; use and disposal of any low level radioactive or bacteriological or pathological substances or organisms or other hazardous wastes or environmentally dangerous
substances or materials. LESSEE shall immediately give notice to LESSOR of any warnings or violations relative to the above received from any federal, state, or municipal agency or by any Court of Law, and shall immediately cure the conditions
causing any such violations; and LESSOR shall permit LESSEE to cure said harm or hazard prior to any active intervention by LESSOR (except where such intervention is necessitated by the emergency nature of the harm or hazard; or where the harm or
hazard impairs the value of the Building, (directly or as collateral on any debt); interests with any other tenant’s rights; or is required by any governmental agency or authority. 

LESSEE shall fully indemnify and hold harmless in all respects LESSOR from any and all claims, demands, losses, liabilities, and damages (including all
necessary and reasonable expenses for contractors, consultants, environmental engineers, attorneys, and other professionals utilized by LESSOR to evaluate and remediate any hazard or harm caused by LESSEE and which LESSEE has failed to cure; and
further including any and all fines or fees assessed by any governmental agency relative to any hazard or harm), directly arising from the conduct of its research on the Leased Premises (especially relating to research involving hazardous
substances), or LESSEE’s obligations and responsibilities as set forth above and herein, and excepting liability for any claims and damages resulting from the acts or negligence of LESSOR or its agents or employees. 

Notwithstanding the foregoing or any other provision of this Lease, however, LESSEE shall not be responsible for compliance with any such laws, regulations,
or the like requiring (i) structural repairs or modifications or (ii) repairs or modifications to the base Building utilities running to the Leased Premises or (iii) installation of new Building service equipment, such as fire
detection or suppression equipment, unless such repairs, modifications, or installations shall be due to LESSEE’s particular manner or intensity of use of the Leased Premises (in contrast to the general office/laboratory use allowed under

  
 12 

 
the Permitted Uses), or LESSEE’s negligence or willful misconduct or that of its employees, agents or independent contractors. 

LESSOR hereby represents and warrants to LESSEE that (a) the Building and the Premises shall on the Delivery Date be in material compliance with all
applicable laws, regulations orders and any instruments or agreements encumbering or affecting the Building, and LESSOR covenants to keep the same in compliance throughout the Term subject to LESSEE’s obligations under Section 32 of this
Lease; (b) LESSOR holds fee simple title to the Building and the property on which it is located, subject to no current mortgage other than Morgan Stanley Mortgage Capital Inc., as evidenced by the Mortgage recorded with the Middlesex Registry
District of the Land Court as Document No. 1306086, Certificate No. 229899, Book 01279 Page 149; (c) LESSOR has full power and authority to enter into this Lease and has obtained all consents and taken all actions necessary in
connection therewith; and, (d) no other party has any possessory right to the Leased Premises or has claimed the same. 
 9. Fire and General
Insurance Requirements. LESSEE shall not permit any use of the Leased Premises which will make voidable, increase any premium, or decrease any insurance on the Building and property of which the Leased Premises are a part, or on the contents of
said Building, or which shall be contrary to any law, regulation, or order from time to time to established or issued by the local Fire Department, or any similar body, or any restriction contained in any of LESSOR’S insurance
policies as to the Building and property provided, however that LESSOR hereby represents and warrants that the Permitted Uses contemplated hereunder shall not violate any of the foregoing regulations or restrictions as of the Delivery Date. LESSEE
shall, on demand, reimburse LESSOR all extra insurance premiums caused by LESSEE’S particular use of the Leased Premises (as opposed to Permitted Uses generally). LESSEE shall pay LESSOR if LESSOR incurs any extraordinary costs
or expenses to maintain the Leased Premises or any Building equipment servicing the same incurred as a direct result of LESSEE’S vacating the Leased Premises or allowing the same to remain unoccupied for any extended periods of
time during the Lease Term. 
 10. Maintenance of Leased Premises. LESSOR shall be responsible for all exterior and structural maintenance of
the Leased Premises (including without limitation exterior plate glass), the maintenance and repair of the Building, including without limitation the roof and foundation of the Building of which the Leased Premises are a part, and for the
maintenance, repair and replacement of all common areas serving the Premises and LESSOR’S heating and cooling equipment, doors, locks, plumbing, and electrical wiring, and other Building systems serving the Premises and common
areas of the Building; except for damage caused by the malicious, willful, or negligent acts of LESSEE, and chemical, water or corrosion damage from any source within the control of LESSEE. LESSEE agrees to maintain at its expense all other elements
and components of the Leased Premises in the same condition as they are at the Delivery Date, normal wear and tear and damage by fire or casualty only excepted, and whenever necessary, to replace light bulbs (after the first six months of the term),
interior plate glass and other glass  

  
 13 

 
therein, acknowledging that the Leased Premises upon delivery and acceptance by LESSEE on the Delivery Date (except for latent defects and Punch List Items) are in good order and the light bulbs
and glass whole. LESSEE will properly control or vent all solvents, degreasers, and the like and shall not cause the area surrounding the Leased Premises to be in anything other than a neat and clean condition, depositing all waste in appropriate
receptacles. LESSEE shall not permit the Leased Premises to be overloaded, damaged, stripped or defaced, suffer any waste of the Leased Premises. Any maintenance which is the responsibility of LESSOR and which is necessitated by some specific aspect
of LESSEE’s negligent or reckless use of the Leased Premises shall be at LESSEE’s expense. All maintenance provided by LESSOR shall be performed as reasonably required at LESSOR’s discretion and except for emergencies, during
LESSOR’s normal business hours. Except as otherwise permitted herein, LESSEE may not keep any animals on the Leased Premises without prior written notice to and approval from LESSOR in each instance, which approval may be denied or conditioned
in LESSOR’s discretion. LESSEE shall be solely responsible for maintenance and operation of any and all of its systems installed by the LESSEE and shall waive any and all claims against LESSOR for any damage, impairment, or loss relative to
these systems unless such damage is caused by the acts or negligent or reckless acts of LESSOR. Specifically, LESSEE shall maintain, at its sole expense, and pay all charges for electrical service and use of all LESSEE’s equipment associated
with its operation. 
 LESSOR shall provide: (a) for maintenance, repair and upkeep for the landscaping on the property; (b) janitorial services
in the common areas; (c) hot and cold water for lavatories, restrooms, kitchenettes and potable water; (d) its standard security system into the Building (LESSEE to be responsible for installation, monitoring, maintenance and repair of its
own security system into the Leased Premises from the adjacent common areas, and to coordinate the means of emergency access into the Leased Premises with LESSOR; LESSOR to reasonably cooperate with LESSEE to the extent reasonably possible (without
additional cost to LESSOR)). 
 11. Delivery to Lessee - Lessee’s Alterations to Leased Premises - Emergency Generator Alternatives 

The Leased Premises are to be delivered to LESSEE on the Delivery Date in the condition set forth in this Section 11 and Sections 8 and 32 hereof. 

LESSEE may make its initial improvements to the Premises at LESSEE’s sole cost and expense as set forth in Section 32. 

Other than the initial improvements made by LESSEE in accordance with Section 32, LESSEE shall not make structural alterations or additions of any kind
to the Leased Premises, but may make nonstructural alterations provided LESSOR consents thereto in writing, said consent not to be unreasonably withheld, conditioned or delayed. Plans and specifications for any of LESSEE’s potential
improvements shall be submitted by LESSEE to LESSOR in each instance, in advance of any proposed work, in sufficient 

  
 14 

 
detail and scope to enable LESSOR to make a reasonable determination thereon. All such allowed alterations shall be at LESSEE’s expense and shall be in quality at least equal to the present
construction. If LESSOR performs any services for LESSEE in connection with such alterations or otherwise, LESSEE shall reimburse LESSOR for LESSOR’s actual and reasonable out-of-pocket costs for such services and any invoice therefor will be
promptly paid. LESSEE shall be responsible to use such contractors as will ensure harmonious labor relations in the Building and on the site; and to prevent strikes, work stoppages, picketing and other labor actions. LESSEE shall submit a list of
its contractors to LESSOR in advance. LESSEE shall provide LESSOR with acceptable general liability and builder’s risk insurance certificates naming LESSOR and its lender as additional named insureds prior to the commencement of any work by
LESSEE. LESSEE shall not permit any mechanics liens, or similar liens, to remain upon the Leased Premises in connection with work of any character performed or claimed to have been performed at the direction of LESSEE and shall cause any such lien
to be released, removed or bonded forthwith without cost to LESSOR. Any alterations completed by LESSEE, including, without limitation, window blinds or other window treatment, shall be building standard unless LESSOR expressly agrees otherwise.
Unless otherwise agreed by LESSOR in writing, any and all installations by LESSEE shall become a part of the Leased Premises and LESSEE shall not remove the same either during the Term or at the expiration or earlier termination of this Lease,
unless directed to do so by LESSOR at the time such Alterations are approved; except that LESSEE shall have the right to remove any hard-wired or hard-plumbed equipment purchased, paid for and installed by LESSEE itself, such as chemical fume hoods,
as long as LESSEE restores the Leased Premises to the condition that it was in prior to the installation of such equipment. Notwithstanding the foregoing or any provision to the contrary contained herein, (i) LESSEE shall retain title to and be
entitled to remove any movable office furniture, equipment, trade fixtures, portable bio hoods, and other personal property at the Premises, provided the Leased Premises and any common areas impacted thereby are restored to their original condition
prior to such installations; (ii) LESSEE shall retain title to and be entitled to remove its emergency generator, provided the Leased Premises and any common areas impacted thereby are restored to their original condition prior to such
installation; (iii) LESSEE shall not be required to remove from the Premises any portion of the LESSOR’s Build-Out; and (iv) LESSEE shall be entitled to request of and receive from LESSOR, a statement at the time LESSEE makes any
improvements to the Leased Premises as to whether the item or items being installed will be required to be removed by LESSEE at the expiration or earlier termination of the Lease. LESSOR shall have the right at any time to change the arrangement of
parking areas, stairs, walkways or other common areas of the Building of which the Leased Premises are a part, provided such changes do not interfere with LESSEE’s use of the Leased Premises or access to such areas and facilities (including,
without limitation, the Building and the Premises), or any other right of LESSEE hereunder. 
 Additionally, LESSEE shall be entitled to the shared use
(with other tenants) during the Lease Term of an emergency generator provided by Landlord. Landlord will maintain and service the emergency generator during the Term. LESSEE is required to install, 

  
 15 

 
prior to its use thereof, at its own cost and expense (but under LESSOR’s direction), a separate panel to the existing emergency generator panel, along with a separate submeter to allow
readings of LESSEE’s own use, LESSOR shall be entitled to access the submeter periodically and shall invoice LESSEE for LESSEE’s electricity use and share of maintenance as provided below for emergency generator usage, which invoices shall
be paid by LESSEE within thirty (30) days of receipt, said payments to be considered to be Additional Rent hereunder. As an express condition to LESSEE’s use of the emergency generator as provided above, LESSEE agrees its use of the
emergency generator shall be at its sole risk at all times, and that LESSOR shall not be liable for any claims, damages or liabilities arising the operation or malfunction of the emergency generator, unless LESSOR fails to adequately maintain or
service the emergency generator. 
 All tenants sharing use of the emergency generator, from time to time, shall pay their own proportional share for its
operation (including without limitation all costs and expenses of service and maintenance), with LESSEE to be responsible for its respective proportional share. Payments shall be made within thirty (30) days of invoicing by LESSOR. Cost sharing
allocations shall be based on the amount of power (amperage) allocated to each such tenant by LESSOR, such that all tenants engaged in such sharing shall account for 100% of all such costs. For example two tenants sharing the emergency generator
where tenant A is allocated 30% and tenant B allocated 70% shall share all such costs in that proportion; if a third tenant is added such that tenant A is allocated 30%, tenant B allocated 40%, and tenant C allocated 30% then they shall share all
such costs in that proportion; etc. 
 Alternative to the use of the shared emergency generator, LESSEE shall have the option in its discretion to install
its own emergency generator in a location either on the roof of the Building, or alternatively, in another location designated by LESSOR (e.g. parking garage level) by mutual agreement of LESSOR and LESSEE; LESSOR to approve the specifications
therefor (such approval not to be unreasonably withheld or delayed); with all costs and expenses thereof to be borne by LESSEE (including all costs and expenses of operation, servicing, maintenance and repair). 

12. Assignment and Subletting. LESSEE covenants and agrees that neither this Lease nor the Term and estate hereby granted, nor any interest therein
will be assigned, mortgaged, pledged, encumbered or otherwise transferred, and that neither the Leased Premises, nor any part thereof, will be encumbered in any manner by reason or by act or omission of LESSEE, or used or occupied, or permitted to
be used or occupied, by anyone other than LESSEE, its servants, agents, contractors and employees, or for any use or purpose other than as above stated, or be sublet, without in each case LESSOR’S prior written consent, which
shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, LESSOR’S prior written consent shall not be required for any assignment or sublet to an wholly or majority owned affiliate or subsidiary of the LESSOR,
or any entity succeeding to LESSOR as a direct result of a merger or 

  
 16 

 
consolidation or asset or stock transfer or issuance of stock by LESSEE (“Permitted Transfer”). 

The grounds upon which LESSOR may reasonably withhold its consent are as follows: 
  

	 	(i)	The prospective assignee’s or sub-lessee’s intended use of the Premises is not identical to the permitted uses set forth in the Lease; or, 

 

	 	(ii)	The nature, character, class and standards of the prospective assignee’s or sublessee’s business will not be consistent with those of other lessees in the Building or will not conform to the mix of other
lessees in the Building at that time; or, 

  

	 	(iii)	The financial strength and reliability of the prospective assignee or sublessee, excluding any additional personal or corporate guarantees, is not sufficient, in LESSOR’S reasonable business
judgment, to meet all of LESSEE’S obligations to be performed as of and from the date of said assignment or sub-letting. The prospective assignee or sub-lessee must produce to LESSOR’S accountants a verified
and current audited financial statement, (or if none has been prepared by said prospective assignee within the past three years, a CPA certified current financial statement), and such other documentation as is material in making such determination;
which shall be kept confidential by them; or, 

  

	 	(iv)	The operations of the prospective assignee or sub-lessee will violate any exclusive or other rights given any other lessees in the Building; or, 

 

	 	(v)	The failure of LESSOR’S mortgage lender(s) to consent. 

 Except in the case of a Permitted
Transfer, LESSOR, in addition to Annual Base Rent and all Additional Rent hereunder, shall be entitled to fifty (50%) percent of the full amount of any and all sums assessed or collected by LESSEE, in whatever form, attributable to or arising
from the permitted subletting or assignment (after deduction for reasonable brokerage commissions and attorneys fees actually incurred, reasonable marketing costs, and reasonable tenant improvement and free rent concessions; and excluding shared
administrative or laboratory type services , e.g. shared fax machine, shared lab ice machine, etc.) which exceed said Annual Base Rent or Additional Rent hereunder, (herein, “Rent Mark-Up”). Legitimate good faith reimbursements for
employees or independent contractors shared in common as between LESSEE and any permitted sublessee or assignee, shall not be deemed to be sums assessed or collected by LESSEE attributable to or arising from the permitted subletting or assignment.

 Notwithstanding LESSOR’s consent to the assignment or subletting, as contemplated above, LESSEE shall remain primarily liable to LESSOR for the
payment of all Rent and 

  
 17 

 
for the full performance of the covenants and conditions of this Lease; and LESSOR may collect all sums due as Rent directly from the assignee/subtenant. 

Notwithstanding the foregoing, in the event that LESSEE desires to sublet the Leased Premises or any portion thereof, other than in connection with a
Permitted Transfer, it shall be in each instance notify the LESSOR in writing, stating the intended effective date of the proposed sublet (which shall not be less than 60 days from the date of said notice to LESSOR). Subject to the preceding
sentence, if the proposed sublease itself (or cumulatively with other approved subleases) accounts for the sublease of greater than forty (40%) percent of the area of the Leased Premises, then LESSOR shall have a period of 60 days from the date
it receives such notice to exercise an election to take back the Premises, in LESSOR’s sole discretion and without any obligation to so elect, whatsoever, notwithstanding the circumstances, and without prejudice to or waiver of any of
LESSOR’s rights or LESSEE’s continuing obligations hereunder. LESSEE shall provide LESSOR with all reasonably material information relative to LESSOR making an informed decision concerning said sublet, immediately upon LESSOR’s
request. If LESSOR elects to take back the Premises, it shall send written notice thereof to LESSEE; and LESSEE shall be irrevocably bound to surrender and vacate the Premises as if the Term of the Lease had expired on the date set forth in the
LESSEE’s initial notice to LESSOR; and provided LESSEE vacates and surrenders on said date, without being in default (of which LESSEE has been provided written notice) of any provision hereof as of said date, this Lease shall be null and void
and without recourse to either party hereto (but for terms and conditions contemplated herein to survive termination of this Lease). LESSEE shall not be entitled to any payments, commissions, credits, offsets, or any kind or nature arising from said
sublet, nor shall any individual or entity acting by, through, or under LESSEE be so entitled. Once an election is made by LESSOR, LESSEE shall be subject to the penalties for holding over set forth in this Lease, if it fails to vacate and surrender
the Premises by the date stated in the notice, or if it fails to discharge (or cause its lenders or others with which LESSEE has dealt to discharge) any and all recorded liens or other encumbrances, notices, or restrictions on its leasehold or
contractual interest in and to the Premises as of said date. Nothing in this paragraph shall require LESSOR to make an election to take back the Premises, and nothing in the aforesaid process shall relieve LESSEE of its liability under this Lease
should LESSOR elect not to take back the Premises. 
 13. Subordination. This Lease shall be subject and subordinate to any and all mortgages and
related documents placed on the Building, Leased Premises or the real property in existence as of the date hereof or coming into existence at any time hereafter. LESSEE shall upon execution of this Lease execute and deliver
LESSOR’S lender’s form of Subordination Nondisturbance and Attornment Agreement, substantially in the form attached hereto as Exhibit F (“Lender’s SNDA Form”), and LESSOR shall use commercially reasonable
efforts to procure execution thereof from its current lender and provide a fully executed original to LESSEE. LESSOR’S inability to provide the same despite its commercially reasonable efforts to do so shall not be deemed to be a
default under this Lease. LESSOR shall be deemed to have used “commercially reasonable 

  
 18 

 
efforts” in the foregoing instance if it makes a prompt request in writing for execution of such Lender’s SNDA Form upon Lease signing (with a copy to the LESSEE); makes at least weekly
phone inquiries to the lender or loan servicer as to the status of its execution, by its counsel or in-house leasing manager; and to the extent required by the lender or loan services, pays any required loan servicing fee required by such lender.
Further, at any other time during the Term, LESSEE shall, within fifteen (15) days after written request from LESSOR, execute and deliver the LESSEE’s Lender’s SNDA Form to LESSOR who shall use commercially reasonable efforts to
procure execution thereof from its then current lender(s) and provide a fully executed original to LESSEE. LESSOR’s inability to provide the same despite its commercially reasonable efforts to do so shall not be deemed to be a default under
this Lease. 
 14. Lessor’s Access to Leased Premises. LESSOR or agents of LESSOR may at reasonable times and upon reasonable notice where
possible enter to view the Leased Premises and may remove any signs not approved and affixed as herein provided, and may make repairs and alterations as LESSOR should elect to do and repairs which LESSEE is required but has failed to do (but only
after notice and an opportunity to repair being provided to LESSEE), and may show the Leased Premises to prospective mortgagees and appraisers, and during the last nine (9) months of the Term to brokers, and others and to prospective tenants.
Additionally, to the extent necessary to service other portions of the Premises or the common areas or other tenant spaces in the building; LESSOR may add, relocate, or maintain a chase, pipes, conduits, or ducts, within the Premises provided the
aforesaid do not materially interfere with LESSEE’S use of the Premises or its aesthetics. If any such addition or relocation reduces the space available for use by LESSEE, the amount of Annual Base Rent and
LESSEE’S Allocable Percentage for Operating Expenses and Taxes shall be reduced accordingly. Any entry by LESSOR onto the Premises for this purpose shall be done in such manner as to minimally interfere with the business
conducted thereon by LESSEE, and undertaken with reasonable steps to protect LESSEE’S property. 
 15. Snow Removal.
LESSOR will be responsible for the removal or other treatment of snow and ice on walkways, sidewalks, entryways and parking areas. Notwithstanding the foregoing, however, LESSEE shall hold LESSOR harmless from any and all claims by LESSEE’s
agents, representatives, employees or business invitees for damage or personal injury resulting in any way from snow or ice on any area serving the Building, provided LESSOR has performed this obligation absent LESSOR’s gross negligence or
willful misconduct. 
 16. Access and Parking. LESSEE shall be granted the right, at current rates (which may be increased from time to time
to reflect market increases), to park up to twenty one (21) cars in the Building’s on-site indoor parking lot or facility on an unassigned and unreserved basis, in single or tandem spaces or on a valet basis which LESSOR in its sole
discretion shall designate from time to time. The initial parking rate therefor shall be $ 210 per month, per car, which monthly rate may be changed by LESSOR in its discretion subject to and reflective of periodic market changes in accordance
with this 

  
 19 

 
paragraph. All payments for these parking rights shall be considered to be Additional Rent under this Lease. Additionally, LESSEE shall be entitled to up to an additional seven (7) parking
spaces (i.e. twenty eight (28) parking spaces in total) in the Building garage (but only on a valet basis, and only to the extent LESSOR is providing valet service to the Building garage, which LESSOR shall not be obligated to do), at then
current rates as set by LESSOR in its discretion. The Building garage, plus any stairs, walkways or other means of ingress or egress controlled by the LESSOR shall not in any case be considered extensions of the Leased Premises. LESSEE will not
obstruct in any manner any portion of the Building or the walkways or approaches to the Building, and will conform to all reasonable and non-discriminatory rules now or hereafter made by LESSOR for parking, and for the access and egress, security,
care, use, or alteration of the Building, its facilities and approaches in connection with such parking, provided the same do not decrease LESSEE’s parking rights hereunder. LESSEE further warrants that LESSEE will not permit any employee or
visitor to violate this or any other covenant or obligation to LESSEE. No vehicles shall be stored or left in any parking area for more than three nights without LESSOR’s written approval. Unregistered or disabled vehicles, or storage trailers
of any type, may not be parked overnight at any time. LESSEE agrees to assume all expense and risk for the towing of any misparked vehicle belonging to LESSEE or LESSEE’s agents, employees, business invitees, or callers, at any time. For the
purpose of this section the term “space” shall mean general access for one motor vehicle. All vehicles shall be parked and left on the premises at their owners’ sole risk and LESSOR shall not be liable for any damages caused to said
vehicles while they are parked or left on the premises. 
 17. Liability Insurance. LESSEE shall be solely responsible as between LESSOR and LESSEE
for deaths or personal injuries to all persons whomsoever occurring in or on the Leased Premises from whatever cause arising, and damage to property to whomsoever belonging arising out of the use, control, condition or occupation of the Leased
Premises by LESSEE; and LESSEE agrees to indemnify and save harmless LESSOR from any and all liability, reasonable expenses, damage, causes of action, suits, claims or judgments caused by or in any way growing out of any matters aforesaid. LESSOR
shall be solely responsible as between LESSOR and LESSEE for deaths or personal injuries to all persons whomsoever occurring in or on the Leased Premises, Building, or the property on which the Building is located resulting or arising from any
negligent act or omission by LESSOR, and damage to property to whomsoever belonging arising out of any negligent act or omission by LESSOR; and LESSOR agrees to indemnify and save harmless LESSEE from any and all liability, reasonable expenses,
damage, causes of action, suits, claims or judgments caused by or in any way growing out of any matters aforesaid. LESSEE will secure and carry at its own expense a comprehensive general liability policy insuring LESSEE, LESSOR (and its lenders and
any other entity reasonably requested in writing by LESSOR) against any claims based on bodily injury (including death) arising out of the condition of the Leased Premises or their use by LESSEE, such policy to insure LESSEE, LESSOR and said other
entities against any claim up to Two Million ($2,000,000.00) Dollars per occurrence for personal injury or damage to property. LESSOR and its lenders shall be included in such policy as 

  
 20 

 
additional insureds. LESSEE will promptly file with LESSOR certificates showing that such insurance is in force, and thereafter will file renewal certificates prior to the expiration of any such
policies. All such insurance certificates shall provide that such policies shall not be canceled without at least thirty (30) days prior written notice, except in the event of cancellation for non payment of premium, whereby ten
(10) days’ prior notice will be provided to each insured named therein. 
 LESSOR shall maintain in full force from the date upon which LESSEE
first enters the Premises for any reason, throughout the Term, a policy of insurance upon the Building insuring against all risks of physical loss or damage under an All Risk coverage endorsement in an amount at least equal to the full replacement
value of the property insured, with an Agreed Amount endorsement to satisfy co-insurance requirements, as well as insurance against breakdown of boilers and other machinery as customarily insured against. LESSOR shall supply to LESSEE from time to
time upon request of LESSEE certificates of all such insurance issued by or on behalf of the insurers named therein by a duly authorized agent. 
 LESSOR
and LESSEE waive all rights of recovery against the other and its respective officers, partners, members, managers, agents, representatives, and employees for loss or damage to its real and personal property kept in the Building which is required to
be insured by such party hereunder (except to the extent the foregoing may have the effect of altering the parties agreed waiver of subrogation). Each party shall, upon obtaining the property damage insurance required by this Lease, notify the
insurance carrier that the foregoing waiver is contained in this Lease and shall use reasonable efforts to obtain an appropriate waiver of subrogation provision in the policies. 

18. Fire, Casualty, Eminent Domain. Should a substantial portion of the Leased Premises, or of the property of which they are a part, be substantially
damaged by fire or other casualty, or be taken by eminent domain (in either case such that restoration of the Premises within six (6) months after such event is not practicable), LESSOR or LESSEE may elect to terminate this Lease by written
notice. When such fire, casualty, or taking renders the Leased Premises substantially unsuitable for their intended use and no termination has been elected, a just and proportionate abatement of rent shall be made, and LESSEE may elect to terminate
this Lease if: (a) LESSOR fails to give written notice within ninety (90) days of intention to restore Leased Premises, or (b) LESSOR fails to restore the Leased Premises to a condition substantially suitable for their intended use
within one hundred eighty (180) days of said fire, casualty or taking. LESSOR reserves all rights for all damages or injury to the Leased Premises for any taking by eminent domain; except for damage to LESSEE’S moveable
fixtures, property or equipment, or moving expenses, which are specifically allocated to LESSEE by the taking authority or arbitrators. 
 19.
Brokerage. LESSEE and LESSOR each warrants and represents to the other that they have dealt with no broker or third person with respect to this Lease or the Leased Premises or Building entitled to a commission as a result of this Lease, other
than 

  
 21 

 
Colliers Meredith & Grew and CB Richard Ellis, whose fees shall be paid by LESSOR pursuant to separate written agreements; and LESSOR and LESSEE each agree to indemnify and hold harmless
the other from any fees, expenses, or damages arising from breach of the above warranty. 
 20. Signage. LESSEE shall have the right to have its name
included at LESSOR’s expense in any central directory maintained by LESSOR listing the Building’s other tenants. LESSOR authorizes LESSEE, if desired, to display one sign on LESSEE’s office entrance door (at LESSEE’s expense)
consistent with similar signs of other tenants. LESSEE shall obtain the written consent of LESSOR before erecting any other sign on the Leased Premises, which consent may be conditioned on compliance with LESSOR’s requests as to size, wording,
and location of such signs, but shall not be unreasonably withheld or delayed. 
 21. Default. In the event that; (a) LESSEE shall default in
the payment of the Security Deposit Amount or any installment of Annual Base Rent or any Additional Rent, and such default shall continue for five (5) days after written notice thereof; or (b) LESSEE shall default in the observance or
performance of any other of LESSEE’S covenants, agreements, or obligations hereunder and such default shall not be corrected within thirty (30) days after written notice thereof; provided, however, that if such failure
cannot reasonably be cured within such 30-day period, then LESSEE shall not be in default if, and so long as, LESSEE commences such cure within such 30-day period and thereafter diligently pursues such cure to completion (provided there is no
material interference with the operations of the Building or any tenant therein during such protracted cure period); (c) LESSEE shall be declared bankrupt or insolvent according to law, or if any voluntary or involuntary petition for bankruptcy
is filed against LESSEE and not discharged within sixty (60) days from filing; or if any assignment shall be made of LESSEE’S property for the benefit of creditors; then, while such default continues, and without demand or
further notice, LESSOR shall have the right to re-enter and take complete possession of the Leased Premises, to declare the term of this Lease ended, and to remove LESSEE’S effects, without being guilty of any manner of trespass
and without prejudice to any remedies which might be otherwise used for arrears of rent and other default of breach of covenant. LESSEE shall indemnify LESSOR against all loss of Rent and other payments, which LESSOR may incur by reason of such
termination during the remainder of the term, it being expressly understood that LESSOR shall use reasonable efforts to relet the Leased Premises and collect all rents from such reletting. If LESSEE shall default, after reasonable notice thereof, in
the observance or performance of any conditions or covenants on LESSEE’S part to be observed or performed under or by virtue of any one of the provisions in any section of this Lease, LESSOR, without being under any obligation to
do so and without thereby waiving such default, may after the expiration of any applicable cure period, remedy same for the account and at the expense of LESSEE, (including but not limited to application of any or all of the Security Deposit held by
LESSOR). If LESSOR pays or incurs any obligations for the payment of money in connection therewith, including but not limited to reasonable attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or

  
 22 

 
obligations incurred, with interest at the rate of eight (8%) percent per annum and costs, shall be paid to LESSOR by LESSEE as additional rent. Upon default of this Lease by LESSEE, and
because the payment of Rent in Monthly installments is for the sole convenience of LESSEE, the entire balance of Rent which would accrue hereunder shall at the option of the LESSOR become immediately due and payable; subject however to LESSOR’s
obligation to use reasonable efforts to mitigate its damages occasioned by said default. LESSEE shall be responsible to pay reasonable attorneys fees incurred by LESSOR in any successful action by LESSOR for delinquent Rent or in the case of
liquidated damages as aforesaid; and otherwise both LESSOR and LESSEE shall be entitled to such reasonable attorneys fees as a court of competent jurisdiction may award as part of its final judgment in the event of any dispute involving damages,
injunctive relief or specific performance by either. 
 Notwithstanding any provision to the contrary contained herein, (i) in no event shall LESSEE be
responsible for punitive or consequential damages incurred by LESSOR as a result of any act (or failure to act) by LESSEE, and (ii) in no event shall LESSOR be responsible for punitive or consequential damages incurred by LESSEE as a result of
any act (or failure to act) by LESSOR. 
 22. Notices. Any notice from LESSOR to LESSEE relating to the Leased Premises or to the occupancy thereof
shall be deemed duly served if sent to the Leased Premises by either certified mail, return receipt requested, postage prepaid, or by recognized overnight commercial delivery service (e.g. FedEx), addressed to LESSEE at the Leased Premises. Any
notice from LESSEE to LESSOR relating to the Leased Premises or to the occupancy thereof shall be deemed duly served if delivered to LESSOR by certified mail, return receipt requested, postage prepaid, or by recognized overnight commercial delivery
service (e.g. FedEx), addressed to: Rivertech Associates II, LLC (Attn: Dan Garvey, CFO) c/o The Abbey Group 575 Boylston Street, Boston, Massachusetts 02116, with a copy to Christopher C. Tsouros, Esq., Posternak Blankstein & Lund LLP
Prudential Tower 800 Boylston Street Boston, Mass. 02199. Notices shall be deemed given at the earlier of the date of actual delivery, or if by certified mail, three (3) business days after posting with the U.S. Postal Service. Time is of the
essence in delivery of any notice, and the performance of any obligations relating thereto. Either party may designate a different address to which notice is to be sent by providing a notice of address change to the other in accordance with this
Section 22. Prior to the Delivery Date, LESSEE’S notice address shall be LESSEE’S address set forth at the beginning of this Lease. 

23. Lessee’s Occupancy. In the event that LESSEE remains in any part of the Leased Premises after the agreed termination date of this Lease
without the written permission of LESSOR, then all other terms of this Lease shall continue to apply, except that LESSEE shall be liable to LESSOR for any loss, damages or expenses incurred by LESSOR, and all Annual Base Rent shall be due in monthly
installments at a rate of two hundred (200%) percent of that which would otherwise be due under this Lease, it being understood between the parties that such extended occupancy as a tenant at sufferance. 

  
 23 

 24. Rules and Regulations. LESSEE and LESSEE’S servants, employees, agents, invitees
and licensees shall observe faithfully and comply strictly with such reasonable and non-discriminatory rules and regulations governing the use of the Building and site and all common areas as LESSOR may from time to time, adopt, provided that a copy
of such rules and regulations has been delivered to LESSEE. 
 25. Outside Area Limitations. No goods or things of any type or description
shall be held or stored outside the Leased Premises at any time without the express written approval of LESSOR, except bicycles which shall be stored only in the bicycle rack to be provided by LESSOR. 

26. Environmental Compliance. LESSEE will so conduct and operate the Leased Premises as not to interfere in any way with the use and enjoyment of other
portions of the same or neighboring buildings by others, by reason of offensive odors, smells, noise, accumulation of garbage or trash, vermin or other pests or otherwise and will, at its expense, employ a professional pest control service if
necessary as a result of LESSEE’S operations. LESSEE agrees to maintain efficient and effective device for preventing damage to heating equipment from harmful solvents, degreasers, cutting oils, and the like, which may be used
within the premises. Except in accordance with applicable laws and except as otherwise provided herein, no hazardous wastes, radioactive materials or chemical or harmful biological agents or materials of any sort shall be stored or allowed to remain
within the Leased Premises at any time, without LESSOR’S prior notice and consent, which consent shall not be unreasonably withheld or delayed. 

Prior to vacating the Leased Premises at the end of the Term (or any applicable extension), or sooner in the event of a default hereunder, LESSEE at its sole
cost and expense shall provide LESSOR and Owner with environmental audit by qualified environmental engineering firm reasonably satisfactory to LESSOR (the “Exit Study”). Liability for any remedial actions required or recommended on the
basis of the Exit Study to address materials introduced by LESSEE or parties claiming under LESSEE shall be borne by LESSEE; LESSEE acknowledging it has received and reviewed an exit study provided by LESSOR prior to the execution of this Lease
showing the then existing environmental condition of the Leased Premises to be free from any harmful hazardous materials or contaminants, and accepts the same in all respects. 

LESSOR shall indemnify, defend and hold LESSEE harmless from and against any and all claims, losses, damages, liabilities, costs, legal fees and expenses of
any sort arising out of or relating to (i) the presence on the Premises, Building or the property on which the Building is located of any hazardous substances, hazardous wastes, pollutants, radiation

  
 24 

 
or radioactive materials present at the Premises, Building or the property on which the Building is located as of the Delivery Date, and/or (ii) any release into the environment (including,
but not limited to, the Building or the property on which the Building is located) of any hazardous substances, hazardous wastes, pollutants, radiation or radioactive materials to the extent such release results from the negligence of or willful
misconduct or omission by LESSOR or its agents or employees. 
 27. Responsibility. Neither LESSOR nor LESSEE shall be held liable to anyone for loss
or damage caused in any way by the use, leakage or escape of water or, except as otherwise provided herein, for cessation of any service rendered customarily to said Leased Premises or buildings or agreed to by the terms of this Lease, due to labor
difficulties, weather conditions, or mechanical breakdowns, to trouble or scarcity in obtaining fuel, electricity, service or supplies from the sources from which they are usually obtained for said Building, or to any cause beyond such party’s
reasonable control. 
 28. Surrender. Subject to and without limiting Section 11 above, LESSEE shall at the expiration or other
termination of this Lease remove all of LESSEE’S goods and effects from the Leased Premises. Subject to and without limiting Section 11 above, LESSEE shall deliver to LESSOR the Leased Premises and all keys, locks, thereto,
and other fixtures and equipment connected therewith, and all alterations, additions and improvements made to or upon the Leased Premises, including but not limited to any offices, partitions, cold room, plumbing and plumbing fixtures, air
conditioning equipment and ductwork of any type, exhaust fans or heaters, burglar alarms, telephone wiring, wooden or metal shelving which has been bolted, welded or otherwise attached to any concrete or steel, member of the Building, compressors,
air or gas distribution piping, cabinetry, overhead cranes, hoists, trolleys or conveyors, counters or signs attached to walls or floors, and all electrical work, including but not limited to lighting fixtures of any type, wiring, conduit, EMT,
distribution panels, bus ducts, raceways, outlets and disconnects, and excluding the compressors, and any built-in component work stations that LESSEE may install during the term, but excluding any Alterations designated under Section 11 at the
time of their approval to be removed by LESSEE and further excluding any hard-wired or hard-plumbed equipment purchased, paid for and installed by LESSEE, such as chemical fume hoods, as long as LESSEE restores the Leased Premises to the condition
that it was in prior to the installation of such equipment. LESSEE shall deliver the Leased Premises reasonable wear and tear and damage by fire or other casualty only excepted. In the event of LESSEE’S failure to remove any of
LESSEE’S property from the premises, LESSOR is hereby authorized, without liability to LESSEE for loss or damage thereto and at the sole risk of LESSEE to remove and store any such property at LESSEE’S
expense, or to retain same under LESSOR’S control or to sell at public or private sale, without notice, any or all of the property not so removed and to apply the net proceeds of such sale to the payment of any sum due hereunder,
or to destroy such property which shall be conclusively deemed to have been abandoned. 
 29. Quiet Enjoyment. So long as this Lease is in
full force and effect, LESSEE shall quietly enjoy the Leased Premises without hindrance or molestation by LESSOR or any party claiming by, through or under LESSOR or any party claiming a superior interest to the LESSOR. 

  
 25 

 30. Miscellaneous Provisions. The invalidity or unenforceability of any provision of this Lease shall not
affect or render invalid or unenforceable any other provision hereof. The obligations of this Lease shall run with the land, and this Lease shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns, except that LESSOR shall be liable only for obligations occurring while LESSOR is landlord hereunder. The obligations of LESSOR and LESSEE hereunder shall not be binding upon any director, officer, shareholder, partner, Trustee or
beneficiary of such party. Notwithstanding the definition herein of “Commencement Date”, “Termination Date”, or “Term”, or LESSOR’S obligations to deliver the Premises, this Lease shall be binding
and enforceable as against the parties hereto as of the date of its execution, 
 31. Waivers and Legal Limitations. No consent or waiver,
express or implied, by LESSOR or LESSEE, to or of any other breach of the other party of any covenant, condition or duty of that party shall be construed as a consent or waiver to or of any other breach of the same or any other covenant, condition
or duty. If LESSEE is several persons or a partnership, LESSEE’S obligations are joint or partnership and also several. Unless repugnant to the extent. “LESSOR” and “LESSEE” mean the person or persons, natural
or corporate, named above as LESSOR and as LESSEE respectively, and their respective heirs, executors, administrators, successors and assigns. In any case where either party is required to do any act other than the payment of Rent, delays caused by
or resulting from acts of god, war, civil commotion, acts of terrorism, fire, flood or other casualty, labor strikes or picketing, shortages of labor, materials or equipment, unusual or onerous government regulations, unusually severe weather or
other causes beyond such party’s reasonable control shall not be counted in determining the time during which such act shall be completed, whether such time be designated as a fixed date, a fixed time, or a “reasonable time” and such
time shall be deemed to be extended by the period of such delay. 
 32. Lessor’s Delivery of the Leased Premises; Early Access. LESSOR
shall substantially complete the work set forth on Exhibit D (the “LESSOR’S Build-Out”), at LESSOR’S sole cost and expense, prior to delivery of the Lease Premises to LESSEE on or before
November 1, 2009 (or the Outside Termination Date as the case may be under Section 1 hereof). The Delivery Date shall be established by delivery of a notice to LESSEE informing it that the LESSOR’S Build-Out is
substantially complete and that there is a valid Certificate of Occupancy for the Leased Premises and Building, and by turning over the Leased Premises to the LESSEE (the “Delivery Notice”), which Delivery Notice shall be delivered to
LESSEE at least five (5) days prior to the Delivery Date; provided, however, that the LESSOR’S Build-Out shall not be deemed substantially complete and the Delivery Date shall not be deemed to occur unless and until all
LESSOR’S Build-Out has been performed, other than any routine details of construction, the non-completion of which does not materially interfere with LESSEE’S use of the Premises (the “Punch List
Items”). Following the Delivery Notice, LESSEE shall have the right to inspect the Leased Premises with LESSOR for purposes of agreeing upon the Punch List Items. With the exception of the Punch List Items and any latent defects, LESSEE shall
be deemed to have accepted the condition of the Premises as of the 

  
 26 

 
Delivery Date. LESSOR represents that it currently a has Certificate of Occupancy for the 4th and 5th floors of the Building allowing use for general office, which includes laboratory use, and upon performance of LESSOR’s Build-Out and delivery of the Leased Premises on the Delivery Date,
LESSEE may use the Premises for its Permitted Uses; subject however to requirements for alterations LESSEE may perform after the Delivery Date and other permits that are LESSEE’s responsibility hereunder to identify, procure and maintain. 

LESSOR shall deliver the Leased Premises on the Delivery Date in its “AS/IS” condition in all respects and without representations or warranties of
any kind or nature, except as otherwise set forth herein and also except that (i) they conform to LESSOR’s standard Building specifications and that they comply with applicable laws, codes and ordinances, including without limitation the
Americans with Disabilities Act, (ii) all base building systems serving the Premises, including without limitation electrical, plumbing and HVAC systems, are in good operating condition and repair, and (iii) the laboratory-specific
mechanical, electrical, acid neutralization, HVAC and plumbing systems within or serving the Premises are delivered in good operating condition and repair. Additionally, on the Delivery Date the Leased Premises shall be delivered with a separate
acid neutralization system for LESSEE’s exclusive use, and expressly subject to LESSEE’s obligation to obtain its own MWRA permit therefor. It is the intention of the parties that substantial completion of LESSOR’s Build-Out shall be
deemed to be the “turnkey” condition contemplated herein. LESSOR shall complete the Punch List Items after the Delivery Date, in a timely and complete fashion, in a manner that does not interfere with LESSEE’s use and occupancy of the
Premises, and in any event within thirty (30) days of the Delivery Date (subject to availability of labor and materials, and any Force Majeure occurrences). 

Provided that LESSEE does not interfere with any LESSEE Build-Out work being performed by LESSEE or its contractors, LESSEE shall have the right to access the
Leased Premises prior to the Delivery Date (but at all times through and in coordination with the LESSOR) to make its initial improvements to the Premises, including but not limited to installing cabling and related equipment for voice, data and
security systems and equipping the Premises for laboratory and research use, commencing within 10 days after execution of this Lease by LESSOR and LESSEE for the cabling work, and upon LESSOR’s approval of LESSEE’s plans and specifications
as contemplated above for any other work. LESSEE shall deliver copies of LESSEE’s plans and specifications for its cabling work for voice, data and security prior to the commencement of such work by LESSEE, subject to LESSOR’s approval
which approval shall not be unreasonably withheld, conditioned or delayed, LESSEE’s customized improvements to the Leased Premises, including without limitation all cabling and laboratory equipment shall be provided and installed at
LESSEE’s sole cost and expense. 
 Notwithstanding the Delivery Date or subsequent Commencement Date as contemplated in Section 1 hereof, this
Lease shall take effect and be binding upon the parties hereto as of its execution. 

  
 27 

 
Notwithstanding any provision to the contrary contained in this Lease, LESSEE shall also be entitled to reasonable access to the Leased Premises from time to time, through and accompanied by the
LESSOR, upon execution of this Lease for the purpose of planning its interior design and layout. 
 33. Option to Extend. LESSEE, provided there is
no uncured default at the time of exercise nor have there been more than two Material Defaults (as defined below), shall have the option to extend the Term of this Lease as to the Leased Premises, on the terms and conditions herein, for one
additional period of thirty six (36) months at the then current “Market Rent”, (including annual escalations thereon for each year of the extended term based on increases in the Consumer Price Index or fixed increases, as the case may
be, as determined by then prevailing market forces), (herein, the “Extended Term”). For purposes of this Section 33, a Material Default shall be any breach of LESSEE’S obligations beyond applicable cure periods to
pay the Security Deposit Amount or any installment of Annual Base Rent or any Additional Rent as set forth in Section 21(a), to comply with LESSEE’S insurance requirements under Section 17 or environmental requirements
under Section 26 or the occurrence of a bankruptcy or other events set forth in Section 21(c). Said Extended Term shall commence, subject to proper exercise in each instance of LESSEE’S option hereunder, on the
Termination Date of the original Term, and shall terminate on that date which is thirty six (36) consecutive months after the original Termination Date. LESSEE shall exercise its option by delivering to LESSOR its written notice not later than
nine (9) full months prior to the original Termination Date. Once delivered, written notice to extend is irrevocable. 
 “Market Rent”
as used herein shall be that rent charged for comparable first class research laboratory and office space in the mid-Cambridge submarket as of the end of the original Term, but in no event shall “Market Rent” for the Premises be deemed to
be less than Annual Base Rent under this Lease for the last Lease Year (annualized) of the Original Term. If, after good faith attempts prior to the expiration of the original Term, the LESSOR and LESSEE cannot agree on a figure representing Market
Rent, then either party, upon written notice to the other, may request arbitration of the issue as provided in this section. Within fourteen (14) days of the request for arbitration, each party shall submit to the other the name of one
unrelated individual or entity with proven expertise in the leasing of commercial real estate in greater Boston/Cambridge to serve as that party’s appraiser. Each appraiser shall be paid by the party selecting him or it. The two appraisers
shall each submit their final reports to the parties within thirty (30) days of their selection. The two appraisers shall meet within the next fourteen (14) days to reconcile their reports and collaboratively determine the Market Rent.
They shall make their determination in writing, including a statement if such is the case, that they are at an impasse. Such a statement of impasse shall be submitted to the parties along with the Market Rent figure which each appraiser has selected
and his reasons and substantiation therefor. The appraisers, in case of an impasse, shall also agree on one unrelated individual or entity with expertise in commercial real estate in greater Boston, who shall evaluate the reports of the two original
appraisers and within fourteen (14) days of 

  
 28 

 
submission of the issue to him, make his own determination as to a figure representing Market Rent. The determination of this individual or entity (i.e. arbitrator) absent, fraud, bias or undue
prejudice shall be binding upon the parties. 
 Annual Base Rent and Additional Rent during any Extended Term shall be payable in advance, in equal monthly
installments on the first day of each calendar month. 
 34. Extended Term Additional Rent. LESSEE in addition to the sums payable annually to LESSOR
as Annual Base Rent, shall pay to LESSOR for each year of any Extended Term, as Additional Rent, LESSEE’S Allocable Percentage (as determined by the approximate total rentable space leased) for Operating Expenses, Real Estate
Taxes and Utilities as contemplated in Sections 3, 4 and 7 hereof. 
 35. Estoppel Certificates. Upon not less than fifteen days prior written
request by either party, the other party shall execute, acknowledge and deliver to the requesting party a statement in writing certifying that this Lease is unmodified and in full force and effect and that LESSEE has at the time of such statement no
defenses, offsets or counterclaims against its obligations to pay Annual Base Rent and Additional Rent and any other charges (in the case of any such certificate to be delivered by LESSEE) and to perform its other covenants under this Lease (or, if
there have been any modifications that the same is in full force and effect as modified and stating the modifications and, if there are any defenses, offsets or counterclaims, setting them forth in reasonable detail), and the dates to which the
Annual Base Rent and Additional Rent and other charges have been paid. Any such statement delivered pursuant to this Section may be relied upon by any prospective purchase or mortgagee of the Premises, or any prospective assignee of any such
mortgagee or, as applicable the LESSOR or LESSEE. 
 36. Governing Law. This Lease constitutes the full and complete agreement between the
parties shall be construed under and according to the laws of the Commonwealth of Massachusetts. Any provision of this Lease which is deemed void or unenforceable shall not invalidate or render void or unenforceable the entire Lease. 

37. Recordation. LESSOR and LESSEE agree to execute and deliver a Notice of Lease substantially in the form attached as Exhibit G for recording at the
Middlesex South District Registry of Deeds and/or for registration with the Middlesex South Registry District of the Land Court. 
 [Execution
Pages Follow] 

  
 29 

 IN WITNESS WHEREOF, LESSOR AND LESSEE have hereunto set their hands and seals and intend to be legally
bound hereby as of the date first set forth above. 
 LESSOR 

RIVERTECH ASSOCIATES II, LLC 
 By Rivertech Associates
II, Inc., 
 its duly authorized Manager 
  

			
	By:	 	 /s/ Robert Epstein

		 	Robert Epstein, President

 LESSEE 
 CERULEAN
PHARMA INC. 
  

			
	By:	 	 /s/ Oliver Fetzer

		 	Oliver Fetzer, President and Treasurer

  
 30 

 CORPORATE OFFICER’S CERTIFICATE 

The undersigned, hereby certifies f 1) that the undersigned is the duly elected President and Treasurer of the corporation executing this Lease,
(2) that the LESSEE’S Board of Directors has duly decided as required by law and the LESSEE’S governing documents that the LESSEE shall enter into this Lease and has duly empowered the person who executed
this Lease to do so in the name of and on behalf of the LESSEE and (3) that the LESSEE’S execution and performance of this Lease is consistent with and does not contravene or violate the governing documents under which
LESSEE is organized . 
  

	
	 /s/ Jean M. Silveri

	Jean M. Silveri
	
	 Secretary

	[Corporate Title]
	
	 9/8/09

	[Date Signed]

 Attach appropriate resolutions 

  
 31 

 INDENTURE OF LEASE 

by and between 

RIVERTECH ASSOCIATES II, LLC 

(“LESSOR”) 

and 
 CERULEAN
PHARMA INC. 
 (“LESSEE”) 
  

 
 RIVERSIDE TECHNOLOGY CENTER

 840 Memorial Drive 

Cambridge, Massachusetts 
  

 
 LEASE EXHIBITS 

 CERULEAN PHARMA INC. LEASE 

EXHIBIT A 
 See Lease Plan attached
hereto and incorporated herein 

  
 2 

 

 

 CERULEAN PHARMA INC. LEASE 

EXHIBIT B 
 See Operating Expense
Schedule attached hereto and incorporated herein 

  
 3 

 Operating Expenses 2008  

840 Memorial Drive - Riverside Technology Center 
  

									
	 DESCRIPTION
	  	Total	 	  	FSF	 
			
	 HEAT
	  	$	64,285	  	  	$	0.50	  
			
	 BUILDING ELECTRIC
	  	$	393,372	  	  	$	3.05	  
			
	 WATER & SEWER
	  	$	19,053	  	  	$	0.15	  
			
	 ELEVATOR MAINTENANCE
	  	$	15,398	  	  	$	0.12	  
			
	 PARKING/CAFE EXPENSE
	  	$	27,770	  	  	$	0.22	  
			
	 RUBBISH REMOVAL
	  	$	17,526	  	  	$	0.14	  
			
	 INSURANCE
	  	$	33,304	  	  	$	0.26	  
			
	 GROUNDS CARE
	  	$	24,004	  	  	$	0.19	  
			
	 LEGAL/ACCT/ADMIN
	  	$	16,771	  	  	$	0.13	  
			
	 JANITORIAL SERVICES
	  	$	37,737	  	  	$	0.29	  
			
	 GENERAL MAINTENANCE
	  	$	50,100	  	  	$	0.39	  
			
	 HVAC MAINTENANCE
	  	$	45,383	  	  	$	0.35	  
			
	 LIFE SAFETY SYSTEMS
	  	$	24,188	  	  	$	0.19	  
			
	 MANAGEMENT *
	  	$	281,571	  	  	$	2.18	  
		  	  
	  
	 	  	  
	  
	 
	 Total Operating Expenses
	  	$	1,050,462	  	  	$	8.16	  
		  	  
	  
	 	  	  
	  
	 
	 Real Estate Taxes (FY 2009)
	  	$	735,231	  	  	$	5.70	  
		  	  
	  
	 	  	  
	  
	 

  

	*	Based upon 5% of Income but not less than this amount 

 Tenant’s Applicable Percentage Is as follows: 

As to the Leased Premises: 11.04%. 

  
 3 

 CERULEAN PHARMA INC. LEASE 

EXHIBIT C 
 See Letter of Credit Form
attached hereto and incorporated herein 

  
 4 

 [Issuing Bank Letterhead] 

STANDBY LETTER OF CREDIT NUMBER:  [Insert #]        Date:  [Insert
Date] 
  

			
	BENEFICIARY	  	APPLICANT
		
	 RIVERTECH ASSOCIATES II, LLC
	  	  

	 C/o The Abbey Group

575 Boylston Street 8th Floor

Boston, Massachusetts 02116
	  	[Insert Applicant’s Name Address]

 Gentlemen: 
 At the
request and on the instructions of [Insert Tenant Name], we hereby issue our Irrevocable Letter of Credit in your favor in an amount not to exceed in the aggregate USD [Insert Amount] available by your draft(s) drawn at
sight on [Insert Bank Name] when accompanied by the following: 
  

	 	(1)	The original of this Letter of Credit and amendment(s) if any. 

  

	 	(2)	A statement, on the letterhead of and purportedly signed by an authorized officer of the Beneficiary, dated the same date as the draft, exactly in the format of the attached Exhibit A. 

This Letter of Credit, including the attached EXHIBIT A (which form an integral part of the Credit), sets forth in full the terms of our undertaking and such
undertaking shall not in any way be modified, amended or amplified by reference to any document, instrument or agreement referred to herein or in which this Letter of Credit is referred to or which this Letter of Credit relates, and any such
reference shall not be deemed to incorporate herein by reference any document, instrument or agreement. 
 It is a condition of this Letter of Credit
that it shall be automatically extended, without amendment, for an additional period of one (1) year from the present or any further expiration date, unless forty five (45) days prior to such date, we notify you in writing by overnight
courier service that we elect not to renew this Letter of Credit for any such additional period. The FINAL EXPIRY DATE is [Insert Final Expiration Date]. Our notice of non renewal will be sent to the Beneficiary, at the address given
in this Letter of Credit, unless we are otherwise notified by the Beneficiary, in writing via registered mail, return receipt requested, of a charge of address. 

Drafts drawn hereunder must be marked: “Drawn under [Insert Issuing Bank Name] Irrevocable Letter of Credit Number [Insert
Number] dated [Insert Date]. 
 We engage with you that all drafts drawn under and in compliance with the terms of this
Letter of Credit will be duly honored upon delivery of documents to us at [Insert 

 Presentation Location] if presented on or before the close of business on [Insert Initial
Expiration Date] or any automatically extended date. 
 Except so far as otherwise expressly stated herein, this Letter of Credit is subject
to the Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce, Publication No: 400. 
 Very truly yours,

  

							
	  
	 		 		 	  

	Authorized Signature	 		 		 	Authorized Signature

 IRREVOCABLE LETTER OF CREDIT 

Exhibit A 
 The undersigned is a duly
authorized agent of the Landlord, familiar with the Lease to                     , dated
                    ; hereby affirms that there has occurred an event of default under the Lease that has not been cured within any allowed notice,
grace and cure periods (or alternatively, the Letter of Credit has not be timely renewed as required by the Lease); and that Landlord is entitled to liquidate this Letter of Credit to satisfy said default (or renewal obligations) under the terms and
conditions of the Lease, in the amount of $            . 
 RIVERTECH ASSOCIATES II, LLC

 (Landlord) 

			
		
	By:	 	 
		 	

 CERULEAN PHARMA INC. LEASE 

EXHIBIT D 
 See
‘‘Landlord’s Build-Out” specifications attached hereto and incorporated herein 

  
 5 

 CERULEAN PHARMA, INC.  

Floor Five 
 840 Memorial Drive 

Cambridge, MA 
 July 22, 2009 

SCOPE OF WORK FOR FACILITY 
 ADMINISTRATIVE AREA 

Partitions: Partitions to be located as indicated on accompanying plan. Existing offices shall be re-used except where otherwise indicated. Existing and new
walls to be comprised of gwb over steel studs and will extend from floor to the underside of suspended ceiling. A “tea room” shall be created as indicated in the plan by removing one wall and door in the offices across from the kitchen.

 Walls and trim shall be finished with one additional coat of water based paint in building standard color. Additional contrast color on the “entry
wall” will be provided if requested by tenant. 
 Entry Door: Entry to consist of existing glass door with glass sidelight. 

Doors: Existing doors to be reused and relocated as necessary. All hardware to be lever handles with brushed stainless finish. New doors to be oak with clear
polyurethane finish and lever handles to match existing. Existing push button lock to existing IT room shall be removed and replaced with passage hardware. Doors of offices with existing locksets shall have individual keys with a master key to
operate all locks. New door from reception to kitchen hall to be added per plan. Upon request of Tenant, Landlord will take the inner door at office suite opposite conference room and relocate the door to create two distinct offices and access to
hall for inner office. Tenant agrees to pay Landlord, prior to taking possession of the premises, for the actual costs of such relocation, not to exceed $6,800, for the moving of this door if requested by Tenant. 

Glass panels: Where they exist, glass panels in oak frames will remain. 

Floors: All existing carpet and vinyl base shall be removed. All office and conference areas shall be covered with Shaw Contract nylon loop carpet from
“Turn Key Collection” or equal. Tenant’s choice of color & pattern from those submitted by Landlord and available in “Extreme Quick-Ship” series. The kitchen, “tea room”, IT room and corridor adjacent to
these rooms shall be finished with 12x12 vinyl composition tile in tenant’s choice of standard color, 4” vinyl cove base shall be installed at intersection of walls and carpet/vct. 

Ceilings: Newly replaced ceiling tiles to remain. Stained or damaged ceiling tiles to be replaced. Sprinkler head escutcheons shall be replaced where missing.

 
Lighting: Newly replaced ceiling lights to remain, any non-functioning bulbs/ballasts to be replaced. 

Kitchen: The existing kitchen shall be re constructed as indicated in the drawing consisting of new upper and lower plastic laminate cabinetry and shall
include a stainless steel sink with faucet, a new dishwasher and space for an 18cu ft refrigerator (to be provided by Tenant). Walls shall be painted and a new vinyl tile floor shall be installed. An active exhaust fan and grille shall be provided
in the kitchen area to provide exhaust for the kitchenette. 
 HVAC: The base building HVAC distribution system will be inspected and adjusted as necessary
to assure distribution, airflow, and proper operation of thermostats and variable air volume (VAV) boxes. Where they exist, supplemental air conditioning shall be inspected and put in operable condition. The existing supplemental air conditioning
unit located in the existing IT room shall be serviced to assure proper operation. The tenant shall enter into a preventive maintenance program with an approved HVAC sub contractor for the term of the lease to service all supplementary air
conditioning units. 
 Electrical: Landlord shall provide electrical outlets throughout the administration area and the office space in the R&D area in
the form of existing and new 110v outlets as required to meet code requirements. All utilities servicing the tenant’s premises and equipment will be separately metered and billed to tenant on a monthly basis based upon an estimate with a
true-up based on the actual readings at the end of each calendar year. 
 Furnishings: No reception desk cubicles, work stations or furniture of any sort
shall be provided by the landlord. 
 Card Access: Landlord will leave existing card access pads for tenant to incorporate into their system at
tenant’s expense. 
 R&D AREA 
 Partitions:
Partitions to be located as indicated on accompanying plan. Existing and new walls to be comprised of 5/8”gwb over steel studs and will extend from floor to the underside of suspended ceiling. Walls and trim shall be finished with one
additional coat of water based paint in building standard color. The half wall and curtain track in the library area shall be removed but the existing shelving shall remain. Shelves in “tissue culture lab” to be removed and wall repaired.

 Doors: Existing doors to be reused and relocated as necessary. New doors to be oak veneer with clear polyurethane finish. All hardware to be lever
handles with brushed stainless finish. 

 Floors: Existing vinyl and base shall remain. The carpet and vinyl base shall be removed in the library/cubicle
area and the lab manager’s office and replaced with Shaw Contract nylon loop carpet from “Turn Key Collection” or equal in Tenant’s choice of color & pattern from those submitted by Landlord and available in
“Extreme Quick-Ship” series. Seamless vinyl (Medintech or equivalent) with integral cove base shall be installed in the tissue culture room and autoclave/glass-wash area. New vinyl tile and base shall be installed in the two future
“clean room” areas. Carpet in the “systems” office space shall remain, but the existing vinyl base shall be cleaned. 
 Ceilings: The
newly installed ceiling tiles shall remain. Stained or damaged ceiling tiles to be replaced. Sprinkler escutcheons shall be replaced where missing. 

Lighting: Existing new 2x4 and 2x2 fluorescent lights shall remain, any non-functioning lights or ballasts to be replaced. 

HVAC: The base building HVAC distribution system will be inspected and adjusted as necessary to assure distribution, airflow, and proper operation of
thermostats. Existing supplemental air conditioning units in the “equipment room” and the “tissue culture lab” shall be inspected, put in operable condition. The eight existing fume hoods shall be connected to an exhaust system
located on the roof and balanced to provide an average of 1,000cfm/hood. An air flow monitoring system as specified by the tenant (equivalent to TEL AFA 500 audio-visual airflow monitor) shall be provided and installed on each of the existing fume
hoods by the landlord. The existing make up air system shall be serviced and adjusted to accommodate the requirements of the fume hoods and ducted to the main laboratory. All natural gas servicing the lab, including the make up air units, shall be
submetered and billed to tenant on a monthly basis based upon estimates with a true-up based on actual readings at the end of each calendar year. All mechanical systems shall be inspected, serviced and warranted for proper operation for a period of
twelve months provided tenant enters into and pays for a preventative maintenance agreement with the building approved HVAC technician. All tenant-related mechanical equipment shall be put on a preventive maintenance agreement with an approved HVAC
sub contractor, agreeable to the landlord and paid for by the Tenant for the duration of the Lease. The existing exhaust trunk line which is located along the rear wall of the lab shall be attached to an exhaust fan to be located on the roof and
shall provide approximately 500cfm exhaust. Connection of this duct by “elephant trunks”, etc shall be the responsibility of the tenant. 

Plumbing and Waste: The main cold water supply to the lab shall be located outside the autoclave/glasswash room along with a water check meter and a backflow
prevention device. A new hot water heater shall be located in the glasswash room. The existing stainless steel lab sinks with deck mounted eyewashes shall remain in the laboratory benches as indicated in the plan. A

 
similar sink and sink base cabinet shall be provided in the tissue culture suite. A new plastic laminate benchtop shall be provided in the equipment area as indicated in the plan. Tenant shall
provide an ice machine which the landlord shall install adjacent to the backflow prevention device. All lab waste shall be contained in polyethylene piping and lead to an acid waste system consisting of the existing polypropylene tank with limestone
chips located in an accessible location below the premises. 
 Electrical: Landlord shall provide power to various locations within the laboratory in the
form of existing 110v and 208v outlets. The main electrical room shall be located as indicated in the drawing and shall contain one 110/208v 100 amp panel fed by the existing backup generator located on the roof. Maintenance of the backup power
system shall be done by the landlord and reimbursed to landlord on a pro rata basis by the tenant(s) who utilize it which will be based on the amps each tenant has. If tenant is the only user hooked into the existing backep generator then they would
pay for all maintenance for the existing backup generator. Distribution of power from this panel shall be the responsibility of the tenant. 
 Utilities:
All electrical power, natural gas and water to the tenant’s premises and equipment will be separately metered and billed to tenant on a monthly basis based upon estimates with a true-up based on actual readings at the end of each calendar year

 Specialties: The existing glasswasher shall remain in place and be serviced to assure proper operation. If the glasswasher cannot be made operable,
Tenant shall be notified and may request that landlord remove prior to occupancy 
 The existing cold room shall be removed. Repairs to the floor, ceiling,
walls and lights shall be made to integrate this space into the adjacent existing equipment area. 
 New reagent shelves shall be installed on the remaining
three benches which do not have them. 
 If required, any “berming” of existing cup sinks within the existing fume hoods shall be the
responsibility of the tenant. 
 The existing copper line in the corner of the “dry” lab shall be cut and capped at the ceiling. In addition, the
damaged oak sill within the “dry” lab shall be repaired or replaced. 
 Landlord will repair the damaged case work on the end panel in the
glasswash area sink. All other case work is to be delivered as-is. 
 The acquisition of all permits from local, state and federal agencies required

 
to commence operation within the space will be the responsibility of the tenant. The laboratory “site clearance report” prepared for the previous tenant shall be provided to the new
tenant. 

 CERULEAN PHARMA INC. LEASE 

EXHIBIT E 
 See LESSEE’S list attached hereto and
incorporated herein 

  
 6 

 Exhibit E 

List of “Permitted Items” 
  

	1.	Mouse tumor cell lines from ATCC and the National Cancer Institute (NCI) 

  

	2.	Human tumor cell lines from ATCC and NCI (all BL2 or less and all tested negative for viruses including HIV, hepatitis, etc.) 

  

	3.	Mouse plasma 

  

	4.	Human plasma (tested negative for viruses including HIV, hepatitis, etc.) 

  

	5.	Heat-inactivated bovine serum 

  

	6.	Non-human antibodies for ELISA tests 

 CERULEAN PHARMA INC. LEASE 

EXHIBIT F 
 See lender SNDA Form
attached hereto and incorporated herein 

  
 7 

 Recording Requested by 

and when Recorded return to: 
 WELLS FARGO BANK, N.A. 

Commercial Mortgage Servicing 
 1320 Willow Pass Road, Suite 300

 Concord, CA 94520 
 Attention: CMS Asset Admin. 

Loan No.: 700201416 
  

 
 SUBORDINATION AGREEMENT 

and 
 ESTOPPEL,
NON-DISTURBANCE AND ATTORNMENT AGREEMENT 
 Tenant’s Trade Name:
                                         
                                        

NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR LEASEHOLD ESTATE IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF THE
MORTGAGE (DEFINED BELOW). 
 This SUBORDINATION AGREEMENT AND ESTOPPEL, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (“Agreement”) is made as of
            , by and between                    (“Tenant”) and LASALLE BANK
NATIONAL ASSOCIATION, as Trustee for Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2004 -TOP 14 (“Lender”), with reference to the following
facts and intentions of the parties: 
 R E C I T A L S 

 

	A.	                     (“Owner”) is the owner of the land and improvements commonly known as
                     and more specifically described in Exhibit B attached hereto (“Property”) and the owner of the Landlord’s
interest in the lease identified in Recital B below (“Lease”). 

  

	B.	Tenant is the owner of the tenant’s interest in that lease dated                     , executed by Owner, as
landlord, and Tenant, as tenant, as amended by instrument(s) dated             . (Said lease is collectively referred to herein as the “Lease”). 

 

	C.	Owner is indebted to Lender under a promissory note in the original principal amount of $            , which note is secured by, among other things, a
mortgage, deed of trust, trust indenture or deed to secure debt encumbering the Property (“Mortgage”), dated                      and
recorded              in the Official Records of the County of            , State of
                     (“Mortgage”). 

THEREFORE, The parties agree as follows: 
  

	1.	SUBORDINATION. 

  

	 	1.1	Prior Lien. The Mortgage, and any modifications, renewals or extensions thereof, shall unconditionally be and at all times remain a lien or charge on the Property prior and superior to the Lease.

  
 1 

	 	1.2	Entire Agreement. This Agreement shall he the whole agreement and only agreement with regard to the subordination of the Lease to the lien or charge of the Mortgage, and shall supersede and cancel, but
only insofar as would affect the priority between the Mortgage and the Lease, any prior agreements as to such subordination, including, without limitation, those provisions, if any, contained in the Lease which provide for the subordination of the
Lease to a deed or deeds of trust, a mortgage or mortgages, a deed or deeds to secure debt or a trust indenture or trust indentures. 

  

	 	1.3	Disbursements. Lender, in making disbursements pursuant to the Note, the Mortgage or any loan agreements with respect to the Property, is under no obligation or duty to, nor has Lender represented that it
will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds, and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat
this agreement to subordinate in whole or in part 

  

	 	1.4	Subordination. Tenant intentionally and unconditionally waives, relinquishes and subordinates all of Tenant’s right, title and interest in and to the Property, to the lien of the Mortgage.

  

	2.	NON-DISTURBANCE AND ATTORNMENT. 

  

	 	2.1	Non-Disturbance. Notwithstanding anything to the contrary contained in the Lease, so long as there shall exist no breach, default or event of default (beyond any period given to Tenant in the Lease to cure
such default) on the part of Tenant under the Lease at the time of any foreclosure of the Mortgage, Lender agrees that the leasehold interest of Tenant under the Lease shall not be terminated by reason of such foreclosure, but rather the Lease shall
continue in full force and effect and Lender shall recognize and accept Tenant as tenant under the Lease subject to the provisions of the Lease. 

  

	 	2.2	Attornment. Notwithstanding anything to the contrary contained in the Lease, should title to the leased premises and the landlord’s interest in the Lease be transferred to Lender or any other person
or entity (“New Owner”) by, or in-lieu of judicial or non-judicial foreclosure of the Mortgage, Tenant agrees, for the benefit of New Owner and effective immediately and automatically upon the occurrence of any such transfer, that:
(a) Tenant shall pay to New Owner all rental payments required to be made by Tenant pursuant to the terms of the Lease for the remainder of the Lease term; (b) Tenant shall be bound to New Owner in accordance with all of the provisions of
the Lease for the remainder of the Lease term; (c) Tenant hereby attorns to New Owner as its landlord, such attornment to be effective and self-operative without the execution of any further instrument; (d) New Owner shall not be liable
for any default of any prior landlord under the Lease, including, without limitation, Owner, except where such default is continuing at the time New Owner acquires title to the leased premises and New Owner fails to cure same after receiving notice
thereof; (e) New Owner shall not be subject to any offsets or defenses which Tenant may have against any prior landlord under the Lease, including, without limitation, Owner, except where such offsets or defenses arise out of a default of the
prior landlord which is continuing at the time New Owner acquires title to the leased premises and New Owner fails to cure same after receiving notice thereof; and (f) New Owner shall not be liable for any obligations of landlord arising under
the Lease following any subsequent transfer of the title to the leased premises by New Owner. 

  

	3.	ESTOPPEL. Tenant warrants and represents to Lender, as of the date hereof, that: 

  

	 	3.1	Lease Effective. The Lease has been duly executed and delivered by Tenant and, subject to the terms and conditions thereof, the Lease is in full force and effect, the obligations of Tenant thereunder are
valid and binding, and there have been no modifications or additions to the Lease, written or oral, other than those, if any, which are referenced above in Recital B. 

 

	 	3.2	No Default. To the best of Tenant’s knowledge: (a) there exists no breach, default, or event or condition which, with the giving of notice or the passage of time or both, would constitute a
breach or default under the Lease either by Tenant or Owner; and (b) Tenant has no existing claims, defenses or offsets against rental due or to become due under the Lease. 

  
 2 

	 	3.3	Entire Agreement. The Lease constitutes the entire agreement between Owner and Tenant with respect to the Property, and Tenant claims no rights of any kind whatsoever with respect to the Property, other
than as set forth in the Lease. 

  

	 	3.4	Minimum Rent. The annual minimum rent under the Lease is $            , subject to any escalation, percentage rent and/or common area maintenance
charges provided in the Lease. The “Base Year” for any escalation is 20    . 

  

	 	3.5	Rental Payment Commencement Date: The rents stated in Section 3.4 above will begin or have begun on             . 

 

	 	3.6	Rentable area. The rentable area of the leased premises is              square feet. 

 

	 	3.7	Commencement Date. The term of the Lease commenced or will commence on             . 

 

	 	3.8	Expiration Date. The term of the Lease will expire on             . 

 

	 	3.9	No Deposits or Prepaid Rent. No deposits or prepayments of rent have been made in connection with the Lease, except as follows:
                     (if none, write “None”). 

  

	 	3.10	No Other Assignment. Tenant has received no notice, and is not otherwise aware of, any other assignment of the landlord’s interest in the Lease. 

 

	 	3.11	No Purchase Option or Refusal Rights. Tenant does not have any option or preferential right to purchase all or any part of the Property, except as follows:
             (if none, write “None”). 

  

	4.	MISCELLANEOUS. 

  

	 	4.1	Heirs, Successors and Assigns. The covenants herein shall be binding upon, and inure to the benefit of, the heirs, successors and assigns of the parties hereto. Whenever necessary or appropriate to give
logical meaning to a provision of this Agreement, the term “Owner” shall be deemed to mean the then current owner of the Property and the landlord’s interest in the Lease. 

 

	 	4.2	Addresses; Request for Notice. All notices and other communications that are required or permitted to be given to a party under this Agreement shall be in writing and shall be sent to such party, either by
personal delivery, by overnight delivery service, by certified first class mail, return receipt requested, or by facsimile transmission, to the address or facsimile number below. All such notices and communications shall be effective upon receipt of
such delivery or facsimile transmission. The addresses and facsimile numbers of the parties shall be: 

  

			
	Tenant:	  	Lender:
	 NAME OF TENANT HERE
	  	
		  	 Wells Fargo, N.A., as Master Servicer
 Attn:
Asset Administration

	FAX No.:	  	 1320 Willow Pass Road, Ste 300
 Concord,
California 94520

		
		  	FAX No.: 925-685-1259

 provided, however, any party shall have the right to change its address for notice hereunder by the giving of
written notice thereof to the other party in the manner set forth in this Agreement. 

  
 3 

	 	4.3	Counterparts. This Agreement may he executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute and be construed as one and the same
instrument. 

  

	 	4.4	Section Headings. Section headings in this Agreement are for convenience only and are not to be construed as part of this Agreement or in any way limiting or applying the provisions hereof.

  

	 	4.5	Attorneys’ Fees. If any legal action, suit or proceeding is commenced between Tenant and Lender regarding their respective rights and obligations under this Agreement, the prevailing party shall be
entided to recover, in addition to damages or other relief, costs and expenses, attorneys’ fees and court costs (including, without limitation, expert witness fees). As used herein, the term “prevailing party” shall mean the party
which obtains the principal relief it has sought, whether by compromise settlement or judgment. If the party which commenced or instituted the action, suit or proceeding shall dismiss or discontinue it without the concurrence of the other party,
such other party shall be deemed the prevailing party. 

 5. INCORPORATION. Exhibit A, the Owner’s Consent is attached
hereto and incorporated herein by this reference. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
 “LENDER” 
 LASALLE BANK
NATIONAL ASSOCIATION, as Trustee for Bear Steams 
 Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through 

Certificates, Series 2004 -TOP 14 
  

					
	By:	 	Wells Fargo Bank, National Association, as Master Servicer under the Pooling and Servicing Agreement dated as of May 1, 2004, among Bear Stearns Commercial Mortgage Securities Inc., Wells Fargo Bank, National
Association, Centeriine Servicing Inc. (f/k/a Arcap Servicing Inc.), LaSalle Bank National Association and ABN AMRO Bank N.V.
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 “TENANT” 
  

			
	NAME OF TENANT HERE
		
	By:	 	  

	Its:	 	  

 IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT
HERETO. 

  
 4 

 ALL SIGNATURES MUST BE ACKNOWLEDGED. 

  
 5 

 EXHIBIT A 

OWNER’S CONSENT 
 The undersigned,
which owns or is about to acquire the Property and the landlord’s interest in the Lease, hereby consents to the execution of the foregoing SUBORDINATION AGREEMENT AND ESTOPPEL, NON-DISTURBANCE AND ATTORNMENT AGREEMENT, and to implementation of
the agreements and transactions provided for therein. 
  

	
	“OWNER”
	
	  

  
 6 

 EXHIBIT B 

(Description of Property) 
 EXHIBIT B to
SUBORDINATION AGREEMENT AND ESTOPPEL, NON-DISTURBANCE AND ATTORNMENT AGREEMENT dated as of             , executed by
            , as “Tenant”, and                     , “Lender”. 

All that certain land located in the County of             , State of
            , described as follows: 

 CERULEAN PHARMA INC. LEASE 

EXHIBIT G 
 See Notice of Lease attached
hereto and incorporated herein 

  
 8 

 NOTICE OF LEASE 

Notice is hereby given pursuant to Chapter 183, Section 4 and Chapter 185, Section 71 of the General Laws, of a lease upon the following terms: 

 

			
		
	Landlord:	  	Rivertech Associates II, LLC, a Massachusetts limited liability company
		
	Tenant:	  	Cerulean Pharma Inc., a Delaware corporation
		
	Premises:	  	Approximately 14,234 rentable square feet on portions of the fifth floor and fourth floor of the building located on the land known and numbered as 840 Memorial Drive in Cambridge, Massachusetts, as such land is more particularly
described on Exhibit A attached hereto.
		
	Term:	  	40 months, beginning on                     , 2009, subject to one (1) right to extend the Term for 36 months pursuant to Section
33 of the Lease
		
	Date of Lease:	  	August     , 2009

 The premises demised by the Lease constitute a portion of the premises registered in the name of the Landlord
in Certificate of Title No.             , issued by Middlesex South Registry District of the Land Court. 

This Notice of Lease has been executed merely to give notice of the Lease, and all of the terms, conditions and covenants thereof which are
incorporated herein by reference. The parties hereto do not intend this Notice of Lease to modify or amend the terms, conditions and covenants of the Lease. 

 Executed as an instrument under seal as of the         
day of                     , 2009. 
  

									
	LANDLORD:	  		  	TENANT:
			
	 RIVERTECH ASSOCIATES II, INC.
 a
Massachusetts limited liability company
	  		  	 CERULEAN PHARMA INC.,
 a Delaware
corporation

					
	By:	  	  
	  		  	By:	  	  

	Name:	  		  		  	Name:	  	
	Title:	  		  		  	Title:	  	

  
 2 

 COMMONWEALTH OF MASSACHUSETTS 

 

			
	            , ss.	 	                    , 2009

 On this      day of
                    , 2009, before me, the undersigned notary public, personally appeared
            , proved to me through satisfactory evidence of identification, which was
                    , to be the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it
voluntarily for its stated purpose, as                      for Rivertech Associates II, LLC. 

                          
              (official signature and seal of notary) 
 My commission expires
                                         

COMMONWEALTH OF MASSACHUSETTS 
  

			
	            , ss.	 	                    , 2009

 On this      day of
                    , 2009, before me, the undersigned notary public, personally appeared
            , proved to me through satisfactory evidence of identification, which was
                    , to be the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it
voluntarily for its stated purpose, as                      for Cerulean Pharma Inc. 

                          
              (official signature and seal of notary) 
 My commission expires
                                         

  
 3 

 EXHIBIT A 

Legal Description 

  
 4 

 RIVERSIDE TECHNOLOGY CENTER 

LEASE EXTENSION AND MODIFICATION AGREEMENT 

TO THE LEASE BETWEEN 

RIVERTECH ASSOCIATES II LLC AND CERULEAN PHARMA, INC. 

This Lease Extension and Modification Agreement entered into this 6th day of June, 2012 by and between
Rivertech Associates II LLC, a Massachusetts limited liability company with a principal address c/o The Abbey Group, 575 Boylston Street Boston, Massachusetts 02116, (the “Lessor”); and Cerulean Pharma Inc., with a
business address at 840 Memorial Drive Cambridge, Massachusetts (the “Lessee”); relative to a certain Lease between Lessor and Lessee dated September 8, 2009 referred to herein as the “Original Lease” for
certain office space in the building at 840 Memorial Drive Cambridge, Massachusetts as identified therein (the “Leased Premises”). The Original Lease as modified by this Lease Extension and Modification Agreement shall be referred
to herein as the “Lease”. 
 WHEREAS, the Lessee desires to extend the Term of the Original Lease, which is to expire at the end of the
current stated Term on February 28, 2013, on terms and conditions agreeable to both Lessor and Lessee as a modification to the Original Lease, and Lessor assents to such extension of the Term by the Lessee on this basis; 

THEREFORE, in consideration of One ($1.00) Dollar and the other good and valuable consideration recited herein, effective and irrevocable as of the
date hereof, the Lessor and Lessee hereby agree as follows: 
  

	1.	Modification to Original Lease/Extension of Term 

 Lessee agrees to lease the Leased Premises commencing
as of March 1, 2013 for an additional period of three (3) years, beginning on March 1, 2013 (the “Extension Commencement Date”) and ending on February 29, 2016 (the “Termination Date”); which
additional period shall be referred to as the “Extended Term” or “Term”. The first Lease Year under this Extended Term starts on March 1, 2013 and ends on February 28, 2014; the second Lease Year under
this Extended Term starts on March 1, 2014 and ends on February 28, 2015; and the third Lease Year under this Extended Term starts on March 1, 2015 and ends on February 29, 2016. 

Notwithstanding the commencement of the Extended Term on the Extension Commencement Date hereunder, this Lease Extension is to be considered a valid and
binding obligation of the parties effective as of the date of execution, with the Original Lease to continue to govern the Lessee’s use and occupancy of the Leased Premises hereunder through the Term of the Original Lease and up to the
Extension Commencement Date hereunder. Thereafter, the Original Lease as modified and 

  
 1 

 
amended by this Lease Extension and Modification Agreement shall conjunctively be the “Lease” as between the parties for the Extended Term. 

 

	2.	Terms and Conditions 

 Lessee shall lease the Leased Premises commencing as of the Extension Commencement
Date on the same terms and conditions of the Original Lease, as modified by this Lease Extension and Modification Agreement, with exception only for those provisions as to which Lessor and Lessee have already performed their obligations as of the
date hereof, (for example, Lessor has heretofore delivered the Leased Premises and Lessee has accepted the same). 
  

	3.	Base Rent and Additional Rent 

 Base Rent for each lease year of the Extended Term shall be as follows:

  

			
	First Lease Year:	  	$ 597,828.00 ($ 49,819.00 per month)
	Second Lease Year:	  	$ 612,062.00 ($ 51,005.17 per month)
	Third Lease Year:	  	$ 626,296.00 ($ 52,191.33 per month)

 In all instances Base Rent shall be payable in the corresponding monthly installments set forth above, due on the first of
each month, in advance, and in all other respects shall be subject to the same provisions relating to Base Rent as set forth under the Original Lease. 
 In
addition to Base Rent, Lessee shall continue to be responsible to pay all Additional Rent (Operating Expenses) under Section 3 of the Original Lease and all Additional Rent (Taxes) under Section 4 thereof, as invoiced by Lessor during the
Extended Term. 
 All Base Rent, Additional Rent and other sums due as Rent shall be payable and in all other respects shall be governed during the Extended
Term as contemplated under the Original Lease. All other costs and expenses for utilities and services and attendant to operation of the Leased Premises shall continue to be borne by the respective parties during the Extended Term as set forth in
the Original Lease. 
 The Security Deposit currently held by the Lessor shall continue to be held by Lessor during the Extended Term (and any Renewal Term
as defined herein). 
  

	4.	Permitted Uses 

 The Permitted Uses in the Basic Data of the Original Lease, and all conditions attached
thereto, are hereby restated and affirmed and shall govern the use and occupancy of the Leased Premises throughout the Extended Term. 

  
 2 

	5.	Leased Premises in “AS/IS” Condition - No Defaults 

 Lessee hereby acknowledges it is currently
in possession of the Leased Premises and accordingly accepts the same for the Extended Term in its current “AS/IS” condition, without representation or warranty of any kind or nature arising from the extension of the Lease by Lessor and
Lessee. 
 Lessor shall make certain improvements and alterations to the office area of the Leased Premises per the attached plan (“Final Plan
5/29/12”) with finishes commensurate with the existing office space of the Leased Premises (the “Improvement Work”). Subject to force majeure, Lessor will cause its contractor to commence the Improvement Work during the week that
begins on June 11, 2012 and use commercially reasonable efforts to cause the contractor to substantially complete the Improvement Work within 6 weeks of its commencement, subject to such access limitations as may be imposed by Lessee (as
follows) given the scope, timing and sequencing of the work to be performed; but without liability if such work is not complete despite Lessor’s use of commercially reasonable efforts. Lessor will consult with Lessee on the contractor’s
daily work hours, and Lessee and Lessor will cooperate so that the contractor performs a significant amount of the Improvement Work outside of Lessee’s normal business hours. During the pendency of the aforesaid Improvement Work, Lessor shall
provide Lessee with a conference room in another portion of the Building accommodating twelve (12) individuals at no additional charge therefor. 

Lessor and Lessee each acknowledge that to the best of each of their respective knowledge, there are no material defaults by either presently existing under
the Lease. 
  

	6.	Brokers 

 The parties hereby agree there are no brokerage or other third party fees or costs involved in
this transaction and each agrees to indemnify, defend and hold harmless the other from and against any claims for brokerage fees, commissions or other such payments arising from this transaction. 

 

	7.	Parking 

 Lessee’s rights to parking shall be as set forth in the Original Lease. Tenant shall be
entitled to subscribe for additional parking spaces if Lessor determines such spaces are available in the Building garage. 
  

	8.	Lessee’s Option to Renew 

 Lessee, provided it is not then in default under this Lease after notice
and the expiration of any applicable cure period, and further provided there have not been more than two Material Defaults (as defined in Section 33 of the Lease) during the Lease Term, shall have an option to extend its tenancy as to the
Leased Premises, on the terms and 

  
 3 

 
conditions herein, for one additional period of thirty six (36) months at the then current “Market Rent”, (including annual escalations thereon for each year of the extended term
based on increases in die consumer price index or fixed Increases, as the case may be, in accordance with then prevailing market forces), (herein, the “Renewal Term”). Said Renewal Term shall commence, subject to proper exercise of
Lessee’s option hereunder, at the end of the Extended Term, and shall terminate on that date which is thirty six (36) months after the end of this Extended Term. 

Lessee shall exercise its option by delivering to Lessor its written notice not later than nine (9) full months prior to the end of this Extended Term
(i.e. prior to the start of the third Lease Year hereunder). Once delivered, written notice to extend is irrevocable. 
 “Market Rent” as used
herein shall be that rent charged for comparable first class research laboratory and office space in the mid-Cambridge submarket as of the end of the original Term; but in no event shall “Market Rent” for any year of the Renewal Term be
less than that figure payable by Lessee for the third Lease Year of this Extended Term. If, after good faith attempts, but no later than sixty (60) days prior to the expiration of the original Term, the Lessor and Lessee cannot agree on a
figure representing Market Rent, then either party, upon written notice to the other, may request arbitration of the issue as provided in this section. Within fourteen (14) days of the request for arbitration, each party shall submit to the
other the name of one unrelated individual or entity with proven expertise in the leasing of commercial real estate in greater Boston/Cambridge to serve as that party’s appraiser. Each appraiser shall be paid by the party selecting him or it.
The two appraisers shall each submit their final reports to the parties within thirty (30) days of their selection. The two appraisers shall meet within the next fourteen (14) days to reconcile their reports and collaboratively determine
the Market Rent. They shall make their determination in writing, including a statement if such is the case, that they are at an impasse. Such a statement of impasse shall be submitted to the parties along with the Market Rent figure which each
appraiser has selected and his reasons and substantiation therefor. The appraisers, in case of an impasse, shall also agree on one unrelated individual or entity with expertise in commercial real estate in greater Boston, who shall evaluate the
reports of the two original appraisers and within fourteen (14) days of submission of the issue to him, and make his own determination as to the figure representing Market Rent. The determination of this individual or entity (i.e. arbitrator)
absent, fraud, bias or undue prejudice shall be binding upon the parties. Notwithstanding the foregoing, in no event shall Market Rent for the first Lease Year of the Extended Term be less than the Annual Base Rent for the last year of the Term
prior to such Extended Term based on the monthly installment thereof for the last month thereof. 
 Annual Base Rent and Additional Rent during the Renewal
Term shall be payable in advance, in equal monthly installments on the first day of each calendar month. 
 Lessee shall continue to pay Additional Rent
(Operating Expenses) and Additional Rent (Real Estate Taxes) during the Renewal Term. All Base Rent, Additional Rent and other sums due as Rent shall be payable and in all other respects shall be governed during the Renewal Term as contemplated
under the Original Lease. All oilier costs and expenses 

  
 4 

 
for utilities and services and attendant to operation of the Leased Premises shall continue to be borne by the respective parties during the Renewal Term as set forth in the Original Lease. (See
Lease sections 3, 4 and 7). 
  

	9.	Expansion Space Option 

 Lessee, provided it is not then in default after notice and the expiration of
any applicable cure period, and further provided it shall not have defaulted beyond any applicable notice and cure period during the Lease Term, is hereby entitled to receive advance written notice, as a right of first offer from Lessor during the
Term of this Lease (as it may be extended), that certain contiguous space on the fifth (5ih) floor of the Building (currently occupied by Seaside Therapeutics, LLC) (the “ROFO
Space”) will be offered to third parties for leasing (the “ROFO Notice”), which ROFO Notice shall set forth the Rent and other economic terms at which such space will be so offered. 

Lessee shall be entitled to receive a ROFO Notice and to exercise its ROFO Rights (as defined below) as follows: 

Lessee shall have the right, within twenty one (21) days from the delivery of Lessor’s ROFO Notice, to elect to lease the ROFO Space at the Rent,
term, and other economic terms specified in Lessor’s ROFO Notice and otherwise on the terms of this Lease or to negotiate with Lessor and to execute a binding letter of intent to lease said space at a Rent and on other terms and conditions
mutually agreeable to Lessor and Lessee (the Lessee’s “ROFO Rights”). If Lessee shall not elect to lease such space, or if no binding letter of intent with alternate Rent and terms is executed by Lessor and Lessee during that
twenty one (21) day period, then Lessor shall be free to market and lease the space offered by the ROFO Notice to any third party, in its sole discretion and without any continuing obligation to Lessee under this Section 9 except as set
forth below. Lessee’s actual rights to lease and occupy the ROFO Space shall be contingent upon and shall accrue only if and when the ROFO Space is vacated and surrendered by the current lessee and occupants thereof. 

If Lessee shall fail to elect to lease any space offered by the ROFO Notice as aforesaid, then notwithstanding anything to the contrary contained in the
preceding paragraph Lessor may thereafter lease such space to any third party at a Rent of not less than 90% of the Rent proposed to Lessee in the applicable ROFO Notice (comparatively equalized to account for all factors contributing to the
determination of Rent for the premises); but if the proposed lease to any third party is less than 90% of the Rent proposed in the applicable ROFO Notice (comparatively equalized as aforesaid), then Lessor shall be required to re-offer the space to
Lessee pursuant to this section. 
 Time is of the essence in the exercise of Lessee’s ROFO Rights as set forth above. 

  
 5 

	10.	Termination of Lease on New Lease Execution 

 If Lessor and Lessee enter into a new separate lease for
space in the Building equal to or greater than twenty thousand (20,000) rentable square feet and for a term of three (3) years or greater (without obligation by” either party to do so by any terms or provisions of this Lease Extension
agreement) then Lessor will terminate the Original Lease as modified hereby as of the rent commencement date of said new lease; and Lessee shall vacate and surrender the Leased Premises hereunder at a date mutually agreeable to Lessor and Lessee.

  

	11.	Exhibit E Supplementation and Substitution 

 Lessor and Lessee hereby agree that Exhibit E under the
Original Lease is hereby superseded by Exhibit E attached hereto. 
  

	12.	Integration of Documents; Supremacy 

 The parties hereto intend that this Lease Extension and
Modification Agreement operates to amend and modify the Original Lease, and that those two documents shall be interpreted conjunctively; with any express conflict between the two to be resolved in favor of the stated terms of this Lease Extension
and Modification Agreement. Except as modified hereby, all other terms and conditions of the Original Lease shall remain unchanged and enforceable in a manner consistent with this Lease Extension And Modification Agreement. 

This Agreement shall be governed by the laws of the Commonwealth of Massachusetts. Any provisions deemed unenforceable shall be severable, and the remainder
of this Lease Extension and Modification Agreement and the Original Lease shall be enforceable in accordance with their terms. 
 Witness our hands and
seals as of the date first written above. 
  

			
	LESSOR
	RIVERTECH ASSOCIATES II, LLC
		
	By:	 	 /s/ illegible

	
	its duly authorized Manager
	
	LESSEE
	
	CERULEAN PHARMA, INC.
		
	By:	 	 /s/ Jean M. Silveri

  
 6 

			
	its duly authorized President/Vice President
		
	By:	 	 /s/ Karen L. Roberts

	
	Its duly authorized Treasurer/Ass’t Treasurer

  
 7 

 Exhibit E 

List of “Permitted Items” 
  

	1.	Mouse tumor cell lines from ATCC, NCI and other vendors. All cell lines are classified as BL-1 by the respective sources. 

  

	2.	Human tumor cell lines from ATCC, NCI, Cell Biolabs, AddexBio and other vendors. All cell lines are classified as BL-1 by the respective sources. 

 

	3.	Human, mouse and rat plasma. Human plasma tested negative for pathogens, e.g., HIV, hepatitis, etc. 

  

	4.	Human blood and blood cells, tested negative for pathogens, e.g., HIV, hepatitis, etc. 

  

	5.	Human, monkey, dog, mouse and rat urine 

  

	6.	Human antibody drugs, e.g., Humira 

  

	7.	Monkey, mouse rat and dog blood. 

  

	8.	Formalin-fixed human tissue and histology slides 

  

	9.	Monkey, bovine, goat and horse serum 

  

	10.	Recombinant human proteins, e.g., growth factors 

  

	11.	Goat, mouse, rabbit and rat antibodies, e.g., for ELISA and tissue staining use 

 

 

 

 

 Cerulean Pharma, Inc.  

Riverside Technology Center 
 840
Memorial Drive 
 Cambridge, MA 02139 

June 5, 2012 
 VIA
FEDERAL EXPRESS 
 Rivertech Associates II, LLC 

(Attn: Dan Garvey, CFO) 
 c/o The Abbey Group 

575 Boylston Street 
 Boston, Massachusetts 02116 

 

	 	Re:	Lease dated September 8, 2009 between Rivertech Associates II, LLC, as Lessor, and Cerulean Pharma, Inc., as Lessee (the “Lease”) 

Dear Sir: 
 This letter constitutes notice to Rivertech
Associates II, LLC (“Rivertech”), as Lessor under the above-defined Lease, that Cerulean Pharma, Inc. (“Cerulean”) hereby exercises its option to extend the Term of the Lease pursuant to Section 33 of the Lease and the
letter agreement dated May 16, 2012 between Cerulean and Rivertech as to the deadline for this notice of exercise. 
 The “Market Rent” for
the “Extended Term” (as such terms are defined in the Lease) shall be as set forth in the attached “Lease Extension and Modification Agreement” dated June 6, 2012 (the “Extension Agreement”), which you have
provided to us. We have executed two counterparts of the attached Extension Agreement and enclose them with this letter. Please have an authorized officer of Rivertech execute both counterparts and return one fully executed counterpart to us. A copy
of this letter is also being sent to you via email. 
 We look forward to continuing our tenancy at Riverside Technology Center. Thank you. 

 

			
	Cerulean Pharma, Inc.
		
	By:	 	 /s/ Jean M. Silveri

	Name:	 	Jean M. Silveri
	Title:	 	SVP, General Counsel

  

	cc:	(Via Federal Express, with Enclosures) 

 Christopher C. Tsouros, Esq. 

Posternak Blankstein & Lund LLP 

Prudential Tower 
 800 Boylston
Street 
 Boston, Mass. 02199 

 Cerulean Pharma, Inc. 

Riverside Technology Center 
 840
Memorial Drive 
 Cambridge, MA 02139 

May 16, 2012 
 Rivertech
Associates II, LLC 
 (Attn: Dan Garvey, CFO) 
 c/o The Abbey
Group 
 575 Boylston Street 
 Boston, Massachusetts 02116 

 

	 	Re:	Lease dated September 8, 2009 between Rivertech Associates II, LLC, as Landlord, and Cerulean Pharma, Inc., as Tenant (the “Lease”) 

Dear Sir: 
 Cerulean is writing to request the agreement of
Rivertech Associates II, LLC (“Landlord”) to an extension of time for Cerulean to exercise its right to extend the Term of the Lease under Section 33 of the Lease. Section 33 currently provides that Cerulean, as Tenant, must send
written notice of its exercise of the option to extend under Section 33 not later than nine (9) full months prior to the original Termination Date (as defined under the Lease). Cerulean’s Board of Directors will be meeting on
June 5, 2012, which is five days later than the nine full months prior to the original Termination Date. To enable Cerulean’s Board of Directors to take action at its scheduled meeting on June 5th, we are requesting the agreement of
Landlord to allow Cerulean to send its notice of exercise no later than June 6, 2012. 
 Kindly confirm, by signing as indicated below, that Rivertech
Associates II, LLC, as Landlord, agrees to an extension of the date for exercise of the option to extend under Section 33 of the Lease to June 6, 2012 so that Cerulean Pharma, Inc., as Tenant, may send its notice of exercise of such option
to extend pursuant to the Lease to Landlord no later than June 6, 2012. Thank you for your consideration. 
  

			
	Cerulean Pharma, Inc.
		
	By:	 	 /s/ Karen L. Roberts

	Name:	 	Karen L. Roberts
	Title:	 	SVP Finance and Administration

 By its authorized signature below, Rivertech Associates II, LLC, as Landlord, agrees to extend the date for exercise of the
option to extend under Section 33 of the Lease so that Cerulean Pharma, Inc., as Tenant, may send its notice of exercise of such option to extend pursuant to the Lease to Landlord no later than June 6, 2012. 

 

			
	Rivertech Associates II, LLC
		
	By:	 	 Rivertech Associates II, Inc.
 Its duly
Authorized Manager

		
	By:	 	 /s/ Robert Epstein

		 	Robert Epstein, PresidentEX-10.15

 Exhibit 10.15 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT NO. 2161 (this
“Agreement”) is entered into as of December 6, 2011, by and between LIGHTHOUSE CAPITAL PARTNERS VI, L.P, (“Lender”) and CERULEAN
PHARMA INC., a Delaware corporation (“Borrower”) and sets forth the terms and conditions upon which Lender will lend and Borrower will repay money. In consideration of the mutual
covenants herein contained, the parties agree as follows: 
 1. DEFINITIONS AND CONSTRUCTION

 1.1 Definitions. Initially capitalized terms used and not otherwise defined herein are defined in the California Uniform Commercial Code
(“UCC”). 
 “ACH” means the Automated Clearing House electronic funds transfer system. 

“Advance” means a Loan advanced by Lender to Borrower hereunder. 

“Basic Rate” means (i) a fixed per annum rate of interest equal to 9% during the Interest Only Period; and (ii) a variable
per annum rate of interest equal to the Index plus the Interest Margin which shall be subject to adjustment as provided in this Agreement. On and after the Loan Commencement Date the Basic Rate shall be fixed and not subject to any further
adjustments. Notwithstanding the foregoing, in no event shall the Basic Rate be less than 8.25%. 
 “Borrower’s Books” means all of
Borrower’s books and records, including records concerning Collateral, Borrower’s assets, liabilities, business operations or financial condition, on any media, and the equipment containing such information. 

“Capital Lease” means, for the purpose of this Agreement, a capital lease as is defined and treated for accounting purposes under GAAP as of
the date of this Agreement. 
 “Collateral” means: (i) all property in which Lender now has or hereafter obtains a security interest
listed on Exhibit A attached hereto; and (ii) all products and proceeds of the foregoing, including proceeds of insurance and proceeds of proceeds. 

“Commitment” means $10,000,000; comprised of (A) $5,000,000 (“Tranche I”) of which shall be available upon Borrower
closing on a Series D preferred stock equity financing pursuant to which the Borrower receives, on or after October 4, 2011, at least $10,000,000 of aggregate gross proceeds (the “Equity Financing”) and (B) the remaining
$5,000,000 “Tranche 2”) of which shall be available upon (i) Borrower drawing down the entire Tranche 1 and (ii) after March 31, 2012. 

“Commitment Fee” means $10,000. 

“Commitment Termination Date” means the earliest to occur of (i) (A) for Tranche 1, 6 months after the closing of the Equity
Financing and (B) for Tranche 2, December 31, 2012; (ii) any Event of Default, (iii) the date on which Oliver Fetzer or another person designated by a majority of the Board of Directors ceases to serve as President and Chief
Executive Officer of Borrower; (iv) the date on which at least 2 of the following 3 firms cease to have a representative on Borrower’s Board of Directors: Polaris Venture Partners, Venrock Associates, and Lilly Ventures; or (v) the
date on which Borrower ceases to be in the business of developing innovative nanopharmaceuticals. 
 “Control Agreement” means an agreement
substantially in the form of Exhibit I or otherwise acceptable to Lender. 
 “Default” means any event that with the passing
of time or the giving of notice or both would become an Event of Default. 
 “Default Rate” means the lesser of 18% per annum or the
highest rate permitted by applicable law. 
 “Disclosure Schedule” means the schedule attached as Schedule 1 hereto. 

“Event of Default” is defined in Section 8. 

“Funding Date” means any date on which an Advance is made to or on account of Borrower hereunder. 

  
 1 

 “Incumbency Certificate” means the document in the form of Exhibit E. 

“Indebtedness” means (i) all indebtedness for borrowed money or the deferred purchase price of property or services, (ii) all
obligations evidenced by notes, bonds, debentures or similar instruments, (iii) all Capital Lease obligations, and (iv) all contingent obligations, with respect to the foregoing, including guaranties of Indebtedness of others and
obligations of reimbursement respecting letters of credit. 
 “Index” means the prevailing variable Prime Rate of annual interest as quoted
from time to time in the western edition of the Wall Sheet Journal. 
 “Interest Margin” means 5% per annum. 

“Interest Only Period” means the period commencing on the date of the Advance and continuing until the Loan Commencement Date. 

“Lender’s Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in
connection with the preparation, negotiation, modification, administration, or enforcement of the Loan or Loan Documents, or the exercise or preservation of any rights or remedies by Lender, whether or not suit is brought, Lender will apply deposits
received before the date hereof (including, without limitation, the Commitment Fee) towards Lender’s Expenses. 
 “Lien” means any
lien, security interest, pledge, bailment, lease, mortgage, hypothecation, conditional sales and title retention agreement, charge, claim on any of Borrower’s property, or other encumbrance. 

“Loan” means all of the Advances, however evidenced, and all other amounts due or to become due hereunder. 

“Loan Commencement Date” means (i) for Advances on or before November 30, 2012, December 1, 2012; and (ii) for
Advances on or after December 1, 2012, the first business day of the calendar month following the Funding Date. 
 “Loan Documents”
means, collectively, this Agreement, the Warrant, the Notes and all other documents, instruments and agreements entered into between Borrower and Lender in connection with the Loan, all as amended or extended from time to time. 

“Material Adverse Effect” means a material adverse change in Borrower’s financial condition, the Collateral, or the Borrower’s
ability to perform its Obligations under the Agreement. 
 “Negative Pledge Agreement” means an agreement in the form of Exhibit
H. 
 “Note” means a Secured Promissory Note in the form of Exhibit B. 

“Notice of Borrowing” means the form attached as Exhibit D. 

“Obligations” means all Loans, debt, principal, interest, fees, charges, Lender’s Expenses and other amounts, obligations, covenants,
and duties owing by Borrower to Lender of any kind or description (whether pursuant to the Loan Documents or otherwise (with the exception of the Warrant, any stockholder agreement, management rights letter, or other equity related agreement to
which Lender is made a party and any inchoate indemnity obligations), and whether or not for the payment of money), whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including any of the
same obtained by Lender by assignment or otherwise, and all amounts Borrower is required to pay or reimburse by the Loan Documents, by law, or otherwise. 

“Permitted Indebtedness” means: (i) the Loan; (ii) unsecured trade debt incurred in the ordinary course of Borrower’s
business; and (iii) Indebtedness secured by clauses (ii), (v) and (x) of Permitted Liens. 
 “Permitted Liens” means:
(i) Liens in favor of Lender; (ii) Liens disclosed in the Disclosure Schedule, including Liens of Silicon Valley Bank (“SVB”) on specific assets of Borrower financed pursuant to the terms of an equipment loan facility with
SVB and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing; (iii) Liens for taxes, fees, assessments or other
governmental charges or levies not delinquent or being contested in good faith by appropriate proceedings, that do not jeopardize Lender’s interest in any Collateral; (iv) Liens to secure payment of worker’s compensation, employment
insurance, old age pensions or other social security obligations of 

  
 2 

 
Borrower on which Borrower is current and are in the ordinary course of its business; provided none of the same diminish or impair Lender’s rights and remedies respecting the Collateral;
(v) Liens upon or in any equipment (and including any accessions, attachments, replacements, improvements or proceeds thereto) acquired or held by such entity to secure the purchase price of such equipment or Indebtedness incurred solely for
the purposes of financing such equipment or Capital Lease obligations in an aggregate amount at any time outstanding not to exceed $1,000,000; (vi) licenses or sublicenses of intellectual property granted in the ordinary course of business;
(vii) banker’s Liens, rights of setoff and similar Liens incurred on deposit and securities accounts of such entities for fees due on such accounts made in the ordinary course of business; (viii) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate
proceedings; (ix) Liens in favor of customs and revenue authorities which secure payment of customs duties in connection with the importation of goods; (x) Liens on Borrower’s account no, 3300680540 with SVB securing reimbursement
obligations in connection with letter of credit no. SVBSF005995 in favor of Rivertech Associates II, LLC in the face amount not to exceed $117,134.00; and (xi) judgment Liens not constituting an Event of Default. 

“Regulated Substance” means any substance, material or waste the use, generation, handling, storage, treatment or disposal of which is
regulated by any local or state government authority, including any of the same designated by any authority as hazardous, genetic, cloning, fetal, or embryonic. 

“Responsible Officer” means each person as authorized by the board of directors of Borrower as set forth on the Incumbency Certificate. 

“Subsidiary” means any corporation, limited liability company or other entity type of which a majority of the outstanding capital stock or
other equity interests entitled to vote for the election of directors (otherwise than as the result of a default) is owned by Borrower directly or indirectly through Subsidiaries. 

“Term” means the period from and after the date hereof until the full and final payment and performance of all Obligations. 

“Warrant” means the Warrant in favor of Lender and its affiliates to purchase securities of Borrower substantially in the form of
Exhibit C. 
 1.2 Interpretation. References to “Articles,” “Sections,” “Exhibits,” and
“Schedules” are to articles, sections, exhibits and schedules herein and hereto unless otherwise indicated. “Hereof,” “herein” and “hereunder” refer to this Agreement as a whole. “Including” is not
limiting. All accounting and financial computations shall be computed in accordance with generally accepted accounting principles consistently applied (“GAAP”). “Or” is not necessarily exclusive. All interest computation
shall be based on a 360-day year and actual days elapsed prior to the Loan Commencement Date and on a 360-day year and 30 day month on and after the Loan Commencement Date, 

2. THE LOANS 

2.1 Commitment. Subject to the terms hereof, Lender will make Advances to Borrower up to the principal amount of the Commitment, on or before the
Commitment Termination Date, Notwithstanding anything in the Loan Documents to the contrary, Lender’s obligation to make any Advances or to lend the undisbursed portion of the Commitment shall terminate on the Commitment Termination Date.
Repaid principal of the Advances may not be re-borrowed. 
 2.2 The Advances. A Note setting forth the specific terms of repayment will evidence each
Advance. No Advance will be made for less than $1,000,000, unless less than $1,000,000 remains available under the Commitment for borrowing. Absence of a Note evidencing any portion of the Loan shall not impair Borrower’s obligation to repay it
to Lender. 
 2.3 Terms of Payment, Repayment, 

(a) Repayment. Borrower shall repay the principal and pay interest on each Advance on the terms set forth in the applicable Note.
Amounts not paid when due hereunder or under the Note shall bear interest at the Default Rate. If a court of competent jurisdiction determines that Lender has received payments that, if interest, would exceed the maximum lawfully permitted, Lender
will instead apply such money to fees and expenses and then to early prepayment of principal. 

  
 3 

 (b) ACH. All payments due to Lender must be, at Lender’s option, paid to Lender in
cash or through ACH. Borrower shall execute and deliver the ACH Authorization Form substantially in the form of Exhibit G. If the ACH payment arrangement is terminated for any reason, Borrower shall make all payments due to
Lender at Lender’s address specified in Section 11. 
 (c) Default Rate. While an Event of Default has occurred and is
continuing, interest on the Loan shall be increased to the Default Rate. Lender’s failure to charge or accrue interest at the Default Rate during the existence of a Default shall not be deemed a waiver by Lender of its right or claim thereto.

 (d) Date. Whenever any payment due under the Loan Documents is due on a day other than a business day, such payment shall be made
on the next succeeding business day, and such extension of time shall be included in the computation of interest or fees, as the case may be. 
 2.4
Fees. Borrower shall pay to Lender the following: 
 (a) Commitment Fee. The Commitment Fee, which has been previously paid by
Borrower, and shall be applied by Lender to Lender’s Expenses and other Obligations. 
 (b) Late Fee. On demand, a late charge
on any sums due hereunder that are not paid when due, in an amount equal to 2% of the past due amount, payable on demand. 
 (c)
Lender’s Expenses. Within 20 days after request, all Lender’s Expenses. Lender’s Expenses not paid when due shall bear interest as principal at the Default Rate. 

3. CONDITIONS OF ADVANCES; PROCEDURE FOR
REQUESTING ADVANCES 
 3.1 Conditions Precedent to any and all Advances. The obligation of Lender to make any
Advances is subject to each and every of the following conditions precedent in form and substance satisfactory to Lender in its reasonable discretion: (i) this Agreement, a Note evidencing the Advance, the Warrant, and all other UCC financing
statements, and other documents required or as specified herein have been duly authorized, executed and delivered; (ii) no Default or Event of Default has occurred and is continuing; (iii) delivery of a Notice of Borrowing with respect to
the proposed Advance; (iv) Lender’s security interests in the Collateral are valid and first priority, except for Permitted Liens; and (v) all such other items as Lender may reasonably deem necessary or appropriate have been delivered
or satisfied in order to establish or verify compliance with the terms of this Agreement or perfect the security interests contemplated by this Agreement, The extension of an Advance prior to the receipt by Lender of any of the foregoing shall not
constitute a waiver by Lender of Borrower’s obligation to deliver such item. 
 3.2 Procedure for Making Advances. For any Advance, Borrower
shall provide Lender an irrevocable Notice of Borrowing at least 10 business days prior to the desired Funding Date and Lender shall only be required to make Advances hereunder based upon written requests which comply with the terms and exhibits of
this Loan Agreement (as the same may be amended from time to time), and which are submitted and signed by a Responsible Officer. Borrower shall execute and deliver to Lender a Note and such other documents and instruments as Lender may reasonably
require for each Advance made. 
 4. CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower grants to Lender a valid, first priority (subject to Permitted Liens), continuing security interest in all
present and future Collateral in order to secure prompt, full, faithful and timely payment and performance of all Obligations. 
 4.2 Inspections.
Lender shall have the right upon reasonable prior notice to inspect Borrower’s Books, including computer files, and to make copies, and to test, inspect and appraise the Collateral, in order to verify any matter relating to Borrower or the
Collateral. Absent an Event of Default, such inspections, appraisals and verifications shall occur no more than once per year. 
 4.3 Authorization to
File Financing Statements. Borrower irrevocably authorizes Lender at any time and from time to time to file in any jurisdiction any financing statements and amendments that: (i) name Collateral as collateral thereunder, regardless of
whether any particular Collateral falls within the scope of the UCC; (ii) contain any other information required by the UCC for sufficiency or filing office acceptance, including organization identification numbers; and (iii) contain such
language as Lender 

  
 4 

 
determines helpful in protecting or preserving rights against third parties. Borrower ratifies any such filings made prior to the date hereof. 

5. REPRESENTATIONS AND WARRANTIES 

Borrower represents, warrants and covenants as follows: 
 5.1
Due Organization and Qualification. Borrower is a corporation duly formed, existing and in good standing under the laws of its state of incorporation and qualified and licensed to do business in, and is in good standing in, any United States
domestic state in which the conduct of its business or its ownership of property requires that it be so qualified or in which the Collateral is located, except states other than Massachusetts and Delaware, where the failure to do so would not
reasonably be expected to have a Material Adverse Effect. 
 5.2 Authority. Borrower has all corporate power and authority, and has taken all
actions, and has obtained all third party consents necessary to execute, deliver, and perform the Loan Documents. 
 5.3 Disclosure Schedule. All
information on the Disclosure Schedule is true, correct and complete. 
 5.4 Authorization; Enforceability. The execution and delivery hereof, the
granting of the security interest in the Collateral, the incurring of the Obligations, the execution and delivery of all Loan Documents and the consummation of the transactions herein and therein contemplated have been duly authorized by all
necessary action by Borrower. The Loan Documents constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their terms, except as enforceability may be limited by bankruptcy or similar laws relating to enforcement
of creditors’ rights generally. 
 5.5 Name and Location, Subsidiaries. Borrower has not done business under any name other than that specified
on the signature page hereof or as set forth on the Disclosure Schedule. The chief executive office, principal place of business, and the place where Borrower maintains its records concerning the Collateral is set forth in Section 11.
The Collateral is presently located at the address(es) set forth in Section 11 and on the Disclosure Schedule. Borrower has no Subsidiaries, except those listed on the Disclosure Schedule. 

5.6 Litigation. All actions or proceedings pending or, to the knowledge of the Borrower, threatened in writing by or against Borrower before any court
or administrative agency are set forth on the Disclosure Schedule. 
 5.7 Financial Statements. All financial statements fairly represent in all
material respects the financial condition of the Borrower. All statements respecting Collateral that have been or may hereafter be delivered by Borrower to Lender are true, complete and correct in all material respects for the periods indicated.

 5.8 Solvency. Borrower is solvent and able to pay its debts (including trade debts) as they come due. 

5.9 Taxes. Borrower has filed all required tax returns, and has paid all taxes it owes other than where the failure to comply would not reasonably be
expected to have a Material Adverse Effect. 
 5.10 Rights; Title to Assets. Borrower possesses and owns or has the right to use all necessary
assets, rights, trademarks, trade names, copyrights, patents, patent rights, franchises and licenses which it needs to conduct its business as now operated, except where failure to do so would not reasonably be expected to have a Material Adverse
Effect. Borrower has good title to its assets, free and clear of any Liens, except for Permitted Liens. 
 5.11 Full Disclosure. No written
representation, warranty or other statement made by Borrower in any Loan Document, certificate or statement furnished to Lender in connection with any such Loan Document contains any untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained in such certificates or statements not misleading, 
 5.12 Regulated Substances. Borrower
complies and will comply in all material respects with all laws respecting Regulated Substances. 

  
 5 

 5.13 Reaffirmation. Each Notice of Borrowing will constitute (i) a warranty find representation in
favor of Lender that there does not exist any Default and (ii) subject to any amended Disclosure Schedule delivered to Lender or any other written disclosure required to be sent to Lender pursuant to the terms hereof, a reaffirmation as of the
date of such Notice of Borrowing of all of the representations and warranties contained in this Agreement and the Loan Documents, provided, however, if any such amended Disclosure Schedule or such other written disclosure contains any matter
which would reasonably be expected to have a Material Adverse Effect, Lender’s obligation to make Advances to Borrower hereunder shall be suspended during the pendency of any such Material Adverse Effect condition. 

5.14 Auction Rate Securities. The Borrower (i) owns no auction rate securities or similar financial instruments directly or indirectly in any
brokerage, securities account or other account created by or for the benefit of the Borrower; and (ii) has not created any standing or discretionary purchase order or directive with any brokerage account or broker service to purchase auction
rate securities or similar financial instruments on behalf of the Borrower. 
 6. AFFIRMATIVE COVENANTS

 Borrower covenants and agrees that it shall do all of the following: 

6.1 Good Standing and Compliance. Borrower shall maintain all governmental licenses, rights and agreements necessary for its operations or business
except where the failure to do so would not reasonably be expected to have a Material Adverse Effect and shall comply in all material respects with all statutes, laws, ordinances and government rules and regulations to which it is subject. 

6.2 Financial Statements, Reports, Certificates. Borrower shall deliver to Lender: (i) as soon as prepared, and no later than 30 days after the
end of each calendar month, a balance sheet, income statement and cash flow statement covering Borrower’s operations during such period; (ii) as soon as prepared, but no later than 180 days after the end of the fiscal year or such other
time period as approved by Borrower’s Board of Directors, audited financial statements prepared in accordance with GAAP, together with an opinion that such financial statements fairly present Borrower’s financial condition by an
independent public accounting firm reasonably acceptable to Lender; (iii) promptly upon notice thereof, a report of any legal or administrative action pending or, to Borrower’s knowledge, threatened in writing against Borrower which is
likely to result in liability to Borrower in excess of $200,000; and (iv) such other financial information as Lender may reasonably request from time to time. Financial statements delivered pursuant to subsections (i) and (ii) above
shall be accompanied by a certificate signed by a Responsible Officer (each an “Officer’s Certificate”) in the form of Exhibit F. 

6.3 Notice of Defaults. Promptly upon any Default or Event of Default, deliver an Officer’s Certificate setting forth the facts relating to or
giving rise thereto, and the Borrower’s proposed action with respect thereto. 
 6.4 Use; Maintenance. Borrower, at its expense, shall
(i) maintain the Collateral in good condition, reasonable wear and tear excepted, and will comply in all material respects with all laws, rules and regulations regarding use and operation of the Collateral and (ii) repair or replace any
lost or damaged Collateral or otherwise use any insurance proceeds to purchase or acquire property necessary for Borrower’s business. 
 6.5
Insurance. Borrower, at its own expense, shall maintain insurance in amounts and coverages reasonably satisfactory to Lender. Each general liability, business personal property and casualty insurance policy, as applicable shall: (i) name
Lender loss payee with respect to the Collateral or additional insured, as appropriate, (ii) provide for insurer’s waiver of its right of subrogation against Lender and Borrower, (iii) provide that such insurance shall not be
invalidated by any action of, or breach of warranty by, Borrower and waive set-off, counterclaim or offset against Lender, (iv) be primary without a right of contribution of Lender’s insurance, if any, or any obligation on the part of
Lender to pay premiums of Borrower. Borrower shall promptly provide Lender with any written notice of cancellation received from any insurer, whether due to cancellation for non-payment or any other reason. Borrower shall furnish all certificates of
insurance required by Lender. 
 6.6 Loss Proceeds. So long as no Event of Default has occurred and is continuing, any proceeds of insurance on or
condemnation of Collateral shall, at Borrower’s election, be used either to repair or replace such Collateral, to purchase or acquire property useful to Borrower’s business, or shall be otherwise used or maintained at Borrower’s
election, in each case, so long as Lender’s security interest in such proceeds remains first priority. 

  
 6 

 6.7 Taxes. Borrower shall file all required tax returns, and shall pay all taxes it owes other than where
the failure to comply would not reasonably be expected to have a Material Adverse Effect. 
 6.8 Further Assurances. At any time and from time to
time, Borrower shall execute and deliver such further instruments and take such further action as Lender may reasonably request to effect the intent and purposes hereof, to perfect and continue perfected and of first priority Lender’s security
interests in the Collateral, and to effect and maintain ACH payment arrangements. Notwithstanding the foregoing, Borrower shall not be required to obtain or deliver a waiver agreement on the part of any warehousemen or bailee unless such person has
possession or control of more than $100,000 of Borrower’s Equipment. 
 6.9 Creation of Subsidiaries. Borrower shall provide Lender not less
than 15 days prior written notice of the formation of a Subsidiary, whether domestic or foreign. Borrower shall take all steps necessary at the request of Lender to cause each domestic Subsidiary to be a borrower hereunder or a guarantor hereof and
shall cause such Subsidiary to grant a first priority security interest in all of its assets (substantially similar to the Collateral as defined in Exhibit A) to Lender and/or cause a pledge of such Subsidiary’s capital
stock in favor of Lender. Borrower shall take all steps necessary at the request of Lender to pledge in favor of Lender the capital stock of each foreign Subsidiary provided that at the request of Borrower, such pledge may be limited to 65%
of such Subsidiary’s issued and outstanding capital stock. In addition, Borrower agrees that it shall not cause or permit any capital stock of any Subsidiary (whether in existence as of the date hereof or subsequent to the date hereof) to be
pledged in favor or any other entity, nor shall it cause or permit possession of the certificates (or other tangible evidence) of such capital stock to be in any person’s possession and control other than Borrower or Lender. 

7. NEGATIVE COVENANTS 

Borrower will not do any of the following: 
 7.1 Location of
Collateral. Change its chief executive office or principal place of business or remove, except in the ordinary course of Borrower’s business or as a result of a force majeure, the Collateral or Borrower’s Books from the premises listed
in Section 11 or as described in the Disclosure Schedule, without giving 30 days prior written notice to Lender. 
 7.2 Extraordinary
Transactions. Enter into any material transaction not in the ordinary course of Borrower’s business, including the sale, lease, license or other disposition of its assets, other than (i) sales of inventory in the ordinary course of
Borrower’s business; (ii) licenses and sublicenses of Borrower’s intellectual property assets entered into in the ordinary course of business; (iii) disposition of worn out or obsolete equipment, de minimis amounts of raw
materials or de minimis amounts of tangible assets; and (iv) any transaction otherwise permitted under this Section 7 or not an Event of Default under Section 8.12. 

7.3 Restructure. Make any material change in Borrower’s financial structure or business operations or ownership, in each case, which would trigger
an Event of Default under Section 8.12 hereof; create any new Subsidiaries not in accordance with Section 6.9; or suspend operation of Borrower’s business. 

7.4 Liens. Create, incur, assume or suffer to exist any Lien of any kind with respect to any of its property, whether now owned or hereafter acquired,
except for Permitted Liens. 
 7.5 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, other than Permitted Indebtedness or
cause or suffer any Subsidiary to create, incur, assume or suffer to exist any Indebtedness, other than Permitted Indebtedness, 
 7.6 Distributions.
Pay any dividends or distributions, or redeem or purchase, any capital stock, except for repurchases of capital stock from departing employees, directors, or service providers under agreements approved by the Borrower’s Board of Directors. 

7.7 Transactions with Affiliates. Directly or indirectly enter into any transaction with any affiliate which is on terms less favorable to Borrower
than would be obtained in an arm’s length transaction with a non-affiliated entity; provided, any such transaction shall not be a breach of this Section 7.7 if approved by a majority of the disinterested members of the
Borrower’s Board of Directors. 
 7.8 Compliance. (i) Become an “investment company” under the Investment Company Act of 1940 or
extend credit to purchase or carry margin stock; (ii) fail to meet the minimum funding requirements of ERISA; (iii) permit a Reportable Event or Prohibited 

  
 7 

 
Transaction, as defined in ERISA, to occur; (iv) fail to comply with the Federal Fair Labor Standards Act; or (v) violate in any material respect any other law or regulation. 

7.9 UCC Effectiveness. Change its name, jurisdiction of organization, or take any other action that would reasonably be expected to render
Lender’s financing statements misleading under the UCC, without giving Lender 30 days advance written notice. 
 7.10 Deposit and Securities
Accounts. Maintain any deposit accounts or accounts holding securities owned by Borrower except accounts in which Lender has obtained a perfected first priority security interest. Notwithstanding the foregoing, Lender shall not have a perfected
security interest in Borrower’s deposit number 3300680540 at SVB in the amount of $117,134.00 which secures letter of credit number SVBSF005995 issued in favor of Rivertech Associates II, LLC. For so long as the Obligations are outstanding,
Borrower shall not hold directly or indirectly, purchase or create a purchase order or directive to purchase any auction rate securities or similar financial instruments regardless of whether such securities are to be held by Borrower or through one
or more brokerage accounts. 
 7.11 Maintenance of Subsidiaries. Borrower shall not, and shall not permit or cause any Subsidiary to, (i) sell,
dispose of, convey, or allow a Lien to arise on any of the assets, including Intellectual Property (as defined in Exhibit A) owned by such Subsidiary (and for this purpose, the definition of “Intellectual Property”
shall be deemed to refer to such Subsidiary) except for non-exclusive licenses entered into in the ordinary course of business and other Permitted Liens; (ii) divest or “spin-off any Subsidiary except where as a result of such transaction
Borrower and/or Borrower’s shareholders or affiliates retain or obtain majority ownership of such Subsidiary; (iii) merge or consolidate any Subsidiary with or into another entity (unless as a result of such merger Borrower and/or
Borrower’s shareholders or affiliates retain or obtain majority ownership of the surviving entity); (iv) permit a Change of Control (as defined below) of any Subsidiary; (v) permit a Lien other than Permitted Liens, (and for this
purpose, the definitions of “Lien” and “Permitted Liens” shall be deemed to refer to such Subsidiary), to arise on, or make a pledge of, any capital stock of any Subsidiary in favor of any person other than Lender; or
(vi) materially change the corporate structure and business operations of any of its Subsidiaries. For the purposes of this Section 7.11, a “Change of Control” shall mean, any transaction or series of related transactions
whereby the Borrower and/or Borrower’s shareholders or affiliates of Borrower holding in excess of 50% of the outstanding voting capital stock of any Subsidiary immediately prior to such transaction or transactions, shall own less than 50% of
the outstanding voting or capital stock of such Subsidiary immediately following such transaction or transactions other than as a result of a the sale of Borrower’s capital stock to a venture capital firm or similar investment fund or
institution pursuant to a bona fide equity financing transaction. 
 8. EVENTS OF DEFAULT

 Any one or more of the following shall constitute an Event of Default by Borrower hereunder: 

8.1 Payment. Borrower fails to pay when due and payable in accordance with the Loan Documents any portion of the Obligations, or cancels an ACH payment
or transfer Lender has initiated in conformity with the terms hereof provided, however, that an Event of Default shall not occur on account of a failure to pay due solely to an administrative or operational error if Borrower had the funds to
make the payment when due and makes the payment the business day following Borrower’s knowledge of such failure to pay. 
 8.2 Certain Covenant
Defaults. Borrower fails to perform any obligation under Section 6.5 or 6.6, or violates any of the covenants contained in Section 7. 

8.3 Other Covenant Defaults. Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant, or agreement
contained in this Agreement, in any of the other Loan Documents, or in any other present or future agreement between Borrower and Lender and has failed to cure such failure within 30 days after its occurrence. 

8.4 Attachment. Any material portion of Borrower’s assets is attached, seized, subjected to a government levy, lien, writ or distress warrant, or
comes into the possession of any trustee or receiver and the same is not returned, removed, waived, stayed, discharged or rescinded within 10 business days. 

8.5 Other Agreements. There is a default in any agreement to which Borrower is a party resulting in the acceleration of the maturity of any
Indebtedness, in an amount greater than $200,000. 

  
 8 

 8.6 Judgments. One or more judgments for an aggregate of at least $200,000 is rendered against Borrower
and remains unsatisfied, unbonded and unstayed for more than 45 days. 
 8.7 Injunction. Borrower is enjoined, restrained, or in any way prevented by
court order from continuing to conduct any material part of its business affairs, or if a judgment becomes a Lien upon any material portion of Borrower’s assets. 

8.8 Misrepresentation. Any representation, statement, or report made to Lender by Borrower was false or misleading when made in any material respect.

 8.9 Enforceability. Lender’s ability to enforce its rights against Borrower or any Collateral is impaired in any material respect, or
Borrower asserts that any Loan Document is not a legal, valid and binding obligation of Borrower enforceable in accordance with its terms. 
 8.10
Involuntary Bankruptcy. An involuntary bankruptcy case remains undismissed or unstayed for 60 days or, if earlier, an order granting the relief sought is entered. 

8.11 Voluntary Bankruptcy or Insolvency. Borrower commences a voluntary case under applicable bankruptcy or insolvency law, consents to the entry of an
order for relief in an involuntary case under any such law, or consents or is subject to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or other similar official of Borrower or any substantial part of
its property, or makes an assignment for the benefit of creditors, or fails generally or admits in writing to its inability to pay its debts as they become due, or takes any corporate action in furtherance of any of the foregoing. 

8.12 Merger, Sale or Change of Control. The occurrence of (i) a merger of Borrower with another entity (whether or not the Borrower is the
“surviving entity”) whereby the shareholders (and their respective affiliates) of Borrower immediately prior to such merger own less than 50% of the outstanding voting securities of Borrower immediately after such merger; (ii) the
sale (in one or a series of related transactions) of all or substantially all of Borrower’s assets; or (iii) any transaction (or series of related transactions) other than a transaction that is a bona fide equity financing with the primary
purpose of raising capital for Borrower, whereby the shareholders (and their respective affiliates) of Borrower immediately prior to such transaction(s) own less than 50% of the outstanding voting securities of Borrower immediately after such
transaction(s), and, in the cases of (i), (ii) and (iii), such acquirer or resulting entity (including, Borrower, if Borrower is the resulting or surviving entity) fails to either: (a) pay off the Obligations in cash at the closing of the
acquisition, merger or sale or (b) provide an unconditional, unlimited guaranty or reaffirmation of the Obligations in form and substance satisfactory to Lender and is of a credit quality acceptable to Lender. 

9. LENDER’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and continuance of any Event of Default, Lender may, at its election, without notice of election and
without demand, do any one or more of the following, all of which are authorized by Borrower: (i) accelerate and declare the Loan and all Obligations immediately due and payable; (ii) make such payments and do such acts as Lender considers
necessary or reasonable to protect its security interest in the Collateral, with such amounts becoming Obligations bearing interest at the Default Rate; (iii) exercise any and all other rights and remedies available under the UCC or otherwise;
(iv) require Borrower to assemble the Collateral at such places as Lender may designate; (v) enter premises where any Collateral is located, take, maintain possession of, or render unusable the Collateral or any part of it;
(vi) without notice to Borrower, set off and recoup against any portion of the Obligations; (vii) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral, in connection with
which Borrower hereby grants Lender a license to use without charge Borrower’s premises, labels, name, trademarks, and other property necessary to complete, advertise, and sell any Collateral; (viii) sell the Collateral at one or more
public or private sales; and (ix) deliver a notice of “exclusive control” or similar notification under any Control Agreement to which Lender is a party, 

9.2 Power of Attorney in Respect of the Collateral. Borrower hereby irrevocably appoints Lender (which appointment is coupled with an interest) its
true and lawful attorney in fact with full power of substitution, for it and in its name to, effective upon an Event of Default: (i) ask, demand, collect, receive, sue for, compound and give acquittance for any and all Collateral with full
power to settle, adjust or compromise any claim, (ii) receive payment of and endorse the name of Borrower on any items of Collateral, (iii) make all demands, consents and waivers, or take any other action with respect to, the Collateral,
(iv) file any claim or take any other action, in Lender’s or Borrower’s name, which Lender may reasonably deem appropriate to protect its rights in the Collateral, or (v) otherwise act with respect to the Collateral as though
Lender were its outright owner. 

  
 9 

 9.3 Charges. If Borrower fails to pay any amounts required hereunder to be paid by Borrower to any third
party, Lender may at its option pay any part thereof and any amounts so paid including Lender’s Expenses incurred shall become Obligations, immediately due and payable, bearing interest at the Default Rate, and secured by the Collateral. Any
such payments by Lender shall not constitute an agreement to make similar payments or a waiver of any Event of Default. 
 9.4 Remedies Cumulative.
Lender’s rights and remedies under the Loan Documents and all other agreements with Borrower shall be cumulative. Lender shall have all other rights and remedies as provided under the UCC, by law, or in equity. No exercise by Lender of one
right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default shall be deemed a continuing waiver. No delay by Lender shall constitute a waiver, election, or acquiescence. 

9.5 Application of Collateral Proceeds. Lender will apply proceeds of sale, to the extent actually received in cash, in the manner and order it
determines in its sole discretion, and as prescribed by applicable law. 
 10. WAIVERS; INDEMNIFICATION

 10.1 Waivers. Without limiting the generality of the other waivers made by Borrower herein, to the maximum extent permitted under applicable
law, Borrower hereby irrevocably waives all of the following: (i) any right to assert against Lender as a defense, counterclaim, set-off or crossclaim, any defense (legal or equitable), set-off, counterclaim, crossclaim and/or other
claim (a) which Borrower may now or at any time hereafter have against any party liable to Lender in any way or manner, or (b) arising directly or indirectly from the present or future lack of perfection, sufficiency, validity and/or
enforceability of any Loan Document, or any security interest; (ii) presentment, demand and notice of presentment, dishonor, notice of intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement, extension or
renewal of any or all accounts, documents, instruments, chattel paper and guaranties at any time held by Lender on which Borrower may in any way be liable and hereby ratifies and confirms whatever Lender may do in this regard; (iii) the benefit
of all marshalling, valuation, appraisal and exemption laws; (iv) the right, if any, to require Lender to (a) proceed against any person liable for any of the Obligations as a condition to or before proceeding hereunder; or
(b) foreclose upon, sell or otherwise realize upon or collect or apply any other property, real or personal, securing any of the Obligations, as a condition to, or before proceeding hereunder; (v) any demand for possession before the
commencement of any suit or action to recover possession of Collateral; and (vi) any requirement that Lender retain possession and not dispose of Collateral until after trial or final judgment. 

10.2 Lender’s Liability for Collateral. Lender shall not in any way or manner be liable or responsible for; (i) the safekeeping of any
Collateral; (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause; (iii) any diminution in the value thereof; or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency,
or other person or entity whomsoever unless arising out of Lender’s gross negligence or willful misconduct. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. Lender will have no responsibility for taking any
steps to preserve rights against any parties respecting any Collateral, except for Lender’s gross negligence or willful misconduct. Lender’s powers hereunder are conferred solely to protect its interest in the Collateral and do not impose
any duty to exercise any such powers. None of Lender or any of its officers, directors, employees, agents or counsel will be liable for any action lawfully taken or omitted to be taken hereunder or in connection herewith (excepting gross negligence
or willful misconduct), nor under any circumstances have any liability to Borrower for lost profits or other special, indirect, punitive, or consequential damages. Lender retains any documents delivered by Borrower only for its purposes and for such
period as Lender, at its sole discretion, may determine necessary, after which time Lender may destroy such records without notice to or consent from Borrower. 

10.3 Indemnification. Borrower shall defend, indemnify, and hold Lender and each of its officers, directors, employees, counsel, partners, agents and
attorneys-in-fact (each, an “Indemnified Person”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses or disbursements (including
Lender’s Expenses and reasonable attorney’s fees) of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and any other Loan Documents, or the transactions
contemplated hereby and thereby, with respect to noncompliance with laws or regulations respecting Regulated Substances, government secrecy or technology export, or any Lien not created by Lender or right of another against any Collateral, even if
the Collateral is foreclosed upon or sold pursuant hereto, and with respect to any investigation, litigation or proceeding before any agency, court or other governmental authority relating to this Agreement or the Advances or the use of the proceeds
thereof, whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided, that Borrower shall have no obligation hereunder to any Indemnified Person with respect to
Indemnified Liabilities arising from the gross negligence or willful misconduct of such Indemnified Person. The obligations in this Section shall survive the Term. At the election of any Indemnified Person, Borrower shall defend such

  
 10 

 
Indemnified Person using legal counsel satisfactory to such Indemnified Person, at the sole cost and expense of Borrower. All amounts owing under this Section shall be paid within 30 days after
written demand. 
 11. NOTICES 

All notices shall be in writing and personally delivered or sent by certified mail, postage prepaid, return receipt requested, or by confirmed facsimile, at
the respective addresses set forth below: 
  

			
	If to Borrower;	    	If to Lender:
		
	Cerulean Pharma Inc.	    	Lighthouse Capital Partners VI, LP
	Attention: Senior Vice President. Finance and Administration	    	
	Attention: General Counsel	    	Attention: Contracts Administration
	840 Memorial Drive, 5th Floor	    	3555 Alameda de las Pulgas, Suite 200
	Cambridge, Massachusetts 02139	    	Menlo Park, California 94025
	FAX: (617) 494-1544	    	FAX: (650) 233-0114

 12. GENERAL PROVISIONS 

12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties’ respective successors and permitted assigns.
Borrower may not assign any rights hereunder without Lender’s prior written consent, which consent may be granted or withheld in Lender’s sole discretion. Lender shall have the right without the consent of or notice to Borrower to sell,
transfer, negotiate, or grant participations in all or any part of any Loan Document, except to any entity reasonably deemed to be a competitor of Borrower or to a lender organized or resident outside of the United States. 

12.2 Time of Essence. Time is of the essence for the performance of all Obligations. 

12.3 Severability of Provisions. Each provision hereof shall be severable from every other provision in determining its legal enforceability. 

12.4 Entire Agreement. This Agreement and each of the other Loan Documents dated as of the date hereof, taken together, constitute and contain the
entire agreement between Borrower and Lender with respect to their subject matter and supersede any and all prior agreements, negotiations, correspondence, understandings and communications between the parties, whether written or oral. This
Agreement is the result of negotiations between and has been reviewed by the Borrower and Lender as of the date hereof and their respective counsel; accordingly, this Agreement shall be deemed to be the product of the parties hereto, and no
ambiguity shall be construed in favor of or against Borrower or Lender. This Agreement may only be modified with the written consent of Lender and Borrower. Any waiver or consent with respect to any provision of the Loan Documents shall be effective
only in the specific instance and for the specific purpose for which it was given. No notice to or demand on Borrower in any one case shall entitle Borrower to any other or further notice or demand in similar or other circumstances. 

12.5 Reliance by Lender. All covenants, agreements, representations and warranties made herein by Borrower shall, notwithstanding any investigation by
Lender, be deemed to be material to the Lender and to have been relied upon by Lender in making its decision to enter into and perform under the Loan Documents. 

12.6 No Set-Offs by Borrower. All sums payable by Borrower pursuant to this Agreement or any of the other Loan Documents shall be payable without
notice or demand and shall be payable in United States Dollars without set-off or reduction of any manner whatsoever. 
 12.7 Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which, when taken together, shall constitute one and the same original instrument. 

12.8 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations
remain outstanding. 

  
 11 

 12.9 No Original Issue Discount. Borrower and Lender acknowledge and agree that the Warrant is part of an
investment unit within the meaning of Section 1273(c)(2) of the Internal Revenue Code, which includes the Loan, Borrower and Lender further agree as between them, that they will cooperate with each other in determining the fair market value of
the Warrant and that, pursuant to Treas. Reg. § 1.1273-2(h), a portion of the issue price of the investment unit will be allocable to the Warrant and the balance shall be allocable to the Loans. Borrower and Lender agree to prepare their
federal income tax returns in a manner consistent with the foregoing and to cooperate with each other in determining such valuation and allocation approach and methodology, pursuant to Treas. Reg. § 1.1273, the original issue discount on the
Loan shall be considered to be zero. 
 12.10 Relationship of Parties. The relationship between Borrower and Lender is, and at all times shall
remain, solely that of a borrower and lender, Lender is not a partner or joint venturer of Borrower; nor shall Lender under any circumstances be deemed to be in a relationship of confidence or trust or have a fiduciary relationship with Borrower or
any of its affiliates, or to owe any fiduciary duty to Borrower or any of its affiliates. Lender does not undertake or assume any responsibility or duty to Borrower or any of its affiliates to select, review, inspect, supervise, pass judgment upon
or otherwise inform any of them of any matter in connection with its or their property, the Loans, any Collateral or the operations of Borrower or any of its affiliates. Borrower and eacli of its affiliates shall rely entirely on their own judgment
with respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by Lender in connection with such matters is solely for the protection of Lender and neither Borrower nor any
affiliate is entitled to rely thereon. 
 12.11 Choice of Law and Venue; Jury Trial Waiver. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. EACH OF BORROWER AND LENDER HEREBY SUBMITS TO THE
EXCLUSIVE JURISDICTION AND VENUE OF THE STATE AND FEDERAL COURTS LOCATED
IN THE CITY AND COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA.
BORROWER AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY FURTHER
WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL
HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
CANNOT BE OR HAS NOT BEEN WAIVED. 
 12.12
Confidentiality. In handling any confidential or non-public information concerning the Borrower, Lender will maintain the confidentiality of such information, but disclosure of information may be made (i) to Lender’s subsidiaries,
partners or affiliates in connection with their business with Borrower, provided they are bound by these confidentiality provisions, (ii) to prospective transferees or purchasers of any security interest in the loans, provided they are bound by
these confidentiality provisions, (iii) as required by law, regulation, subpoena, or other order; (iv) as required in connection with Lender’s examination or audit, provided that any person receiving confidential or non-public
information is bound by these confidentiality provisions or similar regulations, and (v) as Lender considers appropriate in exercising remedies under this Agreement, provided that any person receiving confidential or non-public information is
bound by these confidentiality provision or similar regulations. Confidential information does not include information that either: (x) is in the public domain or in Lender’s possession when disclosed to Lender, or becomes part of the
public domain after disclosure to Lender, or (y) is disclosed to Lender by a third party, if Lender does not have actual knowledge that the third party is prohibited from disclosing the information. 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written. 
  

									
	CERULEAN PHARMA INC.	 		 	LIGHTHOUSE CAPITAL PARTNERS VI, LP.
		 		 	BY:	 	LIGHTHOUSE MANAGEMENT PARTNERS VI, L.L.C.,
		 		 		 		 	its general partner
					
	By:	 	 /s/ Karen L. Roberts
	 		 	By:	 	 /s/ Ryan Turner

					
	Name:	 	 Karen L. Roberts
	 		 	Name:	 	 Ryan Turner

					
	Title:	 	 SVP Finance + Admin
	 		 	Title:	 	 Managing Director

  

			
	Exhibit A	  	Collateral Description
	Exhibit B	  	Form of Note
	Exhibit C	  	Form of Preferred Stock Warrant
	Exhibit D	  	Form of Notice of Borrowing
	Exhibit E	  	Form of Incumbency Certificate
	Exhibit F	  	Form of Officers Certificate
	Exhibit G	  	ACH Authorization
	Exhibit H	  	Form of Negative Pledge Agreement
	Exhibit I	  	Control Agreement
		
	Schedule 1	  	Disclosure Schedule

  
 13 

 EXHIBIT B 

[                    ] 

SECURED PROMISSORY NOTE 

This SECURED PROMISSORY NOTE (this “Note”) is made
            , 20    , by CERULEAN PHARMA INC. (“Borrower”) in favor of
LIGHTHOUSE CAPITAL PARTNERS VI, L.P. (collectively with its assigns, “Lender”). Initially capitalized terms used and not otherwise defined herein are defined in that certain Loan
and Security Agreement No. 2161 between Borrower and Lender dated December 6, 2011 (the “Loan Agreement”). 
 FOR
VALUE RECEIVED, Borrower promises to pay in lawful money of the United States, to the order of Lender, at 3555 Alameda de las Pulgas, Suite 200, Menlo Park, CA 94025, or such other place as Lender may from time to time
designate (“Lender’s Office”), the principal sum of $            (the “Advance”), including interest on the unpaid balance and all other amounts due or to
become due hereunder according to the terms hereof and of the Loan Agreement. 
 “Basic Rate” means (i) a fixed per annum rate
of interest equal to 9% during the Interest Only Period; and (ii) a variable per annum rate of interest equal to the Index plus the Interest Margin which shall be subject to adjustment as provided in the Loan Agreement. On and after the
Loan Commencement Date the Basic Rate shall be fixed and not subject to any further adjustments. Notwithstanding the foregoing, in no event shall the Basic Rate be less than 8.25%, 

“Final Payment” means 6% of the Advance, or prorated portion thereof in case of a partial prepayment. 

“Index” means the prevailing variable Prime Rate of annual interest as quoted from time to time in the western edition of the Wall Street
Journal. 
 “Interest Margin” means 5% per annum. 

“Interest Only Period” means the period commencing on the date hereof and continuing until the Loan Commencement Date. 

“Loan Commencement Date” means
                    . 
 “Maturity
Date” means the last day of the Repayment Period, or if earlier, the date of prepayment under the Note. 
 “Payment Date”
means the first day of each calendar month. 
 “Repayment Period” means the period beginning on the Loan Commencement Date and continuing
for 36 calendar months. 
 1. Repayment. Borrower shall pay principal and interest due hereunder from the Funding Date, until this Note is paid in
full, on each Payment Date pursuant to the terms of the Loan Agreement and this Note. Prior to the Loan Commencement Date, Borrower shall pay to Lender, monthly in advance on each Payment Date, interest on the outstanding principal amount,
calculated using the Basic Rate prevailing on the first business day of such calendar month. Beginning on the Loan Commencement Date and on each Payment Date thereafter during the Repayment Period (unless the outstanding principal amount and the
accrued interest thereon, calculated at the Basic Rate, is paid earlier), Borrower shall make equal installments of principal and interest in advance, calculated at the Basic Rate. On the Maturity Date, Borrower shall pay, in addition to all unpaid
principal and interest outstanding hereunder, the applicable Final Payment. 
 2. Interest. Interest not paid when due will, to the maximum extent
permitted under applicable law, become part of principal, at Lender’s option, and thereafter bear like interest as principal. All interest computation shall be based on a 360-day year and actual days elapsed prior to the Loan Commencement Date
and on a 360-day year and 30 day month on and after the Loan Commencement Date. All Obligations not paid when due shall bear interest at the Default Rate unless waived in writing by Lender. All amounts paid hereunder will be applied to the
Obligations in Lender’s discretion and as provided in the Loan Agreement. 

 3. Voluntary Prepayment. Borrower may prepay all or any portion of the Note if and only if Borrower
pays to Lender (i) all or a portion of the outstanding principal amount of this Note and any unpaid accrued interest thereon, (ii) the Final Payment,or prorata portion thereof in case of a partial prepayment, and (iii) all other sums,
if any, that shall have become due and payable hereunder with respect to this Note. 
 4. Collateral. This Note is secured by the Collateral.

 5. Waivers. Borrower, and all guarantors and endorsers of this Note, regardless of the time, order or place of signing, hereby waive notice,
demand, presentment, protest, and notices of every kind, presentment for the purpose of accelerating maturity, diligence in collection, and, to the fullest extent permitted by law, all rights to plead any statute of limitations as a defense to any
action on this Note. 
 6. Choice of Law; Venue. THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF
THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW. EACH OF BORROWER AND LENDER HEREBY SUBMITS TO THE EXCLUSIVE
JURISDICTION AND VENUE OF THE STATE AND FEDERAL COURTS LOCATED IN THE
CITY AND COUNTY OF SAN FRANCISCO, STATE OF CALIFORNIA. BORROWER AND
LENDER EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS NOTE. EACH PARTY FURTHER WAIVES ANY RIGHT TO CONSOLIDATE ANY
ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER
ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN
WAIVED. 
 7. Miscellaneous. This Note may be modified only by a writing signed by Borrower and Lender. Each provision hereof is
severable from every other provision hereof and of the Loan Agreement when determining its legal enforceability. Sections and subsections are titled for convenience, and not for construction. “Hereof,” “herein,”
“hereunder,” and similar words refer to this Note in its entirety. “Or” is not necessarily exclusive. “Including” is not limiting. The terms and conditions hereof inure to the benefit of and are binding upon the
parties’ respective permitted successors and assigns. This Note is subject to all the terms and conditions of the Loan Agreement. 
 IN
WITNESS WHEREOF, Borrower has caused this Note to be executed by a duly authorized officer as of the day and year first above written. 

 

			
	CERULEAN PHARMA INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT D 

NOTICE OF BORROWING 

            ,          

Lighthouse Capital Partners VI, L.P. 
 3555 Alameda de las
Pulgas, Suite 200 
 Menlo Park, CA 94025 
 Ladies and
Gentlemen: 
 Reference is made to the Loan and Security Agreement No, 2161 dated as of December 6, 2011 (as it has been and may be
amended from time to time, the “Loan Agreement” initially capitalized terms used herein as defined therein), between Lighthouse CAPITAL PARTNERS VI, L.P. and CERULEAN
PHARMA INC. (the “Company”) 
 The undersigned is the [President and CEO][Senior Vice
President, Finance and Administration] of the Company, and hereby irrevocably requests an Advance under the Loan Agreement, and in that connection certifies on behalf of the Company as follows: 

1. The amount of the proposed Advance is $            . The business day of the
proposed Advance is                     . 

2. The Loan Commencement Date for this Advance shall be
                    . 
 3. As of this
date, no Default or Event of Default has occurred and is continuing, or will result from the making of the proposed Advance, and the representations and warranties of the Company contained in Section 5 of the Loan Agreement are true and correct
in all material respects, and except for any representations and warranties that speak as of a specific date and except for any amended Disclosure Schedule delivered to Lender or any other written disclosure sent to Lender pursuant to the terms of
the Loan Agreement. 
 4. As of this date, (i) Oliver Fetzer or another person designated by a majority of the Board of Directors
serves as President and Chief Executive Officer of Borrower; (ii) at least 2 of the following 3 firms have a representative on Borrower’s Board of Directors: Polaris Venture Partners, Venrock Associates, and Lilly Ventures; or
(iii) Borrower continues to be in the business of developing innovative nanopharmaceuticals. 
 The Company agrees to notify you
promptly before the funding of the Advance if any of the matters to which I have certified above shall not be true and correct on the Funding Date. 
  

			
	Very truly yours,
	
	Cerulean Pharma Inc.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT F 

OFFICER’S CERTIFICATE 

The undersigned, to induce LIGHTHOUSE CAPITAL PARTNERS VI, L.P. (“Lender”),
to extend or continue financial accommodations to CERULEAN PHARMA INC., a Delaware corporation (the “Borrower”) pursuant to the terms of that certain Loan and Security
Agreement dated December 6, 2011 (the “Loan Agreement”), hereby certifies that on the date hereof: 
  

	 	1.	I am the duly elected and acting                     of Borrower. 

 

	 	2.	I am a Responsible Officer as that term is defined in the Loan Agreement. 

  

	 	3.	The information submitted herewith is in fact what it purports to be. 

  

	 	4.	The information delivered herewith fairly presents the financial condition of the Borrower as of the respective dates reported in such information. 

 

	 	5.	Borrower is currently able to pay its debts as they come due. 

  

	 	6.	I understand that Lender is relying upon the truthfulness, accuracy and completeness hereof in connection with the Loan Agreement. 

  

	 	7.	I will advise you if it comes to my attention that, as of the date hereof, the information submitted herewith did not fairly present the financial condition of the Borrower. 

IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate on
                    . 
  

			
	Cerulean Pharma Inc.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 AMENDMENT NO. 01 

Dated August 15, 2013 
 TO

 that certain Loan and Security Agreement No. 2161 

dated as of December 6, 2011, as amended, (“Agreement”), by and between 

LIGHTHOUSE CAPITAL PARTNERS VI, L.P. (“Lender”) and 

CERULEAN PHARMA INC. (“Borrower”). 

WHEREAS, Borrower and Lender have previously entered into the Agreement; 

WHEREAS, Borrower has recently formed Cerulean Pharma Australia Pty Ltd, a corporation registered under the Corporations Act 2001 of Victoria
Australia (“Cerulean Australia”) as a wholly-owned foreign Subsidiary of Borrower; and 
 WHEREAS, Lender and Borrower
agree to modify the Agreement to among other things, formalize the pledge of the requisite portion of Borrower’s interest in Cerulean Australia pursuant to Section 6.9 of the Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereby agree to modify the Agreement
and to perform such other covenants and conditions as follows: 
 (All capitalized terms not otherwise defined herein shall have the meanings given to such
terms in the Agreement.) 
 Without limiting or amending any other provisions of the Agreement, Lender and Borrower agree to the following: 

I. Section 1.1 of the Agreement, the following definitions shall be deleted in their entirety and replaced with the following: 

“Loan Documents” means, collectively, the Agreement, this Amendment 01, the Warrant, the Notes, the Share Pledge, and all other documents,
instruments and agreements entered into between Borrower and Lender in connection with the Loan, all as amended or extended from time to time. 

“Permitted Indebtedness” means: (i) the Loan; (ii) unsecured trade debt incurred in the ordinary course of Borrower’s
business; (iii) Indebtedness secured by clauses (ii), (v) and (x) of Permitted Liens; (iv) Subordinated Debt; and (v) subject to the requirements of Section 7.10(ii), Indebtedness of a Subsidiary of the Borrower to the
Borrower. 
 “Permitted Liens” means: (i) Liens in favor of Lender; (ii) Liens disclosed in the Disclosure Schedule, including
Liens of Silicon Valley Bank (“SVB”) on specific assets of Borrower financed pursuant to the terms of an equipment loan facility with SVB and all substitutions for, additions, attachments, accessories, accessions and improvements to
and replacements, products, proceeds and insurance proceeds of any or all of the foregoing; (iii) Liens for taxes, fees, assessments or other governmental charges or levies not delinquent or being contested in good faith by appropriate
proceedings, that do not jeopardize Lender’s interest in any Collateral; (iv) Liens to secure payment of worker’s compensation, employment insurance, old age pensions or other social security obligations of Borrower on which Borrower
is current and arc in the ordinary course of its business; provided none of the same diminish or impair Lender’s rights and remedies respecting the Collateral; (v) Liens upon or in any equipment (and including any accessions, attachments,
replacements, improvements or proceeds thereto) acquired or held by such entity to secure the purchase price of such equipment or Indebtedness incurred solely for the purposes of financing such equipment or Capital Lease obligations in an aggregate
amount at any time outstanding not to exceed $1,000,000; (vi) licenses or sublicenses of intellectual property granted in the ordinary course of business; (vii) banker’s Liens, rights of setoff and similar Liens incurred on deposit
and securities accounts of such entities for fees due on such accounts made in the ordinary course of business; (viii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the
ordinary course of business which are not delinquent or remain payable without 

 
penalty or which are being contested in good faith and by appropriate proceedings; (ix) Liens in favor of customs and revenue authorities which secure payment of customs duties in connection
with the importation of goods; (x) Liens on Borrower’s account no. 3300994390 with SVB securing reimbursement obligations in connection with letter of credit no. SVBSF008253 in favor of Rivertech Associates II, LLC in the face amount not
to exceed $117,134.00; and (xi) judgment Liens not constituting an Event of Default. 
 II. Section 1.1 of the Agreement, the following
definitions shall be added: 
 “Amendment 01” means this Amendment No, 01 to Loan and Security Agreement by and between Lender and Borrower
dated August 15, 2013. 
 “Cerulean Australia” means Cerulean Pharma Australia Pty Ltd, a wholly owned Subsidiary of Borrower
organized under the laws of Australia. 
 “Share Pledge” means that certain Stock Pledge Agreement between Lender and Borrower in the form
attached as Exhibit J by which Borrower shall pledge as Collateral for Lender hereunder 65% of the outstanding stock of Cerulean Australia. 

“Subordinated Debt” means bridge financing Indebtedness of Borrower in a principal amount not to exceed $11,800,000 of proximate date of (or
within 90 days of) Amendment 01 provided by Borrower’s equity investors that is fully subordinated in both security and right of payment to the Obligations pursuant to the Subordination Agreement. 

“Subordination Agreement” means an agreement between Lender and Borrower’s equity investors providing Borrower Subordinated Debt in the
form attached hereto as Exhibit K. 
 III. Section 7.2 of the Agreement shall be deleted and replaced with the following: 

7.2 Extraordinary Transactions. Enter into any material transaction not in the ordinary course of Borrower’s business, including the sale, lease,
license or other disposition of its assets, other than (i) sales of inventory in the ordinary course of Borrower’s business; (ii) licenses and sublicenses of Borrower’s intellectual property assets entered into in the ordinary
course of business; (iii) disposition of worn out or obsolete equipment, de minimis amounts of raw materials or de minimis amounts of tangible assets; (iv) dispositions of rights to Intellectual Property to and with Cerulean Australia and
related agreements and transactions; and (v) any transaction otherwise permitted under this Section 7 or not an Event of Default under Section 8.12 (including without limitation, disposition of rights to Intellectual
Property to and with Cerulean Australia). 
 IV. Section 7.6 of the Agreement shall be deleted and replaced with the following: 

7.6 Distributions. Pay any dividends or distributions, or redeem or purchase, any capital stock, except for (i) repurchases of capital stock from
departing employees, directors, or service providers under agreements approved by the Borrower’s board of directors, and (ii) capital contributions to Cerulean Australia, provided that the requirements of Section 7.10(ii) are
satisfied. 
 V. Section 7.7 of the Agreement shall be deleted and replaced with the following: 

7.7 Transactions with Affiliates. Directly or indirectly enter into any transaction with any affiliate (other than (i) with Cerulean Australia, or
(ii) in connection with Subordinated Debt, which is on terms less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated entity; provided, any such transaction shall not be a breach of this
Section 7.7 if approved by a majority of the disinterested members of the Borrower’s Board of Directors. 
 VI. Section 7.10 of the
Agreement shall be deleted and replaced with the following: 
 7.10 Deposit and Securities Accounts. Maintain any deposit accounts or accounts holding
securities owned by Borrower except accounts in which Lender has obtained a perfected first priority security interest. Notwithstanding the foregoing, Lender shall not have a perfected security interest in (i) Borrower’s deposit number
3300994390 at 

 
SVB in the amount of $117,134.00 which secures letter of credit number SVBSF008253 issued in favor of Rivertech Associates II, LLC and (ii) Cerulean Australia’s account numbers
033-002721996 and 033-002722008, provided the amount in such accounts shall not exceed $1,000,000 in the aggregate at any time. For so long as the Obligations are outstanding, Borrower shall not hold directly or indirectly, purchase or create
a purchase order or directive to purchase any auction rate securities or similar financial instruments regardless of whether such securities are to be held by Borrower or through one or more brokerage accounts. 

VII. Section 7.11(i) of the Agreement shall be deleted and replaced with the following: 

(i) sell, dispose of, convey, or allow a Lien to arise on any of the assets, including Intellectual Property (as defined in Exhibit A) owned by
such Subsidiary (and for this purpose, the definition of “Intellectual Property” shall be deemed to refer to such Subsidiary) except for non-exclusive licenses entered into in the ordinary course of business, dispositions of rights to
Intellectual Property with and to the Borrower, and other Permitted Liens. 
 VIII. Conditions Precedent to the effectiveness of Amendment 01: 

The obligation of Lender to enter into this Amendment 01 is subject to the performance and fulfillment of each and every of the following
conditions precedent in form and substance satisfactory to Lender in its sole discretion: 
 (a) This Amendment 01 shall have been duly
executed and delivered by Borrower. 
 (b) Borrower shall have duly executed and delivered the Share Pledge to Lender and a stock certificate
representing 65% of Cerulean Australia’s outstanding stock, along with an executed stock power; 
 (c) Borrower shall have delivered the
duly executed Subordination Agreement signed by Borrower and the investors providing Subordinated Debt to Borrower. 
 (d) Without limiting
the foregoing or Lender’s rights or Borrower’s Obligations under the Agreement, such consents, including the approvals of Borrower’s board of directors, amendments, filings, recordations, or other documents from any persons or
entities necessary to maintain the perfection and priority of Lender’s security interest in the Collateral as originally configured, in form and substance reasonably satisfactory to Lender, shall have been delivered by Borrower to Lender. 

(e) A good standing certificate from Borrower’s state of incorporation or formation and the states in which Borrower maintains a place of
business, including certificates of the applicable governmental authorities stating that Borrower is in compliance with the franchise tax laws of each such state, each dated as of a recent date shall have been delivered to Lender. 

(f) All necessary consents of shareholders, members, and other third parties with respect to the execution, delivery and performance of the
Agreement, this Amendment 01, the Share Pledge (and the underlying share certificate and share transfer form), and the Subordination Agreement shall have been delivered to Lender. 

IX. Additional Terms and Conditions 
 (a)
Further Conditions. The following are conditions precedent to Lender’s obligations to enter into this Amendment 01: 
 (i)
Borrower shall execute and deliver all other documents, as Lender shall have reasonably requested prior to the execution by Borrower and Lender of this Amendment 01. 

(ii) Borrower shall and hereby does agree to promptly pay all Lender’s Expenses for the preparation and negotiation of this Amendment 01
when requested. 
 (b) Representations and Warranties of Borrower. Borrower reaffirms that, except as set forth in the attached
Disclosure Schedule, the representations and warranties made to Lender in the Agreement are true and 

 
correct as of the date hereof as though fully set forth herein (except to the extent such representations and warranties expressly refer to a specific date, in which case they are true and
correct in all material respects as of such date). Borrower further warrants and represents, as a significant material inducement to Lender to enter hereinto, that: (i) no Events of Default have occurred that have not been disclosed to Lender
by Borrower in writing and all previously disclosed Events of Default have been cured or waived; (ii) all actions or proceedings pending or, to the knowledge of the Borrower, threatened in writing by or against Borrower before any court or
administrative agency are set forth on the Disclosure Schedule.; (iii) it is in full compliance with Section 7.10 of the Agreement; and (iv) the information provided on the attached Disclosure Schedule is complete and accurate.

 (c) No Control. Borrower warrants and represents, as a significant material inducement to Lender to enter hereinto, that none of
Lender nor any affiliate, officer, director, employee, agent, or attorney of Lender, have at any time, from Borrower’s date of formation through to the date hereof, (i) exercised management or other control over the Borrower,
(ii) exercised undue influence over Borrower or any of its officers, employees or directors, (iii) entered into any joint venture, agency relationship, employment relationship, or partnership with Borrower, (iv) directed or instructed
Borrower on the manner, method, amount, or identity of payee of any payment made to any creditor of Borrower, and further, Borrower warrants and represents that by entering hereinto with Lender has not, is not and will not have engaged in any of the
foregoing. 
 (d) Cerulean Australia. Lender waives any requirement for prior written notice of the formation of Cerulean Australia
pursuant to Section 6.9 of the Agreement, and consents to the formation of Cerulean Australia pursuant to Section 7.3 of the Agreement. 

X. Integration Clause. This Amendment 01 and the Agreement represent and document the entirety of the agreement and understanding of the parties hereto
with respect to the subject matter thereof. All prior understandings, whether oral or written, other than the Loan Documents, are hereby merged hereinto. NONE OF THE AGREEMENT OR THIS AMENDMENT 01 MAY BE MODIFIED EXCEPT BY A WRITING SIGNED BY
LENDER AND BORROWER. Each provision hereof shall be severable from every other provision when determining its legal enforceability such that Lender’s rights and remedies under this Amendment 01 and the Agreement may be enforced to the
maximum extent permitted under applicable law. This Amendment 01 shall be binding upon, and inure to the benefit of, each party’s respective permitted successors and assigns. This Amendment 01 may be executed in counterpart originals, all of
which, when taken together, shall constitute one and the same original document. No provision of any other document between Lender and Borrower shall limit the effectiveness hereof or the rights and remedies of Lender against Borrower. Except as
expressly provided herein, in the event of any contradiction or inconsistency among the terms and conditions of this Amendment 01 and the Agreement, the terms of the Agreement shall prevail. 

 Except as amended hereby, the Agreement remains unmodified and unchanged. 

 

			
	 BORROWER:
	  	LENDER:
		
	CERULEAN PHARMA, INC.	  	LIGHTHOUSE CAPITAL PARTNES VI, L.P.
		
	By: /s/ Jean M.
Silveri                                        
                    	  	 By:   LIGHTHOUSE MANAGEMENT

         PARTNERS VI, L.L.C., its general
partner

		
	Name: Jean M.
Silveri                                        
    	  	By:  /s/ Cristy
Barnes                                        
                
		
	Title: General Counsel	  	Name: Cristy Barnes
		
		  	Title: Managing Director

 Exhibit J Share Pledge 
 Exhibit
K                 Subordination Agreement 
 Schedule I 

 AMENDMENT NO. 02 

Dated February 14, 2014 
 TO

 that certain Loan and Security Agreement No. 2161 

dated as of December 6, 2011, as amended, (“Agreement”), by and between 

LIGHTHOUSE CAPITAL PARTNERS VI, L.P. (“Lender”) and 

CERULEAN PHARMA INC. (“Borrower”). 

WHEREAS, Borrower and Lender have previously entered into the Agreement; 

WHEREAS, Borrower has informed Lender that it intends to enter into a bridge financing; 

WHEREAS, Borrower has requested that Lender consent to such financing and modify certain terms of the Agreement to accomodate the financing;
and 
 WHEREAS, Lender has agreed to do so, upon the terms set forth herein and subject to all of the terms and conditions hereof and of the
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereby agree to
modify the Agreement and to perform such other covenants and conditions as follows: 
 (All capitalized terms not otherwise defined herein shall have the
meanings given to such terms in the Agreement.) 
 Without limiting or amending any other provisions of the Agreement, Lender and Borrower agree to the
following: 
 I. Section 1.1 of the Agreement, the following definitions shall be deleted in their entirety and replaced with the following:

 “Loan Documents” means, collectively, the Agreement, Amendment 01, this Amendment 02, the Warrant, the Notes, the Share Pledge, and all
other documents, instruments and agreements entered into between Borrower and Lender in connection with the Loan, all as amended or extended from time to time. 

II. Section 1.1 of the Agreement, the following definitions shall be added: 

“Amendment 02” means this Amendment No. 02 to Loan and Security Agreement by and between Lender and Borrower dated February 14,
2014. 
 “Permitted Liens” means: (i) Liens in favor of Lender; (ii) Liens disclosed in the Disclosure Schedule;
(iii) Liens for taxes, fees, assessments or other governmental charges or levies not delinquent or being contested in good faith by appropriate proceedings, that do not jeopardize Lender’s interest in any Collateral;
(iv) Liens to secure payment of worker’s compensation, employment insurance, old age pensions or other social security obligations of Borrower on which Borrower is current and are in the ordinary course of its business; provided
none of the same diminish or impair Lender’s rights and remedies respecting the Collateral; (v) Liens upon or in any equipment (and including any accessions, attachments, replacements, improvements or proceeds thereto) acquired or
held by such entity to secure the purchase price of such equipment or Indebtedness incurred solely for the purposes of financing such equipment or Capital Lease obligations in an aggregate amount at any time outstanding not to exceed $1,000,000;
(vi) licenses or sublicenses of intellectual property granted in the ordinary course of business; (vii) banker’s Liens, rights of setoff and similar Liens incurred on deposit and securities accounts of such entities for
fees due on such accounts made in the ordinary course of business; (viii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are
not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings; (ix) Liens in favor of customs and revenue authorities which secure payment of customs duties in connection with
the importation of goods; (x)  

  

			
		  	6/97

 
Liens on Borrower’s account no. 3300994390 with SVB securing reimbursement obligations in connection with letter of credit no. SVBSF008253 in favor of Rivertech Associates II, LLC in the
face amount not to exceed $117,134.00; and (xi) judgment Liens not constituting an Event of Default. 
 “Subordinated Debt”
means (i) bridge financing Indebtedness of Borrower in a principal amount not to exceed $11,800,000 dated August 15, 2013 (or within 90 days of the date of Amendment 01) (the “August Bridge”) provided by
Borrower’s investors that is fully subordinated in both security and right of payment to the Obligations pursuant to the Subordination Agreement; (ii) bridge financing Indebtedness of Borrower in a principal amount not to exceed
$12,000,000 of proximate date of (or within 90 days of the date of) Amendment 02 (the “February Bridge”) provided by Borrower’s investors that is fully subordinated in both security and right of payment to the Obligations
pursuant to the Subordination Agreement; and (iii) bridge financing Indebtedness of Borrower in the principal amount not to exceed $105,529 of proximate date of (or within 90 days of the date of) Amendment 02 (the “MIT
Bridge”) provided by the Massachusetts Institute of Technology or an affiliate thereof or a transferee of its shares or purchase rights (“MIT”) that is fully subordinated in both security and right of payment to the
Obligations pursuant to the Subordination Agreement. 
 “Subordination Agreement” means (i) an agreement between Lender and
Borrower’s investors providing Borrower the August Bridge in the form attached hereto as Exhibit K; (ii) an agreement between Lender and Borrower’s investors providing Borrower the February Bridge in the form
attached hereto as Exhibit K-1; and (iii) an agreement between Lender and MIT with respect to the MIT Bridge in substantially the form attached hereto as Exhibit K-1. 

III. Conditions Precedent to the effectiveness of Amendment 02: 

The obligation of Lender to enter into this Amendment 02 is subject to the performance and fulfillment of each and every of the following
conditions precedent in form and substance satisfactory to Lender in its sole discretion: 
 (a) This Amendment 02 shall have been
duly executed and delivered by Borrower. 
 (b) Borrower shall have delivered the duly executed Subordination Agreement signed by
Borrower and those certain investors participating in the initial closing of the February Bridge of even date herewith. 
 (c)
Without limiting the foregoing or Lender’s rights or Borrower’s Obligations under the Agreement, such consents, including the approvals of Borrower’s board of directors, amendments, filings, recordations, or other documents from any
persons or entities necessary to maintain the perfection and priority of Lender’s security interest in the Collateral as originally configured, in form and substance reasonably satisfactory to Lender, shall have been delivered by Borrower to
Lender. 
 (d) All necessary consents of shareholders, members, and other third parties with respect to the execution, delivery and
performance of the Agreement, this Amendment 02, and the Subordination Agreement shall have been delivered to Lender. 
 IV. Additional Terms and
Conditions 
 (a) Further Conditions. The following are conditions precedent to Lender’s obligations to enter into
this Amendment 02: 
 (i) Borrower shall execute and deliver all other documents, as Lender shall have reasonably requested prior to the
execution by Borrower and Lender of this Amendment 02. 
 (ii) Borrower shall and hereby does agree to promptly pay all Lender’s
Expenses for the preparation and negotiation of this Amendment 02 when requested. 
 (b) Representations and Warranties of
Borrower. Borrower reaffirms that, except as set forth in the attached Disclosure Schedule, the representations and warranties made to Lender in the Agreement are true and correct as of the date hereof as though fully set forth herein (except to
the extent such representations and warranties expressly refer to a specific date, in which case they are true and correct in all material respects as of such date). 

  

			
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Borrower further warrants and represents, as a significant material inducement to Lender to enter hereinto, that: (i) no Events of Default have occurred that have not been disclosed
to Lender by Borrower in writing and all previously disclosed Events of Default have been cured or waived; (ii) all actions or proceedings pending or, to the knowledge of the Borrower, threatened in writing by or against Borrower before
any court or administrative agency are set forth on the Disclosure Schedule.; (iii) it is in full compliance with Section 7.10 of the Agreement; and (iv) the information provided on the attached Disclosure
Schedule is complete and accurate. 
 (c) No Control. Borrower warrants and represents, as a significant material inducement
to Lender to enter hereinto, that none of Lender nor any affiliate, officer, director, employee, agent, or attorney of Lender, have at any time, from Borrower’s date of formation through to the date hereof, (i) exercised management
or other control over the Borrower, (ii) exercised undue influence over Borrower or any of its officers, employees or directors, (iii) entered into any joint venture, agency relationship, employment relationship, or
partnership with Borrower, (iv) directed or instructed Borrower on the manner, method, amount, or identity of payee of any payment made to any creditor of Borrower, and further, Borrower warrants and represents that by entering hereinto
with Lender has not, is not and will not have engaged in any of the foregoing. 
 (d) Joinder. As a condition of such
investors’ participation, Borrower will deliver to Lender the duly executed Joinder to the Subordination Agreement signed by Borrower and those certain investors participating in the February Bridge after the date hereof. 

V. Integration Clause. This Amendment 02 and the Agreement represent and document the entirety of the agreement and understanding of the parties hereto
with respect to the subject matter thereof. All prior understandings, whether oral or written, other than the Loan Documents, are hereby merged hereinto. NONE OF THE AGREEMENT OR THIS AMENDMENT 02 MAY BE MODIFIED EXCEPT BY A WRITING SIGNED BY
LENDER AND BORROWER. Each provision hereof shall be severable from every other provision when determining its legal enforceability such that Lender’s rights and remedies under this Amendment 02 and the Agreement may be enforced to the
maximum extent permitted under applicable law. This Amendment 02 shall be binding upon, and inure to the benefit of, each party’s respective permitted successors and assigns. This Amendment 02 may be executed in counterpart originals, all of
which, when taken together, shall constitute one and the same original document. No provision of any other document between Lender and Borrower shall limit the effectiveness hereof or the rights and remedies of Lender against Borrower. Except as
expressly provided herein, in the event of any contradiction or inconsistency among the terms and conditions of this Amendment 02 and the Agreement, the terms of the Agreement shall prevail. 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

  

			
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 Except as amended hereby, the Agreement remains unmodified and unchanged. 

 

									
	BORROWER:	 		 	LENDER:
			
	CERULEAN PHARMA INC.	 		 	LIGHTHOUSE CAPITAL PARTNERS VI, L.P.
					
	By:	 	 /s/ Oliver S. Fetzer
	 		 	By:	 	 LIGHTHOUSE MANAGEMENT

PARTNERS VI, L.L.C., its general partner

		 		 		 		 
	Name:	 	 Oliver S. Fetzer
	 		 		 	
					
	Title:	 	 President and Chief Executive Officer
	 		 	By:	 	 /s/ Cristy Barnes

					
		 		 		 	Name:	 	 Cristy Barnes

					
		 		 		 	Title:	 	 Managing Director

  

			
	Exhibit K-1	  	Subordination Agreement

 Schedule I 

  

			
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