Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is made and entered into by and between Darlene Deptula-Hicks
(“Executive”) and Pieris Pharmaceuticals, Inc., a Nevada corporation (the “Company”) (together referred to herein as the “Parties”), effective as of August 27, 2015, (the “Effective
Date”). 
 R E C I T A L S 

WHEREAS, the Company desires to employ Executive as Sr. Vice President and Chief Financial Officer of the Company and Executive desires to
accept such employment, subject to the terms and conditions contained in this Agreement, 
 NOW, THEREFORE, in consideration of the premises
and mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 

1. Employment. 

(a) Term of Agreement. This Agreement shall become effective on the Effective Date and shall continue unless terminated in accordance
with the terms and conditions contained in Sections 3 and 4 of this Agreement (the “Term”). Executive’s employment shall begin on September 1, 2015 (the “Start Date”) and, shall at all times be
“at-will”. 
 (b) Position and Duties. Subject to the terms and conditions of this Agreement, the Company agrees to employ
Executive during the Term as Sr. Vice President and Chief Financial Officer of the Company and as such she shall report to the Chief Executive Officer of the Company. Executive shall perform such duties and bear the responsibilities as are
customarily associated with this position as well as such other duties as shall be specified and designated from time to time by the Company’s Chief Executive Officer, his designee, and/or the Company’s board of directors (the
“Board”). 
 (c) Location. Executive shall perform services for the Company at the Company’s offices located in
Boston, MA; provided, however, that the Company may from time to time require Executive to travel temporarily to other locations in connection with the Company’s business. 

(d) Exclusivity. 

(i) During the Term, Executive shall devote all of Executive’s business time and energies to the business and affairs of
Company and its Affiliates and to the faithful and diligent performance of the duties and responsibilities described herein. During the Term, Executive shall not (A) accept any other employment or consultancy or (B) serve on the board of
directors or similar body of any entity, other than board positions currently held as of the Effective Date of this Agreement, unless such position is approved by the Chief Executive Officer as set forth in subsection (d)(ii) below (which

 
such approval shall continue until such time as the Company provides notice to Executive that, in its reasonable judgment, such position is with a Competing Entity, interferes with
Executive’s duties to the Company or places Executive in a Competing Position with, or otherwise conflicts with, the interests of the Company, at which time the Company and Executive will discuss such conflict and the parties will use
reasonable efforts to reach agreement on its resolution); provided that Executive may engage in civic and not-for-profit activities, so long as such activities, in the aggregate, do not conflict with the interests of the Company or materially
interfere with the performance of Executive’s duties to the Company and do not otherwise conflict with subsection d(ii) below. 

(ii) During Executive’s employment by the Company, Executive agrees not to acquire, assume or participate in, directly or
indirectly, any financial position, investment or interest known by Executive to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise or in any Competing Entity, directly or indirectly; provided, however,
Executive may accept equity compensation related to the positions or business activities engaged in which have been approved by the Company pursuant to subsection (d)(i) above. Ownership by Executive, as a passive investment, of less than two
percent (2%) of the outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded on a national securities exchange or in the over-the-counter
market shall not constitute breach of this Section 1(d). 
 (e) Exclusivity. The Executive hereby represents to the Company
that: (i) the execution and delivery of this Agreement by the Executive and the Company and the performance by the Executive of the Executive’s duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise
contravene or cause a default under, the terms of any other agreement or policy to which the Executive is a party or otherwise bound or any judgment, order or decree to which the Executive is subject; (ii) that the Executive has no information
(including, without limitation, confidential information and trade secrets) relating to any other Person which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) the
Executive is not bound by any agreement with any previous employer or other party to refrain from (A) competing with the business of, or (B) soliciting the customers of, that employer or party, in each case, which would be violated by your
employment with the Company; and (iv) the Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of the Executive set forth herein and the Executive consents to such reliance. 

2. Compensation and Related Matters. 

(a) Base Salary. Executive’s annual base salary (“Base Salary”) will be $300,000 in U.S Dollars, less payroll
deductions and all required withholdings, payable in accordance with the Company’s normal payroll practices in effect from time to time. The Board or a committee of the Board shall review Executive’s Base Salary periodically and any
adjustments to Executive’s Base Salary, if any, will be made solely at the discretion of the Board or a committee of the Board. 

  
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 (b) Bonus. Executive shall also be eligible for an annual discretionary bonus of up to 40%
of Executive’s then-Base Salary (the “Target Bonus Amount”) as determined by the Board or a committee of the Board in its sole discretion, based upon the Board’s or a committee of the Board’s evaluation (in its sole
discretion) of the achievement of specific individual and/or Company-wide performance goals as chosen and determined by the Board or a committee of the Board in its sole discretion. For the current calendar year, Executive shall be eligible for a
Target Bonus Amount pro-rated based on the length of Executive’s employment hereunder during the 2015 calendar year. The annual discretionary bonus, if any, shall be payable, less authorized deductions and required withholdings, no later than
March 15th of the calendar year immediately following the calendar year in which it was earned. The Target Bonus Amount of any annual discretionary bonus for which Executive is eligible shall
be reviewed by the Board or a committee of the Board from time to time. 
 (c) Equity Awards. Subject to approval of the Board or an
appropriate committee thereof, Company shall grant Executive on the Start Date or as soon thereafter as practicable, a nonqualified stock option under the Company’s 2014 Employee, Director and Consultant Equity Incentive Plan (the
“Plan”) to purchase 450,000 shares of common stock of the Company (the “Option”). 6.25% of the Option shall vest on the Start Date (the “Initial Vesting Date”), with the remaining 93.75% of the
Option to vest over the next four years in equal installments on a quarterly basis beginning on the last day of the next calendar quarter after the Initial Vesting Date, subject in each case to Executive’s continued employment in Good Standing.
Notwithstanding the foregoing in no event may (i) Executive exercise the Option prior to Company receiving shareholder approval of an increase in the number of shares of common stock authorized under the Plan which increase shall include
provision for the issuance of shares of common stock underlying the Option (the “Initial Exercisability Date”), and (ii) if shareholder approval is not obtained for any reason on or prior to September 30, 2016, the Option
shall be cancelled and of no further force and effect. Prior to the Initial Exercisability Date, the time period for exercising the vested portion of the Option in the event of termination of employment other than for Cause shall be extended until
three (3) months following the Initial Exercisability Date and in the event of death or Disability (as defined in the Plan) until one year following the Initial Exercisability Date. The Option shall be evidenced in writing by, and subject to
the terms and conditions of, the Plan and, except as otherwise set forth herein, the Company’s standard form of stock option agreement, which agreement shall expire ten (10) years from the date of grant except as otherwise provided herein,
in the stock option agreement or the Plan. 
 (d) Benefits. During the Term, the Company, shall provide Executive with coverage under
all employee benefit programs, plans and practices as are in effect from time to time and which the Company, makes available from time to time to its senior executive officers, with at least the same opportunity to participate as the other senior
executive officers of the Company, including, without limitation, if applicable, retirement, pension, medical, dental, hospitalization, life insurance, short and long term disability, accidental death and dismemberment and travel accident coverage.

 (e) Vacation and Fringe Benefits. Executive shall be entitled to four (4) weeks paid vacation in each calendar year
(pro-rated as necessary for partial calendar years 

  
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during the Term). Executive may take his vacation at such times consistent with the vacation policies as are in effect from time to time with respect to senior executive officers. Executive shall
be entitled to the perquisites and fringe benefits which the Company makes available from time to time to its senior executive officers, commensurate with Executive’s position with the Company. 

(f) Business Expenses. During the Term, the Company shall reimburse Executive for all reasonable business expenses incurred in the
conduct of Executive’s duties hereunder in accordance with the applicable expense reimbursement policies. 
 3. Termination.

 (a) At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and shall continue to be
“at-will,” as defined under applicable law. This means that it is not for any specified period of time and can be terminated by any of the parties hereto at any time, with or without advance notice (other than as stated herein), and for
any or no particular reason or cause. It also means that Executive’s job duties, title and responsibility, compensation and benefits, as well as the personnel policies and procedures in effect, may be changed with prospective effect, with or
without notice, at any time in the sole discretion of the Company. This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except in an express
writing signed by Executive and a duly authorized member of the Board. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by
this Agreement. 
 (b) Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed
to have resigned from all offices and directorships, if any, then held with the Company or any of its Affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate such
resignations. 
 4. Obligations upon Termination of Employment. 

(a) Executive’s Obligations. 

(i) Notice Period. Anything in this Agreement notwithstanding, Executive may voluntarily terminate his employment
hereunder upon not less than ninety (90) days prior written notice of Executive delivered to the Company, or upon such shorter notice as Executive and the Company shall agree. 

(ii) Confidentiality. Executive shall not during the Term and thereafter, without the prior written consent of the
Company, knowingly (i) divulge, disclose or make accessible any Confidential Information (as defined below) to any other person, firm, partnership, corporation or other entity or (ii) use any Confidential Information for his own purposes
or for the benefit of any other person, firm, partnership, corporation or other entity (other than the Company), except (x) during the Term, in the business of and 

  
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for the benefit of the Company or (y) when required to do so by a court of competent jurisdiction, by any governmental agency having supervisory authority over the business of the Company,
or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order Executive to divulge, disclose or make accessible such Confidential Information or by state, federal, foreign or local law, rule or
regulation; provided that, in the event that Executive is so required to disclose Confidential Information, Executive shall, prior to making any such disclosure, provide the Company with prompt written notice of such requirement so that the Company
may seek an appropriate protective order. For purposes of this Agreement, “Confidential Information” shall mean all confidential Company data, analyses, reports, interpretations, forecasts, documents and information concerning the affairs
of the Company and its Affiliates, including, without limitation, confidential financial data, strategic business plans, computer programs and documentation, product development data (or other proprietary product data), customer lists and customer
information, discoveries, practices, policies, processes, methods, marketing plans, prospects, opportunities and other proprietary information in whatever form, tangible or intangible; provided that Confidential Information shall not include
(x) information that has become generally available to the public other than as a result of disclosure by Executive in a manner violative of this Section 4, or (y) information that is rightly received by Executive without restriction
on disclosure from a third party legally entitled to possess and disclose such information without restriction (other than information that Executive may learn or has learned by reason of his association with any Affiliate). Upon conclusion of the
Term or at any point prior on request of the Company, Executive shall immediately return to the Company all Confidential Information, including copies, reproductions and summaries thereof, in his possession and shall erase all such Confidential
Information from all media in his possession, and, if the Company so requests, shall certify in writing that she has done so. All Confidential Information is and shall remain the property of the Company and its Affiliates. 

(iii) Non-Competition. During the Term and twelve (12) months thereafter, Executive agrees that, without the prior
written consent of the Board (which the Board may grant or withhold in its discretion): she shall not, directly or indirectly, either as principal, manager, agent, consultant, officer, stockholder, partner, investor; lender or employee, or in any
other capacity (and whether or not for compensation) carry on, be engaged in or employed by, be a consultant or provide assistance to or have any financial interest in, any Competing Entity, except that it will not be deemed a breach of this
Section 4(a)(iii) if Executive is an investor or stockholder of not more than two (2%) percent of the equity securities of any entity. 

(iv) Non-Solicitation. During the Term and for twelve (12) months thereafter, Executive agrees that, without the
prior written consent of the Board she shall not, on his own behalf or on behalf of any person or entity, directly or indirectly, (a) solicit for employment any employee who has been employed by the Company or any Affiliate at any time during
the twelve (12) months immediately preceding such solicitation or offer or (b) solicit for the business of or provide services to any client, customer, or vendor of the Company or any Affiliate for which she or any subordinate provided
services during the Term. 

  
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 (v) Intellectual Property. All Intellectual Property (as defined below)
and Technology (as defined below) created, developed, obtained or conceived of by Executive during the Term, and all business opportunities presented to Executive during the Term shall be owned by and belong exclusively to the Company, provided that
they directly relate to the business of the Company, as of the date of such creation, development, obtaining or conception, and Executive shall (i) promptly disclose to the Company any such Intellectual Property or Technology or any viable
business opportunity presented by a third party to Executive during the Term and which the Company has not rejected and (ii) execute and deliver to the Company, without additional compensation, such instruments (such as assignments of any
Intellectual Property to the Company) as the Company may require from time to time to evidence its ownership of any such Intellectual Property or Technology or business opportunity. For purposes of this Agreement, (x) the term
“Intellectual Property” shall mean and include any and all trademarks, trade names, service marks, service names, patents, copyrights and applications therefor and (y) the term “Technology” shall mean and include any and.
all trade secrets, proprietary information, inventions, discoveries, know-how, formulae, processes and procedures. 
 (vi)
Non-disparagement. During the Term and at all times thereafter, Executive shall not make, or cause to be made, any statement or communicate any information (whether oral or written) that disparages or reflects negatively on the Company or its
Affiliates, officers, directors, board members, investors, shareholders, agents or employees. 
 (vii) Response to Legal
Process. Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, and shall, as much in advance of the return date as possible, make available to the Company and
its counsel the documents and other information sought, and shall assist such counsel in resisting or otherwise responding to such process. 

(viii) Survival of Provisions. The provisions of this Section 4(a) shall survive the termination or expiration of
the applicable Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction that any restriction in this Section 4(a) is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that jurisdiction, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that
jurisdiction. 
 (ix) Injunctive Relief. Executive and the Company agree that the restrictions contained in Sections
4(a) hereof are a reasonable and necessary protection of the immediate interests on the Company, that any violation of these restrictions would cause substantial injury to the Company and that the Company would not have entered into this

  
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Agreement without receiving the additional consideration offered by Executive in binding himself to these restrictions. In the event of the breach or threatened breach by Executive of any of such
restrictions, the Company shall be entitled to apply to any court of competent jurisdiction for an injunction restraining Executive for such breach or threatened breach; provided that the right of the Company to apply for an injunction shall not be
construed as prohibiting the Company from pursuing any other available remedies for such breach or threatened breach. In the event that, notwithstanding the foregoing, a restriction, or any portion thereof, contained in Section 4(a) is deemed
to be unreasonable by a court of competent jurisdiction, whether due to the passage of time, change of circumstances or otherwise, Executive and the Company agree that such restriction, or portion thereof, shall be modified in order to make it
reasonable and shall be enforced accordingly. 
 (b) Company’s Obligations. 

(i) Payments of Accrued Obligations upon Termination of Employment. Upon a termination of Executive’s employment
for any reason, Executive (or Executive’s estate or legal representative, as applicable) shall be entitled to receive, within ten (10) days after the date Executive terminates employment with the Company (or such earlier date as may be
required by applicable law): (i) any portion of Executive’s annual base salary earned through Executive’s termination date not theretofore paid, (ii) any expenses owed to Executive under Section 2(f) above, (iii) any
accrued but unused vacation pay owed to Executive pursuant to Section 2(e) above, and (iv) any amount arising from Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements under
Section 2(d) above, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements. 

(ii) Severance Payments upon a Covered Termination Other Than During a Change in Control Period. If Executive
experiences a Covered Termination at any time other than during a Change in Control Period, and if Executive executes and does not revoke during any applicable revocation period a general release of all claims against the Company and its Affiliates
in a form acceptable to the Company (a “Release of Claims”) within a reasonable period of time specified by the Company and in compliance with applicable law, following such Covered Termination, then in addition to any accrued
obligations payable under Section 4(b)(i) above, the Company shall provide Executive with the following: 
 (A)
Severance. Executive shall be entitled to receive an amount equal to (i) twelve (12) months of Executive’s Base Salary in effect as of Executive’s termination date plus (ii) Executive’s Target Bonus Amount,
pro-rated based on the total number of days elapsed in the calendar year as of the termination date, but only if, as of the date of Executive’s termination of employment, the Company and Executive were “on target” to achieve all
applicable performance goals for such annual bonus as determined by the Board or a committee of the Board in their 

  
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sole discretion. Such amount will be subject to applicable withholdings and payable in a single lump sum cash payment on the first regular payroll date following the date the Release of Claims
becomes effective and irrevocable or if the Executive is subject to Section 409A the date set forth in Section 10(a) hereof. 

(B) Equity Awards. Each outstanding equity award, including, without limitation, each stock option held by Executive
shall automatically become vested and, if applicable, exercisable (except as provided in Section 2(c) hereof) and any forfeiture restrictions shall immediately lapse with respect to 50% of the then unvested equity awards. 

(C) Continued Healthcare. The Company shall notify Executive of any right to continue group health plan coverage
sponsored by the Company or an Affiliate immediately prior to Executive’s date of termination pursuant to the provisions of applicable law including, but not limited to, the provisions of the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”). If Executive elects to receive such continued healthcare coverage, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’ s covered dependents, less the
amount of Executive’s monthly premium contributions for such coverage prior to termination, for the period commencing on the first day of the first full calendar month following the date the Release of Claims becomes effective and irrevocable
through the earlier of (i) the last day of the twelve (12) full calendar months following the date the Release of Claims becomes effective and irrevocable and (ii) the date Executive and Executive’s covered dependents, if any,
become eligible for healthcare coverage under another employer’s plan(s). Executive shall notify the Company immediately if Executive becomes covered by a group health plan of a subsequent employer. After the Company ceases to pay premiums
pursuant to this subsection, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA or other applicable law. 

(iii) Severance Payments upon a Covered Termination During a Change in Control Period. If Executive experiences a
Covered Termination during a Change in Control Period, and if Executive executes and does not revoke during any applicable revocation period a Release of Claims within a reasonable period of time specified by the Company, following such Covered
Termination, then in addition to any accrued obligations payable under Section 4(b)(i) above, the Company shall provide Executive with the following: 

(A) Severance. Executive shall be entitled to receive an amount equal to (i) twelve (12) months of
Executive’s Base Salary in 

  
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effect as of Executive’s termination date plus (ii) Executive’s Target Bonus Amount for the year of termination. Such amount will be subject to applicable withholdings and payable
in a single lump sum cash payment on the first regular payroll date following the date the Release of Claims becomes effective and irrevocable or if the Executive is subject to Section 409A the date set forth in Section 10(a) hereof. 

(B) Equity Awards. Each outstanding equity award, including, without limitation, each stock option held by Executive
shall automatically become vested and, if applicable, exercisable (except as provided in Section 2(c) hereof) and any forfeiture restrictions shall immediately lapse. 

(C) Continued Healthcare. The Company shall notify Executive of any right to continue group health plan coverage
sponsored by the Company or an Affiliate immediately prior to Executive’s date of termination pursuant to the provisions of applicable law including, but not limited to, the provisions of COBRA. If Executive elects to receive such continued
healthcare coverage, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’ s covered dependents, less the amount of Executive’s monthly premium contributions for such coverage prior to
termination, for the period commencing on the first day of the first full calendar month following the date the Release of Claims becomes effective and irrevocable through the earlier of (i) the last day of the twelve (12) full calendar
months following the date Release of Claims becomes effective and irrevocable and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Executive
shall notify the Company immediately if Executive becomes covered by a group health plan of a subsequent employer. After the Company ceases to pay premiums pursuant to this subsection, Executive may, if eligible, elect to continue healthcare
coverage at Executive’s expense in accordance the provisions of COBRA or other applicable law. 
 (c) No Other Severance. The
provisions of this Section 4 shall supersede in their entirety any severance payment or other arrangement provided by the Company, including, without limitation, any severance plan of the Company. 

(d) No Requirement to Mitigate; Survival. Executive shall not be required to mitigate the amount of any payment provided for under this
Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement, the termination of Executive’s employment shall not impair the rights or obligations of any party. 

  
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 5. Limitation on Payments. Notwithstanding anything in this Agreement to the
contrary, if any payment or distribution Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Internal
Revenue Code of 1986, as amended (the “Code”), and (b) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be
determined, before any amounts of the Payment are paid to Executive, which of the following alternative forms of payment would maximize Executive’s after-tax proceeds: (i) payment in full of the entire amount of the Payment (a
“Full Payment”), or (ii) payment of only a part of the Payment so that Executive receives that largest Payment possible without being subject to the Excise Tax (a “Reduced Payment”), whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax (all computed at the highest marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such
state and local taxes), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion the Payment may be subject to the Excise Tax. 

(a) The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective
date of the Change in Control shall make all determinations required to be made under this Section 5. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, group
or entity effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such independent registered public accounting firm required to be made hereunder. 
 (b) The independent registered public
accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive at such time as requested by the Company or Executive. If the independent
registered public accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Payment, it shall furnish the Company and Executive with an opinion reasonably acceptable to
Executive that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

6. Successors. 

(a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation,
liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the
same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets
which executes and delivers the assumption agreement described in this Section 6(a) or which becomes bound by the terms of this Agreement by operation of law. 

(b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and
be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

  
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 7. Notices. Notices and all other communications contemplated by this
Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or one day following mailing via Federal Express or similar overnight courier service. In the case of Executive, mailed notices shall be addressed to
Executive at Executive’s home address that the Company has on file for Executive. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of the Chairman of
the Compensation Committee of the Company. 
 8. Dispute Resolution. To ensure the timely and economical resolution of
disputes that arise in connection with this Agreement, Executive and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance or interpretation of this Agreement,
Executive’s employment, or the termination of Executive’s employment, shall be resolved to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in New York, New York, conducted by
Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under the applicable JAMS employment rules. By agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any such dispute through
a trial by jury or judge or administrative proceeding. The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and
(ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that Executive or the Company would be
entitled to seek in a court of law. The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required if the dispute were decided in a court of law. Nothing in this Agreement is intended to prevent
either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue
or dispute over intellectual property rights by Court action instead of arbitration. 
 9. Miscellaneous Provisions.

 (a) Withholdings and Offsets. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal,
state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

  
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 (b) Waiver. No provision of this Agreement shall be modified, waived or discharged unless
the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision
of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Whole Agreement. This Agreement represents the entire understanding of the parties hereto with respect to the subject matter hereof
and supersede all prior arrangements and understandings regarding same, including, without limitation, any severance plan of the Company. 

(d) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of Nevada. 
 (e) Severability. The finding by a court of competent jurisdiction of the unenforceability, invalidity or
illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or provision with a
valid and enforceable term or provision which most accurately represents the intention of the parties hereto with respect to the invalid or unenforceable term or provision. 

(f) Interpretation; Construction. The headings set forth in this Agreement are for convenience of reference only and shall not be used
in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but Executive has been encouraged to consult with, and has consulted with, Executive’s own independent counsel and tax advisors with
respect to the terms of this Agreement. The parties hereto acknowledge that each party hereto and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
 (g)
Representations; Warranties. Executive represents and warrants that Executive is not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that
Executive’s execution and performance of this Agreement will not violate or breach any other agreements between Executive and any other person or entity and that Executive has not engaged in any act or omission that could be reasonably expected
to result in or lead to an event constituting “Cause” for purposes of this Agreement. 
 (h) Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 

10. Section 409A. The intent of the parties is that the payments and benefits under this Agreement comply with or be
exempt from Section 409A of the Code and the Department of 

  
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Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date,
(“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Company determines that any provision of this Agreement would cause Executive to incur any
additional tax or interest under Section 409A (with specificity as to the reason therefor), the Company and Executive shall take commercially reasonable efforts to reform such provision to try to comply with or be exempt from Section 409A
through good faith modifications to the minimum extent reasonably appropriate to conform with Section 409A, provided that any such modifications shall not increase the cost or liability to the Company. To the extent that any provision
hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and
the Company of the applicable provision without violating the provisions of Section 409A. 
 (a) Separation from Service.
Notwithstanding any provision to the contrary in this Agreement, no amount deemed deferred compensation subject to Section 409A of the Code shall be payable pursuant to Section 4 unless Executive’s termination of employment
constitutes a “separation from service” with the Company within the meaning of Section 409A (“Separation from Service”) and, except as provided under Section 10(b) of this Agreement, any such amount shall not be
paid, or in the case of installments, commence payment, until the sixtieth (60th) day following Executive’s Separation from Service. Any installment payments that would have been made to
Executive during the sixty (60) day period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the sixtieth
(60th) day following Executive’s Separation from Service and the remaining payments shall be made as provided in this Agreement. 

(b) Specified Employee. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his or
her separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is
required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (a) the expiration of the six (6)-month
period measured from the date of Executive’s Separation from Service or (b) the date of Executive’s death. Upon the first day of the seventh month following the date of the Executive’s separation from service, all payments
deferred pursuant to this Section 10(b) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as otherwise provided herein. 

(c) Expense Reimbursements. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of
Section 409A, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed
in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(d) Installments. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all
times be considered a separate and distinct payment. 

  
 -13- 

 11. Definition of Terms. The following terms referred to in this Agreement
shall have the following meanings: 
 (a) Affiliates. “Affiliates” means any of the Company’s subsidiaries or joint
ventures currently existing or which shall be established during Executive’s employment by the Company. 
 (b) Cause.
“Cause” means the occurrence of any of the following events, as determined by the Board or a committee designated by the Board, in its sole discretion: (i) Executive’s commission of any felony or any crime involving fraud,
dishonesty, or moral turpitude under the laws of the United States or any state thereof; (ii) Executive’s attempted commission of, or participation in, a fraud against the Company; (iii) Executive’s intentional, material
violation of any contract or agreement between Executive and the Company or of any statutory duty owed to the Company, including this Agreement; (iv) Executive’s unauthorized use or disclosure of the Company’s confidential information
or trade secrets; or (v) Executive’s gross misconduct. 
 (c) Change in Control. “Change in Control” means: 

Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the
Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its Affiliates or by any employee benefit plan of the Company) pursuant to a transaction or a series of related
transactions which the Board of Directors does not approve; or 
 Merger/Sale of Assets. (A) A merger or consolidation of the
Company whether or not approved by the Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or

  
 -14- 

 
parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the
Company’s assets in a transaction requiring stockholder approval Notwithstanding the foregoing, a “Change in Control” must also constitute a “change in control event” as defined in Treasury Regulation §1.409A-3(i)(5).

 (d) Change in Control Period. “Change in Control Period” means the period beginning with the agreement which if
consummated is a Change in Control and ending twelve (12) months after the effective date of a Change in Control. 
 (e) Covered
Termination. “Covered Termination” shall mean the termination of Executive’s employment (i) by the Company other than for Cause, or (ii) by Executive for Good Reason. 

(f) Competing Entity. “Competing Entity” shall mean any person or entity which is engaged in any phase of the business of
developing, manufacturing and marketing of products which compete with the Company and/or any of its Affiliates. 
 (g) Competing
Position. “Competing Position” shall mean engaging, directly or indirectly, in any manner or capacity, as adviser, principal, agent, affiliate, promoter, partner, officer, director, employee, stockholder, owner, co-owner, consultant,
or member of any association or otherwise, in any Competing Entity. 
 (h) Good Reason. “Good Reason” means
Executive’s resignation from all positions she then holds with the Company if (i) (A) there is a material diminution in Executive’s duties and responsibilities with the Company or in job title; (B) there is a material
reduction of Executive’s base salary; provided, however, that a material reduction in Executive’s base salary pursuant to a salary reduction program affecting all or substantially all of the employees of the Company and that
does not adversely affect Executive to a greater extent than other similarly situated employees shall not constitute Good Reason; or (C) Executive is required to relocate Executive’s primary work location to a facility or location that
would increase Executive’s one-way commute distance by more than fifty (50) miles from Executive’s primary work location as of immediately prior to such change, (ii) Executive provides written notice outlining such conditions,
acts or omissions to the Company within thirty (30) days immediately following such material change or reduction, (iii) such material change or reduction is not remedied by the Company within thirty (30) days following the
Company’s receipt of such written notice and (iv) Executive’s resignation is effective not later than thirty (30) days after the expiration of such thirty (30) day cure period. 

(i) Good Standing. “Good Standing” means that Executive remains actively employed and (i) has not been given notice of
the termination of employment; (ii) has not given notice of resignation or resigned; (iii) is not suspended by the Company for violation of its material policies and/or procedures and (iv) is not under investigation for conduct that
could, in the Company’s good faith determination, result in a suspension or termination for Cause. 
 (j) “Person”
means without limitation, an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency
or political subdivision thereof. 
 (Signature page follows) 

  
 -15- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by its duly authorized officer, as of the day and year set forth below. 
  

			
	PIERIS PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Stephen S. Yoder

	Name:	 	Stephen S. Yoder
	Title:	 	Chief Executive Officer
	
	EXECUTIVE
	
	/s/ Darlene Deptula-Hicks 
	Name:	 	Darlene Deptula-Hicks

 Signature Page to Employment AgreementEX-10.3

 Exhibit 10.3 
  

 
  

AGREEMENT OF SUBLEASE 

BERENBERG CAPITAL MARKETS LLC 

SUBLANDLORD 
 AND

 PIERIS PHARMACEUTICALS INC. 

SUBTENANT 
  

			
	Premises:	  	 3,950 Rentable Square Feet
 Portion of 9th Floor
 255 State Street

Boston, Massachusetts

 Dated: As of August 27, 2015 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	SECTION 1.	 	 Subleased Premises
	  	 	1	  
	SECTION 2.	 	 Term
	  	 	1	  
	SECTION 3.	 	 Base Rent and Additional Rent
	  	 	2	  
	SECTION 4.	 	 Electrical Energy; HVAC
	  	 	5	  
	SECTION 5.	 	 Use
	  	 	5	  
	SECTION 6.	 	 Incorporation of Prime Lease
	  	 	5	  
	SECTION 7.	 	 Condition of Subleased Premises
	  	 	6	  
	SECTION 8.	 	 Assignment, Mortgaging, Subletting
	  	 	7	  
	SECTION 9.	 	 Alterations and Improvements
	  	 	12	  
	SECTION 10.	 	 Indemnification
	  	 	13	  
	SECTION 11.	 	 Insurance
	  	 	14	  
	SECTION 12.	 	 Destruction, Fire and other Casualty/Condemnation
	  	 	15	  
	SECTION 13.	 	 Sublandlord’s Obligations
	  	 	16	  
	SECTION 14.	 	 Environmental
	  	 	18	  
	SECTION 15.	 	 Submission to Jurisdiction
	  	 	18	  
	SECTION 16.	 	 Notices
	  	 	18	  
	SECTION 17.	 	 Integration; Successors and Assigns, etc
	  	 	19	  
	SECTION 18.	 	 Successors and Assigns
	  	 	19	  
	SECTION 19.	 	 No Other Agreements
	  	 	19	  
	SECTION 20.	 	 Execution of Sublease
	  	 	20	  
	SECTION 21.	 	 Broker
	  	 	20	  
	SECTION 22.	 	 Consents
	  	 	20	  
	SECTION 23.	 	 Time Limits
	  	 	20	  
	SECTION 24.	 	 Governing Law
	  	 	21	  
	SECTION 25.	 	 Quiet Enjoyment
	  	 	21	  
	SECTION 26.	 	 Miscellaneous
	  	 	21	  
	SECTION 27.	 	 Security Deposit
	  	 	22	  

 Exhibits 
  

			
	Exhibit A	  	Floor Plan of Subleased Premises
	Exhibit B
Exhibit B-1 Exhibit C
	  	 Sublandlord’s Work
 Fit Plan

Letter of Credit

	Exhibit D	  	Preliminary Plans for Subtnant’s Initial Alterations

  
 -i- 

 AGREEMENT OF SUBLEASE 

AGREEMENT OF SUBLEASE (“Sublease”), made as of this 27th day of August,
2015 between BERENBERG CAPITAL MARKETS LLC, a Delaware limited liability company with an office at 255 State Street, Boston, MA 02109 (“Sublandlord”) and PIERIS PHARMACEUTICALS INC., a Nevada corporation, with offices at
Lise-Meitna-Strasse 30, Freising-Weihenstephan, Germany (“Subtenant”). 
 W I T N E
S S E T H : 
 WHEREAS, by Lease dated as of May 12, 2011, by and between 255 State Street,
LLC, as Landlord (“Landlord”), and Sublandlord, as Tenant (the “Prime Lease”), Landlord leased to Sublandlord certain space on the ninth (9th) floor (the
“Leased Premises”) in the building known as 255 State Street, Boston, MA 02109 (the “Building”), which Leased Premises are more particularly described in the Prime Lease, a redacted copy of which has been delivered
to Subtenant (capitalized terms not otherwise defined herein shall have the meanings specified in the Prime Lease); and 
 WHEREAS,
Sublandlord desires to sublease to Subtenant, and Subtenant desires to hire from Sublandlord, a portion of the Leased Premises consisting of a portion of the rentable area on the ninth
(9th) floor of the Building, more particularly described below (the “Subleased Premises”). 

NOW, THEREFORE, in consideration of the mutual terms, covenants and conditions hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Sublandlord and Subtenant hereby agree as follows: 
 SECTION
1. Subleased Premises. Subject to the provisions of Section 2 below, as of the Commencement Date (defined below), Sublandlord hereby subleases to Subtenant, and Subtenant hereby subleases from Sublandlord, the Subleased Premises,
consisting of approximately 3,950 rentable square feet comprising of a portion of the rentable area on the ninth (9th) floor of the Building identified on the floor plan annexed hereto and
made a part hereof as Exhibit A and as appurtenant thereto, the non-exclusive right to use Sublandlord’s rights to the common areas of the Building pursuant to Section 2.1(b) of the Prime Lease. The attachment of a floor plan
of the Subleased Premises or the reference to approximate rentable square footage of the Subleased Premises does not constitute a representation by Sublandlord that said floor plan or square footage is exact or correct, and Sublandlord makes no
representation or warranty with respect to the accuracy of the layout or dimensions or square footage of the Subleased Premises as shown on said floor plan or otherwise. 
  

	SECTION 2.	Term. 

 (a) Subject to the receipt of consent of the Landlord in accordance with the
terms of the Prime Lease, the term (“Term”) of this Sublease shall commence after execution and delivery of this Sublease, on the date Sublandlord delivers vacant, broom clean possession, free of any subtenants or occupants of the
Subleased Premises to Subtenant in the condition required hereunder with “Sublandlord’s Work” described as Exhibit B annexed here to and made a part 

 
hereof substantially completed (the “Commencement Date”), and shall expire at midnight on February 27, 2022, or such earlier date on which the Term may terminate pursuant to the
provisions of this Sublease (the “Expiration Date”). If the Commencement Date is not the first day of a month or the Expiration Date of this Sublease is not the last day of a month, rent for the month in which the Commencement Date or the
Expiration Date occurs shall be pro-rated on a per diem basis. 
 (b) Sublandlord shall use reasonable efforts to (a) obtain
Landlord’s written consent to this Sublease within forty-five (45) days after the date hereof and to substantially complete the Sublandlord’s Work within ninety (90) days after the date hereof. In the event Sublandlord shall fail
to obtain Landlord’s written consent to this Sublease by the date which is forty-five (45) days after he date hereof or to substantially complete Sublandlord’s Work by the date which is ninety (90) days after the date hereof,
subject to causes beyond Sublandlord’s reasonable control with respect to the substantial completion of Sublandlord’s Work, Subtenant may elect to terminate this Sublease by giving written notice of termination to Sublandlord within five
(5) business days following either such date, as applicable. Promptly following delivery of Subtenant’s termination notice, if any, Sublandlord shall return any security deposit and prepaid rent given by Subtenant hereunder. 

(c) On Sublandlord’s request Sublandlord and Subtenant shall execute an agreement confirming the Commencement Date, Rent Commencement
Date and Expiration Date of this Sublease, provided, however, Subtenant’s failure to sign such agreement shall in no way affect said dates or the validity of this Sublease. 

 

	SECTION 3.	Base Rent and Additional Rent. 

 (a) (i) Commencing on the two (2) month anniversary
of the Commencement Date immediately following the Delivery Date (the “Rent Commencement Date”), Subtenant covenants to pay Sublandlord, at the office of Sublandlord, or at such other place as Sublandlord may from time to time
designate in writing, a fixed annual rental at a rate equal to $46.50 per rentable square foot, increasing by $1.00 per rentable square foot on each anniversary of the Commencement Date (“Base Rent”), payable as follows: 

(1) from the Commencement Date through the first anniversary of the Commencement Date $183,675.00 per annum in equal monthly installments of
$15,306.25; 
 (2) from the day following the first anniversary of the Commencement Date through the second anniversary of the Commencement
Date $187,625.00 per annum in equal monthly installments of $15,635.42; 
 (3) from the day following the second anniversary of the
Commencement Date through the third anniversary of the Commencement Date $191,575.00 per annum in equal monthly installments of $15,964.58; 

  
 2 

 (4) from the day following the third anniversary of the Commencement Date through the fourth
anniversary of the Commencement Date $195,525.00 per annum in equal monthly installments of $16293.75; 
 (5) from the day following the
fourth anniversary of the Commencement Date through the fifth anniversary of the Commencement Date $199,475.00 per annum in equal monthly installments of $16,622.92; 

(6) from the day following the fifth anniversary of the Commencement Date through the sixth anniversary of the Commencement Date $203,425.00
per annum in equal monthly installments of $16,952.08; 
 (7) from the day following the sixth anniversary of the Commencement Date through
the Expiration Date $207,375.00 per annum in equal monthly installments of $17,281.25; 
 (b) Each monthly installment of Base Rent shall be
due in advance on the first (1st) day of each month during the Term without any set-off or deduction of any kind whatsoever, except as may be expressly provided herein; provided, however, that Subtenant, as a condition to Sublandlord’s
execution and delivery hereof, shall deliver to Sublandlord a check for one (1) monthly installment of Base Rent upon execution and delivery of this Sublease, which amount Sublandlord shall first apply to the first monthly installment of Base
Rent payable hereunder on the Rent Commencement Date. 
 (c) (i) Subtenant shall pay to Sublandlord, as additional rent hereunder:
(A) subject to the adjustments referred to in Section 3(d) below, Subtenant’s Proportionate Share (defined below) of any Tax Increase (as defined below) and of any Operating Costs Increase (as defined below), and (B) one-hundred
percent (100%) of any amounts payable by Sublandlord to Landlord under the Prime Lease which are attributable solely to Subtenant’s use or manner of use of the Subleased Premises, or manner of use of the portions of the Building other than
the Subleased Premises. 
 (ii) Any demand for additional rent shall be accompanied by the calculation of the amount being
billed Subtenant and appropriate invoices and other backup as to the nature and amount of the charges in question (it being understood that Sublandlord shall only be required to provide invoices for Subtenant’s Proportionate Share of and Tax
Increase and Operating Costs Increase Tenant’s share of Operating Costs Excess to the extent, and at the same intervals as, Landlord provides invoices under the Prime Lease with respect to Tax and Operating Costs). Upon Subtenant’s
reasonable request, Sublandlord shall provide such back-up documentation as Sublandlord receives from Landlord with respect to items of additional rent billed to Subtenant by Sublandlord hereunder. 

  
 3 

 (iii) For purposes of this Sublease, the following terms shall have the meanings
set forth below: 
 “Base Tax Payment” shall mean the Tax Payments made by Sublandlord to Landlord, with respect to the
Leased Premises under the Prime Lease with respect to the fiscal Tax Year (July 1, 2014 through June 30, 2015), and 
 “Base
Operating Expenses” shall mean the Operating Costs Excess made by Sublandlord to Landlord, with respect to the Leased Premises under the Prime Lease with respect to the calendar year 2015. 

“Operating Costs Increase” shall mean the amount by which any Operating Costs Excess payments due and payable by Sublandlord
to Landlord with respect to the Leased Premises under Section 4.2.3 of the Prime Lease for any calendar year or part thereof during the Term exceeds the Base Operating Expenses. 

“Tax Increase” shall mean the amount by which any Tax Excess payments due and payable by Sublandlord to Landlord with respect
to the Leased Premises under Section 4.2.1 of the Prime Lease for any fiscal Tax Year or part thereof during the Term exceeds the Base Tax Payment. 

(iv) Items of additional rent shall be due at the times specified in this Sublease and the Prime Lease as incorporated herein
by reference (as modified by Section 23 hereof). 
 (d) For the purposes of this Sublease, “Subtenant’s Proportionate
Share” shall mean 43.03%. If the rentable area covered by the Prime Lease or Sublease is changed during the Term of the Sublease, Subtenant’s Proportionate Share will be adjusted proportionately from and after the date of any such
adjustment. 
 (e) Subtenant shall be entitled to receive Subtenant’s Proportionate Share of the amount of any refunds or credits, if
any, received by Sublandlord from Landlord on account of any overpayment under the Prime Lease with respect to which Subtenant has paid additional rent to Sublandlord under this Sublease, net of Subtenant’s Proportionate Share of
Sublandlord’s actual out-of-pocket cost of obtaining such refunds (taking into account base years contained in this Sublease). 
 (f)
Subtenant’s obligation to pay additional rent hereunder shall, (i) relate to the period from and after the Commencement Date for the remainder of the Term and (ii) survive the expiration or earlier termination of this Sublease
provided, however, that nothing herein shall obligate Subtenant for the payment of additional rent with respect to any period occurring after the Expiration Date, except in the event Subtenant holdover after expiration or earlier termination of this
Sublease. 
 (g) All amounts payable by Subtenant to Sublandlord pursuant to this Sublease, including, without limitation, Base Rent and all
items of additional rent specified in 

  
 4 

 
this Section 3 (collectively, “Rent”), shall be deemed and constitute rent and, in the event of any non-payment thereof, Sublandlord shall have all of the rights and
remedies provided herein and in the Prime Lease or in law or at equity for non-payment of rent. 
 (h) Any Rent due from Subtenant to
Sublandlord and any amount payable by Sublandlord to Subtenant pursuant to this Sublease which are not paid within five (5) days of the date due shall bear interest at a rate per annum equal to the Default Rate. 

(i) In the event Sublandlord or Subtenant commences any action or proceeding against the other party under this Sublease, the prevailing party
in the action shall be paid by the other party, in addition to any damages to which the prevailing party is entitled, all reasonable out-of-pocket expenses of the action including reasonable costs and expenses of attorneys, accountants and other
consultants. 
  

	SECTION 4.	Electrical Energy; HVAC. 

 (a) Subtenant acknowledges that electricity is furnished to
the Subleased Premises by Landlord under the Prime Lease on a submetered basis and that Subtenant shall pay Subtenant’s Proportionate Share of all charges payable for electricity with respect to the Subleased Premises during the Term pursuant
to the provisions of Section 5.1.3 of the Prime Lease including. 
 (b) Subtenant will pay for overtime HVAC services it requests in
accordance with Section 5.1.2 of the Prime Lease. 
  

	SECTION 5.	Use. 

 (a) Subtenant shall use and occupy the Subleased Premises for first-class general
business offices and for no other purposes. Subtenant acknowledges that Section 6.1.2 of the Prime Lease is not applicable to this Sublease. 
  

	SECTION 6.	Incorporation of Prime Lease. 

 (a) This Sublease is in all respects subject and
subordinate to the Prime Lease and all of the terms, covenants, agreements, provisions and conditions thereof, and the Prime Lease is hereby incorporated into this Sublease in its entirety except as expressly set forth in Section 6(c) below and
except to the extent any provisions thereof do not relate to the Subleased Premises, are personal to Sublandlord or are inapplicable to, inconsistent with, or modified by the terms of this Sublease. By virtue of the incorporation of the Prime Lease,
the terms “Landlord” and “Tenant” in the Prime Lease shall be deemed for purposes of this Sublease to refer to Sublandlord and Subtenant, respectively, and the term “Premises” shall be deemed for purposes of this
Sublease to refer to the Subleased Premises, the terms “Fixed Rent” and “Additional Rent” in the Prime Lease shall be deemed for the purposes of this Sublease to refer to the “Base Rent,” and the additional rent
pursuant to Section 3 herein, respectively, the term “Lease,” or words of similar import, in the Prime Lease shall be deemed for the purposes of this Sublease to refer to this Sublease and the terms Commencement Date, Expiration Date
and Term 

  
 5 

 
shall have the meanings given to such terms in this Sublease. Notwithstanding anything herein to the contrary, in no event shall Subtenant have any liability hereunder for late fees, penalties,
indemnification obligations or other liabilities of Sublandlord to Landlord under the Prime Lease, except to the extent arising from Subtenant’s breach of its obligations hereunder with respect to the Subleased Premises or the acts or omissions
of Subtenant. 
 (b) Subtenant hereby assumes and agrees to be bound by and observe, fulfill and perform, fully, faithfully and promptly,
all of the provisions, terms, covenants, conditions and obligations provided in the Prime Lease (to the extent incorporated herein by reference intended) to bind and/or be observed, fulfilled and/or performed by Sublandlord, as Tenant, thereunder
with respect to Subtenant’s use and occupancy of the Subleased Premises in accordance with the terms of this Sublease, and Sublandlord shall have, for the purposes of this Sublease, all of the rights, remedies, privileges and benefits granted
to or conferred upon Landlord, as landlord, under the Prime Lease (but not the obligations of Landlord). 
 (c) The following provisions and
terms of the Prime Lease are not incorporated herein by reference: those Definitions not pertaining to the Subleased Premises and referring to or being used in paragraphs which are not incorporated by reference in this Sublease; the redacted
Reference Data in Section 1.1, 2.1(e), (f), 2.3, 2.4, 2.5, Article 3, Section 5.1.1, Article 10, Section 11.7, Article 14, Exhibit F and Exhibit I. 

(d) In the event of termination, re-entry or dispossess of Tenant by Landlord under the Prime Lease, Landlord may, at its option, take over
all of the right, title and interest of Tenant, as Sublandlord under this Sublease, and Subtenant, at Landlord’s option, shall attorn to Landlord pursuant to the then executory provisions of this Sublease. 

(e) If for any reason the Prime Lease is terminated prior to the Expiration Date of this Sublease, this Sublease shall be deemed to have been
terminated on the date that is one (1) day prior to the date of termination of the Prime Lease and provided the Prime Lease has not been terminated by (i) the voluntary surrender thereof by Sublandlord, (ii) Sublandlord’s default
thereunder (not caused by Subtenant’s default hereunder) or (iii) pursuant to Section 6.2.1 of the Prime Lease as a result of Sublandlord’s request to assign the Prime Lease then Sublandlord shall not be liable to Subtenant by
reason thereof for damages or otherwise, except that Sublandlord shall return to Subtenant the security deposit and that portion of any Rent paid in advance by Subtenant, if any, which is applicable to the period following the date of such
termination and Sublandlord shall reimburse Subtenant for the unamortized cost of Subtenant’s “Initial” Alterations (defined below) amortized on a straight line basis over the entire term of the Sublease as if it had not been
terminated. 
 (f) At no cost to Sublandlord, Sublandlord shall request that Landlord enter into a Subordination, Non-Disturbance and
Attornment Agreement with Subtenant (an “SNDA”). The agreement of Landlord to enter into an SNDA with Subtenant is not a condition of this Sublease or the effectiveness hereof. 

SECTION 7. Condition of Subleased Premises. Except as otherwise expressly set forth herein, no warranties or representations, expressed
or implied, are made or intended to be 

  
 6 

 
made by Sublandlord in respect of the Subleased Premises, its physical condition, the uses to which the Subleased Premises may be put, or any other matter pertaining thereto. Subtenant has
inspected and is fully familiar with the Subleased Premises, and except as expressly provided in this Sublease, and except for Sublandlord’s Work Sublandlord shall have no other obligation to perform any alterations, repairs, decoration or
other work in or about the Subleased Premises to prepare the Subleased Premises for Subtenant’s occupancy or for any other purpose. At subtenant’s option, the Subleased Premises will be delivered with existing office furniture, including
workstations, telescope, small conference room table and chairs, small conference room credenza, and file cabinets, but excluding the large conference room table, chairs and sideboard, the reception desk, the small table, and four chair in open
seating area, and the existing audio visual equipment, telephone system will not be available to subtenant. 
  

	SECTION 8.	Assignment, Mortgaging, Subletting. 

 (a) Except as otherwise expressly set forth herein,
Subtenant shall not assign, mortgage, pledge, encumber, or otherwise transfer this Sublease, whether by operation of law or otherwise, and shall not sub-sublet (or underlet), or permit or suffer the Subleased Premises or any part thereof to be used
or occupied by others (whether for desk space, mailing privileges or otherwise), without Sublandlord’s prior consent in each instance, which consent shall not be unreasonably withheld, conditioned or delayed and if required by the Prime Lease,
Landlord’s consent. Notwithstanding the foregoing, Sublandlord’s prior consent shall not be required to any assignment or sublet made by Subtenant in accordance with Section 6.2.1 (f) of the Prime Lease. Any assignment,
sub-sublease, mortgage, pledge, encumbrance or transfer in contravention of the provisions of this Section 8 shall (i) constitute an Event of Default under this Sublease and (ii) be null and void. 

(b) If Subtenant shall desire to assign this Sublease or sublet all of the Subleased Premises, Subtenant shall submit to Sublandlord a written
request for Sublandlord’s consent to such assignment or subletting, which request shall be accompanied by the following information: (i) the name and address of the proposed assignee or subtenant; (ii) the terms and conditions of the
proposed assignment or subletting; (iii) the nature and character of the business of the proposed assignee or subtenant and its proposed use of the Subleased Premises; and (iv) current financial information and any other information
Sublandlord may reasonably request with respect to the proposed assignee or subtenant, including, without limitation, its most recent financial report. 

(c) Provided Subtenant has provided the items referred to in (b) above and that no Event of Default then exists, Sublandlord’s
consent to the proposed assignment or sub-subletting shall not be unreasonably withheld, conditioned or delayed (and provided all of the foregoing information has been provided, Sublandlord shall respond to Subtenant within thirty (30) days
after Subtenant’s request), provided further that all of the following conditions are satisfied: 
 (i) in
Sublandlord’s reasonable judgment, the proposed assignee or sub-subtenant is engaged in a business or activity, and the sub-subleased premises 

  
 7 

 
will be used in a manner, which (A) is in keeping with the then standards of the Building, (B) limits the use of the sub-subleased premises to the uses permitted hereunder, and
(C) does not violate any restrictions set forth in the Prime Lease or this Sublease; 
 (ii) the proposed assignee or
sub-subtenant is a reputable person of good character with sufficient financial means to perform all of its obligations under this Sublease or the sub-sublease, as the case may be, and Sublandlord has been furnished with reasonable proof thereof;

 (iii) Subtenant shall, within ten (10) days of demand, reimburse Sublandlord for all actual out-of-pocket expenses
incurred by Sublandlord in connection with such assignment or sub-sublease, including any investigations as to the acceptability of the proposed assignee or sub-subtenant, reviewing any plans and specifications for Alterations proposed to be made in
connection therewith, and all legal costs reasonably incurred in connection with the granting of any requested consent; 

(iv) the proposed assignee or sub-subtenant shall not be entitled, directly or indirectly, to diplomatic or sovereign immunity,
regardless of whether the proposed assignee or sub-subtenant agrees to waive such diplomatic or sovereign immunity, and shall be subject to the service of process in, and the jurisdiction of the courts of, the City of Boston, Commonwealth of
Massachusetts; and if the proposed assignee or sub-subtenant is an entity organized under the laws of any jurisdiction other than the United States or any state thereof, or is not a United States citizen, if an individual, such Person shall waive
any immunity to which it may be entitled, and shall be subject to the service of process in, and the jurisdiction of the courts of, the City of Boston, Commonwealth of Massachusetts; and 

(v) the form of the proposed assignment or sub-sublease shall be reasonably satisfactory to Sublandlord and shall comply with
the provisions of this Sublease; 
 (vi) no sub-sublease shall be for a term ending later than one (1) day prior to the
Expiration Date of this Sublease; 
 (vii) no sub-sublease shall be delivered to any sub-subtenant, and no sub-subtenant
shall take possession of any part of the Subleased Premises, until an executed counterpart of such sublease has been delivered to Sublandlord and approved in writing by Sublandlord as provided in, and to the extent required by this Section 8
and Landlord to the extent required by the Prime Lease; 
 (viii) if an Event of Default shall occur at any time prior to the
effective date of such assignment or sub-subletting, then Sublandlord’s consent thereto, if previously granted, shall be immediately deemed revoked without further notice 

  
 8 

 
to Subtenant, and if such assignment or subletting would have been permitted without Sublandlord’s consent pursuant to this Section 8, such permission shall be void and without force
and effect, and in either such case, any such assignment or subletting shall constitute a further Event of Default hereunder; and 

(ix) each sub-sublease shall be subject and subordinate to this Sublease and to the matters to which this Sublease is or shall
be subordinate, it being the intention of Sublandlord and Subtenant that Subtenant shall assume and be liable to Sublandlord for any and all acts and omissions of all sub-subtenants and anyone claiming under or through any sub-subtenants which, if
performed or omitted by Subtenant, would be a default under this Sublease; and Subtenant and each sub-subtenant shall be deemed to have agreed that upon the termination of this Sublease due to a default by Subtenant hereunder and failure of
Subtenant to remedy such default prior to the expiration of any applicable notice and/or cure period, Subtenant has hereby assigned to Sublandlord, and Sublandlord may, at its option, accept such assignment of, all right, title and interest of
Subtenant as sublandlord under such sub-sublease, together with all modifications, extensions and renewals thereof then in effect, and such sub-subtenant shall, at Sublandlord’s option, attorn to Sublandlord pursuant to the then executory
provisions of such sub-sublease, except that Sublandlord shall not be (A) liable for any previous act or omission of Subtenant under such sub-sublease, (B) subject to any counterclaim, offset or defense not expressly provided in such
sub-sublease, which theretofore accrued to such sub-subtenant against Subtenant, (C) bound by any previous modification of such sub-sublease not consented to by Sublandlord, or by any by more than one (1) month prior to the due date hereof
of any rent or additional rent payable under such sub-sublease, (D) bound to return such sub-subtenant’s security deposit, if any, except to the extent that Sublandlord shall receive actual possession of such deposit and such sub-subtenant
shall be entitled to the return of all or any portion of such deposit under the terms of its sub-sublease, or (E) obligated to make any payment to or on behalf of such sub-subtenant, or to perform any work in the subleased space or the
Building, or in any way to prepare the subleased space for occupancy, beyond Sublandlord’s obligations under this Sublease. The provisions of this Section 8 shall be self-operative, and no further instrument shall be required to give
effect hereto, provided that the sub-subtenant shall execute and deliver to Sublandlord any instruments Sublandlord may reasonably request to evidence and confirm such subordination and attornment. 

(d) Any modification, amendment of a non-ministerial nature of a sub-sublease, or extension of a sub-sublease shall be deemed a sub-sublease
for the purposes of Section 8(a) hereof. A copy of every modification or amendment of a sub-sublease shall be furnished to Sublandlord with five (5) Business Days after execution and delivery thereof. 

(e) Notwithstanding anything in this Sublease to the contrary, no assignment or subletting, whether made with Sublandlord’s consent or
without Sublandlord’s consent, if and 

  
 9 

 
to the extent permitted hereunder, shall be effective unless and until: (A) in the case of an assignment or a deemed assignment, the assignee executes, acknowledges and delivers to
Sublandlord (i) an agreement in form and substance reasonably satisfactory to Sublandlord whereby the assignee (1) assumes Subtenant’s obligations under this Sublease, and (2) agrees that, notwithstanding such assignment or
transfer, the provisions of Section 8(a) hereof shall be binding upon it in respect of all future assignments and deemed assignments, and (ii) certificates or policies of insurance as required under this Sublease; and (B) in the case
of a subletting of all or any portion of the Subleased Premises, Subtenant delivers to Sublandlord an executed counterpart of such sublease. 

(f) Notwithstanding any assignment or subletting or any acceptance of rent or additional rent by Sublandlord from any assignee or
sub-subtenant, Subtenant shall remain fully and primarily liable for the payment of all rent and additional rent due and for the performance of all other terms, covenants and conditions contained in this Sublease on Subtenant’s part to be
observed and performed, and any default under any term, covenant or condition of this Sublease by any sub-subtenant shall be deemed a default under this Sublease by Subtenant and Sublandlord may exercise its remedies hereunder unless such default is
cured by Subtenant within any applicable grace period after notice herein required. Subtenant shall indemnify, defend, protect and hold harmless Sublandlord from and against any and all losses, liabilities, damages (other than consequential or
punitive damages), claims, judgments, fines, suits, demands, costs, interest and expenses of any kind or nature (including reasonable attorneys’ fees and disbursements) incurred in connection with any claim, proceeding or judgment and the
defense thereof, resulting from any claims that may be made against Sublandlord by the proposed assignee or sub-subtenant or by any brokers or other persons or entities claiming a commission or similar compensation in connection with the proposed
assignment or sub-sublease, irrespective of whether Sublandlord shall give or decline to give its consent to any proposed assignment or sublease. 

(g) If Subtenant shall enter into any assignment or sublease permitted hereunder (other than pursuant to Section 8(h) above, or consented
to by Sublandlord, Subtenant shall, within sixty (60) days of Sublandlord’s consent to such assignment or sublease, deliver to Sublandlord a complete list of Subtenant’s reasonable third party brokerage fees, legal fees and
architectural fees paid or to be paid in connection with such transaction, together with a list of all of Subtenant’s property to be transferred to such assignee or Subtenant and shall deliver to Sublandlord evidence of the payment of such fees
promptly after the same are paid. In consideration of such assignment or subletting, Subtenant shall pay to Sublandlord: 

(i) In the case of an assignment, within ten (10) days after the effective date of the assignment, an amount equal to
fifty percent (50%) of (A) all sums and other consideration paid to Subtenant by the assignee for or by reason of such assignment (including sums paid for the sale or rental of Subtenant’s property, less, in the case of a sale
thereof, the then fair market value thereof, as reasonably determined by Subtenant) minus (B) Subtenant’s transaction expenses for brokerage commissions, legal fees, costs of improvements or an improvement allowance or other reasonable
out-of-pocket costs incurred by Subtenant in effecting such assignment; or 

  
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 (ii) In the case of a sub-sublease, an amount equal to fifty percent
(50%) of (A) all consideration payable under the sub-sublease to Subtenant by the sub-subtenant which exceeds, on a per square foot basis, Annual Base Rent and additional rent accruing during the term of the sub-sublease in respect of the
sub-subleased space (together with any sums paid for the sale or rental of Subtenant’s property, less, in the case of the sale thereof, the then fair market value thereof, as reasonably determined by Subtenant minus (B) Subtenant’s
transaction costs, amortized over the term of the sub-sublease, for brokerage commissions, legal fees, costs of improvements or improvement allowance or other reasonable out-of-pocket costs incurred by Subtenant in effecting such sub-sublease and
the unamortized costs of Subtenant’s initial improvements to the Subleased Premises). The sums payable under this clause shall be paid by Subtenant to Sublandlord in each case within ten (10) days after they paid by the sub-subtenant to
Subtenant. 
 (h) Subtenant hereby waives any claim against Sublandlord for money damages which Subtenant may have based upon any assertion
that Sublandlord has unreasonably withheld or delayed any consent to an assignment or subletting pursuant to the provisions of this Sublease Subtenant agrees that its sole remedy shall be an action or proceeding to enforce such provisions or for
specific performance. 
 (i) Any attempted assignment or subletting made contrary to the provisions of this Section 8 shall be null and
void; provided, however, that Sublandlord may collect an amount equal to the then Rent from the sublessee or assignee as a fee for its use and occupancy, and shall apply the amount so collected to the Rent reserved in this Sublease No such
assignment, subletting, occupancy or use, whether with or without Sublandlord’s prior consent, nor any such collection or application of Rent or fee for use and occupancy, shall be deemed a waiver by Sublandlord of any term, covenant or
condition of this Sublease or the acceptance by Sublandlord of such assignee, subtenant, occupant or user as tenant hereunder. No consent by Sublandlord to any assignment or subletting shall in any manner be considered to relieve Subtenant from
obtaining Sublandlord’s express written consent to any further assignment or subletting. The provisions of this Section 8 shall apply to each and every assignment and sublease Subtenant proposes to enter into during the Term. For the
purposes of this Section 8, “sublettings” shall be deemed to include all sub-sublettings as well as sublettings. 
 (j)
Notwithstanding anything to the contrary set forth in this Lease, neither any assignment of Subtenant’s interest in this Sublease nor any subletting, occupancy or use of the Subleased Premises or any part thereof by any entity other than
Subtenant, nor any collection of Rent by Sublandlord from any entity other than Subtenant, nor any application of any such Rent to Subtenant’s obligations hereunder shall, in any circumstances, relieve the Subtenant named herein (and subsequent
subtenants) of the obligations under this Sublease on Subtenant’s part to be observed and performed (including without limitation, Subtenant’s obligation to pay 

  
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Rent to Sublandlord in accordance with the terms hereof, except to the extent received by Sublandlord from another entity and applied to any Rent otherwise payable hereunder). In furtherance
thereof, the Subtenant named herein (and subsequent subtenants) agrees that it shall be the primary obligor of its obligations, responsibilities, liabilities, indemnities and other covenants under this Sublease, regardless of any assignment,
sublease or license permitted or not permitted hereunder. 
  

	SECTION 9.	Alterations and Improvements. 

 (a) Subtenant shall not make any “Alterations”
to the Subleased Premises except in strict compliance with Section 6.2.5 of the Prime Lease as incorporated herein by reference. Alterations which Subtenant proposes to perform at it sole cost and expense to prepare the Subleased Premises for
its initial occupancy are referred to herein as the “Initial Alterations”. Subtenant may not make any Alterations that would require Landlord’s consent under the Prime Lease or that would require the filing of plans with the
Department of Buildings (or a successor agency) without first obtaining the prior written approval of Sublandlord, which approval shall not be unreasonably withheld if the consent of Landlord has been obtained thereto. If any Alterations proposed by
Subtenant require the approval of Landlord pursuant to Section 6.2.5 of the Prime Lease, no such Alterations shall be commenced until such approval has been received by Sublandlord on Subtenant’s behalf. Subtenant may perform Alterations
of a merely decorative or cosmetic nature that do not require Landlord’s consent under the Prime Lease without Sublandlord’s consent. Sublandlord shall respond to Subtenant’s request for approval of Alterations as and when provided in
Section 6.2.5 of the Prime Lease as incorporated herein by reference. All materials required to be submitted in connection with proposed Alterations under Section 6.2.5 of the Prime Lease shall be submitted by Subtenant to Sublandlord in
duplicate. Sublandlord shall promptly forward Subtenant’s request for approval and/or the materials submitted by Subtenant in connection therewith to Landlord for simultaneous review thereof by Landlord and Sublandlord. Subtenant, at its sole
cost and expense, shall comply with all of the applicable provisions of the Prime Lease relating to such Alterations and, promptly after demand therefor by Sublandlord, Subtenant shall pay, as additional rent hereunder, any amounts payable to
Landlord pursuant to the Prime Lease in connection with such Alterations. Subtenant, within fifteen (15) days of demand therefor, shall also pay, as additional rent hereunder, any reasonable out-of-pocket expenses incurred by Sublandlord to
independent third parties in connection with Subtenant’s proposed Alteration. Subtenant shall reimburse Sublandlord for any reasonable out-of-pocket costs incurred by Sublandlord in reviewing Subtenant’s Alteration plans or inspecting the
Alterations. Sublandlord approves the preliminary plans for Subtenant’s Initial Alterations as described on Exhibit D attached hereto which plans need to be finalized for final approval by Sublandlord, which will not be unreasonably
withheld or delayed. Within ninety (90) days of completion, Subtenant will provide Sublandlord with a schedule setting for the costs of performing Subtenant’s Initial Alterations, together with such back-up as Sublandlord shall reasonably
request. 
 (b) Notwithstanding anything to the contrary contained in the Prime Lease, at the expiration or earlier termination of this
Sublease, Subtenant shall quit and surrender possession of the Subleased Premises to Sublandlord, in broom clean condition. At the 

  
 12 

 
expiration or earlier termination of the Sublease, Subtenant shall be obligated to remove (i) any Alterations by Subtenant in the Subleased Premises which are required by Landlord pursuant
to and consistent with the Prime Lease at the time of such consent to be removed, (ii) Special Alterations performed by Subtenant in the Subleased Premises (which are required to be removed pursuant hereto) and (iii) Subtenant’s
property, including furniture, trade fixtures and equipment, including without limitation the Furniture and Equipment. Subtenant shall, at its sole cost and expense, perform such removal and restoration and repair any damage caused by any such
restoration or removal. 
 (c) Sublandlord shall not unreasonably withhold, condition or delay its consent to Subtenant’s selection of
a contractor, architect, engineer or subcontractors for Subtenant’s initial Alterations or future Alterations provided such contractor is approved by the Landlord, to the extent such approval by Landlord is required by the terms of the Prime
Lease. Sublandlord shall not unreasonably withhold, condition or delay its consent to Subtenant’s employees performing work, provided they are properly licensed and Landlord consents thereto. 

(d) Sublandlord shall not be liable for any injury, loss or damage to persons or property, sustained by Subtenant or any other person or other
entity due to (i) the Subleased Premises, the Building or any part or appurtenances of either being or becoming out of repair, (ii) the happening of any accident in or about the Subleased Premises or the Building, (iii) any act or
neglect of any tenant or occupant of the Building or of any other person or other entity, or (iv) any other reason whatsoever, other than breach of the Prime Lease (not caused by a breach of Subtenant under this Sublease) or this Sublease or
the gross negligence or wilful misconduct of Sublandlord. Sublandlord shall not be liable in any event for consequential or punitive damages. 

(e) Sublandlord will give Subtenant reasonable access to Subtenant to perform the Initial Alterations and certain other work in the Subleased
Premises prior to the Commencement Date. Subtenant’s access to the Subleased Premises prior to the commencement Date shall be subject to all of the terms of the Sublease, except for the obligation to pay Fixed Rent. 

 

	SECTION 10.	Indemnification. 

 (a) Subject to the terms of Sections 11(c) and(d) hereof relating to
waivers of subrogation (to the extent that such waivers of subrogation shall be applicable in any case), Subtenant shall indemnify and hold harmless Sublandlord, Landlord and Landlord Affiliates and its and their respective partners, directors,
officers, principals, shareholders, members, agents and employees (collectively, the “Indemnified Parties”) from and against any and all claims arising from or in connection with (i) all claims of whatever nature arising from any act,
omission or negligence of Subtenant, its contractors, licensees, agents, servants, employees, invitees or visitors, (ii) all claims arising from any accident, injury or damage whatsoever caused to any person or to the property of any person and
occurring during the Term in or about the Subleased Premises, (iii) all claims arising from any accident, injury or damage occurring outside of the Subleased Premises but anywhere within or about the Real Property, where such accident, injury
or damage results from an act, omission or negligence of Subtenant or Subtenant’s contractors, 

  
 13 

 
licensees, agents, servants, employees, invitees or visitors, and (iv) any breach, violation or non-performance of any covenant, condition or agreement in this Sublease set forth and
contained on the part of Subtenant to be fulfilled, kept, observed and performed, except in each case, to the extent arising from the negligence or willful misconduct of such Indemnified Party; together with all reasonable, actual out-of-pocket
costs, expenses and liabilities incurred in or in connection with each such claim or action or proceeding brought thereon, including, without limitation, all reasonable attorneys fees and expenses. In case any action or proceeding be brought against
Sublandlord, Landlord and/or any Landlord Affiliate and/or its or their respective partners, directors, officers, principals, shareholders, members, agents and/or employees by reason of any such claim, Sublandlord, Landlord or such Landlord
Affiliate, as applicable, shall give Subtenant prompt notice thereof, and Subtenant shall resist and defend such action or proceeding (by counsel reasonably satisfactory to Sublandlord, Landlord or such Landlord Affiliate, as applicable).
Sublandlord shall have the right to employ separate counsel, at its own expense, in any such action and to participate in the defense thereof. 

(b) Nothing contained in this Section 10 shall modify or affect the provisions of Section 11 below. 

(c) This Section 10 and the obligations set forth herein shall survive the Expiration Date. 

 

	SECTION 11.	Insurance. 

 (a) Except for the limits on the policy of commercial general liability
insurance set forth in the next succeeding sentence, Subtenant shall obtain and keep in full force and effect during the term of this Sublease at its own cost and expense insurance with respect to the Subleased Premises and Subtenant’s use and
occupancy thereof meeting all of the requirements of Section 4.2.4 of the Prime Lease protecting as insureds Landlord and Sublandlord and any other parties designated by Landlord pursuant to Section 4.2.4 of the Prime Lease. Subtenant
shall pay all premiums and charges therefor and upon failure to do so Landlord or Sublandlord, as the case may be, may after notice to Subtenant, but shall not be obligated to, make such payments, and in such event said sum shall be deemed to be
additional rent and in each instance collectible on the first day of any month following the date of notice to Subtenant in the same manner as though it were Rent originally reserved hereunder. 

(b) Commencing on the Commencement Date, the original insurance policies or appropriate certificates shall be deposited with Sublandlord
together with any renewals, replacements or endorsements requested by Sublandlord to the end that said insurance shall be in full force and effect for the benefit of Landlord and Sublandlord during the Term. In the event Subtenant shall fail to
procure and place such insurance, Landlord or Sublandlord may after notice to Subtenant, but shall not be obligated to, procure and place same, in which event the amount of the premium paid shall be refunded by Subtenant to Sublandlord or Landlord,
as the case may be, upon demand and shall in each instance be collectible on the first day of the month or any subsequent month following the date of payment by Landlord or Sublandlord, in the same manner as though said sums were Rent reserved
hereunder. 

  
 14 

 (c) Subtenant hereby releases Sublandlord from any liability for and waives its right of recovery
against Sublandlord for loss or damage to Subtenant’s equipment, improvements, trade fixtures or other property whatsoever due to any cause whatsoever. If any of Subtenant’s property insurance policies require an endorsement to effect a
waiver of subrogation by such insurer, Subtenant shall cause such policies to be so endorsed. To the extent permitted under such policies, Subtenant hereby waives on behalf of such insurer all rights of subrogation against Sublandlord for any such
loss or damage. 
 (d) Sublandlord hereby releases Subtenant from any liability for and waives its right of recovery against Subtenant for
loss or damage to Sublandlord’s equipment, improvements, trade fixtures or other property whatsoever due to any cause whatsoever. If any of Sublandlord’s property insurance policies require an endorsement to effect a waiver of subrogation
by such insurer, Sublandlord shall cause such policies to be so endorsed. To the extent permitted under such policies, Sublandlord hereby waives on behalf of such insurer all rights of subrogation against Subtenant for any such loss or damage. 

 

	SECTION 12.	Destruction, Fire and other Casualty/Condemnation. 

 (a) Except as provided in subsection
(b) below, if the whole or any part of the Subleased Premises shall be damaged by fire or other casualty and the Prime Lease is not terminated on account thereof by either Landlord or Sublandlord pursuant to Article 7 thereof, this Sublease
shall remain in full force and effect and Rent shall not abate except to the extent Sublandlord is entitled to an abatement of Rent under the terms of the Prime Lease for the portion of the Subleased Premises so damaged. 

(b) If (i) all or a material portion of the Subleased Premises (is damaged or rendered untenantable by fire or other casualty,
(ii) the Prime Lease has not been terminated pursuant to any provision of Article 7 thereof, and (iii) Sublandlord shall have notified Subtenant that the time period estimated to substantially complete Landlord’s restoration work, as
determined pursuant to Article 7 of the Prime Lease, exceeds twelve (12) months from the date of such fire or casualty, then Subtenant shall have the right to terminate this Sublease (Sublandlord will promptly furnish Subtenant with
Landlord’s notice of estimated time of restoration after a casualty that affects the Subleased Premises), but only by giving written notice thereof to Sublandlord within ninety (90) days after receipt of notice from Sublandlord pursuant to
clause (iii) of this Section 12(b). If all or a material portion of the Subleased Premises (is damaged or rendered untenantable by fire or other casualty, Sublandlord will consult with Subtenant regarding the rights of the parties under
the Prime Lease and Sublease, respectively. If Subtenant shall exercise such right to terminate this Sublease, then: (x) this Sublease and the term and estate hereby granted shall expire as of the termination date set forth in Subtenant’s
notice to Sublandlord, provided that Subtenant, subject to any abatement as may apply pursuant to the terms hereof, shall continue to pay all Base Rent and additional charges and perform all of its obligations with respect to the balance of the
Subleased Premises through the termination date, with the same effect as if that were the date hereinbefore set for the expiration of the Term, and (y) the Base Rent and additional rent shall be apportioned as of such dates. If Subtenant elects
to terminate this Sublease pursuant to the terms of this Section 12(b), Subtenant shall make 

  
 15 

 
available (or pay over) to Sublandlord a portion of the proceeds of the property insurance required to be carried by Subtenant pursuant to Section 11 with respect to leasehold improvements
in the Subleased Premises other than any leasehold improvements made by Subtenant at Subtenant’s cost and expense, (as and when such proceeds are received from Subtenants insurer(s), it being expressly understood that Subtenant shall be liable
for the full amount payable under this subsection (b) if Subtenant’s inability to timely collect insurance proceeds is due to Subtenant’s failure to properly maintain insurance as required hereby or to diligently and in good faith
pursue collection of insurance proceeds allocable to the portion of the Subleased Premises damaged by such casualty. 
 (c) If the whole or
any part of the Subleased Premises shall be lawfully condemned or taken in any manner for any public or quasi-public use and the Prime Lease is not terminated on account thereof by pursuant to Article 7 thereof, this Sublease shall remain in full
force and effect and Rent shall not abate except to the extent Sublandlord is entitled to an abatement of Rent under the terms of the Prime Lease for the portion of the Subleased Premises so affected; provided, however, that if (i) all or a
material portion of the Subleased Premises is rendered untenantable as a result of such condemnation, (ii) the Prime Lease has not been terminated pursuant to any provision of Article 7 thereof, and (iii) Sublandlord shall have notified
Subtenant that the time period estimated to substantially complete restoration to a tenantable condition of the area of the Subleased Premises affected by such condemnation, (which notice shall be given by no later than sixty (60) days
following the effective date of such condemnation), exceeds twelve (12) months from the date of such condemnation, then Subtenant shall have the right to terminate this Sublease, but only by giving written notice thereof to Sublandlord within
thirty (30) days after receipt of notice from Sublandlord pursuant to clause (iii) of this Section 12(c). If Subtenant shall exercise such right to terminate this Sublease, then: (x) this Sublease and the term and estate hereby
granted shall expire on the date of the taking or earlier date specified in Subtenant’s notice to Sublandlord with the same effect as if that were the date hereinbefore set for the expiration of the Term, and (y) the Base Rent and
additional rent shall be apportioned as of such date. Without limiting the terms of the Prime Lease as incorporated herein by reference, nothing contained herein shall prevent Subtenant from seeking a condemnation award for any taking in connection
with its personal property, or relocation costs and expenses to the extent permitted by the Prime Lease. 
  

	SECTION 13.	Sublandlord’s Obligations. 

 (a) Subtenant agrees that to the extent Landlord fails
or refuses to perform its obligations under the Prime Lease to supply services or to make repairs and replacements or to take any action whatsoever with respect to the Subleased Premises or the Building, Sublandlord shall not be obligated to perform
such obligations and Sublandlord shall have no liability or obligation with respect thereto. Subtenant agrees that no failure or delay on the part of Landlord in the performance of any such obligation shall give rise to any claim against Sublandlord
for damages or constitute a total or partial eviction, nor shall this Sublease or the obligations of the Subtenant hereunder to pay Rent hereunder and to perform and observe all of the other obligations, covenants, conditions and agreements on the
part of Subtenant contained in this Sublease be thereby affected in any manner whatsoever. 

  
 16 

 (b) Sublandlord shall not be obligated to perform and shall not be liable for the performance by
Landlord of any of the obligations of Landlord under the Prime Lease, including, without limitation, Landlord’s obligations under the Prime Lease with respect to asbestos and Hazardous Materials. Subtenant shall have no claim against
Sublandlord by reason of any default upon the part of Landlord and nothing herein contained shall be deemed to authorize Subtenant to represent Sublandlord in connection with any suit or claim by or against Landlord. 

(c) (i) Except for those services expressly agreed to be provided by Sublandlord pursuant to the terms of this Sublease, if any, Sublandlord
shall have no obligation during the term of this Sublease to render any services to Subtenant in or to the Subleased Premises of any nature whatsoever or to expend any money for the preservation or repair of the Subleased Premises. Subtenant agrees
to look solely to the Landlord for the furnishing of any services or the performance of any work to which Sublandlord may be entitled under the Prime Lease. Sublandlord agrees to cooperate with Subtenant, and to use its good faith and commercially
reasonable efforts, without, however, incurring any liabilities or expenses not otherwise provided for in the Prime Lease or this Sublease, by taking whatever action shall be reasonably required, to enforce for the benefit of Subtenant the
obligations of Landlord to Sublandlord under the Prime Lease. 
 (ii) Upon Sublandlord’s receipt of a notice from
Subtenant that the Landlord has failed to perform a material obligation under the Prime Lease which materially impairs Subtenant’s ability to conduct its business in the Subleased Premises, Sublandlord shall, at its option (which election shall
be promptly made by Sublandlord and notice thereof given to Subtenant promptly thereafter) either: (A) timely institute and diligently prosecute any action or proceeding or take such other action (including without limitation, in
Sublandlord’s sole discretion, exercising any right of self-help under the Prime Lease) to cause Landlord to observe and perform the observance of or compliance with any obligation of Landlord under the Prime Lease, in which case Subtenant
shall be entitled to participate with Sublandlord in any recovery or relief obtained in connection with the enforcement of Sublandlord’s rights against Landlord to the extent it relates to the Subleased Premises; or (B) provided there is
no uncured default hereunder, direct Subtenant to pursue its claim directly against Landlord, in which event, to the extent permitted under the Prime Lease, Sublandlord assigns to Subtenant all rights and remedies it may have against Landlord to
perform such obligations. Subtenant agrees to indemnify, defend and hold Sublandlord harmless from and against any costs, liabilities, claims, penalties and expenses (including, without limitation, reasonable attorney’s fees and disbursements)
arising from Subtenant’s attempted enforcement of such obligations of Landlord. 
 (iii) All reasonable actual,
out-of-pocket expenses of Sublandlord (including but not limited to reasonable attorneys fees and disbursements) arising from Sublandlord’s action taken pursuant to the preceding subparagraph (ii) shall be reimbursed by Subtenant within
twenty (20) days after demand together with 

  
 17 

 
reasonable back-up documentation therefor, provided, that to the extent other portions of the Leased Premises are benefited by such action, such expenses shall be apportioned so that Subtenant
shall be responsible only for an equitable share of such expenses. 
 (d) Nothing contained in this Section 13 shall require
Sublandlord to institute any suit or action to enforce any such obligations of Landlord or permit Subtenant to act in Sublandlord’s name. Subtenant acknowledges that the failure of Landlord to provide any services or comply with any obligations
under the Prime Lease shall not entitle Subtenant to any abatement or reduction in Rent payable hereunder, unless Fixed Rent and/or Additional Rent coming due under the Prime Lease that is attributable to the Subleased Premises is abated or reduced
in respect thereof, in which case Subtenant shall be entitled to an appropriate abatement or reduction in Base Rent and additional rent payable hereunder. 

(e) Subject to the provisions of the Prime Lease and Sublandlord’s approval, Subtenant may install signage in the elevator lobby on the
Ninth (9th) Floor and be listed in the Building directory. 
 (f) Sublandlord
shall request Landlord to provide Subtenant with Subtenant’s Proportionate Share of the number of computerized lobby directory listings available to Sublandlord. 

SECTION 14. Environmental. Except in accordance with the terms of the Prime Lease, Subtenant shall not use, generate, manufacturer,
store or dispose of on or about the Subleased Premises or Building or cause or permit any hazardous materials to be brought upon, stored, manufactured, or used in violation of any Legal Requirement or the Prime Lease in or about the Subleased
Premises or Building for any purpose. 
 SECTION 15. Submission to Jurisdiction. Subtenant and Sublandlord irrevocably submit to the
jurisdiction of any Commonwealth of Massachusetts or Federal court sitting in the City of Boston or Commonwealth of Massachusetts over any suit, action or proceeding arising out of or relating to this Sublease. Subtenant and Sublandlord hereby agree
that either party shall have the option, in its sole discretion, to lay the venue of any such suit, action or proceeding, in the courts of the Commonwealth of Massachusetts or the United States of America for Massachusetts. 

SECTION 16. Notices. Any notice required or desired to be given to any party hereto shall be given in writing and by hand delivery
(provided a signed receipt therefor has been obtained), by Federal Express or other nationally recognized overnight courier for next Business Day delivery (in which case such notice shall be deemed given on the next Business Day after being
deposited with the courier) or by certified mail, return receipt requested (in which case, such notice shall be deemed given on the date of receipt or refusal to accept delivery thereof and shall be addressed to the parties hereto at their addresses
as set forth below or to such other address as any party may designate by written notice: 
 (a) If to Sublandlord: 

Berenberg Capital Management, LLC 

255 State Street 
 Boston,
Massachusetts 02109 
 Attention: 

  
 18 

 With a copy to: 

Joh. Berenberg, Gossler & Co. KG 

Neuer Jungfernstieg 20 
 20354
Hamburg, Germany 
 Attention: Head of Real estate Office 

If to Subtenant: 
 Pieris
Pharmaceuticals Inc. 
 255 State Street 

Boston, MA 201019 
 Attention:
Darlene Depula, Chief Financial Officer 
 With a copy to: 

Minz, Levin, Cohen, Ferris, Glovsky and Popeo, P.C. 

One Financial Center 
 Boston,
MA 02111 
 Attention: Allison Driscoll 

Either party may, by notice as aforesaid, designate a different address or addresses for notices intended to it. 

SECTION 17. Integration; Successors and Assigns, etc. This Sublease and the Exhibits attached hereto, including the Prime Lease to the
extent expressly incorporated herein), and the Landlord Consent executed and delivered by each of the parties thereto, contain the entire agreement between the parties with respect to the use and occupancy of the Subleased Premises, and any
agreement hereafter made shall be ineffective to change, modify or discharge it in whole or in part unless such agreement is in writing and signed by the party against whom enforcement of the change, modification or discharge is sought. Subtenant
shall not record this Sublease. 
 SECTION 18. Successors and Assigns. The covenants, conditions and agreements contained in this
Sublease shall bind and inure to the benefit of Sublandlord and Subtenant and their respective successors and assigns. 
 SECTION 19. No
Other Agreements. This Sublease (including the Prime Lease to the extent expressly incorporated herein) constitutes the entire agreement between the parties hereto 

  
 19 

 
and no earlier statements or prior written matter shall have any force or effect. Subtenant agrees that it is not relying on any representations or agreements other than those contained in this
Sublease. This Sublease shall not be modified or canceled or amended except by written instrument subscribed by both parties. 
 SECTION 20.
Execution of Sublease. This Sublease is submitted to Subtenant for signature with the understanding that it shall not bind Sublandlord or Subtenant unless and until it is duly executed by both Subtenant, one (1) month’s installment
of Base Rent and security deposit is delivered to Sublandlord and a fully executed copy or copies of this Sublease has or have been delivered to Subtenant. 

SECTION 21. Broker. Subtenant represents and warrants to the Sublandlord that it has not hired, retained or dealt with any finder,
consultant, broker, firm or salesman in connection with this Sublease other than T3Advisors and Jones Lang LaSalle (collectively, the “Broker”). Subtenant shall defend, indemnify and hold Sublandlord harmless from and against any
and all claims for brokerage fees or other commissions or fees which may at any time be asserted against Sublandlord founded upon a claim that the aforesaid representation and warranty of the Subtenant is untrue, together with any and all losses,
damages, costs and expenses (including reasonable attorneys’ fees and disbursements) relating to such claims or arising therefrom or incurred by the Sublandlord in connection with the enforcement of this indemnification provision. Sublandlord
shall pay Broker a commission in connection with this Sublease, pursuant to a separate agreement. 
 SECTION 22. Consents. Except as
expressly provided to the contrary in this Sublease, in all provisions of the Prime Lease requiring the approval or consent of Landlord, Subtenant shall be required to obtain the approval or consent of both Landlord and Sublandlord.
Sublandlord’s refusal to consent to or approve any matter or thing, whenever Landlord’s consent or approval is required under this Sublease or under the Prime Lease as incorporated herein (including, without limitation, the consent of
Sublandlord required in connection with any alterations or improvements which may be proposed by Subtenant to prepare the Subleased Premises for Subtenant’s occupancy) shall be deemed reasonable if Landlord has refused or failed to give its
consent or approval to such matter or thing and is not deemed to have consented thereto under the terms of the Prime Lease. 
 SECTION 23.
Time Limits. The parties agree that the time limits set forth in the Prime Lease for the giving of notices, making demands, performance of any act, condition or covenant (including the making of payments), or the exercise of any right, remedy
or option, are modified for the purposes of this Sublease by lengthening or shortening the same in each instance by three (3) Business Days, as the case may be, so that notices may be given, demands made, any act, condition or covenant
performed, and any right or remedy hereunder exercised, by Sublandlord or Subtenant, as the case may be, within the time limits relating thereto contained in the Prime Lease but in no event shall Subtenant have less than three (3) Business Days
to make any payments or perform any non-monetary covenant. Subtenant and Sublandlord shall, not later than three (3) Business Days after receipt thereof, each furnish to the other a copy of each notice, demand or other written communication
received from Landlord which relates to the Subleased Premises or any portion of the Building that would reasonably be expected to affect Subtenant. 

  
 20 

 SECTION 24. Governing Law. This Sublease shall be governed by and construed under the laws
and the Commonwealth of Massachusetts. 
 SECTION 25. Quiet Enjoyment. Sublandlord covenants that if, and so long as, Subtenant pays
all of the Rent due hereunder, and keeps and performs each and every covenant, agreement, term, provision and condition herein contained on the part and on behalf of Subtenant to be kept and performed, Subtenant shall quietly enjoy the Subleased
Premises without hindrance or molestation by Sublandlord or by any other person lawfully claiming the same, subject to the covenants, agreements, terms, provisions and conditions of this Sublease. 

SECTION 26. Miscellaneous. (a) Sublandlord and Subtenant each represents and warrants to the other that the execution, delivery
and performance by such party of this Sublease are within its powers, have been duly authorized by all necessary corporate or limited liability company actions and do not contravene such party’s organizational documents. 

(b) Submission of this Sublease for examination shall not bind Sublandlord in any manner nor be construed as an offer to sublease, and no
agreement or obligations of Sublandlord or Subtenant shall arise until this Sublease is executed by both Sublandlord and Subtenant and delivery is made to each and the advance payment of one (1) month’s Base Rent has been received by
Sublandlord. 
 (c) Sublandlord represents that (i) Subtenant has been provided with a true and complete redacted copy of the Prime
Lease and (ii) the Prime Lease is in full force and effect. 
 (d) Each party represents to the other that it is authorized to enter
into this Sublease and that this Sublease and the consummation of the transactions contemplated thereby, shall be valid and binding on it. 

(e) Subtenant represents and warrants to Sublandlord that (a) Subtenant and each person or entity directly or indirectly owning an
interest in Subtenant is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control of the Department of the Treasury (“OFAC”) and/or on any other
similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in
transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Subtenant constitute property of, or
are beneficially owned, directly or indirectly, by, any Embargoed Person, (c) no Embargoed Person has any interest of any nature whatsoever in Subtenant (whether directly or indirectly), (d) none of the funds of Subtenant have been derived
from any unlawful activity with the result that the investment in Subtenant is prohibited by law or that this Sublease is in violation of law, and (e) Subtenant has implemented procedures, and will consistently apply those procedures, to ensure
the foregoing representations and warranties remain true and correct at all times. The term 

  
 21 

 
“Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers
Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Subtenant is prohibited by Requirements
or Subtenant is in violation of Requirements. 
 SECTION 27. Security Deposit. 

(a) Upon execution of this Sublease, Subtenant shall deposit with Sublandlord, the sum of NINETY-SEVEN THOUSAND ONE HUNDRED TEN and 75/100
DOLLARS ($97,110.75) as security for the timely and faithful performance and observance by Subtenant of each of the terms, covenants and conditions of this Sublease. Said amount represents an amount equal to approximately six (6) months’
average Base Rent subject subparagraph (f) below. Subtenant may in lieu of depositing the Security Deposit in cash, deliver to Sublandlord, an unconditional, irrevocable letter of credit for the benefit of Sublandlord (the
“L/C”) issued by a U.S. bank or other bank, approved by Sublandlord, which L/C shall be substantially in the form attached hereto and made a part hereof as Exhibit C, and which letter of credit shall have a term of at least
one (1) year, which by the terms of the L/C, shall be automatically annually extended, ultimately ending not less than thirty (30) days after the Expiration Date. 

(b) In the event of an Event of Default, Sublandlord may apply or retain the security deposit, or draw upon the L/C, as the case may be,
either in whole or any part, for the payment of any rent or any other sum as to which Subtenant is so in default or for any sum which Sublandlord may expend or be required to expend by reason of Subtenant’s default in respect of any of the
terms, covenants or conditions of this Sublease after the giving of any required notice and expiration of applicable cure periods. The L/C shall provide that it may be drawn upon by presentation to the issuing bank of a statement by Sublandlord that
(i) an Event of Default by Subtenant has occurred under the Sublease and that notice, if required under the Sublease, has been given to Subtenant thereof and any cure period has passed and (ii) specifying the amount of the draft presented
which shall be equal to the amount which Sublandlord is entitled to be paid under the Sublease. 
 (c) After any such application for the
security deposit, and within ten (10) days of Sublandlord’s demand therefor, Subtenant shall deposit with Sublandlord an amount equal to the amount of the security so applied by Sublandlord or reinstate the full amount of the L/C. 

(d) In the event Subtenant fully and faithfully performs its obligations hereunder, the cash security or the L/C, as the case may be, to the
extent not applied, shall be returned to Subtenant within thirty (30) days after the Expiration Date. This subsection (d) shall survive the Expiration Date. 

(e) If the deposit is in cash, Sublandlord shall deposit such amount in an interest bearing account and the interest earned thereon (less the
administrative fee permitted by law) shall be held until the Expiration Date after which such deposit, together with interest, subject to the terms of this Sublease, shall be returned to Subtenant within thirty (30) days. Subtenant makes no
representation that the deposit will accrue interest at any particular rate, including the legal rate. This subsection (e) shall survive the Expiration Date. 

  
 22 

 (f) On or after the second
(2nd) anniversary of the Rent Commencement Date, provided (i) Sublandlord has not previously drawn on the security deposit due to Subtenant’s default hereunder and (ii) there
exists no monetary Event of Default or material non-monetary Event of Default, the security deposit shall be reduced by an amount equal Forty-Eight Thousand Five Hundred Fifty-Five Dollars and 38/100 ($48,555.38), so that the security deposit shall
remain for the balance of the Term $48,555.38. If the Security Deposit is in the form of an L/C, Subtenant may affect the reduction of the security deposit by (A) submitting a new L/C in the reduced amount to Sublandlord, in which event
Sublandlord will immediately return the original L/C to Subtenant, or (B) submitting to Sublandlord an amendment to the original L/C reducing the amount thereof, in which event Sublandlord shall immediately sign any documents requested by the
issuing bank confirming acceptance by Sublandlord of the amendment. Provided the conditions in the first sentence of this paragraph have been satisfied, if the Security Deposit is in cash, Subtenant may request the reduction and Sublandlord will pay
such amount within twenty (20) days of such request. 
 Signature page follows. 

Remainder of page intentionally left blank. 

  
 23 

 IN WITNESS WHEREOF, this Sublease has been duly executed the day and year first above written.

  

									
	SUBLANDLORD:	 		 	BERENBERG CAPITAL MARKETS LLC
				
		 		 	By:	 	 /s/ David Mortlock

		 		 		 	Name:	 	David Mortlock
		 		 		 	Title:	 	Head of Equities
			
	SUBTENANT:	 		 	PIERIS PHARMACEUTICALS INC.
				
		 		 	By:	 	 /s/ Stephen Yoder

		 		 		 	Name:	 	Stephen Yoder
		 		 		 	Title:	 	President & CEO

  
 24 

 EXHIBIT A 

FLOOR PLAN OF SUBLEASED PREMISES 

[see attached] 

  
 A-1 

 

 

 

 

 EXHIBIT B 

SUBLANDLORD’S WORK 
 Sublandlord shall
perform the following items of Sublandlord’s Work at its sole cost and expense, in each case, as more particularly described on (a) those certain Stantec/ Vaenderweil construction drawings prepared with respect to the Sublandlord’s
Work (the “Construction Drawings”) 
  

	 	1.	Perform all demolition work shown on the Construction Drawings; 

  

	 	2.	Coil up data wire in the Subleased Premises from existing IT closet to above ceiling on subleased side; 

  

	 	3.	Erect new partitions in connection with new IT/electrical closet for the Subleased Premises and divide and install feeder, transformer, electrical panel and meter to separate electrical power (and metering of
electricity consumption) for Subleased Premises from the remainder of the Leased Premises; 

  

	 	4.	Reconfigure HVAC ducts and equipment to separate HVAC for Subleased Premises from the remainder of the Leased Premises. To carry out the HVAC work, the Sublandlord will remove portions of the existing ceiling grid and
tile. Following Sublandlord’s HVAC work, the Subtenant will reinstall the ceiling grid and tile; 

  

	 	5.	Install new ADA compliant sink and faucet in the Subleased Premises and install plumbing and associated plumbing connections for the hot water heater, dishwasher, refrigerator, filtered water and coffee maker in the
Subleased Premises. Subtenant will provide dishwasher for installation by Sublandlord, and Subtenant will provide refrigerator for icemaker water line connection by Sublandlord; Sublandlord will provide only the plumbing connection and not the
equipment. 

  

	 	6.	Remove existing door between Subleased Premises and reminder of Leased Premises, and fill in doorway to create a secure demising wall between Subleased Premises and the remainder of the Leased Premises;

  

	 	7.	Remove glass partitions between the Subleased Premises and the remainder of the Leased Premises and replace with gypsum wall board partition to create a secure demising wall between the Subleased Premises and the
remainder of the Leased Premises, which demising wall shall extend to the underside of the structural deck above; 

  

	 	8.	Remove from the Subleased Premises the existing audio/visual equipment and wiring and television backboxes, except AV wiring to remain in this small conference room; 

 

	 	9.	Remove existing furniture from the Subleased Premises, to the extent such furniture is excluded pursuant to Section 7 of the Sublease; 

 

	 	10.	Install modified coat rack and shelf as shown on the concluding construction drawing; and 

  

	 	11.	Sublandlord will provide one fire extinguisher with a semi-recessed stainless steel cabinet for installation by Subtenant. 

  
 B-1 

 EXHIBIT B-1 

FIT PLAN 
 [See attached]

 

 

 EXHIBIT C 

LETTER OF CREDIT FORM 
  

					
	NO.                     	  	DATE:                     	  	Irrevocable Letter of Credit
			
	#                     	  		  	

  

			
	BENEFICIARY:	  	Berenberg Capital Markets LLC
		  	255 State Street
		  	Boston, Massachusetts

 Dear Sir(s): 
 We hereby
authorize you to value on                      Boston, Mass. 

For the account of                      up to the
aggregate amount of $        . 
 Available by your drafts at sight, accompanied by your statement, purportedly
signed by one of your authorized officers, partners or agents, that the amount of your drawing represents funds due and payable under a certain Sublease dated as of
                    , executed by and between
                    , Inc., as Sublandlord and
                     as Subtenant. 
 It is a condition
of this Letter of Credit that it shall be deemed to be automatically extended for a period of one year from the present or any future expiration date, unless we shall notify you by written notice given by registered mail, return receipt requested,
at least 60 days prior to such expiration date that we elect not to renew it for such additional period, in which case you shall have the right to draw on us the full amount of this Letter of Credit by your sight draft, accompanied by your signed
written statement that you are drawing under letter of Credit #                      because you have received notice of non-renewal from us, and the
accountee is still obligated to you under the above-referenced Sublease. 
 Partial draws are permitted under this Letter of Credit. 

All drafts drawn under this Letter of Credit must bear on their face the clause “Drawn under Letter of Credit/#
                    .” 
 Except so far as
otherwise expressly stated, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce, Publication No. 500.

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