Document:

EX-10.30

 Exhibit 10.30 

CONFIDENTIAL 
 ***Text Omitted
and Filed Separately with the Securities and Exchange 
 Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 

Contract number: [***] 

COLLABORATIVE RESEARCH AND LICENSE AGREEMENT 

between 
 Boehringer Ingelheim
International GmbH 
 Binger Strasse 173, 

55216 Ingelheim am Rhein, 
 Germany

 (“BOEHRINGER”) 

VAT-ID-No.: DE [***] 

and 
 Dicerna Pharmaceuticals
Inc. 
 87 Cambridgepark Drive 

Cambridge, MA 02140 
 USA 

(“DICERNA”) 

– each also hereinafter referred to as “Party” or collectively as “Parties” – 

  
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 RECITALS 

WHEREAS BOEHRINGER is a research-based pharmaceutical company and is interested in a research program related to DICERNA’s
proprietary GalXC technology which enables precise silencing of disease-driving genes in the liver, specifically targeting the hepatocyte. 

WHEREAS DICERNA has experience and expertise in the Research Program (as defined below) and is willing and able to perform such
research activities under the terms and conditions as set forth in this Agreement. 
 WHEREAS BOEHRINGER recognizes DICERNA’s
expertise and wishes to engage DICERNA, and DICERNA wishes to accept such engagement, to provide BOEHRINGER with Candidate Products to Targets as further described in the Research Work Plan. 

NOW, THEREFORE, Parties hereto agree as follows: 

1. DEFINITIONS 
  

	1.1	“Accounting Standards” means International Financial Reporting Standards (IFRS) or accounting principles generally accepted in the United States of America (US GAAP), or those accounting standards used
in accordance with the German Handelsgesetzbuch (HGB) which standards or principles (as applicable) are currently used at the relevant time and consistently applied by the applicable Party. 

 

	1.2	“Adverse Alnylam Litigation Impact” shall have the meaning as defined in Section 9.2.2. 

  

	1.3	“Affiliates” means, with respect to a Party or Third Party, any company or business or entity controlled by, controlling, or under common control with such Party or Third Party. For the purpose, of this
definition “control” means direct or indirect beneficial ownership of at least fifty percent (50 %) interest in the voting stock (or the equivalent) of such person or entity or having the right to direct, appoint or remove a majority or
more of the members of its board of directors (or their equivalent), or having the power to control the general management of such person or entity, by contract, law or otherwise. 

 

	1.4	[***] 

  

	1.5	“Alnylam Litigation” has the meaning as defined in Section 9.2. 

  
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	1.6	“Applicable Law” means all applicable laws, rules and regulations (including any rules, regulations, guidelines or other requirements of the Regulatory Authorities or other governmental agency) that may
be in effect from time to time. 

  

	1.7	“Background Intellectual Property” has the meaning as defined in Section 7.1.1. 

  

	1.8	“BOEHRINGER Product IP” has the meaning as defined in Section 7.1.4. 

  

	1.9	“Business Day” means any day other than (i) Saturday, (ii) Sunday or (iii) any day on which commercial banks in Cambridge, MA USA, or Ingelheim am Rhein, Germany (as applicable) are authorized
or required by law to remain closed. 

  

	1.10	“Calendar Quarter” means a period of three calendar months ending on 31 March, 30 June, 30 September or 31 December in any Calendar Year. 

 

	1.11	“Calendar Year” means a one-year period beginning on January 1st and ending on December 31st. 

  

	1.12	“Candidate Product(s)” means on a Target-by-Target basis, the specific molecule(s) targeting the Target and put
forth by DICERNA to BOEHRINGER that such molecule(s) has/have demonstrated Target suppression in vivo as described in the Research Work Plan based on the Candidate Product Criteria. 

 

	1.13	“Candidate Product Criteria” means the criteria agreed by the Parties for the lead molecules and back-up molecules as set forth in the Research Work Plan.

  

	1.14	“Change of Control” means (a) a transaction in which at least fifty percent (50%) of the outstanding and not publicly traded voting securities or capital stock of DICERNA are sold, conveyed
or otherwise disposed; or (B) a transaction in which DICERNA (a) sells, conveys or otherwise disposes of all or substantially all of its property, assets or business; or (b) (i) merges or consolidates with any other entity; or
(ii) effects any other transaction or series of transactions; in each case of clause (i) or (ii), such that the those stockholders of DICERNA which hold non-listed voting securities or capital stock
of DICERNA immediately prior thereto, in aggregate, no longer own, directly or indirectly, beneficially or legally, at least fifty percent (50%) of the outstanding and not publicly traded voting securities or capital stock of the surviving entity
following the closing of such merger, consolidation, other transaction or series of transactions. 

  

	1.15	“Clinical Trial” means any experiment in which a drug or therapy is administered or dispensed to, or used involving, one or more human subjects. 

 

	1.16	“Combination Product” has the meaning set forth in Section 1.47. 

  

	1.17	“Commercially Reasonable Efforts” means [***]. 

  

	1.18	“Confidential Information” has the meaning as defined in Section 6.1. 

  
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	1.19	“Control” or “Controlled” means, with respect to any Intellectual Property, the possession by a Party or any of its Affiliates, whether by ownership or license (other than by a license
granted under this Agreement), of the ability to grant to the other Party access to such Intellectual Property, or, a license or a sublicense in, to or under such Intellectual Property as provided herein without requiring the consent of a Third
Party or violating the terms of any agreement or other arrangement with any Third Party, but excluding Intellectual Property owned or controlled by a Third Party who may assume rights and obligations under this Agreement. 

 

	1.20	“Co-Packaged Product” means a single packaged product containing a Product and one or more other therapeutically or prophylactically active products as separate
components in a co-packaged form. 

  

	1.21	“Cover”, “Covering” or “Covered” means, with respect to a product, technology, process or method that, in the absence of ownership of or a license granted under
a particular Valid Claim, the manufacture, use, offer for sale, sale or importation of such product or the practice of such technology, process or method would infringe such Valid Claim or, in the case of a Valid Claim that has not yet issued, would
infringe such Valid Claim if it were to issue. 

  

	1.22	“Default” means, with respect to a Party, that (i) any representation or warranty of such Party set forth in this Agreement shall have been untrue in any material respect when made, or
(ii) such Party shall have failed to perform any material provision set forth in this Agreement, including without limitation, the provision of Deliverables, other obligations set forth under Article 5, the license grant and assignment of
rights set forth under Article 7 of this Agreement, a breach of the confidentiality and non-use obligations or publication provisions set forth under Articles 6 and 8 of this Agreement, the falsification of
any reports or Results or failure to make or deposit payments when due. 

  

	1.23	“Development Period” means, [***]. 

  

	1.24	“Development Plan” means the written summary prepared by BOEHRINGER of the specific development activities to be conducted by BOEHRINGER and reviewed by the Parties which includes the corresponding
criteria for Product advancement and which shall be attached hereto as APPENDIX 2. 

  

	1.25	“Deliverables” means the providing of the defined deliverables as specified in the Research Work Plan. 

  

	1.26	“DICERNA GalXC Technology” means the RNAi platform targeting hepatocytes in the liver using GalNAc ligands conjugated to an extended RNAi molecule. 

 

	1.27	“Effective Date” means October 27, 2017. 

  

	1.28	“Field” means all uses, including but not limited to the use of a Product for the diagnosis, treatment, palliation or prevention of a disease or medical [***] condition in humans [***].

  
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	1.29	“First Commercial Sale” means, on a country-by-country and
Product-by-Product basis, the first sale by BOEHRINGER, its Affiliates or Sublicensees in an arm’s length transaction of such Product to a Third Party other than a
Sublicensee in such country in exchange for cash (or some equivalent to which value can be assigned) after Regulatory Approval for such Product has been granted in such country. 

 

	1.30	“FTE” means a full time equivalent person-year based upon a total of [***] working hours per Calendar Year of scientific or technical work carried out by a duly qualified employee of DICERNA, or other
person performing work on behalf of and under the supervision of DICERNA, on or directly related to the work to be conducted under the Agreement. Overtime, and work on weekends, holidays and the like shall not be counted with any multiplier (e.g. time-and-a-half or double time) toward the number of hours that are used to calculate the FTE contribution. 

 

	1.31	“GalXC Foreground IP” means Intellectual Property that relates exclusively to the DICERNA GalXC Technology and is generated in the course of the Research Program or in the course of research and
development performed by, for or with BOEHRINGER during the Development Period provided that GalXC Foreground IP shall not include Product IP. 

  

	1.32	“GalXC Foreground Patent Rights” shall have the meaning set forth in Section 7.3.1. 

  

	1.33	“Generic Competition” means and shall be deemed to exist in a particular country in the Territory with respect to a particular Product or Combination Product in a given Calendar Quarter if in such
country during such Calendar Quarter [***] the aggregate unit sales of such Generic Product or Combination Product in such country, as measured by IMS standard units sold based on data provided by IMS International, or if such data is not available,
such other reliable data source as reasonably agreed upon by BOEHRINGER. If no data is commercially available, then the Parties shall agree upon a methodology for estimating the percentage unit-based market share of Generic Products in such country.

  

	1.34	“Generic Product” means, with respect to a particular Product or Combination Product and a particular country, (i) any pharmaceutical product (other than the Product or Combination Product, as
applicable) that contains the same active ingredient(s) in a comparable quality and quantity as such Product or Combination Product, as applicable, irrespective of its pharmaceutical form and is approved under an Abbreviated New Drug Application
(ANDA) or under 505(b)(2) of the United States Federal Food, Drug and Cosmetic Act or any similar abbreviated route of approval in such country, or (ii) any biologic medicinal product (other than the Product or Combination Product, as
applicable) that is a biosimilar product of such Product, and, if the Product is a component of a Combination Product, a biosimilar product of the Combination Product, and is approved under a Biological Product Licensure application submitted by any
person under 42 U.S.C. § 262(k) or any similar abbreviated route of approval in such country. 

  
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	1.35	“Infringed Patent” has the meaning set forth in Section 7.4.1. 

  

	1.36	“Initiation” means the first dosing of the first subject in a Clinical Trial. 

  

	1.37	“Invention” means any process, method, utility, formulation, composition of matter, article of manufacture, discovery or finding, or any improvement thereof, that is conceived and/or reduced to
practice, whether patentable or not. 

  

	1.38	“Invoice” means an original invoice sent by DICERNA to BOEHRINGER with respect to any payment due hereunder, containing the information and meeting the requirements as set forth in APPENDIX 4.

  

	1.39	“Intellectual Property” or “IP” means all Patent Rights, rights to Inventions and New Inventions, copyrights, design rights, trademarks, trade secrets,
Know-How, and all other intellectual property rights (whether registered or unregistered) and all applications and rights to apply for any of them, anywhere in the world. 

 

	1.40	“Joint Research Steering Committee” or “JRSC” means the committee established to oversee the Research Work Plan during the Research Program Term. 

 

	1.41	“Know-How” means [***]. 

  

	1.42	“Last Product” has the meaning set forth in Section 5.10. 

  

	1.43	“Licensed Intellectual Property” or “Licensed IP” means on a Candidate Product-by-Candidate
Product basis, any and all Intellectual Property (which during the Research Program Term includes the Product IP), that is: (a) [***]. For clarity, following the Research Program Term, the Licensed IP shall in all cases exclude any
Intellectual Property that would otherwise be Product IP under this Agreement. 

  

	1.44	“Licensed Patent Rights” has the meaning set forth in Section 7.3.2. 

  

	1.45	“Milestone Event” has the meaning set forth in Section 4.4. 

  

	1.46	“Milestone Payment” has the meaning set forth in Section 4.4. 

  

	1.47	“Net Sales” means, [***] 

  

	 	(i)	[***] 

  

	 	(ii)	[***] 

  

	 	(iii)	[***] 

  

	 	(iv)	[***] 

  
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	 	(v)	[***] 

  

	 	(vi)	[***] 

  

	 	(vii)	[***] 

  

	 	(viii)	[***] 

  

	 	(ix)	[***] 

 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
  

	 	(i)	[***] 

  

	 	(ii)	[***] 

  

	 	(iii)	[***] 

  

	 	(iv)	[***] 

  

	 	[***]	

  

	 	[***].	

  

	1.48	“New Invention” means any Invention that is made, conceived or otherwise generated: (a) in the course of the Research Work Plan, or (b) on a Product-by-Product basis in the course of research and development performed by, for or with a Party during the Development Period on the Product and/or the relevant Target. 

 

	1.49	“Orange Book” has the meaning set forth in Section 7.4.6. 

  

	1.50	“Paragraph IV Certification” has the meaning set forth in Section 7.4.7. 

  

	1.51	“Paragraph IV Proceeding” has the meaning set forth in Section 7.4.7(b). 

  
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	1.52	“Patent Rights” means any and all (i) patents, (ii) patent applications, including all provisional and non-provisional applications, foreign patent
applications, patent cooperation treaty (PCT) applications, substitutions, continuations, continuations-in-part, divisions and renewals, and all patent rights granted
thereon, (iii) all patents-of-addition, reissues, re-examinations and extensions or restorations by existing or future
extension or restoration mechanisms, including supplementary protection certificates and equivalents thereof, (iv) inventor’s certificates, letters patent, or (v) any other substantially equivalent form of government issued right
substantially similar to any of the foregoing described in subsections (i) through (iv) above. 

  

	1.53	“Patent Term Extension” has the meaning set forth in Section 7.4.5. 

  

	1.54	“Phase I Clinical Trial” means a human clinical trial conducted in any country that meets the requirements of 21 CFR § 312.21(a) or the non-United States
equivalent thereof. By way of example and not limitation, a Phase I Clinical Trial is usually performed as a single or multiple dose clinical study in healthy volunteers or patients to assess specific administration, distribution, metabolism,
excretion (ADME), safety and tolerability, bioavailability/bioequivalence or exploratory efficacy (in the sense of demonstrating “proof-of-principle”) of an
investigational drug, and the emphasis in Phase I is usually on safety and tolerability and it is typically used to plan patient dosing in Phase II clinical studies. For clarity, a Phase I Clinical Trial may also represent the initial phase
of a combined Phase Ib/II clinical study. 

  

	1.55	“Phase II Clinical Trial” means a human clinical trial conducted in any country that meets the requirements of 21 CFR § 312.21(b) or the non-United States
equivalent thereof. By way of example and not limitation, a Phase II Clinical Trial is usually a well-controlled clinical study in patients designed to assess early efficacy
(“proof-of-concept”) or to gain dose-ranging information about an investigational drug, along with product safety data. For clarity, a Phase II Clinical Trial
may also represent the second part of a combined Phase Ib/II clinical study or the initial part of a combined Phase II/III clinical study. 

  

	1.56	“Phase III Clinical Trial” means a human clinical trial conducted in any country that meets the requirements of 21 CFR § 312.21(c) or the non-United States
equivalent thereof. By way of example and not limitation, a Phase III Clinical Trial is a large scale clinical study (usually several hundreds of patients) performed after preliminary evidence suggesting effectiveness of the drug has been obtained
in Phase II clinical studies, and it is intended to gather the pivotal information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship of the drug and, along with other clinical trials, to provide an
adequate basis for Regulatory Approval. For clarity, a Phase III Clinical Trial may also represent the second part of a combined Phase II/III clinical study. 

  

	1.57	“Product(s)” means [***]. 

  
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	1.58	“Product IP” means, [***] 

  

	 	(a)	[***] 

  

	 	(b)	[***] 

  

	 	[***]	

  

	 	[***].	

  

	1.59	“Product Patent Rights” has the meaning set forth in Section 7.3.3. 

  

	1.60	“Recognized Agent” means any Third Party who distributes products directly to customers in countries where BOEHRINGER has no Affiliate or Sublicensee 

 

	1.61	“Regulatory Approval” means (a) the technical, medical and scientific licenses, registrations, authorizations and approvals (including approvals of NDAs and labeling approvals), and, if applicable,
(b) any necessary pricing and/or reimbursement authorizations and approvals, of any Regulatory Authority in a country, necessary for the manufacture, use, storage, import, marketing and sale of Product in such country. 

 

	1.62	“Regulatory Authority” means (i) any governmental authority, notified bodies or other organization in a country or region that regulates the manufacture or sale of pharmaceutical or medicinal
products or medical devices, including, without limitation, the United States Food and Drug Administration (the “USFDA” or “FDA”), and the European Medicines Agency (“EMA”), and any
successors thereto and (ii) any other relevant bodies authorized by Applicable Law to review or otherwise exercise oversight over marketing authorization applications, other regulatory filings or regulatory approvals. 

 

	1.63	“Reimbursement Payments” has the meaning set forth in Section 9.2.4. 

  

	1.64	“Research Program” means, on a Target-by-Target basis, the discovery activities undertaken by the Parties for each Target
as set forth in Article 2 and the Research Work Plan attached as APPENDIX 1. 

  

	1.65	“Research Program Term” has the meaning set forth in Section 2.5. 

  

	1.66	“Research Work Plan” means the written summary of the specific research activities to be conducted by both Parties and corresponding criteria for Candidate Product advancement attached hereto as
APPENDIX 1. 

  

	1.67	“Results” means on a Candidate Product-by-Candidate Product and where applicable a Product-by-Product basis, all results, information, data, presentations, summaries and analyses that are generated pursuant to or prepared as a result of, or in connection with the conduct of the Research
Program, including such Candidate Products as well as the composition, production and purification details thereof. 

  

	1.68	“Royalty Term” has the meaning set forth in Section 4.7. 

  

	1.69	“Start of Development” or “SoD” means [***]. 

  
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	1.70	“Sublicensees” means any Third Party, including [***] to whom [***] grants (i) a sublicense hereunder to further develop or commercialize Products; or (ii) otherwise grant a right to promote,
distribute and sell Products, but excluding service providers, clinical research organizations, manufacturers, wholesalers and other distributors. 

  

	1.71	“Target” means the specific target [***] and up to one additional target selected by BOEHRINGER in accordance with Section 2.2 and cleared through an independent Third Party gatekeeper as being
available for any and all uses. 

  

	1.72	“Term” has the meaning set forth in Section 10.1. 

  

	1.73	“Territory” means all of the countries in the world, and their territories and possessions. 

  

	1.74	“Third Party” means any person or entity other than BOEHRINGER or DICERNA or their respective Affiliates. 

  

	1.75	“Third Party Claim” shall have the meaning as set forth in Section 9.4. 

  

	1.76	“Valid Claim” means, [***]. 

  

	1.77	“VAT” shall mean (i) any Tax imposed in compliance with the EU Council Directive of 28 November 2006 on the common system of value added tax (Directive 2006/112/EC) and (ii) any other Tax
of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such Tax referred to in paragraph (i) above, or imposed elsewhere; in all cases of (i) or (ii) above, including any
additions for late payments (Säumniszuschläge) and interest (Zinsen) as well as secondary liabilities in relation thereto. 

2.    SUBJECT OF THE AGREEMENT 
  

	2.1	Subject of Agreement. The Parties agree to engage in the Research Program to develop Candidate Products directed to Targets as further described in the Research Work Plan. DICERNA will be responsible for the
discovery and initial profiling of the Candidate Products, including but not limited to [***] in accordance with the Research Work Plan achieving the Candidate Product Criteria. BOEHRINGER will be responsible for selecting the Candidate Products and
to move forward in accordance with the Development Plan to perform [***]. Resources shall be allocated in accordance with the Research Work Plan and Development Plan and the agreed upon estimated timelines. 

 

	2.2	Additional Target Option. [***] 

  

	 	(i)	develop and agree to a Research Work Plan for the additional target, 

  

	 	(ii)	agree to the budget for costs and expenses associated with the Research Work Plan, and 

  

	 	(iii)	[***]. 

  
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Upon completion of the activities according to Section 2.2(i) – (iii) above and after mutual agreement of the Research Work Plan and financial terms for the additional target, the
additional Target Option fee pursuant to Section 4.3 below shall be due. Upon payment of the additional Target Option fee, such target shall become a Target under this Agreement. For the avoidance of doubt, it is understood and agreed by the
Parties that for such additional target no upfront payment and only the Target Option fee pursuant to Section 4.3 will be paid by BOEHRINGER to DICERNA. 
  

	2.3	DICERNA Support. The Parties understand that it may be necessary for BOEHRINGER from time to time to seek guidance from DICERNA during the [***]. 

 

	2.4	Research Work Plan. The Research Program shall be conducted by the Parties in accordance with the Research Work Plan attached hereto as APPENDIX 1. The Parties may update and amend the Research Work Plan
from time to time by mutual written agreement. 

  

	2.5	Research Program Term. The Research Program shall be performed, on a Candidate Product-by-Candidate Product basis, during the period
commencing [***] following the Effective Date and expiring upon Start of Development for such Candidate Product, unless (i) extended by BOEHRINGER and agreed to by DICERNA, or (ii) earlier terminated as provided in Article 10 of this
Agreement (the “Research Program Term”). 

  

	2.6	Development Period. [***]. 

 3.    REGULARITIES 

 

	3.1	Research Program Leader. The BOEHRINGER Research Program leader and the DICERNA Research Program leader shall be listed in APPENDIX 3 – Title: “Contact List”. 

The BOEHRINGER and DICERNA Research Program leader will serve as the
day-to-day contact point between the Parties with respect to the Research Program and will be responsible for (i) facilitating the flow of information and otherwise
promoting communication of the day-to-day work for the Research Program, (ii) coordinating all work to be conducted under the Research Program, (iii) all
scientific and technical questions addressed by one Party to the other Party. The BOEHRINGER and DICERNA Research Program leaders shall conduct regular telephone conferences [***] as deemed necessary or appropriate, to exchange informal information
regarding the progress of each research project under and according to the Research Work Plan for the Research Program Term. 

  
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	3.2	Change in Research Program Leader. The Parties may change the person designated as Research Program leader upon written notice (email suffices) to the other Party, provided the new Research Program leader is
suitably qualified. 

  

	3.3	Governance  

  

	 	3.3.1	Implementation of Joint Research Committee. The Research Program shall be conducted under the direction of a Joint Research Steering Committee. [***] Meeting dates will be defined after mutual agreement by both
Parties. 

  

	 	3.3.2	Responsibilities. [***] 

  

	 	(a)	[***] 

  

	 	(b)	[***] 

  

	 	(c)	[***] 

  

	 	[***].	

  

	 	3.3.3	Decision Making Authority. [***]. 

  

	 	3.3.4	Effects of Change of Control. In case of a Change of Control and to the extent the Agreement is not terminated by BOEHRINGER pursuant to Section 10.3 below, [***]. 

4.    PAYMENTS AND ROYALTIES 
  

	4.1	One-time Upfront Payment. BOEHRINGER shall pay to DICERNA, after the Effective Date and receipt by BOEHRINGER of a hardcopy original of the Agreement signed by DICERNA and
within thirty (30) days following receipt of a corresponding Invoice, a one-time, non-refundable, non-reimbursable and non-creditable upfront payment of 10,000,000 US dollars (US$ ten million). 

  

	4.2	Ancillary Expenses. During the Research Program Term, BOEHRINGER shall reimburse DICERNA, on a non-refundable, non-reimbursable and non-creditable basis, the direct materials and third party expenses that have been agreed upon and included in the Research Work Plan up to an amount of [***] within [***] following receipt of a corresponding
Invoice. 

  

	4.3	Additional Target Option Fee. Upon exercise of the Target Option according to Section 2.2 above, BOEHRINGER shall pay to DICERNA, a one-time non-refundable, non-reimbursable and non-creditable payment of [***]. 

  
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	4.4	Milestone Payments. BOEHRINGER shall make one-off non-refundable milestone payments (each, a “Milestone
Payment”) to DICERNA upon the occurrence of each of the milestones events (each, a “Milestone Event”) as set forth below in this Section 4.4. [***]. 

 

	 	4.4.1	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.2	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.3	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.4	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.5	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.6	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.7	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.8	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.9	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.10	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.11	BOEHRINGER shall pay to DICERNA a Milestone Payment in the amount of [***]. 

  

	 	4.4.12	For the avoidance of doubt, each of the Milestone Payments under Sections 4.4.9 – 4.4.11 above (the “Sales Milestone Payments”) shall be payable only one time, for the first Calendar Year in which
the corresponding Milestone Event (the “Sales Milestone Event”) is achieved, [***]. 

  

	 	[***].	

  
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	4.5	Royalties. As further consideration for the rights granted by DICERNA to BOEHRINGER hereunder BOEHRINGER shall pay to DICERNA the following royalties on aggregate annual Net Sales [***] in the amount set forth
below. 

  

	 	4.5.1	[***] on the portion of the aggregate annual Net Sales [***]; 

  

	 	4.5.2	[***] on the portion of the aggregate annual Net Sales [***]; 

  

	 	4.5.3	[***] on the portion of the aggregate annual Net Sales [***]; and 

  

	 	4.5.4	[***] on the portion of the aggregate annual Net Sales [***]. 

  

	4.6	Royalty Basis. The royalties under Section 4.5 above shall be calculated on the basis of the aggregated annual Net Sales, which in their turn shall be calculated [***]. Royalties will be payable [***] and
any such payments shall be made within [***] during which the applicable Net Sales of Products occurred. 

  

	4.7	Royalty Term. BOEHRINGER’s obligation to pay royalties shall begin, [***], and shall expire, [***] or (ii) [***] (the “Royalty Term”). Upon expiration of the Royalty Term for a Product
[***]. 

  

	4.8	Currency Conversion. All royalties shall be payable in full in US dollars. Any sales of Products incurred in a currency other than US dollars shall be converted to the US dollars equivalent using a rate of
exchange that corresponds to the rate used by whichever of BOEHRINGER or any of its Affiliates or Sublicensees recorded such receipt or expenditure, for the respective reporting period, related to recording such Net Sales or expenses in its books
and records that are maintained in accordance with Accounting Standards. If such party is not required to perform such currency conversion for its Accounting Standards reporting with respect to the applicable period, then for such period such party
shall convert its amounts received and expenses incurred into US dollars using exchange rates published by the European Central Bank (ECB), Frankfurt, Germany. Any royalty amount shall be calculated based upon the US dollar equivalent calculated

  

	4.9	Royalty Adjustments for Generic Competition. Royalties shall be reduced by [***] on a [***] in any Calendar Quarter in which there is Generic Competition. 

 

	4.10	Royalty Adjustments: 3rd Party Royalties Offset. In the event that BOEHRINGER, in order to develop and/or commercialize a Product in any
country or territory, is required to make royalty payments to one or more Third Parties to obtain a license under their patent rights or technologies in the absence of which the Product could not legally be developed, manufactured or sold in such
country or territory, then royalties due to DICERNA for the respective Product shall be reduced by [***] of the amount of such Third Party royalty payments. 

  
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	4.11	Royalty Adjustments: No Valid Claim. During the applicable Royalty Term, if a Product is sold in a country or territory, and the composition of matter of such Product is not Covered by a Valid Claim of any
Product Patent Right Covering the composition of matter of such Product in such country or territory at the time of sale, then the royalty rate for such Product in such country shall be reduced by [***] of the applicable rate determined pursuant to
Section 4.5 above. 

  

	4.12	Maximum Royalty Adjustments. For clarity, in no event shall the royalties payable to DICERNA in a country or territory, as reduced by Sections 4.9—4.11 above be reduced to less than [***] of annual Net Sales
of a Product. 

  

	4.13	Due Date Royalty Payments. Royalty payments on Net Sales of a Product in a Calendar Quarter shall be due and payable within, as applicable, either: [***]. 

 

	4.14	Late Payments. If BOEHRINGER fails to pay any payment due under this Agreement as provided herein on or before the date such payment is due, then such late payment will bear interest, to the extent permitted by
Applicable Law, at an annual rate of [***] which applied on the due date effective for the first date on which payment was delinquent and calculated for the exact number of days in the interest period based on a year of three hundred sixty
(360) days (actual/360). If the [***] is no longer published, the Parties will agree upon another internationally recognized rate which has historically been substantially equivalent to the [***] and utilize such rate retroactively to such time
as the rate was no longer available. 

  

	4.15	Taxes. All payments under or in connection with this Agreement shall be inclusive of any Taxes and each Party shall be responsible for and shall bear, pay or set-off
its own Taxes assessed by a tax or other authority except as otherwise set forth in this Agreement. “Taxes” shall mean all forms of preliminary or finally imposed taxation, domestic and foreign taxes, fees, levies, duties and other
assessments or charges of whatever kind (including but not limited to sales, use, excise, stamp, transfer, property, value added, goods and services, withholding and franchise taxes) together with any interest, penalties or additions payable in
connection with such taxes, fees, levies duties and other assessments or charges. 

  

	4.16	Value added Tax. All payments due to the terms of this agreement are expressed to be exclusive of value added tax (VAT) or similar indirect taxes (e.g. goods and service tax). VAT/indirect taxes shall be deducted
against the payments due to the terms if legally applicable. Invoices shall be made as specified in APPENDIX 4 – Title: “Requirements for invoice”, which shall be modified in the event of a change in the applicable legal
requirements. 

  

	4.17	Billability of VAT. The VAT amounts of invoices received by one Party are not billable to the other Party as far as the first Party has an input VAT deduction, i.e. is able to receive a refund by the competent
authority. If VAT is not refundable because of legal restrictions, which are not caused by the first Party, the VAT amounts are billable to the other Party. Prior to the invoicing of the aforementioned billable amounts written approval by the other
Party is mandatory. Legal restrictions which are caused by the first Party and lead to a non-billable amount shall be the following but not limited to (i) missing of a limitation period or
(ii) inaccurate documents in order to receive the input VAT deduction. 

  
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	4.18	Withholding Taxes. If the Applicable Law requires withholding by BOEHRINGER and/or its Affiliates of any taxes imposed upon DICERNA and/or its Affiliates on account of any royalties and other payments paid
under this Agreement to benefit of DICERNA and/or its Affiliates, such taxes shall be retained by BOEHRINGER and/or its Affiliates as required by local law from such remittable royalty and other payment and shall be remitted by BOEHRINGER and/or its
Affiliates to the proper tax authorities without undue delay on account of DICERNA and/or its Affiliates. Official receipts of payment of any retained local withholding tax shall be secured and sent by BOEHRINGER and/or its Affiliates to DICERNA
and/or its Affiliates as evidence of such payment only on request by DICERNA. The Parties shall cooperate and exercise their best efforts to ensure that any withholding taxes imposed on DICERNA and/or its Affiliates are reduced as far as possible
under the provisions of any relevant double tax treaty; in particular, BOEHRINGER and/or its Affiliates shall support DICERNA in DICERNA’s application for an exemption certificate (Freistellungsbescheinigung) pursuant to sec. 50d of the
German Income Tax Act (Einkommensteuergesetz), which provides for full exemption from German withholding tax. For the avoidance of doubt, such support does not include any tax advice from BOEHRINGER. Withholding taxes retained by BOEHRINGER
and/or its Affiliates and paid to the proper German/local tax authorities as well as any refund of retained and paid local withholding taxes from the German/local tax authorities in favour of DICERNA are paid in local/German currency (Local
currency/EUR). Any effect by currency conversion is for the benefit or burden of DICERNA and/or its Affiliates. The Parties agree that the principles of Section 4.8 shall apply in determining the currency conversion rate for determining the
amount to be withheld, if any, from any payment. Notwithstanding the foregoing, the Parties acknowledge and agree that under Applicable Law as of the date hereof, no amounts shall be withheld in respect of royalties or other amounts required to be
paid by BOEHRINGER to DICERNA and/or its Affiliates pursuant to this Agreement provided that DICERNA or, if applicable, its respective US-based Affiliates qualify for benefits under the United States-Germany
double tax treaty and have received a valid exemption certificate. 

  

	4.19	Payment Method. All payments to be made between the Parties under this Agreement shall be made in US dollars and may be paid by wire transfer, or electronic funds transfer in immediately available funds to a bank
account designated by DICERNA or BOEHRINGER, as applicable. 

  

	4.20	Financial Audit. [***]. 

  

	4.21	Reports and Payments. Within [***] following the end of each Calendar Quarter, BOEHRINGER shall submit to DICERNA a written report of Net Sales of Products sold by or on behalf of BOEHRINGER, its Affiliates and
Sublicensees during a Calendar Quarter in each country of the Territory in sufficient detail to permit confirmation of the accuracy of royalty payments paid. [***] Each Party will provide commercially reasonable assistance, as requested by the other
Party, to comply with any applicable reporting requirements. 

  
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	4.22	No Additional Consideration. No additional FTE payments, overhead costs or pass through costs shall be added during the Research Program Term. For clarity, during the [***], DICERNA shall provide FTE support to
BOEHRINGER up to [***]. Any additional cost to be incurred by BOEHRINGER must be pre-approved by BOEHRINGER in writing. 

5 OBLIGATIONS OF THE PARTIES 
  

	5.1	Compliance with Law. DICERNA bears the sole responsibility for and shall procure that all laboratories, rooms and equipment and the conduct of all work to be carried out by DICERNA pursuant to the Research
Program, or, if applicable pursuant to the Development Plan, shall comply with the Research Work Plan and Applicable Laws. BOEHRINGER bears the sole responsibility for and shall procure that all manufacture, use, marketing, development and
commercialization of any Products shall comply with all Applicable Laws. 

  

	5.2	Candidate Products. DICERNA shall deliver to BOEHRINGER Candidate Products that meet the Candidate Product Criteria [***]. 

  

	5.3	Candidate Product Report. DICERNA shall provide to BOEHRINGER within [***] of the submission to BOEHRINGER of each Candidate Product a report summarizing the Results. 

 

	5.4	Diligent Efforts. DICERNA will use diligent efforts to carry out the Research Program, complete the Research Work Plan activities and deliver the Candidate Products within the times agreed upon and set forth in
the Research Work Plan, with reasonable care and skill in accordance with all Applicable Laws and the provisions of this Agreement. 

  

	5.5	Commercially Reasonable Efforts. [***]. 

  

	5.6	Qualified Employees. Each Party shall devote the efforts of suitably qualified and trained employees and research assistants capable of carrying out the activities set forth in the Research Work Plan and
Development Plan to a professional standard and shall provide all necessary facilities therefore. 

  

	5.7	Representations and Warranties of the Parties. Each Party represents and warrants to the other Party that, as of the Effective Date: 

 

	 	5.7.1	it is validly existing and in good standing under the Applicable Laws of the jurisdiction of its incorporation and has the full right, power and authority to enter into this Agreement, conduct the activities allocated
to it under this Agreement, grant the licenses and assign the rights under this Agreement and disclose such information and Know-How that is disclosed in performance of its obligations under this Agreement;

  
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	 	5.7.2	this Agreement has been duly executed by it and is legally binding upon it, enforceable in accordance with its terms, and does not conflict with any agreement, instrument or understanding, oral or written, to which it
is a party or by which it may be bound, nor violate any material Applicable Law of any court, governmental body or administrative or other agency having jurisdiction over it; 

 

	 	5.7.3	neither it, nor any of its Affiliates are party to any agreements, oral or written, that conflict with its obligations under this Agreement; 

 

	 	5.7.4	neither it, nor any of its Affiliates, is a party to or otherwise bound by any oral or written contract or agreement that shall result in any person or entity obtaining any interest in, or that would give to any entity
or person any right to assert any claim in or with respect to, any of BOEHRINGER’s rights granted under this Agreement; 

  

	 	5.7.5	it has not been debarred under the US Generic Drug Enforcement Act; and 

  

	 	5.7.6	all of the Parties’ personnel (including but not limited to all employees, agents or consultants hired by a Party and any person or entity performing work on a Party’s behalf) who are involved in the Research
Program or in the development of any Candidate Product or Product under this Agreement are, or when hired will be, under a written agreement whereby they have presently assigned to BOEHRINGER, or DICERNA, as applicable, any right they may have in
any New Invention under this Agreement. 

  

	5.8	Representations and Warranties of DICERNA. DICERNA represents and warrants to BOEHRINGER that, as of the Effective Date: 

  

	 	5.8.1	DICERNA is the sole and exclusive owner of, or Controls, the DICERNA GalXC Technology, the Licensed Intellectual Property, and the Background Intellectual Property licensed by DICERNA to BOEHRINGER under this Agreement;

  

	 	5.8.2	It has the necessary rights to the Background Intellectual Property, Licensed Intellectual Property and the DICERNA GalXC Technology licensed to BOEHRINGER under this Agreement to conduct the Research Program in the
manner contemplated under the Research Work Plan; 

  

	 	5.8.3	 Neither DICERNA nor any Affiliate have previously assigned, transferred, conveyed or otherwise encumbered its
right, title and interest in and to the DICERNA GalXC Technology, the Licensed Intellectual Property, and the Background Intellectual Property in a manner that would prevent (i) DICERNA

  
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from performing the activities under the Research Program in accordance with the Research Work Plan, and/or assigning and granting the rights to BOEHRINGER pursuant to this Agreement;
(ii) BOEHRINGER or its Affiliates, subcontractors and Sublicensees from researching, developing, manufacturing and/or commercializing Products for the Target and/or from exploiting its rights and licenses granted or assigned hereunder;

  

	 	5.8.4	[***], there are no claims, judgments or settlements pending with respect to the Background Intellectual Property, Licensed Intellectual Property or the DICERNA GalXC Technology licensed by DICERNA to BOEHRINGER under
this Agreement and DICERNA has not received notice that any such other claims, judgments or settlements are threatened; 

  

	 	5.8.5	All information disclosed to BOEHRINGER by DICERNA relating to the DICERNA GalXC Technology, the DICERNA Background Intellectual Property, [***] and the materials and methods to be employed by DICERNA in the
execution of the Research Work Plan and this Agreement is, at the time of disclosure, complete and accurate; 

  

	 	5.8.6	It is entitled to grant the licenses and assign the rights according to Article 7 below to BOEHRINGER, and that it has taken all appropriate measures (including but not limited to having appropriate agreements in place
with any person or contractor involved in the Research Program) under all Applicable Laws (including the claim of any inventions made by its employees, if necessary); 

 

	 	5.8.7	Other than the Intellectual Property that is licensed or assigned by DICERNA to BOEHRINGER in this Agreement, DICERNA is not aware, and has not received any notice [***], of any Intellectual Property (including any
Intellectual Property Controlled by a Third Party) that would be infringed, either by BOEHRINGER or by DICERNA, in the course of conducting the Research Program. 

In the event any representation or warranty is determined to be untrue or inaccurate as [***]. 

 

	5.9	Debarment Notice. Each Party agrees that it will not knowingly employ any person that has been debarred under 21 U.S.C. Section 335a to perform any services under this Agreement. If at any time a
Party becomes aware that it or any person performing work under this Agreement is or will be debarred under 21 U.S.C. Section 335a, then such Party shall immediately notify the other Party of such fact. 

 

	5.10	 Exclusivity. On a
Target-by-Target basis, DICERNA shall work exclusively with BOEHRINGER and with no other party, even as to DICERNA, from the Effective Date of this Agreement until the
end of the [***] with respect to such Target [***] (the “Exclusivity Period”), subject to Section 5.12. For the avoidance of doubt, the upfront payment according to Section 4.1 above reserves BOEHRINGER’s exclusive
right to the [***] Target during the applicable Exclusivity Period and the Target Option exercise fee 

  
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according to Section 4.3 above reserves BOEHRINGER’s exclusive right to the additional Target during its applicable Exclusivity Period. DICERNA is prohibited from working on the
Target(s) themselves or with any Third Party on the same Target(s) during the applicable Exclusivity Period. 

  

	5.11	Evaluation Period. On a Candidate Product-by-Candidate Product basis, BOEHRINGER shall, after receiving the reports for the
Candidate Products from DICERNA for the respective Target in accordance with Section 5.3 above, further assess the Candidate Products for selection to become Products in accordance with the respective evaluation plan including reasonable
timelines for selection until the decision by BOEHRINGER to initiate [***] is made for such Candidate Product, provided that any such evaluation period shall not exceed [***] (the “Evaluation Period”). BOEHRINGER will bear the costs
of the evaluation during the Evaluation Period, including without limitation reimbursement for DICERNA FTEs that exceed [***] per annum. Any additional costs to be incurred by BOEHRINGER must be pre-approved
in writing. 

  

	5.12	End of Exclusivity. On a Target-by-Target basis, if [***], (a) DICERNA shall be deemed to be released from the Target exclusivity
under Section 5.10 above (i.e., DICERNA can work alone or with any other Third Party on the released Target), (b) such unselected Candidate Product shall no longer be deemed to be a Candidate Product and shall not be subject to this Agreement,
(c) [***], and (d) such Target shall no longer be deemed to be a Target and shall not be subject to this Agreement. 

  

	5.13	DISCLAIMER OF WARRANTIES. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ALL IMPLIED WARRANTIES
OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN PARTICULAR, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY THAT THE CANDIDATE PRODUCTS OR PRODUCT(S) WILL BE
SUCCESSFULLY DEVELOPED HEREUNDER. 

  

	5.14	Customs. 

  

	 	5.14.1	Both Parties hereby agree that DICERNA will not ship any Candidate Products, without the prior written request by BOEHRINGER. BOEHRINGER will request such Candidate Products through a purchase order which will outline
the specific amount and price assigned to the Candidate Product as agreed between the Parties. 

  

	 	5.14.2	DICERNA hereby agrees to monitor total Candidate Product synthesis/production and shipment for each Candidate Product under the Agreement on a yearly basis. DICERNA shall share such data by sending it to BOEHRINGER
[***] of the beginning of each Calendar Year to document the shipments during the previous Calendar Year. Such documentation shall include shipments by Third Parties to BOEHRINGER on behalf of DICERNA. 

  
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	 	5.14.3	To enable BOEHRINGER to perform material synthesis/production during the Development Period, DICERNA agrees to transfer the synthesis/production protocols and, in case of biological material, cell banks, of all Products
to BI in accordance with a technology transfer plan agreed by the Parties [***] for a Product. 

  

	 	5.14.4	DICERNA agrees to collaborate with BOEHRINGER on determining the potential of DICERNA becoming an approved exporter in a country that has a reciprocal preferential trade agreement with the EU in place and therefore all
Candidate Products meet preferential origin status. 

  

	 	5.14.5	DICERNA hereby declares that the Candidate Products referred to in this Agreement is/are originated from the home country of DICERNA and correspond and fulfill the rules of origin for preferential trade with the EU.
DICERNA shall undertake to make available to the BOEHRINGER any additional documents required by the relevant customs authorities to prove this. 

  

	 	5.14.6	DICERNA undertakes to provide legal authorizations for the issue of preference certificates, in particular the status of the authorized exporter of Products under EU free trade agreements or a comparable status in other
EU preferential agreements (for example, the status as a registered exporter in the general preferential system (GSP)) and ensure the correct exercise of the obligations resulting from the granting of the respective status 

 

	 	5.14.7	Solely to the extent necessary to comply with Applicable Law, following expiration or termination of this Agreement, DICERNA shall continue to reasonably support BOEHRINGER in matters related to taxes and customs
compliance at BOEHRINGER’s cost and expense. 

 6 CONFIDENTIALITY 

 

	6.1	Confidential Information. “Confidential Information” means all non-public Know-How or other information, including
proprietary materials or information, disclosed by or on behalf of a Party (the “Disclosing Party”) to the other Party or its permitted recipients (the “Receiving Party”) prior to, on or after the Effective Date,
whether or not patentable and whether or not disclosed in written, oral or electronic form or otherwise observed by the Receiving Party. It is understood and agreed by the Parties that: 

 

	 	6.1.1	The terms and conditions of this Agreement will be considered Confidential Information of both Parties and kept confidential by each of the Parties as set forth in this Article 6. 

 

	 	6.1.2	GalXC Foreground IP is Confidential Information of DICERNA. 

  
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	 	6.1.3	The Licensed Intellectual Property (other than the Product IP and Results, the treatment of which are set forth in Section 6.1.4) shall be Confidential Information of DICERNA. 

 

	 	6.1.4	The Product IP and Results for a particular Candidate Product (including Product IP and Results for any Product that contains or incorporates such Candidate Product) shall be Confidential Information of both Parties
during the Research Program Term and shall remain Confidential Information of both Parties unless and until there is [***], whereupon the Product IP and Results for such Candidate Product shall be and shall remain Confidential Information of
BOEHRINGER. The foregoing notwithstanding, in the event that Product IP and Results are assigned back to DICERNA upon termination, abandonment or release as set forth in this Agreement, such Product IP and Results thereafter shall be Confidential
Information of DICERNA. 

  

	6.2	Non-Disclosure and Non-Use Obligation. Except as otherwise expressly set forth herein, the Receiving Party shall keep the
Confidential Information of the Disclosing Party confidential and shall not (i) disclose such Confidential Information to any person or entity without the prior written approval of the Disclosing Party, except to its employees, Affiliates,
Sublicensees and contractors, all of whom will be similarly bound by the provisions of this Article 6 and for whom the Disclosing Party will be responsible, or (ii) use such Confidential Information for any purpose other than for the purposes
contemplated by this Agreement. 

  

	6.3	Return of Confidential Information. The Receiving Party agrees and binds itself upon expiry or termination of this Agreement, to return all Confidential Information to the Disclosing Party, provided,
however, one (1) copy may be retained and stored solely for the purpose of determining its obligations under this Agreement, provided that the non-disclosure and
non-use obligation under this Article 6 shall continue to apply to any such copies. 

  

	6.4	Exemption. These confidentiality and non-use obligations do not apply to: (i) information already in the possession of the Receiving Party prior to its disclosure by
the Disclosing Party as evidenced by written records, (ii) information which comes into the public domain by publication or otherwise through no breach of the obligations of confidentiality and non-use
hereunder by the Receiving Party, including with respect to Section 8.1, (iii) information which has been disclosed to the Receiving Party from another source free from any obligation of confidentiality and which was not directly or indirectly
obtained from the Disclosing Party, or (iv) information which is developed independently by the Receiving Party without use of or reliance upon the Confidential Information provided by the Receiving Party. For the avoidance of doubt and
notwithstanding Section 6.3 (i) and (iv) above, with respect to DICERNA’s obligations, the confidentiality and non-use obligations under this Article 6 shall apply to any information exclusively
related to the Candidate Products. 

  
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	6.5	Permitted Disclosures. In addition to the exceptions contained in Sections 6.2 and 6.4, the Receiving Party may disclose Confidential Information of the Disclosing Party: 

 

	 	6.5.1	To the extent such disclosure is required to be disclosed under law, regulation, or the order of a court of competent jurisdiction, provided, that the Receiving Party promptly notifies the Disclosing Party of such
obligation beforehand and the information to be disclosed and fully cooperates with the Disclosing Party, if so requested, in maintaining the confidentiality of such information by applying for a protective order or any similar legal instrument. In
any event, the compelled Receiving Party shall only disclose such Confidential Information to the extent required under Applicable Law and shall continue to treat such information as Confidential Information for all other purposes under this
Agreement. 

  

	 	6.5.2	To the extent such disclosure is reasonably necessary to file or prosecute patent applications or regulatory filings as contemplated by this Agreement so long as there is [***] prior written notice before filing.

  

	 	6.5.3	To exercise its rights and perform its obligations hereunder, provided that such disclosure is covered by terms of confidentiality and non-use at least as restrictive as those set
forth herein. 

  

	6.6	Disclosure of Agreement. Either Party may disclose the terms of this Agreement (a) to the extent required or advisable to comply with the rules and regulations promulgated by the United States Securities and
Exchange Commission or any equivalent governmental agency in any country in the Territory, (b) in connection with a prospective acquisition, merger or financing for such Party, to prospective acquirers or merger candidates or to existing or
potential investors or financing sources and (c) to any sublicensee, collaborator or potential sublicensee or potential collaborator of such Party, provided that, in the case of clause (b) or (c), prior to such disclosure each such
candidate, investor or financing source shall agree in writing to be bound by obligations of confidentiality and non-use no less protective of the Disclosing Party than those set forth in this Article 6.

  

	6.7	Encryption Technology. The Receiving Party undertakes to protect Confidential Information (including but not limited to patent-relevant, scientific or technical information) against unauthorized access by third
parties. If Confidential Information is communicated via Internet Mail, use of Internet Mail Encryption Technology is compulsory (for direct communication between the Parties, BOEHRINGER provides for a suitable technology at
http://guides.boehringer-ingelheim.com free of charge). 

  

	6.8	Use of Name and Logo. Subject to Section 8.2, neither DICERNA nor BOEHRINGER shall use the other Party’s or its Affiliates’ name or logo in any label, press release or product advertising, or for
any other promotional purpose, without first obtaining the other Party’s written consent. 

  
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	6.9	Engaging Individuals. Each Party undertakes that all individuals engaged in or dealing with the activities contemplated by this Agreement (including but not limited to, students, research assistants, etc.) are
contractually bound to the same or at least as protective of the Disclosing Party as the obligations of confidentiality and non-use set forth in this Article 6 before being engaged or involved in such
activities. 

  

	6.10	Restrictions on Material Non-Public Information. Each Party acknowledges that it is aware that the United States securities laws prohibit certain persons or entities who
have received material, non-public information with respect to a public company from purchasing or selling securities of that public company and from communicating such information to any other person or
entity under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities. Each Party acknowledges that it is familiar with the United States Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder (collectively, the “1934 Act”); and agrees that it will neither use, nor cause or permit any person to use, any Confidential Information in contravention of the 1934 Act, including Rule l0b-5 and Rule 14e-3 thereunder, or other applicable securities laws. 

  

	6.11	Survival. This Article 6 shall survive the expiry or termination of this Agreement and shall remain in full force and effect for [***] after the expiry or termination of this Agreement. 

7. INTELLECTUAL PROPERTY 
  

	7.1	Ownership. 

  

	 	7.1.1	Background IP. With the exception of Product IP assigned to BOEHRINGER under Section 7.1.3 or assigned back to DICERNA under this Agreement, each Party shall be and shall remain the owner of any Intellectual
Property that was developed [***], which a Party provides to the other Party for use in the Research Program or during the Development Period (“Background Intellectual Property”) and this Agreement shall not affect the
ownership of any Background Intellectual Property. 

  

	 	7.1.2	GalXC Foreground IP. BOEHRINGER hereby agrees and acknowledges that notwithstanding anything to the contrary in this Agreement, any and all GalXC Foreground IP shall be exclusively owned by DICERNA.
[***]. 

  

	 	7.1.3	Product IP. Upon [***], if applicable, DICERNA hereby, on a Target-by-Target basis, transfers and assigns, and agrees to
transfer and assign, effective [***], to BOEHRINGER DICERNA’s [***] It is understood by the Parties that in the event BOEHRINGER decides to ultimately and completely abandon the development of the Product and notifies DICERNA of the
same, BOEHRINGER hereby, upon such notification, transfers and assigns, and agrees to transfer and assign, effective [***], to DICERNA all of [***] and the provisions of Sections 7.3 (other than Section 7.3.4) and 7.4 of this Agreement shall no
longer apply with respect to such Product IP. 

  
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	 	7.1.4	BOEHRINGER Product IP. It is understood and agreed by the Parties that, on a Candidate Product-by-Candidate Product basis, any
Intellectual Property (including but not limited to Patent Rights) which relates specifically to [***] (“BOEHRINGER Product IP”) shall be and shall remain the sole and exclusive property of BOEHRINGER, even if BOEHRINGER decides to
ultimately and completely abandon development of the relevant Product(s). 

  

	 	7.1.5	Disclosure of Inventions by Personnel. [***]. 

  

	 	7.1.6	Execution and Assignment. Each Party further agrees that it shall, upon request of the other Party and at the other Party’s cost and expense, [***] in order to confirm assignment and convey to the requesting
Party the sole and exclusive right, title and interest in and to such Intellectual Property and/or any applications for intellectual property rights (including without limitation Patent Rights) thereon. 

 

	7.2	Licenses 

  

	 	7.2.1	Research License. Each Party grants the other Party and its Affiliates during the Research Program Term and Development Period, a royalty free, non-exclusive, worldwide
license to use its Background Intellectual Property only for the purpose of carrying out the Research Program and the Development Plan. 

  

	 	7.2.2	Candidate Product License. During the Research Program Term and Development Period, DICERNA shall grant and hereby grants to BOEHRINGER and its Affiliates, [***] a [***] license [***] under DICERNA’s rights
in the Results, the Licensed Intellectual Property, and the Product IP (to the extent that such Product IP has not been already assigned to BOEHRINGER pursuant to Section 7.1.3 and until such assignment of such Product IP to BOEHRINGER). The
license granted under this Section 7.2.2 shall be and is solely limited to the carrying out of [***]. 

  

	 	7.2.3	Product License. DICERNA shall grant and hereby grants to BOEHRINGER and its Affiliates, on a Product-by-Product basis, effective
upon [***] for such Product, a [***] license, [***] under DICERNA’s rights (i) in the Results and (ii) the Licensed Intellectual Property to [***]. 

 

	 	7.2.4	Sublicensing. Neither Party may grant any sublicense to use the other Party’s Background Intellectual Property under Section 7.2.1, except that [***]. 

  
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	 	7.2.5	No Implied Licenses. Except as expressly provided in this Agreement, neither Party shall be deemed to have granted the other Party any license or other right with respect to any Intellectual Property of such
Party. 

  

	7.3	Patent Prosecution and Maintenance. 

  

	 	7.3.1	GalXC Foreground IP. DICERNA shall prosecute, defend and maintain Patent Rights which are part of the GalXC Foreground IP (“GalXC Foreground Patent Rights”), and shall be
responsible and pay all future costs and expenses incurred for the preparation, filing, prosecution, issuance and maintenance of such Patent Rights. DICERNA shall [***] inform BOEHRINGER regarding the filing, prosecution, defense and maintenance of
the GalXC Foreground Patent Rights, and shall afford BOEHRINGER a [***] to review and comment on[***]for any GalXC Foreground Patent Right [***] in connection with any GalXC Foreground Patent Right. 

 

	 	7.3.2	Licensed Patent Rights. DICERNA shall have the right (but not the obligation) to prosecute, defend and maintain Patent Rights which are part of the Licensed IP (“Licensed Patent Rights”), and
shall be responsible and pay all future costs and expenses incurred for the preparation, filing, prosecution, issuance, defense and maintenance of the Licensed Patent Rights in the Territory. 

 

	 	7.3.3	Product Patent Rights. Notwithstanding Section 7.3.2, during the Research Program Term, with respect to the Patent Rights constituting or claiming Product IP (“Product Patent Rights”),
DICERNA shall: 

  

	 	(a)	[***] 

  

	 	(b)	[***] 

  

	 	(c)	[***] 

 [***] 

[***] 
 [***].

  

	 	7.3.4	Reversion. Upon assignment of Product IP back to DICERNA as provided in this Agreement, DICERNA shall have the right (but not the obligation) to prosecute, defend and maintain the Product Patent Rights in such
Product IP (which, upon assignment back to DICERNA, shall no longer be deemed to be Product Patent Rights under this Agreement), and DICERNA shall be responsible and pay all future costs and expenses incurred for the preparation, filing,
prosecution, issuance and maintenance of such Product Patent Rights. 

  
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	7.4	Patent Enforcement. 

  

	 	7.4.1	Third Party Infringement. During the Term, the Parties shall [***] inform each other [***] of any [***] infringement by any Third Party of a Product Patent Right or Licensed Patent Right (“Infringed
Patent”) [***]. 

  

	 	7.4.2	Product IP Infringement. During the Term, where the Infringed Patent is a Product Patent Right [***]. 

  

	 	7.4.3	Third Party Patent Challenges. The provisions of Section 7.4.2 (Product IP Infringement) shall additionally apply in the case of any objection, opposition or challenge, by a Third Party, to a Product Patent
Right [***]. 

  

	 	7.4.4	Recoveries. Any amount recovered in any action under this Section 7.4, including any amount recovered in any settlement of such action, shall be for the benefit of BOEHRINGER; provided, however, that any
such proceeds actually received by BOEHRINGER shall, on a Product-by-Product basis, be deemed to be gross sales of such Product and that DICERNA shall receive royalties
on such imputed gross sales pursuant to Section 4.5. BOEHRINGER shall be entitled to deduct from such gross sales, on a Product-by-Product basis, the costs and
expenses actually borne by and not reimbursed to BOEHRINGER in relation to the enforcement and/or defense of the Infringed Patent against Third Parties from the Net Sales of such Product (and where such costs and expenses exceed the proceeds, to
carry forward the respective non-deductible costs). 

  

	 	7.4.5	Patent Term Extensions. [***]. 

  

	 	7.4.6	Patent Linkage. [***]. 

  

	 	7.4.7	Enforcement of Listed Patents. [***] 

  

	 	(a)	[***] 

  

	 	(b)	[***]. 

 8. PUBLICATIONS 

 

	8.1	Publication Rights. [***]. 

  

	8.2	Press Release. The Parties may issue a press release following the execution of this Agreement describing the nature of the collaboration between BOEHRINGER and DICERNA in the form as mutually agreed to by the
Parties. 

  
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 9. INDEMNIFICATION AND LIABILITY 

 

	9.1.	Indemnification by DICERNA. [***] DICERNA shall indemnify, defend, and hold harmless BOEHRINGER, and its Affiliates, and their respective officers, directors, employees, licensees, and their respective
successors, heirs and assigns and representatives (the “BOEHRINGER Indemnitees”), from and against any and all damages, losses, suits, proceedings, liabilities, costs (including without limitation reasonable legal expenses,
costs of litigation and reasonable attorney’s fees) or judgments, whether for money or equitable relief, of any kind (“Damages”) resulting from Third Party Claims brought against a BOHERINGER Indemnitee, to the extent directly
or indirectly arising out of or relating to (i) the negligence, recklessness or wrongful intentional acts or omissions of DICERNA, its Affiliates and/or subcontractors and its respective officers, directors, or employees in connection with
DICERNA’s performance of its obligations under this Agreement, (ii) any breach by DICERNA of any obligation, representation, warranty or covenant set forth in this Agreement, and (iii) the failure to comply with any Applicable Laws by
DICERNA, its Affiliates, or any of its subcontractors, except in any such case for Damages to the extent reasonably attributable to any BOEHRINGER Indemnitee with respect to any matter for which BOEHRINGER is liable to indemnify DICERNA pursuant to
Section 9.3. 

  

	9.2.	Alnylam Litigation. DICERNA is (i) the defendant in a trade secret misappropriation lawsuit brought by Alnylam against DICERNA and (ii) the plaintiff in a lawsuit against Alnylam brought in
Federal Court (Alnylam Pharmaceuticals, Inc. v. Dicerna Pharmaceuticals, Inc., No. 15-cv-4126-H and Dicerna Pharmaceuticals, Inc.
v. Alnylam Pharmaceuticals, Inc., docket number 1:17-cv-11466-DLC), (collectively, the “Alnylam
Litigation”). With regard to the Alnylam Litigation, the Parties agree as follows: 

  

	 	9.2.1.	[***]. 

  

	 	9.2.2.	[***]. 

  

	 	9.2.3.	[***]. 

  

	 	9.2.4.	Reimbursement of Payments. In the event of an Adverse Alnylam Litigation Impact, if DICERNA fails to [***] DICERNA shall, upon BOEHRINGER’s request, reimburse BOEHRINGER the Milestone Payments made by
BOEHRINGER to DICERNA in accordance with Article 4.4 of this Agreement (the “Reimbursement Payments”). Such Reimbursement Payments shall be made [***] after receipt of a Reimbursement Payment request issued by BOEHRINGER to DICERNA
in writing. 

  

	 	9.2.5.	[***]. 

  
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	9.3.	Indemnification by BOEHRINGER. BOEHRINGER shall indemnify, defend, and hold harmless DICERNA and its Affiliates, and its respective officers, governors, employees, licensors, and their respective successors,
heirs and assigns and representatives (the “DICERNA Indemnitees”), from and against any and all Damages resulting from Third Party Claims against a DICERNA Indemnitee (including by BOEHRINGER employees), to the extent directly or
indirectly arising out of or relating to (i) the negligence, recklessness or wrongful intentional acts or omissions of BOEHRINGER, its Affiliates, and its respective licensees, officers, directors, employees in connection with BOEHRINGER’s
performance of its obligations or exercise of its rights under this Agreement, (ii) any breach by BOEHRINGER of any obligation, representation, warranty or covenant set forth in this Agreement, (iii) the failure to comply with any
Applicable Laws by BOEHRINGER, its Affiliates, or any of its licensees or subcontractors, (iv) personal injuries related to or arising out of the development or manufacture of a Product by or on behalf of BOEHRINGER or its Affiliates or
licensees, (v) any product liability claim related to or arising out of the use of a Product commercialized by or on behalf of BOEHRINGER or its Affiliates, except in any such case for Damages to the extent such Damage is caused by a DICERNA
Indemnitee’s negligence or willful misconduct. 

  

	9.4.	 Notification; Assumption of Defense; Cooperation and Assistance. In the event that a Party seeks
indemnification hereunder with respect to a Third Party claim, proceeding or action (a “Third Party Claim”), the Party seeking indemnification (the “Indemnified Party”) shall promptly notify the other Party (the
“Indemnifying Party”) in writing of any Third Party Claim in respect of which it intends to claim indemnification under this Article 9.4, provided that any failure to provide the Indemnifying Party with any such notice will not
relieve the Indemnifying Party from any liability that it may have to the Indemnified Party under this Article 9.4 except to the extent that the ability of the Indemnifying Party to defend such claim is materially prejudiced by the Indemnified
Party’s failure to give such notice. The Indemnifying Party shall have the right to assume exclusive control of the defense and settlement of the Third Party Claim with counsel reasonably acceptable to the Indemnified Party [***], subject to
the limitations on settlement set forth below. If the Indemnifying Party assumes such defense, the Indemnified Party will have the right to participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel
employed by the Indemnifying Party. If the Indemnifying Party does not commence actions to assume control of the defense of a Third Party Claim within [***] after the receipt by the Indemnifying Party of the notice required pursuant to this Article
9.4, the Indemnified Party will have the right to defend such claim in such manner as it may deem appropriate at the reasonable cost and expense of the Indemnifying Party. The Indemnified Party shall cooperate as may be reasonably requested in order
to ensure the proper and adequate defense of any action, claim or liability covered by this indemnification. The Indemnifying Party may not settle or otherwise dispose of any Third Party Claim without the prior written consent of the Indemnified
Party unless such settlement includes only the payment of monetary damages (which are fully paid by the Indemnifying Party), does not impose any injunctive or equitable relief upon the Indemnified Party, does not require any admission or
acknowledgment of liability or fault 

  
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of the Indemnified Party and contains an unconditional release of the Indemnified Party in respect of such Third Party Claim. The Indemnified Party may not settle or otherwise dispose of any
Third Party Claim for which the Indemnifying Party may be liable for damages under this Agreement without the prior written consent of the Indemnifying Party. 

10. TERM AND TERMINATION 
  

	10.1	Term. This Agreement shall commence upon the Effective Date and, if not otherwise terminated earlier pursuant to this Article 10, shall continue in full force and effect until the expiration of the last
payment obligation by BOEHRINGER or, if earlier, the date the Evaluation Period expires for the last Candidate Product for all Targets evaluated by BOEHRINGER with BOEHRINGER having selected no Candidate Product to become a Product for a Target (the
“Term“). 

  

	10.2	Termination for Cause. This Agreement may be terminated in whole or part at any time during the Term of this Agreement by a Party (the “Non-Defaulting
Party”): 

  

	 	10.2.1	Upon Default by the other Party (the “Defaulting Party”) which Default remains uncured for [***] measured from the date written notice of such Default is provided to the Defaulting Party. The Non-Defaulting Party shall provide written notice to the Defaulting Party, which notice shall identify the Default, the intent to so terminate and the actions or conduct that it considers would be an acceptable cure
of such Default. In case the Defaulting Party disputes the Default under this Article 10.2.1, then the issue of whether the Non-Defaulting Party may properly terminate this Agreement on expiration of the
applicable cure period shall be resolved in accordance with Section 11.8. If as a result of such arbitration process, it is determined that the alleged Defaulting Party committed a Default and the Defaulting Party does not cure such Default
within [***] after the date of such award, (the “Additional Cure Period”), then such termination shall be effective as of the expiration of the Additional Cure Period. If the Parties dispute whether such Default was so cured, either
Party alone may request the same arbitrators to determine whether it was so cured, and the Parties shall cooperate to allow such determination to be made within [***] after such request by either Party. Such arbitration proceeding does not suspend
any obligations of either Party hereunder, and each Party shall use reasonable efforts to mitigate any damage. If as a result of such arbitration proceeding it is determined that the alleged Defaulting Party did not commit such Default (or such
Default was cured in accordance with this Section 10.2.1), then no termination shall be effective, and this Agreement shall continue in full force and effect. Notwithstanding the foregoing, DICERNA shall not have the right to terminate this
Agreement for BOEHRINGER’s Default following [***], provided that BOEHRINGER pays DICERNA the amount of such damages that have been awarded by an arbitration proceeding pursuant to Section 11.8. 

  
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	 	10.2.2	To the extent permitted by Applicable Laws upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the
benefit of creditors by the other Party provided, however, that in the case of any involuntary bankruptcy proceeding such right to terminate shall only become effective if the Party consents to the involuntary bankruptcy or such proceeding is not
dismissed within [***] after the filing thereof. 

  

	10.3	Termination by BOEHRINGER for Change of Control. In the event of a Change of Control of DICERNA, BI shall have the right to terminate this Agreement [***] upon [***] prior written notice to DICERNA.

  

	10.4	[***] 

  

	10.5	Termination at Will. BOEHRINGER shall be entitled to terminate this Agreement forthwith at its sole discretion at any time upon [***] prior written notice to DICERNA thereof. 

 

	10.6	Termination by BOEHRINGER for IP Challenges. In the event that DICERNA directly or indirectly challenges the Product IP, and/or the BOEHRINGER Product IP including but not limited to patents Covering the
composition of matter of a Product, before a patent office, court or other governmental agency of competent jurisdiction (the “DICERNA IP Challenge”), BOEHRINGER shall be entitled to terminate this Agreement [***].

  

	10.7	Effects of Termination by DICERNA for Cause/by BOEHRINGER at Will. Upon termination of the Agreement by (i) DICERNA pursuant to Section 10.2 or (ii) BOEHRINGER pursuant to Section 10.5:

  

	 	(a)	Each Party shall immediately terminate any activities for any terminated Product, Candidate Product or Target under this Agreement; and 

 

	 	(b)	The Receiving Party shall promptly return to the other Party or destroy all Confidential Information of the Disclosing Party in accordance with Section 6.2 above; and 

 

	 	(c)	All licenses granted by a Party to the other Party under this Agreement shall immediately terminate; and 

  

	 	(d)	DICERNA shall be relieved of the exclusivity under Section 5.10 of this Agreement; and 

  

	 	(e)	BOEHRINGER shall be relieved from any and all payment obligations under this Agreement except with respect to obligations resulting from activities that occurred prior to termination; and 

 

	 	(f)	Terminated Candidate Products, Products or Targets shall no longer be deemed to be Candidate Products, Products or Targets, respectively, under this Agreement; and 

  
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	 	(g)	[***]. 

  

	 	(h)	BOEHRINGER shall assign to DICERNA, free of any liens, DICERNA’s original rights, title and interest to the Product IP ([***] provided that BOEHRINGER shall retain a [***] license, [***] to use the Product IP
[***]. 

  

	 	(i)	BOEHRINGER and DICERNA may negotiate in good faith an agreement on (i) a license to use the BOEHRINGER Product IP and/or to BOEHRINGER’s remaining rights to Product IP developed jointly by BOEHRINGER and
DICERNA solely to develop, manufacture, use, sell, offer for sale, import and commercialize Products included within the scope of such termination, and (ii) the assignment of regulatory filings regarding a Product, such agreement to bear
commercially reasonable consideration. 

  

	10.8	Effects of Termination by BOEHRINGER for Cause/for IP Challenges. If this Agreement is terminated by BOEHRINGER pursuant to Section 10.2 or 10.6 above, in addition to any other remedies available to
BOEHRINGER at law or in equity, BOEHRINGER may in its discretion (i) terminate the Agreement in which case the effects described in Section 10.7(a) through and including Section 10.7(g) shall apply, or (ii) exercise an
alternative remedy as set forth below in this Section 10.8. For the avoidance of doubt, except as set forth in this Section 10.8, in the event BOEHRINGER exercises the alternative remedy set forth below in this Section 10.8, all
rights and obligations of BOEHRINGER under this Agreement shall continue unaffected upon Default by DICERNA or in the event of a Dicerna IP Challenge, respectively, unless this Agreement is subsequently terminated by either Party pursuant to another
termination right under this Article 10, as applicable, after BOEHRINGER exercises its rights pursuant to the following sentence: following the occurrence of an event that would allow BOEHRINGER to terminate this Agreement under Section 10.2 or
10.6 and subject to the conditions set forth in such Section 10.2 or 10.6 and if BOEHRINGER elects, the following shall apply as an alternative remedy to such termination right and without consideration (except as otherwise stated below) in
lieu of termination of this Agreement: 

  

	 	(i)	BOEHRINGER may retain all of its licenses and other rights granted under this Agreement, subject to all of its payment and other obligations; except that the applicable Milestone Payments and the applicable royalty rate
payable thereafter under this Agreement shall be reduced by [***]; and 

  

	 	(ii)	Any BOEHRINGER Confidential Information provided to DICERNA pursuant to this Agreement will be promptly returned to BOEHRINGER or destroyed; BOEHRINGER shall be released of its ongoing disclosure and information
exchange obligations with respect to activities following the effective date of such termination. 

  
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	10.9	[***] 

  

	10.10	Effects of Termination for Change of Control. In the event of a termination by BOEHRINGER pursuant to Section 10.3 (i), (ii) or (iii), the provisions of Section 10.7 shall apply accordingly with regard
to the scope of such termination. 

  

	10.11	Rights Accruing Prior to Expiration or Termination. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. Any expiration or
termination of this Agreement shall be without prejudice to the rights of either Party against the other accrued or accruing under this Agreement prior to expiration or termination, including the obligation to pay for any amounts that accrued prior
to the effective date of such expiration or termination. 

  

	10.12	Survival. In addition to any provisions specified in this Agreement as surviving as set forth therein, the provisions of Articles 1, 6 (for the period stipulated in Section 6.11 above), 8, 9 and 11 and
Sections 4.7, 4.8, 4.12 through and including 4.21, 7.4.4 (each in the event of payment obligations resulting from activities that occurred prior to termination), Sections 5.9, 5.12, 5.13, 5.14.7, 7.1, 7.2.5 and 7.3.4 shall survive any termination
or expiration of the Agreement. In addition, all rights and obligations contained in this Agreement, which by their nature or effect contemplate performance or observance subsequent to expiration or termination of this Agreement will survive
and remain binding upon and for the benefit of the Parties, their successors and permitted assigns. 

  
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 11. CONCLUDING PROVISIONS 

 

	11.1	Assignment. Neither Party shall be entitled to assign or otherwise transfer its rights and/or obligations under this Agreement in whole or in part to any Third Party without the prior written consent of the other
Party, which consent shall not be unreasonably withheld, provided that, however, each Party may assign this Agreement to (i) any Affiliate, and (ii) any successor corporation or entity resulting from any Change of Control of such Party,
and provided that the Affiliate, entity or Third Party to which this Agreement is assigned expressly agrees in writing to assume and be bound by all obligations of the assigning Party under this Agreement. The Parties agree that in no event shall
BOEHRINGER assign its rights and/or obligations under this Agreement [***]. Each Party agrees to be responsible for the actions and omissions of its Affiliates under this Agreement. 

 

	11.2	Entire Agreement; Amendments. This Agreement sets forth the entire agreement between the Parties and supersedes all previous and contemporaneous negotiations, representations or agreements, written or
oral, regarding the subject matter hereof. This Agreement may be amended only by an instrument in writing duly executed on behalf of the Parties. In case of inconsistencies between this Agreement and any Appendix hereof, the terms of this Agreement
shall prevail unless agreed to explicitly that the Appendix should prevail. 

  

	11.3	Force Majeure. Neither Party shall be liable or deemed in default for failure to perform any duty or obligation that such Party may have under this Agreement where such failure has been occasioned by any act of
God, fire, external strike, inevitable accidents, war, or any other cause outside the reasonable control of that Party, and occurring without its fault or negligence. The Party whose performance has so been interrupted shall give the other Party
notice of the interruption and cause thereof, and shall use every reasonable means to resume full performance of this Agreement as soon as possible. 

  

	11.4	Waiver. The failure of either Party to require performance by the other Party of any of that other Party’s obligations under this Agreement shall in no manner affect the right of such Party to enforce the
same at a later time. No waiver by any Party of any condition, or of the breach of any provision, term, representation or warranty contained in this Agreement shall be deemed to be or construed as a further or continuing waiver of any such condition
or breach, or of any other condition or of the breach of any other provision, term, representation, or warranty hereof. The remedies provided in this Agreement are not exclusive and the Party suffering from a breach or default of this Agreement may
pursue all other remedies, both legal and equitable, alternatively or cumulatively. 

  

	11.5	 Severability. In the event that any provision or portion thereof in this Agreement is for any reason held
to be invalid, illegal or unenforceable, the same shall not affect any other portion of this Agreement and its validity, as it is the intent of the Parties that this Agreement shall be construed in such fashion as to maintain its existence, validity
and enforceability to the greatest extent possible. In any such event, this Agreement shall be construed as if such provision of portion thereof had never been contained in this 

  
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Agreement, and there shall be deemed substituted therefore such provision as will most nearly carry out the intent of the Parties as expressed in this Agreement to the fullest extent permitted by
Applicable Law unless doing so would have the effect of materially altering the right and obligations of the Parties in which event this Agreement shall terminate and all the rights and obligations granted to the Parties hereunder shall cease and be
of no further force and effect. 

  

	11.6	Notices. Any notices and Invoices given under this Agreement [***] shall be addressed as follows (or at such other address for a Party as shall be specified by like notice, provided, however, that notices of a
change of address shall be effective only upon receipt thereof): 

 If to DICERNA: 

Dicerna Pharmaceuticals, Inc. 
 87
Cambridgepark Drive 
 Cambridge, MA 02140 

Attention:President and Chief Executive Officer 

Facsimile:(617) 612-6298 

E-mail:dfambrough@dicerna.com 

With a copy to: 
 Dicerna
Pharmaceuticals, Inc. 
 87 Cambridgepark Drive 

Cambridge, MA 02140 
 Attention:
Legal Department 
 If to BOEHRINGER: 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

  
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	11.7	Governing Law. This Agreement shall be construed in accordance with and governed exclusively by the law of [***], without reference to its rules of conflict of law.  

 

	11.8	Dispute Resolution; Arbitration. Any dispute arising out of or in connection with this Agreement shall be settled, if possible, through good faith negotiations between the Parties. If the Parties are unable to
settle such dispute within [***], such dispute arising out of or relating to this Agreement shall be referred to the Chief Executive Officer of DICERNA or the authorized designee of the Chief Executive Officer of BOEHRINGER (the “Executive
Officers”). The Executive Officers of both Parties shall meet to attempt to resolve such dispute. Such resolution, if any, of a referred issue shall be final and binding on the Parties. All negotiations pursuant to this Section 11.8
are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence. If the Executive Officers cannot resolve such dispute within [***] after either Party requests such a meeting in writing,
then the Parties agree that all disputes that may not be resolved amicably between the Parties arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce
(“ICC”) by [***] appointed in accordance with said rules. The exclusive place of arbitration shall be [***] and the proceedings shall be conducted in English language. The award for arbitration shall be final and binding and may be
enforced in any court of competent jurisdiction against BOEHRINGER or DICERNA. Notwithstanding the foregoing but without abrogating the agreement of the Parties to binding arbitration, the Parties shall each be entitled either prior to or during
arbitration to seek and obtain injunctive or other equitable relief in any court of competent jurisdiction to preserve the status quo (including to enforce the and prevent unauthorized disclosures of Confidential Information or infringement or
misappropriation of any Intellectual Property) pending arbitration or to prevent the breach of this Agreement, without the necessity of posting any bond. 

The Parties further agree that 
  

	 	(a)	except as may be otherwise required by law, neither Party, its witnesses, or the arbitrators may disclose the existence, content, results of the arbitration hereunder without prior written consent of both Parties; and

  

	 	(b)	neither Party shall be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant or considered relevant by the arbitrators to the dispute
(subject to Third Party confidentiality obligations); and 

  

	 	(c)	the scope of authority of the arbitrators should be limited to the strict application of law; and 

  

	 	(d)	no arbitrator shall be an employee, director or shareholder of either Party or any of their affiliated companies but each shall have experience in the pharmaceutical industry; and 

 

	 	(e)	the chairman shall be a lawyer and not be a national of the country of one of the Parties; and 

  
 36 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

	 	(f)	this Section 11.8 shall apply to any claims by or against the parents, subsidiaries, affiliates, agents, principals, officers, directors, or employees of the Parties; and 

 

	 	(g)	the arbitrators may render early or summary disposition of some or all issues, after the parties have had a reasonable opportunity to make submissions on these issues. 

 

	11.9	Independent Contractors. In the performance of this Agreement each Party shall be an independent contractor and that the relationship between the Parties shall not constitute a partnership, joint venture
or agency. Therefore, no Party shall be entitled to any benefits applicable to any employees of the other Party. No Party is authorized to act as an agent for the other Party for any purpose, and no Party shall enter into any contract, warranty,
representation, or commitment of any kind as to any matter on behalf of the other Party, without the prior written consent of the other Party. 

  

	11.10	Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party, including, without limitation, any creditor of either Party. No such Third Party
shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any debt, liability or obligation (or otherwise) against either Party. 

 

	11.11	Non-Employment. Each Party shall at all times be and remain the sole employer of persons assigned to the performance of work by such Party hereunder and shall assume any
and all obligations, responsibilities and risks to such employment and the possible termination thereof. 

  

	11.12	Headings. The captions to the Articles and Sections of this Agreement are not a part of this Agreement, but are merely for convenience to assist in locating and reading the several Sections of this Agreement.

  

	11.13	Further Assurances. Each of DICERNA and BOEHRINGER agrees to duly execute and deliver, or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and
things, including, without limitation, the filing of such additional assignments, agreements, documents and instruments, as the other Party may at any time and from time to time reasonably request in connection with this Agreement or to carry out
more effectively the provisions and purposes of, or to better assure and confirm unto such other Party its rights and remedies under, this Agreement. Each person executing this Agreement on behalf of a Party represents and warrants his/her capacity
and authority to do so. 

  
 37 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate originals by their duly
authorized representatives as of the date and year first above written 
  
  

			
	Boehringer Ingelheim International GmbH
		
	By:	 	/s/ Jürgen Beck
		
	Name:	 	Jürgen Beck
		
	Title:	 	Authorized Signatory

  

			
	Boehringer Ingelheim International GmbH
		
	By:	 	/s/ Dorothee Schwall-Rudolph
		
	Name:	 	Dorothee Schwall-Rudolph
		
	Title:	 	Authorized Signatory

  

			
	Dicerna Pharmaceuticals Inc.
		
	By:	 	/s/ John B. Green
		
	Name:	 	John B. Green
		
	Title:	 	Chief Financial Officer

  

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 Appendices: 

Appendix 1: Research Work Plan 
 Appendix 2: Development Plan 

Appendix 3: Contact List 
 Appendix 4: Requirements for Invoices

  

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 APPENDIX 1 

Research Work Plan 
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 A - 1 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

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 A - 2 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

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***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

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 A - 4 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

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 A - 5 

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***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

											
						
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 A - 6 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 APPENDIX 2 

Development Plan 
 [***] 

  
 A - 7 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 APPENDIX 3 

Contact List 
  

							
				
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 A - 8 

 CONFIDENTIAL 

***Text Omitted and Filed Separately with the Securities and Exchange 

Commission. Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 
  

 APPENDIX 4 

Requirements for Invoices 
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 A - 9Exhibit 4.11

Execution copy

TERM SHEET

Up to USD 50,000,000 Senior Secured

Term Loan Facility

TORM PLC

19 January 2018

The provision of the Facility is subject to due diligence and (due execution of) documentation and all conditions precedent being met, all to be in form and substance satisfactory to the Lender.

1

Execution copy

PART I

 PARTIES TO THE FACILITY

	
Borrower

	
TORM PLC

	 	 
	
Guarantors

	
Vessel owning SPC(s) (the "Vessel Owner(s)")

	 	 
	 	
TORM A/S

	 	 
	
Obligors

	
The Borrower and the Guarantors.

	 	 
	
Group

	
The Borrower and its subsidiaries.

	 	 
	
Lender

	
ABN AMRO Bank N.V. ("ABN AMRO")

	 	 
	
Facility Agent and Security Agent

	
Only becomes applicable if ABN AMRO transfers part of the loan to Security Agent another party (throughout this document all references to the Agent, the Facility Agent or the shall be construed as references to the Lenders).

	 	 
	
Hedge Providers

	
ABN AMRO

	 	 
	
Majority Lenders

	
Lenders whose commitments aggregate more than 662/3% of the aggregate Facility Amount (only applicable when ABN AMRO transfers part of the loan to another party).

PART II

 THE VESSELS

	
Collateral Vessels

	
The 2 LR1 tanker vessels listed and further described in Annex 1.

	 	 
	
Fair Market Value

	
Fair market value ("FMV") of each Collateral Vessel (determined to be the average of appraisals from two Approved Brokers (as defined per Annex 2) as of 30 June and 31 December without physical inspection based on an arm's length charter free transaction between a willing and able buyer and a willing and able seller not under duress); provided that the Agent (acting on the instructions of the Majority Lenders acting reasonably) may by no less than two months notice to the Borrower require that the FMV be determined in respect of one or both Collateral Vessels with physical inspection. Unless an Event of Default has occurred the Agent may not require more than one inspection per Vessel at the cost of the Borrower each year.

	 	 
	 	
If the two valuations on any Collateral Vessel deviate by more than 20% of the higher of the two valuations, an appraisal from a third Approved Broker shall be obtained and the FMV of that Collateral Vessel shall be the average between the three valuations.

	 	 
	 	
If the two valuations on an aggregate basis across all of the Collateral

2

 

Execution copy

	 	
Execution copy Vessels deviate by more than 10% of the higher of the two valuations, an appraisal from a third Approved Broker of all of the Collateral Vessels shall be obtained and the FMV of the Collateral Vessels shall be the average between the three valuations.

PART III

 FACILITY

	
Facility Type

	
Senior secured term loan facility in relation to two (2) Collateral Vessels to be made available to the Borrowers (the "Facility").

	 	 
	
Facility Purpose

	
To provide post-delivery debt financing for the Collateral Vessels, including payment of the last instalment payable upon delivery

	 	 
	
Facility Amount

	
Maximum aggregate amount of USD 50,000,000, however subject to Initial LTV as set out below (the "Facility Amount"). The facility will be drawn in two (2) tranches (one for each Collateral Vessel).

	 	 
	
Initial LTV

	
At Drawdown, the respective Loan shall not exceed the lesser of: (i) 60% of the FMV (based on valuation not older than 30 days) of the relevant Collateral Vessel being mortgaged in connection with such Loan, and (ii) USD 25,000,000.

	 	 
	 	
Subject to the Borrower having raised a minimum amount of USD 40,000,000 in equity, at the Borrower's discretion, between 1 January 2018 and Drawdown, the respective Loan may exceed 60% of the FMV of the relevant Collateral Vessel being mortgaged in connection with such Loan as long as the Loan shall not exceed the lesser of: (í) 70% of the FMV (based on valuations not older than 30 days) of the relevant Collateral Vessel being mortgaged in connection with such Loan, and (ii) USD 22,200,000.

	 	 
	
Loans

	
Any advance made to the Borrower under the Facility.

	 	 
	
Drawdown

	
One advance per Vessel. Drawdown to take place upon delivery of the respective Collateral Vessel.

	 	 
	
Closing Date

	
The date on which the Facility Agreement is signed, which must be on or before 31 March 2018.

	 	 
	
Maturity Date

	
5 (five) years after the first Drawdown date, but in any event no later than 31 December 2024.

	 	 
	
Availability Period

	
From the Closing Date until 27 July 2020.

	 	 
	
Repayment

	
The Facility shall be repaid in consecutive quarterly instalments with the first instalment being due and payable on the first quarter date after the respective drawdown date such that each Loan in respect of a Collateral Vessel is repaid in full by the time that Collateral Vessel is 16 years of age. In the event that the Initial LTV of a respective Collateral Vessel is higher than 60% of the FMV the amount in excess of the 60% LTV will be fully

3

 

Execution copy

	 	
Execution copy repaid in 8 equal quarterly repayments during the first 2 years after Drawdown of the relevant advance.

	 	 
	 	
All outstanding amounts under the Facility shall be repaid in full on the Maturity Date.

PART IV

 PRICING

	
Interest Rate

	
The aggregate of:

	 	 
	 	
(i)

	
the Margin; and

	 	 	 
	 	
(ii)

	
LIBOR and if LIBOR is less than zero, LIBOR shall be deemed to be zero.

	 	 
	 	
Interest will be calculated on the basis of the actual number of days elapsed in a year of 360 days.

	 	 
	 	
Interest on any prepayment shall be made on the date the prepayment is due.

	 	 
	
Margin

	
Margin of 2.10% p.a.

	 	 
	
Interest Period

	
1 (max 3 within a calendar year) 3 or 6 months or any other period agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders).

	 	 
	
Payment of Interest

	
Interest is payable on the last day of each Interest Period or, if an agreed Interest Period is longer than 3 months, every 3 months. All interest is due and payable in cash.

	 	 
	
Commitment Fee

	
Computed at a rate per annum equal to 35% of Margin for any unutilised and uncancelled amount of the Facility Amount with effect from the Closing Date and ending on the last day of the Availability Period. Accrued commitment fee is payable quarterly in arrears during the Availability Period and on the last day of the Availability Period.

	 	 
	
Arrangement Fee

	
115 bps flat on Facility Amount payable per Closing Date of the Facility Agreement.

PART V

4

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OTHER TERMS

	
Finance Documents

	
The Facility will be made available under a facility agreement (the "Facility Agreement") and related documents (together with the Facility Agreement, the "Finance Documents"), all in form and substance satisfactory to the Lender.

	 	 
	
Security

	
The Facility to be secured on a first priority cross-collateralised basis in favour of the Security Agent or in favour of all the Finance Parties if necessary or advisable under any applicable law by:

	 	 
	 	
(i)

	
Joint and several guarantees from each of the Guarantors (no limitations to apply except if required, or market practice, in the relevant jurisdiction);

	 	 	 
	 	
(ii)

	
First priority cross-collateralized mortgages over the Collateral Vessels, and associated deeds of covenants if applicable;

	 	 	 
	 	
(iii)

	
First priority assignment of insurances relating to the Collateral Vessels;

	 	 	 
	 	
(iv)

	
First priority general assignment of earnings relating to the Collateral Vessels to be notified to all charterers upon an Event of Default;

	 	 	 
	 	
(v)

	
First priority pledge over the shares in the Vessel Owner(s);

	 	 	 
	 	
(vi)

	
First priority assignment of (i) any intragroup bareboat charters between any members of the Group in relation to the Collateral Vessels and (ii) any time charter contract on the Collateral Vessels with a tenor exceeding 13 months, which assignment shall be immediately notified to the charterer (unless the Borrower is able to demonstrate, to the reasonable satisfaction of the Facility Agent (acting on the instructions of all Lenders), sound commercial reasons to refrain from giving notice). If charterers are notified of the assignment, the Obligors will use reasonable endeavours to obtain acknowledgements of such notices from the charterers, but the Lenders accept that it may not be possible to obtain such acknowledgements;

	 	 	 
	 	
(vii)

	
First priority assignment of any loans granted by any member of the Group to the Vessel Owner(s); provided, that the Vessel Owner(s) shall be entitled to repay, prepay, cancel and otherwise deal with such loans until an Event of Default has occurred; and

	 	 	 
	 	
(viii)

	
First priority assignment of any hedging transactions entered into with any of the Hedge Providers for the purpose of hedging the

5

Execution copy

  

	 	 	
Execution copy interest payments under the Facility, provided that the Obligors will have free access to the cashflow from such hedging transactions and be free to deal with such hedging transaction, including to terminate such hedging transactions as long as no Default has occurred (this will only be applicable after the USD 130,000,000 facility (closed on 6 January 2017) has been fully repaid);

	 	 	 
	 	
(ix)

	
Together, the "Security Documents".

	 	 	 
	 	
The Security Documents shall also secure and guarantee, on a pari passu basis, the Obligors' obligations under the Hedging Agreements (Hedging Agreement to include a break clause for the event that the Facility will be partially/not drawn). For the avoidance of doubt, Hedging Agreements will benefit from bilateral credit support provided under an ISDA credit support annex ("CSA") (ISDA including CSA to be agreed before the Closing Date).

	 	 
	
Voluntary Prepayment

	
Loans may be prepaid in whole or in part on 5 business days' prior notice(but, if in part, by a minimum of USD 1,000,000 and in multiples of USD 500,000). Any prepayment shall be made with accrued interest on the amount prepaid and, subject to breakage costs, without premium or penalty. Voluntary prepayments to be applied pro rata and against amortisation instalments in respect of the relevant.

	 	 
	
Mandatory Prepayment

	
(a)

	
Illegality;

	 	 	 
	 	
(b)

	
Change of Control:

	 	 	 
	 	 	
"Change of Control" shall be defined as an event or a series of events whereby either:

	 	 	 
	 	 	
(A)

	
any person or group of persons acting in concert gains direct or indirect control of the Borrower where:

	 	 	 	 
	 	 	
(i)

	
"control" of the Borrower means (A) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (1) cast, or control the casting of, more than 50 per cent (50%) of the maximum number of votes that might be cast at a general meeting of the Borrower or (2) appoint or remove the chairman of the board of directors or the majority of the directors or other equivalent officers of the Borrower, or (3) give directions with respect to the operating and financial policies of the Borrower with which the directors or other equivalent officers of the Borrower, as the case may be, are obliged to comply and/or (B) the holding beneficially of more than 50 per cent. (50%) of the issued share capital of the Borrower (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); and

	 	 	 	 
	 	 	
(ii)

	
"acting in concert" means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively

6

Execution copy

  

	 	 	 	 
	 	 	 	
co-operate, through the acquisition directly or indirectly of shares in the Borrower by any of them, either directly or indirectly, to obtain or consolidate control of the Borrower provided that for the avoidance of doubt no action by the Lenders (in any capacity) shall result in those Lenders being deemed to be acting in concert for this purpose

	 	 	 	 
	 	 	 	
or

	 	 	 	 
	 	 	
(B)

	
Oaktree Capital Management, L.P. and any fund or funds solely managed by Oaktree Capital Management, L.P. directly or indirectly either:

	 	 	 	 
	 	 	
(i)

	
ceases to be able through its appointees to the Borrower's Board of Directors (including the chairman (who shall have the casting vote)) to control the Board of Directors of the Borrower; or

	 	 	 	 
	 	 	
(ii)

	
ceases to own or control at least 33.34% of the aggregate votes outstanding in respect of the shares issued by Borrower.

	 	 	 	 
	 	
(c)

	
Sale or Total Loss of Collateral Vessels, in respect of which the amount prepaid shall be the amount necessary to ensure that the level of the Collateral Maintenance Test (as defined below) immediately prior to such event is the same as after the occurrence of such event provided that the Collateral Maintenance Test must always be satisfied. If a Default or an Event of Default has occurred all sales proceeds and insurance proceeds shall be applied towards prepayment of the Facility; and

	 	 	 
	
Application of Mandatory Prepayments

	
Mandatory prepayment proceeds will be applied to repay the total amount outstanding under the Facility or, if repaid in part, applied pro rata against repayment instalments.

	 	 
	
Breakage Cost

	
Any prepayment shall be made with accrued interest on the amount prepaid and, subject to breakage costs and shall be for account of the Borrowers.

	 	 
	
Representations and warranties

	
Representations and warranties usual for a transaction of this type (subject to such qualifications as may be agreed) (to be given by each Obligor (including in respect of any other member of the Group as may be relevant)) and subject to usual grace periods and materiality thresholds.

	 	 
	 	
Representations and warranties shall be given/repeated (as the case may be) on the date of the Facility Agreement, each utilisation request, each utilisation date and shall also be repeated on each interest payment date and on the date of each compliance certificate. Repeating representations to be agreed.

	 	 
	
Sale and purchase of vessels

	
No restrictions on sale of Collateral Vessels, other than no default, subject to the application of the mandatory prepayment provisions referred to in the section entitled "Mandatory Prepayment" above in the event of the sale

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of a Collateral Vessel.

	 	 
	 	
No restrictions on purchase and disposal of other vessels of the Group, including new-build programmes.

	 	 
	
Dividends

	
The Borrower may after the expiry of each half of its financial years distribute up to 75% of its net income for that half year period, as dividends.

	 	 
	 	
Net income will be determined based on the Borrower's financial statements as at 30 June or its annual audited financial statements, as the case may be. Any amount available for distribution based on net income for a financial year and that is not distributed shall not be carried forward.

	 	 
	 	
No dividends may be distributed at any time at which:

	 	 
	 	
-

	
a default or Event of Default (i) has occurred and is continuing or (ii) would occur as a result of the dividend distribution; or

	 	 	 
	 	
-

	
giving effect to such dividend distribution will result in a breach of a Financial Covenant.

	 	 
	 	
The above dividend restrictions shall cease to apply at any time:

	 	 
	 	
-

	
the Group LTV is 50% or below (both before and after any dividend distribution); or

	 	 	 
	 	
-

	
the Borrower is listed in the US.

	 	 
	 	
The term "dividends" as used above shall include all distributions in respect of share capital, management, advisory or other fees paid to the Borrower's shareholders, redemption or other repurchase of its shares by the Borrower and payments or repayments under any debt owed by a member of the Group to a shareholder of the Borrower or a member of the Group that is not an Obligor.

	 	 
	 	
"Group LTV" means the ratio of (y) the Group's Borrowings less Cash and Cash Equivalents to (z) the fair market value of the Group's vessels (determined in the same manner as for the purposes of the Collateral Maintenance Test).

	 	 
	
Collateral Maintenance

	
The aggregate FMV of the Collateral Vessels shall at all times be at least 130% of the aggregate principal amount of the Facility (the "Collateral Maintenance Test").

	 	 
	 	
If there is a breach of the Collateral Maintenance Test, the Borrower shall within 14 days of the occurrence of such breach, either (i) post additional collateral satisfactory to the Majority Lenders in favour of the Security

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Execution copy Agent (it being understood that cash in US dollars placed in a blocked account that is subject to a perfected security interest shall be satisfactory to the Majority Lenders), pursuant to security documentation in form and substance satisfactory to the Security Agent, in an aggregate amount sufficient to cure such non-compliance such test to be made upon delivery of a semi-annual compliance certificate or (ii) prepay the amount necessary of the outstanding balance of the Facility to cure such breach. The Borrower shall have the right, in connection with each semi-annual determination of FMV only, to have such additional security which is provided in cash released (in lump sums of USD 1 million or, if below, the full amount of the additional security) up to the amount that is not required to satisfy the Collateral Maintenance Test at that semi-annual testing date.

	 	 
	
Restrictions on chartering-in and FFAs

	
The exposure of the Group for chartering-in vessels for a remaining term that exceeds 6 months (when aggregated with the exposure under "naked" forward freight agreements ("FFAs") as set forth below) shall not exceed an amount equal to a charter-in day rate of USD 25,000 payable on 50 % of all vessels owned by the Group for a period of 24 months (the "Maximum Exposure")

	 	 
	 	
The Group shall be permitted to:

	 	 
	 	
(i)

	
enter into FFAs for the purpose of providing hedge cover against the forward positions in which the Group has a commitment in relation to the freight market risk existing because of trading of specified time charters and voyages in respect of physical vessels and cargos which the Group either owns or has chartered; and CO enter into "naked" FFAs with an aggregate exposure not in excess of (when aggregated with the chartering-in exposure set forth above) an amount equal to the Maximum Exposure,

	 	 	 
	 	
in each case in the ordinary course of its trading on arms' length terms and using market standard documents.

	 	 
	
Financial covenants

	
The following financial covenants shall apply at all times to the Group on a consolidated basis and shall be measured semi-annually:

	 	 
	 	
(i)

	
Equity Ratio: The Equity Ratio shall be not less than 25%.

	 	 	 
	 	
(ii)

	
Minimum Liquidity: Minimum Liquidity (consisting of (a) the available undrawn commitment (with an unexpired maturity exceeding 12 months) under the revolving credit facility granted pursuant to the USD 75,000,000 Working Capital Facility Agreement dated 13 July 2015 between among others TORM A/S as borrower and Danske as Agent as amended, restated, replaced and/or refinanced from time to time, (b) Cash, and (c) Cash Equivalents) of the Group shall at all times be equal to or greater than the greater of (A) seventy five million Dollars (USD75,000,000) and (B) five per cent. (5%) of the Group's Total Debt;

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provided that at all times, a part of the Minimum Liquidity equal to forty million Dollars (USD40,000,000) shall consist of Cash and Cash Equivalents.

	 	 	 
	 	
(iii)

	
Most favoured lenders. In the event that the Borrower agrees to additional financial covenants, or similar financial covenants at a stricter level with other banks, lenders and/or financiers (excluding minimum value clauses and dividend restrictions), the Borrower shall notify the Lenders and if so required by the Majority Lenders such covenants also be included in the Facility Agreement by an amendment thereto.

	 	 	 
	
Insurances:

	
In line with the USD 130,000,000 Facility Agreement signed on 6 January 2017.

	 	 
	
Collateral Vessel Covenants

	
Vessel covenants usual for transactions of this nature (subject to qualifications and exceptions as may be agreed) including but not limited to:

	 	 
	 	
(a)

	
The Collateral Vessels shall be employed in TORM A/S' tanker pool, with bareboat charter agreements in place between the Vessel Owner(s), TORM PLC and/or TORM A/S. No Collateral Vessel shall be employed in any other vessel pool unless (i) that vessel pool is managed by a reputable and experienced vessel pool manager, and (ii) at least 14 days prior written notice of such employment is given to the Agent. The commercial manager of the Collateral Vessels can only be changed with the consent of the Majority Lenders, which consent shall not be unreasonably withheld. The names of the Collateral Vessels may not be changed without the prior written consent of the Agent (acting on the instructions of the Majority Lenders);

	 	 	 
	 	
(b)

	
No lay up of any Collateral Vessel without the prior written approval of the Majority Lenders;

	 	 	 
	 	
(c)

	
The Collateral Vessels shall be registered and fly a flag in an Approved Jurisdiction (as defined per Annex 2) and no change of registry or flag unless to an Approved Jurisdiction;

	 	 	 
	 	
(d)

	
The Collateral Vessels shall be classed with an Approved Classification Society (as defined per Annex 2) and with no overdue recommendations. No change of class without consent of the Majority Lenders (inspections of records limited to once per year unless an Event of Default has occurred and is continuing) and subject to non-interference);

	 	 	 
	 	
(e)

	
Technical and commercial managers and the relevant management agreements shall at all times be acceptable to the Majority Lenders, acting reasonably. The Obligors and the Approved Technical Managers (as defined per Annex 2) are preapproved;

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(f)

	
Technical and commercial managers to provide an undertaking in form and substance satisfactory to the Majority Lenders whereby they inter alia subordinate their claims against the Obligors and the Collateral Vessels (The Obligors shall only be required to use reasonable commercial efforts to obtain subordination from third party managers);

	 	 	 
	 	
(g)

	
Compliance with any code or prescribed procedures required to be observed by a Collateral Vessel or the persons responsible for its operation under any applicable law (including, but not limited to, those currently known as the ISM Code and the ISPS Code);

	 	 	 
	 	
(h)

	
The Collateral Vessels shall operate in compliance with all applicable sanctions regimes (the relevant provisions to be as per Annex 3); and

	 	 	 
	 	
(i)

	
No repairer liens in excess of USD 6 million in respect of a Collateral Vessel without the Security Agent's prior written consent.

	 	 	 
	
Information Undertakings

	
Information undertakings usual for transactions of this nature, including but not limited to the following to be provided to the Lenders:

	 	 	 
	 	
(a)

	
Consolidated audited annual financial statements as soon as available and no later than 120 days after the close of each fiscal year in respect of the Borrower, unconsolidated audited financial statements of TORM A/S and, upon request, unconsolidated audited financial statements of the Vessel Owner(s);

	 	 	 
	 	
(b)

	
Consolidated un-audited quarterly financial statements (including P/L, balance sheet and cash flow statements, as well as, for each quarterly financial statements for the periods ending on 30 June and 31 December, cause/effect analysis of deviations to the budget) as soon as available, but no later than 47 days after the close of the respective financial quarter in respect of the Borrower;

	 	 	 
	 	
(c)

	
Detailed consolidated forecast for the coming 12 months period showing the P/L, balance sheet and cash flow statements, as well as written assumptions, of the Borrower, not later than each 1st December. If the forecast is updated or amended in any material respect, the Borrower shall provide such updated forecast together with the next compliance certificate;

	 	 	 
	 	
(d)

	
Such other information as the Lenders reasonably require relating to vessels chartered-in by the Group, including details of how any charter commitments in respect of vessels chartered-in by members of the Group are classified as a "liability" in the relevant compliance certificate;

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(e)

	
Customary semi-annual compliance certificates (including supporting schedules);

	 	 	 
	 	
(f)

	
Semi-annual vessel valuations from two Approved Brokers (as defined per Annex 2) as of 30 June and 31 December to be delivered together with each semi-annual compliance certificate; provided that the Majority Lenders shall be entitled (upon 30 days' prior notice to the Borrower) to require additional vessel valuations from time to time if they reasonably suspect a financial covenant or Collateral Maintenance Test breach or breach of the restrictions on chartering-in and FFAs or for each Loan (the additional vessel valuations shall prevail). The costs of all vessel valuations (whether obtained by a member of the Group or by the Agent) will be for the account of the Borrower;

	 	 	 
	 	
(g)

	
Customary KYC provisions, including in case of any Change in UBO after the signing date and any Applicable KYC Procedures;

	 	 	 
	 	 	
"Applicable KYC Procedures" means any applicable 'know your customer' checks or similar identification procedures, or equivalent internal policies of a Lender, or any equivalent procedures required by applicable law or regulations (including the Money laundering and anti-terrorism Act (Wet ter voorkoming van witwassen en financieren terrorisme).

	 	 	 
	 	 	
"Change in UBO" means any event by which a private individual (natuurlijk persoon) (i) acquires the legal and/or beneficial ownership (directly or indirectly) of 25% per cent. or more of the issued share capital of an Obligor or (ii) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (directly or indirectly) cast, or control the casting of; 25 per cent. or more of the votes that might be cast at a general meeting of the Obligor or (iii) is otherwise able to exercise effective control over the Obligor;

	 	 	 
	 	
(h)

	
Notice of default/Event of Default, material litigation, material environmental matters, major casualty events and total loss and details of any claim, action, suit, proceeding or investigation in connection with sanctions against any Obligor or member of the Obligor's Group, any of their respective directors, employees, or any joint venture controlled by an Obligor, as well as any information on what steps are being taken with regards to answering or opposing such; and

	 	 	 
	 	
(i)

	
Such other information as the Lenders acting through the Facility Agent and Security Agent shall reasonably require.

	 	 	 
	
Other Undertakings

	
Other undertakings usual for transactions of this nature (subject to qualifications and exceptions as may be agreed), including but not limited to with regard to the Obligors and any other member of the Group as may be relevant, to include, but not be limited to, the following:

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(a)

	
Legal structure: Except as approved by the Majority Lenders, no Obligor will enter into any amalgamation, demerger, merger, consolidation, re-domiciliation, legal migration or corporate reconstruction;

	 	 	 
	 	
(b)

	
Change of Business: No change of business of any Obligor. The Vessel Owner(s) shall not conduct any business other than the ownership and operation of the Collateral Vessels and any business incidental thereto;

	 	 	 
	 	
(c)

	
Joint ventures: No joint ventures to be entered into by the Vessel Owner(s);

	 	 	 
	 	
(d)

	
Financial Indebtedness: No restrictions on the ability of the Obligors (other than the Vessel Owner(s)) to incur additional debt (subject, however, to pro forma compliance with financial covenants, compliance with Collateral Maintenance Test and the restrictions on chartering-in and FFAs and no Event of Default, in each case at the time of incurrence); No Financial Indebtedness to be incurred by the Vessel Owner(s) and no guarantees to be given by the Vessel Owner(s) (other than the guarantee of the Facility);

	 	 	 
	 	
(e)

	
No use of the proceeds from the Facility for any purpose other than as set out herein or in violation of any applicable sanctions (the provisions regarding sanctions to be as per Annex 3);

	 	 	 
	 	
(f)

	
No security interest: The Obligors will not assume or permit to exist any security interest over any Collateral Vessel or other assets securing the Facility, except for the security for the Facility and ordinary maritime liens;

	 	 	 
	 	
(g)

	
Hedging: The Group shall not enter into any speculative hedging transactions (which would include hedging transactions which are: (a) not entered into to hedge a real risk or exposure which the Group has, or (b) which are entered into by the Group for the main purpose of financial gain or loss); provided that the Group shall be permitted to enter into FFAs as set out in "Restrictions on chartering-in and FFAs";

	 	 	 
	 	
(h)

	
Inspection: The Lenders have the right to inspect, or appoint a third party to inspect, any of the Collateral Vessels at any time with the costs of each inspection to be borne by the Borrower. Such inspections will be limited to one inspection per Collateral Vessel during each calendar year (including any inspection made for the purpose of determining the FMV), unless an Event of Default has occurred and is continuing;

	 	 	 
	 	
(i)

	
Maintenance of authorisations;

	 	 	 
	 	
(j)

	
Maintenance of listing of the Borrower;

	 	 	 
	 	
(k)

	
Environmental compliance;

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(l)

	
Preservation of assets, insurances and existence;

	 	 	 
	 	
(m)

	
No change of end of fiscal years or accounting methods;

	 	 	 
	 	
(n)

	
Compliance with laws (including applicable sanctions (the provisions regarding sanctions to be as per Annex 3 and including any rules and regulations on scrapping and dismantling of vessels);

	 	 	 
	 	
(o)

	
No Collateral Vessel may be scrapped or dismantled by any Obligor or any other member of the Group unless the green passports or equivalent documentation for hazardous materials on board the Collateral Vessel has been established for such Collateral Vessel;

	 	 	 
	 	
(p)

	
Payment of taxes;

	 	 	 
	 	
(q)

	
Limitations on change of type of organization and jurisdiction of organization;

	 	 	 
	 	
(r)

	
Subordination of any intercompany loans subject to the parties thereto being able to make all payments under, cancel and otherwise deal with such loans until an Event of Default has occurred;

	 	 	 
	 	
(s)

	
Charter parties:

	 	 	 
	 	 	
(i)

	
The Borrower and/or TORM A/S shall promptly notify the Facility Agent of any Charter made for a period which is longer than thirteen (13) months (including any optional or automatic extension periods) and shall deliver to the Facility Agent, upon the Facility Agent's reasonable request, a summary of all Charters to which the Collateral Vessels are subject, including the identity of the charterers;

	 	 	 	 
	 	 	
(ii)

	
The Borrower and/or the relevant Vessel Owner(s) shall give notice of the assignments contained in the assignment of time charter contracts for each Collateral Vessel to the charterer under any Charter for such Collateral Vessel longer than thirteen (13) months (including any optional or automatic extension periods) immediately upon entry into the General Assignment (or, if later, the date of entry into such Charter) and shall ensure that the Facility Agent and the Security Agent receives a copy of that notice, however, no notice shall be required if the Borrower may demonstrate sound commercial reasons for not providing such notice;

	 	 	 	 
	 	 	
(iii)

	
No bareboat charterparties or bareboat registrations in respect of any of the Collateral Vessels (other than as between the Borrower, the Vessel Owner(s) and/or TORM A/S) without the consent of the Facility Agent.

	 	 	 	 
	 	
(t)

	
Related party transactions: Any agreements and transactions between

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members of the Group and related parties to be on arm's length terms and conditions; and

	 	 	 	 
	 	 	
(u)

	
Other Group companies: Negative pledge and restrictions on indebtedness in respect of the Vessel Owner(s) subject to reasonable exceptions to be agreed.

	 	 	 	 
	
Events of Default

	
Events of default including but not limited to (and to include such events related to any member of the Group as may be relevant):

	 	 	 	 
	 	 	
(a)

	
Payment default;

	 	 	 	 
	 	 	
(b)

	
Breach of financial covenants (as mentioned in this term sheet) and the insurance covenants;

	 	 	 	 
	 	 	
(c)

	
Breach of Collateral Maintenance Test provided that the breach has not been remedied in accordance with the relevant provisions of the Facility Agreement;

	 	 	 	 
	 	 	
(d)

	
Breach of any sanctions related representations, warranties, covenants or undertakings;

	 	 	 	 
	 	 	
(e)

	
Breach of any other covenants or any other obligations, subject to a 10 business day grace period, unless in the Facility Agent's reasonable opinion it will not be possible to remedy the relevant breach within such period;

	 	 	 	 
	 	 	
(f)

	
Cross default to other financial indebtedness (subject to USD 10m threshold);

	 	 	 	 
	 	 	
(g)

	
Bankruptcy, insolvency, creditors' process (subject to USD 10m threshold for Obligors other than the Vessel Owner(s) and USD lm threshold for the Vessel Owner(s)) etc.;

	 	 	 	 
	 	 	
(h)

	
Arrest and detention of a Collateral Vessel;

	 	 	 	 
	 	 	
(i)

	
Misrepresentation, subject to 15 business day grace period if capable of remedy;

	 	 	 	 
	 	 	
(j)

	
Breach of material contracts;

	 	 	 	 
	 	 	
(k)

	
Unlawfulness and invalidity;

	 	 	 	 
	 	 	
(l)

	
Cessation of business and revocation of authorisations;

	 	 	 	 
	 	 	
(m)

	
Change of ownership of Obligors (other than the Borrower);

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(n)

	
Qualified opinion or adverse opinion (as contemplated by international auditing standards as at the date of the Facility Agreement) in respect of audited financial statements of the Borrower;

	 	 	 	 
	 	 	
(o)

	
Expropriation;

	 	 	 	 
	 	 	
(p)

	
Repudiation and rescission;

	 	 	 	 
	 	 	
(q)

	
Material adverse change;

	 	 	 	 
	 	 	
(r)

	
Litigation; and

	 	 	 	 
	 	 	
(s)

	
Loss of registration of a Collateral Vessel.

	 	 	 	 
	 	
Appropriate remedy periods, qualifications, materiality and thresholds to be agreed.

	 	 
	
Miscellaneous provisions

	
A facility agreement reflecting the terms and conditions of the Facility (the "Facility Agreement") to be prepared.

	 	
Documentation generally to be based on the existing TORM loan documentation with the necessary adjustments to reflect the terms expressly specified in this term sheet, size and complexity and, to the extent required, the current recommended form of the LMA multicurrency syndicated facility agreement. Such documentation shall include, without limitation, indemnification for increased costs (including Basel III and IV, CRD IV and CRR), tax gross-up, market disruption provisions, FATCA, sanctions provisions, protective provisions for such matters as defaulting banks, capital adequacy, reserves, funding losses, illegality and withholding taxes, and other relevant provisions such as bail-in clauses etc.

	 	 
	
Conditions Precedent

	
Such conditions precedent as are customary for a transaction of this kind to be further set out in the Facility Agreement, and which shall be in form and substance acceptable to the Lender, as the case may be. The conditions precedent shall be completed and delivered at the times to be agreed.

	 	 
	
Law and jurisdiction

	
English law and jurisdiction except with respect to security documents.

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Annex 1: Collateral Vessels

	 	
Type

	
Vessel Name

	
Vessel Owner

	
Deadweight

	
Built

	
Yard

	
Vessel in mill. USD

	
Value in mill. USD

	
Value [date]

	 	 	 	 	 	 	 	
Clarksons

	
Fearnleys

	
Average

	
I

	
LRI

	 	 	 	 	 	 	 	 
	
2

	
LRI

	 	 	 	 	 	 	 	 

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Annex 2

	
Approved Brokers

	
Clarksons Platou, Maersk Broker, Braemar ACM, Arrow Shipbrokers, Fearnleys, SSY Valuation Services Limited, Inge Stensland, BRS and Lorentzen & Stemoco (or, in each case, any of their Affiliates) and such other reputable international and independent consultancy or ship broker firm approved in advance by the Facility Agent (acting reasonably).

	 	 
	
Approved Classification Society

	
Lloyds Register, DNV GL or American Bureau of Shipping or such other clarification society approved by the Facility Agent (acting reasonably)

	 	 
	
Approved Technical Managers

	
[·]1

	 	 
	
Approved Jurisdiction

	
Singapore, Denmark, Norway, United Kingdom, Isle of Man, Bahamas, Bermuda, Panama, Malta, Marshall Islands, Cyprus, Hong Kong and Liberia or such other jurisdiction approved by the Facility Agent (acting on instruction of all Lenders).

1            To be agreed in connection with documentation.

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Annex 3

Sanctions provisions

Definitions

"Restricted Party" means a person:

	a)	
that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person) or otherwise is a target of Sanctions Laws;

	b)	
that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of any country or territory that is the target of comprehensive, country- or territory-wide Sanctions Laws;

	c)	
that is directly or indirectly owned or controlled by a person referred to in a) and/or b) above; or

	d)	
with which any national of a Sanctions Authority is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.

"Sanctions Authority" means (a) the United Nations, the European Union, the member states of the European Union, the United Kingdom, Singapore, the US or any country to which any Obligor, or any other member of the Group or any Relevant Affiliate or any of them is bound or (b) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury ("OFAC"), the United States Department of State and Her Majesty's Treasury ("HMT").

"Sanctions Laws" means the trade, economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adopted, imposed, administered, enacted and/or enforced by any Sanctions Authority.

"Sanctions List" means the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained by HMT, or any similar list of persons or entities maintained by or published in connection with Sanctions Laws, by or on behalf of any Sanctions Authority, each as amended, supplemented or substituted from time to time.

Illegality

Mandatory prepayment shall be required in case of illegality, including under applicable Sanctions Laws.

Obligors' indemnity of Finance Parties

The obligation to indemnify shall include losses and reasonable costs incurred a Finance Party as a result of the conduct of an Obligor or any of their partners (where such Obligor is a partnership) directors, officers, employees, agents or advisors that violates any Sanctions Laws, and shall cover any cost, loss or liability incurred by each Finance Party in any jurisdiction arising or asserted under or in connection with any Sanctions Laws as a result of the aforementioned.

Representation

	a)	
Each Obligor and their respective directors, officers, joint ventures and employees and, to the best of each Obligor's knowledge, their respective agents and representatives (each acting in

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	b)	
No Obligor nor any other member of the Group or any Relevant Affiliate of any of them or their respective directors, officers, joint ventures or employees and, to the best of each Obligor's knowledge, their respective agents and representatives (each acting in the capacity as agent or, as the case may be, representative for an Obligor):

		i)	
is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party or acts directly or indirectly on behalf of a Restricted Party; or

		ii)	
is subject to or involved in any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws by any Sanctions Authority.

Such representation to be made on the Closing Date and on the date of each loan and to be a repeating representation with no remedy period applicable in case of misrepresentation.

Information obligation

The Borrower shall supply to the Agent:

	a)	
promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions Authority against it, any members of the Group, any of their joint ventures or any of their respective directors, officers, employees, or, in their capacity as agents or representatives of such member of the Group, their agents or representatives, including information on what steps are being taken with regards to answer or oppose such; and

	b)	
promptly upon becoming aware that it, any Obligor or any of their respective directors, officers, employees, agents or representatives is a Restricted Party, written notification thereof including identification of the Obligor or other relevant person that has become a Restricted Party and the circumstances relating thereto.

Sanctions Undertakings

(a)            Use of Proceeds

The proceeds of the Loan will be used exclusively for the permitted purposes specified. No proceeds of the Loan shall be (a) made available, directly or indirectly, to or for the benefit of a Restricted Party, (b) applied in a manner or for a purpose prohibited by Sanctions Laws or (c) applied in any other manner that could result in any Obligor or a Finance Party being in breach of any Sanctions Laws or becoming a Restricted Party.

(b)            Compliance with Laws

To include that each Obligor shall comply with all applicable Sanctions Laws and shall not employ the Collateral Vessel(s) owned by such Obligor, nor allow their employment, operation or management in any manner contrary to any applicable Sanctions Laws.

(c)            Sanctions

	c)	
Each Obligor shall ensure that none of them, nor any of their respective directors, officers or employees is or will become a Restricted Party.

	d)	
Each Obligor shall, and shall procure that each other member of the Group and each Relevant Affiliate of any of them shall, not use any revenue or benefit derived from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance

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	e)	
Each Obligor shall procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Finance Party in its name or in the name of any other member of the Group or any Relevant Affiliate of any of them, to the extent such provision of proceeds would be prohibited by Sanctions Laws or would otherwise cause any Finance Party to be in breach of Sanctions Laws.

	f)	
Each Obligor shall, and shall procure that each other member of the Group shall, to the extent permitted by law promptly upon becoming aware of them supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions Laws by any Sanctions Authority.

	g)	
No Obligor shall permit or authorise and each Obligor shall prevent any Collateral Vessel being used directly or indirectly:

		i)	
by or for the benefit of any Restricted Party in violation of Sanctions Laws or in any manner which would otherwise cause any Finance Party to be in breach of Sanctions Laws; and/or

		ii)	
in any trade which is reasonably likely to expose the Collateral Vessel, any Finance Party, any manager, crew or insurers to enforcement proceedings or any other consequences whatsoever arising from Sanctions Laws.

(d)            Compliance with sanctions regimes

The Obligors, the Collateral Vessels and every person who owns, operates or manages the Collateral Vessels shall comply with all applicable sanctions regimes (including, among others, the European Union, Singapore, the United States, the United Kingdom and the United Nations).

Events of default

No remedy period to be applicable to breach of undertakings in respect of Sanctions Undertakings.

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SIGNATURES TO TERM SHEET FOR TORM PLC USD 50,000,000 FACILITY

	
For and on behalf of TORM PLC

	 	 
	 	 	 
	
/s/ Jacob Meldgaard

	 	
/s/ Christian Søgaard-Christensen

	
Print name:

	
Jacob Meldgaard

	 	
Print name:

	
Christian Søgaard-Christensen

	
Capacity:

	
Executive Director

	 	
Capacity:

	
CFO

	 	 	 
	 	 	 
	 	 	 
	
For and on behalf of ABN AMRO BANK N.V.

	 	 
	 	 	 
	/s/ Jacco Keizer	 	/s/ Mick Borms
	
Print name:

	
Jacco Keizer

	 	
Print name:

	Mick Borms
	
Capacity:

	
Mgr. Director

	 	
Capacity:

	
Executive Director

	 	 	 

22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]