Document:

EX-4.2

 Exhibit 4.2 

EQUIFAX INC., 
 AS ISSUER

 AND 
 U.S. BANK
NATIONAL ASSOCIATION, 
 AS TRUSTEE 
  

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 DATED AS OF APRIL 27, 2020 

 
  

EIGHTH SUPPLEMENT TO INDENTURE, 

DATED AS OF MAY 12, 2016, BETWEEN 

EQUIFAX INC. AND 
 U.S.
BANK NATIONAL ASSOCIATION, as Trustee 

 EIGHTH SUPPLEMENTAL INDENTURE 

EIGHTH SUPPLEMENTAL INDENTURE, dated as of April 27, 2020, between EQUIFAX INC., a Georgia corporation (the
“Issuer”), having its principal office at 1550 Peachtree Street, N.W., Atlanta, Georgia 30309, and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”), having its Corporate Trust Office at 1349 W.
Peachtree Street, NE, Suite 1050, Atlanta, Georgia 30309, under the Indenture, dated as of May 12, 2016, between the Issuer and the Trustee (the “Original Indenture”). 

RECITALS 
 WHEREAS,
the Issuer executed and delivered its Original Indenture to the Trustee to issue from time to time for its lawful purposes debt securities evidencing its indebtedness. 

WHEREAS, the Original Indenture provides that by means of a supplemental indenture, the Issuer may create one or more series of its
debt securities and establish the form and terms and conditions thereof. 
 WHEREAS, the Issuer desires to issue a series of senior
debt securities under the Original Indenture, and has duly authorized the creation and issuance of such series of debt securities and the execution and delivery of this Eighth Supplemental Indenture to modify the Original Indenture and provide
certain additional provisions as hereinafter described; 
 WHEREAS, the Issuer and the Trustee deem it advisable to enter into this
Eighth Supplemental Indenture for the purposes of establishing the terms of such series of debt securities and providing for the rights, obligations and duties of the Trustee with respect to such debt securities; 

WHEREAS, all conditions and requirements of the Original Indenture necessary to make this Eighth Supplemental Indenture a valid,
binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects duly authorized by the parties hereto; 

WHEREAS, the Board of Directors of the Issuer, acting through authority delegated to certain of its executive officers, has approved
the creation of the Notes (as hereinafter defined) and the form, terms and conditions thereof; 
 WHEREAS, concurrently with the
execution hereof, the Issuer has delivered an Officers’ Certificate and has caused its counsel to deliver to the Trustee an Opinion of Counsel; and 

WHEREAS, the consent of Holders to the execution and delivery of this Eighth Supplemental Indenture is not required, and all other
actions required to be taken under the Original Indenture with respect to this Eighth Supplemental Indenture have been taken. 
 NOW,
THEREFORE IT IS AGREED: 
 ARTICLE ONE 

Creation of The Notes 

Section 1.1.     Designation of Series. Pursuant to the terms hereof and
Section 301 of the Original Indenture, the Issuer hereby creates a series of its debt securities which shall be known as the “3.100% Senior Notes due 2030” (the “Notes”), which Notes shall be
deemed “Securities” for all purposes under the Original Indenture. 

 Section 1.2.     Form and Denomination of Notes.
The definitive form of the Notes shall be substantially in the form set forth in Exhibit A attached hereto, which is incorporated herein and made part hereof. The Notes shall bear interest, be payable and have such other terms as are
stated in the form of Note and in the Original Indenture, as supplemented by this Eighth Supplemental Indenture. The Notes shall be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 1.3.     Amount of Series. Subject to Section 1.10 hereof, the
aggregate principal amount of the Notes that may be issued under this Eighth Supplemental Indenture is initially limited to $600,000,000. The Notes may, upon the execution and delivery of this Eighth Supplemental Indenture or from time to time
thereafter, be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes upon the delivery of a Company Order. 

Section 1.4.     Rank. The Notes are unsecured and unsubordinated and shall rank equally in right of
payment among themselves and with all of the Issuer’s other unsecured and unsubordinated indebtedness. 

Section 1.5.     No Sinking Fund. No sinking fund shall be provided with respect to the Notes. 

Section 1.6.     Optional Redemption. 

(a)    Except as otherwise may be specified in this Eighth Supplemental Indenture and in the Notes, Article Eleven of the
Original Indenture shall be applicable to the Notes. 
 (b)    Prior to February 15, 2030, the Issuer shall have
the right to redeem the Notes, in whole or in part, at any time or from time to time, at a redemption price (the “Optional Redemption Price”) equal to the greater of: 

(i)    100% of the principal amount plus accrued and unpaid interest to, but excluding, the
Redemption Date; and 
 (ii)    the sum of the present values of the Remaining Scheduled Payments of
principal and interest (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

(c)    On or after February 15, 2030, the Issuer shall have the right to redeem the Notes, in whole or in part, at
any time or from time to time, at the Issuer’s option, for an amount in cash equal to 100% of the principal amount plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

(d)    The Issuer will mail notice of such redemption to the registered holders of the Notes to be redeemed not less than
15 nor more than 60 days prior to the Redemption Date. If Notes are only partially redeemed pursuant to this Section 1.6, the Notes to be redeemed will be selected by the Trustee in such manner as in its sole discretion it
shall deem appropriate and fair; provided, that if at the time of redemption the Notes to be redeemed are registered as a Global Note, the Depository shall determine, in accordance with its procedures, the principal amount of the Notes to be
redeemed held by each of its participants that holds a position in such Notes. The Optional Redemption Price shall be paid prior to 

 
12:00 noon, New York time, on the Redemption Date or at such later time on such date as is then permitted by the rules of the Depository for the Notes (if then registered as a Global Note);
provided, that the Issuer shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price by 10:00 a.m., New York time, on the date such Optional Redemption Price is to be paid. 

Section 1.7.     Definitions. For all purposes of this Eighth Supplemental Indenture: 

(a)    Capitalized terms used herein without definition shall have the meanings set forth in the Original Indenture; 

(b)    a term defined anywhere in this Eighth Supplemental Indenture (including the exhibits hereto) has the same meaning
throughout; 
 (c)    the singular includes the plural and vice versa; 

(d)    headings are for convenience of reference only and do not affect interpretation; 

(e)    the following terms have the meanings given to them in this Section 1.7(e):  

“Business Day” means, unless otherwise specified, any calendar day that is not a Saturday, Sunday or legal holiday in New
York, New York and on which commercial banks are open for business in New York, New York. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming that such Notes matured on
February 15, 2030) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, or (B) if the Independent Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations or, if only one such Quotation is obtained, such Quotation.

 “Depository” means a clearing agency registered under Section 17A of the Exchange Act that is designated to act as
Depository for the Notes. 
 “Independent Investment Banker” means an independent investment banking institution of
national standing appointed by the Issuer, which may be one of the Reference Treasury Dealers. 
 “Redemption Date”
means, with respect to any optional redemption of Notes pursuant to Section 1.6 hereof, the date fixed for such redemption pursuant to the Original Indenture and such Notes. 

“Reference Treasury Dealer” means BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Wells Fargo
Securities, LLC and a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) selected by SunTrust Robinson Humphrey, Inc. and their respective successors; provided that if any of the foregoing or any such
successor shall cease to be a Primary Treasury Dealer, the Issuer will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid 

 
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by the Reference
Treasury Dealer at 3:30 p.m. on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled Payments”
means, with respect to the Notes to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date for such redemption (assuming that such Notes matured on
February 15, 2030); provided, however, that if such Redemption Date is not an interest payment date, with respect to the Notes, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of
interest accrued thereon to such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date:

  

	 	(i)	 the yield, under the heading which represents the average for the immediately preceding week, appearing in, or
available through, the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System (or companion online data resource
published by the Board of Governors of the Federal Reserve System) and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), 

  

	 	(ii)	 if the period from the Redemption Date to the Maturity Date of the Notes to be redeemed is less than one year,
the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used, or 

  

	 	(iii)	 if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated by the Issuer on the third Business Day preceding such Redemption Date. The Trustee shall not be responsible for any such calculation.

 Section 1.8.     Notes Not Convertible or Exchangeable. The Notes shall not be
convertible or exchangeable for other securities or property. 
 Section 1.9.     Issuance of Notes;
Selection of Depository. The Notes shall be issued as Registered Securities in permanent global form, without coupons. The initial Depository for the Notes shall be The Depository Trust Company. 

Section 1.10.     Issuance of Additional Notes. From time to time subsequent to the date hereof, without
the consent of the Holders of the Notes, the Issuer may create and issue additional Notes (the “Additional Notes”) under the terms of the Original Indenture and this Eighth Supplemental Indenture (and without need to execute any
additional supplemental indenture). The Additional Notes shall be issued as part of the existing series of Notes issued pursuant to this Eighth Supplemental Indenture and shall have terms identical in all material respects (except for the public
offering price and the issue date 

 
and, if applicable, the initial interest accrual date and the initial Interest Payment Date) to any Outstanding Notes and shall be treated together with any Outstanding Notes as a single issue of
Notes under the Original Indenture and this Eighth Supplemental Indenture. Any Additional Notes issued hereunder shall rank equally and ratably with the Notes originally issued pursuant to this Eighth Supplemental Indenture, shall have the same
CUSIP number and shall trade interchangeably with such Notes (except for such Additional Notes that are not fungible with the Notes for U.S. federal income tax purposes, which shall have a separate CUSIP number) and shall otherwise constitute Notes
for all other purposes hereof. Any Additional Notes may be issued pursuant to authorization provided by one or more Board Resolutions. No Additional Notes shall be issued at any time that there is an Event of Default under the Original Indenture
with respect to the Notes that has occurred and is continuing. 
 Section 1.11.     Issuance of Additional
Debt Securities. In addition to the Notes, the Issuer may, from time to time, issue other series of debt securities under the Original Indenture consisting of debentures, notes or other evidences of indebtedness, but such other series will be
separate from and independent of the Notes. The Original Indenture does not limit the amount of debt securities or any other debt (whether secured or unsecured or whether subordinated or unsubordinated) which the Issuer may incur. 

Section 1.12.     Place of Payment; Transfer and Exchange. The Notes shall be payable and may be
presented for payment, purchase, redemption, registration of transfer and exchange and notices to or upon the Issuer shall be made at the office or agency of the Issuer maintained in the Borough of Manhattan, the City of New York for such office,
which mutually shall be at U.S. Bank Global Corporate Trust Services – New York, 100 Wall Street, Suite 1600, New York, NY 10005, or such other office as the Trustee may designate from time to time by notice to the Issuer. 

ARTICLE TWO 
 Appointment of
the Trustee For the Notes 
 Section 2.1.     Appointment of Trustee; Acceptance by Trustee.
Pursuant and subject to the Original Indenture, the Issuer hereby appoints U.S. Bank National Association to act on behalf of the Holders of the Notes. By execution, acknowledgment and delivery of this Eighth Supplemental Indenture, the Trustee
hereby accepts appointment as trustee with respect to the Notes, and agrees to perform the duties and obligations of the Trustee with respect to the Notes upon the terms and conditions set forth in the Original Indenture and in this Eighth
Supplemental Indenture. 
 Section 2.2.     Rights, Powers, Duties and Obligations of the Trustee. 

(a)    Any rights, powers, duties and obligations by any provisions of the Original Indenture conferred or imposed upon the
Trustee shall, insofar as permitted by law, be conferred or imposed upon and exercised or performed by the Trustee with respect to the Notes. 

(b)    For purposes of the Notes, pursuant to Section 301(25) of the Original Indenture,
Section 612(3) of the Original Indenture is hereby amended by replacing the phrase “grossly negligent” with “negligent” each time it appears. 

Section 2.3.     Rights in Indenture Applicable to Trustee. U.S. Bank National Association, in its
capacity as Trustee, shall be afforded all of the rights, powers, immunities and indemnities of the Trustee as set forth in the Original Indenture as if such rights, powers, immunities and indemnities were specifically set forth herein. 

 ARTICLE THREE 

Change of Control Offer 

Section 3.1.     Change of Control Offer. 

(a)    If a Change of Control Triggering Event occurs, unless the Issuer has exercised its option to redeem the Notes, the
Issuer shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on
the terms set forth herein. 
 (b)    In the Change of Control Offer, the Issuer shall be required to offer payment in
cash equal to 101% of the principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (the “Change of Control Payment”). Within 30 days following
any Change of Control Triggering Event or, at the Issuer’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Issuer shall mail or deliver
electronically a notice to the Trustee and to Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which
date shall be no earlier than 15 days and no later than 60 days from the date such notice is mailed or delivered electronically (the “Change of Control Payment Date”). The notice shall, if mailed or delivered electronically prior to
the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

(c)    In order to accept the Change of Control Offer, the Holder must deliver to the Paying Agent, at least three
Business Days prior to the Change of Control Payment Date, the Note together with the form entitled “Option of Holder to Elect Purchase” (which form is annexed to the Note) duly completed, or a telegram, telex, facsimile transmission or a
letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority, Inc., or a commercial bank or trust company in the United States setting forth: 

(i)    the name of the Holder of the Note; 

(ii)    the principal amount of the Note; 

(iii)    the principal amount of the Note to be repurchased; 

(iv)    the certificate number or a description of the tenor and terms of the Note; 

(v)    a statement that the Holder is accepting the Change of Control Offer; and 

(vi)    a guarantee that the Note, together with the form entitled “Option of Holder to Elect
Purchase” duly completed, will be received by the Paying Agent at least three Business Days prior to the Change of Control Payment Date. 

(d)    Any exercise by a Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of
Control Offer may be accepted for less than the entire principal amount of the Notes, but in that event the principal amount of the Notes remaining outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess
thereof. 

 (e)    On the Change of Control Payment Date, the Issuer shall, to the
extent lawful: 
 (i)    accept for payment all Notes or portions of such Notes properly tendered
pursuant to the Change of Control Offer; 
 (ii)    deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Notes or portions of such Notes properly tendered; and 

(iii)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of such Notes being repurchased. 

(f)    The Issuer shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and the third party purchases all Notes properly tendered and not withdrawn under its
offer. In addition, the Issuer shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture with respect to the Notes, other than a default in the payment of the
Change of Control Payment upon a Change of Control Triggering Event. 
 (g)    The Issuer shall comply with the
requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws
and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer
provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

(h)    The Trustee has no obligation to determine whether a Change of Control Triggering Event has occurred and the
Trustee has no obligation to provide notice to the Holders of the Notes of the occurrence of any Change of Control Triggering Event. 

Section 3.2.     Additional Definitions. For purposes of the Change of Control Offer provisions of the
Securities of this series, the following terms are applicable: 
 “Change of Control” means the occurrence of any of the
following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than
the Issuer or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Issuer’s Voting Stock or other Voting Stock into which the Issuer’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (2) the direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, to one or more
Persons (other than the Issuer or one of its Subsidiaries); or (3) the first day on which a majority of the members of the Issuer’s Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction shall not be
deemed to involve a Change of Control if (1) the Issuer becomes a direct or indirect Wholly-Owned Subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), other than a holding company satisfying the requirements of this sentence, is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

 “Change of Control Triggering Event” means the occurrence of both a Change
of Control and a Rating Event. 
 “Continuing Directors” means, as of any date of determination, any member of the
Issuer’s Board of Directors who (1) was a member of such Board of Directors on the date the Notes were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of
the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Issuer’s proxy statement in which such member was named as a nominee
for election as a director, without objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or
higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by
the Issuer. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act selected by the Issuer (as certified by a resolution of the Issuer’s Board of Directors) as a replacement agency for Moody’s or S&P, or all of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an
Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the
Issuer’s intention to effect a Change of Control. 
 “S&P” means Standard & Poor’s Rating Services,
a division of The McGraw-Hill Companies, Inc. 
 “Voting Stock” means, with respect to any specified
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

ARTICLE FOUR 
 Defeasance

 Section 4.1.     Defeasance Applicable to Notes. Pursuant to
Section 301(18) of the Original Indenture, provision is hereby made for both (i) defeasance of the Notes under Section 402(2) of the Original Indenture and (ii) covenant defeasance of the
Notes under Section 402(3) of the Original Indenture, in each case, upon the terms and conditions contained in Article Four of the Original Indenture. For purposes of the Notes, pursuant to
Section 301(18) of the Original Indenture, Section 402(4)(ii) of the Original Indenture is hereby amended by (A) replacing the phrase “an Opinion of Counsel” with the phrase “a
legal opinion of outside counsel,” (B) replacing the phrase “such Opinion of Counsel” with the phrase “such legal opinion of outside counsel,” and (C) replacing the phrase “Holders” with the phrase
“beneficial owners.” 

 Section 4.2.     Covenant Defeasance. Upon the
Issuer’s satisfaction of the conditions to elect covenant defeasance with respect to the Notes pursuant to Article 4 of the Original Indenture and Section 4.1 of this Eighth Supplemental Indenture, the Issuer shall be
released from its obligations under Article Seven of this Eighth Supplemental Indenture, in addition to any other covenants set forth in Section 402(3) of the Original Indenture. 

Section 4.3.     Return of Trust Funds. For purposes of the Notes, pursuant to
Section 301(25) of the Original Indenture, Section 402(6) of the Original Indenture is hereby amended by replacing “Section 402(2)(i)” with “Sections 402(2)(i) and 402(3)”. 

ARTICLE FIVE 
 Defaults and
Remedies 
 Section 5.1.     Events of Default. Except as provided below,
Section 501 of the Original Indenture shall be applicable to the Notes. For purposes of the Notes, pursuant to Section 301(15) of the Original Indenture, Section 501(4) of
the Original Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: 

(4)    default (i) in the payment when due after giving effect to any applicable grace period of any
scheduled principal on any Indebtedness of the Issuer or any of its Subsidiaries, having an aggregate principal amount outstanding of at least $50,000,000, or (ii) in the performance of any other term or provision of any such Indebtedness which
default shall have resulted in such Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such Indebtedness having been discharged, or such acceleration having been
rescinded or annulled within the later of (x) the period specified in such instrument and (y) 15 days after written notice to the Issuer by the Trustee or Holders of at least 25% of the aggregate principal amount of the Securities of such
series then Outstanding. 
 ARTICLE SIX 

Amendments and Waivers 

Section 6.1.     Modification and Amendment with Consent of Holders of the Notes. Except as provided
below, Section 902 of the Original Indenture shall be applicable to the Notes. After the Issuer’s obligation to purchase the Notes arises under Article Three of this Eighth Supplemental Indenture, the Issuer shall not,
without the consent of each of the Holders of the then Outstanding Notes, amend, change or modify in any material respect the Issuer’s obligation to make and consummate a Change of Control Offer in the event of a Change of Control Triggering
Event or, after such Change of Control Triggering Event has occurred, modify any of the provisions or definitions with respect thereto. 

Section 6.2.     Modification and Amendment without Consent of Holders of the Notes. Except as provided
below, Section 901 of the Original Indenture shall be applicable to the Notes. For purposes of the Notes, pursuant to Section 301(15) of the Original Indenture,
Sections 901(8) and 901(9) of the Original Indenture is hereby amended by deleting such sections in their entirety and substituting in lieu thereof the following as Sections 901(8), 901(9) and 901(10): 

“(8)    to make any change that would provide any additional rights or benefits to the Holders of the
Securities of all or any series (including to secure the Securities of such series, add 

 
guarantees with respect thereto, transfer any property to or with the Trustee, add to the Company’s covenants for the benefit of the Holders of the Securities of such series, add any
additional Events of Default, or surrender any right or power conferred upon the Company); 
 (9)     to
make any other change hereunder that does not adversely affect the legal rights hereunder of any Holder of the Securities of any series in any respect; or 

(10)     supplement any provision of this Indenture as shall be necessary to permit or facilitate the
defeasance or discharge of the Securities of all or any series in accordance with this Indenture; provided that such action shall not adversely affect the interests of any Holder of the Securities of any series in any material respect.” 

ARTICLE SEVEN 
 Covenants

 Section 7.1.     Covenants. For purposes of the Notes, pursuant to
Section 301(15) of the Original Indenture, Article 10 of the Original Indenture is hereby supplemented by incorporating therein the following additional covenants which the Issuer shall observe solely for the benefit
of the Holders for so long as any Note is Outstanding: 
 (a)    Limitation on Mortgages and Liens. The Issuer
will not at any time directly or indirectly create or assume and will not cause or permit a Subsidiary directly or indirectly to create or assume, otherwise than in favor of the Issuer or a Wholly-Owned Subsidiary, any mortgage, pledge or other lien
or encumbrance upon any Principal Facility or any interest it may have therein or upon any stock of any Subsidiary or any indebtedness of any Subsidiary to the Issuer or any other Subsidiary, whether now owned or hereafter acquired, without making
effective provision (and the Issuer covenants that in such case it will make or cause to be made, effective provision) whereby the Notes and any other indebtedness of the Issuer then entitled thereto shall be secured by such mortgage, pledge, lien
or encumbrance equally and ratably with any and all other obligations and indebtedness thereby secured, so long as any such other obligations and indebtedness shall be so secured (provided, that for the purpose of providing such equal and ratable
security, the principal amount of Discount Securities shall be such portion of the principal amount as may be specified in the terms of that series); provided, however, that the foregoing covenant shall not be applicable to the
following: 
 (i)    (A) any mortgage, pledge or other lien or encumbrance on any such property
hereafter acquired or constructed by the Issuer or a Subsidiary, or on which property so constructed is located, and created prior to, contemporaneously with or within 360 days after, such acquisition or construction or the commencement of
commercial operation of such property to secure or provide for the payment of any part of the purchase or construction price of such property, or (B) the acquisition by the Issuer or a Subsidiary of such property subject to any mortgage,
pledge, or other lien or encumbrance upon such property existing at the time of acquisition thereof, whether or not assumed by the Issuer or such Subsidiary, or (C) any mortgage, pledge, or other lien or encumbrance existing on the property,
shares of stock or indebtedness of a corporation at the time such corporation shall become a Subsidiary, or (D) any conditional sales agreement or other title retention agreement with respect to any property hereafter acquired or constructed;
provided that, in the case of subclauses (A) through (D) of this clause (i), the lien of any such mortgage, pledge or other lien does not spread to property owned prior to such
acquisition or construction or to other property thereafter acquired or constructed other than additions to such acquired or constructed property and other than property on which property so constructed is located; and provided,
further, that if a firm commitment from a bank, 

 
insurance company or other lender or investor (not including the Issuer, a Subsidiary or an Affiliate of the Issuer) for the financing of the acquisition or construction of property is made prior
to, contemporaneously with or within the 360-day period hereinabove referred to, the applicable mortgage, pledge, lien or encumbrance shall be deemed to be permitted by this
clause (i) whether or not created or assumed within such period; 
 (ii)    any
mortgage, pledge or other lien or encumbrance created for the sole purpose of extending, renewing or refunding any mortgage, pledge, lien or encumbrance permitted by clause (i) of this
subsection (a); provided, however, that the principal amount of indebtedness secured thereby shall not exceed the principal amount of indebtedness so secured at the time of such extension, renewal or refunding
and that such extension, renewal or refunding mortgage, pledge, lien or encumbrance shall be limited to all or any part of the same property that secured the mortgage, pledge or other lien or encumbrance extended, renewed or refunded; 

(iii)    liens for taxes or assessments or governmental charges or levies not then due and delinquent or
the validity of which is being contested in good faith, and against which an adequate reserve has been established; liens on any such property created in connection with pledges or deposits to secure public or statutory obligations or to secure
performance in connection with bids or contracts; materialmen’s, mechanics’, carrier’s, workmen’s, repairmen’s or other like liens; or liens on any such property created in connection with deposits to obtain the release of
such liens; liens on any such property created in connection with deposits to secure surety, stay, appeal or customs bonds; liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by
appropriate proceedings; leases and liens, rights of reverter and other possessory rights of the lessor thereunder; zoning restrictions, easements, rights-of-way or
other restrictions on the use of real property or minor irregularities in the title thereto; and any other liens and encumbrances similar to those described in this clause (iii), the existence of which does not, in the
opinion of the Issuer, materially impair the use by the Issuer or a Subsidiary of the affected property in the operation of the business of the Issuer or a Subsidiary, or the value of such property for the purposes of such business; 

(iv)    any contracts for production, research or development with or for the Government, directly or
indirectly, providing for advance, partial or progress payments on such contracts and for a lien, paramount to all other liens, upon money advanced or paid pursuant to such contracts, or upon any material or supplies in connection with the
performance of such contracts to secure such payments to the Government; and liens or other evidences of interest in favor of the Government, paramount to all other liens, on any equipment, tools, machinery, land or buildings hereafter constructed,
installed or purchased by the Issuer or a Subsidiary primarily for the purpose of manufacturing or producing any product or performing any development work, directly or indirectly, for the Government to secure indebtedness incurred and owing to the
Government for the construction, installation or purchase of such equipment, tools, machinery, land or buildings. For the purpose of this clause (iv), “Government” shall mean the Government of the United
States of America and any department, agency or political subdivision thereof and the government of any foreign country with which the Issuer or its Subsidiaries is permitted to do business under applicable law and any department, agency or
political subdivision thereof; 
 (v)    any mortgage, pledge or other lien or encumbrance created after
the date of this Eighth Supplemental Indenture on any property leased to or purchased by the Issuer or a Subsidiary after that date and securing, directly or indirectly, obligations issued by a state, a territory or a possession of the United
States, or any political subdivision of any of the foregoing, or the District of Columbia, to finance the cost of acquisition or cost of construction of such property, provided that the interest paid on such obligations is entitled to be excluded
from gross 

 
income of the recipient pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (or any successor to such provision), as in effect at the time of the issuance of such
obligations; 
 (vi)    any mortgage, pledge or other lien or encumbrance on any property now owned or
hereafter acquired or constructed by the Issuer or a Subsidiary, or on which property so owned, acquired or constructed is located, to secure or provide for the payment of any part of the construction price or cost of improvements of such property,
and created prior to, contemporaneously with or within 360 days after, such construction or improvement; provided, that if a firm commitment from a bank, insurance company or other lender or investor (not including the Issuer, a Subsidiary or an
Affiliate of the Issuer) for the financing of the acquisition or construction of property is made prior to, contemporaneously with or within the 360-day period hereinabove referred to, the applicable mortgage,
pledge, lien or encumbrance shall be deemed to be permitted by this clause (vi) whether or not created or assumed within such period; and 

(vii)    any mortgage, pledge or other lien or encumbrance not otherwise permitted under this
Section 7.1(a); provided, the aggregate amount of indebtedness secured by all such mortgages, pledges, liens or encumbrances, together with the aggregate sale price of property involved in sale and leaseback
transactions not otherwise permitted except under Section 7.1(b)(i) does not exceed 15% of Consolidated Stockholders’ Equity. 

(b)    Limitation on Sale and Leaseback Transactions. The Issuer will not, and will not permit any Subsidiary to,
sell or transfer (except to the Issuer or one or more Wholly-Owned Subsidiaries, or both) any Principal Facility owned by it on the date of this Eighth Supplemental Indenture with the intention of taking back a lease of such property, other than a
lease for a temporary period (not exceeding 36 months) with the intent that the use by the Issuer or such Subsidiary of such property will be discontinued at or before the expiration of such period, unless either: 

(i)    the sum of the aggregate sale price of property involved in sale and leaseback transactions not
otherwise permitted pursuant to this Section 7.1(b) plus the aggregate amount of indebtedness secured by all mortgages, pledges, liens and encumbrances not otherwise permitted except under
Section 7.1(a)(vii) does not exceed 15% of Consolidated Stockholders’ Equity; or 

(ii)    the Issuer within 120 days after the sale or transfer shall have been made by the Issuer or by any
such Subsidiary applies an amount equal to the greater of (A) the net proceeds of the sale of the Principal Facility sold and leased back pursuant to such arrangement or (B) the fair market value of the Principal Facility sold and leased
back at the time of entering into such arrangement (which may be conclusively determined by the Board of Directors of the Issuer) to the retirement of Securities or other Funded Debt of the Issuer ranking on a parity with the Securities; provided,
that the amount required to be applied to the retirement of Outstanding Securities or other Funded Debt of the Issuer pursuant to this subclause (B) shall be reduced by (1) the principal amount (or, if the Securities
of that series are Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of any Securities delivered within 120 days after such sale to the Trustee for retirement and cancellation, and
(2) the principal amount of any other Funded Debt of the Issuer ranking on a parity with the Securities voluntarily retired by the Issuer within 120 days after such sale. Notwithstanding the foregoing, no retirement referred to in this
clause (ii) may be effected by payment at maturity or pursuant to any mandatory sinking fund payment or any mandatory prepayment provision. 

 (c)    Provision of Financial Information. For purposes of the
Notes, pursuant to Section 301(15) of the Original Indenture, Section 703 of the Original Indenture is hereby amended by deleting such Section in its entirety and substituting in lieu thereof the
following: 
 (i) For so long as any Notes are Outstanding, if the Issuer is subject to Section 13(a) or 15(d) of
the Exchange Act or any successor provision, the Issuer will deliver to the Trustee the annual reports, quarterly reports and other documents which the Issuer is required to file with the Commission pursuant to Section 13(a) or 15(d) or any
successor provision, within 15 days after the date that the Issuer files the same with the Commission. If the Issuer is not subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, and for so long as any Notes
are Outstanding, the Issuer will deliver to the Trustee the quarterly and annual financial statements and accompanying Item 303 of Regulation S-K (“management’s discussion and analysis of financial
condition and results of operations”) disclosure that would be required to be contained in annual reports on Form 10-K and quarterly reports on Form 10-Q required
to be filed with the Commission if the Issuer were subject to Section 13(a) or 15(d) of the Exchange Act or any successor provision, within 15 days of the filing date that would be applicable to the Issuer at that time pursuant to applicable
SEC rules and regulations. 
 (ii)    Reports and other documents filed by the Issuer with the Commission
and publicly available via the EDGAR system or on the Issuer’s website will be deemed to be delivered to the Trustee as of the time such filing is publicly available via EDGAR or on the Issuer’s website for purposes of this covenant;
provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed or are publicly available via EDGAR or on the Issuer’s website. Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s compliance with any of its covenants relating to the Notes (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 

Section 7.2.     Additional Definitions. For purposes of the covenants set forth in
Section 7.1 hereof, the following terms are applicable: 
 “Consolidated Stockholders’
Equity”, at any time, means the total stockholders’ equity of the Issuer and its consolidated Subsidiaries, determined on a consolidated basis in accordance with generally accepted accounting principles, as of the end of the most
recently completed fiscal quarter of the Issuer for which financial information is then available. 
 “Discount Security”
means any Security which is issued with “original issue discount” within the meaning of Section 1273(a) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 

“Funded Debt” means any indebtedness for money borrowed, created, issued, incurred, assumed or guaranteed which would, in
accordance with generally accepted accounting practice, be classified as long-term debt, but in any event including all indebtedness for money borrowed, whether secured or unsecured, maturing more than one year or extendible at the option of the
obligor to a date more than one year, after the date of determination thereof (excluding any amount thereof included in current liabilities). 

“Principal Facility” means the real property, fixtures, machinery and equipment relating to any facility owned by the Issuer
or any Subsidiary, except for any facility that, in the opinion of the Board of Directors, is not of material importance to the business conducted by the Issuer and its Subsidiaries, taken as a whole. 

 “Wholly-Owned Subsidiary” means a Subsidiary of which all of the
outstanding voting stock (other than directors’ qualifying shares) is at the time, directly or indirectly, owned by the Issuer, or by one or more Wholly-Owned Subsidiaries of the Issuer or by the Issuer and one or more Wholly-Owned
Subsidiaries. 
 ARTICLE EIGHT 

Miscellaneous 

Section 8.1.     Effect of Supplemental Indenture. Except as expressly modified or amended hereby, the
Original Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved. This Eighth Supplemental Indenture and all its provisions shall be deemed a part of the Original Indenture in the manner and to the
extent herein and therein provided. 
 Section 8.2.     Application of Eighth Supplemental Indenture.
Each and every term and condition contained in this Eighth Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Original Indenture shall apply only to the Notes created hereby and not to any existing or future
series of Securities established under the Original Indenture. 
 Section 8.3.     Benefits of Eighth
Supplemental Indenture. Nothing contained in this Eighth Supplemental Indenture shall be construed to confer upon any person other than a Holder of the Notes, the Issuer, the Trustee and the calculation agent any right or interest to avail
itself, himself or herself as the case may be, of any benefit under any provision of the Original Indenture or this Eighth Supplemental Indenture. 

Section 8.4.     Effective Date. This Eighth Supplemental Indenture shall be effective as of the date
first above written and upon the execution and delivery hereof by each of the parties hereto. 

Section 8.5.     Governing Law. This Eighth Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 8.6.     Counterparts. This Eighth
Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 8.7.     Effect of Headings. The Article and Section headings herein are for convenience only and
shall not affect the construction hereof. 
 Section 8.8.     Separability Clause. In case any
provision in this Eighth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 8.9.     Satisfaction and Discharge. The Issuer shall be deemed to have satisfied and discharged
all of its obligations under the Indenture upon compliance with the provisions of Section 401 of the Original Indenture. 

Section 8.10.     No Representations. The Trustee makes no representation or warranty as to the validity
or sufficiency of this Eighth Supplemental Indenture. 

 Section 8.11.     Special, Indirect and Consequential
Damages. In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action. 
 Section 8.12.     Waiver of
Jury Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS EIGHTH SUPPLEMENTAL
INDENTURE, THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 8.13.     Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 8.14.     Notices and Instructions to Trustee. The Trustee agrees to accept and act upon
instructions or directions pursuant to this Eighth Supplemental Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, that any
communication sent to the Trustee hereunder must be signed manually or by way of a digital signature provided by DocuSign, Inc. (or such other digital service provider) and provided further, that the Trustee shall have received an incumbency
certificate listing persons designated to execute and deliver such instructions or directions and containing specimen signatures, either manual or digital as described above, of such designated persons, which such incumbency certificate shall be
amended and replaced whenever a person is to be added or deleted from the listing. If the Issuer elects to provide the Trustee with e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to assume all risks arising out of the use
of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	EQUIFAX INC.
	as Issuer
		
	By:	 	 /s/ John W. Gamble, Jr.

		 	Name: John W. Gamble, Jr.
		 	 Title:   Corporate Vice President and Chief Financial Officer

	
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee
		
	By:	 	 /s/ David Ferrell

		 	Name: David Ferrell
		 	Title:   Vice President

 [Equifax Inc. – Eighth Supplemental Indenture] 

 EXHIBIT A 

[FACE OF NOTE] 
 THIS NOTE
IS A SECURITY IN GLOBAL FORM (“GLOBAL SECURITY”) WITHIN THE MEANING OF SECTION 203 OF THE ORIGINAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (THE “DEPOSITORY”), OR A NOMINEE OF THE DEPOSITORY, WHICH MAY BE TREATED BY THE ISSUER, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR. 

  
 A-1 

 NO. [●] 

 

			
	CUSIP NO. 294429AS4	  	$[●]
	ISIN NO. US294429AS42	  	

 EQUIFAX INC. 

3.100% Senior Notes due 2030 

Equifax Inc., a Georgia corporation (the “Issuer,” which term includes any successor under the Original Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of [●] Dollars on May 15, 2030 (the “Maturity Date”), and to pay interest thereon
from April 27, 2020 (or from the most recent interest payment date to which interest has been paid or duly provided for) in U.S. dollars semi-annually in arrears on May 15 and November 15 of each year, each, an “Interest Payment
Date”, commencing on November 15, 2020, and on the Maturity Date, at the rate of 3.100% per annum, until payment of said principal sum has been made or duly provided for. 

The interest so payable and punctually paid or duly provided for on any Interest Payment Date and on the Maturity Date will be paid to the
Holder in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the “Record Date” for such payment, which will be May 1 and November 1 (regardless of whether such day is a Business Day
(as defined below)). Any interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such record date, and shall be paid to the Holder in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not more than 15 days and not less than 10 days prior to the date of the payment of such defaulted interest) established by
notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 10 days preceding such subsequent record date. Interest on this Note will be computed on the basis of a 360-day year
of twelve 30-day months. 
 The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the office or agency of the Issuer maintained for that purpose in The Borough of Manhattan, The City of New York. The Issuer hereby initially designates U.S. Bank Global Corporate Trust Services
– New York, 100 Wall Street, Suite 1600, New York, NY 10005 as the office to be maintained by it where Notes may be presented for payment, registration of transfer, or exchange and where notices or demands to or upon the Issuer in respect of
the Notes or the Original Indenture referred to on the reverse hereof may be served. 
 Interest payable on this Note on any Interest
Payment Date and on the Maturity Date, as the case may be, will be the amount of interest accrued from and including the immediately preceding Interest Payment Date (or from and including April 27, 2020, in the case of the initial Interest Payment
Date) to but excluding the applicable Interest Payment Date or the Maturity Date, as the case may be. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day (as defined below), the required payment of interest or
principal or both, as the case may be, will be made on the next succeeding Business Day with the same force and effect as if it were made on the date such payment was due and no interest will accrue on the amount so payable for the period from and
after such Interest Payment Date or the Maturity Date, as the case may be. “Business Day” means any calendar day, that is not a Saturday, Sunday or legal holiday in New York, New York and on which commercial banks are open for business in
New York, New York. 

  
 A-2 

 Payments of principal and interest in respect of this Note will be made by wire transfer of
immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 
 This Note shall not be entitled to the benefits of the Original Indenture
referred to on the reverse hereof or be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under such Indenture. 

  
 A-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by
facsimile by its authorized officers. 
 Dated as of                 

  

			
	 EQUIFAX INC.,
 as
Issuer

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

							
		 		 	U.S. BANK NATIONAL ASSOCIATION,
		 		 	as Trustee
				
	 Date:
                  
	 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-5 

 [REVERSE OF NOTE] 

EQUIFAX INC. 
 3.100%
Senior Notes due 2030 
 This security is one of a duly authorized issue of debentures, notes, bonds, or other evidences of indebtedness
of the Issuer (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an Indenture dated as of May 12, 2016 (hereinafter called the “Original
Indenture”), duly executed and delivered by the Issuer to U.S. Bank National Association, as Trustee (hereinafter called the “Trustee,” which term includes any successor trustee under the Original Indenture with
respect to the series of Securities of which this Note is a part), and an Eighth Supplemental Indenture, dated as of April 27, 2020, between the Issuer and the Trustee (the “Eighth Supplemental Indenture;” the Original Indenture as
modified and supplemented by the Eighth Supplemental Indenture is herein called the “Indenture”) to which the Original Indenture and all indentures supplemental thereto relating to this security reference is hereby made for a
description of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuer, and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. Capitalized terms used herein without definition shall have the meanings set forth in the Original Indenture. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts,
may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise vary as provided in the Original Indenture or any indenture supplemental thereto. This
security is one of a series designated as the 3.100% Senior Notes due 2030 of the Issuer (the “Notes”), initially limited in aggregate principal amount to $600,000,000. 

In case an Event of Default with respect to this security shall have occurred and be continuing, the principal hereof together with accrued
interest to the date of declaration, if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect, and subject to the conditions provided in the Original Indenture. 

Except as otherwise may be specified herein or in the Eighth Supplemental Indenture, prior to February 15, 2030, the Issuer shall have
the right to redeem the Notes, in whole or in part, at any time or from time to time, at a redemption price (the “Optional Redemption Price”) equal to the greater of (i) 100% of the principal amount plus accrued and unpaid interest
to, but excluding, the Redemption Date, and (ii) the sum of the present values of the Remaining Scheduled Payments of principal and interest (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points, plus accrued and unpaid interest
on the principal amount being redeemed to, but excluding, the Redemption Date. 
 On or after February 15, 2030, the Issuer shall have
the right to redeem the Notes, in whole or in part, at any time or from time to time, at the Issuer’s option, for an amount in cash equal to 100% of the principal amount plus any accrued and unpaid interest on the principal amount being
redeemed to, but excluding the Redemption Date. 
 The Issuer will mail notice of such redemption to the registered holders of the Notes to
be redeemed not less than 15 nor more than 60 days prior to the Redemption Date. If Notes are only partially redeemed pursuant to the Eighth Supplemental Indenture, the Notes to be redeemed will be selected by the Trustee in such manner as in its
sole discretion it shall deem appropriate and fair; provided, that if at 

  
 A-6 

 
the time of redemption the Notes to be redeemed are registered as a Global Note, the Depository shall determine, in accordance with its procedures, the principal amount of the Notes to be
redeemed held by each of its participants that holds a position in such Notes. The Optional Redemption Price shall be paid prior to 12:00 noon, New York time, on the Redemption Date or at such later time on such date as is then permitted by the
rules of the Depository for the Notes (if then registered as a Global Note); provided, that the Issuer shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price by 10:00 a.m., New York time, on the date such
Optional Redemption Price is to be paid. 
 If a Change of Control Triggering Event occurs, unless the Issuer has exercised its option to
redeem the Notes, the Issuer shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth herein. In the Change of Control Offer, the Issuer shall be required to offer payment in cash equal to 101% of the principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on
the Notes repurchased to the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Issuer’s option, prior to any Change of Control, but after public
announcement of the transaction that constitutes or may constitute the Change of Control, the Issuer shall mail or deliver electronically a notice to the Trustee and to Holders of the Notes describing the transaction that constitutes or may
constitute the Change of Control Triggering Event and offering to repurchase such Securities on the date specified in the notice, which date shall be no earlier than 15 days and no later than 60 days from the date such notice is mailed or delivered
electronically (the “Change of Control Payment Date”). The notice shall, if mailed or delivered electronically prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change
of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 
 In order to accept the Change of Control Offer,
the Holder must deliver to the Paying Agent, at least three Business Days prior to the Change of Control Payment Date, this Security together with the form entitled “Option of Holder to Elect Purchase” (which form is annexed hereto) duly
completed, or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority, Inc., or a commercial bank or trust company in the United States setting forth: 

(i)    the name of the Holder of the Note; 

(ii)    the principal amount of the Note; 

(iii)    the principal amount of the Note to be repurchased; 

(iv)    the certificate number or a description of the tenor and terms of the Note; 

(v)    a statement that the Holder is accepting the Change of Control Offer; and 

(vi)    a guarantee that the Note, together with the form entitled “Option of Holder to Elect
Purchase” duly completed, will be received by the Paying Agent at least three Business Days prior to the Change of Control Payment Date. 

Any exercise by a Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of Control Offer may be
accepted for less than the entire principal amount of the Notes, but in that event the principal amount of the Notes remaining outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess thereof. On the Change of
Control Payment Date, the Issuer shall, to the extent lawful (1) accept for payment all Notes or portions of such Notes 

  
 A-7 

 
properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of such
Notes properly tendered, and (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of such Notes being
repurchased. 
 The Issuer shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering
Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and the third party purchases all Notes of this series properly tendered and not withdrawn under
its offer. In addition, the Issuer shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture with respect to the Notes, other than a default in the payment of
the Change of Control Payment upon a Change of Control Triggering Event. 
 The Issuer shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the
Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

The following terms have the meanings given to them in this Note: 

“Business Day” means, unless otherwise specified, any calendar day that is not a Saturday, Sunday or legal holiday in New
York, New York and on which commercial banks are open for business in New York, New York. 
 “Change of Control”
means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) (other than the Issuer or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of more than 50% of the Issuer’s Voting Stock or other Voting Stock into which the Issuer’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than
number of shares; (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Issuer
and its Subsidiaries, taken as a whole, to one or more “Persons” (other than the Issuer or one of its Subsidiaries); or (3) the first day on which a majority of the members of the Issuer’s Board of Directors are not Continuing
Directors. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or indirect Wholly-Owned Subsidiary of a holding company and (2)(A) the direct or indirect holders of
the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than a holding company satisfying the requirements of this sentence, is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock
of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Rating Event. 

  
 A-8 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming that such Notes matured on February 15, 2030) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, or (B) if the Independent Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations or, if only one such Quotation is obtained, such Quotation.

 “Continuing Directors” means, as of any date of determination, any member of the Issuer’s Board of Directors who
(1) was a member of such Board of Directors on the date the Notes were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Issuer’s proxy statement in which such member was named as a nominee for election as a director, without
objection to such nomination). 
 “Depository” means a clearing agency registered under Section 17A of the Exchange
Act that is designated to act as Depository for the Notes. 
 “Independent Investment Banker” means an independent
investment banking institution of national standing appointed by the Issuer, which may be one of the Reference Treasury Dealers. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by the Issuer. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act selected by the Issuer (as certified by a resolution of the Issuer’s Board of Directors) as a replacement agency for Moody’s or S&P, or all of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an
Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the
Issuer’s intention to effect a Change of Control. 
 “Redemption Date” means, with respect to any optional redemption
of Notes pursuant to Section 1.6 of the Eighth Supplemental Indenture, the date fixed for such redemption pursuant to the Original Indenture and such Notes. 

“Reference Treasury Dealer” means BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Wells Fargo
Securities, LLC and a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) selected by SunTrust Robinson Humphrey, Inc. and their respective successors; provided that if any of the foregoing or any such
successor shall cease to be a Primary Treasury Dealer, the Issuer will substitute therefor another Primary Treasury Dealer. 

  
 A-9 

 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Independent Investment Banker by the Reference Treasury Dealer at 3:30 p.m. on the third Business Day preceding such Redemption Date. 

“Remaining Scheduled Payments” means, with respect to the Notes to be redeemed, the remaining scheduled payments of the
principal thereof and interest thereon that would be due after the related Redemption Date for such redemption (assuming that such notes matured on February 15, 2030); provided, however, that if such Redemption Date is not an interest payment
date, with respect to the Notes, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such Redemption Date. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 

“Treasury Rate” means, with respect to any Redemption Date for the Notes: 

 

	 	(i)	 the yield, under the heading which represents the average for the immediately preceding week, appearing in, or
available through, the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System (or companion online data resource
published by the Board of Governors of the Federal Reserve System) and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), 

  

	 	(ii)	 if the period from the Redemption Date to the Maturity Date of the Notes to be redeemed is less than one year,
the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used, or 

  

	 	(iii)	 if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated by the Issuer on the third Business Day preceding such Redemption Date. The Trustee shall not be responsible for any such calculation.

 “Voting Stock” means, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

  
 A-10 

 The Original Indenture and Eighth Supplemental Indenture contain provisions permitting the
Issuer and the Trustee, with the consent of the Holders of not less than a majority of the aggregate principal amount of all Outstanding Securities of each series to be affected (voting separately), evidenced as provided in the Original Indenture,
to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Original Indenture or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each series; provided that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of each such series affected by such supplemental indenture, (1) reduce the
percentage of Outstanding Securities necessary to modify or amend the Original Indenture, to waive compliance with certain provisions of the Original Indenture or certain defaults and their consequences provided in the Original Indenture, or to
reduce the quorum or change voting requirements set forth in the Original Indenture; (2) reduce the rate of, or change or have the effect of changing the time for payment of Interest, including Defaulted Interest, on any Security;
(3) reduce the principal amount of, or change or have the effect of changing the Stated Maturity of any Security, or adversely change the date on which any Security may be subject to redemption or reduce the Redemption Price therefor;
(4) make any Security payable in currency other than that stated in such Security or change the place of payment of any Security from that stated in such Security or in the Original Indenture; (5) make any change in provisions of the
Original Indenture protecting the right of each Holder of a Security to receive payment of principal of and Interest on such Security on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders holding a majority
in aggregate principal amount of the Outstanding Securities to waive defaults or Events of Default; (6) make any change to or modify the ranking of any Security that would adversely affect the Holders of such Security; (7) modify any of
Section 902 of the Original Indenture or any of the second paragraph of Section 507 of the Original Indenture, except to increase the required percentage to effect the action or to provide that certain other provisions may not be modified
or waived without the consent of the Holders of each of the Outstanding Securities affected thereby; or (8) after the Issuer’s obligation to purchase the Notes arises under Article Three of the Eighth Supplemental Indenture, the Issuer
shall not, without the consent of each of the Holders of the then Outstanding Notes, amend, change or modify in any material respect the Issuer’s obligation to make and consummate a Change of Control Offer in the event of a Change of Control
Triggering Event or, after such Change of Control Triggering Event has occurred, modify any of the provisions or definitions with respect thereto. 

It is also provided in the Original Indenture that, with respect to certain defaults or Events of Default regarding the Securities of any
series, the Holders of a majority in aggregate principal amount outstanding of the Securities of such series (or, in the case of certain defaults or Events of Default, all series of Securities) may on behalf of the Holders of all the Securities of
such series (or all of the Securities, as the case may be) waive any such past default or Event of Default and its consequences, prior to any declaration accelerating the maturity of such Securities, or, subject to certain conditions, may rescind a
declaration of acceleration and its consequences with respect to such Securities. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Original Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of the security and any securities that may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this security or such other securities. 

No reference herein to the Original Indenture and no provision of this security or of the Original Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Security in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

This Security is issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. Securities may be exchanged for a like aggregate principal amount of securities of this series of other authorized denominations at the office or agency of the Issuer 

  
 A-11 

 
in The Borough of Manhattan, The City of New York, in the manner and subject to the limitations provided in the Original Indenture, but without the payment of any service charge except for any
tax or other governmental charge imposed in connection therewith. 
 Upon due presentment for registration of transfer of Securities at the
office or agency of the Issuer in The Borough of Manhattan, The City of New York, one or more new Securities of the same series of authorized denominations in an equal aggregate principal amount will be issued to the transferee in exchange therefor,
subject to the limitations provided in the Original Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Issuer, the Trustee or any authorized agent of the Issuer or the Trustee may deem and treat the Person in whose name this security is
registered as the absolute owner of this security (whether or not this security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof
or Optional Redemption Price, if any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by
any notice to the contrary. 
 The Original Indenture and each Security shall be deemed to be a contract under the laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

Capitalized terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Original Indenture
and all indentures supplemental thereto relating to this security. 

  
 A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Article Three of the Eighth Supplemental Indenture, check the box:
☐ 
 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Article Three of the Eighth Supplemental
Indenture, state the amount in principal amount that you elect to have purchased: $ 
  

			
	
Dated:                  
      
	  	 Your
Signature:                                       
     

		  	 (Sign exactly as your name appears on the

		  	 other side of this Note.)

  

	
	 Signature
Guarantee:                                       
                                         
                                         
                               

	 (Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-13EX-10.18

 Exhibit 10.18 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN OMITTED 

BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF 

PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN OMITTED HAS BEEN NOTED IN THIS 

DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”. 

PUBLIC HEALTH SERVICE 

PATENT LICENSE AGREEMENT — EXCLUSIVE 

This Agreement is based on the model Patent License Exclusive Agreement adopted by the U.S. Public Health Service
(“PHS”) Technology Transfer Policy Board for use by components of the National Institutes of Health (“NIB”), the Centers for Disease Control and Prevention (“CDC”), and the Food and Drug
Administration (“FDA”), which are agencies of the PHS within the Department of Health and Human Services (“HHS”). 

This Cover Page identifies the Parties to this Agreement: 

The U.S. Department of Health and Human Services, as represented by 

National Institute of Allergy and Infectious Diseases 

an Institute or Center (hereinafter referred to as the “IC”) of the 

National Institutes of Health 
 and

 Forte Biosciences Inc. 

hereinafter referred to as the “Licensee”, 

created and operating under the laws of Delaware 

Tax ID No.: [***] 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 1 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 For the IC internal use only: 

License
Number:                            
L-018-2018 
 License Application
Number:        A-429-2017 

Serial Number(s) of Licensed Patent(s) or Patent Application(s): 

1.    US Provisional Application 62/324,762 

2.    PCT/US2017/028133 

Cooperative Research and Development Agreement (CRADA) Number (if a subject invention): None 

Additional Remarks: None 
 Public
Benefits(s): The public will benefit from the development of a new therapeutic to treat atopic dermatitis, a chronic inflammatory skin disease that is a cause of considerable economic and social burden. Atopic dermatitis affects ~25% of children in
developed and developing countries, so there is a significant population that needs new and effective therapies. 
 This Patent License Agreement,
hereinafter referred to as the “Agreement”, consists of this Cover Page, an attached Agreement, a Signature Page, Appendix A (List of Patent(s) or Patent Application(s)), Appendix B (Fields of Use and Territory), Appendix C
(Royalties), Appendix D (Benchmarks and Performance), Appendix E (Commercial Development Plan), Appendix F (Example Royalty Report), and Appendix G (Royalty Payment Options). 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 2 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 The IC and the Licensee agree as follows: 

 

	1.	 BACKGROUND 

  

	 	1.1	 In the course of conducting biomedical and behavioral research, the IC investigators made
inventions that may have commercial applicability. 

  

	 	1.2	 By assignment of rights from IC employees and other inventors, HHS, on behalf of the
Government, owns intellectual property rights claimed in any United States or foreign patent applications or patents corresponding to the assigned inventions. HHS also owns any tangible embodiments of these inventions actually
reduced to practice by the IC. 

  

	 	1.3	 The Secretary of HHS has delegated to the IC the authority to enter into this Agreement for the licensing of
rights to these inventions. 

  

	 	1.4	 The IC desires to transfer these inventions to the private sector through commercialization licenses to
facilitate the commercial development of products and processes for public use and benefit. 

  

	 	1.5	 The Licensee desires to acquire commercialization rights to certain of these inventions in order to
develop processes, methods, or marketable products for public use and benefit. 

  

	2.	 DEFINITIONS 

  

	 	2.1	 “Affiliate(s)” means a corporation or other business entity, which directly or indirectly is
controlled by or controls, or is under common control with the Licensee. For this purpose, the term “control” shall mean ownership of more than fifty percent (50%) of the voting stock or other ownership interest of the
corporation or other business entity, or the power to elect or appoint more than fifty percent (50%) of the members of the governing body of the corporation or other business entity. 

 

	 	2.2	 “Benchmarks” mean the performance milestones that are set forth in Appendix D.

  

	 	2.3	 “Commercial Development Plan” means the written commercialization plan attached as Appendix E.

  

	 	2.4	 “CRADA” means a Cooperative Research and Development Agreement. 

 

	 	2.5	 “Fair Value” means the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date; for the calculation of assignment royalty, the measurement date for Fair Value shall be the date when all parties to the assignment have signed the
assignment of this Agreement per Paragraph 14.7 of this Agreement. 

  

	 	2.6	 “FDA” means the Food and Drug Administration. 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 3 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

	 	2.7	 “First Commercial Sale” means the initial transfer by or on behalf of the Licensee or
its sublicensees of the Licensed Products or the initial practice of a Licensed Process by or on behalf of the Licensee or its sublicensees in exchange for cash or some equivalent to which value can be assigned for the
purpose of determining Net Sales. 

  

	 	2.8	 “Government” means the Government of the United States of America. 

 

	 	2.9	 “Licensed Fields of Use” means the fields of use identified in Appendix
B. 

  

	 	2.10	 “Licensed Patent Rights” shall mean: 

 

	 	(a)	 Patent applications (including provisional patent applications and PCT patent applications) or patents listed
in Appendix A, all divisions and continuations of these applications, all patents issuing from these applications, divisions, and continuations, and any reissues, reexaminations, and extensions of these patents; 

 

	 	(b)	 to the extent that the following contain one or more claims directed to the invention or inventions disclosed
in 2.9(a): 

  

	 	(i)	 continuations-in-part of
2.9(a); 

  

	 	(ii)	 all divisions and continuations of these
continuations-in-part; 

  

	 	(iii)	 all patents issuing from these
continuations-in-part, divisions, and continuations; 

  

	 	(iv)	 priority patent application(s) of 2.9(a); and 

 

	 	(v)	 any reissues, reexaminations, and extensions of these patents; 

 

	 	(c)	 to the extent that the following contain one or more claims directed to the invention or inventions disclosed
in 2.9(a): all counterpart foreign and U.S. patent applications and patents to 2.9(a) and 2.9(b), including those listed in Appendix A; and 

  

	 	(d)	 Licensed Patent Rights shall not include 2.9(b) or 2.9(c) to the extent that they contain one or
more claims directed to new matter which is not the subject matter disclosed in 2.9(a). 

  

	 	2.11	 “Licensed Processes” means processes which, in the course of being practiced, would be within
the scope of one or more claims of the Licensed Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent jurisdiction. 

 

	 	2.12	 “Licensed Products” means tangible materials which, in the course of manufacture, use, sale,
or importation, would be within the scope of one or more claims of the Licensed Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent jurisdiction.

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 4 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

	 	2.13	 “Licensed Territory” means the geographical area identified in Appendix B.

  

	 	2.14	 “Net Sales” means the total gross receipts for sales of Licensed Products or practice
of Licensed Processes by or on behalf of the Licensee or its sublicensees, and from leasing, renting, or otherwise making the Licensed Products available to others without sale or other dispositions, whether
invoiced or not, less returns and allowances, packing costs, insurance costs, freight out, taxes or excise duties imposed on the transaction (if separately invoiced), and wholesaler and cash discounts in amounts customary in the trade to the extent
actually granted. No deductions shall be made for commissions paid to individuals, whether they are with independent sales agencies or regularly employed by the Licensee, or sublicensees, and on its payroll, or for the cost of collections.

  

	 	2.15	 “Practical Application” means to manufacture in the case of a composition or product,
to practice in the case of a process or method, or to operate in the case of a machine or system; and in each case, under these conditions as to establish that the invention is being utilized and that its benefits are to the extent permitted
by law or Government regulations available to the public on reasonable terms. 

  

	 	2.16	 “Research License” means a nontransferable, nonexclusive license to make and to use
the Licensed Products or the Licensed Processes as defined by the Licensed Patent Rights for purposes of research and not for purposes of commercial manufacture or distribution or in lieu of purchase. 

 

	3.	 GRANT OF RIGHTS 

 

	 	3.1	 The IC hereby grants and the Licensee accepts, subject to the terms and conditions of this Agreement,
an exclusive license under the Licensed Patent Rights in the Licensed Territory to make and have made, to use and have used, to sell and have sold, to offer to sell, and to import any Licensed Products in the Licensed
Fields of Use and to practice and have practiced any Licensed Process(es) in the Licensed Fields of Use. 

  

	 	3.2	 This Agreement confers no license or rights by implication, estoppel, or otherwise under any patent
applications or patents of the IC other than the Licensed Patent Rights regardless of whether these patents are dominant or subordinate to the Licensed Patent Rights. 

 

	4.	 SUBLICENSING 

  

	 	4.1	 Upon written approval, which shall include prior review of any sublicense agreement by the IC and which
shall not be unreasonably withheld, the Licensee may enter into sublicensing agreements under the Licensed Patent Rights. 

  

	 	4.2	 The Licensee agrees that any sublicenses granted by it shall provide that the obligations to the IC
of Paragraphs 5.1-5.4, 8.1, 10.1, 10.2, 12.5, and 13.8-1310 of this Agreement shall be binding upon the sublicensee as if it were a party to this
Agreement. The Licensee further agrees to attach copies of these Paragraphs to all sublicense agreements. 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 5 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

	 	4.3	 Any sublicenses granted by the Licensee shall provide for the termination of the sublicense, or the
conversion to a license directly between the sublicensees and the IC, at the option of the sublicensee, upon termination of this Agreement under Article 13. This conversion is subject to the IC approval and contingent upon acceptance
by the sublicensee of the remaining provisions of this Agreement. 

  

	 	4.4	 The Licensee agrees to forward to the IC a complete copy of each fully executed sublicense
agreement postmarked within thirty (30) days of the execution of the agreement. To the extent permitted by law, the IC agrees to maintain each sublicense agreement in confidence. 

 

	5.	 STATUTORY AND NIH REQUIREMENTS AND RESERVED GOVERNMENT RIGHTS 

 

	 	5.1       (a)	 the IC reserves on behalf of the Government an irrevocable, nonexclusive, nontransferable,
royalty-free license for the practice of all inventions licensed under the Licensed Patent Rights throughout the world by or on behalf of the Government and on behalf of any foreign government or international organization pursuant to
any existing or future treaty or agreement to which the Government is a signatory. Prior to the First Commercial Sale, the Licensee agrees to provide the IC with reasonable quantities of the Licensed Products or materials made
through the Licensed Processes for IC research use; and 

  

	 	(b)	 in the event that the Licensed Patent Rights are Subject Inventions made under CRADA, the
Licensee grants to the Government, pursuant to 15 U.S.C. 3710a(b)( I )(A), a nonexclusive, nontransferable, irrevocable, paid-up license to practice the Licensed Patent Rights or
have the Licensed Patent Rights practiced throughout the world by or on behalf of the Government. In the exercise of this license, the Government shall not publicly disclose trade secrets or commercial or financial
information that is privileged or confidential within the meaning of 5 U.S.C. 552(b)(4) or which would be considered as such if it had been obtained from a non-Federal party. Prior to the First
Commercial Sale, the Licensee agrees to provide the IC with reasonable quantities of the Licensed Products or materials made through the Licensed Processes for IC research use. 

 

	 	5.2	 The Licensee agrees that products used or sold in the United States embodying the Licensed Products or produced
through use of the Licensed Processes shall be manufactured substantially in the United States, unless a written waiver is obtained in advance from the IC. 

  

	 	5.3	 The Licensee acknowledges that the IC may enter into future CRADAs under the Federal
Technology Transfer Act of 1986 that relate to the subject matter of this Agreement. The Licensee agrees not to unreasonably deny requests for a Research License from future collaborators with the IC when acquiring
these rights is necessary in order to make a CRADA project feasible. The Licensee may request an opportunity to join as a party to the proposed CRADA. 

 

	 	5.4       (a)	 in addition to the reserved license of Paragraph 5.1, the IC reserves the right to grant Research
Licenses directly or to require the Licensee to grant Research Licenses on 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 6 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

	 	
reasonable terms. The purpose of these Research Licenses is to encourage basic research, whether conducted at an academic or corporate facility. In order to safeguard the Licensed
Patent Rights, however, the IC shall consult with the Licensee before granting to commercial entities a Research License or providing to them research samples of materials made through the Licensed Processes ; and

  

	 	(b)	 in exceptional circumstances, and in the event that the Licensed Patent Rights are Subject Inventions
made under a CRADA, the Government, pursuant to 15 U.S.C. 3710a(b)( l)(B). retains the right to require the Licensee to grant to a responsible applicant a nonexclusive, partially exclusive, or exclusive sublicense to
use the Licensed Patent Rights in the Licensed Field of Use on terms that are reasonable under the circumstances, or if the Licensee fails to grant this license, the Government retains the right to grant the
license itself. The exercise of these rights by the Government shall only be in exceptional circumstances and only if the Government determines: 

 

	 	(i)	 the action is necessary to meet health or safety needs that are not reasonably satisfied by the
Licensee; 

  

	 	(ii)	 the action is necessary to meet requirements for public use specified by Federal regulations, and these
requirements are not reasonably satisfied by the Licensee; or 

  

	 	(iii)	 the Licensee has failed to comply with an agreement containing provisions described in 15
U.S.C. 10a(c)(4)(B); and 

  

	 	(c)	 the determination made by the Government under this Paragraph 5.4 is subject to administrative appeal
and judicial review under 35 U.S.C. &203(b). 

  

	6.	 ROYALTIES AND REIMBURSEMENT 

 

	 	6.1	 The Licensee agrees to pay the IC a noncreditable, nonrefundable license issue royalty as set
forth in Appendix C. 

  

	 	6.2	 The Licensee agrees to pay the IC a nonrefundable minimum annual royalty as set forth in Appendix
C. 

  

	 	6.3	 The Licensee agrees to pay the IC earned royalties as set forth in Appendix C.

  

	 	6.4	 The Licensee agrees to pay the IC benchmark royalties as set forth in Appendix C.

  

	 	6.5	 The Licensee agrees to pay the IC sublicensing royalties as set forth in Appendix C.

  

	 	6.6	 A patent or patent application licensed under this Agreement shall cease to fall within the Licensed
Patent Rights for the purpose of computing earned royalty payments in any given country on the earliest of the dates that: 

  
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	 	(a)	 the application has been abandoned and not continued; 

 

	 	(b)	 the patent expires or irrevocably lapses, or 

 

	 	(c)	 the patent has been held to be invalid or unenforceable by an unappealed or unappealable decision of a court of
competent jurisdiction or administrative agency. 

  

	 	6.7	 No multiple royalties shall be payable because any Licensed Products or Licensed Processes are
covered by more than one of the Licensed Patent Rights. 

  

	 	6.8	 On sales of the Licensed Products by the Licensee to sublicensees or on sales made in other than
an arms-length transaction, the value of the Net Sales attributed under this Article 6 to this transaction shall be that which would have been received in an arms-length transaction, based on sales of like quantity and quality products on or
about the time of this transaction. 

  

	 	6.9	 With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of
all patent applications and patents included within the Licensed Patent Rights and paid by the IC prior to the effective date of this Agreement, the Licensee shall pay the IC, as an additional royalty, within sixty
(60) days of the IC’s submission of a statement and request for payment to the Licensee, an amount equivalent to these unreimbursed expenses previously paid by the IC. 

 

	 	6.10	 With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of
all patent applications and patents included within the Licensed Patent Rights and paid by the IC on or after the effective date of this Agreement, the IC, at its sole option, may require the Licensee:

  

	 	(a)	 to pay the IC on an annual basis, within sixty (60) days of the IC’s submission of a
statement and request for payment, a royalty amount equivalent to these unreimbursed expenses paid during the previous calendar year(s); 

  

	 	(b)	 to pay these unreimbursed expenses directly to the law firm employed by the IC to handle these
functions. However, in this event, the IC and not the Licensee shall be the client of the law firm; or 

  

	 	(c)	 in limited circumstances, the Licensee may be given the right to assume responsibility for
the preparation, filing, prosecution, or maintenance of any patent application or patent included with the Licensed Patent Rights. In that event, the Licensee shall directly pay the attorneys or agents engaged to prepare, file,
prosecute, or maintain these patent applications or patents and shall provide the IC with copies of each invoice associated with these services as well as documentation that these invoices have been paid. 

 

	 	6.11	 The IC agrees, upon written request, to provide the Licensee with summaries of patent prosecution
invoices for which the IC has requested payment from the Licensee under Paragraphs 6.9 and 6.10. The Licensee agrees that all information provided by the IC related to patent prosecution costs shall be treated as
confidential commercial information and shall not be released to a third party except as required by law or a court of competent jurisdiction. 

  
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	 	6.12	 The Licensee may elect to surrender its rights in any country of the Licensed Territory under any
of the Licensed Patent Rights upon ninety (90) days written notice to the IC and owe no payment obligation under Paragraph 6.10 for patent-related expenses paid in that country after ninety (90) days of the effective date of
the written notice. 

  

	7.	 PATENT FILING, PROSECUTION, AND MAINTENANCE 

 

	 	7.1	 Except as otherwise provided in this Article 7, the IC agrees to take responsibility for, but to consult
with, the Licensee in the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights and shall furnish copies of relevant patent-related documents to the
Licensee. 

  

	 	7.2	 Upon the IC’s written request, the Licensee shall assume the responsibility for the preparation, filing,
prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights and shall, on an ongoing basis, promptly furnish copies of all patent-related documents to the IC. In this
event, the Licensee shall, subject to the prior approval of the IC, select registered patent attorneys or patent agents to provide these services on behalf of the Licensee and the IC. The IC shall
provide appropriate powers of attorney and other documents necessary to undertake this action to the patent attorneys or patent agents providing these services. The Licensee and its attorneys or agents shall consult
with the IC in all aspects of the preparation, filing, prosecution and maintenance of patent applications and patents included within the Licensed Patent Rights and shall provide the IC sufficient opportunity to comment on any
document that the Licensee intends to file or to cause to be filed with the relevant intellectual property or patent office. 

  

	 	7.3	 At any time, the IC may provide the Licensee with written notice that the IC wishes to
assume control of the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights. If the IC elects to reassume these responsibilities, the Licensee
agrees to cooperate fully with the IC, its attorneys, and agents in the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights and to provide the IC
with complete copies of any and all documents or other materials that the IC deems necessary to undertake such responsibilities. The Licensee shall be responsible for all costs associated with transferring patent prosecution
responsibilities to an attorney or agent of the IC’s choice. 

  

	 	7.4	 Each party shall promptly inform the other as to all matters that come to its attention that may affect the
preparation, filing, prosecution, or maintenance of the Licensed Patent Rights and permit each other to provide comments and suggestions with respect to the preparation, filing, prosecution, and maintenance of the Licensed Patent
Rights, which comments and suggestions shall be considered by the other party. 

  
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	8.	 RECORD KEEPING 

 

	 	8.1	 The Licensee agrees to keep accurate and correct records of the Licensed Products made, used,
sold, or imported and the Licensed Processes practiced under this Agreement appropriate to determine the amount of royalties due the IC. These records shall be retained for at least five (5) years following a given
reporting period and shall be available during normal business hours for inspection, at the expense of the IC, by an accountant or other designated auditor selected by the IC for the sole purpose of verifying reports and royalty
payments hereunder. The accountant or auditor shall only disclose to the IC information relating to the accuracy of reports and royalty payments made under this Agreement. If an inspection shows an underreporting or underpayment in excess of
five percent (5%) for any twelve (12) month period, then the Licensee shall reimburse the IC for the cost of the inspection at the time the Licensee pays the unreported royalties, including any additional royalties as
required by Paragraph 9.8. All royalty payments required under this Paragraph shall be due within sixty (60) days of the date the IC provides to the Licensee notice of the payment due. 

 

	9.	 REPORTS ON PROGRESS. BENCHMARKS, SALES, AND PAYMENTS 

 

	 	9.1	 Prior to signing this Agreement, the Licensee has provided the IC with the Commercial
Development Plan in Appendix E, under which the Licensee intends to bring the subject matter of the Licensed Patent Rights to the point of Practical Application. This Commercial Development Plan is hereby
incorporated by reference into this Agreement. Based on this plan, performance Benchmarks are determined as specified in Appendix D. 

  

	 	9.2	 The Licensee shall provide written annual reports on its product development progress or efforts to
commercialize under the Commercial Development Plan for each of the Licensed Fields of Use within sixty (60) days after December 31 of each calendar year. These progress reports shall include, but not be limited to: progress on
research and development, status of applications for regulatory approvals, manufacture and status of sublicensing, marketing, importing, and sales during the preceding calendar year, as well as, plans for the present calendar year. The IC also
encourages these reports to include information on any of the Licensee’s public service activities that relate to the Licensed Patent Rights. If reported progress differs from that projected in the Commercial Development Plan and
Benchmarks, the Licensee shall explain the reasons for these differences. In the annual report, the Licensee may propose amendments to the Commercial Development Plan, acceptance of which by the IC
may not be denied unreasonably. The Licensee agrees to provide any additional information reasonably required by the IC to evaluate the Licensee’s performance under this Agreement. The Licensee may amend the
Benchmarks at any time upon written approval by the IC. The IC shall not unreasonably withhold approval of any request of the Licensee to extend the time periods of this schedule if the request is supported by a
reasonable showing by the Licensee of diligence in its performance under the Commercial Development Plan and toward bringing the Licensed Products to the point of Practical Application as defined in 37 C.F.R.
§404.3(d). The Licensee shall amend the Commercial Development Plan and Benchmarks at the request of the IC to address any Licensed Fields of Use not specifically addressed in
the plan originally submitted. 

  
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	 	9.3	 The Licensee shall report to the IC the dates for achieving Benchmarks specified in
Appendix D and the First Commercial Sale in each country in the Licensed Territory within thirty (30) days of such occurrences. 

  

	 	9.4	 The Licensee shall submit to the IC, within sixty (60) days after each calendar half-year
ending June 30 and December 31, a royalty report, as described in the example in Appendix F, setting forth for the preceding half-year period the amount of the Licensed Products sold or Licensed Processes practiced by or on
behalf of the Licensee in each country within the Licensed Territory, the Net Sales, and the amount of royalty accordingly due. With each royalty report, the Licensee shall submit payment of earned royalties due. If no
earned royalties are due to the IC for any reporting period, the written report shall so state. The royalty report shall be certified as correct by an authorized officer of the Licensee and shall include a detailed listing of all deductions
made under Paragraph 2.13 to determine Net Sales made under Article 6 to determine royalties due. The royalty report shall also identify the site of manufacture for the Licensed Product(s) sold in the United States.

  

	 	9.5	 The Licensee agrees to forward semi-annually to the IC a copy of these reports received by the
Licensee from its sublicensees during the preceding half-year period as shall be pertinent to a royalty accounting to the IC by the Licensee for activities under the sublicense. 

 

	 	9.6	 Royalties due under Article 6 shall be paid in U.S. dollars and payment options are listed in Appendix G. For
conversion of foreign currency to U.S. dollars, the conversion rate shall be the New York foreign exchange rate quoted in The Wall Street Journal on the day that the payment is due. Any loss of exchange, value, taxes, or other
expenses incurred in the transfer or conversion to U.S. dollars shall be paid entirely by the Licensee. The royalty report required by Paragraph 9.4 shall be mailed to the IC at its address for Agreement Notices indicated on the
Signature Page. 

  

	 	9.7	 The Licensee shall be solely responsible for determining if any tax on royalty income is owed outside
the United States and shall pay the tax and be responsible for all filings with appropriate agencies of foreign governments. 

  

	 	9.8	 Additional royalties may be assessed by the IC on any payment that is more than ninety (90) days
overdue at the rate of one percent (1%) per month. This one percent (1%) per month rate may be applied retroactively from the original due date until the date of receipt by the IC of the overdue payment and additional royalties. The
payment of any additional royalties shall not prevent the IC from exercising any other rights it may have as a consequence of the lateness of any payment. 

 

	 	9.9	 All plans and reports required by this Article 9 and marked “confidential” by the Licensee
shall, to the extent permitted by law, be treated by the IC as commercial and financial information obtained from a person and as privileged and confidential, and any proposed disclosure of these records by the IC under the Freedom of
Information Act (FOIA), 5 U.S.C. §552 shall be subject to the predisclosure notification requirements of 45 C.F.R. §5.65(d). 

  
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	10.	 PERFORMANCE 

  

	 	10.1	 The Licensee shall use its reasonable commercial efforts to bring the Licensed Products and
the Licensed Processes to Practical Application. “Reasonable commercial efforts” for the purposes of this provision shall include adherence to the Commercial Development Plan in Appendix E and performance of the
Benchmarks in Appendix D. The efforts of a sublicensee shall be considered the efforts of the Licensee. 

  

	 	10.2	 Upon the First Commercial Sale, until the expiration or termination of this Agreement, the
Licensee shall use its reasonable commercial efforts to make the Licensed Products and the Licensed Processes reasonably accessible to the United States public. 

 

	 	10.3	 The Licensee agrees, after its First Commercial Sale, to make reasonable quantities of the
Licensed Products or materials produced through the use of the Licensed Processes available to patient assistance programs. 

  

	 	10.4	 The Licensee agrees, after its First Commercial Sale and as part of its marketing and product
promotion, to develop educational materials (e.g., brochures, website, etc.) directed to patients and physicians detailing the Licensed Products or medical aspects of the prophylactic and therapeutic uses of the Licensed
Products. 

  

	 	10.5	 The Licensee agrees to supply, to the Mailing Address for Agreement Notices indicated on the
Signature Page, the Office of Technology Transfer, NIH with inert samples of the Licensed Products or the Licensed Processes or their packaging for educational and display purposes only. 

 

	11.	 INFRINGEMENT AND PATENT ENFORCEMENT 

 

	 	11.1	 The IC and the Licensee agree to notify each other promptly of each infringement or
possible infringement of the Licensed Patent Rights, as well as, any facts which may affect the validity, scope, or enforceability of the Licensed Patent Rights of which either party becomes aware. 

 

	 	11.2	 Pursuant to this Agreement and the provisions of 35 U.S.C. Chapter 29, the Licensee may:

  

	 	(a)	 bring suit in its own name, at its own expense, and on its own behalf for infringement of presumably valid
claims in the Licensed Patent Rights; 

  

	 	(b)	 in any suit, enjoin infringement and collect for its use, damages, profits, and awards of whatever nature
recoverable for the infringement; or 

  

	 	(c)	 settle any claim or suit for infringement of the Licensed Patent Rights provided, however, that the
IC and appropriate Government authorities shall have the first right to take such actions; and 

  

	 	(d)	 if the Licensee desires to initiate a suit for patent infringement, the Licensee shall notify the
IC in writing. If the IC does not notify the Licensee of its intent to pursue legal action within ninety (90) days, the Licensee shall be free to initiate suit. The IC shall have a continuing right to
intervene in the suit. The Licensee shall take no 

  
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action to compel the Government either to initiate or to join in any suit for patent infringement. The Licensee may request the Government to initiate or join in any
suit if necessary to avoid dismissal of the suit. Should the Government be made a party to any suit, the Licensee shall reimburse the Government for any costs, expenses, or fees which the Government
incurs as a result of the motion or other action, including all costs incurred by the Government in opposing the motion or other action. In all cases, the Licensee agrees to keep the IC reasonably apprised of the status and
progress of any litigation. Before the Licensee commences an infringement action, the Licensee shall notify the IC and give careful consideration to the views of the IC and to any potential effects of the litigation on
the public health in deciding whether to bring suit. 

  

	 	11.3	 In the event that a declaratory judgment action alleging invalidity or
non-infringement of any of the Licensed Patent Rights shall be brought against the Licensee or raised by way of counterclaim or affirmative defense in an infringement suit brought by the
Licensee under Paragraph 11.2, pursuant to this Agreement and the provisions of 35 U.S.C. Chanter 29 or other statutes, the Licensee may: 

 

	 	(a)	 defend the suit in its own name, at its own expense, and on its own behalf for presumably valid claims in the
Licensed Patent Rights; 

  

	 	(b)	 in any suit, ultimately to enjoin infringement and to collect for its use, damages, profits, and awards of
whatever nature recoverable for the infringement; and 

  

	 	(c)	 settle any claim or suit for declaratory judgment involving the Licensed Patent Rights-provided,
however, that the IC and appropriate Government authorities shall have the first right to take these actions and shall have a continuing right to intervene in the suit; and 

 

	 	(d)	 if the IC does not notify the Licensee of its intent to respond to the legal action within a
reasonable time, the Licensee shall be free to do so. The Licensee shall take no action to compel the Government either to initiate or to join in any declaratory judgment action. The Licensee may request the
Government to initiate or to join any suit if necessary to avoid dismissal of the suit. Should the Government be made a party to any suit by motion or any other action of the Licensee, the Licensee shall reimburse the
Government for any costs, expenses, or fees, which the Government incurs as a result of the motion or other action. If the Licensee elects not to defend against the declaratory judgment action, the IC, at its option, may
do so at its own expense. In all cases, the Licensee agrees to keep the IC reasonably apprised of the status and progress of any litigation. Before the Licensee commences an infringement action, the Licensee shall notify
the IC and give careful consideration to the views of the IC and to any potential effects of the litigation on the public health in deciding whether to bring suit. 

 

	 	11.4	 In any action under Paragraphs 11.2 or 11.3 the expenses including costs, fees, attorney fees, and
disbursements, shall be paid by the Licensee. The value of any recovery made by the Licensee through court judgment or settlement shall be treated as Net Sales and subject to earned royalties. 

  
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	 	11.5	 The IC shall cooperate fully with the Licensee in connection with any action under Paragraphs
11.2 or 11.3. The IC agrees promptly to provide access to all necessary documents and to render reasonable assistance in response to a request by the Licensee. 

 

	12.	 NEGATION OF WARRANTIES AND INDEMNIFICATION 

 

	 	12.1	 The IC offers no warranties other than those specified in Article 1. 

 

	 	12.2	 The IC does not warrant the validity of the Licensed Patent Rights and makes no representations
whatsoever with regard to the scope of the Licensed Patent Rights, or that the Licensed Patent Rights may be exploited without infringing other patents or other intellectual property rights of third parties. 

 

	 	12.3	 THE IC MAKES NO WARRANTIES, EXPRESS OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OF ANY SUBJECT MATTER DEFINED BY THE CLAIMS OF THE LICENSED PATENT RIGHTS OR TANGIBLE MATERIALS RELATED THERETO. 

  

	 	12.4	 The IC does not represent that it shall commence legal actions against third parties infringing the
Licensed Patent Rights. 

  

	 	12.5	 The Licensee shall indemnify and hold the IC, its employees, students, fellows, agents, and
consultants harmless from and against all liability, demands, damages, expenses, and losses, including but not limited to death, personal injury, illness, or property damage in connection with or arising out of 

 

	 	(a)	 the use by or on behalf of the Licensee, its sublicensees, directors, employees, or third parties of any
Licensed Patent Rights; or 

  

	 	(b)	 the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes or
materials by the Licensee, or other products or processes developed in connection with or arising out of the Licensed Patent Rights. 

  

	 	12.6	 The Licensee agrees to maintain a liability insurance program consistent with sound business practice.

  

	13.	 TERM, TERMINATION, AND MODIFICATION OF RIGHTS 

 

	 	13.1	 This Agreement is effective when signed by all parties, unless the provisions of Paragraph 14.16 are not
fulfilled, and shall extend to the expiration of the last to expire of the Licensed Patent Rights unless sooner terminated as provided in this Article 13. 

 

	 	13.2	 In the event that the Licensee is in default in the performance of any material obligations under this
Agreement, including but not limited to the obligations listed in Paragraph 13.5, 

  
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and if the default has not been remedied within ninety (90) days after the date of notice in writing of the default, the IC may terminate this Agreement by written notice and
pursue outstanding royalties owed through procedures provided by the Federal Debt Collection Act. 

  

	 	13.3	 In the event that the Licensee becomes insolvent, files a petition in bankruptcy, has such a petition
filed against it, determines to file a petition in bankruptcy, or receives notice of a third party’s intention to file an involuntary petition in bankruptcy, the Licensee shall immediately notify the IC in writing.

  

	 	13.4	 The Licensee shall have a unilateral right to terminate this Agreement or any licenses in any
country or territory by giving the IC sixty (60) days written notice to that effect. 

  

	 	13.5	 The IC shall specifically have the right to terminate or modify, at its option, this Agreement,
if the IC determines that the Licensee: 

  

	 	(a)	 is not executing the Commercial Development Plan submitted with its request for a license and the
Licensee cannot otherwise demonstrate to the IC’s satisfaction that the Licensee has taken, or can be expected to take within a reasonable time, effective steps to achieve the Practical Application of the Licensed
Products or the Licensed Processes; 

  

	 	(b)	 has not achieved the Benchmarks as may be modified under Paragraph 9.2; 

 

	 	(c)	 has willfully made a false statement of, or willfully omitted a material fact in the license application or in
any report required by this Agreement; 

  

	 	(d)	 has committed a material breach of a covenant or agreement contained in this Agreement;

  

	 	(e)	 is not keeping the Licensed Products or the Licensed Processes reasonably available to the public
after commercial use commences; 

  

	 	(f)	 cannot reasonably satisfy unmet health and safety needs; or 

 

	 	(g)	 cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.2 unless
waived. 

  

	 	13.6	 In making the determination referenced in Paragraph 13.5, the IC shall take into account the normal
course of such commercial development programs conducted with sound and reasonable business practices and judgment and the annual reports submitted by the Licensee under Paragraph 9.2. Prior to invoking termination or modification of this
Agreement under Paragraph 13.5, the IC shall give written notice to the Licensee providing the Licensee specific notice of, and a ninety (90) day opportunity to respond to, the IC’s concerns as to the
items referenced in 13.5(a)-13.5(g). If the Licensee fails to alleviate the IC’s concerns as to the items referenced in 13.5(a)-13.5(g) or fails to
initiate corrective action to the IC’s satisfaction, the IC may terminate this Agreement. 

  
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	 	13.7	 When the public health and safety so require, and after written notice to the Licensee providing the
Licensee a sixty (60) day opportunity to respond, the IC shall have the right to require the Licensee to grant sublicenses to responsible applicants, on reasonable terms, in any Licensed Fields of Use under the
Licensed Patent Rights, unless the Licensee can reasonably demonstrate that the granting of the sublicense would not materially increase the availability to the public of the subject matter of the Licensed Patent Rights. The
IC shall not require the granting of a sublicense unless the responsible applicant has first negotiated in good faith with the Licensee. 

  

	 	13.8	 The IC reserves the right according to 35 U.S.C. §209(d)(3) to terminate or
modify this Agreement if it is determined that this action is necessary to meet the requirements for public use specified by federal regulations issued after the date of the license and these requirements are not reasonably satisfied by the
Licensee. 

  

	 	13.9	 Within thirty (30) days of receipt of written notice of the IC’s unilateral decision to modify
or terminate this Agreement, the Licensee may, consistent with the provisions of 37 C.F.R. §404.11, appeal the decision by written submission to the designated IC official or designee. The decision of
the designated IC official or designee shall be the final agency decision. The Licensee may thereafter exercise any and all administrative or judicial remedies that may be accessible. 

 

	 	13.10	 Within ninety (90) days of expiration or termination of this Agreement under this Article 13, a
final report shall be submitted by the Licensee. Any royalty payments, including those incurred but not yet paid (such as the full minimum annual royalty), and those related to patent expenses, due to the IC shall become immediately
due and payable upon termination or expiration. If terminated under this Article 13, sublicensees may elect to convert their sublicenses to direct licenses with the IC pursuant to Paragraph 4.3. Unless otherwise specifically provided for
under this Agreement, upon termination or expiration of this Agreement, the Licensee shall return all Licensed Products or other materials included within the Licensed Patent Rights to the IC or
provide the IC with certification of the destruction thereof. The Licensee may not be granted additional IC licenses if the final reporting requirement is not fulfilled. 

 

	14.	 GENERAL PROVISIONS 

 

	 	14.1	 Neither party may waive or release any of its rights or interests in this Agreement except in writing.
The failure of the Government to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right by the Government or excuse a similar subsequent
failure to perform any of these terms or conditions by the Licensee. 

  

	 	14.2	 This Agreement constitutes the entire agreement between the parties relating to the subject matter of
the Licensed Patent Rights, the Licensed Products and the Licensed Processes, and all prior negotiations, representations, agreements, and understandings are merged into, extinguished by, and completely expressed by this
Agreement. 

  
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	 	14.3	 The provisions of this Agreement are severable, and in the event that any provision of this
Agreement shall be determined to be invalid or unenforceable under any controlling body of law, this determination shall not in any way affect the validity or enforceability of the remaining provisions of this Agreement.

  

	 	14.4	 If either party desires a modification to this Agreement, the parties shall, upon reasonable notice of
the proposed modification by the party desiring the change, confer in good faith to determine the desirability of the modification. No modification shall be effective until a written amendment is signed by the signatories to this Agreement or
their designees. 

  

	 	14.5	 The construction, validity, performance, and effect of this Agreement shall be governed by Federal law
as applied by the Federal courts in the District of Columbia. 

  

	 	14.6	 All Agreement notices required or permitted by this Agreement shall be given by prepaid. first
class, registered or certified mail or by an express/overnight delivery service provided by a commercial carrier, properly addressed to the other party at the address designated on the following Signature Page, or to another address as may be
designated in writing by the other party. Agreement notices shall be considered timely if the notices arc received on or before the established deadline date or sent on or before the deadline date as verifiable by U.S. Postal Service postmark
or dated receipt from a commercial carrier. Parties should request a legibly dated U.S. Postal Service postmark or obtain a dated receipt from a commercial carrier or the U.S. Postal Service. Private metered postmarks shall not be acceptable as
proof of timely mailing. 

  

	 	14.7	 This Agreement shall not be assigned or otherwise transferred (including any transfer by legal process
or by operation of law, and any transfer in bankruptcy or insolvency, or in any other compulsory procedure or order of court) except to the Licensee’s Affiliate(s) without the prior Written consent of the IC. The parties agree
that the identity of the parties is material to the formation of this Agreement and that the obligations under this Agreement are nondelegable. In the event that the IC approves a proposed assignment, the Licensee shall pay the
IC as an additional royalty, [***] percent ([***]%) of the Fair Value of any consideration received for any assignment of this Agreement within sixty (60) days of the assignment. 

 

	 	14.8	 The Licensee agrees in its use of any IC-supplied materials to comply with all applicable
statutes, regulations, and guidelines, including NIH and HHS regulations and guidelines. The Licensee agrees not to use the materials for research involving human subjects or clinical trials in the United States without
complying with 21 C.E.R. Part 50 and 45 C.F.R. Part 46. The Licensee agrees not to use the materials for research involving human subjects or clinical trials outside of the United States without notifying the IC, in
\wiling, of the research or trials and complying with the applicable regulations of the appropriate national control authorities. Written notification to the IC of research involving human subjects or clinical trials outside of the United
States shall he given no later than sixty (60) clays prior to commencement of the research or trials. 

  
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competitively harmful if publicly disclosed. 

	 	14.9	 The Licensee acknowledges that it is subject to and agrees to abide by the United States laws and
regulations (including the Export Administration Act of 1979 and Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes, biological material, and other commodities. The transfer of
these items may require a license from the appropriate agency of the U.S. Government or written assurances by the Licensee that it shall not export these items to certain foreign countries without prior approval of this agency. The
IC neither represents that a license is or is not required or that, if required, it shall be issued. 

  

	 	14.10	 The Licensee agrees to mark the Licensed Products or their packaging sold in the United States
with all applicable U.S. patent numbers and similarly to indicate “Patent Pending” status. All the Licensed Products manufactured in, shipped to, or sold in other countries shall be marked in a manner to preserve the
IC’s patent rights in those countries. 

  

	 	14.11	 By entering into this Agreement, the IC does not directly or indirectly endorse any product or
service provided, or to be provided, by the Licensee whether directly or indirectly related to this Agreement. The Licensee shall not state or imply that this Agreement is an endorsement by the Government, the
IC, any other Government organizational unit, or any Government employee. Additionally, the Licensee shall not use the names of the IC, the FDA or the HHS or the Government or their employees
in any advertising, promotional, or sales literature without the prior written approval of the IC. 

  

	 	14.12	 The parties agree to attempt to settle amicably any controversy or claim arising under this Agreement or
a breach of this Agreement, except for appeals of modifications or termination decisions provided for in Article 13. The Licensee agrees first to appeal any unsettled claims or controversies to the designated IC official, or designee,
whose decision shall be considered the final agency decision. Thereafter, the Licensee may exercise any administrative or judicial remedies that may be available. 

 

	 	14.13	 Nothing relating to the grant of a license, nor the grant itself, shall be construed to confer upon any person
any immunity from or defenses under the antitrust laws or from a charge of patent misuse, and the acquisition and use of rights pursuant to 37 C.F.R. Part 404 shall not be immunized from the operation of state or Federal law by reason of the
source of the grant. 

  

	 	14.14	 Any formal recordation of this Agreement required by the laws of any Licensed Territory as
a prerequisite to enforceability of the Agreement in the courts of any foreign jurisdiction or for other reasons shall be carried out by the Licensee at its expense, and appropriately verified proof of recordation shall be promptly
furnished to the IC. 

  

	 	14.15	 Paragraphs 4.3, 8.1, 9.5-9.8,
12.1-12.5, 13.9, 13.10, 14.12 and 14.15 of this Agreement shall survive termination of this Agreement. 

  

	 	14.16	 The terms and conditions of this Agreement shall, at the IC’s sole option, be considered by
the IC to be withdrawn from the Licensee’s consideration and the terms and conditions of this Agreement, and the Agreement itself to be null and void, unless this Agreement is executed by the Licensee
and a fully executed original is received by the IC within sixty (60) days from the date of the IC’s signature found at the Signature Page. 

  
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competitively harmful if publicly disclosed. 

 SIGNATURES BEGIN ON NEXT PAGE 

  
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competitively harmful if publicly disclosed. 

 NIH PATENT LICENSE AGREEMENT — EXCLUSIVE 

SIGNATURE PAGE 
 For the IC: 

 

			
	/s/ Michael Mowatt                            	  	12/5/17                
	Michael Mowatt, Ph.D	  	Date
	Director, Technology Transfer and Intellectual Property Office, NIAID	  	

 Mailing Address or E-mail Address for Agreement notices and reports: 

License Compliance and Administration 
 Monitoring &
Enforcement 
 Office of Technology Transfer 
 National
Institutes of Health 
 6011 Executive Boulevard, Suite 325 

Rockville, Maryland 20852-3804 U.S.A. 
 E-mail: [***] 
 For the Licensee (Upon, information and belief, the undersigned expressly certifies or affirms
that the contents of any statements of the Licensee made or referred to in this document are truthful and accurate.): 

By: 
  

			
	/s/ Paul
Wagner                                    	  	12/10/17                
	Signature of Authorized Official	  	Date
	Name: Paul Wagner	  	
	Title: Member	  	

  

	 	I.	 Official and Mailing Address for Agreement notices: 

Paul Wagner, Ph.D. 
 Member 

 

			
	Mailing Address:
	[***]	  	
	Email Address:	  	[***]
	Phone:	  	[***]
	Fax:	  	[***]

  
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competitively harmful if publicly disclosed. 

	 	II.	 Official and Mailing Address for Financial notices (the Licensee’s contact person for royalty payments)

 Paul Wagner 

Member 
  

			
	Address:
	[***]	  	
	Email Address:	  	[***]
	Phone:	  	[***]
	Fax:	  	[***]

 Any false or misleading statements made, presented, or submitted to the Government, including any relevant
omissions, under this Agreement and during the course of negotiation of this Agreement are subject to all applicable civil and criminal statutes including Federal statutes 31 U.S.C. §§3801-3812
(civil liability) and 18 §1001 (criminal liability including fine(s) or imprisonment). 

  
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competitively harmful if publicly disclosed. 

 APPENDIX A — PATENT(S) OR PATENT APPLICATION(S) 

Patent(s) or Patent Application(s): 

I.    US Provisional Application 62/324,762 [MS Ref #E-099-2016/0-US-01] 
 II.    PCT Patent
Application PCT/US2017/028133 [HHS Ref #E-099-2016/0-PCT-02] 

  
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competitively harmful if publicly disclosed. 

 APPENDIX B — LICENSED FIELDS OF USE AND TERRITORY 

 

	I.	 Licensed Fields of Use: 

Use of pharmaceutical and biological compositions comprising Gram-negative bacteria for the topical treatment of dermatological diseases and dermatological
conditions. 
  

	II.	 Licensed Territory: Worldwide 

  
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competitively harmful if publicly disclosed. 

 APPENDIX C — ROYALTIES 

Royalties: 
  

	I.	 The Licensee agrees to pay to the IC a noncreditable, nonrefundable license issue royalty in the
amount of [***] dollars ($[***]) within sixty (60) days from the effective date of this Agreement. 

  

	II.	 The Licensee agrees to pay to the IC a nonrefundable minimum annual royalty in the amount of twenty
thousand dollars ($20,000) as follows: 

  

	 	(a)	 The first minimum annual royalty is due within sixty (60) days of the effective date of this Agreement and
may be prorated according to the fraction of the calendar year remaining between the effective date of this Agreement and the next subsequent January 1; and 

  

	 	(b)	 Subsequent minimum annual royalty payments are due and payable on January I of each calendar year and may be
credited against any earned royalties due for sales made in that year. 

  

	III.	 The Licensee agrees to pay the IC earned royalties of [***] percent ([***]%) on Net Sales
by or on behalf of the Licensee and its sublicensees. 

  

	IV.	 The Licensee agrees to pay the IC Benchmark royalties within sixty (60) days of
achieving each Benchmark: 

  

	 	(a)	 [***] dollars ($[***]) upon completion of patient enrollment of a Phase III clinical trial in the Licensed
Field of Use 

  

	 	(b)	 [***] dollars ($[***]) upon the completion of a Phase HI clinical trial demonstrating statistical significant
efficacy benefit of Licenced Product 

  

	 	(c)	 [***] dollars ($[***]) upon first FDA approval of Licensed Product. An additional [***] dollars ($[***])
shall be paid for each additional FDA approved Licensed Product 

  

	 	(d)	 [***] dollars ($[***]) upon first non-U.S. territory approval of
Licensed Product. An additional [***] dollars ($[***]) shall be paid for each additional non-U.S. territory approval of Licensed Product 

 

	 	(e)	 [***] dollars ($[***]) - First $100 million of annual Net Sales 

 

	 	(f)	 [***] dollars ($[***]) - First $500 million of annual Net Sales 

 

	 	(g)	 [***] dollars ($[***]) - First $1,000 million of annual Net Sales 

 

	V.	 The Licensee agrees to pay the IC additional sublicensing royalties of [***] percent ([***]%) on
the Fair Value of any consideration received for each sublicense in accordance with Article 4 of this Agreement within sixty (60) days of the execution of each sublicense. 

  
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competitively harmful if publicly disclosed. 

 APPENDIX D — BENCHMARKS AND PERFORMANCE 

The Licensee agrees to the following Benchmarks for its performance under this Agreement and, within thirty (30) days of achieving a
Benchmark, shall notify the IC that the Benchmark has been achieved. 
 [***] 

  
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competitively harmful if publicly disclosed. 

 APPENDIX E — COMMERCIAL DEVELOPMENT PLAN 

Introduction and Overview - Atopic Dermatitis 

Atopic dermatitis (AD) is a chronic inflammatory skin disease characterized by pruritus (itching) and xerosis (dry skin). AD pruritis can be severe, leading to
changes in the skin, including thickening of the skin (lichenification), breakdown of the skin barrier and scarring. Xerosis in atopic dermatitis results from the disruption of the epidermal integrity and further dysfunction of the skin barrier.
Atopic dermatitis lesions present most commonly on the scalp, face and extremities and can vary depending on the degree of inflammation and secondary infection. Both environmental and genetic factors appear to contribute to the pathogenesis of
atopic dermatitis with hyper-reactive basophils and mast cells resulting in increased histamine and leukotriene production and elevated serum IgE. Bacterial infections are also common in atopic dermatitis patients and the significant majority of AD
patients are colonized with toxin producing S. aureus. S. auerus toxins and superantigen presentation are believed to contribute to the pathogenesis of AD. 

According to the American Academy of Dermatology, worldwide, between 10% and 20% of children suffer from atopic dermatitis (AD) and approximately 1% to 3% of
adults experience AD. Atopic dermatitis most commonly occurs before the 5th birthday and approximately 50% of children with AD will experience a recurrence in adulthood. 

Current Treatment Algorithm 
 The treatment of atopic
dermatitis focuses on addressing the associated pruritus, xerosis, inflammation and infection. For mild breakthrough AD, low to moderate strength topical corticosteroids are used along with antihistimines as needed to address itching. For mild to
moderate AD, increased intensity topical corticosteroids are employed along with regular use of antihistimines. If symptoms do not improve, phototherapy and systemic therapies can be administered. According to the AAD guidelines for atopic
dermatitis, systemic therapies can include cyclosporine, methotrexate, mycophenolate mofetil, and azathioprine as well as leukotriene inhibitors and oral calcineurin inhibitors. The management of AD with systemic corticosteroids is recommended to be
avoided because of adverse side effects and unfavorable risk-benefit of systemic corticosteroids for atopic dermatitis. Treatment of S. aureus infections, which contributes to the AD pathogenesis, can be treated with antibiotics and bleach baths.

  
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competitively harmful if publicly disclosed. 

 More recently, Regeneron and Sanofi’s Dupixent (dupilumab), an antibody targeting the IL-4 receptor alpha, was approved by FDA for the treatment of adult patients with moderate to severe atopic dermatitis whose disease is not adequately controlled with topical prescription therapies or when those
therapies are not advisable. Dupixent can be used with or without topical corticosteroids. 
 DUPIXENT efficacy result 

 

																									
	 	  	Trial 1	 	 	Trial 2	 	 	Trial 3	 
	 	  	DUPIXENT
300 Q2w	 	 	Placebo	 	 	DUPIXENT
300 Q2w	 	 	Placebo	 	 	DUPIXENT
300
Q2w + TCS	 	 	Placebo
+ TCS	 
	 Number of subjects randomized (FAS)a
	  	 	224	 	 	 	224	 	 	 	233	 	 	 	236	 	 	 	106	 	 	 	315	 
	 IGA O OR 1D,C
	  	 	38	% 	 	 	10	% 	 	 	36	% 	 	 	9	% 	 	 	39	% 	 	 	12	% 
	
EASI-75C
	  	 	51	% 	 	 	15	% 	 	 	44	% 	 	 	12	% 	 	 	69	% 	 	 	23	% 
	
EASI-90C
	  	 	36	% 	 	 	8	% 	 	 	30	% 	 	 	7	% 	 	 	40	% 	 	 	11	% 
	 Number of subjects with baseline Peak Pruritus NAS score
34
	  	 	213	 	 	 	212	 	 	 	225	 	 	 	221	 	 	 	102	 	 	 	299	 
	 Peak Pruritus NRS

(34-point improvement)C
	  	 	41	% 	 	 	12	% 	 	 	36	% 	 	 	10	% 	 	 	59	% 	 	 	20	% 

  

	a	 Full Analysis Sol (FAS) includes all subjects randomized 

	b 	 Responder was defined as a subject with IGA 0 or I (“clear” or almost clear”) with a reduction
of 3 on a 0-4 IGA scale 

	c 	 Subjects who received rescue treatment or with missing data were considered as
non-responders 

 DUPIXENT adverse reaction profile 

 

																	
	 	  	DUPIXENT
Monotherapy	 	 	DUPIXENT + TCSb	 
	 Adverse Reaction
	  	DUPIXENT
300 mg
Q2W
N=529
n (%)	 	 	Placebo
N=517
n (%)	 	 	DUPIXENT
300
mg Q2w +
TCS
N=110
n (%)	 	 	Placebo
+ TCS
N=315
n=(%)	 
	 Injection site reactions
	  	 	51 	(10) 	 	 	28 	(5) 	 	 	11 	(10) 	 	 	18 	(6) 

  
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competitively harmful if publicly disclosed. 

																	
	 ConjunctivitisD
	  	 	51 (10)	 	  	 	12 (2)	 	  	 	10 (9)	 	  	 	15 (5)	 
	 Blepharitis
	  	 	2 (<1)	 	  	 	1 (<1)	 	  	 	5 (5)	 	  	 	15 (5)	 
	 Oral herpes
	  	 	20 (4)	 	  	 	8 (2)	 	  	 	3 (3)	 	  	 	5 (2)	 
	 Keratitis
	  	 	1 (<1)	 	  	 	0	 	  	 	4 (4)	 	  	 	0	 
	 Eye Pruritus
	  	 	3 (1)	 	  	 	1 (<1)	 	  	 	2 (2)	 	  	 	2 (1)	 
	 Other herpes simplex virus

infection
	  	 	10 (2)	 	  	 	6 (1)	 	  	 	1 (1)	 	  	 	1 (<1)	 
	 Dry eye
	  	 	1 (<1)	 	  	 	0	 	  	 	2 (2)	 	  	 	1 (<1)	 

  

	a	 pooled analysis of Trials 1, 2, and 4 

	b 	 analysis of Trial 3 where subjects were on background TCS therapy 

	c 	 DUPIXENT 600 mg at Week O, followed by 300 mg every two weeks 

	d	 Conjunctivitis cluster includes conjunctivitis, allergic conjunctivitis, bacterial conjunctivitis, viral
conjunctivitis, giant papillary conjunctivitis, eye irritation and eye inflammation. 

	e	 Keratitis cluster includes Keratitis, ulcerative keratitis, allergic keratitis, atopic keratoconjunctivitis and
opthalmic herpes simplex. 

	f	 Other herpes simplex virus infection cluster includes herpes simplex, genital herpes, herpes simplex oxits
eczema, and herpes virus infection, but excludes eczema herpeticum. 

  
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competitively harmful if publicly disclosed. 

 Microbiome transplantation for treatment of patients with atopic dermatitis 

Gram-negative microbiota differ between healthy controls and patients with AD, Myles et al. identified that the predominant gram-negative species identified
on healthy volunteers as Roseomonas mucosa. Overgrowth and infection with S. aureus are both contributors to the immune imbalance and poor barrier function in AD. Treatment with antibiotics can reduce S. aureus burdens and improve symptoms
but does not normalize the underlying pathology. Myles and Datta found that supernatants from healthy volunteer, gram negative culturable bacteria inhibited S. aureus by nearly 50% versus the media control and that select strains of the
gram-negative bacteria R. mucosa from healthy controls transplanted onto the skin influenced S. aureus growth, transepidermal water loss associated with AD and influenced certain parameters of innate immune activation. The authors concluded that a
live biotherapeutic approach may hold promise for treatment of patients with atopic dermatitis and have initiated clinical studies testing the safety and efficacy of topically administered R. mucosa for the treatment of AD. 

Forte Biosciences 
 [***] 

Process Development and Manufacturing Detailed Overview 

Process development, formulation, manufacturing and fill/finish of the drug product will conducted in accordance with the USP and FDA guidance. 

In brief, process development of the drug product will include selection and testing to determine optimal vialing format, formulation development of the spray
nozzle applicator and development of validation of the product quality and performance parameters 
 Testing will be conducted to assess bacterial
suspension in solution in comparison to lyophilization, required reconstitution parameters, stability and bacterial proliferation parameters, cell viability/stability, spray dispersion and consistency of bacterial delivery, aerosolizing parameter
definition and testing and contaminant microorganism characterization. 
 Background on manufacturing and formulation guidance for topical drug products

 FDA has issued guidance for the current good manufacturing practice (CGMP) of topical drug product production. 

The key focus for the CGMP of topical drug products focuses on the active ingredient uniformity, physical characteristics and chemical and microbial purity.
FDA examination of manufacturing and control data and correspondence is to be complete early in the process and the specific and complete control data contained in the application is to be compared to the clinical batches and the production
validation batches. In the case of the live bacterial topical biotherapeutic assurance of uniform potency and dispersion is required. In this case both the bacterial viability/stability in the final drug product containment will need to be
assessed. If the final drug product is in solution, the parameters of the reproducibility of the bacterial delivery (spray coating) are to be defined. Production temperature and sterility is a key to confirm that no objectionable
microorganism 

  
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competitively harmful if publicly disclosed. 

 
are present. SOPs for cleaning validation will be established to preclude contamination of current and future batches. FDA emphasizes that it is therefore vital that manufacturers assess the
health hazard of all organisms isolated from the drug product. Undesirable microbaterial growth factors which influence microbial growth include flow rates, temperature, surface area of resin beds and the microbial quality of the feed water. 

  
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competitively harmful if publicly disclosed. 

 Microbiological Specifications and Test Methods for Topical Drug Products 

During inspections it is important to audit the microbiological specifications and microbial test methods used for each topical product to assure that they are
consistent with any described in the relevant application. FDA has commented that it is often helpful for the inspection to include an FDA microbiologist. 

Generally, product specifications should cover the total number of organisms permitted, as well as specific organisms that must not be present. These
specifications must be based on use of specified sampling and analytical procedures. Where appropriate, the specifications should describe action levels where additional sampling and/or speciation of organisms is necessary. 

Manufacturers must demonstrate that the test methods and specifications are appropriate for their intended purpose. Where possible, methods should be utilized
that isolate and identify organisms that may present a hazard to the user under the intended use. 
 In assessing the significance of microbial
contamination of a topical product, both the identification of the isolated organisms and the number of organisms found are significant. For example, the presence of a high number of organisms may indicate that the manufacturing process, component
quality, and/or container integrity may be deficient. Although high numbers of non-pathogenic organisms may not pose a health hazard, they may affect product efficacy and/or physical/chemical stability.
Inconsistent batch to batch microbial levels may indicate some process or control failure in the batch. The batch release evaluation should extend to both organism identification and numbers and, if limits are exceeded, there should be an
investigation into the cause. 
 In addition, “The Topical and Transdermal Drug Products” monograph from the topical/transdermal ad hoc advisory
panel for the USP performance tests of topical and transdermal dosage forms defines the parameters for drug device combinations that have local action at or on the surface of the skin. 

The USP monograph defines two categories of tests: product quality tests and product performance tests, that are to be performed with topically administered
drug products to provide assurances of batch-to-batch quality, reproducibility, reliability, and performance. Product quality tests are performed to assess attributes
such as assay, identification, content uniformity, pH, microbial limits, and minimum fill and are part of the compendial monograph. Product performance tests are conducted to assess drug release from the finished dosage form. 

[***] 

  
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competitively harmful if publicly disclosed. 

 Using the recently approved Dupixent systemic therapy as a benchmark for clinical development in atopic
dermatitis, approval may require 3 clinical trials in approximately 1,300 patients examining therapy vs placebo and therapy on top of topical corticosteroids. Endpoints may include investigator global assessment of 0 or 1 (clear or almost clear) and
greater than 2 point improvement from baseline, EASI-75 (75% or greater improvement from baseline of eczema and severity index) , EASI-90 (90% improvement from baseline
of eczema and severity index) and a greater than 4 point improvement in the peak pruritis scoring. 
  

																									
	 	  	Trial 1	 	 	Trial 2	 	 	Trial 3	 
	 	  	DUPIXENT
300 mg
Q2W	 	 	Placebo	 	 	DUPIXENT
300 mg
Q2W	 	 	Placebo	 	 	DUPIXENT
300 mg
Q2W +
TCS	 	 	Placebo
+ TCS	 
	 Number of subjects randomized (FAS)
	  	 	224	 	 	 	224	 	 	 	233	 	 	 	236	 	 	 	106	 	 	 	315	 
	 IGA 0 or 1b,c
	  	 	38	% 	 	 	10	% 	 	 	36	% 	 	 	9	% 	 	 	39	% 	 	 	12	% 
	 EASI-75c
	  	 	51	% 	 	 	15	% 	 	 	44	% 	 	 	12	% 	 	 	69	% 	 	 	23	% 
	 EASI-90c
	  	 	36	% 	 	 	8	% 	 	 	30	% 	 	 	7	% 	 	 	40	% 	 	 	11	% 
	 Number of subjects with baseline Peak Pruitus NRS score
34
	  	 	213	 	 	 	212	 	 	 	225	 	 	 	221	 	 	 	102	 	 	 	299	 
	 Peak Pruitus NRS (34-point improvement)c
	  	 	41	% 	 	 	12	% 	 	 	36	% 	 	 	10	% 	 	 	59	% 	 	 	20	% 

  

	a 	 Full Analysis Set (FAS) includes all subjects randomized. 

	b 	 Responder was defined as a subject with IGA 0 or 1 (“clear” or “ almost clear”) with a
reduction of 32 points on a 0-4 IGA scale. 

	c 	 Subjects who received rescue treatment or with missing data were considered as
non-responders. 

  
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competitively harmful if publicly disclosed. 

 Commercialization 

According to the National Eczema Association, 31.6 million people in the US suffer with atopic dermatitis, (17.8 million with moderate to severe
atopic dermatitis). The prevalence of childhood eczema/atopic dermatitis in the US is 10.7% overall. Approximately one out of every three children with eczema/atopic dermatitis has moderate to severe disease. A recent study found that the
prevalence of eczema in adults could be as high as 10.2%. Three percent of US adults have moderate to severe eczema/atopic dermatitis requiring systemic therapy. These numbers are much higher than for psoriasis, a disease that now has many
good-targeted treatments for moderate to severe patients. There are still very large unmet needs for the treatment of patients with eczema / atopic dermatitis that could be address with a topical live biotherapeutic approach. 

The current pricing for the recently approved systemic antibody therapy Dupixent is $37,000 per year. 

The final pricing and market opportunity for the topical live biotherapeutic will be a function of the detailed efficacy and safety data obtained from the
phase 3 trial; however, we believe that a topical live biotherapeutic could offer meaningful benefit to atopic dermatitis patients at a fraction of the cost and with lower risk (topical vs systemic). 

[***] 

  
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competitively harmful if publicly disclosed. 

 APPENDIX F - EXAMPLE ROYALTY REPORT 

Required royalty report information includes: 
  

	•	 	 License reference number
(L-XXX-200X/0) 

  

	•	 	 Reporting period 

  

	•	 	 Catalog number and units sold of each Licensed Product (domestic and foreign) 

 

	•	 	 Gross Sales per catalog number per country 

 

	•	 	 Total Gross Sales 

  

	•	 	 Itemized deductions from Gross Sales 

 

	•	 	 Total Net Sales 

  

	•	 	 Earned Royalty Rate and associated calculations 

 

	•	 	 Gross Earned Royalty 

  

	•	 	 Adjustments for Minimum Annual Royalty (MAR) and other creditable payments made 

 

	•	 	 Net Earned Royalty due 

Example 
  

									
	 Catalog Number
	  	 Product Name
	  	 Country
	  	 Units Sold
	  	 Gross Sales (US$)

	 1
	  	A	  	US	  	250	  	62,500
	 1
	  	A	  	UK	  	32	  	16,500
	 1
	  	A	  	France	  	25	  	15,625
	 2
	  	B	  	US	  	0	  	0
	 3
	  	C	  	US	  	57	  	57,125
	 4
	  	D	  	US	  	12	  	1,500
		  		  	Total Gross Sales	  	153,250
		  		  	Less Deductions:	  	
					
		  		  		  	 Freight
	  	3,000
					
		  		  		  	 Returns
	  	7,000
					
		  		  		  	 Total Net Sales
	  	143,250
					
		  		  		  	 Royalty Rate
	  	8%
					
		  		  		  	 Royalty Due
	  	11,460
				
		  		  	Less Creditable Payments	  	10,000
					
		  		  		  	 Net Royalty Due
	  	1,460

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 34 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 APPENDIX G — ROYALTY PAYMENT OPTIONS 

The License Number MUST appear on payments, reports and correspondence. 

Credit and Debit Card Payments 
 Credit and debit card
payments can be submitted for amounts up to $29,999. Submit your payment through the U.S. Treasury web site located at: https://www.nav,govinubliciform/start/28680443. 

Automated Clearing House (ACH) for payments through U.S. banks only 

The IC encourages its licensees to submit electronic funds transfer payments through the Automated Clearing House (ACH). Submit your ACH payment
through the U.S. Treasury web site located at: huns://www.pay.mov/public/liirm/start/28680443. Please note that the IC “only” accepts ACH payments through this U.S. Treasury web site. 

Electronic Funds Wire Transfers 
 The following
account information is provided for wire payments. In order to process payment via Electronic Funds Wire Transfer sender MUST supply the following information within the transmission: 

Drawn on a U.S. bank account via FEDWIRE should be sent directly to the following account: 

[***] 
 Drawn on a foreign bank
account should be sent directly to the following account. Payment must be sent in U.S. Dollars (USD) using the following instructions: 

[***] 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 38 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 Checks 

All checks should be made payable to “NIH Patent Licensing” 

Checks drawn on a U.S. bank account and sent by US Postal Service should be sent directly to the following address: 

National Institutes of Health 

P.O. Box 979071 
 St. Louis, MO
63197-9000 
 Checks drawn on a U.S. bank account and sent by overnight or courier should be sent to the following address:

 US Bank 
 Government Lockbox SL-MO-C2GL 
 1005 Convention Plaza 

St. Louis, MO 63101 
 Phone: 314-418-4087 
 Checks drawn on a foreign bank
account should be sent directly to the following address: 
 National Institutes of Health 

Office of Technology Transfer 

License Compliance and Administration 

Royalty Administration 
 6011
Executive Boulevard 
 Suite 325, MSC 7660 

Rockville, Maryland 20852 

  
 A-429-2017 

CONFIDENTIAL 
 NIH Patent License
Agreement-Exclusive 
 Model 10-2015 Page 39 of 36 [Final] [Forte Biosciences] 

[***] Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed.

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