Document:

Exhibit 4.8

 

COMMON STOCK PURCHASE WARRANT

 

SUNSHINE HEART, INC.

 

	
Warrant Shares:          
    	
 
    	
Initial Exercise Date:          , 2017
    

 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,               or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after               , 2017 (the “Initial Exercise Date”) and on or prior to the close of business on the five year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Sunshine Heart, Inc., a Delaware corporation (the “Company”), up to        shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock (“Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

Section 1.                                           Definitions.  In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the 

 

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Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Commission” means the United States Securities and Exchange Commission.

 

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration Statement” means the Company’s registration statement on Form     (File No.       ).

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer Agent” means American Stock Transfer & Trust Company, the current transfer agent of the Corporation, with a mailing address of 59 Maiden Lane, New York, New York and a facsimile number of 718-236-4588, and any successor transfer agent of the Company.

 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.

 

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(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is  not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“Warrant Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant Agent.

 

“Warrant Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants” means this Warrant and other Common Stock Purchase Warrants issued by the Company pursuant to the Registration Statement.

 

Section 2.                                           Exercise.

 

a)                                     Exercise of Warrant.   Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company or Warrant Agent (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (“Notice of Exercise”). Within the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company or Warrant Agent for cancellation within three (3) Trading Days of the date the final Notice of Exercise is received by the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall 

 

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maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company or Warrant Agent shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant,  acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.   In no event will the Company be required to net cash settle a Warrant exercise.

 

Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

b)                                     Exercise Price.  The exercise price per share of the Common Stock under this Warrant shall be $[     ], subject to adjustment hereunder (the “Exercise Price”).

 

c)                                      Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;

 

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

 

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(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

In connection with clause (ii) in (A) above, upon written request of the Company, the Holder will provide evidence reasonably acceptable to the Company of the Bid Price of the Common Stock on the principal Trading Market that was reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise.

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

 

Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

 

d)                                     Mechanics of Exercise.

 

i.      Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).   Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to 

 

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the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.  As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

ii.               Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii.            Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.           Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the 

 

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number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.              No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

vi.           Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.        Closing of Books.  The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

e)                                      Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this 

 

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Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are not in compliance with the Beneficial Ownership Limitation, provided this limitation of liability shall not apply if the Holder has detrimentally relied on outstanding share information provided by the Company or the Transfer Agent.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, 

 

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including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

f)                                       Call Provision.  Subject to the provisions of Section 2(e) and this Section 2(f), if, after the date that is one hundred eighty (180) days following the Initial Exercise Date, (i) the VWAP for each of 30 consecutive Trading Days (the “Measurement Period,” which 30 consecutive Trading Day period shall not have commenced until after the date that is one hundred eighty (180) days following the Initial Exercise Date) exceeds $     (1) (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), (ii) the average dollar daily volume for such Measurement Period exceeds $500,000 per Trading Day and (iii) the Holder is not in possession of any information that constitutes, or might constitute, material non-public information which was provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, then the Company may, within one (1) Trading Day of the end of such Measurement Period, call for cancellation of all or any portion of this Warrant for which a Notice of Exercise has not yet been delivered (such right, a “Call”) for consideration equal to $0.0001 per Warrant Share.  To exercise this right, the Company must deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating therein the portion of unexercised portion of this Warrant to which such notice applies.  If the conditions set forth below for such Call are satisfied from the period from the date of the Call Notice through and including the Call Date (as defined below), then any portion of this Warrant subject to such Call Notice for which a Notice of Exercise shall not have been received by the Call Date will be cancelled at 6:30 p.m. (New York City time) on the tenth Trading Day after the date the Call Notice is received by the Holder (such date and time, the “Call Date”).  Any unexercised portion of this Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice.  In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to a Call Notice that are tendered through 6:30 p.m. (New York City time) on the Call Date.

 

(1)  300% of exercise price.

 

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The parties agree that any Notice of Exercise delivered following a Call Notice which calls less than all of the Warrant Shares remaining under the Warrants shall first reduce to zero the number of Warrant Shares subject to such Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant.  For example, if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders a Notice of Exercise in respect of 50 Warrant Shares, then (x) on the Call Date the right under this Warrant to acquire 25 Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares in respect of the exercises following receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for 25 Warrant Shares (subject to adjustment as herein provided and subject to subsequent Call Notices).  Subject again to the provisions of this Section 2(f), the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise.  Notwithstanding anything to the contrary set forth in this Warrant, the Company may not deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall be void), unless, from the beginning of the Measurement Period through the Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise delivered by  6:30 p.m. (New York City time) on the Call Date, and (2) the Registration Statement shall be effective as to all Warrant Shares and the prospectus thereunder available for use by the Company for the sale of all such Warrant Shares to the Holder, and (3) the Common Stock shall be listed or quoted for trading on the Trading Market, and (4) there is a sufficient number of authorized shares of Common Stock for issuance of all Warrant Shares and all shares of Common Stock issuable upon conversion of the Company’s preferred stock issued pursuant to the Registration Statement, and (5) the issuance of the shares shall not cause a breach of any provision of Section 2(e) herein.  The Company’s right to call the Warrants under this Section 2(f) shall be exercised ratably among the Holders based on the then outstanding Warrants.

 

Section 3.                                           Certain Adjustments.

 

a)                                     Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment

 

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made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)                                     [RESERVED]

 

c)                                      Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)                                     Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the 

 

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Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).  To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

e)                                      Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction other than one in which a Successor Entity (as defined below) that is a publicly traded corporation whose stock is quoted or listed on a Trading Market assumes 

 

12

 

this Warrant such that the Warrant shall be exercisable for the publicly traded common stock of such Successor Entity and only if such Fundamental Transaction is within the Company’s control, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall have not have the option to require the Company to purchase its Warrant.   Any cash payment will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).  “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date.    The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such 

 

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Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

f)                                       Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)                                      Notice to Holder.

 

i.                  Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.               Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property

 

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deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section 4.                                           Transfer of Warrant.

 

a)                                     Transferability.  This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)                                     New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)                                      Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company and the Warrant 

 

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Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

Section 5.                                           Miscellaneous.

 

a)                                     No Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

b)                                     Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c)                                      Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d)                                     Authorized Shares.

 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

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Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)                                      Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party

 

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for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)                                       Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)                                      Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)                                     Notices.  Any notices, consents, waivers or other document or communications required or permitted to be given or delivered under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. If notice is given by facsimile or email, a copy of such notice shall be dispatched no later than the next business day by first class  mail, postage prepaid. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Sunshine Heart, Inc.

12988 Valley View Road

Eden Prairie, MN 55344

Attention:                                         John L. Erb

Chairman and Chief Executive Officer

Telecopy:                                          (952) 224-0181

 

With a copy (for informational purposes only) to:

 

Honigman Miller Schwartz and Cohn LLP

 

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Columbia Plaza

350 East Michigan Avenue, Suite 300

Kalamazoo, Michigan 49007-3800

Attention:                                         Phillip D. Torrence

Telecopy:                                          (269) 337-7703

 

If to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

Or, in each of the above instances, to such other address, facsimile number or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date and recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission containing the time, date and recipient e­ mail address shall be rebuttable evidence of receipt by e-mail in accordance with clause (iii) above.

 

i)                                         Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

j)                                        Remedies.  The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)                                     Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)                                         Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

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m)                                 Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n)                                     Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

o)                                     Warrant Agency Agreement.  If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement.  To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

********************

 

(Signature Page Follows)

 

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IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

 

	
 
    	
SUNSHINE   HEART, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

21

 

NOTICE OF EXERCISE

 

TO:                           SUNSHINE HEART, INC.

 

(1)         The undersigned hereby elects to purchase                Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)         Payment shall take the form of (check applicable box):

 

o in lawful money of the United States; or

 

o [if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3)         Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

 

 

 

[SIGNATURE OF HOLDER]

 

	
Name of Investing   Entity:
    	
 
    
	
Signature of Authorized Signatory of Investing   Entity:
    	
 
    
	
Name of Authorized   Signatory:
    	
 
    
	
Title of Authorized   Signatory:
    	
 
    
	
Date:
    	
 
    
						

 

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	
Name:
    	
 
    
	
 
    	
(Please Print)
    
	
 
    	
 
    
	
Address:
    	
 
    
	
 
    	
(Please Print)
    
	
 
    	
 
    
	
Phone Number:
    	
 
    
	
 
    	
 
    
	
Email Address:
    	
 
    
	
 
    	
 
    
	
Dated:                       ,
    	
 
    
	
 
    	
 
    
	
Holder’s Signature:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Holder’s Address:EX-10.1

 Exhibit 10.1 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to
Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 
 COLLABORATION, OPTION AND
LICENSE AGREEMENT 
 THIS COLLABORATION, OPTION AND
LICENSE AGREEMENT (the “Agreement”) is entered into as of August 8, 2016 (“Effective Date”), by and between ADVERUM
BIOTECHNOLOGIES, INC., a Delaware corporation having an address at 1035 O’Brien Drive, Menlo Park, CA 94025 (“Adverum”), and EDITAS MEDICINE,
INC., a Delaware corporation having an address at 300 Third Street, Cambridge, MA 02142 (“Editas”). Adverum and Editas may be referred to herein individually as a “Party” and collectively as the
“Parties.”  
 RECITALS 

WHEREAS, Adverum is a gene therapy company and Editas is a genome editing company; 

WHEREAS, the Parties are each committed to discovering and developing novel medicines and therapeutics
for human diseases, including ophthalmic indications; 
 WHEREAS, Adverum controls certain intellectual
property related to viral vector technology for gene therapy applications; 
 WHEREAS, the Parties wish
to collaborate on certain studies using Adverum’s proprietary vector in connection with Editas’ genome editing technology; and 

WHEREAS, Editas wishes to obtain, and Adverum wishes to grant to Editas, an exclusive option to obtain
exclusive rights to use Adverum’s proprietary vector in several ophthalmic indications. 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Parties agree as follows. 
  

	1.	DEFINITIONS 

  

	1.1	“[***]” means [***]. 

  

	1.2	“Additional Adverum Viral Vector” means any of the proprietary viral capsids Controlled by Adverum or any of its Affiliates during the Term containing a nucleic acid sequence
containing and capable of expressing a transgene of interest, other than the vector known as “[***]” or the vector known as “[***].” 

  

	1.3	“Additional Indication” means each of (i) [***], (ii) [***], (iii) [***], and (iv) [***]. 

  
 1. 

 

	1.4	“Additional Indication Option Exercise Period” has the meaning set forth in Section 3.3. 

  

	1.5	“Adverum Expression Elements” means any Expression Element that is: (a) proprietary to Adverum as of the Effective Date; or (b) generated by or on behalf Adverum during the Term
independent of this Agreement, in each case that is used by Adverum under the Research Plan or provided by Adverum to Editas for use under the Research Plan. 

  

	1.6	“Adverum Indemnitees” has the meaning set forth in Section 10.2. 

  

	1.7	“Adverum Know-How” means, subject to Section 14.5, Know-How Controlled by Adverum or any of its Affiliates as
of the Effective Date or during the Term that is necessary or reasonably useful to practice the Vector Technology. 

  

	1.8	“Adverum Patents” means, subject to Section 14.5, Patents Controlled by Adverum or any of its Affiliates as of the Effective Date or during the Term (including Adverum’s interest in
Joint Patents) that Cover the Vector Technology. The Adverum Patents include the UC Patents. The Adverum Patents as of the Effective Date are listed in Exhibit A. 

 

	1.9	“Adverum Research Personnel” means all employees, staff and agents of Adverum participating in the conduct of the Research Plan. 

 

	1.10	“Adverum Technology” means Adverum Patents and Adverum Know-How. 

  

	1.11	“Adverum Viral Vector” means each of: (a) Adverum’s proprietary viral capsid containing a nucleic acid sequence containing and capable of expressing a transgene of interest,
known as “[***]”; (b) Adverum’s proprietary viral capsid containing a nucleic acid sequence containing and capable of expressing a transgene of interest, known as “[***]”; and (c) any Additional Adverum Viral Vector(s)
that are added to this Agreement by mutual written agreement of the Parties. 

  

	1.12	“Affiliate” means, with respect to a particular Party or other entity, a person, corporation, partnership, or other entity that controls, is controlled by or is under common control with such
Party or other entity. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled by” or “under common control with”) means the actual power, either directly or
indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership of fifty percent (50%) or more of the voting stock of such entity, or by contract or otherwise.

  

	1.13	“Applicable Laws” means all laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal, national, multinational, state, provincial, county,
city or other political subdivision, domestic or foreign. 

  

	1.14	“Calendar Quarter” means each respective period of three (3) consecutive months ending on March 31, June 30, September 30, and December 31. 

  
 2. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	1.15	“Calendar Year” means each respective period of twelve (12) consecutive months ending on December 31. 

  

	1.16	“Claims” has the meaning set forth in Section 10.1. 

  

	1.17	“CMO” means contract manufacturing organization. 

  

	1.18	“Collaboration Invention” means an Invention that is conceived or reduced to practice by or on behalf of a Party or any of its Affiliates or any of its sublicensees, individually or jointly, in
the course of conducting the activities under the Research Plan. 

  

	1.19	“Collaboration Therapeutic Molecule” means (a) (i) one or more nucleic acids [***] (e.g., one or more [***] and/or a [***]), and/or (ii) a nucleic acid [***] that is [***] (e.g., a
[***]), and (b) each of (a)(i) and (ii) which can be or is integrated within a Therapeutic Expression Cassette or the Viral Vector, provided that for purposes of this Agreement, references to Collaboration Therapeutic Molecules are
intended only to include the molecule or portion of a molecule that fulfills subsection (a) and not Expression Elements. 

  

	1.20	“Commercialization” means the conduct of all activities undertaken before and after Regulatory Approval relating to the promotion, marketing, sale, and distribution (including importing,
exporting, transporting, customs clearance, warehousing, invoicing, handling, and delivering Products to customers) of Products in the Field in the Territory, including: (i) sales force efforts, detailing, advertising, medical education,
planning, marketing, sales force training, and sales and distribution; and (ii) post-approval clinical trials. “Commercialize” and “Commercializing” have correlative meanings. 

 

	1.21	“Commercially Reasonable Efforts” means those efforts that are consistent with the efforts and resources normally used by a biotechnology company of similar size in the exercise of its reasonable
business discretion relating to the research and development of a potential product as part of an active and ongoing program, or the commercialization of a product, in each case owned by it or to which it has exclusive rights, with similar product
characteristics as a Product and of similar market potential at a similar stage in its development or product life as the Product, taking into account all relevant factors, including patent coverage, safety and efficacy, product profile,
competitiveness of the marketplace, proprietary position and profitability (including pricing and reimbursement), and milestones that may be triggered in connection with the Commercialization of a Product. 

 

	1.22	“Confidential Information” of a Party means all Know-How, Materials, and other proprietary scientific, marketing, financial, business or commercial
information that is disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any of its Affiliates, whether made available orally, in writing, or in electronic form. The existence and terms
of this Agreement are the Confidential Information of both Parties. All information disclosed by a Party under the Confidentiality Agreement is deemed the Confidential Information of such Party pursuant to this Agreement. 

  
 3. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	1.23	“Confidentiality Agreement” means that certain Confidential Disclosure Agreement between the Parties dated as of [***]. 

 

	1.24	“Cover” means, with respect to a Valid Claim in a country and a Product, that such claim would be infringed, absent a license, by the manufacture, use, offer for sale, sale or importation of such
Product in such country. 

  

	1.25	“Development” means to develop (including preclinical, clinical, nonclinical, and chemistry manufacturing controls (“CMC”) development), analyze, test, and conduct preclinical,
clinical, and all other regulatory trials for a Product or a Prototype Product, as well as all related regulatory activities and any and all activities pertaining to new indications, pharmacokinetic studies, and all related activities including work
on new formulations, new methods of treatment, and CMC activities including new manufacturing methods. “Developing” and “Develop” have correlative meanings. 

 

	1.26	“Editas Expression Elements” means any Expression Element that is: (a) proprietary to Editas as of the Effective Date; or (b) generated by or on behalf of Editas during the Term
independent of this Agreement, in each case that is used by Editas under the Research Plan or provided by Editas to Adverum for use under the Research Plan. 

  

	1.27	“Editas Indemnitees” has the meaning set forth in Section 10.1. 

  

	1.28	“EU” means the European Union member states as then constituted. 

  

	1.29	“Executive Officers” has the meaning set forth in Section 13.2. 

  

	1.30	“Expression Elements” means the portion of a Collaboration Therapeutic Molecule or Therapeutic Expression Cassette that constitutes sequences that is necessary for the Collaboration Therapeutic
Molecule to be integrated into or expressed using the Viral Vector, either as part of the viral payload (e.g., promoters, untranslated regions and poly A sequences, ITR sequences, or the like). 

 

	1.31	“Expression Element Invention” means any Collaboration Invention that pertains to the Expression Element Technology. 

 

	1.32	“Expression Element Technology” means any technology pertaining to the Expression Element. 

  

	1.33	“FDA” means the United States Food and Drug Administration or any successor entity thereto. 

  

	1.34	“Field” means, with respect to a particular Product, the prevention or treatment of the Indication [***] to which such Product is directed, provided that, after the Option Period expires for any
particular Indication, the Field shall only include the prevention or treatment of such Indication if Editas has exercised its Option with respect to such Indication. 

  
 4. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	1.35	“FTE” means the equivalent of a full-time individual’s work for a twelve (12) month period (consisting of a total of [***] hours per year of dedicated effort). Any person who
devotes more or less than [***] hours per year on the applicable activities shall be treated as an FTE on a pro-rata basis, based upon the actual number of hours worked by such person on such activities,
divided by [***]. For avoidance of doubt, the hours spent by temporary workers and contractors on applicable activities may be treated as FTE on a pro-rata basis, but the hours allocated to the work of general
corporate or administrative personnel shall not be incorporated into FTE. 

  

	1.36	“FTE Rate” means an initial rate of [***] per FTE per year. 

  

	1.37	“First Commercial Sale” means, with respect to a Product in a country in the Territory, the first commercial sale of the Product in such country by Editas or its Affiliate or sublicensee
to a Third Party that is not a sublicensee of Editas or its Affiliates following receipt of Regulatory Approval for sale of such Product in such country. 

  

	1.38	“Generic Product” means, with respect to a Product in a particular regulatory jurisdiction, any pharmaceutical product that (a) (i) contains the same active pharmaceutical ingredients as
such Product for the same route of administration as such Product and is approved by the Regulatory Authority in such country; or (ii) is approved by the Regulatory Authority in such country as a substitutable generic for such Product; and
(b) is sold in such jurisdiction by a Third Party that is not a sublicensee and did not purchase such product in a chain of distribution that included any of Editas or its Affiliates or sublicensees. 

 

	1.39	“Indemnified Party” has the meaning set forth in Section 10.3. 

  

	1.40	“Indemnifying Party” has the meaning set forth in Section 10.3. 

  

	1.41	“Indication” means any or all of the Initial Indication and the Additional Indications, as the context dictates. 

 

	1.42	“Initial Indication” means [***]. 

  

	1.43	“Initial Option Exercise Period” has the meaning set forth in Section 3.2. 

  

	1.44	“Invention” means an invention that is conceived or made by a Party or its Affiliates, employees, sublicensees, independent contractors, agents, or consultants, alone or jointly with the other
Party, in the course of performing the Research Plan or other activities related to the Development, manufacture, or Commercialization of the Products under this Agreement. 

 

	1.45	“Joint Invention” has the meaning set forth in Section 8.1(c). 

  

	1.46	“Joint Patent” has the meaning set forth in Section 8.1(c). 

  

	1.47	“Joint Research Committee” or “JRC” has the meaning set forth in Section 2.1. 

  
 5. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	1.48	“Know-How” means Inventions, discoveries, know-how, trade secrets, information, techniques, data, formulas,
procedures, and results, including without limitation physical, chemical, biological, toxicological, pharmacological, safety, and pre-clinical and clinical data, dosage regimens, control assays, and product
specifications, but excluding Patents. 

  

	1.49	“License” has the meaning set forth in Section 3.4. 

  

	1.50	“License Effective Date” means the Option Exercise Date with respect to a particular Indication. 

  

	1.51	“MAA” means a marketing authorization application or equivalent application, and all amendments and supplements thereto, filed with the applicable Regulatory Authority in any country or
jurisdiction. 

  

	1.52	“Major Market Countries” means [***]. 

  

	1.53	“Materials” means any tangible chemical or biological research materials that are provided or otherwise made available by one Party to the other Party under the terms of this Agreement. The term
Materials shall also include any unmodified derivatives or progeny of such Material. 

  

	1.54	“NDA” means a New Drug Application, as defined in the Federal Food, Drug, and Cosmetic Act, as amended, and applicable regulations promulgated thereunder by the FDA. 

 

	1.55	 “Net Sales” means the gross invoice price of Product (or Royalty Non-Adverum Product, as applicable) sold or otherwise disposed of by Editas or its Affiliates or sublicensee to independent Third Parties, reduced by the following amounts (calculated in accordance with generally
accepted accounting principles in accordance with International Financial Reporting Standards as consistently applied by Editas or its Affiliate or sublicensee, as applicable): (a) the amounts actually allowed or taken as volume, trade, quantity, or
early payment discounts; (b) credits actually given for returned Product (including withdrawals, recalls, rejections, and returns); (c) all rebates, chargebacks, retroactive price reductions, patient discount programs, and other sales
allowances that are actually granted to any payor, including managed health organizations, including rebates, reductions, and allowances mandated by government; (d) taxes (other than income or withholding taxes) directly attributable to the
sale of such Product (or Royalty Non-Adverum Product, as applicable), including duties, tariffs, mandated contribution or other governmental charges levied on the sale of such Products, including VAT, excise taxes, sales taxes, and that portion of
the annual feel on prescription drug manufacturers imposed by the Patient Protection and Affordable Care Act, Pub. L. No. 111-148 (as amended), that Editas or its Affiliates or sublicensees, as
applicable, allocate to the sales of such Product in accordance with Editas or its Affiliate’s or sublicensee’s standard policies and procedures consistently applied across its products, as applicable, in each case, to the extent non-creditable or refundable, (e) bad debt expense and amounts actually written off by reason of uncollectible debt; and (f) transportation costs, including insurance and shipping, freight, and handling
charges. Any consideration received in 

  
 6. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
exchange for the transfer of Product for use in clinical trials, sampling, promotional, and/or compassionate or charitable uses, or in connection with patient assistance programs, in each case at
or below cost, shall not be included in Net Sales. 

 If Editas or its Affiliates or sublicensees receive non-cash consideration for Product (or Royalty Non-Adverum Product, as applicable) sold or otherwise transferred to an independent Third Party, Net Sales for such sale or
transfer will be determined as above based on the average of the gross invoice prices charged to other independent Third Parties in respect of cash sales during the applicable Calendar Quarter. 

Sales between Editas and its Affiliates and sublicensees shall be disregarded for purposes of calculating Net Sales except if such purchaser is
an end user. 
  

	1.56	“Non-Adverum Product” means a genome editing product consisting of the Other Viral Vector containing a Therapeutic Expression Cassette to deliver one
(1) or more Collaboration Therapeutic Molecule(s) [***] directed to the Initial Indication, provided, that (A) a Non-Adverum Product for purposes of this Agreement, including without limitation, any
payments that may due pursuant to Sections 6.3(b) and 6.5(b), may only exists if the Parties have agreed to an Other Viral Vector Agreement and (B) such Non-Adverum Product is solely with respect to [***]
with respect to the Initial Indication. 

  

	1.57	“Option” has the meaning set forth in Section 3.1. 

  

	1.58	“Option Exercise Date” means the date (if any) on which Editas exercises the Option with respect to an Indication in accordance with Section 3.2. For clarity, if Editas exercises the
Option with respect to each Indication on separate dates, each such date shall be deemed an “Option Exercise Date” for the applicable Indication. 

  

	1.59	“Option Period” means the period of time commencing on the Effective Date and ending on the earlier of (a) the last to occur Option Exercise Date; and (b) the date on which the Option
expires in its entirety pursuant to Section 3.2. 

  

	1.60	“Other Viral Vector” means the [***] viral vector known as [***]. 

  

	1.61	“Out-of-Pocket Cost” means direct project related expenses paid or payable to Third Parties and specifically
identifiable and incurred in accordance with the Research Plan; such expenses shall have been recorded as income statement items in accordance with Adverum’s accounting standards and for the avoidance of doubt, will not include any travel
expenses, pre-paid amounts or capital expenditures, or financing costs without Editas’ prior consent. 

  

	1.62	“Patents” means (a) patents, re-examinations, reissues, renewals, extensions and term restorations, and foreign counterparts thereof, and
(b) pending applications for patents, including, without limitation, provisional applications, continuations, continuations-in-part, divisional and substitute
applications, inventors’ certificates, and extensions. 

  

	1.63	 “Product” means a genome editing product consisting of an Adverum Viral Vector (such
designation to be made on an Indication by Indication basis) containing a Therapeutic 

  
 7. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
Expression Cassette to deliver one (1) or more Collaboration Therapeutic Molecule(s) [***] for use in the Field. For clarity, [***] shall be treated as a single Product, including, for
purposes of the payments contemplated by Sections 6.3, 6.4 and 6.5 of this Agreement, but Products [***] will be deemed to be a different Product, unless [***]. 

  

	1.64	“Product Data” means testing results, data and trial protocols specific to a Product (whether or not such Product includes a Viral Vector) generated or developed in the course of work
performed under this Agreement. Product Data are a subset of Research Data. 

  

	1.65	“Prototype Product” means an Editas genome editing product that includes a Viral Vector that is being tested by Editas during the Option Period for the applicable Indication, subject to
Editas’ exclusivity obligation under Section 3.11. Any Prototype Product shall be deemed a Product after Editas exercises the Option with respect to the Indication applicable to such Product. 

 

	1.66	“Regents” means the Regents of the University of California. 

  

	1.67	“Regulatory Approval” means any and all approvals, licenses, registrations, permits, notifications, and authorizations (or waivers) of any applicable Regulatory Authority that are necessary for
the manufacture, use, storage, import, transport, promotion, marketing, distribution, offer for sale, sale, or other commercialization of a Product in a given country or regulatory jurisdiction. 

 

	1.68	“Regulatory Authority” means any applicable Governmental Authority responsible for granting Regulatory Approvals for Products, including the FDA, the EMA, and any corresponding national or
regional regulatory authorities. 

  

	1.69	“Regulatory Exclusivity” means any exclusive marketing rights or data exclusivity rights conferred by any Regulatory Authority with respect to a pharmaceutical product other than Adverum Patents,
including orphan drug exclusivity, new chemical entity exclusivity, data exclusivity, or pediatric exclusivity. 

  

	1.70	“Regulatory Filings” means any regulatory application, submission, notification, communication (including meeting minutes), correspondence, registration, briefing documents, and other filings
made to, received from, or otherwise conducted with a Regulatory Authority in order to Develop, manufacture, or Commercialize a Product in a particular country or jurisdiction, including any IND, MAA, or Regulatory Approval. 

 

	1.71	“Research Budget” has the meaning set forth in Section 2.2(a). 

  

	1.72	“Research Costs” means expenses incurred by Adverum in carrying out the work under the Research Plan, calculated as the sum of (i) all Out-of-Pocket Costs incurred by Adverum with respect to the activities outlined in the Research Plan, including the cost of acquiring clinical supplies; and (ii) the cost of Adverum employees in carrying
out the activities outlined in the Research Plan calculated at the FTE Rate [***]. 

  
 8. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	1.73	“Research Data” means all data, results, records, reports, information and any other Know-How which are generated in the course of the performance of
activities under the Research Plan. 

  

	1.74	“Research Period” shall mean the period commencing on the Effective Date and ending on the earlier of (i) completion of all research contemplated by the Research Plan (as may be amended from
time to time by mutual agreement of the Parties) and (ii) [***]. 

  

	1.75	“Research Plan” has the meaning set forth in Section 2.2(a). 

  

	1.76	“Research Records” has the meaning set forth in Section 2.3(a). 

  

	1.77	“Royalty Term” has the meaning set forth in Section 6.5(c). 

  

	1.78	“Sole Inventions” has the meaning set forth in Section 8.1(c). 

  

	1.79	“Sublicensee Revenue” means all consideration received by Editas or its Affiliates from a current or prospective sublicensee in consideration for the grant to or by, or the exercise by, such
sublicensee or its Affiliate or licensee of an option, license, or other right to Develop or Commercialize any Product (and, for purposes of clarity, the term Product shall not include any Non-Adverum
Product), which may include upfront payments, option fees, license fees, annual maintenance fees, minimum annual payments, and milestone payments, but specifically excludes payments received by Editas or its Affiliates (a) that constitute
royalties and other payments based upon the magnitude of sales of Products, (b) as consideration for the issuance to such sublicensee of equity or debt securities of Editas or its Affiliates to the extent above the fair market value,
(c) for providing Development or Commercialization services to such sublicensee after the effective date of the agreement between Editas and such sublicensee on normal commercial terms; or (d) as reimbursements or funding for research and
development costs and reasonable patent prosecution, maintenance, or defense expenses actually incurred by Editas or its Affiliates. 

  

	1.80	“Term” has the meaning set forth in Section 12.1. 

  

	1.81	“Territory” means worldwide. 

  

	1.82	“Therapeutic Expression Cassette” means: (a) one or more nucleic acid sequences containing and capable of expressing a transgene encoding a Collaboration Therapeutic Molecule, and
(b) which can be or is integrated within the Viral Vector, provided that for purposes of this Agreement, references to Therapeutic Expression Cassette are intended only to include the sequence or portion of a sequence that fulfills subsection
(a) and not Expression Elements. 

  

	1.83	“Therapeutic Invention” means any Collaboration Invention that pertains to: (a) the composition of a Collaboration Therapeutic Molecule or Therapeutic Expression Cassette;
(b) the method of using a Collaboration Therapeutic Molecule or Therapeutic Expression Cassette; or (c) the method and process of manufacturing the Collaboration Therapeutic Molecule or Therapeutic Expression Cassette, other than any
Vector Manufacturing Technology, other than any Vector Invention or Expression Element Invention. 

  
 9. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	1.84	“Third Party” means any Person other than a Party or an Affiliate of a Party. 

  

	1.85	“UC Agreement [***]” means that certain [***] Agreement by and between Adverum and the Regents dated as of [***]. 

 

	1.86	“UC Agreements” means those Upstream Agreements between the Regents and Adverum. The UC Agreements as of the Effective Date are listed in Exhibit B. 

 

	1.87	“UC Patents” means those Patents listed in Exhibit A. 

  

	1.88	“United States” or “US” means the United States of America, its territories and possessions. 

 

	1.89	“Upstream Agreements” means those agreements which concern the Adverum Technology that is Controlled by Adverum pursuant to an agreement with a Third Party, provided that, if any agreement is
entered into after the Effective Date under which Adverum obtains any intellectual property from a Third Party, such agreement shall only be included as an Upstream Agreement, and such intellectual property included as Adverum Technology, to the
extent Editas consents to such inclusion and agrees to be bound by the terms and conditions of such Third Party agreement and make payments thereunder that are triggered by Editas’ activities under this Agreement, further provided that Editas
shall not be required to consent to such inclusion, in which event such Third Party intellectual property shall be excluded from the definition of Adverum Technology. The Upstream Agreements as of the Effective Date are listed in Exhibit B.

  

	1.90	“Vector Invention” means any Collaboration Invention that pertains to the Vector Technology other than any Expression Element Invention. 

 

	1.91	“Vector Manufacturing Cassette” means a nucleic acid sequence containing and capable of expressing viral genes that are necessary or useful for the replication, packaging or production of an
Adverum Viral Vector in a host cell. 

  

	1.92	“Vector Manufacturing Technology” means compositions of matter and methods of use that pertains to (a) Vector Manufacturing Cassettes that are useful for improving the production of Adverum
Viral Vector by a host cell, and/or (b) baculoviruses, in each case that is not specific to the expression of the Collaboration Therapeutic Molecule. 

  

	1.93	“Vector Technology” means technology pertaining to: (a) compositions of matter comprising, and methods of and compositions for using, designing, discovering or creating (but specifically not
manufacturing), an Adverum Viral Vector, and/or (b) the Vector Manufacturing Technology. 

  

	1.94	“Viral Vector” means an Adverum Viral Vector or the Other Viral Vector. 

  
 10. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	2.	GOVERNANCE AND RESEARCH DURING THE RESEARCH PERIOD 

  

	2.1	Joint Research Committee. 

  

	 	(a)	Establishment. The Parties will establish a joint research committee (the “Joint Research Committee” or “JRC”) , composed of three (3) representatives of each Party, each of
whom have experience in pharmaceutical discovery and development. Within thirty (30) days following the Effective Date, each Party will notify the other Party of the dates of availability for the first meeting of the JRC. Each Party may replace
its representatives on the JRC on written notice to the other Party. The initial members of the JRC are listed in Exhibit C. 

  

	 	(b)	Responsibilities. The JRC shall oversee and review the execution of the Research Plan. In particular, the JRC shall be responsible for discussing and reviewing the status, progress, and results of Adverum’s
performance of the Research Plan and the Research Budget. 

  

	 	(c)	Meetings. The JRC Committee shall meet at least once per Calendar Quarter during the Research Period. The JRC shall hold its first meeting as soon as reasonably practicable, but in no event later than sixty
(60) days following the Effective Date. Meetings will be held at such place or places as are mutually agreed or by teleconference or videoconference. Each Party may from time to time invite a reasonable number of participants who are under
obligations of confidentiality consistent with this Agreement, in addition to its representatives, to attend JRC meetings in a non-voting capacity, with the consent of the other Party (which shall not be
unreasonably withheld). At each JRC meeting, each Party will update the other Party on, and the Parties will review and discuss, the performance of the Research Plan, the status of Development activities with respect to the Products for the
Indications, and possible amendments to the Research Plan. Each Party shall solely bear all costs it incurs in connection with its participation at any meetings under this Section 2.1(c). 

 

	 	(d)	Decision Making. The JRC will make decisions by unanimous vote, with the representatives of each Party collectively having one (1) vote. In the event the Parties’ JRC representatives do not agree on any
particular matter, then: 

  

	 	(i)	the [***] representatives shall have the final decision making authority with respect to (A) [***], (B) any [***] that is [***]; and (C) the [***] and [***]; and 

 

	 	(ii)	all other disagreements are to be decided by the mutual agreement of the Parties, including decisions with respect to the [***] or [***]. 

 

	 	(e)	JRC Authority. The JRC shall have no authority to amend or interpret this Agreement, nor to expand the obligations of either Party under this Agreement. 

  
 11. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	2.2	The Research Plan. 

  

	 	(a)	Content. All studies of the Prototype Product during the Research Period shall be conducted pursuant to a written research plan (as amended in accordance with this Agreement, the “Research
Plan” and the activities contemplated thereby, the “Research”). The Research Plan shall set forth the timeline and details of all the activities to be conducted by each Party or its Affiliates and, in
the case of activities to be carried out by Adverum, the anticipated budget for all Research Costs (the “Research Budget”). The initial version of the Research Plan, which has been agreed to by the Parties, is attached
hereto as Exhibit D. 

  

	 	(b)	Research Plan Responsibilities. Each Party shall be responsible for conducting the activities assigned to it in the Research Plan and shall conduct such activities in accordance with the Research Plan and, in the
case of Adverum, the Research Budget. 

  

	 	(c)	Research Costs. Editas shall be responsible for (i) all costs Editas incurs in performing its obligations under the Research Plan, and (ii) all Research Costs reasonably incurred by Adverum in
performing its obligations under the Research Plan, subject to a maximum payment obligation of [***] of the Research Budget each Calendar Quarter or such greater amount as Editas may approve in writing, provided, that such approval must be obtained
in advance of Adverum incurring expenses in excess of such amounts. Adverum shall submit an invoice to Editas on a Calendar Quarter basis within [***] calendar days following the end of such Calendar Quarter for reimbursement of Research Costs,
which invoice will set forth in detail the costs to be reimbursed, and Editas shall pay each such invoice within [***] days of receipt of such invoice to the extent (i) such invoice is not subject to a good faith dispute and (ii) is not,
when taken together with any prior invoices, in excess of [***] of the Research Costs in the aggregate or [***] of the Research Costs allocated to the applicable Calendar Quarter. In the event that Adverum anticipates that Research Costs will exceed
the Research Budget by more than [***], Adverum shall promptly notify the JRC so that it may review any such anticipated increase and propose an amendment to the Research Budget, provided, that any change to the Research Budget shall require
Editas’ written approval. 

  

	 	(d)	 Revisions to Research Plan. The Parties agree and acknowledge that the initial version of the
Research Plan is subject to change and that Editas may request that other studies or tasks be performed by Adverum with respect to Prototype Products, which Adverum shall agree to conduct, provided, that [***] (such requests, “Additional
Requests”). Adverum shall propose to Editas within [***] business days (or [***] days in the event it is not practicable for Adverum to provide such proposal within [***] business days) (i) a reasonable increase of the Research Budget
attributable to the Additional Request, including, without limitation, the number of necessary FTEs (and, for purposes of clarity, the costs of FTEs shall be the FTE rate [***]), and (ii) a reasonable timeframe for completing the Additional
Request. The scope of the Additional Request, as well as the 

  
 12. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
related Research Budget and timeline, shall be subject to the mutual agreement of both Parties. In the event an Additional Request is mutually agreed to pursuant to the prior sentence, then the
Research Plan and Research Budget shall be updated by the Parties to reflect such changes. If Editas [***], then Editas shall provide Adverum an Additional Request with respect to the research and development activities involving such [***], and
Adverum shall provide [***], which Editas shall have the right to review and comment on. Following the Parties’ agreement of [***] (the “Other Viral Vector Agreement”), the Research Plan and Research Budget shall be updated by
the Parties to reflect such Other Viral Vector Agreement, and Adverum shall perform the research and development in accordance with such updated Research Plan. 

  

	 	(e)	Conflict. If the terms of the Research Plan contradict, or create inconsistencies or ambiguities with, the terms of this Agreement, then the terms of this Agreement shall govern. 

 

	 	(f)	Conduct. Each Party shall, and cause any of its Affiliates to, conduct the activities assigned to such Party pursuant to the Research Plan: (i) in a professional manner; (ii) in accordance with good
scientific practices and Applicable Law; and (iii) on a timely basis. Each Party shall ensure that all personnel employed or engaged by such Party in connection with the conduct of such activities are bound by written agreements to assign to
such Party all of their right, title and interest in and to any Collaboration Invention. Other than routine service vendors, contract research organizations and clinical research organizations, neither Party shall use any Third Party to perform its
obligations under the Research Plan unless approved in writing by the other Party, and as of the Effective Date, Editas approves Adverum’s use of [***] to perform its obligations under the Research Plan, provided, in all cases that each Party
shall be liable for the actions and omissions of such Third Parties engaged by it. During the Research Period, Adverum shall devote substantially the number of FTEs to the conduct the Research as is specified in the Research Plan. 

 

	 	(g)	Scope of Adverum Technology. The central focus of the Research to be carried out by Adverum under this Agreement involves the testing and optimization of the Viral Vector for a potential Prototype Product,
including, without limitation, any Other Viral Vector in accordance with the terms of Section 2.2(d) or Section 3.11. The Parties recognize that Adverum also possesses other technology, including [***] that may be useful to individual Prototype
Products. Prior to incorporating any such Adverum technology into Prototype Products beyond Vector Technology, the Parties shall discuss the terms of any expanded license and, if mutually agreed, amend this Agreement accordingly. 

 

	 	(h)	 Technology Transfer. In order to facilitate the Research, each Party shall, as set forth in the Research
Plan, provide to the other Party certain Materials and Know-How Controlled by the supplying Party for use by the other Party in furtherance of the Research. All Materials transferred pursuant to the Research
Program shall be used (i) only for the specific purpose provided for in the Research Plan and (ii) 

  
 13. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
solely under the control of the receiving Party. The Materials may not be used or delivered to or for the benefit of any Third Party without the prior written consent of the supplying Party, and
shall not be used in research or testing involving human subjects, except within the scope of the commercial license under this Agreement. All Materials shall be returned to the supplying Party or destroyed (at the election of the supplying Party)
promptly after completion of the use permitted under this Agreement. In order to properly assess whether it wants to exercise its option with respect to an Additional Indication, Editas shall have the right to reasonably request Materials and Know-How from Adverum that are necessary or reasonably useful for Editas to make such assessment, which Adverum shall supply to Editas within a reasonable timeframe, and which Editas can use solely to evaluate
whether or not to exercise its Option with respect to an Additional Indication. 

  

	2.3	Research Data. 

  

	 	(a)	Records. Each Party shall maintain, and shall ensure that personnel employed or engaged by such Party in connection with the activities under the Research Plan maintain complete, current, and accurate
records of all activities conducted under the Research Plan (“Research Records”) and all Research Data. Such records shall fully and properly reflect all work done and results achieved in good scientific manner appropriate for
regulatory and patent purposes. Each Party shall maintain such records in a professional manner in compliance with, and for as long as required by, all Applicable Laws. Neither Party shall not destroy any such records without first providing the
other Party a reasonable opportunity to take possession of such records. 

  

	 	(b)	Ownership. All Research Records and Research Data shall be: (i) if [***] or [***] or [***] or [***], in each case, solely owned by Editas and deemed Editas’ Confidential Information; (ii) if [***]
and [***] and/or [***], solely owned by Adverum and deemed Adverum’s Confidential Information; and (iii) if [***] and/or [***], jointly owned by the Parties and deemed Confidential Information of both Parties. Each Party hereby assigns its
rights, title and interest in and to any such Research Records and Research Data to effectuate the intent of this Section 2.3(b). 

  

	 	(c)	Delivery. Each Party shall provide the other Party updates to the Research Data (or sooner if contemplated by the Research Plan) (i) at each regularly schedule JRC meeting and (ii) upon reasonable
request from the other Party. In addition, each Party shall provide the other Party with copies of all Research Data, to the extent not previously delivered, within thirty (30) days of completion of the Research. Following the expiration or
termination of the Research Period, each Party shall deliver a final report to the JRC, which shall include a summary of all the Research Records and Research Data, including any raw data for the work conducted under the Research Plan.

  
 14. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	2.4	Material Impediment. In the event the Parties mutually agree, in good faith, that there has been a material impediment in using the Adverum Viral Vector for any Indication, then Editas shall have the right to
terminate this Agreement with respect to such Indication pursuant to Section 12.3, provided that: (a) if such termination occurs prior to Editas’ exercise of its Option with respect to such termination, the non-exercise of such Option by Editas in such Indication shall not prejudice Editas’ option exercise with respect to any other Indication as set forth in Section 3.3; (b) Section 4.6 and the
provisions pertaining to Non-Adverum Product(s), if applicable, shall survive such termination even if such termination occurs with respect to the Initial Indication. 

 

	3.	OPTION AND LICENSES 

  

	3.1	Option Grant. Subject to the terms and conditions of this Agreement, Adverum hereby grants to Editas an exclusive option to obtain the License (“Option”) exercisable as set forth in Sections 3.2
and 3.3. 

  

	3.2	Option for Initial Indication. Editas may elect, in its sole discretion, to exercise the Option with respect to the Initial Indication by providing written notice to Adverum at any time within twelve
(12) months following the Effective Date (the “Initial Option Exercise Period”). If Editas exercises such Option (the “Option Exercise”), it shall designate the Adverum Viral Vector that Editas selects for use
with the Product directed to the Initial Indication and Editas shall (1) pay an exercise fee pursuant to Section 6.2 and (2) receive the license set forth in Section 3.4(a). For clarity, Editas may, in its sole discretion, elect to
use the Other Viral Vector solely with respect to [***] with respect to the Initial Indication solely in accordance with Section 4.6. 

  

	3.3	Option For Additional Indications. Whether or not Editas exercises the Option with respect to the Initial Indication within the Initial Option Exercise Period, Editas shall have the right to elect, in its sole
discretion, to exercise the Option with respect to one or more (and up to all) of the Additional Indications by providing written notice to Adverum, provided that Editas shall exercise all such Options within the three years following the Effective
Date (the “Additional Indication Option Exercise Period”), provided, that Editas has either made the Initial Option Exercise or has made an option exercise pursuant to this Section 3.3 during the two (2) year
period following the Effective Date. With each exercise of the Option with respect to each Additional Indication, Editas shall (a) pay the option exercise fee under Section 6.2, (b) receive the license set forth in Section 3.4(a) with
respect to such Additional Indication and (c) designate the Adverum Viral Vector that will be used with the Product directed to such Additional Indication (which must be an Adverum Viral Vector and not the Other Viral Vector). If there are any
Additional Indications as to which Editas does not exercise the Option within the Additional Indication Option Exercise Period, then: (i) the Option with respect to such Additional Indication(s) shall no longer be exercisable and the License
granted under Section 3.4 shall be of no force or effect with respect to such Additional Indication(s); (ii) Adverum will be free to initiate, solicit, discuss, negotiate or enter into any agreement or arrangement with any Third Party regarding
licensing or other disposition of any rights to the Adverum Technology with respect to such Additional Indication(s), without further obligation to Editas and (iii) Section 3.11 shall lapse with respect to such Additional Indication(s).

  
 15. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	3.4	License Grant to Editas. As used herein, the term “License” shall refer to the license granted by Adverum to Editas under either Section 3.4(a) or 3.4(b), as the case may be. 

 

	 	(a)	If Editas designates an Adverum Viral Vector for use with a Product pursuant to Section 3.2 or Section 3.3, then Adverum shall grant and hereby grants to Editas, effective as of the License Effective
Date, an exclusive (even as to Adverum), worldwide, royalty-bearing, license, with the right to sublicense as set forth in Section 3.8, under the Adverum Technology to Develop, make, have made, use, import, export, offer for sale, sell, and
otherwise Commercialize such Product in the Field applicable to such Product (which, in the case of a License granted with respect to an Additional Indication, shall include any disease causing mutation related to such Additional Indication) in the
Territory, but with respect only to Products that incorporate an Adverum Viral Vector. This License (and the Parties’ rights and obligations thereunder) shall automatically become effective on the License Effective Date without the need for
further action by the Parties. 

  

	 	(b)	If the Parties reach the Other Viral Vector Agreement, Adverum shall grant and hereby grants to Editas, effective as of the License Effective Date, an exclusive (even as to Adverum), worldwide, royalty-bearing,
license, with the right to sublicense as set forth in Section 3.8, under the Adverum Technology (excluding, however, Vector Manufacturing Technology and any rights under the UC Agreements) to Develop, use, import, export, offer for sale, sell,
and otherwise Commercialize a Non-Adverum Product in the Initial Indication in the Field and in the Territory. The License (and the Parties’ rights and obligations thereunder) shall automatically become
effective on the License Effective Date without the need for further action by the Parties. 

  

	3.5	License Grant to Adverum. Editas hereby grants to Adverum, effective as of the Effective Date, a non-exclusive, royalty-free license under the relevant Patents and Know-How Controlled by Editas (the “Editas IP”) solely to perform its obligations under the Research Plan and for no other purpose. 

 

	3.6	 No Non-Permitted Use. Editas hereby covenants that it will not,
nor will it cause or permit any Affiliate or sublicensee to, knowingly use or practice, directly or indirectly, any Adverum Patents and/or Adverum Know-How transferred to Editas for any purposes other than
those expressly permitted by this Agreement. Adverum hereby covenants that it will not, nor will it cause or permit any Affiliate or sublicensee to, knowingly use or practice, directly or indirectly, any Editas IP transferred to Adverum for any
purposes other than those expressly permitted by Section 3.5 of this Agreement. Without limiting the foregoing, the Parties hereby covenant that they will not, nor will they cause or permit any Affiliate or sublicensee to: (a) derivatize
or reverse engineer the other Party’s Materials (specifically, in the case of Editas, modify, derivatize or reverse engineer any Adverum Viral Vector), and/or (b) knowingly use or practice, directly or indirectly, any of the other
Party’s intellectual property transferred pursuant to the terms of this 

  
 16. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
Agreement for any purpose other than the research, Development, or Commercialization of the Products pursuant to this Agreement (specifically, in the case of Editas, research, Develop and/or
Commercialize any Product outside an Indication for which Editas has exercised its Option therefor, except for a Non-Adverum Product in accordance with this Agreement). 

 

	3.7	No Other Licenses. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether by implication or otherwise, other than the license rights that are expressly
granted under this Agreement. 

  

	3.8	Sublicensing. 

  

	 	(a)	Restrictions. Editas shall have the right to sublicense any of the license rights granted to it under Section 3.4 to any of its Affiliates or any Third Party, provided that: (i) each sublicense is
generally consistent with the terms and conditions of this Agreement, (ii) each sublicense under Section 3.4(a) sets forth the date upon which Adverum’s license with respect to the UC Patents expires, and (iii) Editas remains
responsible for the performance of its obligations under this Agreement. 

  

	 	(b)	Copies. Editas shall notify Adverum within thirty (30) days after execution of a sublicense entered into hereunder and provide a copy of the fully executed sublicense agreement to Adverum at the same time,
which sublicense agreement shall be deemed the Confidential Information of Editas. If Adverum is required by any Upstream Agreement to provide Adverum’s upstream licensor a copy of such sublicense agreement, Editas shall provide to Adverum a
copy of such sublicense agreement which may be redacted to the extent permitted under such Upstream Agreement, as set forth in Section 3.9, and Adverum shall use and/or disclose such copy solely and only to the extent necessary to fulfill its
obligations to such upstream licensor. 

  

	3.9	Upstream Agreements. 

  

	 	(a)	All licenses granted by Adverum under this Article 3, to the extent licensed or sublicensed to Adverum under an Upstream Agreement and licensed to Editas under this Article 3, are subject to the relevant terms
and conditions of the Upstream Agreements. Any exclusive licenses that are granted under this Article 3 that constitute sublicenses under the Upstream Agreements are exclusive only to the extent of the nature of the license granted to Adverum under
the Upstream Agreements. Editas acknowledges that it has received copies of the Upstream Agreements prior to the Effective Date. 

  

	 	(b)	Any sublicense granted to any Third Party under any of the [***] Agreements must include the following: (i) a statement setting forth the date upon which Adverum’s exclusive rights, privileges, and
licenses to the Patents expire under the [***] Agreements, (ii) provisions passing through to sublicensees all of the rights of the [***] under the [***] Agreements and requiring the performance of all applicable obligations due under the [***]
Agreements, other than those that are the direct obligations of Adverum, (iii) an indemnity from such sublicensee in favor of the [***] upon the same terms as set forth in such [***] Agreement. 

  
 17. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(c)	Any sublicense granted to any Third Party under any of the [***] Agreements may provide such sublicensee the right to further sublicense only to the extent such sublicensee deems such sublicenses commercially
reasonable, useful, or necessary for the development and/or commercialization of the Licensed Product(s) or Licensed Method(s) (solely for purposes of this Section 3.9(c), both as defined under Sections [***] of the [***] Agreements) in accordance
with the [***] Agreements, provided that (i) such further sublicenses are subject to a written agreement, consistent with the terms and conditions of the [***] Agreements and (ii) each sublicensee shall, within thirty (30) days after
issuing any further sublicense, furnish to Adverum, subject to any confidentiality provisions with third parties but in any event sufficient for Adverum to fulfill its obligations under the [***] Agreements, all material terms of any such
sublicenses pertaining to the [***] interests, including the sublicensee name and address and the indemnification of the [***] as provided in the [***] Agreements. 

 

	 	(d)	Editas shall, within thirty (30) days following the grant of any sublicense under a [***] Agreement, provide to Adverum for delivery to the [***], subject to any confidentiality provisions with third parties
but in any event sufficient for Adverum to fulfill its obligations under the [***] Agreements, all material terms of such sublicense pertaining to the [***] interests, including the sublicensee name and address, and confirmation of the foregoing
indemnification. Additionally, Editas shall provide to Adverum so that Adverum can provide the [***] with a copy of each sublicense agreement, which may be redacted to protect sensitive information, but must contain sufficient information to assure
the [***] that the sublicense is consistent with the [***] Agreement, and under no circumstances shall any financial terms necessary to calculate payments due to the [***] be redacted. Editas consents to Adverum’s provision of this Agreement to
the [***] pursuant to Section [***] of the [***] Agreements, subject to any confidentiality provisions with third parties but in any event sufficient for Adverum to fulfill its obligations under the [***] Agreements. 

 

	 	(e)	Pursuant to Sections [***] of the [***] Agreement [***], the Inventions (solely for purposes of this Section 3.9(e) and Section 3.9(g), as defined in the [***] Agreement [***]), were funded in part by the U.S.
government. Products covered by patent applications or patents claiming the Inventions and sold in the United States shall, to the extent required by applicable Law (including PL 96-517, as amended by PL 98-620), be substantially manufactured in the United States. 

  

	 	(f)	 Pursuant to Section [***] of the [***] Agreements, for any Patent Rights licensed to Adverum pursuant to
the [***] Agreements, upon termination of one or more of the [***] Agreements for any reason, so long as Editas is in compliance with this Agreement as of the date of such termination of the [***] Agreement(s), the license to the applicable Patent
Rights under Section 3.4 shall survive termination of the [***] Agreement(s) and Editas shall be allowed, at its discretion, to become 

  
 18. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
a direct licensee of the [***], provided that (i) each such direct license shall be subject to the same non-financial terms and conditions as those in
the terminated [***] Agreement(s) except that the [***] shall not be bound to perform any duties or obligations set forth in this Agreement that extend beyond the duties and obligations of the [***] under the terminated [***] Agreement(s); (ii)
Editas (or if there is at such time more than one surviving sublicensee, such sublicensees [***]) shall be required to make [***] payments due pursuant to Section [***] of the terminated [***] Agreement(s) or any [***] due pursuant to Section [***]
of the terminated [***] Agreements; and (iii) Editas shall be required to make any other monetary payment(s) that, had the terminated [***] Agreement(s) not been terminated, Adverum would have been required to make under the [***] Agreements as
a result of its license to or the activities of Editas. 

  

	 	(g)	[***] and [***] expressly reserve the right to [***] (solely for purposes of this Section 3.9(g), as defined in the [***] Agreements or with respect to [***], as defined in [***] Agreement [***]) for [***]; to
[***] and [***], or [***] and/or [***] (solely for purposes of this Section 3.9(g), as defined in the [***] Agreements or with respect to [***], as defined in [***] Agreement [***]) to [***] for [***] and [***] for [***]. 

 

	3.10	Non-Encumbrance. During the Initial Option Exercise Period, Adverum shall not, and shall cause its Affiliates not to, license, dispose of, sell, grant an option or any
other right to acquire a right or license to, or otherwise transfer or encumber, directly or indirectly, any right, title or interest in the Adverum Technology or Vector Technology to any extent such Adverum Technology or Vector Technology is
subject to the Option contemplated by Section 3.2(a), in a manner that would prevent Editas from obtaining the rights it would have otherwise obtained upon the exercise of the Option hereunder with respect to the Initial Indication. During the
Additional Indication Option Exercise Period, Adverum shall not, and shall cause its Affiliates not to, license, dispose of, sell, grant an option or any other right to acquire a right or license to, or otherwise transfer or encumber, directly or
indirectly, any of its Adverum Technology or Vector Technology to any extent such Adverum Technology or Vector Technology is subject to the Option contemplated by Section 3.3, in a manner that would prevent Editas from obtaining the rights it
would have otherwise obtained upon the exercise of the Option hereunder with respect to such Additional Indication(s). 

  

	3.11	 Exclusivity. Other than as contemplated by this Agreement, Editas shall not have the right to
conduct any [***] activities, either by itself or through any of its Affiliates or with a Third Party, with respect to [***] (including without limitation [***]) and directed at: (a) the [***] (other than [***]) or any [***], in each case,
during the Option Period for such Indication; or (b) [***], (other than [***]) (such exclusivity, the “Editas Exclusivity”). Other than as contemplated by this Agreement, Adverum shall not have the right to conduct any [***]
activities, either by itself or through any of its Affiliates or a Third Party, with respect to [***] (including without limitation [***] and directed at: (i) [***], in each case, during the Option Period [***]; or (ii) [***] (such exclusivity, the
“Adverum Exclusivity”). Notwithstanding the foregoing sentence, Adverum and its Affiliates shall not have the right to [***] with respect to [***]. Notwithstanding the

  
 19. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
foregoing, (A) Editas may terminate this Agreement on an Indication-by-Indication basis by providing written
notice to Adverum under Section 12.3, upon which termination the exclusivity obligation under this Section 3.11 with respect to such terminated Indication shall be of no further effect with respect to both Adverum and Editas; and
(B) the Editas Exclusivity shall terminate with respect to the Initial Indication if the Agreement is terminated with respect to the Initial Indication for any material impediment in accordance with Section 2.4 of this Agreement. For
purposes of clarity though, Editas may always terminate the Agreement on an Indication-by-Indication basis, including the Initial Indication, pursuant to clause
(A) of this sentence and Section 12.3, regardless of whether there has been a material impediment pursuant to the terms of Section 2.4 of this Agreement. 

 

	4.	DEVELOPMENT AND REGULATORY 

  

	4.1	Disclosure of Know-How. Following the License Effective Date, Adverum shall disclose to Editas such Adverum Know-How as Editas
reasonably requires to carry out the Research Plan. Thereafter, on a Calendar Quarter basis during the Term, Adverum, without additional consideration but at the reasonable request of Editas, shall disclose to Editas or its designated Affiliate any
additional Adverum Know-How not previously disclosed, to the extent necessary for Editas’ conduct of the Research Plan during the Option Period or Editas’ practice of the license granted under
Section 3.4 after its exercise of the Option. 

  

	4.2	Development Costs. Subject to Section 4.6, Editas shall be solely responsible, at its own cost, for the Development of Products in the Field in the Territory, other than any activities assigned to be
performed by Adverum pursuant to the Research Plan. 

  

	4.3	Joint Development Committee. 

  

	 	(a)	Establishment. The Parties will establish a Joint Development Committee (the “JDC”), composed of three (3) representatives of each Party, each of whom have experience in pharmaceutical discovery
and development. Within thirty (30) days following the notice by Editas that it is exercising its Option, each Party will designate its initial members to serve on the JDC and notify the other Party of the dates of availability for the first
meeting of the JRC. Each Party may replace its representatives on the JDC on written notice to the other Party. 

  

	 	(b)	Responsibilities. The purpose of the JDC shall be to be solely advisory, to serve as a forum for Editas to present its activities related to the Development of a Product and to discuss and review the status,
progress, and results of Editas’ performance of such Development . 

  

	 	(c)	 Meetings. The JDC Committee shall meet at least once every six months during the period commencing with
Editas’ exercise of the Option and continuing until the date provided in Section 4.3(e) below. The JDC shall hold its first meeting as soon as reasonably practicable following Editas’ exercise of the Option. Meetings will be held at such
place or places as are mutually agreed or by teleconference or 

  
 20. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
videoconference. Each Party may from time to time invite a reasonable number of participants who are under obligations of confidentiality consistent with this Agreement, in addition to its
representatives, to attend JDC meetings, with the consent of the other Party (which shall not be unreasonably withheld). At each JDC meeting, Editas will update, in its sole discretion, Adverum on, and the Parties will review and discuss, the
status of Development activities with respect to the Products for the Indications for which Editas has exercised its Option. Each Party shall solely bear all costs it incurs in connection with its participation at any meetings under this Section
4.3(c). 

  

	 	(d)	Decision Making. The JDC shall have no decision-making authority. The purpose of the JDC is to concurrently inform, to the extent and at the sole discretion of Editas, Adverum as to the ongoing Development of
Products while enabling Adverum to provide informed advice to the extent useful. 

  

	 	(e)	Termination. The JDC shall be disbanded at such time (i) that each Product being Developed by Editas under this Agreement has (A) commenced a Phase III clinical trial (first patient dosing), (B) been
discontinued by Editas, (ii) Editas elects to disband the JDC or (iii) Editas has opted to terminate all Licenses for which it has exercised its Option. 

 

	4.4	[Intentionally Reserved] 

  

	4.5	Development Diligence. Editas shall use Commercially Reasonable Efforts to Develop and Commercialize Products for use in the Field in the Territory for any Indication for which Editas has exercised its Option or,
if the Parties have agreed [***] and, in each case, to obtain Regulatory Approval for such Product in at least one of the Major Market Countries. If Editas fails to commence or ceases to use Commercially Reasonable Efforts to Develop a Product
pursuant to the prior sentence, Adverum may terminate the license granted to Editas under Section 3.4 with respect to such Product, in accordance with the procedures set forth in Section 12.5. Without limitation of the foregoing,
with respect to each Additional Indication as to which Editas exercises its Option pursuant to Section 3.3, Editas shall [***] within [***] following [***] and [***] within [***] following the [***] unless [***]. If Editas fails to achieve such
milestones, Adverum may commence a proceeding under Section 12.5 to terminate Editas’ license rights to all Products directed to such Indication, subject to Editas’ rights to cure such breach as set forth in such Section 12.5 (it
being recognized that in such event [***] shall [***]). Once Editas has [***], the diligence obligation for such Product shall [***]. Notwithstanding the foregoing, Editas’ application of Commercially Reasonable Efforts [***] in any country or
territory in which [***] for such Product. 

  

	4.6	 Non-Adverum Product. If the Parties have reached the Other Viral
Vector Agreement, then Adverum shall have the right to elect to co-develop and co-commercialize the Non-Adverum Product. At the
time Editas decides to [***] with respect to such Non-Adverum Product [***], Editas shall notify Adverum in writing and provide Adverum with a reasonable summary development plan and budget for such Non-Adverum Product, and Adverum shall then make such election within [***] after receiving such 

  
 21. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
notice and information (a “Co-Development and Co-Commercialization Election”). If Adverum does not
exercise such Co-Development and Co-Commercialization Election, such Non-Adverum Product shall be deemed the “Royalty Non-Adverum Product.” If Adverum exercises its Co-Development and Co-Commercialization Election with respect to the Non-Adverum Product, the Parties shall negotiate in good faith to prepare and enter into an agreement for Adverum to co-develop and
co-commercialize such Non-Adverum Product, provided, that such agreement shall include the following terms: (i) an Adverum participation rate between [***] and
[***] (the “Participation Rate”), which is at the election of Adverum, (ii) the Parties shall split all costs, including development and commercialization of the Non-Adverum Product, and
gross profits related to the sale of the Non-Adverum Product, in each case, based on the Participation Rate, (iii) reasonable decision making authorities for such
Non-Adverum Product taking into consideration the Participation Rate, and (iv) [***] between the Parties with respect to such Non-Adverum Product, and, to the extent
[***] or [***] with respect to such Non-Adverum Product, [***] under the terms of such definitive agreement. In the event the Parties do not reach agreement on the terms and conditions for such co-development and co-commercialization arrangements within [***] days, [***]. 

  

	4.7	Development Reports. To the extent the first sentence of Section 4.5 is applicable, Editas will keep Adverum fully informed regarding the progress and results of the Development activities conducted by or on
behalf of Editas or its Affiliates or sublicensees. Such information shall constitute the Confidential Information of Editas. Within sixty (60) days after each June 30 and December 31, Editas shall provide Adverum with a written
report that summarizes all Development activities performed by or on behalf of Editas or its Affiliates or sublicensees during such the six month period preceding, as applicable, June 30 and December 31. 

 

	4.8	Standards of Conduct. Editas shall perform, and shall ensure that its Affiliates, sublicensees, and Third Party contractors perform, all Development activities in good scientific manner and in compliance with all
Applicable Laws. 

  

	4.9	Regulatory Filings. As between the Parties, Editas shall be solely responsible, at its own expense (provided, that if Adverum has made the Co-Development and Co-Commercialization Election, then costs associated with a Non-Adverum Product shall be split between the Parties based on the Participation Rate), for preparing and filing
all Regulatory Filings and seeking all Regulatory Approvals in the Territory, including preparing all reports necessary to obtain or maintain any Regulatory Approval. As between the Parties, Editas shall be the legal and beneficial owner of all
Regulatory Approvals in the Territory and shall be responsible for all communications and other dealings with the Regulatory Authorities relating to the Products in the Territory. 

 

	4.10	Manufacture and Supply. 

  

	 	(a)	 Vector Supply Following Research. During the performance of the Research Plan, the Parties shall consult
regarding the most effective means of providing for the manufacture and supply of Viral Vectors for Editas following the Effective Date. Except as set forth in the foregoing sentence, Editas shall be responsible for

  
 22. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
the manufacturing and supply of the Products under the Agreement, provided that, with respect to the manufacture and supply of the Adverum Viral Vector, Editas may: (i) engage Adverum to
manufacture and supply the Adverum Viral Vector to Editas for Development and Commercialization purposes, either by itself or through Adverum’s contract manufacturer, under a mutually-agreed supply agreement at Adverum’s cost of goods
(fully loaded using customary accounting allocations) [***]; or (ii) engage a Third Party contract manufacturer mutually agreed by the Parties (provided, that Adverum will not unreasonably withhold its consent with respect to Editas choice of
such Third Party) to manufacture and supply the Adverum Viral Vector to Editas for Development and Commercialization purposes. 

  

	 	(b)	Technology Transfer. If Editas elects to transfer Product supply to a Third Party manufacturer pursuant to Section 4.10(a)(ii), upon written request from Editas, Adverum shall commence a technology transfer to
such manufacturer of all Adverum Know-How related to the relevant Viral Vector as reasonably necessary for such manufacturer to be able to implement the manufacturing process used by Adverum (or its Affiliate
or CMO) to manufacture such Products. Such transfer to a CMO shall occur under agreements reasonably satisfactory to Adverum to protect its Confidential Information. Editas shall reimburse all reasonable out-of-pocket costs incurred by Adverum in the course of such technology transfer (including any payments to any contract manufacturer engaged by Adverum) plus compensate Adverum for its professional time at
the FTE Rate, provided, that Adverum needs to estimate the related cost to be incurred in connection with such transfer and provide written notice to Editas of the anticipated cost prior to commencing it. The Parties shall cooperate to complete such
technology transfer as soon as reasonably practicable after its commencement. 

  

	 	(c)	Drug Master File. If Editas elects a license under Section 3.4(a) and to the extent requested by Editas, Adverum shall on a timely basis establish a Drug Master File with the FDA and provide Editas rights of
cross-reference thereto, at Editas’ expense. 

  

	5.	COMMERCIALIZATION 

  

	5.1	Commercialization. Editas will be solely responsible for all aspects of Commercialization of the Product in the Field in the Territory, including planning and implementation, distribution, booking of
sales, pricing and reimbursement. The Commercialization of the Products shall be in Editas’ sole discretion. 

  

	5.2	Commercialization Reports. Following the First Commercial Sale, Editas shall keep Adverum fully informed regarding the progress and results of the Commercialization activities performed by or on behalf of Editas
or its Affiliate or sublicensee. Within [***] days after the end of each Calendar Quarter following the First Commercial Sale in a country, Editas shall provide Adverum with a written report that summarizes, in reasonable detail, all
Commercialization activities performed in such country during such Calendar Quarter, and compares such performance with the goals and timelines set forth in the Commercialization Plan. Editas shall also promptly provide Adverum with any additional
information reasonably requested by Adverum regarding Commercialization. 

  
 23. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	5.3	Standards of Conduct. Editas shall perform, or shall ensure that its Affiliates, sublicensees and Third Party contractors perform, all Commercialization activities in a good scientific and ethical business manner
and in compliance with all Applicable Laws. 

  

	6.	FEES AND PAYMENTS 

  

	6.1	Option Grant Fee. In consideration of the Option granted to Editas under Section 3.1, Editas shall pay to Adverum a one-time,
non-refundable payment of one million dollars ($1,000,000) within [***] business days of the Effective Date; provided that $500,000 of such payment shall be creditable against the amounts Editas may owe to
Adverum pursuant to Section 2.2(c). 

  

	6.2	Option Exercise Fee. Editas shall make a one-time, non-refundable, non-creditable
payment to Adverum of one million dollars ($1,000,000) for each Indication for which it exercises its Option to take a license under Section 3.4(a) within [***] business days after the applicable Option Exercise Date. 

 

	6.3	Development Milestones Payments. 

  

	 	(a)	Development Milestones for Products. Editas shall pay to Adverum the milestone payments set forth in the table below upon the first achievement of each milestone event by each Product whether such achievement is
by or on behalf of Editas, its Affiliates, or sublicensees (and with respect to the Initial Indication, such payments are due whether or not Editas is also Developing a Royalty Non-Adverum Product and making
development milestone payments under Section 6.3(b)): 

  

			
	 Milestone Event
	  	Milestone Payment
	 1.      Initiation of the first Phase 1 clinical trial of a
Product
	  	[***]
	 2.      Initiation of the first Phase 2 clinical trial of a
Product
	  	[***]
	 3.      Upon obtaining Regulatory Approval for the Product
 in the [***]
	  	[***]
	 4.      Upon obtaining Regulatory Approval for the Product
 in the [***]
	  	[***]

 Each milestone payment above shall be payable one time only for each Product to achieve the milestone. Under
no circumstances shall Editas be obligated to pay Adverum more than five million five hundred thousand dollars ($5,500,000) pursuant to this Section 6.3(a) for any one Product, no milestones will be due under this Section 6.3(a) with respect to a
Royalty Non-Adverum Product and for purposes of determining the achievement of milestones contemplated by the foregoing, the definition of Product as defined in this Agreement shall be taken into account. 

  
 24. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(b)	Development Milestones for Royalty Non-Adverum Product. Editas shall pay to Adverum the milestone payments set forth in the table below upon the first achievement of each
milestone event by the Royalty Non-Adverum Product (whether or not Editas is also Developing a Product directed to the Initial Indication and making development milestone payments under Section 6.3(a)) whether
such achievement is by or on behalf of Editas, its Affiliates, or sublicensees: 

  

			
	 Milestone Event
	  	Milestone Payment
	 1.     Initiation of the first GLP toxicology study of a Royalty Non-Adverum Product
	  	[***]
	 2.     Upon the first filing of an Investigational New Drug Application
with the FDA for a Royalty Non-Adverum Product
	  	[***]
	 3.     Initiation of the first Phase 1 clinical trial of a Royalty Non-Adverum Product
	  	[***]
	 4.     Initiation of the first Phase 2 clinical trial of a Royalty Non-Adverum Product
	  	[***]
	 5.     Upon obtaining Regulatory Approval for a Royalty Non-Adverum Product in the [***]
	  	[***]

 Each milestone payment above shall be payable one time only for each Royalty
Non-Adverum Product to achieve the milestone. Under no circumstances shall Editas be obligated to pay Adverum more than two million five hundred thousand dollars ($2,500,000) pursuant to this Section 6.3(b)
for any one Royalty Non-Adverum Product. For purposes of clarity, (i) [***] a Royalty Non-Adverum Product [***] and [***] shall be treated as a single Royalty Non-Adverum Product and (ii) the foregoing milestones are only payable once for the Royalty Non-Adverum Product. 

 

	 	(c)	Notice and Payment. Editas shall notify Adverum within ten (10) days after the achievement of any milestone event set forth in this Section 6.3. Upon receipt of such notice, Adverum shall deliver an
invoice to Editas regarding the achievement of such milestone and Editas shall pay to Adverum the applicable milestone payment within [***] days after the delivery of such invoice. 

 

	6.4	Commercial Milestone Payments. 

  

	 	(a)	Commercial Milestones. Editas shall pay to Adverum the commercial milestone payments set forth below upon the first achievement by each Product of aggregate Net Sales in the Territory (i.e., cumulative sales from
the first sale of such Product) exceeding the values indicated below. 

  
 25. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

			
	 Aggregate Net Sales of a Product in the Territory
	  	Milestone Payment
	 1.      Exceed [***]
	  	[***]
	 2.      Exceed [***]
	  	[***]

 Each milestone payment above shall be payable one time only for each Product. Under no circumstances shall
Editas be obligated to pay Adverum more than ten million dollars ($10,000,000) pursuant to this Section 6.4 for any one Product. For purposes of this Section 6.4, [***] any of the commercial milestones contemplated hereby. 

 

	 	(b)	Notice and Payment. Editas shall notify Adverum within [***] days after the achievement of any milestone event set forth in Section 6.4(a), whether sold by Editas, its Affiliates, or sublicensees. Upon receipt of
such notice, Adverum shall deliver an invoice to Editas regarding the achievement of such milestone and Editas shall pay to Adverum the applicable milestone payment within [***] days after the delivery of such invoice. 

 

	6.5	Royalty Payments. 

  

	 	(a)	Royalty Rate for Products. Editas shall make quarterly royalty payments to Adverum, on a Product-by-Product basis, on the Net Sales
of each Product sold in the Territory during the applicable Royalty Term, as calculated by multiplying the applicable royalty rate set forth below by the corresponding amount of Net Sales of such Product in the applicable Calendar Year.

  

					
	 Annual Net Sales of each Product in the Territory
	  	Royalty
Rate	 
	 For that portion of annual Net Sales less than or equal to [***]
	  	 	[***]	 
	 For that portion of annual Net Sales greater than [***] but less than or equal to
[***]
	  	 	[***]	 
	 For that portion of annual Net Sales greater than [***]
	  	 	[***]	 

  

	 	(b)	Royalty Rate for Royalty Non-Adverum Products. Editas shall make quarterly royalty payments to Adverum on the Net Sales of the Royalty
Non-Adverum Product sold in the Territory during the applicable Royalty Term, as calculated by multiplying the applicable royalty rate set forth below by the corresponding amount of Net Sales of the Royalty Non-Adverum Product in the applicable Calendar Year. 

  
 26. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

					
	 Annual Net Sales of each Royalty Non-Adverum Product in the
Territory
	  	Royalty
Rate	 
	 For that portion of annual Net Sales less than or equal to [***]
	  	 	[***]	 
	 For that portion of annual Net Sales greater than [***] but less than or equal to [***]
	  	 	[***]	 
	 For that portion of annual Net Sales greater than [***]
	  	 	[***]	 

  

	 	(c)	Royalty Term. Royalties shall be paid on a Product-by-Product and Royalty Non-Adverum Product-by Royalty Non-Adverum Product basis in the Territory from the First Commercial Sale of such Product or the Royalty Non-Adverum
Product, as applicable, in such country until the latest of (i) expiration of the last-to-expire Valid Claim of the Adverum Patents Covering such Product or Royalty
Non-Adverum Product, as applicable, in such country; (ii) the expiration of any Regulatory Exclusivity for such Product or Royalty Non-Adverum Product, as
applicable, in such country; or (iii) ten (10) years years after the First Commercial Sale of such Product or Royalty Non-Adverum Product, as applicable, in such country (the “Royalty
Term”). 

  

	 	(d)	Patent Expiration. If the Applicable Laws in a particular country or jurisdiction requires a royalty reduction after the expiration of the relevant patents, and the Royalty Term for a particular Product or
Royalty Non-Adverum Product, as applicable, in a country or jurisdiction extends beyond the time period set forth in Section 6.5(c)(i), then the royalty rates provided in Section 6.5 shall be reduced by
[***] for such Product or Royalty Non-Adverum Product, as applicable, in such country during the remainder of the Royalty Term that extends beyond the time period set forth in Section 6.5(c)(i).

  

	 	(e)	Third Party Licenses. If it is necessary for Editas, its Affiliates, or sublicensees to obtain a license from a Third Party under such Third Party’s Patents,
Know-How or any other intellectual property right to manufacture, use or sell a Product or Royalty Non-Adverum Product, as applicable, in the Field in the Territory or
Editas has already obtained a license to such rights, then Editas shall have the right to credit [***] of the payments made to such Third Party pursuant to such license against any royalty payments owed to Adverum hereunder with respect to such
Product or Royalty Non-Adverum Product, as applicable, subject to Section 6.5(g). 

  

	 	(f)	Generic Products. If one or more Generic Products to a Product or Royalty Non-Adverum Product, as applicable, is sold in any country in the Territory during the
Royalty Term for such Product or Royalty Non-Adverum Product, as applicable, in such country, and such Generic Products in the aggregate have a unit market share in that country of greater than or equal to
[***] during that Calendar Year, the royalty rates provided in Section 6.5(a) for such Product or Royalty Non-Adverum Product, as applicable, shall be reduced in such country by [***] for such Calendar
Quarter. 

  
 27. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(g)	Royalty Floor. In no event will the royalty reduction in Sections 6.5(d), (e) and (f) (by itself or in any combination) reduce the average royalty rate payable for any Product or Royalty Non-Adverum Product in any Calendar Year to an amount less than [***] or [***], respectively. 

  

	6.6	Sublicensee Revenue. Editas shall make annual payments to Adverum on any Sublicensee Revenue received by Editas during the applicable Calendar Year, as calculated by multiplying the sublicense fee of [***]
by the corresponding amount of Sublicensee Revenue received during the applicable Calendar Year, provided, however, that if the transaction giving rise to the Sublicensee Revenue included the grant of any other intellectual property rights to the
sublicensee in addition to rights to Products, Editas may reasonably apportion the proceeds it receives that would otherwise constitute Sublicensee Revenue as between the Products and other products included in such license grant, based on the
relative value of the Products and such other products. In addition, Editas may credit against payments due under this Section 6.6, milestone payments previously made by Editas under Section 6.3, to the extent the milestone payments under
Section 6.3 were made in respect of the achievement of a milestone by the same sublicensee, and the same intellectual property rights, that were the subject of the transaction which generated the Sublicensee Revenue giving rise to the payment
under this Section 6.6. 

  

	6.7	Upstream Payments. Adverum will be solely responsible for all payments due to Third Parties after the Effective Date pursuant to Upstream Agreements, including, for the avoidance of doubt, the UC Agreements.

  

	7.	PAYMENT; RECORDS; AUDITS 

  

	7.1	Payment; Reports. 

  

	 	(a)	Royalties. Following the First Commercial Sale, Editas will calculate and report royalty payments due by Editas to Adverum under Section 6.5 each Calendar Quarter. Editas shall pay all royalty payments due
under Section 6.5 within [***] days after the end of each Calendar Quarter and shall include with each payment a report setting forth, on a country-by-country and Product-by-Product basis, (i) the number of Products manufactured and the number of Products sold in such Calendar Quarter, (ii) the amount of gross sales of the
Products in such Calendar Quarter, (iii) the amount of Net Sales of the Product in such Calendar Quarter, (iv) a calculation of the royalty payment due on such sales, including the application of any reduction made in accordance with
Section 6.5(d), 6.5(e), and/or 6.5(f), and (v) the exchange rate for such country. 

  

	 	(b)	 Sublicense Revenue. Editas will calculate and report Sublicensee Revenue payments due by Editas to Adverum
under Section 6.6 each Calendar Year, provided, that no such report shall be required to be delivered by Editas if there was no Sublicense Revenue for the applicable Calendar Year. Editas shall pay all payments due under Section 6.6 within
[***] days after the end of each Calendar Year and shall include with each payment a report setting forth the amount and 

  
 28. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
description of all Sublicensee Revenue received by Editas and its Affiliates during such Calendar Quarter, and a calculation of the payment due to Adverum on such Sublicensee Revenue pursuant to
Section 6.6. 

  

	7.2	Exchange Rate; Manner and Place of Payment. All references to dollars and “$” herein shall refer to U.S. dollars. All payments hereunder shall be payable in U.S. dollars. When conversion of payments
from any currency other than U.S. dollars is required, such conversion shall be at an exchange rate equal to the weighted average of the rates of exchange for the currency of the country from which such payments are payable as published by The
Wall Street Journal, Western U.S. Edition, during the Calendar Quarter in which the applicable sales were made. All payments owed under this Agreement shall be made by wire transfer in immediately available funds to a bank and an account
designated in writing by Adverum. 

  

	7.3	Taxes. 

  

	 	(a)	Taxes on Income. Each Party shall be solely responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from the activities of the Parties under this Agreement.

  

	 	(b)	Tax Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding or similar obligations in respect of royalties, milestone payments, and other
payments made by Editas to Adverum under this Agreement. To the extent Editas is required to deduct and withhold taxes on any payment to Adverum, Editas shall deduct those taxes from such payment, pay the amounts of such taxes to the proper
Governmental Authority in a timely manner, and promptly transmit to Adverum an official tax certificate or other evidence of such withholding sufficient to enable Adverum to claim such payment of taxes. Adverum shall provide Editas any tax forms
that may be reasonably necessary in order for Editas not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Each Party shall provide the other with reasonable assistance to enable the recovery, as
permitted by Applicable Laws, of withholding taxes, value added taxes, or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding tax or value added tax.

  

	7.4	 Records; Audit. Editas shall keep, and shall require its Affiliates and sublicensees to keep, complete and
accurate records pertaining to the sale or other disposition of Products in sufficient detail to permit Adverum to confirm the accuracy of commercial milestone and royalty payments due hereunder. Adverum shall keep complete and accurate records
pertaining to the Research Costs in sufficient detail to permit Editas to confirm the accuracy of the incurrence of Research Costs by Adverum. In each case, such records shall be kept for [***] years following the end of the Calendar Quarter to
which they pertain. Adverum shall have the right to have an independent, certified public accountant reasonably acceptable to Editas audit such records to confirm Net Sales, royalties, commercial milestone payments, and Sublicense Revenue payments
for a period covering not more than [***] years following the Calendar Quarter to which they pertain. Such 

  
 29. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
audits may be conducted during normal business hours upon reasonable prior written notice to Editas, and not more than [***] per Calendar Year. Any such auditor shall not disclose Editas’
Confidential Information to Adverum, except to the extent such disclosure is necessary to verify the accuracy of the financial reports furnished by Editas or the amount of payments by Editas under this Agreement, and shall enter into a customary
confidentiality agreement with Editas. Any amounts shown to be owed but unpaid shall be paid within [***] days after the accountant’s report. Any overpayment by Editas revealed by an audit shall be credited against future payments owed by
Editas to Adverum (and if no further payments are due, shall be refunded by Adverum to Editas within [***] days after the accountant’s report). Editas shall have the right to audit Adverum’s records regarding the incurrence of Research
Costs by Adverum and, in the event of an overpayment by Editas to Adverum for such Research Costs, Adverum shall refund such overpayment to Editas within [***] calendar days following the date on which Editas discovers such overpayment. The cost of
any audit initiated by a Party pursuant to this Agreement shall be borne by the Party initiating such audit, provided that, if such audit discloses an underpayment by the audited Party of more than [***] for the audited period or [***], whichever is
greater, the audited Party shall bear the reasonable cost of such audit.  

  

	7.5	Late Payments. In the event that any undisputed payment due under this Agreement is not paid when due in accordance with the applicable provisions of this Agreement, the payment shall accrue interest from
the date due at the annual interest rate of [***]; provided, however, that in no event shall such rate exceed the maximum legal annual interest rate. The payment of such interest shall not limit the Party entitled to receive payment from exercising
any other rights it may have as a consequence of the lateness of any payment. 

  

	8.	INTELLECTUAL PROPERTY 

  

	8.1	Ownership. 

  

	 	(a)	Vector Inventions and Adverum Expression Elements. Adverum shall solely own all Vector Inventions and all Expression Element Inventions that constitute improvements to Adverum Expression Elements (collectively,
“Vector Related Inventions”). Editas shall assign and hereby assigns to Adverum all of its right, title and interest in and to all Vector Related Inventions. 

 

	 	(b)	Therapeutic Inventions and Editas Expression Elements. Editas shall own all Therapeutic Inventions and all Expression Element Inventions that constitute improvements to Editas Expression Elements (collectively,
“Therapeutic Related Inventions”). Adverum shall assign and hereby assigns all of its right, title and interest in and to Therapeutic Related Inventions. 

 

	 	(c)	 Other Inventions. Ownership of all Inventions other than those contemplated by Sections 8.1(a) and
(b) shall be based on inventorship, as determined in accordance with the rules of inventorship under United States patent laws. Each Party shall solely own any Inventions made solely by its or its Affiliates’

  
 30. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
employees, agents, or independent contractors (“Sole Inventions”). The Parties shall jointly own any Inventions that are made jointly by employees, agents, or independent
contractors of one Party or its Affiliates together with employees, agents, or independent contractors of the other Party or its Affiliates (“Joint Inventions”). All Patents claiming Joint Inventions shall be referred to herein as
“Joint Patents.” Except to the extent either Party is restricted by the licenses granted to the other Party under this Agreement, each Party shall be entitled to practice, license, assign, and otherwise exploit the Joint Inventions
and Joint Patents without the duty of accounting or seeking consent from the other Party. 

  

	8.2	Patent Prosecution. 

  

	 	(a)	Adverum Patents. 

  

	 	(i)	Subject to Section 8.2(a)(ii), as between the Parties, Adverum shall have the first right, but not the obligation, to control the preparation, filing, prosecution, and maintenance (including any interferences,
derivation proceedings, reissue proceedings, reexaminations, patent term extensions, applications for supplementary protection certificates, oppositions, invalidation proceedings and defense of validity or enforceability challenges) of the Adverum
Patents (other than Joint Patents) worldwide, at its sole cost and expense and using counsel of its own choice. Adverum shall keep Editas informed of material progress with regard to the preparation, filing, prosecution, and maintenance of Adverum
Patents, sufficiently in advance for Editas to be able to review any material documents, including content, timing, and jurisdiction of the filing of such Adverum Patents, and Adverum shall consult with, and consider in good faith the requests and
suggestions of, Editas with respect to strategies for filing, prosecuting, and defending, if any, Adverum Patents in the Territory. 

  

	 	(ii)	If, during the Term, Adverum desires to abandon or cease prosecution or maintenance of any Adverum Patent in any country in the Territory, Adverum shall provide reasonable prior written notice to Editas of such
intention to abandon (which notice shall, to the extent practical, be given no later than sixty (60) days prior to the next deadline for any action that must be taken with respect to any such Adverum Patent in the relevant patent office). In
such case for an Adverum Patent which is not a [***] Patent, Editas shall have the right, but not the obligation, to assume responsibility for the prosecution and maintenance of such Adverum Patent in the name of Adverum and at the expense of
Editas. In such case for a [***] Patent, upon Editas’ written election provided no later than thirty (30) days after such notice from Adverum, Adverum shall notify the [***] to continue prosecution and maintenance of such [***] Patent at
Editas’ direction and reasonable expense and subject to the [***] Agreement. 

  
 31. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(b)	Joint Patents. [***] shall have the first right, but not the obligation, to control the preparation, filing, prosecution, and maintenance (including any interferences, derivation proceedings, reissue proceedings,
reexaminations, patent term extensions, applications for supplementary protection certificates, oppositions, invalidation proceedings and defense of validity or enforceability challenges) of all Joint Patents, except for those that are [***],
worldwide, at its own cost and by counsel of its own choice, but which is reasonably acceptable to [***]. [***] shall have the first right, but not the obligation, to control the preparation, filing, prosecution, and maintenance (including any
interferences, reissue proceedings, reexaminations, patent term extensions, applications for supplementary protection certificates, oppositions, invalidation proceedings and defense of validity or enforceability challenges) of all Joint Patents
worldwide that [***], at its own cost and by counsel of its own choice, but which is reasonably acceptable to [***]. Each Party shall keep the other Party informed of the status of each such Joint Patent for which it is controlling prosecution, and
shall reasonably consider the other Party’s suggestions or recommendations concerning the preparation, filing, prosecution, and maintenance thereof. If, during the Term, the Party having the first right under this Section 8.2(b) intends not to
file or continue prosecuting or maintaining a Joint Patent, such Party shall notify the other Party of such intention at least thirty (30) days prior to any applicable deadline, and the other Party shall have the right, but not the obligation,
to assume responsibility for the prosecution and maintenance of such Joint Patent, in the joint name of the Parties and at the expense of the Party assuming control. 

 

	 	(c)	Cooperation. The Parties agree to reasonably cooperate in the preparation, filing, prosecution, and maintenance of all Patents under this Section 8.2, including obtaining and executing necessary powers of
attorney and assignments by the named inventors, providing relevant technical reports to the filing Party concerning the invention disclosed in such Patent, obtaining execution of such other documents which shall be needed in the filing and
prosecution of such Patent, and, as requested, updating each other regarding the status of such Patent, and shall cooperate with the other Party so far as reasonably necessary with respect to furnishing all information and data in its possession
reasonably necessary to obtain or maintain such Patents. For clarity, neither Party shall have the right to file, prosecute or maintain any Patents claiming or disclosing Collaboration Inventions made by it but are assigned to the other Party under
Section 8.1. 

  

	8.3	Infringement by Third Parties. 

  

	 	(a)	Notice. Each Party shall notify the other within fifteen (15) business days of becoming aware of any alleged or threatened infringement by a Third Party of any of the Adverum Patents (including Joint
Patents) in the Territory, including any declaratory judgment, opposition, or similar action alleging the invalidity, unenforceability, or non-infringement of any of the Adverum Patents or other Joint Patents.

  
 32. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(b)	Enforcement Right. If Editas believes that a Third Party is infringing an Adverum Patent through the Commercialization of a product that competes directly with a Product (“Field Infringement”),
Editas shall confer with Adverum regarding the possible assertion of such Adverum Patent against such Third Party. [***] shall then have the right, but not the obligation, to bring and control any action or proceeding with respect to infringement of
such Adverum Patent(s) (including Joint Patents) in the Field and in the Territory, at its own expense and by counsel of its own choice, but which is reasonably acceptable to [***]. [***] shall have the right, at their own expense, to be represented
in any such action by counsel of their own choice, and [***] and their counsel will reasonably cooperate with [***] and its counsel in strategizing, preparing, and litigating any such action or proceeding. If [***] fails to bring an action or
proceeding with respect to infringement of any Adverum Patent in the Field and within the Territory within (A) [***] days following a notice of alleged infringement by Adverum to Editas or (B) [***] days before the time limit, if any, set forth in
the appropriate laws and regulations for the filing of such actions, whichever comes first, and after considering, in good faith, [***] reasons for not bringing an action, [***] shall have the right, but not the obligation, to bring and control any
such action at its own expense and by counsel of its own choice, and [***] shall have the right, at its own expense, to be represented in any such action by counsel of its own choice. Adverum shall retain the sole right, exclusive of Editas, to
(A) commence and control any enforcement action for Adverum Patents involving Third Party infringement outside of the Field and (B) control the defense of any Third Party challenges to the validity or enforceability of the Adverum Patents
not arising from an assertion of Field Infringement. 

  

	 	(c)	Recovery. Except as otherwise agreed by the Parties as part of a cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding with respect to Adverum Patents or Joint
Patents shall be used first to reimburse the Parties’ reasonable and documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining
compensatory damages relating to Products and/or Joint Patents (including lost sales or lost profits with respect to Products) and punitive damages shall be retained by the Party that brought and controlled such action or proceeding, and in the case
that Editas brought and controlled such action or proceeding, such remaining compensatory and punitive damages for the Territory shall be deemed to be Net Sales subject to royalty payments to Adverum in accordance with the royalty provisions of
Section 6.5. 

  

	 	(d)	Cooperation. In the event that a Party brings an action in accordance with this Section 8.3, the other Party shall cooperate fully, including, if required to bring such action, the furnishing of a power of
attorney or being named as a party to such action. 

  

	8.4	 Infringement of Third Party Rights. If any Product used or sold by Editas, its Affiliates, or sublicensees
becomes the subject of a Third Party’s claim or assertion of infringement of any intellectual property rights in a jurisdiction within the Territory, 

  
 33. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
Editas shall promptly notify Adverum and the Parties shall promptly meet to consider the claim or assertion and the appropriate course of action and may, if appropriate, agree on and enter into a
“common interest agreement” wherein the Parties agree to their shared, mutual interest in the outcome of such potential dispute. Absent any agreement to the contrary, and subject to claims for indemnification under Article 10, each Party
will defend itself from any such Third Party claim at its own cost and expense, provided, however, that the provisions of Section 8.3 shall govern the right of the Parties to assert a counterclaim of infringement of any Adverum Patent or Joint
Patent. 

  

	8.5	Consent for Settlement. Neither Party shall unilaterally enter into any settlement or compromise of any action or proceeding under this Article 8 that would in any manner alter, diminish, or be in derogation of
the other Party’s rights under this Agreement without the prior written consent of such other Party, which shall not be unreasonably withheld. 

  

	8.6	Patent Marking. Editas shall, and shall require its Affiliates and sublicensees to, mark Products sold hereunder (in a reasonable manner consistent with industry custom and practice) with appropriate patent
numbers or indicia to the extent permitted by Applicable Law, in those countries in which such markings or such notices impact recoveries of damages or equitable remedies available with respect to infringements of patents. 

 

	9.	REPRESENTATIONS, WARRANTIES, AND COVENANTS 

  

	9.1	Representations, Warranties and Covenants by Each Party. Each Party represents, warrants, and/or covenants (as applicable) to the other the following: 

 

	 	(a)	Corporate Existence. As of the Effective Date, it is a company or corporation duly organized, validly existing, and in good standing under the Applicable Laws of the jurisdiction in which it is incorporated.

  

	 	(b)	Corporate Power, Authority and Binding Agreement. As of the Effective Date, (i) it has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations
hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed
and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms. 

 

	 	(c)	Employees, Consultants and Contractors. Each Party has obtained written agreements from each of its employees, consultants, and contractors who perform any activity under this Agreement, which agreements will
obligate such persons to obligations of confidentiality and non-use and to assign Inventions in a manner consistent with the provisions of this Agreement. 

 

	 	(d)	 Debarment. Each Party is not debarred or disqualified under the U.S. Federal Food, Drug and Cosmetic Act,
as may be amended, or comparable laws in any 

  
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[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
country or jurisdiction other than the U.S., and it does not, and will not during the Term, employ or use the services of any person who is debarred or disqualified, in connection with activities
relating to any Product. In the event that either Party becomes aware of the debarment or disqualification or threatened debarment or disqualification of any person providing services to such Party, including the Party itself or its Affiliates or
sublicensees, that directly or indirectly relate to activities contemplated by this Agreement, such Party shall immediately notify the other Party in writing and such Party shall cease employing, contracting with, or retaining any such person to
perform any such services. 

  

	9.2	Representations, Warranties and Covenants by Adverum. Adverum represents, warrants and/or covenants (as applicable) to Editas as of the Effective Date and as of the date of any Option exercise (other than set
forth in any schedule of exceptions provided by Adverum to Editas following Adverum’s receipt of the notification of any Option exercise, provided, that such schedule of exceptions can only modify the following: 9.2(c), 9.2(d), 9.2(e), 9.2(f)
and 9.2(g), and to the extent Adverum delivers such schedule of exceptions, Editas can rescind its Option and Adverum shall refund any amounts paid by Editas in connection with such Option exercise) that: 

 

	 	(a)	Adverum has the full and legal rights and authority to grant Editas the Option and the License; 

  

	 	(b)	Adverum has not granted, and will not grant, to any Third Party any rights to the Adverum Technology that would otherwise interfere or be inconsistent with Editas’ rights hereunder; 

 

	 	(c)	Adverum has not received any notice from any Third Party asserting or alleging that the manufacture, use, sale, offer for sale, supply, or importation by Adverum (or its Affiliates) of products employing the
Adverum Technology infringes any claim of an issued Patent of any Third Party, or if and when issued, any claim within any published Patent existing as of the Effective Date of any Third Party, in the Territory in the Field; 

 

	 	(d)	There are no judgments or settlements against or owed by Adverum or any of its Affiliates with respect to the Adverum Technology, and there is no action, claim, demand, suit, proceeding, arbitration, citation,
summons, subpoena or investigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending or, to the knowledge of Adverum, threatened against Adverum or any of its Affiliates, in each case in connection with the
Adverum Technology or relating to the transactions contemplated by this Agreement; 

  

	 	(e)	All Upstream Agreements as of the Effective Date are listed on Exhibit B. 

  

	 	(f)	 Adverum is not, and to Adverum’s knowledge, the other parties thereto are not, in material breach,
violation or default under any of the agreements listed on Exhibit B and there does not exist, to the knowledge of Adverum, any event that, with the giving of notice or the lapse of time or both, would constitute such a

  
 35. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
breach, violation or default. Each of the agreements listed on Exhibit B (i) constitutes a valid and binding obligation of Adverum, and (ii) to Adverum’s knowledge, is
binding and enforceable against the other parties thereto. Neither Adverum nor any of its Affiliates has received or given any written notice, of an intention to terminate, not renew or challenge the validity or enforceability of any of the
agreements listed on Exhibit B; 

  

	 	(g)	Adverum has provided to Editas, or allowed Editas access to review, a true and complete copy of each Upstream Agreement. Each Upstream Agreement is, to Adverum’s knowledge, in full force and effect as of the
Effective Date. Adverum shall maintain each Upstream Agreement in full force and effect and to perform its obligations thereunder in all material respects, and to keep Editas informed of any material development pertaining thereto that would
reasonably be expected to have a material adverse effect on Editas’ rights under this Agreement; 

  

	 	(h)	Adverum shall not, without the prior written approval of Editas, (i) amend or waive any provision of an Upstream Agreement that would adversely impact Editas’ rights under this Agreement, (ii) make
any election or exercise any right or option to terminate in whole or in part any Upstream Agreement or (iii) make any election or exercise any right or option that would result in the increase in any royalties owed by Adverum under any
Upstream Agreement; and 

  

	 	(i)	Adverum shall promptly provide to Editas true and correct copies of all reports generated in respect of the Upstream Agreements or received from a counterparty to any Upstream Agreements, in each case that are
relevant to activities conducted under or rights and licenses granted under this Agreement, provided that Adverum shall be permitted to redact from such reports any information that Adverum is restricted from disclosing due to confidentiality
obligations to Third Parties. 

  

	9.3	No Other Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING THE WARRANTIES OF DESIGN, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES. MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION O
WARRANTY. Without limiting the foregoing, neither Party represents or warrants the success of any study or test conducted by it pursuant to this Agreement or the safety or usefulness for any purpose of the technology it provides hereunder.

  

	10.	INDEMNIFICATION 

  

	10.1	 Indemnification by Adverum. Adverum shall defend, indemnify, and hold Editas and its Affiliates and
their respective officers, directors, employees, and agents (the “Editas Indemnitees”) harmless from and against any and all damages or other amounts payable to a Third Party claimant, as well as any reasonable attorneys’ fees
and costs of litigation 

  
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[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
incurred by such Editas Indemnitees, resulting from any claims, suits, proceedings or causes of action brought by such Third Party (collectively, “Claims”) against such Editas
Indemnitee to the extent arising from or based on (a) the conduct of the activities under the Research Plan by or on behalf of Adverum or its Affiliates except when such activities are included in the Research Plan determined through
Editas’ final decision making authority, (b) the material breach of any of Adverum’s obligations, representations, or warranties under this Agreement, or (c) the willful misconduct or grossly negligent acts of Adverum, its
Affiliates, or the officers, directors, employees, or agents of Adverum or its Affiliates. The foregoing indemnity obligation shall not apply to the extent that (i) the Editas Indemnitees fail to comply with the indemnification procedures set
forth in Section 10.3 and Adverum’s defense of the relevant Claims is prejudiced by such failure, or (ii) any Claim arises from or is based on any activity set forth in Section 10.2 for which Editas is obligated to indemnify the
Adverum Indemnitees under Section 10.2. 

  

	10.2	Indemnification by Editas. Editas shall defend, indemnify, and hold Adverum and its Affiliates and their respective officers, directors, employees, and agents (the “Adverum Indemnitees”)
harmless from and against damages or other amounts payable to a Third Party claimant, as well as any reasonable attorneys’ fees and costs of litigation incurred by such Adverum Indemnitees, resulting from any Claims against such Adverum
Indemnitee to the extent arising from or based on (a) the conduct of the activities under the Research Plan by or on behalf of Adverum or its Affiliates except when such activities are included in the Research Plan determined through
Adverum’s final decision making authority, (b) the Development or Commercialization of the Products, Prototype Products or Non-Adverum Products by or on behalf of Editas or its Affiliates or
sublicensees, (c) the material breach of any of Editas’ obligations, representations, or warranties under this Agreement, or (d) the willful misconduct or grossly negligent acts of Editas, its Affiliates, or the officers, directors,
employees, or agents of Editas or its Affiliates. The foregoing indemnity obligation shall not apply to the extent that (i) the Adverum Indemnitees fail to comply with the indemnification procedures set forth in Section 10.3 and
Editas’ defense of the relevant Claims is prejudiced by such failure, or (ii) any Claim arises from or is based on any activity set forth in Section 10.1 for which Adverum is obligated to indemnify the Editas Indemnitees under
Section 10.1. 

  

	10.3	 Indemnification Procedures. The Party claiming indemnity under this Article 10 (the
“Indemnified Party”) shall give written notice to the Party from whom indemnity is being sought (the “Indemnifying Party”) promptly after learning of such Claim. The Indemnified Party shall provide the Indemnifying
Party with reasonable assistance, at the Indemnifying Party’s expense, in connection with the defense of the Claim for which indemnity is being sought. The Indemnified Party may participate in and monitor such defense with counsel of its own
choosing at its sole expense; provided, however, the Indemnifying Party shall have the right to assume and conduct the defense of the Claim with counsel of its choice. The Indemnifying Party shall not settle any Claim without the prior written
consent of the Indemnified Party, not to be unreasonably withheld, unless the settlement involves only the payment of money. So long as the Indemnifying Party is actively defending the Claim in good faith, the Indemnified Party shall not settle or
compromise any such Claim without the prior written consent of the Indemnifying Party. 

  
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[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
If the Indemnifying Party does not assume and conduct the defense of the Claim as provided above, (a) the Indemnified Party may assume and conduct the defense of the Claim with counsel of
its choice, which shall include, without limitation, the right to defend against, consent to the entry of any judgment, or enter into any settlement with respect to such Claim in any manner the Indemnified Party may deem reasonably appropriate (and
the Indemnified Party need not consult with, or obtain any consent from, the Indemnifying Party in connection therewith), and (b) the Indemnifying Party shall remain responsible to indemnify the Indemnified Party as provided in this Article 10.

  

	10.4	Insurance. Each Party, at its own expense, shall maintain appropriate insurance (or self-insure) in an amount consistent with sound business practice and reasonable in light of its obligations under this
Agreement during the Term. Each Party shall provide a certificate of insurance (or evidence of self-insurance) evidencing such coverage to the other Party upon request. 

 

	10.5	Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT,
REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 10.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 10.1 OR 10.2 OR
DAMAGES AVAILABLE FOR BREACH OF ARTICLES 8 or 11. 

  

	11.	CONFIDENTIALITY 

  

	11.1	Confidential Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, the Parties agree that, during the Term and for [***] years thereafter, but in
any event for at least [***] years after the Option Effective Date, the receiving Party shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as expressly provided for in this Agreement any
Confidential Information of the other Party under this Agreement, and both Parties shall keep confidential and, except as expressly set forth in this Article 11, shall not publish or otherwise disclose the terms of this Agreement. Each Party may
disclose and/or use the other Party’s Confidential Information only to the extent required to accomplish the purposes of this Agreement, including exercising its rights or performing its obligations. Each Party will use at least the same
standard of care as it uses to protect proprietary or confidential information of its own (but no less than reasonable care) to ensure that its employees, agents, consultants, contractors, and other representatives do not disclose or make any
unauthorized use of the Confidential Information of the other Party. Each Party will promptly notify the other upon discovery of any unauthorized use or disclosure of the Confidential Information of the other Party. 

 

	11.2	 Exceptions. The obligations of confidentiality and restrictions on use under Section 11.1 will not
apply to any information that the receiving Party can prove by competent written evidence: (a) is now, or hereafter becomes, through no act or failure to act on the part of 

  
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[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
the receiving Party, generally known or available to the public; (b) is known by the receiving Party at the time of receiving such information, other than by previous disclosure of the
disclosing Party, or its Affiliates, employees, agents, consultants, or contractors; (c) is hereafter furnished to the receiving Party without restriction by a Third Party who has no obligation of confidentiality or limitations on use with
respect thereto, as a matter of right; or (d) is independently discovered or developed by the receiving Party without the use of Confidential Information belonging to the disclosing Party. 

 

	11.3	Authorized Disclosure. Each Party may disclose Confidential Information belonging to the other Party as expressly permitted by this Agreement or if and to the extent such disclosure is reasonably necessary in the
following instances: 

  

	 	(a)	filing, prosecuting, or maintaining Joint Patents or patents related to Vector Related Inventions or Therapeutic Related Inventions as permitted by this Agreement, provided, that each Party shall submit such
request in writing to the other Party prior to making such filing and such other Party shall have the right to remove any of its Confidential Information from such filing and verify that such filing does not disclose or claim Collaboration
Inventions owned by such other Party (and such other Party shall not unreasonably withhold its consent to the filing of such patent); 

  

	 	(b)	Regulatory Filings for Products consistent with its rights and obligations under this Agreement, provided, that each Party shall submit such request in writing to the other Party prior to making such filing and
such other Party shall have the right to remove any of its Confidential Information from such filing and verify that such filing does not disclose or claim Collaboration Inventions owned by such other Party (and such other Party shall not
unreasonably withhold its consent to the filing of such patent); 

  

	 	(c)	prosecuting or defending litigation as permitted by this Agreement; 

  

	 	(d)	complying with applicable court orders or governmental regulations, including regulations applicable to the public sale of securities; 

 

	 	(e)	disclosure to its and its Affiliates’ employees, consultants, contractors, and agents, and to sublicensees (in the case of Editas), in each case on a need-to-know basis in connection with the Development, manufacture, and Commercialization of Products in accordance with the terms of this Agreement, in each case under written obligations of confidentiality
and non-use at least as stringent as those herein; and 

  

	 	(f)	disclosure to potential and actual investors, acquirors and other financial partners solely for the purpose of evaluating or carrying out an actual or potential investment or acquisition in each case under
written obligations of confidentiality and non-use at least as stringent as those herein. 

  
 39. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	In the event that a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Section 11.3(c) or (d), it will, except where impracticable, give reasonable advance notice
to the other Party of such disclosure and use reasonable efforts to secure confidential treatment of such Confidential Information at least as diligent as such Party would use to protect its own confidential information, but in no event less than
reasonable efforts. Any information disclosed pursuant to Section 11.3(c) or (d) shall remain Confidential Information and subject to the restrictions set forth in this Agreement, including the foregoing provisions of this Article 11.
Notwithstanding the foregoing, the Parties shall take all reasonable action to avoid disclosure of Confidential Information hereunder. 

  

	11.4	Publications. Neither Party shall disclose any Research Results or Research Data owned by the other Party, whether by oral presentation, manuscript, or abstract, without the other Party’s
consent except as required by law. In the event any such disclosure is required by law, then the Party seeking such disclosure shall first review it with the other Party and shall consider in good faith and reasonably incorporate such other
Party’s comments. 

  

	11.5	Publicity. Each Party shall have the right to issue a press release substantially in the form attached hereto as Exhibit E, on or after the Effective Date. If following such press release, either Party
desires or is required to issue a press release relating to this Agreement or activities hereunder, such Party shall consult with the other Party reasonably and in good faith with respect to the text and timing of such press release prior to the
issuance thereof, to the extent practicable, and obtain such other Party’s consent to such press release; provided that either Party may issue press releases or make such disclosures to the SEC or other applicable agency as it determines, based
on advice of counsel, are reasonably necessary to comply with laws or regulations or for appropriate market disclosure. Each Party shall provide the other Party with advance notice of legally required disclosures to the extent practicable. The
Parties will consult with each other on the provisions of this Agreement to be redacted in any filings made by a Party with the SEC or as otherwise required by Applicable Laws; provided that each Party shall have the right to make any such filing as
it reasonably determines necessary under Applicable Laws. In addition, either Party shall be free to disclose, without the other Party’s prior written consent, the existence of this Agreement, the identity of the other Party, and those terms of
the Agreement which have already been publicly disclosed in accordance herewith. 

  

	12.	TERM AND TERMINATION 

  

	12.1	Term. This Agreement shall commence on the Effective Date and, unless terminated earlier as provided in this Article 12, shall continue until the later of (i) the expiration of the Additional Indication
Option Exercise Period, or (ii) the expiration of the Royalty Term if an Option is exercised (the “Term”). 

  

	12.2	Termination by Mutual Agreement. The Parties may terminate this Agreement at any time upon mutual written agreement. 

  
 40. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	12.3	Termination for Convenience. Editas shall have the right to terminate this Agreement without cause in its entirety or on an
Indication-by-Indication or country-by-country basis at any time after the License
Effective Date on [***] prior written notice. 

  

	12.4	Termination for Challenge of Adverum Patents. Adverum may terminate this Agreement in its entirety upon [***] written notice to Editas if Editas, its Affiliates, or a Third Party on behalf of Editas challenges
the validity, scope, or enforceability of any Adverum Patent, [***]. Editas shall include provisions in all agreements under which a sublicensee obtains a sublicense under any Adverum Patent providing that if the sublicensee challenges the validity
or enforceability of any such Adverum Patent under which such sublicensee is sublicensed, Editas may terminate such sublicense, and Editas shall enforce such provision if such sublicensee takes any such action. Pursuant to Section [***] of the UC
Agreements, the UC Agreement, and Editas’ sublicense thereunder, terminates immediately if [***] files a claim that in any way asserts that any of the Regent’s Patent Rights (as defined in the applicable UC Agreement), is invalid or
unenforceable where the filing is by [***], by a Third Party on behalf of [***] (and with the actual knowledge of [***]), or a Third Party at the written urging of [***]. 

 

	12.5	Termination for Cause. 

  

	 	(a)	Material Breach. Subject to Section 12.5(b), each Party shall have the right to terminate this Agreement in its entirety upon written notice to the other Party if such other Party materially breaches this
Agreement and has not cured such breach within [***] days ([***] days with respect to any payment breach) after notice of such breach from the non-breaching Party; provided, however, that if any breach is not
reasonably curable within [***] days and if the breaching Party has provided a cure plan reasonably acceptable to the other Party during such [***] period and is making a bona fide effort to cure such breach by diligently implementing such plan,
such cure period will be extended for a time period to be agreed by both Parties (but in no event more than an additional [***] days) in order to permit the breaching Party a reasonable period of time to cure such breach in accordance with such
plan. 

  

	 	(b)	Disputed Breach. If the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in a notice provided by the other Party in accordance with Section 12.5(a), and such
alleged breaching Party provides the other Party notice of such dispute within the [***] day or [***] day cure period, as the case may be, then the non-breaching Party shall not have the right to terminate
this Agreement under Section 12.5(a) unless and until the arbitrators, in accordance with Article 13, have determined that the alleged breaching Party has materially breached the Agreement, or the diligence obligation, as the case may be, and such
Party fails to cure such breach of the Agreement within [***] days following such arbitrators’ decision. (If the arbitrators determine that a breach of Section [***] occurred and was not cured, then no further cure period shall apply following
the arbitrator decision.) It is understood and agreed that during the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations
hereunder. 

  
 41. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	(c)	Bankruptcy. Each Party shall have the right to terminate this Agreement in its entirety upon written notice to the other Party if such other Party makes a general assignment for the benefit of creditors, files an
insolvency petition in bankruptcy, petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any substantial part of its assets, commences under the laws of any jurisdiction
any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of financially distressed debtors or becomes a party to any proceeding or action of the
type described above and such proceeding is not dismissed within [***] days after the commencement thereof. 

  

	12.6	Effects of Termination. 

  

	 	(a)	Termination of Licenses and Other Rights. If this Agreement is terminated in its entirety, the Option granted to Editas in Section 3.1 and/or any License granted to Editas in Section 3.4, as applicable,
will automatically terminate and if terminated on an Indication-by-Indication basis, then the Option granted to Editas in Section 3.1 and/or any License granted to
Editas in Section 3.4 shall automatically terminate with respect to the given Indication, and, solely in the case of a termination of this Agreement in its entirety, all other rights and obligations of the Parties under this Agreement will
terminate (except for those rights that survive pursuant to Section 12.10). 

  

	 	(b)	Remaining Inventories. Editas shall have the right to sell and have sold the remaining Product inventory held by Editas as of the date of termination for up to [***] months following the date of termination,
provided that all such sales shall be subject to the applicable payment provisions set forth in Article 6. 

  

	12.7	Rights in Bankruptcy. All licenses and rights to licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy
Code (the “Code”), licenses of rights to “intellectual property” as defined under Section 101(35A) of the Code. Each Party, as a recipient of such rights under this Agreement, shall retain and may fully exercise all of its
rights and elections under the Code. Upon commencement of a bankruptcy proceeding by or against the other Party under the Code, such party shall be entitled to a complete duplicate of, or complete access to (as such Party deems appropriate), any
such intellectual property and all embodiments of such intellectual property. Such intellectual property and all embodiments thereof shall be promptly delivered to such Party (a) upon any such commencement of a bankruptcy proceeding upon
written request therefor by such Party, unless Adverum elects to continue to perform all of its obligations under this Agreement or (b) if not delivered under (a) above, upon the rejection of this Agreement by or on behalf of the other
Party upon written request therefor by such Party. The foregoing provisions are without prejudice to any rights such Party may have arising under the Code or other applicable Law. 

  
 42. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	12.8	Confidential Information. Upon expiration or termination of this Agreement, except to the extent that a Party obtains or retains the right to use the other Party’s Confidential Information, each Party shall
promptly return to the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing Confidential Information of the other Party; provided that such Party’s legal counsel may keep
one copy of such materials for archival purposes only subject to continuing confidentiality and non-use obligations. 

  

	12.9	Damages; Relief. Subject to Section 10.5, termination of this Agreement shall not preclude either Party from claiming any other damages, compensation or relief that it may be entitled to upon such
termination. 

  

	12.10	Survival. Expiration or termination of this Agreement for any reason shall not relieve the Parties of any obligation or right that has already accrued prior to such expiration or termination. Except as set forth
below or elsewhere in this Agreement, the obligations and rights of the Parties under the following provisions shall survive expiration or termination of this Agreement: Articles 1 (Definitions); 10 (Indemnification); 11 (Confidentiality); 13
(Dispute Resolution); and 14 (General Provisions); and Sections 2.3(c) (Delivery), 7.4 (Records; Audits); 8.1-8.2 (Ownership; Patent Prosecution); 9.3 (No Other Warranties); 12.6 and 12.8 – 12.10 (Effects
of Termination, etc.). 

  

	13.	DISPUTE RESOLUTION 

  

	13.1	Objective. The Parties recognize that disputes as to matters arising under or relating to this Agreement or either Party’s rights and obligations hereunder may arise from time to time. It is the objective of
the Parties to establish procedures to facilitate the resolution of such disputes in an expedient manner by mutual cooperation and without resort to litigation. To accomplish this objective, the Parties agree to follow the procedures set forth in
this Article 13 to resolve any such dispute if and when it arises. 

  

	13.2	Resolution by Executive Officers. If an unresolved dispute as to matters arising under or relating to this Agreement or either Party’s rights and obligations hereunder arises, either Party may refer such
dispute to the Chief Executive Officer of Adverum and the Chief Executive Officer of Editas (collectively, the “Executive Officers”), who shall meet in person or by telephone within [***] days after such referral to attempt in good
faith to resolve such dispute. If such matter cannot be resolved by discussion of such officers within such [***] period, or such other time period as the Parties may agree to in writing, such dispute shall be resolved in accordance with
Section 13.3. 

  

	13.3	Arbitration. 

  

	 	(a)	 If the Parties are unable to resolve a disputed using the process described in Section 13.2, then a
Party seeking further resolution of the dispute may submit the disputed matter to resolution by final and binding arbitration. If a Party intends to 

  
 43. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
begin an arbitration to resolve a dispute arising under this Agreement, such Party shall provide written notice to the other Party of such intention and the issues for resolution. Arbitration
will be held in [***], and administered by the [***] pursuant to its [***] Arbitration Rules (the “Rules”) then in effect, except as otherwise provided herein and applying the substantive law specified in Section 14.1. The
arbitration shall be conducted by three (3) arbitrators who are knowledgeable in the subject matter at issue in the dispute. One (1) arbitrator will be selected by Adverum, one (1) arbitrator will be selected by Editas, and the third
arbitrator will be selected by mutual agreement of the two (2) arbitrators selected by the Parties. In addition to the authority conferred by the Rules, discovery will be permitted by either Party in accordance with and subject to all
applicable privileges and other immunities under the U.S. Federal Rules of Civil Procedure. The arbitrators may proceed to an award, notwithstanding the failure of either Party to participate in the proceedings. The arbitrators shall, within [***]
days after the conclusion of the arbitration hearing, issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The arbitrators
shall be authorized to award compensatory damages, but shall not be authorized to award non-economic damages or punitive damages, or to reform, modify, or materially change this Agreement or any other
agreements contemplated hereunder. The arbitrators also shall be authorized to grant any temporary, preliminary, or permanent equitable remedy or relief the arbitrators deem just and equitable and within the scope of this Agreement, including,
without limitation, an injunction or order for specific performance. The arbitrators’ award shall be the sole and exclusive remedy of the Parties (except for those remedies set forth in this Agreement). Judgment on the award rendered by the
arbitrators may be enforced in any court having competent jurisdiction thereof, subject only to revocation on grounds of fraud or clear bias on the part of the arbitrators. Notwithstanding anything contained in this Section 13.3 to the
contrary, each Party shall have the right to institute judicial proceedings against the other Party or anyone acting by, through, or under such other Party, in order to enforce the instituting Party’s rights hereunder through specific
performance, injunction, or similar equitable relief. Notwithstanding the foregoing, if the Parties have a dispute that is brought under Section [***] of this Agreement, the arbitrators shall have the authority to resolve any issues and require the
Parties to [***], provided, that the arbitrators must [***]. 

  

	 	(b)	Notwithstanding the foregoing, this Section 13.3 shall not apply to any dispute, controversy or claim that concerns the validity, enforceability or infringement of a patent, trademark or copyright, each of
which shall be subject to the jurisdiction of a court in the country in which such right arises. 

  

	13.4	 Costs; Satisfaction. Each Party shall bear its own attorneys’ fees, costs, and disbursements
arising out of the arbitration pursuant to Section 13.3, and shall pay an equal share of the fees and costs of the arbitrators; provided, however, that the arbitrators shall be authorized (but shall not be obligated) to determine whether a
Party is the prevailing Party, and if so, to award to that prevailing Party reimbursement for its 

  
 44. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
reasonable attorneys’ fees, costs, and disbursements, and/or the fees and costs of the arbitrators. Absent the filing of an application to correct or vacate the arbitration award as
permitted by applicable law, each Party shall fully perform and satisfy the arbitration award within [***] days of the service of the award. 

  

	14.	GENERAL PROVISIONS 

  

	14.1	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, US, without reference to any rules of conflict of laws. 

 

	14.2	Entire Agreement; Amendment. This Agreement, including the exhibits, is both a final expression of the Parties’ agreement and a complete and exclusive statement with respect to all of its terms. This
Agreement supersedes all prior and contemporaneous agreements and communications, whether oral, written, or otherwise, concerning any and all matters contained herein, including, without limitation that certain Confidentiality Agreement. This
Agreement may only be modified or supplemented in a writing expressly stated for such purpose and signed by the Parties to this Agreement. 

  

	14.3	Relationship Between the Parties. The Parties’ relationship, as established by this Agreement, is solely that of independent contractors. This Agreement does not create any partnership, joint venture, or
similar business relationship between the Parties. Neither Party is a legal representative of the other Party, and neither Party can assume or create any obligation, representation, warranty, or guarantee, express or implied, on behalf of the other
Party for any purpose whatsoever. 

  

	14.4	Non-Waiver. The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise any right arising out of this Agreement shall neither
impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in that instance or in any other instance. Any waiver by a Party of a particular provision or right shall be in writing, shall be as to a
particular matter and, if applicable, for a particular period of time and shall be signed by such Party. 

  

	14.5	 Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or obligations
hereunder may be assigned or otherwise transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned, or delayed), provided that either Party may assign or otherwise
transfer this Agreement and its rights and obligations hereunder without the other Party’s consent in connection with the transfer or sale of all or substantially all of its business or assets to which this Agreement pertains, provided,
further, that in such case: (a) the exclusivity obligation of such assigning Party shall not apply to any products being developed and/or commercialized by any such successor in interest or assignee or purchaser (such successor in interest or
assignee or purchaser, as applicable, an “Acquiror”) or its affiliates prior to the applicable transaction or thereafter developed independent of this Agreement and (b) the exclusivity obligations of the non-assigning Party shall lapse. The rights and obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the

  
 45. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
Parties specified above and such assignee shall agree in writing to be bound by the terms and conditions of this Agreement to the same extent of the assignee except as expressly set forth herein,
and the name of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted assigns to the extent necessary to carry out the intent of this section. Any assignment not in accordance with this
Section 14.5 shall be null and void. The intellectual property owned or controlled by any such Acquiror or its affiliates prior to the applicable transaction or thereafter developed independent of this Agreement shall be excluded from the
license from the Party undergoing transaction to the other Party, and the Acquiror and its affiliates shall be excluded from “Affiliate” solely for purposes of the applicable components of the intellectual property definitions set forth
herein. 

  

	14.6	Severability. If, for any reason, any part of this Agreement is adjudicated invalid, unenforceable, or illegal by a court of competent jurisdiction, such adjudication shall not, to the extent feasible, affect or
impair, in whole or in part, the validity, enforceability, or legality of any remaining portions of this Agreement. All remaining portions shall remain in full force and effect as if the original Agreement had been executed without the invalidated,
unenforceable, or illegal part. 

  

	14.7	Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, by (a) air mail (postage prepaid) requiring return receipt, (b) overnight courier, or
(c) facsimile confirmed thereafter by any of the foregoing, to the Party to be notified at its address(es) given below, or at any address such Party may designate by prior written notice to the other in accordance with this Section 14.7.
Notice shall be deemed sufficiently given for all purposes upon the earliest of: (i) the date of actual receipt; (ii) if air mailed, five (5) days after the date of postmark; or (iii) if delivered by overnight courier, the next
day the overnight courier regularly makes deliveries 

 If to Adverum, notices must be addressed to: 

Adverum Biotechnologies, Inc. 

1035 O’Brien Drive 
 Menlo
Park, CA 94025 
 Attention: Associate General Counsel 

Attention: Chief Executive Officer 

If to Editas, notices must be addressed to: 

Editas Medicine, Inc. 
 300
Third Street 
 Cambridge, MA 02142 

Attention: Chief Operating Officer 

Attention: Senior Legal Officer 
  

	14.8	 Force Majeure. Each Party shall be excused from liability for the failure or delay in performance of any
obligation under this Agreement (other than failure to make payment when due) by reason of any event beyond such Party’s reasonable control including but 

  
 46. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	 	
not limited to Acts of God, fire, flood, explosion, earthquake, pandemic flu, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction or other casualty, any lack or
failure of transportation facilities, any lack or failure of supply of raw materials, or any other event similar to those enumerated above. Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the
failure or delay in performance and provided that the Party has not caused such event(s) to occur. Notice of a Party’s failure or delay in performance due to force majeure must be given to the other Party within ten (10) days after its
occurrence. All delivery dates under this Agreement that have been affected by force majeure shall be tolled for the duration of such force majeure. In no event shall any Party be required to prevent or settle any labor disturbance or dispute.

  

	14.9	Performance by Affiliates. To the extent a Party authorizes an Affiliate to perform some or all of its obligations under this Agreement, such Party shall remain primarily liable for any acts or omissions
of its Affiliates. 

  

	14.10	Compliance with Law. Each Party shall perform its obligations under this Agreement in accordance with all Applicable Laws. No Party shall, or shall be required to, undertake any activity under or in connection
with this Agreement which violates, or which it believes, in good faith, may violate, any Applicable Law. 

  

	14.11	No Third Party Beneficiary Rights. The provisions of this Agreement are for the sole benefit of the Parties and their successors and permitted assigns, and they shall not be construed as conferring any
rights to any Third Party (including any Third Party beneficiary rights). 

  

	14.12	Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections, and paragraphs hereof are inserted solely for convenience and ease of reference and shall not
constitute any part of this Agreement, or have any effect on its interpretation or construction. All references in this Agreement to the singular shall include the plural where applicable. Unless otherwise specified, references in this Agreement to
any Article shall include all Sections, subsections, and paragraphs in such Article, references to any Section shall include all subsections and paragraphs in such Section, and references in this Agreement to any subsection shall include all
paragraphs in such subsection. The word “including” and similar words means including without limitation. The word “or” means “and/or” unless the context dictates otherwise because the subject of the conjunction are
mutually exclusive. The words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision. All references to days in
this Agreement mean calendar days, unless otherwise specified. All references to dollars and “$” herein shall refer to U.S. dollars. Ambiguities and uncertainties in this Agreement, if any, shall not be interpreted against either Party,
irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language and the English language shall control its interpretation. In addition, all notices required or
permitted to be given hereunder, and all written, electronic, oral, or other communications between the Parties regarding this Agreement shall be in the English language. 

  
 47. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

	14.13	Further Actions. Each Party agrees to execute, acknowledge, and deliver such further instruments, and to do all such other acts, as necessary or appropriate in order to carry out the purposes and intent of this
Agreement. 

  

	14.14	Counterparts; Electronic or Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This
Agreement may be executed and delivered electronically or by facsimile and upon such delivery such electronic or facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other Party.

 {Signature Page Follows} 

  
 48. 

[***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended. 

 IN WITNESS WHEREOF, the Parties hereto have
caused this COLLABORATION, OPTION AND LICENSE AGREEMENT to be executed and entered into by their duly authorized representatives as of the Effective
Date. 
  

							
	 ADVERUM BIOTECHNOLOGIES,
INC.
	    	 EDITAS MEDICINE,
INC.

				
	By:	 	 /s/ Paul B. Cleveland
	    	By:	 	 /s/ Katrine Bosley

				
	Name: 	 	 Paul B. Cleveland
	    	Name:	 	 Katrine Bosley

				
	Title:	 	 Chief Executive Officer
	    	Title:	 	 Chief Executive Officer

 Signature Page 

 List of Exhibits 

Exhibit A: Adverum Patents as of the Effective Date 

Exhibit B: Upstream Agreements as of the Effective Date 

Exhibit C: JRC Members 
 Exhibit D: Research Plan

 Exhibit E: Form of Press Release 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Exhibit A 

Adverum Patents as of the Effective Date 
  

							
	 Appl. No.
	 	 Title
	 	 Country
	 	 Patent No.

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

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Exhibit B 

Upstream Agreements as of the Effective Date 

[***] THIS PAGE HAS BEEN OMITTED AND FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT. 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Exhibit C 

JRC Members 
 Adverum JRC Members

 [***] 
 Editas JRC Members 

[***] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Exhibit D 

Research Plan 
 [***] SIX PAGES HAVE
BEEN OMITTED AND FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 Exhibit E 

Form of Press Release 

ADVERUM BIOTECHNOLOGIES AND EDITAS MEDICINE ANNOUNCE 

COLLABORATION TO EXPLORE DELIVERY OF GENOME EDITING MEDICINES 

TO THE EYE 

-Collaboration Brings Together Vector and Ophthalmology Expertise of Adverum with Genome Editing Capabilities of Editas- 

MENLO PARK, Calif. And CAMBRIDGE, Mass., August XX, 2016 – Adverum Biotechnologies, Inc. (Nasdaq: ADVM) and Editas Medicine, Inc. (Nasdaq: EDIT)
today announced a collaboration to explore the delivery of genome editing medicines to treat up to five inherited retinal diseases. This collaboration brings together Adverum’s next-generation adeno-associated viral (AAV) vectors for use with
Editas’ leading genome editing technologies to create a series of novel therapies for debilitating eye diseases that have poor therapeutic options. 

“We are pleased to bring together our gene therapy capabilities with Editas’ CRISPR based approach to genome editing,” said Paul Cleveland,
chief executive officer of Adverum Biotechnologies. “Our innovative vectors have the potential to deliver Editas’ genome editing components efficiently to the retina. This collaboration expands our opportunities to capitalize on our
science, ophthalmology expertise and vector development know-how.” 
 “As we continue to invest in our
genome editing platform, we are delighted to collaborate with Adverum Biotechnologies on next-generation AAV vectors,” said Katrine Bosley, president and chief executive officer of Editas Medicine. “Adverum brings a distinctive
technology and experience base, and this collaboration aligns highly with our broader, multi-faceted delivery strategy.” 
 Under the terms of the
agreement, Editas will pay Adverum an upfront fee of $1 million to evaluate Adverum next-generation vectors for use in clinical development. Editas will support all preclinical activities related to this collaboration, with a portion of
the upfront fee to be credited against this funding obligation. In addition, Editas will also pay an additional option exercise fee of $1 million for an exclusive license to Adverum’s next-generation AAV vectors for use in each
indication chosen as part of the collaboration. Adverum also is eligible to receive development and commercial milestone payments, as well as royalties on any resulting commercialized Editas products that incorporate Adverum’s next-generation
AAV vectors. 
 About Adverum Biotechnologies, Inc. 

Adverum is a gene therapy company committed to discovering and developing novel medicines that can offer life-changing benefits to patients living with
rare diseases or diseases of the eye who currently have limited or burdensome treatment options. Adverum has a robust pipeline and is leveraging its next-generation adeno-associated virus (AAV)-based directed evolution platform to
generate product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. Our focus on the patient is supported by clinical development expertise and core capabilities in vector optimization,
process development, manufacturing, and assay development. For more information, please visit www.adverumbio.com 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 About Editas Medicine 

Editas Medicine is a leading genome editing company dedicated to treating patients with genetically defined diseases by correcting their disease-causing genes.
Editas was founded by world leaders in genome editing, and its mission is to translate the promise of genome editing science into a broad class of transformative genomic medicines to benefit the greatest number of patients. 

Forward-Looking Statements for Adverum Biotechnologies 

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Adverum’s plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product
pipeline, the sufficiency of its resources to fund the advancement of any development program or the completion of any clinical trials, and the safety, efficacy, and projected development timeline and commercial potential of products under
development, all of which are based on certain assumptions made by us on current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Adverum may not consummate any plans or product development
goals in a timely manner, or at all, or otherwise carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual
results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the ability
to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources for Adverum’s operations and to conduct or continue planned development programs and
planned clinical trials and the ability to successfully develop any of its product candidates. Risks and uncertainties facing Adverum are described more fully in Adverum’s periodic reports filed with the SEC. All forward-looking statements
contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. 

Forward Looking Statements for Editas Medicine 
 This
press release contains forward-looking statements within the meaning of the “safe harbor” provisions of The Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, contained
in this presentation, including statements regarding Editas’ strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, and objectives of management, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,”
“target,” “should,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Editas may not actually achieve the
plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and
expectations disclosed in these forward-looking statements as a result of various factors, including: uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of
Editas’ product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials;
expectations for regulatory approvals to conduct trials or to market products; availability of funding sufficient for Editas’ foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other factors discussed in
the “Risk 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
Factors” section of Editas’ Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission, and in other filings
that the Company may make with the Securities and Exchange Commission in the future. In addition, the forward-looking statements included in this presentation represent Editas’ views as of the date of this presentation. Editas anticipates
that subsequent events and developments will cause its views to change. However, while Editas may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the Editas’ views as of any date subsequent to the date of this press release. 

### 
 Investor and Media Contact for Adverum:

 Lauren Glaser 
 (650)
656-9347 
 lglaser@adverumbio.com 

Investor Contact for Editas Medicine: 
 Jesse Baumgartner

 Stern Investor Relations, Inc. 
 (212) 362-1200 
 jesse@sternir.com 

Media Contact for Editas Medicine: 
 Dan Budwick 

Pure Communications 
 (973)
271-6085 
 dan@purecommunicationsinc.com 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

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