Document:

EX-10.7

 Exhibit 10.7 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

PARASOL THERAPEUTICS, INC. 

EXCLUSIVE PATENT LICENSE AGREEMENT 

 TABLE OF CONTENTS 

 

					
	 R E C I T A L S
	  	 	1	  
		
	 1. DEFINITIONS
	  	 	2	  
		
	 2. GRANT OF RIGHTS
	  	 	7	  
		
	 3. COMPANY DILIGENCE OBLIGATIONS
	  	 	11	  
		
	 4. ROYALTIES AND PAYMENT TERMS
	  	 	15	  
		
	 5. REPORTS AND RECORDS
	  	 	22	  
		
	 6. PATENT PROSECUTION
	  	 	25	  
		
	 7. INFRINGEMENT
	  	 	25	  
		
	 8. INDEMNIFICATION AND INSURANCE
	  	 	27	  
		
	 9. NO REPRESENTATIONS OR WARRANTIES
	  	 	29	  
		
	 10. ASSIGNMENT
	  	 	30	  
		
	 11. GENERAL COMPLIANCE WITH LAWS
	  	 	30	  
		
	 12. TERMINATION
	  	 	31	  
		
	 13. DISPUTE RESOLUTION
	  	 	33	  
		
	 14. CONFIDENTIAL INFORMATION
	  	 	35	  
		
	 15. MISCELLANEOUS
	  	 	36	  
		
	 APPENDIX A
	  	 	40	  
		
	 APPENDIX B
	  	 	41	  
		
	 EXHIBIT A
	  	 	42	  
		
	 EXHIBIT B
	  	 	44	  

  
 i 

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

EXCLUSIVE PATENT LICENSE AGREEMENT 

This Agreement, effective as of the date set forth above the signatures of the parties below (the “EFFECTIVE DATE”), is between the
Massachusetts Institute of Technology (“M.I.T.”), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Parasol Therapeutics, Inc. (“COMPANY”), a Delaware corporation, with
a principal place of business at c/o Polaris Ventures, 1000 Winter Street, Waltham, Massachusetts 02451-1436. 
 R E C I TA L S 

WHEREAS, M.I.T. is the owner of certain PATENT RIGHTS (as later defined herein) relating to (a) [**], and has the right to
grant licenses under said PATENT RIGHTS; 
 WHEREAS, Ram Sasisekharan an inventor of the PATENT RIGHTS and current employee of
M.I.T., has or will shortly acquire equity in COMPANY, the Conflict Avoidance Statement of Ram Sasisekharan is attached as Exhibit A hereto; 

 WHEREAS, Ram Sasisekharan, an inventor of the PATENT RIGHTS, has or will shortly acquire equity
in COMPANY not resulting from this Agreement, the Inventor/Author Acknowledgment of No Equity Distribution in M.I.T.’s institutional equity share of Ram Sasisekharan is attached as Exhibit B hereto; 

WHEREAS, M.I.T.’s Vice President for Research has approved that Ram Sasisekharan, an inventor of the PATENT RIGHTS, now holds or shall
shortly acquire equity in COMPANY and that M.I.T. is accepting equity as partial consideration for the rights and licenses granted under this Agreement; 

WHEREAS, M.I.T. desires to have the PATENT RIGHTS developed and commercialized to benefit the public and is willing to grant a license
thereunder; 
 WHEREAS, M.I.T. and COMPANY understand and accept that the availability of LICENSED PRODUCTS for PANDEMIC FLU at affordable
prices to poor segments of the world’s populations in DEVELOPING COUNTRIES is an important objective of the parties; 
 WHEREAS,
COMPANY has represented to M.I.T., to induce M.I.T. to enter into this Agreement, that COMPANY shall commit itself to a diligent program of exploiting the PATENT RIGHTS so that public utilization shall result therefrom; and 

WHEREAS, COMPANY desires to obtain a license under the PATENT RIGHTS upon the terms and conditions hereinafter set forth. 

NOW, THEREFORE, M.I.T. and COMPANY hereby agree as follows: 

1. DEFINITIONS 
 1.1
“AFFILIATE” shall mean any legal entity (such as a corporation, partnership, or limited liability company) that is controlled by COMPANY. For the purposes of this definition, the term “control” means (i) beneficial
ownership of at least fifty percent (50%) of the voting securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater interest in the net assets or profits of a partnership
or other business organization without voting securities. 

  
 2 

 1.2 “CONFIDENTIAL INFORMATION” shall mean any confidential or proprietary
information furnished by one party (the “Disclosing Party”) to the other party (the “Receiving Party”) in connection with this Agreement, provided that such information is specifically designated as confidential. Such
CONFIDENTIAL INFORMATION shall include, without limitation, any diligence reports furnished to M.I.T. under Section 3.1, royalty reports furnished to M.I.T. under Section 5.2, and copies of sublicenses furnished to M.I.T. under
Section 2.4. 
 1.3 “DEVELOPING COUNTRIES” shall mean, within the TERRITORY, the countries designated by The World
Bank (www.worldbank.org) as Low-Income Economies, as such list may change from time to time, or any subsequent list that may be mutually agreed to by M.I.T. and COMPANY. 

1.4 “EXCLUSIVE PERIOD” shall mean the period of time set forth in Section 2.2. 

1.5 “FIELD” shall mean all human and veterinary therapeutic, prophylactic and diagnostic applications. 

1.6 “IMPROVEMENT” shall mean any patentable invention which is: 

(a) made under M.I.T. research programs in which Ram Sasisekharan is the principal investigator; and 

(b) disclosed to the M.I.T. Technology Licensing Office within [**] years of the EFFECTIVE DATE; and 

(c) dominated by claims of the PATENT RIGHTS licensed under this Agreement and listed in Appendix A as of the EFFECTIVE DATE; and 

(d) available for licensing after satisfaction of any rights granted to sponsors of the research leading to such invention. 

1.7 “LICENSED PRODUCT” shall mean any product that, in whole or in part: 

(a) absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or 

  
 3 

 (b) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS.

 1.8 “LICENSED PROCESS” shall mean any process that, absent the license granted hereunder, would infringe one or more
claims of the PATENT RIGHTS or which uses a LICENSED PRODUCT. 
 1.9 “NET SALES” shall mean the gross amount billed by
COMPANY and its AFFILIATES and SUBLICENSEES for LICENSED PRODUCTS and LICENSED PROCESSES, less the following: 
 (a) customary trade,
quantity, or cash discounts to the extent actually allowed and taken; 
 (b) amounts repaid or credited by reason of rejection or return;

 (c) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges
levied on the production, sale, transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS which is paid by or on behalf of COMPANY; and 

(d) outbound transportation costs prepaid or allowed and costs of insurance in transit. 

No deductions shall be made for commissions paid to individuals whether they be with independent sales agencies or regularly employed by
COMPANY and on its payroll, or for cost of collections. NET SALES shall occur on the earlier of the receipt of payment or ninety (90) days after the date of billing for a LICENSED PRODUCT or LICENSED PROCESS. If a LICENSED PRODUCT or a LICENSED
PROCESS is distributed at a discounted price that is substantially lower than the customary price charged by COMPANY (taking into account customary pricing for a governmental entity), or distributed for non-cash consideration (whether or not at a
discount), NET SALES shall be calculated based on the non-discounted amount of the LICENSED PRODUCT or LICENSED PROCESS charged to an independent third party during the same REPORTING PERIOD or, in the absence of such sales, on the fair market value
of the LICENSED PRODUCT or LICENSED PROCESS. 

  
 4 

 In the event that non-monetary consideration is received for LICENSED PRODUCTS or LICENSED
PROCESSES, NET SALES shall be calculated based on the fair market value of such non-monetary consideration (including all elements of such consideration), as determined by the parties in good faith. 

NET SALES will be calculated only once with respect to each LICENSED PRODUCT or LICENSED PROCESS sold by COMPANY, any AFFILIATE and/or any
SUBLICENSEE, even if such LICENSED PRODUCT or LICENSED PROCESS is sold more than once in the course of its transfer to the ultimate end-user. The foregoing notwithstanding, NET SALES will not include transfers among COMPANY and any AFFILIATE and/or
SUBLICENSEE unless the recipient does not intend to further sell or transfer the LICENSED PRODUCT or LICENSED PROCESS and is the end user thereof. 

1.10 “OTHER COUNTRIES” shall mean any country in the TERRITORY other than DEVELOPING COUNTRIES. 

1.11 “PANDEMIC FLU” shall mean, within the FIELD, applications for a pandemic (as determined in accordance with the
definition thereof established from time to time by the World Health Organization (or such other definition as may be mutually agreed by M.I.T. and COMPANY)) caused by infection with a virulent strain of influenza for which humans have little or no
immunity, including without limitation the avian H5N1 influenza virus. 
 1.12 “PATENT CHALLENGE” shall mean a challenge to
the validity, patentability, enforceability and/or non-infringement of any of the PATENT RIGHTS (as defined below) or otherwise opposing any of the PATENT RIGHTS. 

1.13 “PATENT RIGHTS” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents; 
 (c) any patent applications resulting from the provisional applications listed on Appendix A, and any divisional,
continuations, continuation-in-part applications, and continued 

  
 5 

 
prosecution applications (and their relevant international equivalents) of the patent applications listed on Appendix A and of such patent applications that result from the provisional
applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications listed on Appendix A, and the resulting patents; 

(d) any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described
in (a), (b), and (c) above; and 
 (e) international (non-United States) patent applications and provisional applications filed after
the EFFECTIVE DATE and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter
specifically described in the patents or patent applications referred to in (a), (b), (c), and (d) above, and the resulting patents. 

1.14 “REPORTING PERIOD” shall begin on the first day of each calendar quarter and end on the last day of such calendar
quarter. 
 1.15 “SUBLICENSE INCOME” shall mean any payments that COMPANY or an AFFILIATE receives from a SUBLICENSEE in
consideration of the sublicense of the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone payments, license maintenance fees, and other payments, but specifically excluding
(i) royalties on NET SALES or payments as a sharing of profits from NET SALES of LICENSED PRODUCTS or LICENSED PROCESSES, (ii) bona fide research and development funding for LICENSED PRODUCTS or LICENSED PROCESSES,
(iii) reimbursement of out of pocket patent prosecution and defense expenses for the PATENT RIGHTS, (iv) reimbursement for reasonable expenses incurred in supplying LICENSED PRODUCTS and/or raw materials and active ingredients of LICENSED
PRODUCTS, and (v) payments made as consideration for the issuance of debt or equity securities of COMPANY at fair market value (with fair market value deemed to be up to [**]% of the value of the COMPANY’s common stock at such time as the
COMPANY’s common stock is publicly traded). 
 Consideration for any and all sublicenses of the PATENT RIGHTS shall be on commercially
reasonable terms and conditions. In the event that non-monetary consideration is 

  
 6 

 
received for any sublicense of the PATENT RIGHTS, SUBLICENSE INCOME shall be calculated based on the fair market value of such non-monetary consideration (including all elements of such
consideration), as determined by the parties in good faith. 
 1.16 “SUBLICENSEE” shall mean any non-AFFILIATE sublicensee
of the rights granted COMPANY under Section 2.1. 
 1.17 “TERM” shall mean the term of this Agreement, which shall
commence on the EFFECTIVE DATE and shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance with the provisions of this
Agreement. 
 1.18 “TERRITORY” shall mean worldwide. 

1.19 “THERAPEUTIC LICENSED PRODUCT” shall mean a LICENSED PRODUCT that is used for a therapeutic and/or prophylactic purpose,
e.g., an antiviral agent or a vaccine. 
 1.20 “VACCINE PRODUCT” shall mean a THERAPEUTIC LICENSED PRODUCT that is a
vaccine, meaning an antigenic preparation that is designed to induce an immune response directed at an infectious organism (e.g., a bacterium or virus) when administered to an individual. 

2. GRANT OF RIGHTS 
 2.1
License Grants. Subject to the terms of this Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM an exclusive (subject to Sections 2.2, 2.6 and 3.1(a)) royalty-bearing license under the PATENT RIGHTS to develop, make,
have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the TERRITORY. 

2.2 Exclusivity. 
 (a) In
order to establish an exclusive period for COMPANY, M.I.T. agrees that, subject to Sections 2.2(b), 2.6, and 3.1(a), it shall not grant any other license under the PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in
the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY 

  
 7 

 
during the TERM (the “EXCLUSIVE PERIOD”), unless sooner terminated as provided in this Agreement. 

If M.I.T. or COMPANY or an AFFILIATE receives a bona fide request from a capable third party for a license under the PATENT RIGHTS to develop
and commercialize a VACCINE PRODUCT for PANDEMIC FLU at affordable prices in one or more DEVELOPING COUNTRIES that is not being sold (including without limitation sufficient supply to meet market demand at reasonable costs) or diligently developed
for sale by COMPANY or an AFFILIATE or SUBLICENSEE in such DEVELOPING COUNTRY(IES), then the party receiving such inquiry shall promptly notify the other party in writing within fifteen (15) days of such inquiry (an “INQUIRY NOTICE”),
setting forth the type of VACCINE PRODUCT desired, the commercialization area desired, the name and contact information of the third party, and any other pertinent information. Within six (6) months of such INQUIRY NOTICE, COMPANY or an
AFFILIATE shall enter into a sublicense agreement containing commercially reasonable terms and conditions with such third party for the requested VACCINE PRODUCT for PANDEMIC FLU in the requested DEVELOPING COUNTRY(IES). If COMPANY or an AFFILIATE
does not grant a sublicense under the PATENT RIGHTS to the third party within six (6) months of such INQUIRY NOTICE, and M.I.T., at its sole discretion, determines that a sublicense to the third party is reasonable under the totality of the
circumstances (taking into account development efforts of COMPANY, AFFILIATES and SUBLICENSEES) to make VACCINE PRODUCTS for PANDEMIC FLU available in DEVELOPING COUNTRIES, then M.I.T. shall have the right to grant a non-exclusive license under the
PATENT RIGHTS to such third party for such purposes. For clarity, any license granted by M.I.T. under this Section 2.2(b) shall be solely for bringing VACCINE PRODUCTS for PANDEMIC FLU to market in the requested DEVELOPING COUNTRY(IES) (and
other countries mutually agreed to by M.I.T. and COMPANY or AFFILIATE) in a manner that enables availability and accessibility at reasonable cost, and shall specifically exclude the right of the third party licensee to export or sell VACCINE
PRODUCTS for PANDEMIC FLU from such DEVELOPING COUNTRY(IES) (and other mutually agreed upon counties) into other markets. Notwithstanding the foregoing, any such license granted by M.I.T. under this Section 2.2(b) shall allow the third party
licensee to export or sell VACCINE PRODUCTS for PANDEMIC FLU from a DEVELOPING COUNTRY(IES) into any other DEVELOPING  

  
 8 

 
COUNTRY(IES) during any period of time in which an adequate supply of such VACCINE PRODUCTS for PANDEMIC FLU at accessible pricing is not available in such other DEVELOPING COUNTRY(IES). 

(b) If M.I.T. or COMPANY or an AFFILIATE receives a bona fide request from a capable third party for a license under the PATENT RIGHTS to
develop and commercialize a LICENSED PRODUCT and/or LICENSED PROCESS other than a VACCINE PRODUCT for PANDEMIC FLU at affordable prices in one or more DEVELOPING COUNTRIES, M.I.T. and COMPANY shall discuss the request in good faith. 

2.3 Option to IMPROVEMENTS. To the extent that an IMPROVEMENT is available for licensing, M.I.T. hereby grants to COMPANY a first
option to add any IMPROVEMENT to the PATENT RIGHTS. 
 M.I.T. shall notify COMPANY in writing, in reasonable detail, of such IMPROVEMENT,
furnishing COMPANY a copy of the invention disclosure and/or any related patent application(s). Such notification shall be made within [**] after the M.I.T. Technology Licensing Office receives disclosure of such IMPROVEMENT. Such invention
disclosure and any related patent application(s) shall be kept confidential. Notwithstanding the foregoing, M.I.T. shall be under no obligation to file a patent application for any IMPROVEMENT unless COMPANY exercises its option with respect to such
IMPROVEMENT. 
 COMPANY may exercise its right to add such IMPROVEMENT to the PATENT RIGHTS by notifying M.I.T. thereof in writing
within [**] months after M.I.T.’s notice of such IMPROVEMENT, provided, however, that COMPANY may, upon written notice to M.I.T., extend such period for up to an additional [**] if the licensing of such IMPROVEMENT remains under bona
fide, active consideration by COMPANY (as it may be so extended, the “OPTION PERIOD”). For each IMPROVEMENT so elected, COMPANY shall pay an Improvement Addition Fee of [**] Dollars ($[**]). Upon COMPANY’s exercise of such right
and payment of the Improvement Addition Fee, Appendix A shall be deemed to have been amended to add the invention disclosure (and any related patent applications) covering such IMPROVEMENT, and such IMPROVEMENT and any resulting patent applications
and patents shall thereafter be included in PATENT RIGHTS for all purposes  

  
 9 

 
of this Agreement. Upon request, M.I.T. shall provide COMPANY with an updated Appendix A for its records. 

If COMPANY does not exercise its option within the OPTION PERIOD, M.I.T. shall be free to license its rights to such IMPROVEMENT to any third
party. 
 2.4 Sublicenses. 

(a) COMPANY shall have the right to grant sublicenses of its rights under Section 2.1 only during the EXCLUSIVE PERIOD. COMPANY shall
incorporate terms and conditions into its sublicense agreements sufficient to enable COMPANY to comply with this Agreement. COMPANY shall also include provisions in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT
CHALLENGE against M.I.T. or assists another party in bringing a PATENT CHALLENGE against M.I.T. (except as required under a court order or subpoena) then COMPANY may terminate the sublicense. COMPANY shall promptly furnish M.I.T. with a fully signed
photocopy of any sublicense agreement, which may redacted to preserve any confidential information of the parties thereto (except that terms directly relevant to COMPANY’s and AFFILIATE’s obligations under this AGREEMENT may not be
redacted). 
 (b) Survival of Sublicense Agreements. M.I.T. agrees that upon termination of this Agreement for any reason, and at the
written request of any SUBLICENSEE, M.I.T. will assume COMPANY’s duties and obligations solely with respect to the PATENT RIGHTS under each sublicense agreement granted by COMPANY to such SUBLICENSEE, effective as of the termination date of
this Agreement, provided that: 
 (i) such SUBLICENSEE is not in default of its sublicense agreement with COMPANY at the date of such
termination; 
 (ii) such SUBLICENSEE agrees in writing to be bound to M.I.T. for all obligations, including the payment of royalties,
specified in the sublicense agreement; 
 (iii) M.I.T. shall not assume any obligation of COMPANY to such SUBLICENSEE pursuant to any
representation, warranty or indemnification provision; and 
 (iv) notwithstanding anything to the contrary in the sublicense agreement
with 

  
 10 

 
COMPANY, such SUBLICENSEE agrees in writing to M.I.T. within [**] days of the termination of this Agreement to be bound to M.I.T. by the terms and conditions of the following provisions of this
Agreement: Articles 3, 5, 8, 9 and 11, and Sections 2.2(b), 6.4, 12.2, 12.3, 12.4, 15.1 and 15.2. 
 2.5 U.S. Manufacturing. COMPANY
agrees that any LICENSED PRODUCTS used or sold in the United States will be manufactured substantially in the United States to the extent required by applicable laws and/or regulations. If COMPANY desires to seek a waiver of such requirements, upon
request of COMPANY, M.I.T. agrees to provide reasonable assistance in the application process for such waiver, however issuance of any such waiver is not guaranteed. 

2.6 Retained Rights. 

(a) M.I.T. M.I.T. retains the right to practice under the PATENT RIGHTS for research, teaching, and educational purposes. 

(b) Federal Government. COMPANY acknowledges that the U.S. federal government retains a royalty-free, non-exclusive, non-transferable
license to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C. §§ 201-211, and the regulations promulgated thereunder, as amended, or any successor statutes or regulations. 

(c) Non-assert. COMPANY (including its AFFILIATES) and M.I.T. agree that the PATENT RIGHTS shall not be asserted against any
not-for-profit entity using the technology for research purposes only and not for the benefit for any for-profit entity. 
 2.7 No
Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of M.I.T. or any other entity other than the PATENT RIGHTS, regardless
of whether such technology or patent rights shall be dominant or subordinate to any PATENT RIGHTS. 
 3. COMPANY DILIGENCE OBLIGATIONS

 3.1 Diligence Requirements. 

  
 11 

 (a) General Diligence Requirements. COMPANY shall use diligent efforts, or shall cause its
AFFILIATES and SUBLICENSEES to use diligent efforts, to develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market in OTHER COUNTRIES; thereafter, COMPANY or its AFFILIATES or
SUBLICENSEES shall make LICENSED PRODUCTS or LICENSED PROCESSES reasonably available to the public in OTHER COUNTRIES. Specifically, COMPANY or an AFFILIATE or SUBLICENSEE shall fulfill the following obligations: 

(i) Within six (6) months after the EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written research and development plan describing
the major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS in OTHER COUNTRIES, specifying the number of staff and other resources to be devoted to such commercialization effort. 

(ii) Within sixty (60) days after the end of each calendar year, COMPANY shall furnish M.I.T. with a written report (consistent with
Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED PROCESSES in OTHER COUNTRIES. The report shall also contain a discussion of intended
efforts and sales projections for the year in which the report is submitted. 
 (iii) In the aggregate, COMPANY shall raise at least Six
Million Dollars ($6,000,000) by January 1, 2010 from a combination of one or more of the following: (i) the sale of COMPANY’s equity securities for its own account, (ii) research and development funds, license fees and/or other
payments from corporate partners or SUBLICENSEES and (iii) grants from government and non-government sources. 
 (iv) COMPANY shall
expend (either directly or through AFFILIATES or SUBLICENSEES) at least the amounts set forth below on research toward the development of LICENSED PRODUCTS and/or LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in
2008 and ending with the first commercial sale of a LICENSED PRODUCT or a first commercial performance of a LICENSED PROCESS. 

  
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	 2008
	  	 	[**]	  
	 2009
	  	 	[**]	  
	 2010 and 2011
	  	 	[**]	  
	 2012 and every year thereafter
	  	$	2,000,000	  

 (v) COMPANY shall permit an in-plant inspection by M.I.T. on or before [**], and thereafter permit in-plant
inspections by M.I.T. at regular intervals with at least [**] months between each such inspection. 
 (vi) By the [**] anniversary of the
EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall file an [**]. 
 (vii) By the [**] anniversary of the EFFECTIVE DATE,
COMPANY (or an AFFILIATE or SUBLICENSEE) shall [**]. 
 In the event that COMPANY (or an AFFILIATE or SUBLICENSEE) has failed to fulfill any
of its obligations under this Section 3.1(a) at any time prior to COMPANY raising Ten Million Dollars ($10,000,000) from a combination of one or more of the following: the sale of COMPANY’s equity securities for its own account; research
and development funds, license fees and/or payments from corporate partners or SUBLICENSEES; and grants from government and non-government sources (the “TERMINATION THRESHOLD”), M.I.T. may treat such failure as a material breach in
accordance with Section 12.3(b). 
 If, at any time after achievement of the TERMINATION THRESHOLD, COMPANY (or an AFFILIATE or
SUBLICENSEE) has failed to fulfill any of its obligations under either of Sections 3.1(a)(vi) or 3.1(a)(vii) and such failure has not been remedied within [**] days after receiving written notice thereof from M.I.T., M.I.T. may by written notice to
COMPANY convert the license granted to COMPANY pursuant to Section 2.1 hereof to a non-exclusive license, and, in such event, Sections 2.2(a), 6.3 and 7.3 shall have no further effect. Notwithstanding the foregoing, in the event that COMPANY
(or an AFFILIATE or SUBLICENSEE) has failed to fulfill any of its obligations under any of Sections 3.1(a)(i), 

  
 13 

 
3.1(a)(ii), 3.1(a)(iv) and 3.1(a)(v) at any time after achievement of the TERMINATION THRESHOLD, M.I.T. may treat such failure as material breach in accordance with Section 12.3(b). 

Notwithstanding the foregoing, at any time that M.I.T. notifies COMPANY of its finding that COMPANY has failed to fulfill any of its
obligations under this Section 3.1(a), if COMPANY notifies M.I.T. within ten (10) business days that any such failure was the result of circumstances beyond COMPANY’s reasonable control, then, in lieu of M.I.T.’s right to treat
such failure as a material breach or to convert this license to a non-exclusive license, respectively, in accordance with this Section, M.I.T. and COMPANY shall negotiate in good faith an amendment to COMPANY’s obligations under this
Section 3.1(a). If the parties are unable to negotiate such an amendment within sixty (60) days from the date of COMPANY’s notification pursuant to this Section, then M.I.T. may either treat such failure as a material breach or
convert this license to a non-exclusive license in accordance with this Section. 
 (b) Diligence Requirements for DEVELOPING
COUNTRIES. M.I.T. and COMPANY agree that it is an important objective of both parties that VACCINE PRODUCTS for PANDEMIC FLU be made available in DEVELOPING COUNTRIES on reasonable terms, both with respect to availability of sufficient
quantities of VACCINE PRODUCTS and the cost thereof. Specifically, COMPANY or AFFILIATE shall fulfill the following obligations: 
 (i)
Within [**] months after the EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written development and commercialization plan describing the COMPANY’s strategy for bringing VACCINE PRODUCTS for PANDEMIC FLU to market in DEVELOPING COUNTRIES
in a manner that is designed to enable availability and accessibility at reasonable cost, and shall discuss with M.I.T. the plan and provide an opportunity for M.I.T. to comment on the plan. COMPANY shall use diligent efforts to develop and
commercialize VACCINE PRODUCTS for PANDEMIC FLU in DEVELOPING COUNTRIES in accordance with such plan. 
 (ii) Within [**] days after the
end of each calendar year, COMPANY shall furnish M.I.T. with a written report on the progress of its efforts during the immediately preceding calendar year to develop and commercialize VACCINE PRODUCTS for PANDEMIC FLU in DEVELOPING COUNTRIES. 

  
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 (iii) COMPANY shall use reasonable efforts to either (x) obtain the commitment of its
SUBLICENSEES to use diligent efforts to develop and commercialize VACCINE PRODUCTS for PANDEMIC FLU in DEVELOPING COUNTRIES in a manner that is designed to enable availability and accessibility at reasonable cost, or (y) retain rights to
develop and commercialize VACCINE PRODUCTS for PANDEMIC FLU in DEVELOPING COUNTRIES. 
 In addition to the remedies set forth in
Section 2.2(b) with respect to VACCINE PRODUCTS, in the event COMPANY (or an AFFILIATE or SUBLICENSEE) has failed to fulfill any of its obligations under this Section 3.1(b), M.I.T. may treat such failure as a material breach in accordance
with Section 12.3(b), provided that any termination under Section 12.3(b) for breach of obligations under this Section 3.1(b) shall be limited to COMPANY’s and its AFFILIATE’s licenses and rights under the PATENT RIGHTS for
VACCINE PRODUCTS for PANDEMIC FLU in DEVELOPING COUNTRIES in which such failure has occurred. The termination of COMPANY’s and AFFILIATE’s licenses and rights in such DEVELOPING COUNTRIES for VACCINE PRODUCTS for PANDEMIC FLU will not
affect the remaining terms of this Agreement. 
 4. ROYALTIES AND PAYMENT TERMS. 

4.1 Consideration for Grant of Rights. 

(a) License Issue Fee and Patent Cost Reimbursement. COMPANY shall pay to M.I.T. on the EFFECTIVE DATE a license issue fee of [**]
dollars ($[**]), and, in accordance with Section 6.4, shall reimburse M.I.T. for its actual expenses incurred as of the EFFECTIVE DATE in connection with obtaining the PATENT RIGHTS. These payments are nonrefundable. 

(b) License Maintenance Fees. COMPANY shall pay to M.I.T. the following license maintenance fees during the TERM on the dates set forth
below: 
  

					
	 January 1, 2009
	  	 	[	**] 
	 January 1, 2010
	  	 	[	**] 
	 January 1, 2011
	  	 	[	**] 
	 January 1, 2012
	  	 	[	**] 

  
 15 

					
	 January 1, 2013
	  	 	[**]	  
	 January 1, 2014
	  	 	[**]	  
	 January 1, 2015
	  	 	[**]	  
	 And each January 1st of every year thereafter
	  	$	150,000	  

 This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be credited to
running royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years. 

(c) Milestone Payments. 

(i) COMPANY shall pay to M.I.T. the following amounts upon the first achievement of the following milestones, whether by COMPANY or any of
its AFFILIATES or SUBLICENSEES: 
  

					
	 Milestone Event
	  	Payment	 
	 [**]
	  	 	[**]	  
	 [**]
	  	 	[**]	  
	 [**]
	  	 	[**]	  
	 [**]
	  	 	[**]	  

 (ii) The milestone events set forth in Section 4.1(c)(i) above are intended to be successive. In the
event that [**]. In addition and notwithstanding the foregoing, if any milestone with respect to a particular LICENSED PRODUCT is reached without achieving a preceding milestone with respect to the 

  
 16 

 
same LICENSED PRODUCT, then the amount which would have been payable on achievement of the preceding milestone shall be payable upon achievement of the next successive milestone. COMPANY shall
make such non-refundable, non-creditable milestone payments within [**] days after achievement of each of the milestones. For clarity, each of the milestones set forth above shall be payable only once. 

(iii) Notwithstanding the foregoing, in the event that COMPANY receives a milestone payment from a SUBLICENSEE based upon the achievement of
a milestone event by the SUBLICENSEE that is essentially equivalent to a milestone event described in Section 4.1(c)(i) above and for which a payment is due to M.I.T. under this Section 4.1(c), COMPANY shall pay to M.I.T. the greater of
either (1) the amount set forth in Section 4.1(c)(i) above, or (2) the amount determined in accordance with Section 4.1(e). All other milestone payments from SUBLICENSEES shall be treated in accordance with Section 4.1(e).

 (d) Running Royalties. COMPANY shall pay to M.I.T. a running royalty of [**] percent ([**]%) of NET SALES by COMPANY, AFFILIATES
and SUBLICENSEES. Running royalties shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD. 

Royalties shall not be due to M.I.T. on NET SALES of (i) VACCINE PRODUCTS in DEVELOPING COUNTRIES, or (ii) any other LICENSED
PRODUCTS to the public sector (i.e., governmental, quasi-governmental or non-profit entities providing LICENSED PRODUCTS at a COST BASED PRICE) in DEVELOPING COUNTRIES. As used in this subsection, the term “COST BASED PRICE” means, in
respect of each LICENSED PRODUCT, a price not exceeding that which fairly reflects the direct cost of manufacture of such LICENSED PRODUCT plus a typical margin for a generic pharmaceutical product for the respective market. In addition, if, the
payment of the royalties set forth in this subsection 4.1(d) on: (1) LICENSED PRODUCTS in DEVELOPING COUNTRIES (other than VACCINE PRODUCTS and sales of LICENSED PRODUCTS to the public sector) or (2) LICENSED PRODUCTS in countries other
than MAJOR MARKET COUNTRIES, causes the continued development and commercialization of such LICENSED PRODUCTS in such markets to be economically infeasible in the reasonable judgment of COMPANY, COMPANY shall notify M.I.T., and the parties agree to
discuss in good faith a reduction in such royalties in such 

  
 17 

 
markets. COMPANY and M.I.T. will enter into a written amendment to this Agreement with respect to any mutually agreed upon change(s) to the royalty obligation. As used in this subsection, the
term “MAJOR MARKET COUNTRIES” means the United States, Canada, Japan and the member states of the European Union. 
 (e)
Sharing of SUBLICENSE INCOME. COMPANY shall pay M.I.T. a total of [**] percent ([**]%) of all SUBLICENSE INCOME received by COMPANY or AFFILIATES. Such amount shall be payable for each REPORTING PERIOD in which SUBLICENSE INCOME is received
and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD. 
 (f) Consequences of a PATENT
CHALLENGE. In the event that (i) COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against M.I.T., or (ii) COMPANY or any of its AFFILIATES assists another party in bringing a PATENT CHALLENGE against M.I.T. (except as
required under a court order or subpoena), and (iii) M.I.T. does not choose to exercise its rights to terminate this Agreement pursuant to Section 12.4, then: in the event that such a PATENT CHALLENGE is successful, COMPANY will have no
right to recoup any royalties paid during the period of challenge. In the event that a PATENT CHALLENGE is unsuccessful, COMPANY shall reimburse M.I.T. for all reasonable legal fees and expenses incurred in its defense against the PATENT CHALLENGE.

 (g) No Multiple Royalties. If the manufacture, use, lease, or sale of any LICENSED PRODUCT or the performance of any LICENSED
PROCESS is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due. 
 (h) Equity. 

(i) Initial Grant. COMPANY shall issue a total of Four Hundred and Sixty Thousand (460,000) shares of Common Stock of COMPANY,
$.0001 par value per share (“the Shares”), in the name of M.I.T. and of such persons as M.I.T. shall direct (“M.I.T. Holder”), and each M.I.T. Holder shall receive such number of shares as M.I.T. shall direct. Such issuance shall
be recorded on the Stock Transfer Ledger of COMPANY on the EFFECTIVE DATE and the Shares shall be delivered to M.I.T. and M.I.T. Holders, if any, within thirty (30) days of the EFFECTIVE DATE. 

  
 18 

 COMPANY represents to M.I.T. that, as of the Effective Date, the aggregate number of Shares
equals [**] Percent ([**]%) of the COMPANY’s issued and outstanding Common Stock calculated on a “Fully Diluted Basis.” For purposes of this Section 4.1(h), “Fully Diluted Basis” shall mean that the total number of
issued and outstanding shares of the COMPANY’s Common Stock shall be calculated to include conversion of all issued and outstanding securities then convertible into Common Stock, the exercise of all then outstanding options and warrants to
purchase shares of Common Stock, whether or not then exercisable, and shall assume the issuance or grant of all securities reserved for issuance pursuant to any COMPANY stock or stock option plan in effect on the date of the calculation, provided
that the shares of Common Stock issuable under the terms of the WARRANT described in Section 4.3 shall not be included in such calculation. 

(ii) Anti-Dilution Protection. COMPANY shall issue additional shares of Common Stock to M.I.T. and each M.I.T. Holder pro rata, such
that M.I.T.’s and each M.I.T. Holders’ aggregate ownership of outstanding Common Stock shall not fall below Five Percent (5%) on a Fully Diluted Basis, as calculated after giving effect to the anti-dilutive issuance. Such issuances
shall continue until and including the date upon which a total of Five Million Dollars ($5,000,000) in cash in exchange for COMPANY’s capital stock (the “Funding Threshold”) shall be received by COMPANY. Thereafter, no additional
shares shall be due to M.I.T. or any M.I.T. Holder pursuant to this Section. For clarity, if a single COMPANY financing causes COMPANY to reach and exceed more than $5,000,000 in cumulative funds raised, then the provisions of this Section shall
apply with respect to that portion of such financing up to $5,000,000 and not for that portion of such financing that exceeds such $5,000,000 threshold. 

(iii) Participation in Future Private Equity Offerings. After the date of the Funding Threshold, M.I.T. (specifically not including
M.I.T. Holders) shall have the right to purchase additional shares of the COMPANY’s equity securities in any private offering by the COMPANY of its equity securities in exchange for cash, to maintain its pro rata ownership as calculated
immediately prior to such offering on a Fully Diluted Basis, pursuant to the terms and conditions at least as favorable as those granted to the other offerees. All rights granted to M.I.T. pursuant to this Section 4.1(h)(iii) shall terminate
immediately prior to a firm commitment underwritten public offering of the COMPANY’s Common Stock resulting in gross proceeds to the COMPANY of at least $[**]. M.I.T.’s rights under this Section shall not apply to the

  
 19 

 
following equity securities: (i) shares of Common Stock issued or issuable to employees, consultants or directors of COMPANY pursuant to an option plan (including shares issued or issuable
upon exercise of options already granted); (ii) securities issued in connection with any stock split or stock dividend by COMPANY; (iii) shares of Common Stock issued upon conversion of COMPANY Preferred Stock; (iv) securities issued
in consideration for the acquisition or licensing of technology or a corporate partnership transaction or acquisition of another entity; or (v) securities issued in equipment leasing or other debt financing transactions. 

(iv) Adjustments for Punitive Round Financings. After the date of the Funding Threshold (the “Funding Threshold Date”) and
through the date at which COMPANY has raised a total of Seven Million Five Hundred Thousand Dollars ($7,500,000) in cash in exchange for COMPANY stock, if COMPANY issues Common Stock, or any equity security exercisable for or convertible into Common
Stock, such that the price per share of COMPANY’s Common Stock is less than the M.I.T. Share Price (as defined below) (a “Dilutive Issuance”), then immediately following such Dilutive Issuance, COMPANY shall issue to M.I.T. shares of
Common Stock such that the M.I.T. Share Number (as defined below) equals the product obtained by multiplying the M.I.T. Share Number in effect immediately before the Dilutive Issuance by the Adjustment Fraction defined below. The M.I.T. Share Price
in effect immediately after the Dilutive Issuance shall be adjusted to equal the result obtained by dividing the M.I.T. Share Price in effect immediately before the Dilutive Issuance by the Adjustment Fraction defined below. 

 

																			
	The Adjustment Fraction equals:	  	(A + C)	  		  		  		  		  		  		  		  	
		  	(A + B)	  		  		  		  		  		  		  		  	

 where: 

A = the number of shares of Common Stock issued and outstanding on a Fully Diluted Basis immediately prior to the Dilutive Issuance 

B = the number of shares of Common Stock that could be purchased at the M.I.T. Share Price immediately prior to the Dilutive Issuance using
the net aggregate consideration received by COMPANY in connection with the Dilutive Issuance 

  
 20 

 C = the number of shares of Common Stock or of a security exercisable for or convertible into
Common Stock issued, on a Fully Diluted Basis, pursuant to the Dilutive Issuance. 
 Notwithstanding the foregoing, M.I.T.’s rights
under this Section shall not apply to the following equity securities: (i) shares of Common Stock issued or issuable to employees, consultants or directors of COMPANY pursuant to an option plan (including shares issued or issuable upon exercise
of options already granted); (ii) securities issued in connection with any stock split or stock dividend by COMPANY; (iii) shares of Common Stock issued upon conversion of COMPANY Preferred Stock; (iv) securities issued in
consideration for the acquisition or licensing of technology or a corporate partnership transaction or acquisition of another entity; or (v) securities issued in equipment leasing or other debt financing transactions. 

In addition, the following definitions shall apply to this Section 4.1(h)(iv): 

“Fair Market Value” of a share of Common Stock shall be the highest price per share that the COMPANY could obtain from a willing
buyer (not a current employee or director) for shares of Common Stock sold by the COMPANY, from authorized but unissued shares, as determined in good faith by the Board of Directors of the COMPANY, unless the COMPANY shall become subject to a
merger, acquisition or other consolidation pursuant to which the COMPANY is not the surviving party, in which case the current fair market value of a share of Common Stock shall be deemed to be the value received by the holders of the COMPANY’s
Common Stock for each share of Common Stock pursuant to the COMPANY’s acquisition. 
 “M.I.T. Share Number” shall mean the
number of shares of COMPANY’s Common Stock that M.I.T. owns on the date of the Dilutive Issuance, as adjusted from time to time pursuant to this Section. Notwithstanding the foregoing, any shares of Common Stock acquired by M.I.T. pursuant to
Section 4.1(h)(iii) shall not be included in the M.I.T. Share Number. 
 “M.I.T. Share Price” shall mean the value per share
of the shares of Common Stock included in the M.I.T. Share Number, as adjusted from time to time pursuant to this Section. For purposes of this Section, the initial M.I.T. Share Price to be used in an adjustment resulting from the first Dilutive
Issuance to occur after the Funding Threshold Date shall be the Fair Market 

  
 21 

 
Value per share of the Common Stock of the COMPANY effective on the Funding Threshold Date. 

4.2 Payments. 
 (a)
Method of Payment. All payments under this Agreement should be made payable to “Massachusetts Institute of Technology” and sent to the address identified in Section 15.1. Each payment should reference this Agreement and
identify the obligation under this Agreement that the payment satisfies. 
 (b) Payments in U.S. Dollars. All payments due under this
Agreement shall be drawn on a United States bank and shall be payable in United States dollars. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the Wall Street
Journal) on the last working day of the calendar quarter of the applicable REPORTING PERIOD. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or similar taxes
or other government imposed fees or taxes, except as permitted in the definition of NET SALES. 
 (c) Late Payments. Any payments by
COMPANY that are not paid on or before the date such payments are due under this Agreement shall bear interest, to the extent permitted by law, at [**] above the Prime Rate of interest as reported in the Wall Street Journal on the date
payment is due. 
 4.3 Issuance of Warrant. In further consideration of the licenses granted in this Agreement, COMPANY shall, within
[**] days after the EFFECTIVE DATE, issue a stock purchase warrant (as described below) to M.I.T. (the “WARRANT”). The WARRANT will be for the purchase of [**] shares of COMPANY Common Stock at a per share exercise price of $[**], and will
be exercisable for [**] years after the EFFECTIVE DATE. 
 5. REPORTS AND RECORDS. 

5.1 Frequency of Reports. 

(a) Before First Commercial Sale. Prior to the first commercial sale of any LICENSED PRODUCT or first commercial performance of any
LICENSED PROCESS, COMPANY shall deliver reports to M.I.T. annually, within sixty (60) days of the end of each 

  
 22 

 
calendar year, containing information concerning the immediately preceding calendar year, as further described in Section 5.2. 

(b) Upon First Commercial Sale of a LICENSED PRODUCT or Commercial Performance of a LICENSED PROCESS. COMPANY shall report to M.I.T.
the date of first commercial sale of a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS within sixty (60) days of occurrence in each country. 

(c) After First Commercial Sale. After the first commercial sale of a LICENSED PRODUCT or first commercial performance of a LICENSED
PROCESS, COMPANY shall deliver reports to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD, as further described in Section 5.2. 

5.2 Content of Reports and Payments. Each report delivered by COMPANY to M.I.T. shall contain at least the following information for
the immediately preceding REPORTING PERIOD: 
 (i) the number of LICENSED PRODUCTS sold, leased or distributed by COMPANY, its AFFILIATES
and SUBLICENSEES to independent third parties in each country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision of services in each country; 

(ii) a description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country as may be pertinent to a
royalty accounting hereunder; 
 (iii) the gross price charged by COMPANY, its AFFILIATES and SUBLICENSEES for each LICENSED PRODUCT and,
if applicable, the gross price charged for each LICENSED PRODUCT used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country; 

(iv) calculation of NET SALES for the applicable REPORTING PERIOD in each country, including a listing of applicable deductions; 

  
 23 

 (v) total royalty payable on NET SALES in U.S. dollars, together with the exchange rates used
for conversion; 
 (vi) the amount of SUBLICENSE INCOME received by COMPANY from each SUBLICENSEE and the amount due to M.I.T. from such
SUBLICENSE INCOME, including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME; and 
 (vii) the number of
sublicenses entered into for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES. 
 If no amounts are due to M.I.T. for any
REPORTING PERIOD, the report shall so state. 
 5.3 Financial Statements. On or before the ninetieth (90th) day following the
close of COMPANY’s fiscal year, COMPANY shall provide M.I.T. with COMPANY’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by COMPANY’s treasurer or chief
financial officer or by an independent auditor. 
 5.4 Records. COMPANY shall maintain, and shall cause its AFFILIATES and
SUBLICENSEES to maintain, complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to M.I.T. in relation to this Agreement, which records shall contain sufficient information to permit M.I.T.
to confirm the accuracy of any reports delivered to M.I.T. and compliance in other respects with this Agreement. The relevant party shall retain such records for at least [**] years following the end of the calendar year to which they pertain,
during which time M.I.T., or M.I.T.’s appointed agents, shall have the right, at M.I.T.’s expense, to inspect such records during normal business hours, and not more than once in any twelve month period, to verify any reports and payments
made or compliance in other respects under this Agreement. In the event that any audit performed under this Section reveals an underpayment in excess of [**] percent ([**]%), COMPANY shall bear the full cost of such audit and shall remit any amounts
due to M.I.T. within thirty (30) days of receiving notice thereof from M.I.T. 

  
 24 

 6. PATENT PROSECUTION. 

6.1 Responsibility for PATENT RIGHTS. M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT RIGHTS. COMPANY shall have
reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T. in such filing, prosecution and maintenance. M.I.T. shall instruct its patent counsel to copy COMPANY on all patent prosecution documents relating to the PATENT RIGHTS. 

6.2 International (non-United States) Filings. Appendix B is a list of countries in which patent applications corresponding to
the United States patent applications listed in Appendix A shall be filed, prosecuted, and maintained. Appendix B may be amended by mutual agreement of COMPANY and M.I.T. M.I.T. shall not unreasonably withhold its consent to amendments
to Appendix B requested by COMPANY. 
 6.3 Abandoning Patent Rights. Should M.I.T. elect to abandon any PATENT RIGHTS, M.I.T.
will first notify COMPANY of its intent to do so sufficiently in advance for COMPANY to continue prosecution and maintenance of such PATENT RIGHTS, and COMPANY may prosecute and maintain such PATENT RIGHTS in M.I.T.’s name at COMPANY’s own
expense. 
 6.4 Payment of Expenses. Payment of all fees and costs, including attorneys’ fees, relating to the filing,
prosecution and maintenance of the PATENT RIGHTS shall be the responsibility of COMPANY, whether such amounts were incurred before or after the EFFECTIVE DATE. As of March 31, 2008, M.I.T. has incurred approximately $[**] for such
patent-related fees and costs. COMPANY shall reimburse all amounts due pursuant to this Section within thirty (30) days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c). In all instances, M.I.T. shall pay the
fees prescribed for large entities to the United States Patent and Trademark Office. 
 7. INFRINGEMENT. 

7.1 Notification of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any
infringement of the PATENT RIGHTS. 
 7.2 Right to Prosecute Infringements. 

  
 25 

 (a) COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the
PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT RIGHTS in the FIELD in the TERRITORY,
subject to Sections 7.4 and 7.5. If required by law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.I.T. harmless from, and indemnify
M.I.T. against, any costs, expenses, or liability that M.I.T. incurs in connection with such action. 
 Prior to commencing any such action,
COMPANY shall consult with M.I.T. and shall consider the views of M.I.T. regarding the advisability of the proposed action and its effect on the public interest. COMPANY shall not enter into any settlement, consent judgment, or other voluntary final
disposition of any infringement action under this Section without the prior written consent of M.I.T., not to be unreasonably withheld. 

(b) M.I.T. Right to Prosecute. In the event that COMPANY is unsuccessful in persuading the alleged infringer to desist or fails to have
initiated an infringement action within [**] days after COMPANY first becomes aware of the basis for such action, M.I.T. shall have the right, at its sole discretion, to prosecute such infringement under its sole control and at its sole expense, and
any recovery obtained shall belong to M.I.T. Prior to commencing any such actions, M.I.T. shall consult with COMPANY and shall consider the views of COMPANY regarding the advisability of the proposed action. Further, M.I.T. shall not enter into any
settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section without first consulting with and considering the views of COMPANY. Notwithstanding the foregoing, any action taken under this Section
shall be at the sole discretion of M.I.T. 
 7.3 Declaratory Judgment Actions. In the event that a declaratory judgment action is
brought against M.I.T. or COMPANY by a third party, COMPANY, at its option, shall have the right within [**] days after commencement of such action to take over the sole defense of the action at its own expense. If COMPANY does not exercise this
right, M.I.T. may take over the sole defense of the action at M.I.T.’s sole expense, subject to Sections 7.4 and 7.5. 

  
 26 

 7.4 Offsets. COMPANY may offset a total of [**] percent ([**]%) of any expenses incurred
under Sections 7.2 and 7.3 against any payments due to M.I.T. under Article 4, provided that in no event shall such payments under Article 4, when aggregated with any other offsets and credits allowed under this Agreement, be reduced by more than
[**] percent ([**]%) in any REPORTING PERIOD, it being understood that any expenses which COMPANY is prevented by the foregoing proviso from offsetting in any REPORTING PERIOD may be carried forward and offset in one or more subsequent REPORTING
PERIODS (applying the foregoing proviso, including the cap, in each subsequent REPORTING PERIOD). 
 7.5 Recovery. Any recovery
obtained in an action brought by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: (i) each party shall be reimbursed for any expenses incurred in the action (including the amount of any royalty or other payments withheld from
M.I.T. as described in Section 7.4), and (ii) as to ordinary damages, COMPANY shall pay to M.I.T. an amount based upon a reasonable approximation of the royalties and other amounts that COMPANY would have paid to M.I.T. if COMPANY had sold
the infringing products, processes and services rather than the infringer, and COMPANY shall retain all remaining amounts and (iii) as to special or punitive damages, any award shall be paid [**] percent ([**]%) to M.I.T. and [**] percent
([**]%) to COMPANY. 
 7.6 Cooperation. Each party agrees to cooperate in any action under this Article which is controlled by the
other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

7.7 Right to Sublicense. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY
shall have the sole right to sublicense any alleged infringer in the FIELD in the TERRITORY for future use of the PATENT RIGHTS in accordance with the terms and conditions of this Agreement relating to sublicenses. Any revenues to COMPANY pursuant
to such sublicense shall be treated as set forth in Article 4. 
 8. INDEMNIFICATION AND INSURANCE 

8.1 Indemnification. 

  
 27 

 (a) Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T. and its trustees,
officers, faculty, students, employees, and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses)
(collectively, “LOSSES”) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, investigations, actions, demands or judgments arising out of or related to the exercise of any rights granted to COMPANY
under this Agreement or any breach of this Agreement by COMPANY; provided, however, that COMPANY shall have no obligation pursuant to the foregoing with respect to any LOSSES that result from the gross negligence or willful misconduct of any
Indemnitee. 
 (b) Procedures. The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action,
demand, or judgment for which indemnification is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to M.I.T. to defend against any such claim. The Indemnitees shall cooperate fully with
COMPANY in such defense and will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided, however, that any Indemnitee
shall have the right to retain its own counsel, at the expense of COMPANY, if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of actual or potential differences in the interests of such Indemnitee
and any other party represented by such counsel. COMPANY agrees to keep M.I.T. informed of the progress in the defense and disposition of such claim and to consult with M.I.T. with regard to any proposed settlement. 

8.2 Insurance. Commencing at the earlier of (1) the [**] month anniversary of the EFFECTIVE DATE or (2) the date upon which
COMPANY or an AFFILIATE or SUBLICENSEE commences laboratory operations related to LICENSED PRODUCTS or LICENSED PROCESSES, COMPANY shall obtain and carry in full force and effect commercial general liability insurance, including product liability
and errors and omissions insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such insurance (i) shall be issued by an insurer licensed to practice in the Commonwealth of
Massachusetts or an insurer pre-approved by M.I.T., such approval not to be unreasonably withheld, (ii) shall list M.I.T. as an additional insured thereunder, (iii) shall be endorsed to include product liability coverage at any time during
which the COMPANY or any AFFILIATE or 

  
 28 

 
SUBLICENSEE is making, using or selling a LICENSED PRODUCT or a LICENSED PROCESS, including conducting clinical trials or obtaining any required regulatory approvals, and (iv) shall require
[**] days written notice to be given to M.I.T. prior to any cancellation or material change thereof. The limits of such insurance shall not be less than [**] Dollars ($[**]) per occurrence with an aggregate of [**] Dollars ($[**]) for bodily injury
including death; and [**] Dollars ($[**]) per occurrence with an aggregate of [**] Dollars ($[**]) for property damage; and [**] Dollars ($[**]) per occurrence with an aggregate of [**] Dollars ($[**]) for errors and omissions, provided that such
errors and omissions coverage shall only be required to be obtained if COMPANY or an AFFILIATE or SUBLICENSEE provides services in connection with a LICENSED PRODUCT or LICENSED PROCESS. In the alternative, COMPANY may self-insure subject to prior
approval of M.I.T. 
 COMPANY shall provide M.I.T. with Certificates of Insurance evidencing compliance with this Section. COMPANY shall
continue to maintain such insurance or self-insurance after the expiration or termination of this Agreement during any period in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell a product that was a LICENSED
PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this Agreement, and thereafter for a period of [**] years. 

9. NO REPRESENTATIONS OR WARRANTIES 

M.I.T. hereby represents and warrants to COMPANY as of the EFFECTIVE DATE that, subject to Section 2.6, to its knowledge (i) all
inventors of record that are employees of M.I.T. have assigned or are obligated to assign to M.I.T. their entire right, title and interest in the PATENT RIGHTS, and M.I.T. has the authority to grant the licenses as granted herein; and (ii) it
has not granted to any third party any rights under the PATENT RIGHTS that would conflict with this Agreement. 
 M.I.T.’s total
liability under the representations and warranties of this Agreement shall be limited to an amount equal to the total sum that has been paid by COMPANY to M.I.T. under the provisions of Article 4 of this Agreement. 

EXCEPT AS MAY OTHERWISE BE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T. MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE
PATENT RIGHTS, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A 

  
 29 

 
PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. Specifically, and not to
limit the foregoing, M.I.T. makes no warranty or representation (i) regarding the validity or scope of the PATENT RIGHTS, and (ii) that the exploitation of the PATENT RIGHTS or any LICENSED PRODUCT or LICENSED PROCESS will not infringe any
patents or other intellectual property rights of M.I.T. or of a third party. 
 IN NO EVENT SHALL M.I.T., ITS TRUSTEES, DIRECTORS, OFFICERS,
EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER M.I.T. SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT
SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. 
 10. ASSIGNMENT. 

This Agreement is personal to COMPANY and no rights or obligations may be assigned by COMPANY without the prior written consent of M.I.T.
Notwithstanding the foregoing, COMPANY may assign its rights and obligations under this Agreement to an AFFILIATE or to a successor in connection with the merger, consolidation, or sale of all or substantially all of its assets or that portion of
its business to which this Agreement relates; provided, however, that (i) COMPANY shall deliver written notice to M.I.T. within [**] days of any such assignment, such notice to include the assignee’s contact information, and (ii) this
Agreement shall immediately terminate if the assignee fails to agree in writing to M.I.T. to be bound by the terms and conditions of this Agreement within [**] days of the effective date of the assignment. 

11. GENERAL COMPLIANCE WITH LAWS 

11.1 Compliance with Laws. COMPANY shall use reasonable commercial efforts to comply with all commercially material local, state,
federal, and international laws and regulations relating to the development, manufacture, use, and sale of LICENSED PRODUCTS and LICENSED PROCESSES. 

  
 30 

 11.2 Export Control. COMPANY and its AFFILIATES and SUBLICENSEES shall comply with all
United States laws and regulations controlling the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and
regulations prohibit or require a license for the export of certain types of commodities and technical data to specified countries. COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to
comply with, all United States export control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend, and hold M.I.T.
harmless (in accordance with Section 8.1) for the consequences of any such violation. 
 11.3 Non-Use of M.I.T. Name. COMPANY
and its AFFILIATES and SUBLICENSEES shall not use the name of “Massachusetts Institute of Technology,” “Lincoln Laboratory” or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty,
students, employees, or agents, or any trademark owned by M.I.T., or any terms of this Agreement in any promotional material or other public announcement or disclosure without the prior written consent of M.I.T. which consent M.I.T. may withhold in
its sole discretion. The foregoing notwithstanding, without the consent of M.I.T., COMPANY may make factual statements during the term of this Agreement that COMPANY has a license from M.I.T. under one or more of the patents and/or patent
applications comprising the PATENT RIGHTS. 
 11.4 Marking of LICENSED PRODUCTS. To the extent commercially feasible and consistent
with prevailing business practices, COMPANY shall mark, and shall cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under this Agreement with the number of each issued patent under the PATENT RIGHTS
that applies to such LICENSED PRODUCT. 
 12. TERMINATION. 

12.1 Voluntary Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least
six (6) months prior written notice to M.I.T., such notice to state the date at least six (6) months in the future upon which termination 

  
 31 

 
is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such termination effective date. Any such termination may be with respect to all of COMPANY’s rights and
obligations under this AGREEMENT or may be with respect to one or more PATENT RIGHTS only, as shall be specified in the notice of termination. 

12.2 Cessation of Business. If COMPANY ceases to carry on its business related to this Agreement, M.I.T. shall have the right to
terminate this Agreement immediately upon written notice to COMPANY. 
 12.3 Termination for Default 

(a) Nonpayment. In the event COMPANY fails to pay any amounts due and payable to M.I.T. hereunder, and fails to make such payments
within [**] days after receiving written notice of such failure, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

(b) Material Breach. In the event COMPANY commits a material breach of its obligations under this Agreement, except for breach as
described in Section 12.3(a) and subject to Section 3.1(a), and fails to cure that breach within [**] days after receiving written notice thereof, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

12.4 Termination as a Consequence of PATENT CHALLENGE 

(a) By COMPANY. If COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against M.I.T., or assists others in bringing a PATENT
CHALLENGE against M.I.T. (except as required under a court order or subpoena), then M.I.T. may immediately terminate this Agreement and/or the license granted hereunder. 

(b) By SUBLICENSEE. If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE (except as
required under a court order or subpoena), then M.I.T. may send a written demand to COMPANY to terminate such sublicense. If COMPANY fails to terminate such sublicense within thirty (30) days after M.I.T.’s demand, M.I.T. may immediately
terminate this Agreement and/or the license granted hereunder. 

  
 32 

 12.5 Effect of Termination. 

(a) Survival. The following provisions shall survive the expiration or termination of this Agreement: Articles 1, 8, 9, 13, 14 and 15,
and Sections 2.4(b), 4.1(h), 5.2 (obligation to provide final report and payment), 5.4, 11.1, 11.2 and 12.5. 
 (b) Inventory. Upon
the early termination of this Agreement, COMPANY and its AFFILIATES and SUBLICENSEES may complete and sell any work-in-progress and inventory of LICENSED PRODUCTS that exist as of the effective date of termination, provided that COMPANY pays M.I.T.
the applicable running royalty or other amounts due on such sales of LICENSED PRODUCTS in accordance with the terms and conditions of this Agreement, and (ii) COMPANY and its AFFILIATES and SUBLICENSEES shall complete and sell all
work-in-progress and inventory of LICENSED PRODUCTS within [**] months after the effective date of termination. 
 (c) Pre-termination
Obligations. In no event shall termination of this Agreement release COMPANY, AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination. 

13. DISPUTE RESOLUTION. 

13.1 Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by
means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as may be modified
by their written agreement, the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction. 

13.2 Equitable Remedies. Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of
disputes arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to preserve
its rights under this Agreement. 
 13.3 Dispute Resolution Procedures 

  
 33 

 (a) Mediation. In the event any dispute arising out of or relating to this Agreement
remains unresolved within [**] days from the date the affected party informed the other party of such dispute, either party may initiate mediation upon written notice to the other party (“Notice Date”), whereupon both parties shall be
obligated to engage in a mediation proceeding under the then current Center for Public Resources (“CPR”) Model Procedure for Mediation of Business Disputes (http://www.cpradr.org), except that specific provisions of this Article shall
override inconsistent provisions of the CPR Model Procedure. The mediator will be selected from the CPR Panels of Neutrals. If the parties cannot agree upon the selection of a mediator within fifteen (15) business days after the Notice Date,
then upon the request of either party, the CPR shall appoint the mediator. The parties shall attempt to resolve the dispute through mediation until the first of the following occurs: (i) the parties reach a written settlement; (ii) the
mediator notifies the parties in writing that they have reached an impasse; (iii) the parties agree in writing that they have reached an impasse; or (iv) the parties have not reached a settlement within [**] days after the Notice Date.

 (b) Trial Without Jury. If the parties fail to resolve the dispute through mediation, or if neither party elects to initiate
mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that the parties expressly waive any right to a jury trial in any legal proceeding under this Article. 

13.4 Performance to Continue. Each party shall continue to perform its undisputed obligations under this Agreement pending final
resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the other party fails or refuses to perform its undisputed
obligations. Nothing in this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement. 

13.5 Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel and
laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 

  
 34 

 14. CONFIDENTIAL INFORMATION 

14.1 Designation. CONFIDENTIAL INFORMATION that is disclosed in writing shall be marked with a legend indicating its confidential
status (such as “Confidential” or “Proprietary”). CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be documented in a written notice prepared by the Disclosing Party and delivered to the Receiving Party within
[**] days of the date of disclosure; such notice shall summarize the CONFIDENTIAL INFORMATION disclosed to the Receiving Party and reference the time and place of disclosure. 

14.2 Obligations. For a period of [**] years after termination or expiration of this Agreement, the Receiving Party shall
(i) maintain such CONFIDENTIAL INFORMATION in strict confidence, except that the Receiving Party may disclose or permit the disclosure of any CONFIDENTIAL INFORMATION to its directors, officers, employees, consultants, and advisors who are
obligated to maintain the confidential nature of such CONFIDENTIAL INFORMATION and who need to know such CONFIDENTIAL INFORMATION for the purposes of this Agreement; (ii) use such CONFIDENTIAL INFORMATION solely for the purposes of this
Agreement; and (iii) allow its trustees or directors, officers, employees, consultants, and advisors to reproduce the CONFIDENTIAL INFORMATION only to the extent necessary for the purposes of this Agreement, with all such reproductions being
considered CONFIDENTIAL INFORMATION. 
 14.3 Exceptions. The obligations of the Receiving Party under Section 14.2 above shall
not apply to the extent that the Receiving Party can demonstrate that certain CONFIDENTIAL INFORMATION (i) was in the public domain prior to the time of its disclosure under this Agreement; (ii) entered the public domain after the time of
its disclosure under this Agreement through means other than an unauthorized disclosure resulting from an act or omission by the Receiving Party; (iii) was independently developed or discovered by the Receiving Party without use of the
CONFIDENTIAL INFORMATION; (iv) is or was disclosed to the Receiving Party at any time, whether prior to or after the time of its disclosure under this Agreement, by a third party having no fiduciary relationship with the Disclosing Party and
having no obligation of confidentiality with respect to such CONFIDENTIAL INFORMATION; or (v) is required to be disclosed to comply with applicable laws or regulations, or with a court or 

  
 35 

 
administrative order, provided that the Disclosing Party receives reasonable prior written notice of such disclosure. 

14.4 Ownership and Return. The Receiving Party acknowledges that the Disclosing Party (or any third party entrusting its own
information to the Disclosing Party) claims ownership of its CONFIDENTIAL INFORMATION in the possession of the Receiving Party. Upon the expiration or termination of this Agreement, and at the request of the Disclosing Party, the Receiving Party
shall return to the Disclosing Party all originals, copies, and summaries of documents, materials, and other tangible manifestations of CONFIDENTIAL INFORMATION in the possession or control of the Receiving Party, except that the Receiving Party may
retain one copy of the CONFIDENTIAL INFORMATION in the possession of its legal counsel solely for the purpose of monitoring its obligations under this Agreement. 

15. MISCELLANEOUS. 
 15.1
Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed
electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties: 

If to M.I.T., all matters relating to the license: 

Massachusetts Institute of Technology 

Technology Licensing Office, Rm NE25-230 

Five Cambridge Center, Kendall Square 

Cambridge, MA 02142-1493 

Attention: Director 
 Tel:
617-253-6966 
 Fax: 617-258-6790 

If to M.I.T., relating to any equity action after the initial issuance of shares: 

Massachusetts Institute of Technology 

Treasurer’s Office 
 238 Main
Street 
 Cambridge, MA 02142 

Attention: Philip Rotner 
 Tel:
617-253-5422 
 Fax: 617-258-6676 

  
 36 

 If to COMPANY: 

Parasol Therapeutics, Inc. 
 c/o
Polaris Ventures 
 1000 Winter Street, Suite 3350 

Waltham, MA 02451-1436 

Attention: Kevin Bitterman 
 Tel:
781-290-0770 
 Fax: 781-290-0880 

All notices under this Agreement shall be deemed effective upon receipt. A party may change its contact information immediately upon written
notice to the other party in the manner provided in this Section. 
 15.2 Governing Law/Jurisdiction. 

(a) This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination
hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting
the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted. 
 (b)
The state and federal courts having jurisdiction over Cambridge, MA, USA, provide the exclusive forum for any PATENT CHALLENGE and/or any court action between the parties relating to this Agreement. COMPANY and M.I.T. each submits to the
jurisdiction of such courts and waives any claim that such court lacks jurisdiction over COMPANY or its AFFILIATES (on the one hand) or M.I.T. (on the other hand) or constitutes an inconvenient or improper forum. 

15.3 Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party,
including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement
with reasonable dispatch whenever such causes are removed. 
 15.4 Amendment and Waiver. This Agreement may be amended, supplemented,
or otherwise modified only by means of a written instrument signed by both parties. Any waiver of 

  
 37 

 
any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to waive any rights or fail to act in any other instance, whether
or not similar. 
 15.5 Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for
any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their original intent. If the parties
fail to reach a modified agreement within [**] days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 13. While the dispute is pending resolution,
this Agreement shall be construed as if such provision were deleted by agreement of the parties. 
 15.6 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 
 15.7
Headings. All headings are for convenience only and shall not affect the meaning of any provision of this Agreement. 
 15.8
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives. 

The EFFECTIVE DATE of this Agreement is April 28, 2008. 

  
 38 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	PARASOL THERAPEUTICS, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	  /s/ Kevin Bitterman

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Kevin Bitterman
	Title:	 	Director, Technology Licensing Office	 		 	Title:	 	President
				
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 		 	
					
	By:	 	  /s/ Claude R. Canizares
	 		 		 	
	Name:	 	Claude R. Canizares, Ph.D.	 		 		 	
	Title:	 	Bruno Rossi Professor of Experimental Physics, Vice President for Research, and Associate Provost	 		 		 	

  
 39 

 APPENDIX A 

List of Patent Applications and Patents 

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. A total of one page was omitted. [**] 

  
 40 

 APPENDIX B 

List of Countries (excluding United States) for which 

PATENT RIGHTS Applications Will Be Filed, Prosecuted and Maintained 

To be determined on a case-by-case basis. 

  
 41 

 EXHIBIT A 

CONFLICT AVOIDANCE STATEMENT 
  

			
	Name:	  	Ram Sasisekharan
		
	Dept. or Lab:	  	Biological Engineering
		
	Company:	  	Parasol
		
	Address:	  	 1000 Winter Street
 Waltham, MA
02451

 Licensed Technology: [**] 

Because of the M.I.T. license granted to the above company and my equity* position and continuing relationship with this company, I acknowledge the potential
for a possible conflict of interest between the performance of research at M.I.T. and my contractual or other obligations to this company. Therefore, I will not: 
  

	 	1)	use students at M.I.T. for research and development projects for the company; 

  

	 	2)	restrict or delay access to information from my M.I.T. research; 

  

	 	3)	take direct or indirect research support from the company in order to support my activities at M.I.T.; or 

  

	 	4)	employ students at the company, except in accordance with Section 4.5.2, “Faculty and Students,” in the Policies and Procedure Guide. 

In addition, in order to avoid the appearance of a conflict, I will attempt to differentiate clearly between the intellectual directions of my M.I.T. research
and my contributions to the company. To that end, I will expressly inform my department head/laboratory director annually of the general nature of my activities on behalf of the company. 

  
 42 

									
		 		 		  	Signed:	 	  /s/ Ram Sasisekharan

					
		 		 		  	Date:	 	12th May 2008
					
	Approved by:	 	  /s/ Douglas A. Lauffenburger
	 		  		 	
					
	Name (print):	 	Douglas A. Lauffenburger	 		  		 	
	(Dept. Head or Lab/Dir)	 		  		 	

  

	*	“Equity” includes stock, options, warrants or other financial instruments convertible into stock, which are directly or indirectly controlled by the inventor. 

  
 43 

 EXHIBIT B 

INVENTOR/AUTHOR ACKNOWLEDGMENT 

OF NO EQUITY DISTRIBUTION 

In partial reliance on the undersigned’s execution of this Acknowledgement, M.I.T. has entered into the license agreement to which
this Acknowledgment is attached (the “LICENSE”) in which COMPANY received certain licenses to the technology listed below, on some or all of which the undersigned is a listed inventor or author. The undersigned, independently of the
LICENSE, has received or will soon acquire equity in Parasol (“COMPANY”), and, in accordance with M.I.T.’s licensing policies contained in M.I.T.’s Guide to the Ownership, Distribution and Commercial Development of M.I.T.
Technology, as that policy may be amended from time to time (specifically §4.2.5 as of this Form Version date), the undersigned, on his/her own behalf and on behalf of his/her heirs and assigns, acknowledges and agrees that he/she has no
right to receive any share of equity income received by M.I.T. in consideration for the L1CENSE. 
 Technology Licensed as of the
EFFECTIVE DATE of the LICENSE: 
 [**]. 

  
 44 

									
	Witness:	 	  /s/ Ada M. Ziolkowski
	 		 	Signed:	 	  /s/ Ram Sasisekharan

		 		 		 	Print Name:	 	Ram Sasisekharan
		 		 		 	Date:	 	12th May 2008

  
 45 

 FIRST AMENDMENT 

This First Amendment, effective as of the date set forth above the signatures of the parties below, is between the Massachusetts Institute of
Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Parasol Therapeutics, Inc., a Delaware corporation having its principal place of business at c/o
Polaris Venture Partners, 1000 Winter Street, Waltham, Massachusetts 02451 (“COMPANY”). 
 WHEREAS, COMPANY and M.I.T. wish to
modify the provisions of the Exclusive Patent License Agreement dated April 28, 2008 (the “LICENSE AGREEMENT”); and 

WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No. [**]; and 

WHEREAS, M.I.T. Case No. [**] may be useful in conjunction with the technology licensed by M.I.T. to COMPANY under the LICENSE AGREEMENT (the
“INFLUENZA PATENT RIGHTS”); and 
 WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for
M.I.T. Case No. [**] (the “ANALYSIS PATENT RIGHTS”) upon the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in
consideration of the promises and mutual covenants contained herein, the parties hereby agree as follows: 
 1. Appendix A of the LICENSE
AGREEMENT shall be amended to read in its entirety as follows: 

  
 Page 1 of 6

 APPENDIX A 

List of Patent Applications and Patents 
  

	(1)	INFLUENZA PATENT RIGHTS 

 Confidential Materials omitted and filed separately with the Securities
and Exchange Commission. A total of one page was omitted. [**] 
  

	(2)	ANALYSIS PATENT RIGHTS 

 [**] 

2. Section 1.6, IMPROVEMENT, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

“IMPROVEMENT” shall mean any patentable invention which is: 

(i) made under M.I.T. research programs in which Ram Sasisekharan is the principal investigator; and 

(ii) disclosed to the M.I.T. Technology Licensing Office within [**] years of the EFFECTIVE DATE; and 

(iii) dominated by one or more claims of the PATENT RIGHTS licensed under this Agreement and listed in Appendix A as of the EFFECTIVE DATE;
and 

  
 Page 2 of 6

 (iv) available for licensing after satisfaction of any rights granted to sponsors of the research
leading to such invention. 
 3. Section 1.13, PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in its entirety
as follows: 
 “PATENT RIGHTS” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents; 
 (c) any patent applications resulting from the provisional applications listed on Appendix A, and any divisional,
continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent applications listed on Appendix A and of such patent applications that result from the
provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications listed in Appendix A, and the resulting patents; 

(d) any patent applications resulting from the invention disclosures for M.I.T. Case Nos. [**] listed on Appendix A, and the resulting
patents; 
 (e) any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the
patents described in (a), (b), (c) and (d) above; and 
 (f) international (non-United States) patent applications and provisional
applications filed after the EFFECTIVE DATE and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are
directed to subject matter specifically described in the patents or patent applications referred to in (a), (b), (c), (d) and (e) above, and the resulting patents. 

For clarification, the PATENT RIGHTS include the INFLUENZA PATENT RIGHTS set forth in APPENDIX A(1) and the ANALYSIS PATENT RIGHTS set forth
in APPENDIX A(2). 

  
 Page 3 of 6

 4. The following new definitions shall be added to Article 1, DEFINITIONS, of the LICENSE
AGREEMENT as Sections 1.21, 1.22 and 1.23: 
 1.21 “INFLUENZA PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on
M.I.T. Case No. [**], as set forth in APPENDIX A(1). 
 1.22 “ANALYSIS PATENT RIGHTS” shall mean any and all PATENT RIGHTS
based on M.I.T. Case No. [**], as set forth in APPENDIX A(2). 
 1.23 “RESPIRATORY DISEASE FIELD” shall mean human and
veterinary applications for the therapy, prophylaxis and diagnosis of respiratory infectious diseases. 
 5. Section 2.1, License
Grants, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 
 License Grants. Subject to the terms of
this Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM: (a) an exclusive (subject to Sections 2.2, 2.6 and 3.1(a)) royalty-bearing license under the INFLUENZA PATENT RIGHTS to develop, make, have made, use, sell, offer
to sell, lease, and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the TERRITORY; and (b) an exclusive (subject to Sections 2.2, 2.6 and 3.1(a)) royalty-bearing license under
the ANALYSIS PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS solely in the RESPIRATORY DISEASE FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES solely in the RESPIRATORY
DISEASE FIELD in the TERRITORY. 
 6. Section 2.2(a), Exclusivity, of the LICENSE AGREEMENT shall be amended to read in its
entirety as follows: 
 (a) In order to establish an exclusive period for COMPANY, M.I.T. agrees that, subject to Sections 2.2(b), 2.6, and
3.1(a): (i) it shall not grant any other license under the INFLUENZA PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY
during the TERM (the “EXCLUSIVE PERIOD”), unless sooner terminated as provided in this Agreement; and (ii) it shall not grant any other license under the 

  
 Page 4 of 6

 
ANALYSIS PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the RESPIRATORY DISEASE FIELD in the TERRITORY during the TERM or to perform LICENSED PROCESSES in the
RESPIRATORY DISEASE FIELD in the TERRITORY, unless sooner terminated as provided in this Agreement. 
 7. As consideration for this
amendment to the LICENSE AGREEMENT, COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) fee upon execution of the amendment. This payment is non-refundable. 

8. COMPANY shall reimburse M.I.T. for all patent costs incurred by M.I.T. for the ANALYSIS PATENT RIGHTS in accordance with Article 6 of the
LICENSE AGREEMENT. 
 9. The first paragraph of Section 7.2(a), COMPANY Right to Prosecute, of the LICENSE AGREEMENT shall be
amended to read in its entirety as follows: 
 COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the
INFLUENZA PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the INFLUENZA PATENT RIGHTS in the FIELD
in the TERRITORY, subject to Sections 7.4 and 7.5. In addition, so long as COMPANY remains the exclusive licensee of the ANALYSIS PATENT RIGHTS in the RESPIRATORY DISEASE FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have
the right, under its own control and at its own expense, to prosecute any third party infringement of the ANALYSIS PATENT RIGHTS in the RESPIRATORY DISEASE FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. If required by law, M.I.T. shall
permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.I.T. harmless from, and indemnify M.I.T. against, any costs, expenses, or liability that M.I.T. incurs in
connection with such action. 
 10. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE
AGREEMENT shall remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

  
 Page 5 of 6

 IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed under seal by
their duly authorized representatives. 
 The Effective Date of this First Amendment is September 23, 2008. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	PARASOL THERAPEUTICS, INC.
					
	By:	 	  /s/ Lita L. Nelson
	 		 	By:	 	 Kevin Bitterman

	Name:	 	Lita L. Nelsen	 		 	Name:	 	 /s/ Kevin Bitterman
	Title:	 	Director, Technology Licensing Office	 		 	Title:	 	CEO

  
 Page 6 of 6

 SECOND AMENDMENT 

This Second Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated April 28. 2008, as amended by the First Amendment dated September 23, 2008 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a Massachusetts corporation having its principal office at 77
Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Parasol Therapeutics, Inc., a Delaware corporation having its principal place of business at 76 Rogers Street, Cambridge, Massachusetts 02142 (“COMPANY”). 

WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No. [**]; and 

WHEREAS, M.I.T. Case No. [**] is an IMPROVEMENT (as defined in the LICENSE AGREEMENT) and COMPANY has exercised its rights to add M.I.T. Case
No. [**] to the PATENT RIGHTS; and 
 WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T.
Case No. [**] upon the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein, the parties hereby agree as follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as
follows: 

  
 Page 1 of 4

 APPENDIX A 

List of Patent Applications and Patents 
  

	(1)	INFLUENZA PATENT RIGHTS 

 Confidential Materials omitted and filed separately with the Securities
and Exchange Commission. A total of two pages were omitted. [**] 

  
 Page 2 of 4

	(2)	ANALYSIS PATENT RIGHTS 

 [**] 

2. Section 1.21, INFLUENZA PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

“INFLUENZA PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No. [**]. as set forth in APPENDIX A(1). 

3. In accordance with Section 2.3 of the LICENSE AGREEMENT, COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) Improvement Addition Fee
upon execution of this Second Amendment. This payment is non-refundable. 

  
 Page 3 of 4

 4. COMPANY’s contact information for the purposes of Section 15.1, Notice, of
the LICENSE AGREEMENT shall be updated as follows: 
 Parasol Therapeutics 

76 Rogers Street 
 Cambridge, MA
02142 
 Attention: Kevin Bitterman 

Tel: 617-498-1070 
 Fax:
617-498-1073 
 5. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall remain
unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

IN WITNESS WHEREOF, the parties have caused this Second Amendment to be executed under seal by their duly authorized representatives. 

The Effective Date of this Second Amendment Is September 18, 2009. 
  

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	PARASOL THERAPEUTICS, INC.
					
	By:	 	  /s/ Lita L. Nelson
	 		 	By:	 	  /s/ Kevin Bitterman

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Kevin Bitterman
	Title:	 	Director, Technology Licensing Office	 		 	Title:	 	President

  
 Page 4 of 4

 THIRD AMENDMENT 

This Third Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated April 28, 2008, as amended by the First Amendment dated September 23, 2008, and the Second Amendment dated September 18, 2009 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a
Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Parasol Therapeutics, Inc., a Delaware corporation having its principal place of business at 76 Rogers Street,
Cambridge, Massachusetts 02142 (“COMPANY”). 
 WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No.
[**]; and 
 WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T. Case No. [**] upon the
terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the
parties hereby agree as follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

APPENDIX A 
 List of
Patent Applications and Patents 
  

	(1)	INFLUENZA PATENT RIGHTS 

 Confidential Materials omitted and filed separately with the Securities
and Exchange Commission. A total of two pages were omitted. [**] 

  
 Page 1 of 4

	(2)	ANALYSIS PATENT RIGHTS 

 [**] 

  
 Page 2 of 4

 [**] 

2. Section 1.21, INFLUENZA PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

“INFLUENZA PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No. [**], as set forth in APPENDIX A(l).

 3. COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) Case Addition Fee upon execution of this Third Amendment. This payment is
non-refundable. 
 4. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall
remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed under seal by their duly authorized representatives. 

  
 Page 3 of 4

 The Effective Date of this Third Amendment is December 21, 2009. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	PARASOL THERAPEUTICS, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	  /s/ Kevin Bitterman

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Kevin Bitterman
	Title:	 	Director Technology Licensing Office	 		 	Title:	 	President

  
 Page 4 of 4

 FOURTH AMENDMENT 

This Fourth Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated April 28, 2008, as amended by the First Amendment dated September 23, 2008, the Second Amendment dated September 18, 2009, and the Third Amendment dated December 21, 2009 (the “LICENSE AGREEMENT”)
between the Massachusetts Institute of Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Visterra, Inc. (f/k/a Parasol Therapeutics, Inc.), a
Delaware corporation having its principal place of business at 76 Rogers Street, Cambridge, Massachusetts 02142 (“COMPANY”). 

WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No. [**] and 

WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T. Case No. [**] upon the terms and
conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties
hereby agree as follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

APPENDIX A 
 List of
Patent Applications and Patents 
  

	(1)	INFLUENZA PATENT RIGHTS 

 Confidential Materials omitted and filed separately with the Securities
and Exchange Commission. A total of two pages were omitted. [**] 

  
 Page 1 of 4

	(2)	ANALYSIS PATENT RIGHTS 

 [**] 

  
 Page 2 of 4

 2. Section 1.22, ANALYSIS PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to
read in its entirety as follows: 
 “ANALYSIS PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No.
[**], as set forth in APPENDIX A(2). 
 3. COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) Case Addition Fee upon execution of this Fourth
Amendment. This payment is non-refundable. 
 4. Except as specifically modified or amended hereby, all other terms and conditions of the
LICENSE AGREEMENT shall remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be executed under seal by their duly authorized representatives. 

  
 Page 3 of 4

 The Effective Date of this Fourth Amendment is June 15, 2010. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	VISTERRA, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	  /s/ Kevin Bitterman

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Kevin Bitterman
	Title:	 	Director Technology Licensing Office	 		 	Title:	 	CEO

  
 Page 4 of 4

 FIFTH AMENDMENT 

This Fifth Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated April 28, 2008, as amended by the First Amendment dated September 23, 2008, the Second Amendment dated September 18, 2009, the Third Amendment dated December 21, 2009, and the Fourth Amendment dated June 15,
2010 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Visterra, Inc.
(f/k/a Parasol Therapeutics, Inc.), a Delaware corporation having its principal place of business at 76 Rogers Street, Cambridge, Massachusetts 02142 (“COMPANY”). 

WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No. [**]; and 

WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T. Case Nos. [**] upon the terms and
conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties
hereby agree as follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

APPENDIX A 
 List of
Patent Applications and Patents 
  

	(1)	INFLUENZA PATENT RIGHTS 

 Confidential Materials omitted and filed separately with the Securities
and Exchange Commission. A total of three pages were omitted. [**] 

  
 Page 1 of 3

	(2)	ANALYSIS PATENT RIGHTS 

 [**] 

2. Section 1.21, INFLUENZA PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

“INFLUENZA PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No. [**], as set forth in APPENDIX A(l).

 3. COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) Case Addition Fee for each case, for a total of [**] Dollars ($[**]) upon execution
of this Fifth Amendment. This payment is non-refundable. 
 4. Except as specifically modified or amended hereby, all other terms and
conditions of the LICENSE AGREEMENT shall remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

  
 Page 2 of 3

 IN WITNESS WHEREOF, the parties have caused this Fifth Amendment to be executed under seal by
their duly authorized representatives. 
 The Effective Date of this Fifth Amendment is September 22, 2010. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	VISTERRA, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	  /s/ Kevin Bitterman

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Kevin Bitterman
	Title:	 	Director Technology Licensing Office	 		 	Title:	 	CEO

  
 Page 3 of 3

 SIXTH AMENDMENT 

This Sixth Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated April 28, 2008, as amended by the First Amendment dated September 23, 2008, the Second Amendment dated September 18, 2009, the Third Amendment dated December 21, 2009, the Fourth Amendment dated June 15,
2010, and the Fifth Amendment dated September 22, 2010 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge,
Massachusetts 02139 (“M.I.T.”), and Visterra, Inc. (f/k/a Parasol Therapeutics, Inc.), a Delaware corporation having its principal place of business at One Kendall Square, Suite B3301, Cambridge, MA 02139 (“COMPANY”). 

WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No. [**]; and 

WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T. Case No. [**] upon the terms and
conditions hereinafter set forth; 
 WHEREAS, M.I.T. has informed COMPANY that it does not intend to file patent applications for M.I.T.
Case Nos. [**]; 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties hereby agree as
follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

  
 Page 1 of 5

 APPENDIX A 

List of Patent Applications and Patents 
  

	(1)	INFLUENZA PATENT RIGHTS 

 Confidential Materials omitted and filed separately with the Securities and
Exchange Commission. A total of three pages were omitted. [**] 

  
 Page 2 of 5

	(2)	ANALYSIS PATENT RIGHTS 

 [**] 

  
 Page 3 of 5

 2. Section 1.21, INFLUENZA PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in its
entirety as follows: 
 “INFLUENZA PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No. [**], as
set forth in APPENDIX A(1). 
 3. Section 3.1(a)(vi), General Diligence Requirements, of the LICENSE AGREEMENT shall be amended
by replacing “[**] anniversary” with “[**] anniversary”. 
 4. Notwithstanding anything to the contrary in the
LICENSE AGREEMENT, in recognition of the value of the PATENT RIGHTS for M.I.T. Case No. [**] in identifying and/or designing related products, M.I.T. and COMPANY agree that any product that is identified and/or designed by COMPANY or an AFFILIATE or
SUBLICENSEE, in whole or in part, through the use of novel variable heavy and variable light domain sequences, or a fragment thereof (e.g., a CDR sequence), disclosed in M.I.T. Case No. [**] (including without limitation, a molecule that
comprises a derivative of a novel variable heavy and variable light domain sequence, or fragment thereof, described therein) shall be deemed a LICENSED PRODUCT for the purposes of this Agreement. 

5. COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) Case Addition Fee upon execution of this Sixth Amendment. This payment is non-refundable.

 6. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall remain unchanged and
in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

  
 Page 4 of 5

 IN WITNESS WHEREOF, the parties have caused this Sixth Amendment to be executed under seal by
their duly authorized representatives. 
 The Effective Date of this Sixth Amendment is May 18, 2012. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	VISTERRA, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	   /s/ Steven Brugger

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Steven Brugger
	Title:	 	Director Technology Licensing Office	 		 	Title:	 	CEO

  
 Page 5 of 5

 SEVENTH AMENDMENT 

This Seventh Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated April 28, 2008, as amended by the First Amendment dated September 23, 2008, the Second Amendment dated September 18, 2009, the Third Amendment dated December 21, 2009, the Fourth Amendment dated June 15,
2010, the Fifth Amendment dated September 22, 2010, and the Sixth Amendment dated May 18, 2012 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a Massachusetts corporation having its principal office
at 77 Massachusetts Avenue, Cambridge, Massachusetts, 02139 (“M.I.T.”), USA and Visterra, Inc. (f/k/a Parasol Therapeutics, Inc.), a Delaware corporation, with a principal place of business at One Kendall Square, Suite B3301, Cambridge,
Massachusetts 02139 (“COMPANY”). 
 WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No.
[**], and COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T. Case No. [**] upon the terms and conditions hereinafter set forth; 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties hereby agree to modify the LICENSED
AGREEMENT as follows: 
 I. Article 2, GRANT OF RIGHTS, of the LICENSE AGREEMENT shall be amended to add the following new Section 2.8:

 2.8 Invention Disclosure for M.I.T. Case No. [**] 

(a) M.I.T. has received an invention disclosure for M.I.T. Case No. [**] (the “MIT [**] Invention Disclosure”). As of the effective
date of this Seventh Amendment, M.I.T. has not filed any patent applications on such MIT [**] Invention Disclosure. Subject to any obligations to third parties, M.I.T. agrees to add to the INFLUENZA PATENT RIGHTS of this Agreement M.I.T.’s
rights in any patent applications filed on the MIT [**] Invention Disclosure, as set forth herein. 
 (b) Upon (i) the filing of a
patent application on the M.I.T. [**] Invention Disclosure with the United States Patent and Trademark Office, and (ii) the recordal of an assignment document(s) with the United States Patent and Trademark Office whereby the inventors have
assigned their inventorship interests rights in any such patent application to M.I.T., subject to any obligations to third parties. Appendix A(l) shall be deemed to have been 

  
 Page 1 of 3

 
amended to add M.I.T.’s rights in such patent application to the INFLUENZA PATENT RIGHTS. 

(c) In accordance with Section 6.4, COMPANY shall pay all reasonable fees and costs relating to the filing, prosecution and maintenance
of the patent rights based on the MIT [**] Invention Disclosure. 
 (d) Promptly after the filing of a patent application on the MIT [**]
Invention Disclosure with the United States Patent and Trademark Office, M.I.T. shall provide COMPANY with a copy of such patent application, which application shall be kept confidential. 

2. Section 1.21, INFLUENZA PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

“INFLUENZA PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No. [**], as set forth in
APPENDIX A(1). 
 3. COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) Case Addition Fee upon execution of this Seventh Amendment. This
payment is non-refundable. 
 4. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT
shall remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

{Signature Page Follows} 

  
 Page 2 of 3

 IN WITNESS WHEREOF, the parties have caused this Seventh Amendment to be executed under seal by
their duly authorized representatives. 
 The Effective Date of this Seventh Amendment is January 14, 2013. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	VISTERRA, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	  /s/ Zachary Shriver

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Zachary Shriver
	Title:	 	Director Technology Licensing Office	 		 	Title:	 	10 January 2013

  
 Page 3 of 3

 EIGHTH AMENDMENT 

This Eighth Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License Agreement dated
April 28, 2008, as amended by the First Amendment dated September 23, 2008, the Second Amendment dated September 18, 2009, the Third Amendment dated December 21, 2009, the Fourth Amendment dated June 15, 2010, the Fifth
Amendment dated September 22, 2010, the Sixth Amendment dated May 18, 2012 and the Seventh Amendment dated January 14, 2013 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a Massachusetts
corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts, 02139 (“M.I.T.”), USA and Visterra, Inc. (f/k/a Parasol Therapeutics, Inc.), a Delaware corporation, with a principal place of business at One
Kendall Square, Suite B3301, Cambridge, Massachusetts 02139 (“COMPANY”). 
 WHEREAS, COMPANY has notified M.I.T. that they wish to wish to modify
the provisions of the LICENSE AGREEMENT to remove the patent rights related to the following cases from the LICENSE AGREEMENT: 
  

	 	(1)	M.I.T. Case No. [**]; 

  

	 	(2)	M.I.T. Case No. [**]; 

  

	 	(3)	M.I.T. Case No. [**]; and 

  

	 	(4)	M.I.T. Case No. [**]. 

 NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein, the parties hereby agree to modify the LICENSE AGREEMENT as follows: 

  
 Page 1 of 5

 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

APPENDIX A 
 List of
Patent Applications and Patents 
 Confidential Materials omitted and filed separately with the Securities and Exchange Commission. A total of three
pages were omitted. [**] 

  
 Page 2 of 5

 2. Section 1.13, PATENT RIGHTS, of the LICENSE AGREEMENT shall be amended to read in
its entirety as follows: 
 “PATENT RIGHTS” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents; 
 (c) any patent applications resulting from the provisional applications listed on Appendix A, and any divisional,
continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent applications listed on Appendix A and of such patent applications that result from the
provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications listed in Appendix A, and the resulting patents; 

(d) any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described
in (a), (b), and (c) above; and 
 (e) international (non-United States) patent applications and provisional applications filed after
the EFFECTIVE DATE and the relevant international equivalents to divisional, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter
specifically described in the patents or patent applications referred to in (a), (b), (c), and (d) above, and the resulting patents. 

3. Section 1.21, INFLUENZA PATENT RIGHTS, of the LICENSE AGREEMENT shall be deleted in its entirety. 

4. Section 1.22, ANALYSIS PATENT RIGHTS, of the LICENSE AGREEMENT shall be deleted in its entirety. 

5. Section 1.23, RESPIRATORY DISEASE FIELD, of the LICENSE AGREEMENT shall be deleted in its entirety. 

6. Section 2.1 shall be amended to read in its entirety as follows: 

  
 Page 3 of 5

 2.1 License Grants. Subject to the terms of this Agreement, M.I.T. hereby grants to
COMPANY and its AFFILIATES for the TERM: (a) an exclusive (subject to Sections 2.2, 2.6 and 3.1(a)) royalty-bearing license under the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS in
the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the TERRITORY. 
 7. Section 2.2(a) of the
LICENSE AGREEMENT shall be amended to read in its entirety as follows: 
 (a) In order to establish an exclusive period for COMPANY, M.I.T.
agrees that, subject to Sections 2.2(b), 2.6, and 3.1(a): (i) it shall not grant any other license under the PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED
PROCESSES in the FIELD in the TERRITORY during the TERM (the “EXCLUSIVE PERIOD”), unless sooner terminated as provided in this Agreement. 

8. The first paragraph of Section 7.2(a), COMPANY Right to Prosecute, of the LICENSE AGREEMENT shall be amended to read in its
entirety as follows: 
 COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the
FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections
7.4 and 7.5. If required by law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.LT. harmless from, and indemnify M.I.T. against, any costs,
expenses, or liability that M.I.T. incurs in connection with such action. 
 9. Except as specifically modified or amended hereby, all other
terms and conditions of the LICENSE AGREEMENT shall remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT. 

  
 Page 4 of 5

 IN WITNESS WHEREOF, the parties have caused this Eighth Amendment to be executed under seal by
their duly authorized representatives. 
 The Effective Date of this Eighth Amendment is May 20, 2014. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	VISTERRA, INC.
					
	By:	 	  /s/ Lita L. Nelsen
	 		 	By:	 	  /s/ David Arkowitz

	Name:	 	Lita L. Nelsen	 		 	Name:	 	COO & CFO
	Title:	 	Director Technology Licensing Office	 		 	Title:	 	David Arkowitz

  
 Page 5 of 5EX-10.8

 Exhibit 10.8 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

AND 
 VISTERRA INC.

 EXCLUSIVE PATENT LICENSE AGREEMENT 

 TABLE OF CONTENTS 

 

							
		
	TABLE OF CONTENTS	  	 	ii	  
		
	RECITALS	  	 	1	  
			
	1.	 	DEFINITIONS	  	 	2	  
			
	2.	 	GRANT OF RIGHTS	  	 	7	  
			
	3.	 	COMPANY DILIGENCE OBLIGATIONS	  	 	10	  
			
	4.	 	ROYALTIES AND PAYMENT TERMS	  	 	13	  
			
	5.	 	REPORTS AND RECORDS	  	 	17	  
			
	6.	 	PATENT PROSECUTION	  	 	19	  
			
	7.	 	INFRINGEMENT	  	 	20	  
			
	8.	 	INDEMNIFICATION AND INSURANCE	  	 	22	  
			
	9.	 	NO REPRESENTATIONS OR WARRANTIES	  	 	23	  
			
	10.	 	ASSIGNMENT	  	 	24	  
			
	11.	 	GENERAL COMPLIANCE WITH LAWS	  	 	24	  
			
	12.	 	TERMINATION	  	 	25	  
			
	13.	 	DISPUTE RESOLUTION	  	 	27	  
			
	14.	 	CONFIDENTIAL INFORMATION	  	 	29	  
			
	15.	 	MISCELLANEOUS	  	 	30	  
		
	APPENDIX A	  	 	33	  
		
	APPENDIX B	  	 	34	  
		
	APPENDIX C	  	 	35	  

  
 ii 

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

EXCLUSIVE PATENT LICENSE AGREEMENT 

This Agreement, effective as of the date set forth above the signatures of the parties below (the “EFFECTIVE DATE”), is between the
Massachusetts Institute of Technology (“M.I.T.”), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Visterra, Inc. (“COMPANY”), a Delaware corporate, with a principal
place of business at One Kendall Square, Suite B3301, Cambridge, MA 02139. 
 R E C I T A L S 

WHEREAS, M.I.T. is the owner of certain PATENT RIGHTS (as later defined herein) relating to M.I.T. Case No. [**], and has the right to grant
licenses under said PATENT RIGHTS; 
 WHEREAS, M.I.T. desires to have the PATENT RIGHTS developed and commercialized to benefit the public
and is willing to grant a license thereunder; 
 WHEREAS, M.I.T. and COMPANY understand and accept that the availability and accessibility
of LICENSED PRODUCTS and LICENSED PROCESSES at a reasonable price to people most in need within DEVELOPING COUNTRIES is an important objective of the parties; 

WHEREAS, COMPANY has represented to M.I.T., to induce M.I.T. to enter into this Agreement, that COMPANY shall commit itself to a thorough,
vigorous and diligent program of exploiting the PATENT RIGHTS so that public utilization shall result therefrom; and 
 WHEREAS, COMPANY
desires to obtain a license under the PATENT RIGHTS upon the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, M.I.T. and
COMPANY hereby agree as follows: 

 1. DEFINITIONS. 

1.1 “AFFILIATE” shall mean any legal entity (including, but not limited to, a corporation, partnership, or limited liability
company) that is controlled by COMPANY. For the purposes of this definition, the term “control” means (i) beneficial ownership of at least fifty percent (50%) of the voting securities of a corporation or other business
organization with voting securities or (ii) a fifty percent (50%) or greater interest in the net assets or profits of a partnership or other business organization without voting securities. 

1.2 “COLLABORATION INVENTION” shall mean any patentable invention that is jointly owned between the parties and which is:

 (i) arising from collaborative research solely between the laboratory of Ram Sasisekharan at M.I.T. and COMPANY, as reflected by both
(a) Ram Sasisekharan and (b) at least one employee of COMPANY being inventors of such invention, and directed to anti-dengue virus antibodies targeting the “A” b-strand of E protein
domain III (EDIII) of the dengue virus; and 
 (ii) disclosed to the M.I.T. Technology Licensing Office and conceived and reduced to
practice within [**] years of the EFFECTIVE DATE; and 
 (iii) dominated by claims of the PATENT RIGHTS licensed under this Agreement and
listed in Appendix A as of the EFFECTIVE DATE; and 
 (iv) available for licensing after satisfaction of any obligations to third parties,
including without limitation sponsors of the research leading to such invention. 
 For clarity, any invention that includes ownership
rights of a third party or which includes inventors from laboratories at M.I.T. other than that of Ram Sasisekharan shall not be considered a COLLABORATION INVENTION hereunder. 

1.3 “CONFIDENTIAL INFORMATION” shall mean any confidential or proprietary information furnished by COMPANY (the
“Disclosing Party”) to M.I.T. (the “Receiving Party”) in connection with this Agreement, provided that such information is specifically designated as confidential in accordance with Article 14. Such CONFIDENTIAL INFORMATION shall
include, without limitation, any diligence reports furnished to M.I.T. under Section 3.1, royalty reports furnished to M.I.T. under Section 5.2, and copies of sublicenses furnished to M.I.T. under Section 2.3, provided that such
information is designated as confidential. 

  
 2 

 1.4 “DEVELOPING COUNTRY(IES)” shall mean any countries that are currently
eligible for support from the GAVI Alliance and identified at http://www.gavialliance.org/support/apply/countries-eligible-for-support/, as such list may change from time to time, or any subsequent list that may be mutually agreed upon by
M.I.T. and COMPANY. 
 1.5 “EXCLUSIVE PERIOD” shall mean the period of time set forth in Section 2.2. 

1.6 “FIELD” shall mean treatment and/or prophylaxis of disease in humans. 

1.7 “LICENSED PRODUCT” shall mean any product that, in whole or in part: 

(i) absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or 

(ii) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS. 

In recognition of the value of the PATENT RIGHTS for M.I.T. Case No. [**] in identifying and/or designing related products, M.I.T. and COMPANY
agree that any product that is identified, derived and/or designed by COMPANY or an AFFILIATE or SUBLICENSEE, in whole or in part, through the use of novel sequences, including without limitation variable heavy and variable light domain sequences,
or a fragment thereof (e.g., a CDR sequence), disclosed in M.I.T. Case No. [**] (including without limitation, a molecule that comprises a derivative of a novel variable heavy and variable light domain sequence, or fragment thereof, described
therein) shall be deemed a LICENSED PRODUCT for the purposes of this Agreement. 
 1.8 “LICENSED PROCESS” shall mean any
process that, absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHT’S or which uses a LICENSED PRODUCT. 

1.9 “NET SALES” shall mean the gross amount billed by COMPANY and its AFFILIATES and SUBLICENSEES for LICENSED PRODUCTS and
LICENSED PROCESSES, less the following: 
 (i) customary trade, quantity, or cash discounts to the extent actually allowed and taken; 

(ii) amounts repaid or credited by reason of rejection or return: 

(iii) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied
on the production, sale, 

  
 3 

 
transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS which is paid by or on behalf of COMPANY; and 

(iv) outbound transportation costs prepaid or allowed and costs of insurance in transit. 

No deductions shall be made for commissions paid to individuals whether they be with independent sales agencies or regularly employed by
COMPANY and on its payroll, or for cost of collections. NET SALES shall occur on the earlier of the receipt of payment or ninety (90) days after the date of billing for a LICENSED PRODUCT or LICENSED PROCESS. If a LICENSED PRODUCT or a LICENSED
PROCESS is distributed at a discounted price that is substantially lower than the customary price charged by COMPANY (taking into account customary pricing for a governmental entity), or distributed for non-cash consideration (whether or not at a
discount), NET SALES shall be calculated based on the non-discounted amount of the LICENSED PRODUCT or LICENSED PROCESS charged to an independent third party during the same REPORTING PERIOD or, in the absence of such sales, on the fair market value
of the LICENSED PRODUCT or LICENSED PROCESS. 
 Non-monetary consideration shall not be accepted by COMPANY, any AFFILIATE, or any
SUBLICENSEE for any LICENSED PRODUCTS or LICENSED PROCESSES without the prior written consent of M.I.T. In the event that non-monetary consideration is received for LICENSED PRODUCTS or LICENSED PROCESSES, NET SALES shall be calculated based on the
fair market value of such non-monetary consideration, including all elements of such consideration, as determined by the parties in good faith. 

NET SALES will be calculated only once with respect to each LICENSED PRODUCT or LICENSED PROCESS sold by COMPANY, any AFFILIATE and/or any
SUBLICENSEE, even if such LICENSED PRODUCT or LICENSED PROCESS is sold more than once in the course of its transfer to the ultimate end-user. The foregoing notwithstanding, NET SALES will not include transfers among COMPANY and any AFFILIATE and/or
SUBLICENSEE unless the recipient does not intend to further sell or transfer the LICENSED PRODUCT or LICENSED PROCESS and is the end user thereof. 

1.10 “OTHER COUNTRY(IES)” shall mean any country in the TERRITORY other than DEVELOPING COUNTRIES. 

1.11 “PATENT CHALLENGE” shall mean a challenge to the validity, patentability, enforceability and/or non-infringement of any
of the PATENT RIGHTS (as defined below) or otherwise opposing any of the PATENT RIGHTS. 

  
 4 

 1.12 “PATENT RIGHTS” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents; 
 (c) any patent applications resulting from the provisional applications listed on Appendix A, and any divisional,
continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent applications listed on Appendix A and of such patent applications that result from the
provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications listed on Appendix A, and the resulting patents; 

(d) any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described
in (a), (b), and (c) above; and 
 (e) international (non-United States) patent applications and provisional applications filed after
the EFFECTIVE DATE and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter
specifically described in the patents or patent applications referred to in (a), (b), (c), and (d) above, and the resulting patents. 

1.13 “REPORTING PERIOD” shall begin on the first day of each calendar quarter and end on the last day of such calendar
quarter. 
 1.14 “RESEARCH SUPPORT PAYMENTS” shall mean payments to COMPANY from a SUBLICENSEE for the purposes of funding
the costs of bona fide research and development activities with respect to LICENSED PRODUCTS and/or LICENSED PROCESSES covered by rights granted in the sublicense agreement to such SUBLICENSEE, and only to the extent that COMPANY can
demonstrate that (i) such costs are incurred after the date of such sublicense agreement pursuant to a written research and development plan and budget, both as mutually agreed between COMPANY and such SUBLICENSEE, and (ii) such payments
are only used to pay for: (a) the purchase, lease or use of equipment, supplies, raw materials, products or services, or (b) the use of employees and/or consultants, to achieve a bona fide research and/or development goal for the
commercialization of such LICENSED PRODUCTS or LICENSED PROCESSES, as indicated by their inclusion as specific line items in the research and development plan. 

  
 5 

 1.15 “SUBLICENSE INCOME” shall mean any payments that COMPANY receives from a
SUBLICENSEE in consideration of the sublicense of the rights granted COMPANY under Section 2.1, including without limitation license fees, milestone payments (net of any amount due to M.I.T. under Section 4.1(c) for a substantially
identical milestone event), license maintenance fees, and other payments, but specifically excluding (i) royalties on NET SALES or payments as a sharing of profits from NET SALES of LICENSED PRODUCTS or LICENSED PROCESSES, (ii) RESEARCH
SUPPORT PAYMENTS, (iii) reimbursement of out-of-pocket patent prosecution and defense expenses for PATENT RIGHTS, and (iv) payments made as consideration for the issuance of equity or debt securities of COMPANY at fair market value
(excluding amounts in excess of the fair market value of such securities). As used herein a “substantially identical” milestone event shall mean the achievement of a functionally equivalent developmental goal for a LICENSED PRODUCT; for
example, the commencement of a Phase 2 clinical trial is a substantially identical milestone event as completion of a Phase 1 clinical trial, as both are in recognition of a LICENSED PRODUCT having completed Phase 1 trials and entering into Phase 2
trials. In addition, with respect to “payments as a sharing of profits from NET SALES”, “profits” shall mean NET SALES less selling expenses and manufacturing costs of the product, and such payments shall not include milestone
and/or bonus payments related to sales of LICENSED PRODUCTS or LICENSED PROCESSES. 
 Consideration for any and all sublicenses of the
PATENT RIGHTS shall be on commercially reasonable terms and conditions. In the event that non-monetary consideration is received for any sublicense of the PATENT RIGHTS, SUBLICENSE INCOME shall be calculated based on the fair market value of such
non-monetary consideration, including all elements of such consideration. 
 1.16 “SUBLICENSEE” shall mean any
non-AFFILIATE sublicensee of the rights granted COMPANY tinder Section 2.1. For clarity, a sublicense shall include (i) any right granted, license given or agreement entered into by COMPANY to or with another person or entity, under or
with respect to or permitting any use of the PATENT RIGHTS or otherwise granting rights to such person or entity under the rights granted COMPANY under Section 2.1, (ii) any option or other right granted by COMPANY to any other person or
entity to negotiate for or receive any of the rights described under clause (i), or (iii) any standstill or similar obligation undertaken by COMPANY toward another person or entity not to grant any of the rights described in clause (i) or
(ii) to any third party, in each case regardless of whether such grant of rights, license given or agreement entered into is referred to or is described as a sublicense. 

  
 6 

 1.17 “TERM” shall mean the term of this Agreement, which shall commence on the
EFFECTIVE DATE and shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance with the provisions of this Agreement. 

1.18 “TERRITORY” shall mean worldwide. 

2. GRANT OF RIGHTS. 

2.1 License Grants. Subject to the terms of this Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM a
royalty-bearing license under the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the TERRITORY,

 2.2 Exclusivity. 

(a) In order to establish an exclusive period for COMPANY, M.I.T. agrees that, subject to Sections 2.2(b) and 2.6, it shall not grant any
other license under the PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY during the TERM (the “EXCLUSIVE PERIOD”),
unless sooner terminated as provided in this Agreement. 
 (b) If M.I.T. or COMPANY or an AFFILIATE receives a bona fide request from a
capable third party for a license under the PATENT RIGHTS to develop and commercialize a LICENSED PRODUCT and/or LICENSED PROCESS at affordable prices in one or more DEVELOPING COUNTRIES that is not being sold (including without limitation
sufficient supply to meet market demand at reasonable costs) or diligently developed for sale by COMPANY or an AFFILIATE or SUBLICENSEE in such DEVELOPING COUNTRY(IES), then the party receiving such inquiry shall promptly notify the other party in
writing within [**] days of such inquiry (an “INQUIRY NOTICE”), setting forth the type of LICENSED PRODUCT and/or LICENSED PROCESS desired, the commercialization area desired, the name and contact information of the third party, and any
other pertinent information. 
 Within [**] months of such INQUIRY NOTICE, during which time COMPANY may consult with M.I.T. regarding the
request, COMPANY shall enter into a sublicense agreement containing commercially reasonable terms and conditions with such third 

  
 7 

 
party for the requested LICENSED PRODUCT and/or LICENSED PROCESS in the requested DEVELOPING COUNTRY(IES). If COMPANY does not grant a sublicense under the PATENT RIGHTS to the third party within
[**] months of such INQUIRY NOTICE, and M.I.T., at its sole discretion, determines that a sublicense to the third party is reasonable under the totality of the circumstances (taking into account development efforts of COMPANY, AFFILIATES and
SUBLICENSEES) to make LICENSED PRODUCTS and/or LICENSED PROCESSES available in DEVELOPING COUNTRIES, then M.I.T. shall have the right to grant a non-exclusive license under the PATENT RIGHTS to such third party for such purposes and shall notify
COMPANY of any such license that is granted. For clarity, any license granted by M.I.T. under this Section 2.2(b) shall be solely for bringing LICENSED PRODUCTS and/or LICENSED PROCESSES to market in the requested DEVELOPING COUNTRY(IES) (and
other countries mutually agreed to by M.I.T. and COMPANY) in a manner that enables availability and accessibility at reasonable cost, and shall specifically exclude the right of the third party licensee to export or sell LICENSED PRODUCTS and/or
LICENSED PROCESSES from such DEVELOPING COUNTRY(IES) (and other countries mutually agreed to by M.I.T. and COMPANY) into other markets. Notwithstanding the foregoing, any such license granted by M.I.T. under this Section 2.2(b) shall allow the
third party licensee to export or sell LICENSED PRODUCTS and/or LICENSED PROCESSES from a DEVELOPING COUNTRY(IES) into any other DEVELOPING COUNTRY(IES) during any period of time in which an adequate supply of such LICENSED PRODUCTS and/or LICENSED
PROCESSES at accessible pricing is not available in such other DEVELOPING COUNTRY(IES). 
 2.3 Limited Term Option to COLLABORATION
INVENTIONS. 
 (a) To the extent that a COLLABORATION INVENTION is available for licensing, and subject to (i) any obligations of
M.I.T. to third parties and (ii) the consent of M.I.T.’s Investigator Ram Sasisekharan, M.I.T. hereby grants to COMPANY a first option (the “Option”) to add M.I.T.’s interest in such COLLABORATION INVENTION to this
Agreement, by amendment, in accordance with this Section 2.3. 
 (b) Promptly after the M.I.T. Technology Incensing Office receives
disclosure of a COLLABORATION INVENTION, the M.I.T. Technology Licensing Office shall notify COMPANY in writing of the COLLABORATION INVENTION, furnishing COMPANY a copy of the invention disclosure and/or any related patent application(s). Such
invention disclosure and any related patent application(s) shall be kept confidential by COMPANY. Notwithstanding the foregoing, M.I.T. shall be under no obligation to file patent applications for any

  
 8 

 
COLLABORATION INVENTION unless COMPANY exercises its Option with respect to such COLLABORATION INVENTION. 

(c) COMPANY may exercise its Option to obtain a license to patent rights on such COLLABORATION INVENTION by notifying M.I.T. thereof in
writing within [**] days after M.I.T.’s notice of such COLLABORATION INVENTION (the “Option Period”). If COMPANY does not exercise its Option within the Option Period, COMPANY’S rights under this Section 2.3 shall expire and
M.I.T. shall be free to license such COLLABORATION INVENTION to any third party. 
 (d) For each Option so exercised, COMPANY will pay
M.I.T. an Improvement Addition Fee of [**] dollars ($[**]), and shall be responsible for the payment of fees and costs relating to the filing, prosecution and maintenance of the patent rights covering such COLLABORATION INVENTION. Upon
COMPANY’s exercise of such right and payment of the fee, the parties shall amend this Agreement to add the patent application(s) covering such COLLABORATION INVENTION under applicable terms and conditions. 

2.4 Sublicenses. COMPANY shall have the right to grant sublicenses of its rights under Section 2.1 only during the EXCLUSIVE
PERIOD, Such sublicenses may extend past the expiration date of the EXCLUSIVE PERIOD, but any exclusivity of such sublicense shall expire upon the expiration of the EXCLUSIVE PERIOD, COMPANY shall incorporate terms and conditions into its sublicense
agreements sufficient to enable COMPANY to comply with this Agreement. COMPANY shall also include provisions in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT CHALLENGE against M.I.T. or assists another party in
bringing a PATENT CHALLENGE against M.I.T. (except as required under a court order or subpoena) then COMPANY may terminate the sublicense, COMPANY shall promptly furnish M.I.T. with a fully signed photocopy of any sublicense agreement, which may be
redacted to preserve any confidential information of the parties thereto (except that terms directly relevant to COMPANY’s and AFFILIATE’s obligations under this AGREEMENT may not be redacted). Upon termination of this Agreement for any
reason, any SUBLICENSEE not then in default shall have the right to seek a license from M.I.T. M.I.T. agrees to negotiate such licenses in good faith under reasonable terms and conditions. 

2.5 U.S. Manufacturing. COMPANY agrees that any LICENSED PRODUCTS used or sold in the United States will be manufactured substantially
in the United States to the extent required by applicable laws and/or regulations. 

  
 9 

 2.6 Retained Rights. 

(a) Research and Educational Use. M.I.T. retains the right on behalf of itself and all other non-profit research institutions to
practice under the PATENT RIGHTS for research, teaching, and educational purposes. 
 (b) Federal Government. COMPANY acknowledges
that the U.S. federal government retains a royalty-free, non-exclusive, non-transferable license to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C. §§ 201-211 and the regulations promulgated
thereunder, as amended, or any successor statutes or regulations. 
 2.7 No Additional Rights. Nothing in this Agreement shall be
construed to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of M.I.T. or any other entity other than the PATENT RIGHTS, regardless of whether such technology or patent rights shall be
dominant or subordinate to any PATENT RIGHTS. 
 3. COMPANY DILIGENCE OBLIGATIONS. 

3.1 Diligence Requirements. 

(a) General Diligence Requirements. COMPANY shall use diligent efforts, or shall cause its AFFILIATES and SUBLICENSEES to use diligent
efforts, to develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market; thereafter, COMPANY or its AFFILIATES or SUBLICENSEES shall make LICENSED PRODUCTS or LICENSED PROCESSES
reasonably available to the public. Specifically, COMPANY or an AFFILIATE or SUBLICENSEE shall fulfill the following obligations: 
 (i)
Within six (6) months after the EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written research and development plan describing the major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS, specifying
the number of staff and other resources to be devoted to such commercialization effort. 

  
 10 

 (ii) Within sixty (60) days after the end of each calendar year, COMPANY shall furnish
M.I.T. with a written report (consistent with Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED PROCESSES. The report shall also contain a
discussion of intended efforts and sales projections for the year in which the report is submitted. 
 (iii) COMPANY shall expend (either
directly or through AFFILIATES or SUBLICENSEES) at least the amounts set forth below on research toward the development of LICENSED PRODUCTS or LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in 2013 and ending with
the first commercial sale of a LICENSED PRODUCT. 
  

			
	 2013
	  	[**]
	 [**]
	  	[**]
	 [**] 2016
	  	$1,200,000
	 2017 and every year thereafter
	  	$1,500,000

 (iv) By the [**] anniversary of the EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall [**]. 

(v) By the [**] anniversary of the EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall [**]. 

(vi) By the [**] anniversary of the EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall [**]. 

In the event that M.I.T. determines that COMPANY (or an AFFILIATE) has failed to fulfill any of its obligations under this
Section 3.1(a), then M.I.T. may treat such failure as a material breach in accordance with Section 12.3(b). 

  
 11 

 Notwithstanding the foregoing, in the event that COMPANY anticipates a failure to meet an
obligation set forth in in Sections 3.1(a)(iv), 3.1(a)(v) or 3.1(a)(vi) due to unexpected technical, adverse events or regulatory difficulties, COMPANY will promptly notify M.I.T. in writing, in advance of the relevant deadline, and representatives
of each party will meet to review the reasons for the anticipated failure (taking into accounted delays beyond the reasonable control of COMPANY) and discuss in good faith a potential reasonable revision to the diligence schedule under this
Section 3.1(a). COMPANY and M.I.T. will enter into a written amendment to this Agreement with respect to any mutually agreed upon change(s) to the relevant obligation; for clarification, M.I.T. shall have no obligation to agree to amend the
diligence obligations hereunder. If the parties are unable to negotiate such an amendment within [**] days from the date of COMPANY’s notification pursuant to this Section, then M.I.T. may treat such failure as a material breach in accordance
with Section 12.3(b). 
 (b) Diligence Requirements for DEVELOPING COUNTRIES. M.I.T. and COMPANY agree that it is an important
objective of both parties that LICENSED PRODUCTS and LICENSED PROCESSES be made available in DEVELOPING COUNTRIES on reasonable terms, both with respect to availability of sufficient quantities of LICENSED PRODUCTS and LICENSED PROCESSES and the
cost thereof. Specifically, COMPANY or AFFILIATE shall fulfill the following obligations: 
 (i) Within twelve (12) months after the
EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written development and commercialization plan describing the COMPANY’s strategy for bringing LICENSED PRODUCTS and LICENSED PROCESSES to market in DEVELOPING COUNTRIES in a manner that is
designed to enable availability and accessibility at reasonable cost, and shall discuss with M.I.T. the plan and provide an opportunity for M.I.T. to comment on the plan. COMPANY shall use diligent efforts to develop and commercialize LICENSED
PRODUCTS and LICENSED PROCESSES in DEVELOPING COUNTRIES in accordance with such plan. 
 (ii) Within sixty (60) days alter the end of
each calendar year, COMPANY shall furnish M.I.T. with a written report on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS and LICENSED PROCESSES in DEVELOPING COUNTRIES. 

(iii) COMPANY shall use reasonable efforts to either (I) obtain the commitment of its SUBLICENSEES to use diligent efforts to develop
and commercialize LICENSED PRODUCTS and LICENSED PROCESSES in DEVELOPING COUNTRIES 

  
 12 

 in a manner that is designed to enable availability and accessibility at reasonable cost, or (II) retain rights
to develop and commercialize LICENSED PRODUCTS and LICENSED PROCESSES in DEVELOPING COUNTRIES. 
 (iv) in the event that a LICENSED PRODUCT
and/or LICENSED PROCESS has been approved for commercial sale in an OTHER COUNTRY(IES), but has not been approved for commercial sale in a DEVELOPING COUNTRY(IES), the parties shall promptly meet to discuss, and COMPANY shall commit to M.I.T., in
writing with mutually agreed upon timelines (such timelines to be enforceable under this Agreement), that it or an AFFILIATE or SUBLICENSEE will (A) promptly apply for approval for commercial sale of such LICENSED PRODUCT and/or LICENSED
PROCESS in such DEVELOPING COUNTRY(IES), and (B) promptly after receiving approval, begin and continue to sell such LICENSED PRODUCT and/or LICENSED PROCESS in such DEVELOPING COUNTRY(IES) at reasonably affordable prices in sufficient volume to
meet market demand in such country(ies); 
 In addition to the remedies set forth in Section 2.2(b) with respect to LICENSED PRODUCTS
and LICENSED PROCESSES, in the event COMPANY (or an AFFILIATE or SUBLICENSEE) has failed to fulfill any of its obligations under this Section 3.1(b), M.I.T. may treat such failure as a material reach in accordance with Section 12.3(b),
provided that any termination under Section 12.3 for breach of obligations under this Section 3.1(b) shall be limited to COMPANY’s and its AFFILIATE’s licenses and rights under the PATENT RIGHTS for LICENSED PRODUCTS and LICENSED
PROCESSES in DEVELOPING COUNTRIES in which such failure has occurred. The termination of COMPANY’s and AFFILIATE’s licenses and rights in such DEVELOPING COUNTRIES for LICENSED PRODUCTS and LICENSED PROCESSES will not affect the remaining
terms of this Agreement. 
 4. ROYALTIES AND PAYMENT TERMS. 

4.1 Consideration for Grant of Rights. 

(a) License Issue Fee and Patent Cost Reimbursement. COMPANY shall pay to M.I.T. on the EFFECTIVE DATE a license issue fee of [**]
dollars ($[**]), and, in accordance with Section 6.3, shall reimburse M.I.T. for its actual expenses incurred as of the EFFECTIVE DATE in connection with obtaining the PATENT RIGHTS. These payments are nonrefundable. 

  
 13 

 (b) License Maintenance Fees. Subject to Article 10, COMPANY shall pay to M.I.T. the
following license maintenance fees during the TERM on the dates set forth below: 
  

					
	 [**]
	 		  	[**]
	 [**]
	 		  	[**]
	 [**]
	 		  	[**]
	 [**]
	 		  	[**]
	 [**]
	 		  	[**]
	 [**], and each January 1st of every
year thereafter until the first commercial sale of a LICENSED PRODUCT or LICENSED PROCESS
	  	$75,000
	 And each January 1st of every year after the first commercial sale of
a LICENSED PRODUCT or LICENSED PROCESS
	  	$100,000

 This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be credited to
running royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years. 

(c) Milestone Payments. 

(i) Subject to Article 10, COMPANY shall pay to M.I.T. the following amounts upon the first achievement of the following milestones for each
LICENSED PRODUCT or LICENSED PROCESS, whether by COMPANY or any of its AFFILIATES or SUBLICENSEES: 
  

			
	 Milestone Event
	  	 Payment

	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	 $300,000

  
 14 

 COMPANY shall notify M.I.T. within [**] days of the achievement of any of the above milestones by
COMPANY or any of its AFFILIATES or SUBLICENSEES, such notice to specifically identify the payment obligation. COMPANY shall make such non-refundable, non-creditable milestone payments within [**] days after achievement of each of the milestones.
For clarity, each of the milestones set forth above shall be payable only once. 
 (ii) The milestone events set forth in
Section 4.1(c)(i) above are intended to be successive. For example, in the event that [**] [**]. In addition and notwithstanding the foregoing, if any milestone with respect to a particular LICENSED PRODUCT or LICENSED PROCESS is reached
without achieving a preceding milestone with respect to the same LICENSED PRODUCT or LICENSED PROCESS, then the amount which would have been payable on achievement of the preceding milestone shall be payable upon achievement of the next successive
milestone. 
 (d) Running Royalties. 

(i) COMPANY shall pay to M.I.T. a running royalty of [**] percent ([**]%) of NET SALES, except on certain sales in DEVELOPING COUNTRIES as
set forth in Section 4.1(d)(ii) below. Running royalties shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD. 

(ii) Global Access. Royalties shall not be due to M.I.T. on NET SALES made at a COST BASED PRICE in DEVELOPING COUNTRIES. As used in
this subsection, the term “COST BASED PRICE” shall mean, in respect of each LICENSED PRODUCT, a price not exceeding that which fairly reflects the direct cost of manufacture of such LICENSED PRODUCT plus a typical margin for a generic
pharmaceutical product for the 

  
 15 

 
respective market (i.e., priced to enable availability and accessibility to people most in need), as will be mutually agreed by the parties. 

(e) Sharing of SUBLICENSE INCOME. COMPANY shall pay M.I.T. a total of [**] percent ([**]%) of all SUBLICENSE INCOME received by
COMPANY. Such amount shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD. 

(f) Consequences of a PATENT CHALLENGE. In the event that (i) COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against
M.I.T., or (ii) COMPANY or any of its AFFILIATES assists another party in bringing a PATENT CHALLENGE against M.I.T. (except as required under a court order or subpoena), and (iii) M.I.T. does not choose to exercise its rights to terminate
this Agreement pursuant to Section 12.4, then the running royalties due hereunder shall be doubled for the remainder of the term of the agreement. In the event that such a PATENT CHALLENGE is successful, COMPANY will have no right to recoup any
royalties paid during the period of challenge. In the event that a PATENT CHALLENGE is unsuccessful, COMPANY shall reimburse M.I.T. for all reasonable legal fees and expenses incurred in its defense against the PATENT CHALLENGE. 

(g) No Multiple Royalties. If the manufacture, use, lease, or sale of any LICENSED PRODUCT or the performance of any LICENSED PROCESS
is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due. 
 4.2 Payments. 

(a) Method of Payment. All payments under this Agreement should be made payable to “Massachusetts Institute of Technology”
and sent to the address identified in Section 15.1. Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies. 

(b) Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a United States bank and shall be payable in
United States dollars. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported by the Federal Reserve Rank of St. Louis) on the last working day of the calendar quarter of the
applicable REPORTING PERIOD. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or 

  
 16 

 
similar taxes or other government imposed fees or taxes, except as permitted in the definition of NET SALES. 

(c) Late Payments. Any payments by COMPANY that are not paid on or before the date such payments are due under this Agreement shall
bear interest, to the extent permitted by law, at [**] percentage points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly reporting period to which such royalty
payments relate. 
 5. REPORTS AND RECORDS. 

5.1 Frequency of Reports. 

(a) Before First Commercial Sale. Prior to the first commercial sale of any LICENSED PRODUCT or first commercial performance of any
LICENSED PROCESS, COMPANY shall deliver reports to M.I.T. annually, within sixty (60) days of the end of each calendar year, containing information concerning the immediately preceding calendar year, as further described in Section 5.2.

 (b) Upon First Commercial Sale of a LICENSED PRODUCT or Commercial Performance of a LICENSED PROCESS. COMPANY shall report to
M.I.T. the date of first commercial sale of a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS within sixty (60) days of occurrence in each country. 

(c) After First Commercial Sale. After the first commercial sale of a LICENSED PRODUCT or first commercial performance of a LICENSED
PROCESS, COMPANY shall deliver reports to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD, as further described in Section 5.2. 

5.2 Content of Reports and Payments. Each report delivered by COMPANY to M.I.T. shall contain at least the following information for
the immediately preceding REPORTING PERIOD: 
 (i) the number of LICENSED PRODUCTS sold, leased or distributed by COMPANY, its AFFILIATES
and SUBLICENSEES to independent third parties in each 

  
 17 

 
country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision of services in each country; 

(ii) a description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country as may be pertinent to a
royalty accounting hereunder; 
 (iii) the gross price charged by COMPANY, its AFFILIATES and SUBLICENSEES for each LICENSED PRODUCT and, if
applicable, the gross price charged for each LICENSED PRODUCT used to provide services in each country: and the gross price charged for each LICENSED PROCESS performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country; 

(iv) calculation of NET SALES for the applicable REPORTING PERIOD in each country, including a listing of applicable deductions; 

(v) total royalty payable on NET SALES in U.S. dollars, together with the exchange rates used for conversion; 

(vi) the amount of SUBLICENSE INCOME received by COMPANY from each SUBLICENSEE and the amount due to M.I.T. from such SUBLICENSE INCOME,
including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME; 
 (vii) the number of sublicenses entered into
for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES; and 
 (viii) COMPANY shall provide M.I.T. with Certificates of
Insurance in accordance with Section 8.2. 
 If no amounts are due to M.I.T. for any REPORTING PERIOD, the report shall so state. 

5.3 Financial Statements. On or before the ninetieth (90th) day following the close of COMPANY’s fiscal year, COMPANY shall
provide M.I.T. with COMPANY’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by COMPANY’s treasurer or chief financial officer or by an independent auditor.

  
 18 

 5.4 Records. COMPANY shall maintain, and shall cause its AFFILIATES and SUBLICENSEES to
maintain, complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to M.I.T. in relation to this Agreement, which records shall contain sufficient information to permit M.I.T. to confirm the
accuracy of any reports delivered to M.I.T. and compliance in other respects with this Agreement. The relevant party shall retain such records for at least [**] years following the end of the calendar year to which they pertain, during which time
M.I.T., or M.I.T.’s appointed agents, shall have the right, at M.I.T.’s expense, to inspect such records during normal business hours, and not more than [**] period, to verify any reports and payments made or compliance in other respects
under this Agreement. In the event that any audit performed under this Section reveals an underpayment in excess of [**] percent ([**]%), COMPANY shall bear the full cost of such audit and shall remit any amounts due to M.I.T. within thirty
(30) days of receiving notice thereof from M.I.T. 
 6. PATENT PROSECUTION. 

6.1 Responsibility for PATENT RIGHTS. M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT RIGHTS. COMPANY shall have
reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T. in such filing, prosecution and maintenance. M.I.T. shall instruct its patent counsel to copy COMPANY on all patent prosecution documents relating to the PATENT RIGHTS. 

6.2 International (non-United States) Filings. Appendix B is a list of countries in which patent applications corresponding to
the United States patent applications listed in Appendix A shall be filed, prosecuted, and maintained. Appendix B may be amended by mutual agreement of COMPANY and M.I.T. 

6.3 Payment of Expenses. Payment of all fees and costs, including attorneys’ fees, relating to the filing, prosecution and
maintenance of the PATENT RIGHTS shall be the responsibility of COMPANY, whether such amounts were incurred before or after the EFFECTIVE DATE. As of June 27, 2013, M.I.T. has incurred approximately $[**] for such patent-related fees and costs.
COMPANY shall reimburse all amounts due pursuant to this Section within thirty (30) days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c). In all instances, M.I.T. shall pay the fees prescribed for large
entities to the United States Patent and Trademark Office. 

  
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 7. INFRINGEMENT. 

7.1 Notification of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any
infringement of the PATENT RIGHTS in the FIELD. 
 7.2 Right to Prosecute Infringements. 

(a) COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY,
COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. If required
by law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.I.T. harmless from, and indemnify M.I.T. against, any costs, expenses, or liability
that M.I.T. incurs in connection with such action. 
 Prior to commencing any such action, COMPANY shall consult with M.I.T. and shall
consider the views of M.I.T. regarding the advisability of the proposed action and its effect on the public interest, including without limitation the availability and accessibility of LICENSED PRODUCTS at a reasonable price to people most in need
within DEVELOPING COUNTRIES. COMPANY shall not enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section without the prior written consent of M.I.T., such consent not to be
unreasonably withheld. 
 (b) M.I.T. Right to Prosecute. In the event that COMPANY is unsuccessful in persuading the alleged
infringer to desist or fails to have initiated an infringement action within a reasonable time after COMPANY first becomes aware of the basis for such action, M.I.T. shall have the right, at its sole discretion, to prosecute such infringement under
its sole control and at its sole expense, and any recovery obtained shall belong to M.I.T. M.I.T. shall consult with COMPANY prior to commencing any such action. 

7.3 Declaratory Judgment Actions. In the event that a PATENT CHALLENGE is brought against M.I.T. or COMPANY by a third party, M.I.T.,
at its option, shall have the right within [**] days after commencement of such action to take over the sole defense of the action at its own expense. If M.I.T. does not exercise this right, COMPANY may take over the sole defense of the action at
COMPANY’s sole expense, subject to Sections 7.4 and 7.5. 

  
 20 

 7.4 Offsets. COMPANY may offset a total of [**] percent ([**]%) of any expenses incurred
under Sections 7.2 and 7.3 against any payments due to M.I.T. under Article 4, provided that in no event shall such payments under Article 4, when aggregated with any other offsets and credits allowed under this Agreement, be reduced by more than
[**] percent ([**]%) in any REPORTING PERIOD, it being understood that any expenses which COMPANY is prevented by the foregoing proviso from offsetting in any REPORTING PERIOD may be carried forward and offset in one or more subsequent REPORTING
PERIODS (applying the foregoing proviso, including the cap, in each subsequent REPORTING PERIOD). 
 7.5 Recovery. Any recovery
obtained in an action brought by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: (i) each party shall be reimbursed for any expenses incurred in the action (including the amount of any royalty or other payments withheld from
M.I.T. as described in Section 7.4), (ii) as to ordinary damages, COMPANY shall receive an amount equal to its lost profits or a reasonable royalty on the infringing sales, or whichever measure of damages the court shall have applied, and
COMPANY shall pay to M.I.T. based upon such amount a reasonable approximation of the royalties and other amounts that COMPANY would have paid to M.I.T. if COMPANY had sold the infringing products, processes and services rather than the infringer,
and (iii) as to special or punitive damages, any award shall be shared [**] percent ([**]%) to M.I.T. and [**] percent ([**]%) to COMPANY. 

7.6 Cooperation. Each party agrees to cooperate in any action under this Article which is controlled by the other party, provided that
the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

7.7 Right to Sublicense. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY
shall have the sole right to sublicense any alleged infringer in the FIELD) in the TERRITORY for future use of the PATENT RIGHTS in accordance with the terms and conditions of this Agreement relating to sublicenses. Any upfront fees as part of such
sublicense shall be shared equally between COMPANY and M.I.T.; other revenues to COMPANY pursuant to such sublicense shall be treated as set forth in Article 4. 

  
 21 

 8. INDEMNIFICATION AND INSURANCE 

8.1 Indemnification. 

(a) Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T. and its trustees, officers, faculty, students, employees, and
agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses) (collectively, “LOSSES”) incurred by or
imposed upon any of the Indemnitees in connection with any claims, suits, investigations, actions, demands or judgments arising out of or related to the exercise of any rights granted to COMPANY under this Agreement or any breach of this Agreement
by COMPANY; provided, however, that COMPANY shall have no obligation pursuant to the foregoing with respect to any LOSSES that result from the gross negligence or willful misconduct of any Indemnitee. 

(b) Procedures. The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action, demand, or judgment for
which indemnification is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to M.I.T. to defend against any such claim. The Indemnitees shall cooperate fully with COMPANY in such defense and
will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided, however, that any Indemnitee shall have the right to
retain its own counsel, at the expense of COMPANY, if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of actual or potential differences in the interests of such Indemnitee and any other party
represented by such counsel. COMPANY agrees to keep M.I.T. informed of the progress in the defense and disposition of such claim and to consult with M.I.T. with regard to any proposed settlement. 

8.2 Insurance. COMPANY shall obtain and carry in full force and effect certain types and minimum limits of insurance which shall
protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above: (i) commercial general liability products/completed operations coverage; (ii) errors and omissions insurance at any time during which COMPANY or
any AFFILIATE or SUBLICENSEE is performing a service for a third party (including without limitation manufacturing or assembling), has entered into a sublicense or partnership agreement or has such an agreement in force, and/or is otherwise liable
to errors and omissions claims, and (iii) intellectual property infringement coverage commencing upon receipt of regulatory approval for a LICENSED PRODUCT and/or LICENSED PROCESS. Such insurance (a) shall be issued by an insurer licensed
to practice in the Commonwealth of Massachusetts or an insurer pre-

  
 22 

 
approved by M.I.T., such approval not to be unreasonably withheld, (b) shall list M.I.T. as an additional insured thereunder, for the commercial general liability policy only, and
(c) shall require [**] days written notice to be given to M.I.T. prior to any cancellation or material change thereof. The limits of the commercial general liability insurance shall not be less than [**] Dollars ($[**]) per occurrence with an
aggregate of [**] Dollars ($[**]) for bodily injury including death, property damage, and products/completed operations coverage. The limits of the errors and omissions liability insurance shall not be less than [**] Dollars ($[**]) per claim and in
the aggregate. COMPANY shall provide M.I.T. with Certificates of Insurance evidencing ongoing compliance with this Section, in accordance with Section 5.2. COMPANY shall continue to maintain such insurance after the expiration or termination of
this Agreement during any period in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell a product that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under
this Agreement, and thereafter for a period of [**] years, if the coverage is under a claims-made policy. 
 9. NO REPRESENTATIONS OR
WARRANTIES. 
 The M.I.T. Technology Licensing Office hereby represents and warrants to COMPANY as of the EFFECTIVE DATE that,
subject to Section 2.6, to its knowledge (i) all inventors of record that are employees of M.I.T. have assigned or are obligated to assign to M.I.T. their entire right, title and interest in the PATENT RIGHTS, and M.I.T. has the authority
to grant the licenses as granted herein; and (ii) it has not granted to any third party any rights under the PATENT RIGHTS that would conflict with this Agreement. M.I.T.’s total liability under the representations and warranties of this
Agreement shall be limited to an amount equal to the total sum that has been paid by COMPANY to M.I.T. under the provisions of Article 4 of this Agreement. 

EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T. MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT
RIGHTS, AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF M.I.T. OR THIRD
PARTIES, VALIDITY, ENFORCEABILITY AND SCOPE OF PATENT RIGHTS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. 

  
 23 

 IN NO EVENT SHALL M.I.T., ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE
FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OD ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER M.I.T. SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE
FOREGOING. 
 10. ASSIGNMENT. 

This Agreement is personal to COMPANY and no rights or obligations may be assigned by COMPANY without the prior written consent of M.I.T.,
such consent shall not to be unreasonably withheld. 
 Notwithstanding the foregoing, at any time after [**], COMPANY may assign its rights
and obligations under this Agreement to an AFFILIATE or to a successor in connection with the merger, consolidation, or sale of all or substantially all of its assets or that portion of its business to which this Agreement relates; provided however,
that (i) COMPANY shall deliver written notice to M.I.T. within thirty (30) days of any such assignment, such notice to include the assignee’s contact information, (ii) this Agreement shall immediately terminate if the assignee
fails to agree in writing to M.I.T. to be bound by the terms and conditions of this Agreement on or before the effective date of the assignment, (iii) COMPANY and its AFFILIATES are not in default of any of their obligations under this
Agreement (including without limitation payment of any amounts due under this Agreement and/or diligence obligations) at the time of such proposed assignment, (iv) upon assignment of this Agreement in accordance with this Article 10, Sections
4.1(b) and 4.1(c)(1) shall be amended to be replaced with the milestone events and payments set forth in Appendix C, and (v) COMPANY shall pay to M.I.T. an assignment fee of [**] dollars ($[**]). Any attempted assignment in violation of
this Article 10 is void. 
 11. GENERAL COMPLIANCE WITH LAWS 

11.1 Compliance with Laws. COMPANY shall use reasonable commercial efforts to comply with all commercially material local, state,
federal, and international laws and regulations relating to the development, manufacture, use, and sale of LICENSED PRODUCTS and LICENSED PROCESSES. 

  
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 11.2 Export Control. COMPANY and Its AFFILIATES and SUBLICENSEES shall comply with all
United States laws and regulations controlling the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and
regulations prohibit or require a license for the export of certain types of commodities and technical data to specified countries. COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to
comply with, all United States export control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend, and hold M.I.T.
harmless (in accordance with Section 8.1) for the consequences of any such violation. 
 11.3 Non-Use of M.I.T. Name. COMPANY
and its AFFILIATES and SUBLICENSEES shall not use the name of “Massachusetts Institute of Technology,” “Lincoln Laboratory” or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty,
students, employees, or agents, or any trademark owned by M.I.T., or any terms of this Agreement in any promotional material or other public announcement or disclosure without the prior written consent of M.I.T., which consent M.I.T. may withhold in
its sole discretion. The foregoing notwithstanding, without the consent of M.I.T., COMPANY may make factual statements during the term of this Agreement that COMPANY has a license from M.I.T. under one or more of the patents and/or patent
applications comprising the PATENT RIGHTS in business literature. Such statements may not be used in marketing, promotion, or advertising. 

11.4 Marking of LICENSED PRODUCTS. To the extent commercially feasible and consistent with prevailing business practices, COMPANY shall
mark, and shall cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under this Agreement with the number of each issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT. 

12. TERMINATION. 

12.1 Voluntary Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least
six (6) months prior written notice to M.I.T., such notice to state the date at least six (6) months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such termination
effective date. 

  
 25 

 12.2 Cessation of Business. If COMPANY ceases to carry on its business related to this
Agreement, M.I.T. shall have the right to terminate this Agreement immediately upon written notice to COMPANY. 
 12.3 Termination for
Default. 
 (a) Nonpayment. In the event COMPANY fails to pay any amounts due and payable to M.I.T. hereunder, and falls to make
such payments within [**] days after receiving written notice of such failure, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

(b) Material Breach. In the event COMPANY commits a material breach of its obligations under this Agreement, except for breach as
described in Section 12.3(a), and fails to cure that breach within [**] days after receiving written notice thereof, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

12.4 Termination as a Consequence of PATENT CHALLENGE. 

(a) By COMPANY. If COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against M.I.T., or assists others in bringing a PATENT
CHALLENGE against M.I.T. (except as required under a court order or subpoena), then M.I.T. may immediately terminate this Agreement. 
 (b)
By SUBLICENSEE. If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE (except as required under a court order or subpoena), then M.I.T. may send a written demand to COMPANY to terminate such
sublicense. If COMPANY fails to so terminate such sublicense within [**] days after M.I.T.’s demand, M.I.T. may immediately terminate this Agreement. 

12.5 Disputes regarding Termination. If COMPANY disputes any termination by M.I.T. under this Section, it must notify M.I.T. of the
nature of such dispute and the proposed manner in which to resolve the dispute [**] days of receipt of notification of breach or notification of termination by M.I.T., whichever is sooner. If the parties do not resolve such dispute within [**] days
of such notification, then COMPANY shall be required to initiate the dispute resolution procedures outlined in Section 13.3(a) immediately. If it does not do so, COMPANY shall be considered to have waived its rights to dispute the termination.

  
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 12.6 Effect of Termination 

(a) Survival. The following provisions shall survive the expiration or termination of this Agreement: 

 

	 	•	 	Article 1 (“Definitions”); 

  

	 	•	 	Article 8 (“Indemnification and Insurance”); 

  

	 	•	 	Article 9 (“No Representations or Warranties”); 

  

	 	•	 	Article 13 (“Dispute Resolution”); 

  

	 	•	 	Article 14 (“Confidential Information”); 

  

	 	•	 	Article 15 (“Miscellaneous”); 

  

	 	•	 	Section 5.2 (“Content of Reports and Payments”); 

  

	 	•	 	Section 5.4 (“Records”); 

  

	 	•	 	Section 11.1 (“Compliance With Laws”); 

  

	 	•	 	Section 11.2 (“Export Control”); and 

  

	 	•	 	Section 12.6 (“Effect of Termination”). 

 (b) Pre-termination
Obligations. In no event shall termination of this Agreement release COMPANY, AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination. 

13. DISPUTE RESOLUTION. 

13.1 Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by
means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as may be modified
by their written agreement, the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction. 

13.2 Equitable Remedies. Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of
disputes arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to preserve
its rights under this Agreement. 

  
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 13.3 Dispute Resolution Procedures. 

(a) Mediation. In the event of any dispute arising out of or relating to this Agreement, either party may initiate mediation upon
written notice to the other party (“Notice Date”) pursuant to Section 15.1, whereupon both parties shall be obligated to engage in a mediation proceeding. The mediation shall commence within [**] days of the Notice Date. The mediation
shall be conducted by a single mediator in Boston, Massachusetts. The party requesting mediation shall designate two (2) or more nominees for mediator in its notice. The other party may accept one of the nominees or may designate its own
nominees by notice addressed to the American Arbitration Association (AAA) and copied to the requesting party. If within, [**] days following the request for mediation, the parties have not selected a mutually acceptable mediator, a mediator shall
be appointed by the AAA according to the Commercial Mediation Rules. The mediator shall attempt to facilitate a negotiated settlement of the dispute, but shall have no authority to impose any settlement terms on the parties. The expenses of the
mediation shall be borne equally by the parties, but each party shall be responsible for its own counsel fees and expenses. 
 (b) Trial
Without Jury. If the dispute is not resolved by mediation within [**] days after commencement of mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that the
parties expressly waive any right to a jury trial in any legal proceeding under this Article. 
 13.4 Performance to Continue. Each
party shall continue to perform its undisputed obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed
obligations during any period in which the other party fails or refuses to perform its undisputed obligations. Nothing in this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of
this Agreement. 
 13.5 Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based defenses
(including, but not limited to, estoppel and laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 

  
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 14. CONFIDENTIAL INFORMATION 

14.1 Designation. CONFIDENTIAL INFORMATION that is disclosed in writing shall be marked with a legend indicating its confidential
status (such as “Confidential” or “Proprietary”). CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be documented in a written notice prepared by the Disclosing Party and delivered to the Receiving Party within
thirty (30) days of the date of disclosure; such notice shall summarize the CONFIDENTIAL INFORMATION disclosed to the Receiving Party and reference the time and place of disclosure. 

14.2 Obligations. For a period of [**] years after disclosure of any portion of CONFIDENTIAL INFORMATION, the Receiving Party shall
(i) maintain such CONFIDENTIAL INFORMATION in strict confidence, except that the Receiving Party may disclose or permit the disclosure of any CONFIDENTIAL INFORMATION to its directors, officers, employees, consultants, and advisors who are
obligated to maintain the confidential nature of such CONFIDENTIAL IN FORMATION and who need to know such CONFIDENTIAL INFORMATION for the purposes of this Agreement; (ii) use such CONFIDENTIAL INFORMATION solely for the purposes of this
Agreement; and (iii) allow its trustees or directors, officers, employees, consultants, and advisors to reproduce the CONFIDENTIAL INFORMATION only to the extent necessary for the purposes of this Agreement, with all such reproductions being
considered CONFIDENTIAL INFORMATION. 
 14.3 Exceptions. The obligations of the Receiving Party under Section 14.2 above shall
not apply to the extent that the Receiving Party can demonstrate that certain CONFIDENTIAL INFORMATION (i) was in the public domain prior to the time of its disclosure under this Agreement; (ii) entered the public domain after the time of
its disclosure under this Agreement through means other than an unauthorized disclosure resulting from an act or omission by the Receiving Party; (iii) was independently developed or discovered by the Receiving Party without use of the
CONFIDENTIAL INFORMATION; (iv) is or was disclosed to the Receiving Party at any time, whether prior to or after the time of its disclosure under this Agreement, by a third party having no fiduciary relationship with the Disclosing Party and
having no obligation of confidentiality with respect to such CONFIDENTIAL INFORMATION; or (v) is required to be disclosed to comply with applicable laws or regulations, or with a court or administrative order, provided that the Disclosing Party
receives reasonable prior written notice of such disclosure. 
 14.4 Ownership and Return. The Receiving Party acknowledges that the
Disclosing Party (or any third party entrusting its own information to the Disclosing Party) claims 

  
 29 

 
ownership of its CONFIDENTIAL INFORMATION in the possession of the Receiving Party. Upon the expiration or termination of this Agreement, and at the request of the Disclosing Party, the Receiving
Party shall return to the Disclosing Party all originals, copies, and summaries of documents, materials, and other tangible manifestations of CONFIDENTIAL INFORMATION in the possession or control of the Receiving Party, except that the Receiving
Party may retain one copy of the CONFIDENTIAL INFORMATION in the possession of its legal counsel solely for the purpose of monitoring its obligations under this Agreement. 

15. MISCELLANEOUS. 

15.1 Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement,
and shall be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile
numbers of the parties: 
  

			
	If to M.I.T.:	  	 Massachusetts Institute of Technology

Technology Licensing Office, Room NE18-501
 One Cambridge Center,
Kendall Square
 Cambridge, MA 02142-1601
 Attention:
Director
 Tel: 617-253-6966
 Fax: 617-258-6790

		
	If to COMPANY:	  	 Visterra Inc.
 One Kendall Square, Suite
B3301
 Cambridge, MA 02139
 Attention: Brian Pereira, MD,
President and CEO
 Tel: 617-498-1070
 Fax:
617-498-1073

	
	If, to COMPANY, notices regarding financial matters, including invoices:
		
		  	 Contact Name: Peter Courossi, CFO

Department: Finance
 Address: One Kendall Square, Suite B3301

Cambridge, MA 02139
 Tel: 617-498-1070

Fax: 617-498-1073
 Email: [**]

  
 30 

 All notices under this Agreement shall be deemed effective upon receipt. A party may change its
contact information immediately upon written notice to the other party in the manner provided in this Section. 
 15.2 Governing
Law/Jurisdiction. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and
applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country
in which the patent shall have been granted. The state and federal courts having jurisdiction over Cambridge, MA, USA, provide the exclusive forum for any PATENT CHALLENGE and/or any court action between the parties relating to this Agreement.
COMPANY submits to the jurisdiction of such courts and waives any claim that such court lacks jurisdiction over COMPANY or its AFFILIATES or constitutes an inconvenient or improper forum. 

15.3 Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party,
including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement
with reasonable dispatch whenever such causes are removed, 
 15.4 Amendment and Waiver. This Agreement may be amended, supplemented,
or otherwise modified only by means of a written instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to waive any rights
or fail to act in any other instance, whether or not similar. 
 15.5 Severability. In the event that any provision of this Agreement
shall be held invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent
possible) their original intent. If the parties fail to reach a modified agreement within [**] days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in
Article 13. While the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted by agreement of the parties. 

  
 31 

 15.6 Binding Effect. This Agreement shall he binding upon and inure to the benefit of the
parties and their respective permitted successors and assigns. 
 15.7 Headings. All headings are for convenience only and shall not
affect the meaning of any provision of this Agreement. 
 15.8 Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives. 

The EFFECTIVE DATE of this Agreement is November 15, 2013. 
  

									
	 MASSACHUSETTS INSTITUTE OF

TECHNOLOGY
	 		 	VISTERRA, INC.
					
	By:	 	 /s/ Lita L.Nelsen
	 		 	By:	 	 /s/ Brian J.G. Pereira

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Brian J. G. Pereira
	Title:	 	Director, Technology Licensing Office	 		 	Title:	 	President & CEO

  
 32 

 APPENDIX A 

to Exclusive Patent License Agreement By and Between 

M.I.T. and Visterra, Inc., dated November 15, 2013 

List of Patent Applications and Patents 

[**] 

  
 33 

 APPENDIX B 

to Exclusive Patent License Agreement By and Between 

M.I.T. and Visterra, Inc., dated November 15, 2013 

List of Countries (excluding United States) for which 

PATENT RIGHTS Applications Will Be Filed, Prosecuted and Maintained 

[**] 

  
 34 

 APPENDIX C 

to Exclusive Patent License Agreement By and Between 

M.I.T. and Visterra, Inc., dated November 15, 2013 

Sections 4.1(b) and 4.1(c)(i) Upon Assignment of the Agreement 

(b) License Maintenance Fees. COMPANY shall pay to M.I.T. the following license maintenance lees during the TERM on the dates set forth below: 

 

					
	 Each January 1st of every year until first commercial sale of a LICENSED
PRODUCT
	  	$	[**]	  
	 And each January 1st of every year after first commercial sale of a LICENSED
PRODUCT
	  	$	[**]	  

 This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be credited to running
royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years. 

(c) Milestone Payments. 
 (i) COMPANY
shall pay to M.I.T. the amounts set forth below upon the achievement by COMPANY or any of its AFFILIATES or SUBLICENSEES of certain milestone events as described below. Payments will be due in respect of the first achievement of the milestone events
in the tables below for each LICENSED PRODUCT or LICENSED PROCESS. 
  

			
	 Milestone Event
	  	 Payment

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

  
 35 

 COMPANY shall notify M.I.T. within thirty (30) days of the achievement of any of the above
milestones by COMPANY or any of its AFFILIATES or SUBLICENSEES, such notice specifically identify the payment obligation. COMPANY shall make such non-refundable, non-creditable milestone payments within sixty (60) days after achievement of each
of the milestones. 

  
 36 

 FIRST AMENDMENT 

This First Amendment, effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License
Agreement dated November 15, 2013 (the “LICENSE AGREEMENT”) between the Massachusetts Institute of Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts, 02139
(“M.I.T.”), USA and Visterra, Inc., a Delaware corporation, with a principal place of business at One Kendall Square, Suite B3301, Cambridge, Massachusetts 02139 (“COMPANY”). 

WHEREAS, M.I.T. is the owner of certain technology identified as M.I.T. Case No. [**]; and 

WHEREAS, COMPANY and M.I.T. wish to modify the provisions of the LICENSE AGREEMENT to add the patent rights related to M.I.T. Case No. [**];

 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties hereby agree to modify the LICENSE
AGREEMENT as follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

APPENDIX A 
 to Exclusive
Patent License Agreement By and Between 
 M.I.T. and Visterra, Inc., dated November 15, 2013 

List of Patent Applications and Patents 

[**] 

  
 Page 1 of 2 

 2. As consideration for this amendment to the LICENSE AGREEMENT, COMPANY shall pay to M.I.T. a
case addition fee of [**] Dollars ($[**]) upon execution of this Frist Amendment. This payment is non-refundable. 
 3. Except as
specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall remain unchanged and in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE
AGREEMENT. 
 IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed under seal by their duly authorized
representatives. 
 The Effective Date of this First Amendment is May 6, 2014. 

 

									
	 MASSACHUSETTS INSTITUTE OF

TECHNOLOGY
	 		 	VISTERRA, INC.
					
	By:	 	 /s/ Lita L. Nelsen
	 		 	By:	 	 /s/ Brian J.G. Pereira

	Name:	 	Lita L. Nelsen	 		 	Name:	 	Brian J. G. Pereira, MD
	Title:	 	Director, Technology Licensing Office	 		 	Title:	 	President and CEO

  
 Page 2 of 2

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