Document:

Exhibit 4.2

 

EXECUTION COPY

 

CLEMENTIA PHARMACEUTICALS INC.

 

	
         

        SECOND AMENDED AND RESTATED REGISTRATION
        RIGHTS AGREEMENT

         

 

March 16, 2017

    	 

    	

    

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article 1 INTERPRETATION	2
	1.1	Construction	2
	1.2	Severability	3
	1.3	Governing Laws	3
	 	 	 
	Article 2 CERTAIN DEFINITIONS	3
	2.1	Definitions	3
	 	 	 
	Article 3 REGISTRATIONS	8
	3.1	Demand Registrations	8
	3.2	Short Form Registrations	12
	3.3	Piggy-Back Registrations	13
	3.4	Transfer of Registration Rights	16
	3.5	Co-operation	16
	3.6	Termination of Registration Rights	16
	 	 
	Article 4 ADDITIONAL PROVISIONS FOR REGISTRATIONS	17
	4.1	Rule 144 Reporting and Form S-3, Form F-3 and Form F-10 Requirements	17
	4.2	NI 44-101 and NI 51-102 Requirements	18
	 	 
	Article 5 REGISTRATION PROCEDURES AND EXPENSES	18
	5.1	Registration Procedures	18
	5.2	Expenses of Registration	22
	 	 
	Article 6 INDEMNIFICATION	22
	6.1	Indemnification Provided by the Corporation in Favour of the Holders	22
	6.2	Indemnification Provided by the Holders in Favour of the Corporation	23
	6.3	Indemnification Procedure	24
	 	 
	Article 7 GENERAL PROVISIONS	25
	7.1	Notices	25
	7.2	Enurement	26
	7.3	Counterparts	26
	7.4	Assignment	26
	7.5	Entire Agreement	26
	7.6	Amendments, Modifications, etc.	26
	7.7	Additional Parties	26
	7.8	Further Assurances	27
	7.9	Specific Performance	27

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SECOND Amended
and restated REGISTRATION RIGHTS AGREEMENT

 

THIS AGREEMENT made as of the 16th day of March, 2017.

 

AMONG:

 

CLEMENTIA PHARMACEUTICALS INC.,
a corporation incorporated under the Canada Business Corporations Act (the “Corporation”)

 

-and -

 

Each of the Persons listed on Schedule
A and any Person who becomes a party pursuant to Section 7.7 (collectively, the “Investors” and individually,
an “Investor”)

 

WHEREAS certain
of the Investors are parties to an Amended and Restated Registration Rights Agreement dated as of June 22, 2015 by and among the
Corporation and such Investors (the “Prior Agreement” and such Investors, the “Existing Investors”);

 

AND WHEREAS one
of the Investors (the “Class C Investor”) has agreed to purchase an aggregate of 70,176 Class C Convertible
Preferred Shares in the capital of the Corporation pursuant to a Class C Share Subscription Agreement (the “Class C Share
Subscription Agreement”) dated the date hereof;

 

AND WHEREAS
Existing Investors that hold a majority of the outstanding Class A Convertible Preferred Shares (as defined below) and Class B
Convertible Preferred Shares (as defined below) desire to amend and restate the Prior Agreement as provided therein and to provide
the Class C Investor with certain registration rights and other rights on the terms and conditions set out herein;

 

AND WHEREAS
as an inducement to the applicable Investors to complete the transactions contemplated by the Class C Share Subscription Agreement,
the Corporation has agreed that the Corporation shall provide certain registration rights and other rights in respect of the Class
C Convertible Preferred Shares, as well as Common Shares in the capital of the Corporation issuable upon conversion of the Class
C Convertible Preferred Shares, acquired on or after the date hereof by the Investors on the terms and conditions set out herein;

 

AND WHEREAS
the Class C Investor is acquiring on the date hereof the number of Class C Convertible Preferred Shares in the capital of the Corporation
as set out opposite its name in Schedule C hereto;

 

NOW THEREFORE IN
CONSIDERATION of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration
(the receipt and sufficiency of which are acknowledged), the parties hereto agree as follows:

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Article
1

INTERPRETATION

 

		1.1	Construction

 

In this Agreement,
except as otherwise expressly provided:

 

		(a)	words denoting the singular only shall include the plural and vice versa and words denoting any
gender shall include all genders;

 

		(b)	words importing persons shall include individuals, partnerships, associations, joint ventures,
syndicates, sole proprietorships, trusts, unincorporated organizations, limited liability companies, corporations, trustees, executors,
administrators or other legal personal regulatory bodies and agencies, governments or governmental agencies, authorities and entities
however designated or constituted, and unless the context otherwise requires, any reference in this Agreement to a person shall
include, and be deemed to be a reference also to, any successor or assign of such person;

 

		(c)	except as otherwise provided, all amounts in this Agreement are stated and shall be paid in the
currency of the United States of America;

 

		(d)	the division of this Agreement into Articles and Sections and the insertion of headings are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement. Unless the subject matter
or context requires otherwise, references to Articles or Sections are to Articles and Sections of this Agreement;

 

		(e)	references to “herein”, “hereby”, “hereunder”, “hereof”
and similar expressions are references to this Agreement and not to any particular Article or Section of this Agreement;

 

		(f)	the word “including” shall mean “including without limitation” and “includes”
shall mean “includes without limitation”;

 

		(g)	the expressions “the aggregate”, “the total”, “the sum”, “collectively”
and expressions of similar meaning shall mean “the aggregate (or total or sum) without duplication”;

 

		(h)	in the computation of periods of time, unless otherwise expressly provided, the word “from”
means “from and including” and the words “to” and “until” mean “to but excluding”;

 

		(i)	whenever a provision of this Agreement requires an approval or consent by a party and notification
of such approval or consent is not delivered within the applicable time limit, then, unless otherwise specified, the party whose
consent or approval is required shall be conclusively deemed to have withheld its consent or approval; and

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		(j)	whenever any payment is to be made or action to be taken under this Agreement is required to be
made or taken on a day other than a Business Day, then such payment shall be made or action shall be taken on or before the requisite
time on the next Business Day immediately following.

 

		1.2	Severability

 

If any provision of
this Agreement is, or becomes, illegal, invalid or unenforceable, such provision shall be severed from this Agreement and be ineffective
to the extent of such illegality, invalidity or unenforceability. The remaining provisions hereof shall be unaffected by such provision
and shall continue to be valid and enforceable.

 

		1.3	Governing Laws

 

		(a)	This Agreement shall be governed by, and interpreted in accordance with, the Laws of the State
of New York.

 

		(a)	The parties hereby irrevocably attorn and submit to the non-exclusive jurisdiction of the courts
of the State of New York with respect to any matter arising under or related to this Agreement.

 

Article
2

CERTAIN DEFINITIONS

 

		2.1	Definitions

 

As used in this Agreement,
the following terms shall have the following respective meanings:

 

“Additional
Parties” has the meaning given to that term in Section 7.7.

 

“As-Converted
Basis” means, for the purposes of this Agreement, that if a calculation of a number of securities is to be made on an
“as-converted basis’’, the number of securities is determined as the number of Common Shares that would be held
by the applicable Holder if all securities held by them that are, directly or indirectly, exercisable or exchangeable for or convertible
into Common Shares are so exercised, exchanged or converted.

 

“Business
Day” means any day on which banks are generally open for business, other than a Saturday, a Sunday or a statutory holiday
in the Province of Quebec or the State of New York.

 

“Canadian
Prospectus” means a preliminary prospectus and a final prospectus (including the short forms thereof) prepared in accordance
with applicable Canadian Securities Laws for the purposes of qualifying securities for distribution or distribution to the public,
as the case may be, in any province or territory of Canada, including all amendments and supplements thereto.

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“Canadian
Securities Laws” means statutes and regulations applicable to the trading of securities in any province or territory
of Canada including applicable rules, instruments, rulings, policy statements, blanket rulings, orders, communiqués and
interpretation notes issued thereunder or in relation thereto, promulgated by the Commissions in Canada, as the same may hereinafter
be amended from time to time or replaced.

 

“Class A Convertible
Preferred Shares” means the Class A convertible preferred shares in the capital of the Corporation and any other securities
issued or issuable thereon or in respect thereof (whether by way of a share dividend or share split or in exchange for or upon
conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation
or other corporate reorganization), and for greater certainty, a reference to Class A Convertible Preferred Shares includes Common
Shares issued on conversion of such Class A Convertible Preferred Shares.

 

“Class B Convertible
Preferred Shares” means the Class B convertible preferred shares in the capital of the Corporation and any other securities
issued or issuable thereon or in respect thereof (whether by way of a share dividend or share split or in exchange for or upon
conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation
or other corporate reorganization), and for greater certainty, a reference to Class B Convertible Preferred Shares includes Common
Shares issued on conversion of such Class B Convertible Preferred Shares.

 

“Class C Convertible
Preferred Shares” means the Class C convertible preferred shares in the capital of the Corporation and any other securities
issued or issuable thereon or in respect thereof (whether by way of a share dividend or share split or in exchange for or upon
conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation
or other corporate reorganization), and for greater certainty, a reference to Class C Convertible Preferred Shares includes Common
Shares issued on conversion of such Class C Convertible Preferred Shares.

 

“Class C Investor”
has the meaning given to that term in the preamble.

 

“Class
C Share Subscription Agreement” has the meaning given to that term in the recitals.

 

“Common Shares”
means the Common Shares in the capital of the Corporation and any other securities issued or issuable thereon or in respect thereof
(whether by way of a share dividend or share split or in exchange for or upon conversion of such shares or otherwise in connection
with a combination of shares, distribution, recapitalization, merger, consolidation or other corporate reorganization).

 

“Commissions”
means (i) the SEC, and (ii) any securities commission or securities regulatory authority in each applicable province and territory
of Canada, or, in each case, any successor regulatory authorities having similar powers in the United States or Canada, as the
case may be.

 

“Corporation”
has the meaning given to that term in the preamble and includes the Corporation’s successors by merger, amalgamation, acquisition,
reorganization or otherwise.

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“Delay Certificate”
has the meaning given to that term in Section 3.1(c).

 

“Demand Registration”
has the meaning given to that term in Section 3.1(a).

 

“Existing
Investor” has the meaning given to that term in the preamble.

 

“Final Prospectus”
has the meaning given to that term in Section 6.1.

 

“Holder”
means:

 

		(i)	each of the Persons listed on Schedule A;

 

		(ii)	any other permitted person to whom the rights under this Agreement have been transferred by any
of them (or their respective successors or permitted assigns) in accordance with Section 3.4; and

 

		(iii)	any Person that becomes a party to this Agreement in accordance with Section 7.7.

 

“Holder Indemnified
Parties” has the meaning given to that term in Section 6.1.

 

“Indemnified
Party” has the meaning given to that term in Section 6.3(a).

 

“Indemnifying
Party” has the meaning given to that term in Section 6.3(a).

 

“Initial Offering”
means the initial public offering of securities of the Corporation in any jurisdiction.

 

“Initiating
Holder”, for the purposes of Section 3.1, has the meaning given to that term in Section 3. l(a), and for the purposes
of Section 3.2, has the meaning given to that term in Section 3.2(a).

 

“Investor
Shares” means the Preferred Shares and the Common Shares issuable upon conversion of the Preferred Shares.

 

“Investors”
has the meaning given to that term in the preamble.

 

“Law”
means any and all laws, including all federal, state, provincial, territorial and local statutes, codes, ordinances, guidelines,
decrees, rules, regulations and municipal by-laws and all judicial, arbitral, administrative, ministerial, departmental or regulatory
judgments, orders, directives, decisions, rulings or awards or other requirements of any person binding on or affecting the person
referred to in the context in which the term is used.

 

“NI 44-101”
means National Instrument 44-101 of the Canadian Securities Administrators entitled “Short Form Prospectus Distributions”,
and any successor policy, rule, regulation or similar instrument.

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“NI 45-102”
means National Instrument 45-102 of the Canadian Securities Administrators entitled “Resale of Securities”, and any
successor policy, rule, regulation or similar instrument.

 

“NI 51-102”
means National Instrument 51-102 of the Canadian Securities Administrators entitled “Continuous Disclosure Obligations”,
and any successor policy, rule, regulation or similar instrument.

 

“Notice”
has the meaning given to that term in Section 7.1.

 

“Person”
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with
or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative.

 

“Piggy-Back
Registration” has the meaning given to that term in Section 3.3(a)(i).

 

“Preferred
Shares” means the Class A Convertible Preferred Shares, the Class B Convertible Preferred Shares and the Class
C Convertible Preferred Shares.

 

“Prior Agreement”
has the meaning given to that term in the preamble.

 

“Register”,
“registered” and “registration” refer to a registration effected by preparing and filing
a registration statement in compliance with the U.S. Securities Act, and the declaration or ordering of the effectiveness of such
registration statement. In addition, unless inconsistent with the context: (i) the term “registration” and any references
to the act of registering include the qualification under Canadian Securities Laws of a Canadian Prospectus in respect of a distribution
or distribution to the public, as the case may be, of securities; (ii) the term “registered” as applied to any securities
includes a distribution or distribution to the public, as the case may be, of securities so qualified; (iii) the term “registration
statement” includes a Canadian Prospectus; and (iv) any references to a registration statement having become effective, or
similar references, shall include a Canadian Prospectus for which a final receipt has been obtained from the relevant Canadian
Commissions. Any registration of securities that occurs concurrently in Canada and the United States shall be counted as a single
registration for the purposes of this Agreement.

 

“Registrable
Securities” means, with respect to any Holder, (i) the Common Shares or other securities of the Corporation issued or
issuable to such Holder upon the conversion or exchange of such Holder’s Investor Shares or as a dividend or other distribution
on such Investor Shares or with respect to, in exchange for, or in replacement of such Investor Shares; and (ii) any Common Shares
or other securities of the Corporation issued as a dividend or other distribution on such Common Shares or other securities that
are Registrable Securities pursuant to (i) above, or with respect to, in exchange for, or in replacement of any of the Common Shares
or other securities that are Registrable Securities pursuant to the above. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when they have been distributed to the public pursuant to a registration or sold to the
public through a dealer or market maker in compliance with applicable Securities Laws. For purposes of this Agreement, a Person
shall be deemed to be the holder of Registrable Securities, and the Registrable Securities shall be deemed to be in existence,
whenever such Person has the right to acquire such Registrable

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Securities (upon conversion or exercise
or otherwise, but disregarding any restrictions or limitations upon exercise of such right), whether or not the acquisition has
actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder.

 

“Registration
Expenses” means all expenses incurred by the Corporation that are associated with, or related to, the Corporation’s
performance of, or compliance with, this Agreement, including, without limitation, all registration, qualification, filing, listing
and Financial Industry Regulatory Authority, Inc. fees, all fees and expenses of complying with the Securities Laws (including,
without limitation, the securities or blue sky Laws of the United States), all duplicating and printing expenses, all translation
fees and expenses, all fees of transfer agents and registrars, all costs of insurance, all escrow fees and expenses, all messenger
and delivery expenses, any stock exchange fees, the fees and expenses of the Corporation’s legal counsel and auditors, including
the expenses of any regular or special audits or “cold comfort” letters required by or incident to such performance
and compliance, reasonable fees and disbursements of not more than one counsel for all of the selling Holders, such counsel to
be selected by the holders of the majority of the Preferred Shares included in a registration, or if no such securities are included
in the applicable registration, by the holders of the majority of Registrable Securities included in the applicable registration,
in each case on an As-Converted Basis, and any reasonable fees and disbursements of underwriters customarily paid by Corporations
or sellers of securities; provided, however, that Registration Expenses shall not include Selling Expenses.

 

“SEC”
means the United States Securities and Exchange Commission or any other federal agency at the time administering the U.S. Securities
Act.

 

“Securities
Laws” means, collectively, the Canadian Securities Laws and the U.S. Securities Laws.

 

“Selling Expenses”
means underwriting fees, discounts and commissions, fees and disbursements of the selling Holders’ counsel (other than the
one counsel selected to represent all selling Holders) and any transfer taxes relating to the disposition of the Registrable Securities,
each incurred in connection with a registration pursuant to Sections 3.1, 3.2 and 3.3.

 

“Shareholders
Agreement” means the third amended and restated unanimous shareholders’ agreement dated the date hereof between
the Corporation and all of its shareholders, as same may be amended or amended and restated from time to time.

 

“Short Form
Registration” means a registration effected using (i) Form S-3, Form F-3 or Form F-10 (or any comparable or successor
form or forms under the applicable Securities Laws), if the Initial Offering was completed in the United States, or (ii) a short
form Canadian Prospectus in the form of Form 44-101F1 pursuant to NI 44-101 (or any comparable or successor form or forms under
the Canadian Securities Laws).

 

“Subsidiary”
or “Subsidiaries” in respect of any Holder means any entity of which such Holder and/or any of its other Subsidiaries
directly or indirectly owns at the time outstanding

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securities of such entity representing
at least fifty percent (50%) of the voting power of such entity.

 

“U.S. Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations
of the SEC promulgated thereunder, as they each may, from time to time, be in effect.

 

“U.S. Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute and the rules and regulations of the
SEC promulgated thereunder, as they each may, from time to time, be in effect.

 

“U.S. Securities
Laws” means all U.S. federal and state securities Laws and regulations, including, without limitation, the U.S. Securities
Act and the U.S. Exchange Act.

 

Article
3

REGISTRATIONS

 

		3.1	Demand Registrations

 

		(a)	Request for Registration. Subject to the provisions set out in this Section 3.1, at any
time or from time to time after the date that is the earlier of (i) three years from June 22, 2015 and (ii) six months after the
completion of the Initial Offering, any one or more of the Holders holding at least 51% of the then-outstanding Registrable Securities
held by all Holders (for the purposes of this Section 3.1, collectively, if applicable, the “Initiating Holder”)
may require the Corporation to file and take such other steps as may be necessary under the Securities Laws to facilitate a public
offering (including an Initial Offering) with respect to all or part of such Initiating Holder’s Registrable Securities (each
such registration, a “Demand Registration”), by giving written notice of such Demand Registration to the Corporation,
which written notice shall:

 

		(i)	specify the number of Registrable Securities which the Initiating Holder intends to offer and sell;

 

		(ii)	express the intention of the Initiating Holder to offer or cause the offering of such number of
Registrable Securities; and

 

		(iii)	if the Registrable Securities to be offered and sold by the Initiating Holder are to be issued
pursuant to the conversion, exchange or exercise of Preferred Shares or any other securities convertible into Registrable Securities,
be accompanied by appropriate notices of such conversion, exchange or exercise, as applicable, which notices may be contingent
upon the sale of that number of Registrable Securities in the Demand Registration.

 

		(b)	Response to Registration Request. Upon receipt of the written notice of the Initiating Holder
pursuant to Section 3.1(a), the Corporation shall:

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		(i)	promptly, and in any event, within three Business Days of receipt, give written notice of the proposed
Demand Registration to the other Holders to provide the other Holders with the opportunity to participate in such registration
with respect to the Registrable Securities held by such other Holders; and

 

		(ii)	as soon as practicable, but in any event within 60 days (or 120 days in the case of an Initial
Offering) after receipt of the request from the Initiating Holder, file with the applicable Commissions and use its best efforts
to effect the registration, qualification or compliance (including, without limitation, filing post-effective amendments, appropriate
qualifications under applicable blue sky or other state securities Laws and appropriate compliance with applicable Securities Laws
and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution
of all or that portion of the Registrable Securities as are specified in the Initiating Holder’s request, together with all
or that portion of the Registrable Securities of the other Holders, if joining in that request and as are specified in a written
request received by the Corporation within five Business Days after receipt by such other Holders of the written notice from the
Corporation referred to in Section 3.1(b)(i).

 

		(c)	Limitations on Registration Obligations. The Corporation shall not be required to effect
more than two Demand Registrations pursuant to this Section 3.1; provided, for greater certainty, that participating in a registration
pursuant to the exercise of piggy-back rights by a Holder shall not constitute a Demand Registration; and provided further, subject
to Section 3.2, that a registration shall not constitute a Demand Registration requested under this Section 3.1 unless and until
it has become effective and the Initiating Holders are able to register and sell at least 90% of the Registrable Securities requested
to be included in such registration. In addition, the Corporation will not be obligated to take any action to effect any registration
pursuant to this Section 3.1 if the Corporation furnishes to the Initiating Holder a certificate signed by the Chief Executive
Officer of the Corporation stating that (a) in the good faith judgment of the Board of Directors of the Corporation, acting reasonably,
any such action to effect a registration in the immediate future would materially interfere with a material bona fide financing,
acquisition or other transaction being considered at the time of receipt of the request from the Initiating Holder or would require
disclosure of non-public information, the premature disclosure of which could materially adversely affect the Corporation or materially
interfere with such transaction; or (b) the Corporation is engaged in an issuer bid, self-tender or exchange offer and the proposed
registration would cause a violation of applicable Securities Laws (each of (a) and (b), a “Delay Certificate”),
then the Corporation’s obligation to file a registration statement under this Section 3.1 may be deferred, and any time periods
with respect to filing or effectiveness thereof shall be tolled accordingly, for a period not to exceed 60 days from the date the
Corporation would have been required to file such registration statement after its receipt of the written request to

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file such registration statement
from the Initiating Holder, provided that the Corporation may not exercise this deferral right more than once in any consecutive
12-month period. The Corporation shall not be required to effect any Demand Registration pursuant to this Section 3.1 (i) if such
request is made within 90 days after the Corporation effects a registration for an underwritten public offering in which the Holders
have sold all of their Registrable Securities requested to be registered pursuant to Section 3.3; (ii) if such securities become
eligible for sale pursuant to Rule 144 without the volume or manner-of-sale restrictions and without the requirement for the Corporation
to be in compliance with the current public information requirement under Rule 144(c)(1); or (iii) if such Demand Registration
will not cover Registrable Securities having an anticipated aggregate gross offering price of at least $50,000,000.

 

		(d)	Underwriting.

 

		(i)	If the Initiating Holder intends to distribute the Registrable Securities for which a Demand Registration
has been requested under Section 3.1(a) by means of an underwriting, the Initiating Holder shall so advise the Corporation as part
of its request pursuant to Section 3.1(a) and the Corporation will advise the other Holders as part of the notice given pursuant
to Section 3.1(b)(i) that the right of the other Holders to registration pursuant to Section 3.1 will be conditioned upon that
Holder’s participation in the underwriting arrangements required by this Section 3.1(d), and the inclusion of that Holder’s
Registrable Securities in the underwriting to the extent requested will be limited to the extent provided in this Agreement.

 

		(ii)	The Holders of a majority of the Registrable Securities included in any Demand Registration (on
an As-Converted Basis) will have the right to select the investment banker(s), underwriter(s), and manager(s) to administer the
offering, subject to the Corporation’s approval, which will not be unreasonably withheld.

 

		(iii)	The Corporation (together with the Holders proposing or required to distribute their Registrable
Securities through such underwriting) shall enter into an underwriting agreement in customary form with the underwriters selected
for that underwriting by the Corporation, acting reasonably, such agreement to be in form and substance satisfactory to the Holders
requesting such registration, acting reasonably, and to contain such representations and warranties and indemnity and contribution
provisions by the Corporation and such other terms as are customarily contained in agreements of that type. Each Holder shall be
a party to such underwriting agreement and may, at its option, require that any or all of the representations and warranties by,
and the other agreements on the part of, the Corporation to and for the benefit of such underwriters shall also be made to and
for the benefit of each Holder and that any or all of the conditions precedent to the obligations of such underwriters under such

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underwriting agreement be conditions
precedent to the obligations of each Holder. No Holder requesting a Demand Registration shall be required to make any representations
or warranties to or agreements with the Corporation or the underwriters other than representations, warranties or agreements regarding
such Holder and its intended method of distribution and any other representation required by the applicable Securities Laws.

 

		(iv)	Notwithstanding any other provision of this Section 3.1, if the underwriters, acting reasonably
and in good faith, determine in writing that, in their opinion, the number of securities to be included in a Demand Registration
exceeds the number of securities that can be sold in the offering relating to such Demand Registration and that the number of securities
proposed to be included in the offering in respect of such Demand Registration would adversely affect the price per security to
be sold in such offering in respect of such Demand Registration, the underwriters may exclude some or all of the Registrable Securities
from the registration. The Corporation will advise the Holders of Registrable Securities of this exclusion and the number and estimated
dollar value of Registrable Securities that may be included in the registration. The underwriting will be allocated (i) first,
among the Holders of Registrable Securities, in respect of their Registrable Securities, on a pro rata basis based on the number
of Registrable Securities held by all such Holders calculated on an As-Converted Basis, or in such manner as they otherwise agree,
(ii) second, to the Corporation if it elects to participate in such registration, and (iii) third, among any other holders of the
securities to be included in such offering, allocated among such holders pro rata based on the number of securities held by all
such holders calculated on an as converted basis or in such manner as they may otherwise agree. In no event shall any Registrable
Securities be excluded from such underwriting unless all other securities are first excluded.

 

		(v)	If each of the Holders has included all of the Registrable Securities which such Holder desires
to include in that registration, then the Corporation may include additional securities in the registration for sale for the Corporation’s
account on the same terms as the Holders’ Registrable Securities, provided the underwriters advise the Corporation and the
Holders in writing that the inclusion does not adversely affect the marketing and the orderly sale of the Holders’ Registrable
Securities included in that registration at a price range acceptable to the Holders, acting reasonably. If the Corporation determines
to include Registrable Securities to be sold by it in any registration requests pursuant to this Section 3.1, such registration
shall be deemed to have been a Piggy-Back Registration under Section 3.3, and not a Demand Registration under this Section 3.1.
To facilitate the allocation of Registrable Securities in accordance with the above provisions, the Corporation or the underwriters
may round the number of Registrable Securities allocated to any Holder to the nearest appropriate “round number” integral.

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		(vi)	If any Holder disapproves of the terms of the underwriting, such Holder may elect to withdraw from
the underwriting and registration by written notice to the Corporation and the Initiating Holders. Those Registrable Securities
of such withdrawing Holder shall continue to be subject to the terms of this Agreement.

 

		3.2	Short Form Registrations

 

		(a)	Request for Registration. If, at any time while the Corporation is eligible to complete
a Short Form Registration, the Corporation shall receive from any one or more of the Holders (in this Section 3.2, the “Initiating
Holder”) a written request or requests that the Corporation effect a Short Form Registration with respect to all or a
part of the Registrable Securities owned by such Holder or Holders, the Corporation shall:

 

		(i)	promptly, and in any event, within three Business Days of receipt, give written notice of the proposed
Short Form Registration to the other Holders offering them the opportunity to participate in such registration with respect to
the Registrable Securities held by such other Holders; and

 

		(ii)	as soon as practicable, but in any event within 45 days after receipt of the request from the Initiating
Holder, file with the applicable Commissions and use its best efforts to effect the registration, qualification or compliance (including,
without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities
Laws and appropriate compliance with applicable Securities Laws and any other governmental requirements or regulations) as may
be so requested and as would permit or facilitate the sale and distribution of all or that portion of the Registrable Securities
as are specified in the Initiating Holder’s request, together with all or that portion of the Registrable Securities of the
other Holders (if any) joining in that request as are specified in a written request received by the Corporation within five Business
Days after receipt by the other Holders of the written notice from the Corporation referred to in Section 3.1 (b)(i). The Corporation
shall use its best efforts to keep such registration effective until the earlier of 120 days from the date of effectiveness or
until the Holders have completed the distribution described in such registration statement.

 

		(b)	Limitations on Short Form Registration Obligations. The Corporation shall not be required
to effect more than six Short Form Registrations pursuant to this Section 3.2; provided, for greater certainty, that participating
in a registration pursuant to the exercise of piggy-back rights by a Holder shall not constitute a Short Form Registration; and
provided further, that a registration shall not constitute a Short Form Registration requested under this Section 3.2 unless and
until it has become effective and the Initiating Holders are able to register and sell at least 90% of the Registrable Securities
requested to be included in such

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registration. The Corporation shall
not be required to complete any Short Form Registration pursuant to this Section 3.2:

 

		(i)	if the Corporation is not eligible to complete a Short Form Registration pursuant to applicable
Securities Laws;

 

		(ii)	if the Holders propose to sell Registrable Securities pursuant to such Short Form Registration
such that the aggregate offering price is less than $1,000,000;

 

		(iii)	if the Corporation furnishes a Delay Certificate to the Holders, in which event the Corporation’s
obligation to file a registration statement under this Section 3.2 may be deferred for a period not to exceed 90 days from the
date of receipt of the written request to file such registration statement from the Initiating Holder, provided that the Corporation
may not exercise this deferral right more than once in any consecutive twelve-month period;

 

		(iv)	if the Corporation has, within the sixth-month period preceding the date of such request, already
effected a Short Form Registration for the Holders pursuant to this Section 3.2;

 

		(v)	if the request is made within 90 days after the Corporation effects a registration for an underwritten
public offering in which the Holders have sold all of their Registrable Securities requested to be registered pursuant to Section
3.3; or

 

		(vi)	if such Registrable Securities may be sold pursuant to Rule 144 without the volume or manner-of-sale
restrictions and without the requirement for the Corporation to be in compliance with the current public information requirement
under Rule 144(c)(1).

 

		(c)	Underwritings. If the Initiating Holder intends to distribute the Registrable Securities
covered by its request by means of an underwriting, it shall so advise the Corporation as a part of its request made pursuant to
Section 3.2(a) and the Corporation shall include such information in the written notice referred to in Section 3.2(a)(i). The provisions
of Section 3.1(d) shall be applicable to such request mutatis mutandis.

 

		3.3	Piggy-Back Registrations

 

		(a)	Notice of Registration. If at any time or from time to time the Corporation determines to
register any of its securities (other than pursuant to a Registration Statement on Form S-8, Form S-4 or Form F-4 or their successors
or any other form for a similar limited purpose, or any registration statement covering only securities in exchange for securities
or assets of another corporation), either for its own account or the account of a security holder or holders (other than pursuant
to a Demand Registration requested under Section 3.1 or a Short Form Registration required under Section 3.2) including any Initial
Offering, the Corporation shall:

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		(i)	promptly, and in any event, within three Business Days of such determination, give written notice
of the proposed registration to each of the Holders (each such registration, a “Piggy-Back Registration”), provided
such notice must be given no later than 30 days prior to the filing of the registration statement by the Corporation in connection
with such registration; and

 

		(ii)	include in that registration (and any related qualification or compliance under applicable blue
sky Laws or other state securities Laws or other Securities Laws), and include in any underwriting involved in the registration,
all the Registrable Securities specified in a written request made by any of the Holders and received by the Corporation within
15 Business Days after receipt by such Holder of the written notice delivered by the Corporation pursuant to Section 3.3(a)(i).
Such written request may specify that such Holder wishes to include all or a part of the Holder’s Registrable Securities.

 

		(b)	Underwriting.

 

		(i)	If the Piggy-Back Registration of which the Corporation gives notice pursuant to Section 3.3(a)(i)
is for a registered offering involving an underwriting, the Corporation will so advise each of the Holders as a part of such written
notice. In such event, the right of any Holder to registration pursuant to this Section 3.3 will be conditioned upon that Holder’s
participation in the underwriting arrangements required by this Section 3.3(b) and the inclusion of that Holder’s Registrable
Securities in the underwriting to the extent requested will be limited to the extent provided in this Agreement.

 

		(ii)	In any Piggy-Back Registration initiated by the Corporation, the Corporation will have the right
to select the investment banker(s), underwriter(s), and manager(s) to administer the offering, subject to the approval of the Holders
of a majority of the Registrable Securities included in such registration (on an As-Converted Basis), which in each case will not
be unreasonably withheld.

 

		(iii)	The Holders proposing to distribute their securities through such underwriting will (together with
the Corporation and the other shareholders distributing their securities through that underwriting) enter into an underwriting
agreement in customary form with the underwriters selected for that underwriting by the Corporation, acting reasonably, such agreement
to be in form and substance satisfactory to all shareholders requesting such registration, acting reasonably, and to contain such
representations and warranties and indemnity and contribution provisions by the Corporation and such other terms as are customarily
contained in agreements of that type. Each such shareholder (including the Holders) shall be a party to such underwriting agreement
and may, at its option,

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require that any or all of the
representations and warranties by, and the other agreements on the part of, the Corporation to and for the benefit of such underwriters
shall also be made to and for the benefit of each such Holder and that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement be conditions precedent to the obligations of each such Holder. No Holder
requesting a registration shall be required to make any representations or warranties to or agreements with the Corporation or
the underwriters other than representations, warranties or agreements regarding such Holder and its intended method of distribution
and any other representation required by the applicable Securities Laws.

 

		(iv)	Notwithstanding any other provision of this Section 3.3, if the underwriters, acting reasonably
and in good faith, determine in writing that, in their opinion, the number of securities to be included in the offering relating
to such Piggy-Back Registration exceeds the number of securities that can be sold in such offering and that the number of securities
proposed to be included in such offering would adversely affect the price per security to be sold in such offering, the Corporation
shall be required to include in the offering only that number of such Registrable Securities that the underwriters determine, acting
reasonably and in good faith, will not jeopardize the success of the offering. The Corporation will advise the Holders of Registrable
Securities distributing their securities through such underwriting of this exclusion and the number and estimated dollar value
of the Holders’ securities that may be included in the registration. The underwriting will be allocated (i) first, to the
Corporation (but only if it initiates such offering failing which the priority set forth in Section 3.1(d)(iv) shall apply), (ii)
second, among the Holders of Registrable Securities, in respect of their Registrable Securities, on a pro rata basis based on the
number of Registrable Securities held by all such Holders calculated on an As-Converted Basis, or in such manner as they may otherwise
agree, and (iii) third, among all other holders of the securities to be included in such offering, allocated among such holders
pro rata based on the number of securities held by all such holders calculated on an as converted basis or in such manner as they
may otherwise agree; provided in each case that, unless the registration is in respect of the Initial Offering, in no event shall
the Registrable Securities owned by the Holders included in such underwriting be reduced below 25% of the total number of securities
included in such underwriting. To facilitate the allocation of Registrable Securities in accordance with the above provisions,
the Corporation may round the number of Registrable Securities allocated to any Holder to the nearest appropriate “round
number” integral.

 

		(v)	If a Holder disapproves of the terms of the underwriting, such Holder may elect to withdraw from
that underwriting by written notice to the Corporation, the other Holders, the underwriters and the other

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participating shareholders. Any
Registrable Securities of such withdrawing Holder excluded or withdrawn from that underwriting will be withdrawn from registration,
and will continue to be subject to the terms of this Agreement.

 

		(c)	Right to Terminate Registration. The Corporation has the right to terminate or withdraw
any registration initiated by it under this Section 3.3 prior to the effectiveness of the registration whether or not any Holder
or other shareholder has elected to include securities in that registration. The Corporation shall have no liability to any Holder
in respect of such withdrawal other than in respect of the reasonable pro-rata Registration Expenses incurred by any Holder if
such Holder has elected to include securities in that registration.

 

		3.4	Transfer of Registration Rights

 

The rights to cause
the Corporation to register securities granted to any Holder under Sections 3.1, 3.2, and 3.3 may (if agreed to by such Holder)
be transferred or assigned to a transferee or assignee to whom a Holder transfers or assigns (A) not less than 44,000 (subject
to adjustments for stock dividends, splits, combinations and similar events) of such Holder’s Registrable Securities (other
than a transfer under Rule 144 of the U.S. Securities Act or a registration effected pursuant to this Agreement or any other transfer
under which such securities will cease to be Registrable Securities) or (B) all or part of such Holder’s Registrable Securities
where such transferee or assignee is a Subsidiary of such Holder or, where the Holder is a limited or general partnership, where
such transferee or assignee is a constituent limited or general partner of the Holder, in each case provided, that: (i) the transfer
may otherwise be effected in accordance with applicable Securities Laws and the Shareholders Agreement; (ii) the Corporation is
given written notice at least three Business Days prior to such transfer stating the name and address of the transferee and identifying
the securities with respect to which such registration rights are being transferred; (iii) the transferee agrees in writing to
be bound by the provisions of this Agreement and, to the extent required under the Shareholders’ Agreement, by the provisions
of the Shareholders Agreement; and (iv) the total number of registrations to be exercised by all persons under this Agreement may
not be increased.

 

		3.5	Co-operation

 

Each Holder requesting
inclusion of Registrable Securities in a registration statement will furnish to the Corporation information regarding such Holder
as the Corporation, acting reasonably, may from time to time request in writing, and will do such reasonable acts and things as
the Corporation may from time to time request, with respect to any registration, qualification or compliance referred to in this
Agreement and in order to permit the Corporation to comply with the requirements of applicable Laws.

 

		3.6	Termination of Registration Rights

 

All obligations of
the Corporation (except those pursuant to Article 6) shall terminate and be of no further force and effect on the date which is
the earlier of (i) the date upon which there

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are no more Registrable Securities outstanding;
and (ii) the date which is five years after the date of completion of the Initial Offering.

 

		3.7	Limitations on Subsequent Registration Rights.

 

From and after the
date of this Agreement, the Corporation shall not, without the prior written consent of the Holders of the majority of Registrable
Securities, on an As-Converted Basis, (i) enter into any other agreement with any holder or prospective holder of any securities
of the Corporation which would allow such holder or prospective holder to participate in any registration of securities of the
Corporation or (ii) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that
violates, subordinates or otherwise affects the rights granted to the Holders of the Registrable Securities in this Agreement.

 

Article
4

ADDITIONAL PROVISIONS FOR REGISTRATIONS

 

		4.1	Rule 144 Reporting and Form S-3, Form F-3 and Form F-10 Requirements

 

With a view to making
available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities
to the public in the United States without registration, or pursuant to a registration on Form S-3, Form F-3 or Form F-10, including,
without limitation, Rule 144 under the U.S. Securities Act, the Corporation agrees at its expense, but only if and to the extent
that the Initial Offering was completed in the United States or the Corporation has otherwise registered securities under the U.S.
Exchange Act:

 

		(a)	to make and keep public information available, as those terms are understood and defined in Rule
144 under the U.S. Securities Act, at all times after the date that the Corporation becomes subject to the reporting requirements
of the U.S. Exchange Act;

 

		(b)	to file with the SEC in a timely manner all reports and other documents required of the Corporation
under the U.S. Securities Act and the U.S. Exchange Act (at any time after it has become subject to such reporting requirements);
and

 

		(c)	so long as any Holder owns any Registrable Securities, to furnish to the Holders, promptly upon
request, a written statement by the Corporation as to its compliance with the reporting requirements of Rule 144 under the U.S.
Securities Act (at any time after the Corporation becomes subject to the reporting requirements of the U.S. Exchange Act), a copy
of the most recent annual or quarterly report of the Corporation, and any other reports and documents of the Corporation and other
information in the possession of or reasonably obtainable by the Corporation as any Holder may reasonably request in availing itself
of any rule or regulation of the SEC allowing the Holders to sell any securities without registration or pursuant to such form.

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		4.2	NI 44-101 and NI 51-102 Requirements

 

With a view to making
available the benefits of certain Canadian Securities Laws which may at any time permit the sale of the Registrable Securities
to the public in any one or more province and territory of Canada without registration, or pursuant to a short form Canadian Prospectus
in the form of Form 44-101F1 pursuant to NI 44-101, upon the completion of the Initial Offering, the Corporation agrees to, at
its expense, but only if and to the extent that the Initial Offering was completed in Canada or the Corporation has otherwise become
a “reporting issuer” in any province of territory of Canada, use best efforts to meet the eligibility criteria set
out in NI 44-101 for the use of a short form prospectus in connection with the sale of its securities by, among other things, filing
an initial annual information form and all renewal annual information forms with the applicable Commissions pursuant to the requirements
of NI 44-101 and NI 51-102.

 

Article
5

REGISTRATION PROCEDURES AND EXPENSES

 

		5.1	Registration Procedures

 

In the case of each
registration effected by the Corporation pursuant to this Agreement, the Corporation will keep each Holder advised in writing as
to the initiation of each registration and as to the completion of that registration. The Corporation shall at its expense and
as expeditiously as is practicable:

 

		(a)	subject to Sections 3.1(b) and 3.2(a)(ii), prepare and file with the applicable Commissions a registration
statement with respect to those Registrable Securities and use its best efforts to cause that registration statement to become
and remain effective for at least 180 days (or 120 days in the case of a Short Form Registration) or until the distribution described
in the registration statement has been completed, whichever occurs first; provided, however, that: (i) such 180-day period (or
120-day period in the case of a Short Form Registration) shall be extended for a period of time equal to the period between the
time that the Corporation notifies the Holders of the happening of any event described in Section 5.1(g) and the time that the
Corporation provides the Holders with a corrective supplement or amendment pursuant to such Section; and (ii) in the case of any
Short Form Registration, which are intended to be offered on a continuous or delayed basis, such 120-day period shall be extended,
if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415
under the U.S. Securities Act (or any successor rule) or Canadian Securities Laws, as applicable, permit an offering on a continuous
or delayed basis, and provided further that applicable rules under the U.S. Securities Act or Canadian Securities Laws, as applicable,
governing the obligation to file a post-effective amendment permit the incorporation by reference in the registration statement
of information required to be included in (x) and below, to be contained in periodic reports filed pursuant to Section 13 or 15(d)
of the U.S. Exchange Act or NI 51-102, as applicable, in lieu of filing a post-effective amendment that: (x) includes any prospectus
required by Section 10(a)(3) of the U.S. Securities Act, or

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(y) reflects facts or events representing
a material or fundamental change in the information set forth in the registration statement;

 

		(b)	prepare and file with the applicable Commissions such amendments (including post- effective
                                                               amendments) and supplements to such registration statement and the prospectus used in connection with such registration
                                                               statement, as may be necessary to comply with the provisions of the Securities Laws and this Agreement with respect to the
                                                               disposition of all Registrable Securities covered by such registration statement;

 

		(c)	furnish to the Holders participating in such registration and to the underwriters of the Registrable
Securities being registered such numbers of copies of the registration statement, preliminary prospectus, final prospectus (including
all documents incorporated by reference therein) and any other documents as such Holders and underwriters may reasonably request
in order to facilitate the public offering of those securities;

 

		(d)	use its best efforts to register and qualify the Registrable Securities covered by such registration
statement under such other state securities Laws or blue sky Laws of such jurisdictions as shall be reasonably requested by the
Holders, provided that the Corporation shall not be required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions or subject itself to taxation in
any such jurisdiction;

 

		(e)	in the event of any underwritten public offering, enter into and perform its obligations under
an underwriting agreement, in usual and customary form, with the underwriters of such offering;

 

		(f)	notify each selling Holder of Registrable Securities, promptly after the Corporation receives notice
thereof, of the time when a registration statement relating to such Holders’ Registrable Securities has been declared effective
or a supplement to any prospectus forming a part of such registration statement has been filed;

 

		(g)	as soon as possible after becoming aware of such an event notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the applicable
Securities Laws, of the happening of any event as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then existing or if it is necessary
to amend or supplement such prospectus to comply with the Securities Laws (a “10b-5 Event”), and to use its best efforts
to promptly prepare a supplement or amendment of such document correcting such untrue statement or eliminate such omission and
so that such document, as amended or supplemented, will comply with the applicable

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Securities Laws (a “10b-5
Correction”), and furnish to each Holder as many copies of such supplement or amendment as each such Holder may request;
provided, further, that each Holder of Registrable Securities that is aware of a 10b-5 Event shall not sell its Registrable
Securities until a 10b-5 Correction;

 

		(h)	use its best efforts to cause all such Registrable Securities registered pursuant to this Agreement
to be listed on each securities exchange or national market system, if any, on which similar securities issued by the Corporation
are then listed or, if the Corporation’s securities are not then listed, on a securities exchange or national market system
selected by the Holders of a majority of the Registrable Securities (on an As-Converted Basis);

 

		(i)	provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder
not later than the effective date of such registration;

 

		(j)	at the request of any Holder requesting registration of Registrable Securities pursuant to a Demand
Registration, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a Demand
Registration, if such securities are being sold through underwriters, use its best efforts to cause to be delivered: (i) an opinion,
dated such date, of the counsel representing the Corporation (including an opinion from each local state, provincial and/or territorial
counsel in each of the jurisdictions in which the registration is effected) for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and to the
Holders requesting registration of Registrable Securities; (ii) a letter dated such date, from the auditors of the Corporation,
in form and substance as is customarily given by auditors to underwriters in an underwritten public offering, addressed to the
underwriters, if any, and to the Holders requesting registration of Registrable Securities; and (iii) such corporate certificates
and other documents and instruments, each dated such date, as are customarily furnished to underwriters in an underwritten public
offering or as such Holder may otherwise reasonably request, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities;

 

		(k)	use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of a registration statement, and, if such an order is issued, to obtain the withdrawal of such order at the earliest possible moment
and to notify each Holder who holds Registrable Securities being sold (or, in the event of an underwritten offering, the underwriters)
of the issuance of such order and the resolution thereof;

 

		(l)	in connection with the preparation and filing of each registration statement pursuant to this Article
5, give each Holder who holds Registrable Securities being sold, and its counsel, accountants and other agents, the opportunity
to participate, acting reasonably, in the preparation of the registration statement, and each amendment thereof or supplement thereto,
and will give each of them such

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access to its books and records
and such opportunities to discuss the business of the Corporation with its directors, officers, key employees, attorneys, consultants
and the independent public accountants of the Corporation who have issued a report on its financial statements as shall be necessary,
in the opinion of such Holders and such underwriters or their respective counsel, to conduct a reasonable investigation;

 

		(m)	hold in confidence and not make any disclosure of information concerning a Holder provided to the
Corporation unless: (i) disclosure of such information is necessary to comply with Securities Laws; (ii) the disclosure of such
information is necessary to avoid or correct a misstatement or omission in any registration statement; (iii) the release of such
information is ordered pursuant to a subpoena or other order from a court or governmental body of competent jurisdiction; or (iv)
such information has been made generally available to the public other than by disclosure in violation of this Agreement or any
other agreement. The Corporation agrees that it shall, upon learning that disclosure of such information concerning a Holder is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to such Holder
prior to making such disclosure, and allow the Holder, at its expense, to undertake appropriate action to prevent disclosure of,
or to obtain a protective order for, such information;

 

		(n)	within a reasonable time before each filing of the registration statement or prospectus or amendments
or supplements thereto with the applicable Commissions, furnish to one counsel, selected by the majority of holders of Registrable
Securities included in such registration (on an As-Converted Basis), copies of such documents proposed to be filed, which documents
shall be subject to the approval of such counsel with such approval not to be unreasonably withheld or delayed;

 

		(o)	otherwise use its best efforts to comply with all applicable rules and regulations of each applicable
Commission and make generally available to its security holders, in each case as soon as practicable, but not later than 30 days
after the close of the period covered thereby, an earnings statement of the Corporation which will satisfy the provisions of Section
11(a) of the U.S. Securities Act and Rule 158 thereunder (or any comparable successor provisions);

 

		(p)	in connection with an underwritten offering, participate, to the extent reasonably requested by
the managing underwriter for the offering or the Holders, in customary efforts to sell the securities being offered, and cause
such steps to be taken as to ensure such good faith participation of senior management officers of the Corporation in “road
shows” as is customary;

 

		(q)	permit any Holder of Registrable Securities which holder, in its sole and exclusive judgment, might
be deemed to be an “underwriter” (as such term is defined in the applicable Securities Laws) or a “controlling
person” (as such term is defined in the applicable Securities Laws) of the Corporation, to participate in the

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preparation of such registration
statement and to require the insertion therein of language furnished to the Corporation in writing, which in the reasonable judgment
of such Holder and its counsel should be included; and

 

		(r)	otherwise use its best efforts to take all other steps necessary to effect the registration of
such Registrable Securities contemplated hereby.

 

		5.2	Expenses of Registration

 

All Registration Expenses
will be borne by the Corporation; provided, however, that the Corporation shall not be required to pay for Selling Expenses relating
to Registrable Securities.

 

Article
6

INDEMNIFICATION

 

		6.1	Indemnification Provided by the Corporation in Favour of the Holders

 

In the event any Registrable
Securities are included in a registration statement under this Agreement, the Corporation will indemnify, to the extent permitted
by applicable law, each Holder that participates in such offering, each of its officers and directors and partners (or, in the
case of a Holder that is a limited partnership, each of the partners and the officers and directors of the general partner of the
limited partnership and its affiliates), each person controlling any Holder within the meaning of Section 15 of the U.S. Securities
Act or Section 20 of the U.S. Exchange Act, and each underwriter, if any, and each person who controls any underwriter within the
meaning of Section 15 of the U.S. Securities Act or Section 20 of the U.S. Exchange Act (collectively, the “Holder Indemnified
Parties”), against all expenses, claims, losses, damages and liabilities (or actions in respect of expenses, claims,
losses, damages or liabilities), including any of the foregoing incurred in settlement of any litigation, commenced or threatened,
arising out of or based on (i) any untrue statement (or alleged untrue statement) of a material fact contained in
any registration statement, prospectus, offering circular “free writing prospectus” (as defined in Rule 405 under the
U.S. Securities Act) or other document, or any amendment or supplement to any document, incident to the registration, qualification
or compliance, or (ii) any omission (or alleged omission) to state in a document a material fact required to be stated or necessary
to make the statements, in light of the circumstances in which they were made, not misleading, or any violation by the Corporation
of the U.S. Securities Laws, the Canadian Securities Laws, or any rule or regulation promulgated under any Laws applicable to the
Corporation in connection with any registration, qualification or compliance, and in each case the Corporation will
reimburse each of such Holder Indemnified Parties, for any legal and any other expenses reasonably incurred, as such expenses are
incurred, in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, provided,
however, that the indemnity contained in this Section 6.1 will not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Corporation, which consent will not
be unreasonably withheld and provided that the Corporation will not be liable in any case to the extent that any claim, loss, damage,
liability or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, made
in reliance upon and in conformity with written information furnished to the Corporation by any Holder, controlling person thereof
or

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underwriter to be specifically for use
in any such document; and provided further, however, that the foregoing indemnity is subject to the condition that, insofar as
it relates to any untrue statement, alleged untrue statement, omission or alleged omission made in a prospectus on file with the
Commissions at the time the registration statement becomes effective or the amended prospectus filed with the SEC pursuant to Rule
424(b) under the U.S. Securities Act (the “Final Prospectus”), that indemnity will not enure to the benefit
of any underwriter or any Holder, if there is no underwriter, if any such underwriter or Holder failed to furnish a copy of the
Final Prospectus to the person asserting the loss, liability, claim or damage at or prior to the time the action is required by
the applicable Securities Laws, and if the Final Prospectus would have cured the defect giving rise to the loss, liability, claim
or damage. The indemnification provided for under this Section 6.1 shall remain in full force and effect regardless of any investigation
made by or on behalf of any of the Holder Indemnified Parties and shall survive the transfer of the Registrable Securities by the
Investors and their transferees.

 

		6.2	Indemnification Provided by the Holders in Favour of the Corporation

 

In the event any Registrable
Securities are included in a registration statement under this Agreement, each Holder will, if Registrable Securities held by that
Holder are included in the securities as to which the registration, qualification or compliance is being effected, indemnify, to
the extent permitted by applicable law, the Corporation, each of its directors and officers, each underwriter, if any, of the Corporation’s
securities covered by that registration statement, each person who controls the Corporation or the underwriter within the meaning
of Section 15 of the U.S. Securities Act or Section 20 of the U.S. Exchange Act, and the other Holders selling securities in such
registration statement, each of its officers and directors and partners (or, in the case of a Holder that is a limited partnership,
each of the partners and the officers and directors of the general partner of the limited partnership and its affiliates) and each
person controlling such other Holders within the meaning of Section 15 or Section 20 of the U.S. Securities Act, against all expenses,
claims, losses, damages and liabilities (or actions in respect of expenses, claims, losses, damages and liabilities), including
any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on
(i) any untrue statement (or alleged untrue statement), of a material fact contained in any registration statement, prospectus,
offering circular, “free writing prospectus” (as defined in Rule 405 under the U.S. Securities Act) or other document,
or any amendment or supplement to any document incident to the registration, qualification or compliance, or (ii) any omission
(or alleged omission) to state in a document a material fact required to be stated or necessary to make the statements, in light
of the circumstances in which they were made, not misleading, in each case to the extent, but only to the extent,
that each untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in a registration statement,
prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Corporation
by the Holder and to be specifically for use in any such document, and in each case such Holder will reimburse the
Corporation, the other Holders, the directors, officers, partners, underwriters or control persons for any legal or any other expenses
reasonably incurred, as such expenses are incurred, in connection with investigating or defending any claim, loss, damage, liability
or action, provided, however, that the indemnity contained in this Section 6.2 will not apply to amounts paid in
settlement of any loss, claim, damage, liability or action if the settlement is effected without the consent of the Holder, which
consent will not be unreasonably withheld; provided, that the obligation to indemnify under this Section 6.2 shall be several,
not joint and

    	23

    	

    

several, for each Holder and shall be limited
to the net proceeds (after underwriting fees, commissions or discounts) actually received by such Holder from the sale of the Registrable
Securities pursuant to such registration.

 

		6.3	Indemnification Procedure

 

		(a)	Each party entitled to indemnification under this Article 6 (the “Indemnified Party”)
will give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after
that Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and, if the Indemnifying Party acknowledges
its liability hereunder, will permit the Indemnifying Party to assume the defense of any claim or any litigation, provided that
counsel for the Indemnifying Party, who will conduct the defense of the claim or litigation, will be approved by the Indemnified
Party (whose approval will not be unreasonably withheld), and the Indemnified Party may participate in the defense at that party’s
expense, and provided further that the failure of any Indemnified Party to give notice as provided in this Agreement will not relieve
the Indemnifying Party of its obligations under this Agreement unless the failure to give the notice is materially prejudicial
to an Indemnifying Party’s ability ‘to defend that action and provided further, that the Indemnifying Party will not
assume the defense for matters in which there is, in the reasonable opinion of outside counsel to the Indemnified Party, a conflict
of interest or separate and different defenses. No Indemnifying Party, in the defense of any such claim or any resulting litigation,
will, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term from the claimant or plaintiff to the Indemnified Party of a release from all liability in
respect of the claim or litigation.

 

		(b)	If the indemnification provided for in this Article 6 is held by a court of competent jurisdiction
to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then
the Indemnifying Party, in lieu of indemnifying the Indemnified Party hereunder, will contribute to the amount paid or payable
by the Indemnified Party as a result of the loss, liability, claim, damage, or expense in the proportion as is appropriate to reflect
the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements
or omissions that resulted in the loss, liability, claim, damage, or expense as well as any other relevant equitable considerations.
The relative fault of the Indemnifying Party and of the Indemnified Party will be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information,
and opportunity to correct or prevent the statement or omission, provided however, that, in any case, (i) no Holder will be required
to contribute any amount in excess of the net proceeds of all the Registrable Securities offered and sold by the Holder pursuant
to the registration statement that are received by such Holder; (ii) no person or entity guilty of fraudulent misrepresentation
(within

    	24

    	

    

the meaning of Section 11(f) of
the U.S. Securities Act) will be entitled to contribution from any person or entity who was not guilty of fraudulent misrepresentation;
and (iii) the obligations under this Section 6.3(b) shall be several, not joint and several, for each Holder.

 

		(c)	The obligations of the Corporation and the Holders under this Article 6 shall survive the completion
of any offering of Registrable Securities in a registration statement under Article 3 of this Agreement.

 

Article
7

GENERAL PROVISIONS

 

		7.1	Notices

 

All notices provided
for in this Agreement (“Notices”) shall be in writing and will be sufficiently given if delivered (whether in person,
by courier service or other personal method of delivery), or if transmitted by fax or e-mail:

 

		(a)	in the case of a Notice to the Corporation at:

 

	 	
        CLEMENTIA PHARMACEUTICALS INC.

4150 Ste-Catherine Street West, Suite 550

Montréal, QC H3Z 2Y5

         

        Attention: Michael Singer, Chief Financial Officer

Facsimile No.: (888) 966-0135

         

        With a copy to (which copy shall not constitute
        a notice to the Corporation):

         

        Jenner & Block LLP

919 Third Avenue

New York, New York 10022-3908

         

        Attention of: Kevin Collins

Facsimile No.: (212) 909-0834

         

		(b)	in the case of any Holders, at the address, fax number or e-mail address contained in Schedule
A or, if not set out in Schedule A, to the most recent address, fax number or e-mail address known to the Person sending the Notice.

 

Any Notice delivered
or transmitted to a party as provided above is deemed to have been given and received on the day it is delivered or transmitted
if it is delivered or transmitted on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. If the Notice
is delivered or transmitted after 5:00 p.m. local time or if such day is not a Business Day, then the Notice is deemed to have
been given and received on the next Business Day. Any party may, from time to time, change its address by giving Notice to the
other parties in accordance with the provisions of this Section 7.1.

    	25

    	

    

		7.2	Enurement

 

This Agreement shall
enure to the benefit of and be binding upon the parties hereto and their respective successors. This Agreement shall be binding
upon any assigns, and enure to the benefit of any permitted assigns, of each party hereto.

 

		7.3	Counterparts

 

This Agreement may
be executed in one or more counterparts (whether by facsimile signature or otherwise), each of which shall be deemed an original
and all of which, taken together, shall constitute one and the same instrument.

 

		7.4	Assignment

 

Except as otherwise
provided herein, none of the rights or obligations hereunder shall be assignable or transferable by any party without the prior
written consent of the other parties.

 

		7.5	Entire Agreement

 

This Agreement constitutes
the entire agreement between the parties hereto pertaining to the subject matter of this Agreement.

 

		7.6	Amendments, Modifications, etc.

 

This Agreement may
not be amended, modified or waived except by written agreement of the Corporation and Holders holding at least the majority of
the then-outstanding Registrable Securities (on an As-Converted Basis). No waiver of any provision of this Agreement shall constitute
a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise
expressly provided.

 

		7.7	Additional Parties

 

The parties acknowledge
that, subsequent to the date of this Agreement, the Corporation may, subject to compliance with the Shareholders Agreement, issue
additional shares in the capital of the Corporation to one or more permitted transferees of the Investors, as described in Section
3.7 of the Shareholders Agreement as amended and restated on the date hereof or as described in any successor provision of the
Shareholders Agreement, as it may be amended and restated from time to time, relating to permitted transferees of the Investors
(the “Additional Parties”). Without needing the consent of any of the parties hereto (whether pursuant to Section 3.7
or 7.6 or otherwise), each such Additional Party may become a party to this Agreement by executing a counterpart signature page
substantially in the form attached as Schedule B and acceptance by the Corporation of such counterpart signature page as signified
by its execution thereof. Upon execution and delivery of the counterpart signature page and acceptance by the Corporation, such
Additional Party will be a party to this Agreement as an Investor and be subject to the terms and conditions of this Agreement
as if it were an original signatory.

    	26

    	

    

		7.8	Further Assurances

 

Each of the parties
hereto shall promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents
and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement
and shall use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent
the provisions of this Agreement.

 

		7.9	Specific Performance

 

The Corporation recognizes
that the rights of the Holders under this Agreement are unique, and, accordingly, the Holders will, in addition to such other remedies
available to them at law or in equity, have the right to enforce their rights under this Agreement by actions for injunctive relief
and specific performance to the extent permitted by law. This Agreement is not intended to limit or abridge any rights of the Holders
that exist apart from this Agreement.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK.]

    	27

    	

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement by their respective officers thereunto duly authorized.

 

	NEW ENTERPRISE ASSOCIATES 15, L.P.
	 	 	 
	Per:	/s/ Louis S. Citron	 
	Name: 	Louis S. Citron	 
	Title:	Chief Legal Officer	 

    	 

    	

    

	NEA VENTURES 2015, L.P.
	 	 	 
	Per:	/s/ Louis S. Citron	 
	Name: 	Louis S. Citron	 
	Title:	Vice-President	 

    	29

    	

    

	BDC CAPITAL INC.
	 	 	 
	Per:	/s/ Jean-Francois Pariseau	 
	Name: 	Jean-Francois Pariseau	 
	Title:	Partner	 
	 	 	 
	Per:	/s/ Dion Madsen	 
	Name: 	Dion Madsen	 
	Title:	Senior Managing Partner	 
	 	 	 

    	30

    	

    

	ORBIMED PRIVATE INVESTMENTS IV, LP, by its general partner, ORBIMED CAPITAL GP IV, LLC, by its managing member, ORBIMED ADVISORS, LLC	 
	 	 	 	 
	Per:	/s/ Jonathan Silverstein	 	 
	Name: 	Jonathan Silverstein	 	 
	Title:	Member	 	 

    	31

    	

    

	JANUS GLOBAL LIFE SCIENCES FUND, by JANUS CAPITAL MANAGEMENT LLC, solely as its sub-investment adviser, 	 
	 	 	 	 
	Per:	/s/ Andrew Acker	 	 
	Name: 	Andrew Acker	 	 
	Title:	Vice President	 	 

    	32

    	

    

	RA CAPITAL HEALTHCARE FUND, L.P. by
        its general partner, RA CAPITAL MANAGEMENT, LLC	 
	 	 	 	 
	Per:	/s/ Nicholas McGrath	 	 
	Name: 	Nicholas McGrath	 	 
	Title:	Authorized Signatory	 	 

    	33

    	

    

	BLACKWELL PARTNERS LLC – SERIES A
	 	 	 
	Per:	/s/ Eric M. Koehrsen	 		/s/ Jannine M. Lall
	Name: 	Eric M. Koehrsen	 		Jannine M. Lall
	Title:	Investment Manager

Dumac, Inc.

Authorized Agent	 	 	Controller

Dumac, Inc.

Authorized Agent

    	34

    	

    

	UCB BIOPHARMA SPRL
	 	 	 
	Per:	/s/ Fabrice Enderlin	 
	Name: 	Fabrice Enderlin	 
	Title:	Executive Vice President

Talent & Company Reputation	 

    	35

    	

    

	ROCK SPRINGS CAPITAL MASTER FUND LP, by its general partner, ROCK SPRINGS GP LLC	 
	 	 	 	 
	Per:	/s/ Gordon M. Bussard	 	 
	Name: 	Gordon M. Bussard	 	 
	Title:	Managing Member	 	 

    	36

    	

    

	ECOR1 CAPITAL FUND QUALIFIED, L.P., by its general partner, ECOR1 CAPITAL, LLC	 
	 	 	 	 
	Per:	/s/ Oleg Nodelman	 	 
	Name: 	Oleg Nodelman	 	 
	Title:	Manager, Ecor1 Capital LLC, as GP	 	 

    	37

    	

    

	ECOR1 CAPITAL FUND, L.P., by its general partner, ECOR1 CAPITAL, LLC	 
	 	 	 	 
	Per:	/s/ Oleg Nodelman	 	 
	Name: 	Oleg Nodelman	 	 
	Title:	Manager, Ecor1 Capital LLC, as GP	 	 

    	38

    	

    

	LEERINK HOLDINGS LLC
	 	 	 
	Per:	/s/ Joseph R. Gentile	 
	Name: 	Joseph R. Gentile	 
	Title:	CAO	 

    	39

    	

    

	LEERINK SWANN CO-INVESTMENT FUND, LLC
	 	 	 
	Per:	/s/ Joseph R. Gentile	 
	Name: 	Joseph R. Gentile	 
	Title:	Manager	 

    	40

    	

    

	SARA NAYEEM
	 	 	 
	Per:	/s/ Sara Nayeem	 
	Name: 	Sara Nayeem	 

    	41

    	

    

	FRANCOIS NADER
	 	 	 
	Per:	/s/ Francois Nader	 
	Name: 	Francois Nader	 

    	42

    	

    

	FRANKLIN BERGER
	 	 	 
	Per:	/s/ Franklin Berger	 
	Name: 	Franklin Berger	 

    	43

    	

    

	FONDS DE SOLIDARITÉ DES 

TRAVAILLEURS DU QUÉBEC
        (F.T.Q.)
	 	 	 
	Per:	/s/ Didier Leconte	 
	Name: 	Didier Leconte	 
	Title:	Senior Director–investment

Life Sciences	 

    	44

    	

    

	CLEMENTIA PHARMACEUTICALS INC.
	 	 	 
	Per:	/s/ Clarissa Desjardins	 
	Name: 	Dr. Clarissa Desjardins	 
	Title:	President and Chief Executive Officer

    	45

    	

    

SCHEDULE
A

 

INVESTORS

 

	 	 

New Enterprise Associates 15, L.P.

1954 Greenspring Drive, Suite 600

Timonium, MD 21093

Attention of: Louis Citron, Chief Legal
Counsel

Facsimile No: (410) 824-4115

 

NEA Ventures 2015, L.P.

1954 Greenspring Drive, Suite 600

Timonium, MD 21093

Attention of: Louis Citron, Chief Legal
Counsel

Facsimile No: (410) 824-4115

 

OrbiMed Private Investments IV, LP

601 Lexington Avenue

54th Floor

New York, New York 100222

Attention of: David P. Bonita

Facsimile No.: (212) 739-6444

 

BDC Capital Inc.

c/o Business Development Bank of Canada

5 Place Ville Marie

Bureau 400

Montréal, Québec H3B 5E7

Attention of: Jean-François Pariseau

Facsimile No.: (514) 283-5455

 

Janus Global Life Sciences Fund 

c/o Janus Capital Management

151 Detroit Street

Denver, CO 80206

Attention of: General Counsel

Re: JCF - Janus Global Life Sciences Fund - Clementia Private
Placement

Facsimile No.: (303) 316-5728

 

RA Capital Healthcare Fund, L.P.

20 Park Plaza

Suite 1200

Boston, MA 02116

Attention of: Nick McGrath

Facsimile No.: (617) 778-2510

    	46

    	

    

Blackwell Partners LLC – Series
A

280 South Mangum Street

Suite 210

Durham, NC 27701

Attention of: General Counsel

Facsimile No.: (919) 668-9926

 

UCB Biopharma SPRL

Allée de la Recherche 60

B-1070 Bruseels

Belgium

Attention of: General Counsel

Facsimile No.: +32 (0)2 559 94 91

 

Rock Springs Capital Master Fund LP

650 S. Exeter St., Suite 1070

Baltimore, MD 21202

Attention of: General Counsel

Facsimile No.: (410) 220-0144

 

EcoR1 Capital Fund Qualified, L.P.

409 Illinois Street

San Francisco, CA 94158

Attention of: Sarah Marriott, General Council

Facsimile No.: (415) 952-9412

 

EcoR1 Capital Fund, L.P.

409 Illinois Street

San Francisco, CA 94158

Attention of: Sarah Marriott, General Council

Facsimile No.: (415) 952-9412

 

Leerink Holdings LLC

1 Federal Street

37th Floor

Boston, MA 02110

Attention of: General Counsel

Facsimile No.: (617) 918-4900

 

Leerink Swann Co-Investment Fund, LLC

1 Federal Street

37th Floor

Boston, MA 02110

Attention of: General Counsel

Facsimile No.: (617) 918-4900

    	47

    	

    

Sara Nayeem 

c/o New Enterprise Associates 15, L.P.

1954 Greenspring Drive, Suite 600

Timonium, Maryland 21093

Attention of: Sara Nayeem

Facsimile No.: (410) 842-4115

 

Francois Nader

c/o Clementia Pharmaceuticals Inc.

4150 Ste-Catherine Street West, Suite 550

Montréal, QC H3Z 2Y5

Attention of: Francois Nader

Facsimile No: (888) 966-0135

 

Franklin Berger

c/o FMB Research

257 Park Avenue South

15th Floor

New York, NY 10010

Attention of: Franklin Berger

Facsimile No.: (212) 213-4447

 

Fonds de solidarité des travailleurs
du Québec (F.T.Q.)

545 Crémazie Blvd. East, Suite 200

Montreal, QC H2M 2W4

 

Attention of: Vice-President, Legal Affairs

Facsimile No.: (514) 383-2500

Email: affairesjuridiques@fondsftq.com

    	48

    	

    

SCHEDULE
B

 

COUNTERPART
SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

 

The undersigned hereby acknowledges receipt
of a copy of the second amended and restated registration rights agreement dated as of March [__], 2017 (the “Agreement”)
between Clementia Pharmaceuticals Inc. and certain other parties and, by executing this Counterpart Signature Page, the undersigned
agrees to become a party to the Agreement, thereby having all of the rights and benefits, and being subject to all of the obligations,
of an Investor (as such term is defined in the Agreement) contained in the Agreement as if the undersigned were an original signatory.

 

DATED this _____ day of ____________ ,
20_____.

 

If an individual:

 

	 	Signature:	 	 
	 	Name (please Print): 	 	 
	 	 	 	 
	If a corporation, limited partnership or other legal entity:
	 	 	 	 
	 	Name of Subscriber: 	 	 
	 	 	 	 
	 	By:	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

Accepted as of ____________ __, 20____.

 

	 	CLEMENTIA PHARMACEUTICALS INC.
	 	 	 
	 	Per: 	 
	 	 	Name:  Clarissa Desjardins
	 		Title:     President and Chief Executive
Officer

    	49

    	

    

SCHEDULE
C

 

SHAREHOLDINGS

 

	Shareholder	Number of Series C Preferred Shares
	Fonds de solidarité des travailleurs du Québec (F.T.Q.)	70,176Exhibit 10.1

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

 

License Agreement

 

by and among

 

F. Hoffmann-La Roche Ltd,

a Swiss corporation;

 

Hoffmann-La Roche Inc.,

a US corporation;

 

and

 

Clementia Pharmaceuticals Inc.,

a Canadian corporation

    	 

    	

    

	1. Definitions	2
	 	 
	2. Clementia Licenses	13
	 	 
	3. Roche’s Right to Negotiate	18
	 	 
	4. Diligence and Reporting	20
	 	 
	5. Development	20
	 	 
	6. Supply	21
	 	 
	7. Regulatory	21
	 	 
	8. Commercialization	22
	 	 
	9. Clementia Payment Obligations	22
	 	 
	10. General Payment Provisions	26
	 	 
	11. Intellectual Property	30
	 	 
	12. Trademarks and Labeling	34
	 	 
	13. Representations and Warranties	35
	 	 
	14. Confidentiality; Publication	37
	 	 
	15. Term and Termination	40
	 	 
	16. Indemnification	48
	 	 
	17. Dispute Resolution, Governing Law and Jurisdiction	50
	 	 
	18. General Provisions	51

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	i

    	

    

License Agreement

 

This
License Agreement (“Agreement”) is entered into on January 4, 2013 and is effective only
as of the Effective Date and is by and among:

 

F.
Hoffmann-La Roche Ltd, a corporation organized and existing under the laws of Switzerland, with its principal
office at Grenzacherstrasse 124, CH-4070 Basel, Switzerland (“Roche Basel”) and Hoffmann-La Roche
Inc., with an office and place of business at 340 Kingsland Street, Nutley, New Jersey 07110, U.S.A. (“Roche
Nutley”; Roche Basel and Roche Nutley together referred to as “Roche”)

 

and

 

Clementia
Pharmaceuticals Inc., a corporation organized under the laws of Canada, with its principal office at 1000 De La Gauchetière
2500, Montreal, Quebec H3B 0A2, Canada (“Clementia”).

 

Recitals

 

Whereas,
Roche has conducted certain research related to, and possesses certain proprietary intellectual property rights with respect to
Palovarotene, also known as [*****], a retinoic acid receptor gamma agonist and other compounds Covered by the Roche Patents
(“Compound” as further defined below); and

 

Whereas,
Clementia desires to obtain, and Roche is willing to grant to Clementia, an exclusive, royalty-bearing license, with the right
to sublicense, under all relevant Patents and Know-How, to research, develop, make, have made, use, sell, have sold, offer for
sale and import the Compounds and Products, as appropriate, in the Field in the Territory, subject to the terms and conditions
hereof; and

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	1

    	

    

Whereas,
Roche desires to obtain, and Clementia is willing to grant to Roche, certain rights with respect to Compounds and Products, subject
to the terms and conditions hereof.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing premises and mutual promises, terms, conditions, and covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree
as follows:

 

		1.	Definitions

 

1.1     “Affiliate”
shall mean, with respect to either Party: (i) an entity which owns, directly or indirectly, a controlling interest in such
Party; (ii) an entity in which such Party owns, either directly or indirectly, a controlling interest; or (iii) an entity,
in which a controlling ownership, directly or indirectly, is common to the controlling ownership in such Party, whereby “controlling
interest” shall mean more than 50% (or if the jurisdiction where such entity is domiciled prohibits majority foreign ownership
of such entity, the maximum foreign ownership interest permitted under such laws, provided that such ownership actually allows
control of such entity) of the securities or other ownership interest representing the equity with the rights to vote in the designation
of the governing bodies of such entity, or any other agreement or arrangement allowing the factual or legal control of the decisions
of such entity or its governing bodies. Anything to the contrary in this paragraph notwithstanding (i) Chugai Pharmaceutical
Co., Ltd, 1-9, Kyobashi 2-chome, Chuo-ku, Tokyo, 104-8301, Japan (“Chugai”) shall not be deemed an Affiliate
of Roche unless Roche notifies Clementia that Roche wishes for Chugai to be deemed an Affiliate of Roche, and (ii) any shareholder
of Clementia that acquired its ownership in a financing transaction that did not involve any grant of rights to patents or technology
of Clementia shall not be deemed an Affiliate of Clementia.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	2

    	

    

1.2     “Alliance
Manager” shall have the meaning provided in Section 2.6(a).

 

1.3     “Agreement”
shall mean this agreement together with its amendments and appendices.

 

1.4     “Appendix”
shall mean an appendix to this Agreement.

 

1.5     “Business
Day” shall mean 9.00am to 5.00pm CET on a day other than a Saturday, Sunday or bank or other public or federal holiday
in Switzerland or Canada.

 

1.6     “Calendar
Year” shall mean the period of time beginning on January 1 and ending December 31, except for the first year which
shall begin on the Effective Date and end on December 31, 2013.

 

1.7     “Calendar
Quarter” shall mean the four quarters of a Calendar Year, each Calendar Quarter starting on January 1, April 1,
July 1 and October 1.

 

1.8     “Change
of Control” shall mean with respect to Clementia, (i) a merger, reorganization or consolidation involving Clementia
in which the members or shareholders of Clementia, immediately prior to the merger, reorganization or consolidation, would not,
immediately after the merger, reorganization or consolidation, beneficially own (directly or indirectly) shares or membership interests
representing in the aggregate more than fifty percent (50%) of the combined voting power of the entity issuing cash or securities
in the merger, reorganization or consolidation (or of its ultimate parent entity, if any), or (ii) a person or entity other
than a member or shareholder immediately prior to such acquisition of voting securities, becomes the beneficial owner of more than
fifty percent (50%) of the voting securities of Clementia, other than directly from Clementia; however, “Change of Control”
will not include any transaction effected for equity or debt financing purposes pursuant to which Clementia

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	3

    	

    

receives cash therefor, provided Clementia
does not grant any sublicense of the rights granted to Clementia by Roche in Section 2.1 as part of such transaction.

 

1.9     “Clementia
Intellectual Property” shall mean the Clementia Know-How, the Clementia Patents and Clementia’s interest in the
Joint Intellectual Property.

 

1.10     “Clementia
Know-How” shall mean all Know-How relating to the Compounds or the Products that Clementia or any of its Affiliates Controls
on the Effective Date or during the Term. “Clementia Owned Know-How” shall mean Clementia Know-How owned by Clementia.
“Clementia Licensed Know-How” shall mean Clementia Know-How licensed to Clementia by a Third Party.

 

1.11     “Clementia
Patents” or “Clementia Patent Rights” shall mean all Patents Covering the Compounds or the Products
that Clementia or any of its Affiliates Controls as of the Effective Date or during the Term. “Clementia Owned Patents”
shall mean Clementia Patents owned by Clementia. “Clementia Licensed Patents” shall mean Clementia Patents licensed
to Clementia by a Third Party.

 

1.12     “Combination
Product” shall mean any pharmaceutical product that consists of a Product and other active compounds and/or active ingredients
or any combination of a Product sold together with another pharmaceutical product for a single invoiced price, whether packaged
together or in the same therapeutic formulation.

 

1.13     “Commercially
Reasonable Efforts” shall mean, with respect to Clementia’s obligation under this Agreement to develop or commercialize
Product, the level of efforts required to carry out such obligation in a sustained manner consistent with the efforts a similarly
situated biopharmaceutical company or pharmaceutical company, as the case may be, devotes to

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	4

    	

    

products of similar market potential, profit
potential or strategic value resulting from its own research efforts, based on conditions then prevailing, taking into consideration
the market conditions in particular markets of the Territory.

 

1.14     “Compound”
shall mean Palovarotene, also known as [*****] or [*****], and any other compound Covered by the Roche Patents including analogues, derivatives, active fragments and formulations thereof
of Palovarotene and such other compounds.

 

1.15     “Confidential
Information” shall have the meaning provided in Section 14.1.

 

1.16     “Control”
or “Controlled” shall mean, with respect to Compounds and Products or any Know-How, Patents or other intellectual
property rights, possession by a Party of the ability (whether by ownership, license or otherwise) to grant access to, to grant
use of, or to grant a license or a sublicense to the Compounds and Products under such Know-How, Patents or intellectual property
rights without violating the terms of any agreement or other arrangement with any Third Party.

 

1.17     “Cover”
shall mean (as an adjective or as a verb including conjugations and variations such as “Covered,” “Coverage”
or “Covering”) that the developing, making, using, offering for sale, promoting, selling, exporting or importing of
a given compound, formulation or product would infringe a Valid Claim in the absence of a license under the Patent Rights to which
such Valid Claim pertains. The determination of whether a compound, formulation, process or product is Covered by a particular
Valid Claim shall be made on a country-by-country basis.

 

1.18     “Data
Room” shall mean the due diligence data room containing all material data and information, including but not limited
to Clementia Patents, clinical data, regulatory

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	5

    	

    

correspondence, and CMC data related to
the Products generated since the Effective Date pursuant to Section 3.1.

 

1.19     “Effective
Date” shall have the meaning provided in Section 9.1.

 

1.20     “EMA”
shall mean the European Medicines Agency.

 

1.21     “EU”
shall mean the European Community and all its present and future member countries.

 

1.22     [*****]

 

1.23     “Expert”
shall mean a person with no less than fifteen (15) years of pharmaceutical industry experience and expertise having occupied
at least one senior position within a large pharmaceutical company relating to product development and/or licensing but excluding
any current or former employee or consultant of either Party. Such person shall be fluent in the English language.

 

1.24     “FDA”
shall mean the US Federal Food and Drug Administration and any successor agency thereof.

 

1.25     “FDCA”
shall mean the Food, Drug and Cosmetics Act of the US.

 

1.26     “Field”
shall mean all human pharmaceutical uses and indications.

 

1.27     “First
Commercial Sale” shall mean the first sale of a Product by Clementia or its Affiliates or Sublicensees to a Third Party
for end use or consumption of such Product in a country after the Regulatory Authority of such country has granted Regulatory Approval
or, if no such Regulatory Approval or similar marketing approval is required, the date upon which such Product first commercially
launched in such country, [*****].

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.28     “Generic
Product” shall mean a generic version of a Product that (i) in the US, is approved under 21 U.S.C. 505(j) and has an
“AB” rating with respect to a Product, or (ii) in countries of the EU, is authorized to be placed on the market in
accordance with Article 10 (1)(a) (iii) of Directive 2001/83/EC, or (iii) in countries of the Territory other than countries
of the EU, a generic version of a Product that (x) contains the same active pharmaceutical ingredient as the Compound in the Product
and (y) is approved by an expedited process that relies in whole or in part on safety and efficacy data generated for the first
approval of the Product and (z) has the same or substantially the same labeling as the Product for at least one indication of the
Product.

 

1.29     “Indication”
shall mean those indications defined within a sub-block (e.g. sub-block M61.1 “fibrodysplasia ossificans progressiva”;
sub-block J44.0 “Chronic obstructive pulmonary disease with acute lower respiratory infection”) of the
then current International Classification of Diseases and Related Health Problems of the World Health Organization whereby, for
the purpose of this Agreement, each block within a chapter shall be understood to be one Indication.

 

1.30     “Initiation”
of a clinical trial shall mean the first administration of a Product to a patient in a clinical trial assessing a Compound or Product.

 

1.31     “Insolvency
Event” shall mean circumstances under which a Party (i) has a receiver or similar officer appointed over all or a material
part of its assets or undertaking; (ii) makes a general assignment for the benefit of its creditors or is the object of a
bankruptcy order following a petition into bankruptcy; (iii) passes a resolution for winding-up (other than a winding-up for the
purpose of, or in connection with, any solvent amalgamation or reconstruction) or a court makes an order for dissolution, liquidation
or winding-up (or any equivalent order in any jurisdiction); (iv) ceases to carry on business.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.32     “Invention”
shall mean an invention that is conceived or reduced to practice in connection with any activity carried out pursuant to this Agreement.
Under this definition, an Invention may be made by employees, agents or consultants of Clementia solely or jointly with a Third
Party (a “Clementia Invention”), by employees, agents or consultants of Roche or its Affiliates solely or jointly with
a Third Party (a “Roche Invention”), or jointly by employees, agents or consultants of Clementia and employees, agents
or consultants of Roche or its Affiliates with or without a Third Party (a “Joint Invention”).

 

1.33     “Joint
Intellectual Property” shall mean the Joint Know-How and Joint Patents.

 

1.34     “Joint
Know-How” means Know-How that is developed by one or more employees, agents or consultants of Clementia or any of its
Affiliates, on the one hand, and one or more employees, agents or consultants of Roche or any of its Affiliates, on the other hand,
under this Agreement.

 

1.35     “Joint
Patents” or “Joint Patent Rights” shall mean Patent Rights that claim and/or disclose a Joint
Invention.

 

1.36     “Know-How”
shall mean data, knowledge and information, including all tangible and intangible techniques, technology, practices, trade secrets,
unpatented Inventions (whether or not patentable), methods, knowledge, know-how, skill, experience, analytical and quality control
data, results, descriptions and compositions of matter, chemical manufacturing data, data and results from toxicological, pharmacological,
preclinical and clinical testing and studies, assays, platforms, materials, samples, formulations, specifications, quality control
testing data, that are necessary or useful for the discovery, manufacture, development or commercialization of the Compounds or
Products.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.37     “NDA”
or “MAA” (as applicable) shall mean a New Drug Application (as more fully defined in 21 CFR §
314.5 et seq.) and all amendments and supplements thereto filed with the FDA, a Marketing Authorization Application and
all amendments and supplements thereto filed with the EMA or the equivalent application filed with any other Regulatory Authority,
including all documents, data, and other information concerning a pharmaceutical product which are necessary for gaining Regulatory
Approval to market and sell such pharmaceutical product.

 

1.38     “Net
Sales” shall mean, with respect to each given country or jurisdiction, the gross amount invoiced for sales of Products
by or on behalf of Clementia or its Affiliates or Sublicensee to any Third Party, exclusive of [*****].

 

Such deductions have to be customary under
applicable IFRS (International Financial Reporting Standards) or GAAP (Generally Accepted Accounting Principles), as applicable,
to the extent actually incurred, allowed, accrued and paid.

 

1.39     “Partner
Agreement” shall mean any agreement between Clementia and a Third Party granting rights to develop and/or commercialise
the Compounds and/or the Products (including but not limited to a sub-license agreement with a Third Party or an assignment of
this Agreement to a Third Party and a Change of Control), other than a sub-contract pursuant to Section 2.4.

 

1.40     “Patent
Rights” or “Patents” shall mean (a) patents, re-examinations, reissues, renewals, extensions,
supplementary protection certificates, and term restorations, and (b) pending applications for patents, including, without limitation,
provisional applications, continuations, continuations-in-part, divisional and substitute applications, including, without limitation,
inventors’ certificates, and foreign counterparts thereof.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.41     “Pharmacovigilance
Agreement” shall mean an agreement entered into by the Parties to set forth the protocols and procedures for reporting
adverse events and complying with reporting requirements set forth by Regulatory Authorities.

 

1.42     “Phase
3 Trial” shall mean a human clinical trial that would satisfy the requirements for a Phase 3 study as defined in
21 CFR § 312.21(c) (or its successor regulation).

 

1.43     “Product”
shall mean any pharmaceutical or therapeutic product containing a Compound and/or all prodrugs, derivatives, analogs, metabolites,
and geometric isomers, regioisomers, stereoisomers including diastereoisomers, or salts of such Compound.

 

1.44     “Regulatory
Approval” shall mean any and all approvals (including price and reimbursement approvals, if required), licenses, registrations,
or authorizations of any country, federal, supranational, state or local regulatory agency, department, bureau or other government
entity that are necessary for the manufacture, use, storage, import, export, transport and/or sale of a Product in such jurisdiction.

 

1.45     “Regulatory
Authority” shall mean the FDA for the US and any equivalent governmental agency or body competent in a country (or group
of countries like the European Union) to grant Regulatory Approval or other authorizations or licenses required for the development,
manufacturing, marketing, reimbursement and/or pricing of pharmaceutical products in such country.

 

1.46     “Roche
Intellectual Property” shall mean the Roche Know-How, the Roche Patents and Roche’s interest in the Joint Intellectual
Property.

 

1.47     “Roche
Know-How” shall mean the Know-How Controlled by Roche as exhaustively listed in Appendix 2 of this Agreement, as amended
pursuant to Section 2.5.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.48     “Roche
Patents” or “Roche Patent Rights” shall mean the Patents or Patent Rights Controlled by Roche
as exhaustively listed in Appendix 1 of this Agreement, as amended pursuant to Section 2.5.

 

1.49     “Royalty
Term” shall mean, in the case of any Product in any country of the Territory, the period of time commencing on the date
of First Commercial Sale of such Product in such country and ending upon the later of:

 

		(a)	the expiration of the last-to-expire Valid Claim within the Roche Patents Covering the Product
in such country, or

 

		(b)	ten (10) years after the date of First Commercial Sale of such Product in such country.

 

1.50     “Section”
means a section of this Agreement.

 

1.51     “Sublicensees”
shall mean an entity to which Clementia has licensed rights pursuant to this Agreement.

 

1.52     “Term”
shall have the meaning provided in Section 15.1.

 

1.53     “Territory”
shall mean all countries and territories of the world.

 

1.54     “Third
Party” shall mean an entity or person other than (a) Roche or its Affiliates and (b) Clementia or its Affiliates.

 

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

 

1.56     “Valid
Claim” shall mean a claim contained in:

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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		(a)	an issued and unexpired Patent which has not been held unenforceable, unpatentable or invalid by
a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed
for appeal, and which has not been admitted to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise
or

 

		(b)	a patent application that has been pending for less than five (5) years from the priority date
applicable thereto. If a claim or a patent application that ceased to be a Valid Claim under this clause (b) because of the passage
of time later issues as a part of a patent within clause (a) of this Section, then it shall again be considered a Valid Claim effective
as of the issuance of such patent.

 

1.57     Each
of the following additional definitions is set forth in the Section of this Agreement indicated below:

 

	Definition	Section
	BIA	18.4
	Breaching Party	15.2(a)
	CCAA	18.4
	Change of Control	18.5
	Clementia Indemnities	16.1
	Confidential Information	14.1
	Decision Period	11.6(b)
	Development Plan	5.2
	End Date	3.2
	Exclusivity Period	9.1
	Filing	9.2(a)
	ICC	17.2

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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	Definition	Section
	Indemnified Losses	16.1
	Indemnifying Party	16.3
	Initial Press Release	14.6
	Initiating Party	11.6(b)
	License Fee	9.1
	Negotiation Period	3.2
	Non-Breaching Party	15.2(a)
	Paying Party	10.5
	Peremptory Notice Period	15.2(a)
	Receiving Party	10.5
	Recipient	14.1
	Responsible Party	11.2
	Review Period	3.2
	Right of First Negotiation	3.1
	Definition Section Roche Indemnities	16.2
	Samples	16.2(a)
	Second Notice	3.2
	Signing Date	9.1
	Signing Fee	9.1
	Suit Notice	11.6(b)
	Transfer	2.6(c)
	VAT	10.4

 

		2.	Clementia Licenses

 

2.1     License grants.
Subject to the terms and conditions of this Agreement, Roche hereby grants to Clementia an exclusive (even as to Roche), royalty-bearing,
sublicensable license, under the Roche Intellectual Property to research, develop, make, have made, use, sell, have sold, offer
for sale and import the Compounds and/or Products in the Field in the Territory.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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2.2     Right to
Sublicense to its Affiliates. Subject to Roche’s rights under Section 3, Clementia shall have the right to grant written
sublicenses to its Affiliates under its rights granted under Section 2.1 without prior approval of Roche and solely to the
extent necessary or useful to research, develop, make, have made, use, offer for sale, sell, have sold or import the Compounds
and/or Products in the Territory for use in the Field. If Clementia grants such a sublicense, Clementia shall ensure that all of
the applicable terms and conditions of this Agreement shall apply to the Affiliate to the same extent as they apply to Clementia
for all purposes. Clementia assumes full responsibility for the performance of all obligations and observance of all terms so imposed
on such Affiliate and shall itself account to Roche for all payments due under this Agreement by reason of such sublicense.

 

2.3     Right to
Sublicense to Third Parties. Subject to Roche’s rights under Section 3, Clementia shall have the right to grant written
sublicenses to Sublicensees under its rights granted under Section 2.1 without prior approval of Roche and solely to the extent
necessary or useful to research, develop, make, have made, use, offer for sale, sell, have sold or import the Compounds and/or
Products in the Territory for use in the Field. Clementia shall inform Roche promptly after the signature of an agreement under
this Section 2.3. Roche shall receive a copy of such agreement with a Third Party which may be redacted to exclude financial
terms and confidential information of Clementia or the Sublicensee. If Clementia grants such a sublicense, Clementia shall ensure
that all of the applicable terms and conditions of this Agreement shall apply to the Sublicensee to the same extent as they apply
to Clementia for all purposes. Clementia assumes full responsibility for the performance of all obligations and observance of all
terms so imposed on such Sublicensee and shall itself account to Roche for all payments due under this Agreement by reason of such
sublicense.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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2.4     Right to
Subcontract. Clementia has the right to sub-contract the work performed under this Agreement. However, Clementia shall only
sub-contract the manufacture of the Compounds or Products to a Third Party with prior approval of Roche, such approval not to be
unreasonably withheld or delayed. Clementia will use Commercially Reasonable Efforts to include in any material sub-contract agreement
(e.g. contract manufacturing and supply agreements, clinical research agreements and clinical trial agreements) (i) the right
to disclose a copy of the sub-contract and confidential information to Roche in the Data Room, and (ii) the right to assign
the sub-contract to Roche, including the right to transfer of the ownership of data, information and results arising therefrom
to Roche, to the same extent as to Clementia, in the event Roche reacquires the right to develop and commercialise the Compounds
and the Products pursuant to Section 3.2.

 

2.5     Retained
Rights. Roche shall retain the right to use the Compounds for internal research purposes (e.g. as a reference model) with prior
written consent of Clementia, such consent not to be unreasonably withheld. If any research is conducted by Roche, any Know-How
or Patent Rights resulting from such research by Roche shall become part of the Roche Know-How and Roche Patents and shall be added
to Appendix 2 and Appendix 1 of this Agreement at no cost to Clementia.

 

2.6     Technology
transfer.

 

(a)     Alliance Manager.
To facilitate communication between the parties, each Party shall designate an “Alliance Manager” within thirty (30) days
after the Effective Date. The Roche Alliance Manager and his/her counterpart at Clementia shall be the primary points of contact
between the Parties with respect to all matters arising under this Agreement, including inter alia the technology transfer as per
this Section 2.6 or informational requests from Clementia

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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to Roche during the Term. Each Party may
change its Alliance Manager from time to time in its sole discretion, effective upon notice to the other Party of such change.

 

(b)     Roche Know-How
transfer. Promptly after the Effective Date, Roche will transfer the Roche Know-How listed in Appendix 2 to Clementia
at no cost to Clementia. If Clementia identifies a need for additional Know-How Controlled by Roche during the period of ninety
(90) days following the Effective Date, Clementia shall notify Roche, and Roche will transfer such Know-How to Clementia,
charged at Roche’s standard commercial rate applicable at the time.

 

(c)     Regulatory
filings. Roche shall take such actions as reasonably necessary to transfer copies of, and assign to Clementia, the IND and
all other filings and correspondence with or to and from any Regulatory Authority (“Transfer”) with respect
to the Compounds or Products and shall take such actions as may be necessary to inform Regulatory Authorities of this Transfer.
For the avoidance of doubt, Clementia shall be obligated to accept the Transfer of the IND immediately after receiving the respective
written notice from a Regulatory Authority. Clementia and Roche shall determine the effective date of the Transfer and coordinate
the notification of such Transfer to the Regulatory Authority. All of the activities contemplated by this Section 2.6(c) shall
be conducted by Roche at no cost to Clementia. Upon request of Clementia, Roche shall provide technical assistance for up to ten
(10) working hours free of charge. If Clementia requests additional technical assistance, Roche will provide such technical
assistance for a period of sixty (60) days following the effective date of the Transfer, charged at Roche’s standard
commercial rate applicable at the time.

 

Promptly, but no later than [*****] after
the Effective Date, Roche shall transfer to Clementia the most updated version of the Clinical Investigator’s Brochure, all
final pre-clinical and clinical

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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study reports and clinical study protocols,
all data (including clinical data) and all relevant historical clinical safety data (Safety information on serious adverse events
shall be provided in CIOMS format and Safety information on non-serious adverse events shall be provided in English Line Listing
format) at no charge to Clementia.

 

(d)     Transfer of
Manufacturing and Supply. Promptly after the Effective Date, Roche shall transfer the manufacture and supply to Clementia.
Such transfer shall be completed within [*****] after the Effective Date and Roche will provide manufacturing technical support
during the period of ninety (90) days after the Effective Date. Further technical support from Roche will be provided at Roche’s
discretion and, if such support is provided by Roche, charged at Roche’s standard commercial rate applicable at that time.
Subsequent to the transfer, Clementia will assume all responsibilities and costs for future manufacturing and related activities
pursuant to Section 6.

 

(e)     Palovarotene
Transfer. Roche will transfer approximately 6 kg non-GMP API and approximately 3.5 kg GMP API of the existing and available
Palovarotene to Clementia as is free of charge. Roche shall have no obligation to perform any additional activities (e.g. retesting,
analyses) concerning such supplies including the clinical supplies. Clementia will not use the non-GMP API in humans. Before using
the GMP API in humans, Clementia will retest the GMP API and will be responsible for determining whether such GMP API may be used
in humans.

 

(f)     Palovarotene
Handling and Storage. Palovarotene is classified as a BCS class 2 compound and has to be stored and handled under safe and
contained conditions. Promptly after the Effective Date, Roche shall provide Clementia with all relevant and specific

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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documentation and information pertaining
to the proper storage and handling conditions for Palovarotene. Clementia shall assume all liability for the use of the Compounds.

 

		3.	Roche’s Right to Negotiate

 

3.1     Notice to
Roche by Clementia. (A) If Clementia, at any time during the term intends to (i) enter into a Partner Agreement relating to
the Products or (ii) undergo a Change of Control or (B) upon completion of Clementia’s first Phase II proof-of-concept human
clinical study involving a Product, then Clementia shall have the obligation to inform Roche in writing accordingly and give Roche
access to the Data Room whereupon, Roche shall have the rights set forth in Section 3.2 (the “Right of First Negotiation”).

 

3.2     Right to
Negotiate. Within forty-five (45) days following the receipt by Roche of such written notice and access to the Data Room,
Roche shall review the Data Room (“Review Period”). If Roche is interested in reacquiring the right to develop
and commercialize the Compounds and Products, then the Parties shall have [*****] from the date of the expiry of the Review Period
to exclusively negotiate the terms for Roche to regain the rights to the Compounds and Products (i.e., to terminate the license
granted to Clementia hereunder and obtain ownership of the Clementia Owned Patents and Clementia Owned Know-How and assignment
of any agreements related to Clementia Licensed Patents and Clementia Licensed Know-How, to the extent legally possible or, if
it is not legally possible, a sub-license under the Clementia Licensed Patents and Clementia Licensed Know-How, to the extent legally
possible) (the “Negotiation Period”). If (i) the Parties, after good faith discussions in the Negotiation Period,
do not agree on the terms of such agreement or (ii) Roche confirms in writing to Clementia that it is not interested in regaining
the rights to the Compounds and Products, then Clementia shall be free to enter into a Partner Agreement with a Third Party or
to undergo a

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Change of Control and Roche’s Right
of First Negotiation will have no further force or effect, subject to other terms of this Section 3.2. Notwithstanding the
foregoing, if Clementia (1) does not enter into a Partner Agreement relating to the Products or does not undergo a Change of Control
within six (6) months after the later (the “End Date”) of (i) the date on which Roche confirms in writing to
Clementia that it is not interested in regaining the rights to the Compounds and Products or (ii) the end of the Negotiation Period,
but continues the development and/or commercialisation of the Compounds and Products and (2) at any time during the Term after
the End Date there is additional material clinical data available as compared to the clinical data previously reviewed by Roche
in the Data Room, and (3) Clementia after the End Date intends to enter into a Partner Agreement relating to the Products
or undergo a Change of Control, then Clementia shall have the obligation to inform Roche in writing accordingly (a “Second
Notice”) and give Roche access to the Data Room and Roche’s Right of First Negotiation shall apply one more time
again on the same terms and conditions and for the same periods as the initial Right of First Negotiation set forth above. For
clarity, Roche’s Right of First Negotiation, as set forth above, shall not apply more than two (2) times.

 

If (a) Roche and Clementia do not agree
on the terms on which Roche will reacquire the rights to develop and commercialize the Compounds and the Products after a Second
Notice and second Right of First Negotiation and (b) Clementia thereafter intends to enter into a Partner Agreement or to undergo
a Change of Control after the second End Date, then Roche shall have a non-exclusive right to negotiate terms to regain the rights
to the Compounds and Products, but Clementia may negotiate simultaneously with other Parties and shall be free to enter into an
agreement with another Party on any terms deemed satisfactory to Clementia.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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For the avoidance of doubt, Roche’s
right to reacquire the Compounds and Products under this Section 3 include the right to reacquire the whole program at once, i.e.
Palovarotene and all other Compounds and Products Covered by the Roche Patents.

 

		4.	Diligence and Reporting

 

4.1     Diligence.
Clementia shall use Commercially Reasonable Efforts to perform the activities under this Agreement.

 

4.2     Reporting.
During the Term, Clementia shall have the obligation to electronically submit reasonably detailed annual reports to Roche summarizing
development progress, including but not limited to the Development Plan pursuant to Section 5.2, CMC activities, material
regulatory interactions with Regulatory Authorities, and, once commercialized, regarding the commercialization of Products in the
Territory by Clementia, its Affiliates and Sublicensees. Such annual report shall be provided within [*****] after the end of each
Calendar Year.

 

		5.	Development

 

5.1     Responsibility

 

Clementia, at its sole cost, shall use
Commercially Reasonable Efforts to conduct or have conducted the development of Palovarotene and a Product containing Palovarotene.

 

5.2     Development
Plan

 

Clementia will conduct the development
of the Compounds and Products in accordance with a written plan attached as Appendix 3 (“Development Plan”)
prepared by Clementia. Clementia shall send for information a then current version of the Development Plan to Roche as part of
the yearly reporting pursuant to Section 4.1.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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		6.	Supply

 

6.1     Clinical
Supply of Products. Subject to Section 2.6(e), Clementia shall be solely and exclusively responsible at its own expense
for the manufacture and supply of clinical supplies of the Products. Clementia shall supply at its own cost all clinical supply
of Products and placebo to be used in the Territory during the Term, either by itself, or through a Third Party.

 

6.2     Commercial
Supply of Products. Clementia shall be solely and exclusively responsible at its own expense for the commercial manufacture
and commercial supply of Products for sale in the Territory, either by itself or through Third Parties.

 

		7.	Regulatory

 

7.1     Responsibility

 

Clementia, at its sole cost, shall use
Commercially Reasonable Efforts to pursue or have pursued regulatory affairs related to a Product containing Palovarotene in the
Territory including the preparation and filing of applications for Regulatory Approval, as well as any or all governmental approvals
required to develop, have developed, make, have made, use, have used, manufacture, have manufactured, import, have imported, sell
and have sold a Product containing Palovarotene. Clementia shall be responsible for pursuing, compiling and submitting all regulatory
filing documentation, and for interacting with regulatory agencies, for Products in the Territory. Clementia shall own and file
or have filed in their discretion all regulatory filings and Regulatory Approvals for the Product in the Territory.

 

7.2     Pharmacovigilance
Agreement

 

Promptly after the Effective Date, Clementia
and Roche shall negotiate in good faith and enter into a Pharmacovigilance Agreement in accordance with all Applicable Laws which
sets forth,

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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among other things, the responsibilities
and obligations of the Parties with respect to the procedures and timeframes for compliance with all Applicable Laws (and each
of the Party’s policies) pertaining to safety reporting and their related activities, with respect to activities related
to the Products under this Agreement. The transfer of historical Safety Data together with the responsibility for Pharmacovigilance
activities will be part of the Pharmacovigilance Agreement.

 

		8.	Commercialization

 

Clementia or through Affiliates and/or
Sublicensees, at its own expense, shall have sole responsibility for the marketing, promotion, sale and distribution of Products
in the Territory and will use Commercially Reasonable Efforts to commercialize, or have commercialized, a Product containing Palovarotene.

 

		9.	Clementia Payment Obligations

 

9.1      Signing Fee,
License Fee and Effective Date

 

Clementia shall pay, or cause to be paid,
to Roche a non-refundable signing fee of USD totaling [*****] (“Signing Fee”) within [*****] from the date of the last
signature of this Agreement (“Signing Date”).

 

At any time from the Signing Date until
[*****], Clementia shall pay, or cause to be paid, to Roche a non-refundable additional license fee of USD totaling [*****], bringing
the total paid to USD [*****] (“License Fee”). The date on which all of the total License Fee has been paid to Roche
shall be the “Effective Date.”

 

From the Signing Date until [*****], Roche
shall not grant any rights related to the Compounds and/or the Products or provide any quantity of Compounds or Products to any
Third Party

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(“Exclusivity Period”). If
Roche has not received the License Fee from Clementia by [*****], then (i) the Exclusivity Period shall expire, (ii) this
Agreement shall be void and not become effective and (iii) Roche shall be free to grant rights related to the Compounds and/or
the Products to any Third Party without any restriction, (iv) such non-payment of the License Fee by Clementia shall not constitute
a breach of this Agreement by Clementia pursuant to Section 15.3(a), and Section 15.3(a) shall not apply. Section 14
(Confidentiality; Publication), Section 16 (Indemnification) and Section 17 (Dispute Resolution, Governing Law and Jurisdiction)
shall apply during the Exclusivity Period.

 

For clarity, neither Party shall have any
rights or obligations under this Agreement prior to the Effective Date, except as expressly stated in this Section 9.1.

 

9.2      Development
and Sales Based Event Payments

 

(a)     Development
event payments.

 

Clementia shall pay up to a total of USD
[*****] and potential payments for subsequent additional Indications in relation to the achievements of events with respect to
the development of a first Product reaching such events. The development event payments under this Section 9.2 shall be paid
to Roche according to the following schedule of development events.

 

[*****]

 

Each development event payment shall only
be paid once under this Agreement, the first time a Product reaches such development event, regardless of the number of times such
events are thereafter subsequently reached through the development of subsequent Products. For example, the [*****] shall each
only be paid once, the first time this event occurs for the development of a first Product in a first Indication, and the Regulatory
Approval payments shall be paid at the

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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respective applicable amount, only once
for a given Indication, the first time a Product receives Regulatory Approval for the applicable Indication, irrespective of whether
or not such Product has previously received Regulatory Approval for a different Indication. For the avoidance of doubt, the first
Regulatory Approval of each subsequent additional Indication shall trigger the payment of [*****] for each of such event, irrespective
of the Product triggering such event i.e. three payments of [*****] if there are three subsequent additional Indications. For clarity,
a [*****] event payment for each subsequent additional Indication shall not only be paid once but for each additional Indication
that reaches [*****].

 

If the [*****], then the milestone for
[*****].

 

[*****].

 

(b)     Sales based
event payments. Clementia shall, promptly after Clementia is informed about such event, notify Roche in writing the first time
the relevant sales based event mentioned in the table below is achieved and with respect to a Product. Clementia will pay Roche
within [*****] of the respective written notice, and subject to receipt of a respective invoice from Roche, the following one-time
sales based event payments with respect to the first Product to achieve such event based on Calendar Year Net Sales of such Product
in the Territory the first time the respective event occurs.

 

[*****]

 

Each sales event payment shall only be
paid the first time the first Product reaches such sales event, regardless of the number of times such events are reached for any
Product.

 

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9.3      Royalties.
Clementia shall pay to Roche a royalty of [*****] on Net Sales of Products on a country-by-country and Product-by-Product basis
until the expiry of the Royalty Term applicable to such country. Thereafter, the licenses shall be fully paid up and royalty-free.

 

9.4      Generic Product.
lf, for a given Product, the entry of one or more Generic Products in a country has resulted in sales in a decline of the Net Sales
of such Product in such country in any [*****].

 

9.5      Third Party
Payments. Clementia shall be responsible for and pay or have paid any consideration owed to any Third Party in relation to
Third Party intellectual property rights Covering the Compounds and/or Products. Clementia shall have the right to deduct [*****]
of such consideration actually paid to a Third Party from royalty payments otherwise due and payable by Roche to Clementia under
this Agreement. Any such deduction shall be permitted on a Product-by-Product and country-by-country basis.

 

9.6      Combination
Product. If Clementia or its Affiliates or its Sublicensees intend to sell a Combination Product, then the Parties shall meet
approximately [*****] prior to the anticipated First Commercial Sale of such Combination Product to negotiate in good faith and
agree to an appropriate adjustment to Net Sales to reflect the relative fair market value of the Product and the other pharmaceutically
active agent(s) contained in the Combination Product. If, after such good faith negotiations not to exceed [*****], the Parties
cannot agree to an appropriate adjustment, the dispute shall be initially referred to the executive officers of the Parties in
accordance with Section 17.1. Should the Parties fail to agree within [*****] of such referral, then the Net Sales shall equal
[*****].

 

9.7      Maximum Deductions.
In no event shall the royalty paid to Roche in a Calendar Quarter for Net Sales of a given Product in the Territory hereunder be
reduced by more than an

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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amount equal [*****] of the royalties otherwise
due for Net Sales of such Product in the Territory for such Calendar Quarter, per the applicable royalty rates set forth above.

 

		10.	General Payment Provisions

 

10.1     Royalty
Term. Royalties under Section 9.3 shall be payable on a Product-by-Product and country-by-country basis for the period
equal to the Royalty Term for such Product in such country.

 

10.2     Payment
and reports. Reports regarding sales of Products and royalty payments thereon in accordance with this Agreement shall be calculated
on a Product-by-Product and country-by-country basis and reported for each Calendar Quarter within [*****] following the end of
the quarter. All payments due under this Agreement shall be paid within [*****] after the end of each Calendar Quarter, unless
otherwise specifically provided herein. Each royalty payment shall be accompanied by a report with the following information provided
on a country-by-country basis:

 

(a)     gross sales
in local currency;

 

(b)     the exchange
rates used in determining the amount of USD (or CHF as applicable);

 

(c)     gross sales
in USD (or CHF as applicable);

 

(d)     deductions
from sales to calculate Net Sales pursuant to the definition of Net Sales;

 

(e)     adjustments
made pursuant to Sections 9.4, 9.5, 9.6, and 9.7;

 

(f)     royalty
rate applied to calculate royalties due hereunder;

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(g)     Net Sales
in USD (or CHF as applicable);

 

(h)     the royalties,
payable in USD (or CHF as applicable), which shall have accrued hereunder in respect to such Net Sales;

 

(i)     withholding
taxes, if any, required by law to be deducted in respect of such sales.

 

10.3     Exchange
rate; Manner and place of payment. Royalties for Net Sales in the Territory shall be payable in US Dollars (USD) for sales
in the United States and in Swiss Francs (CHF) for sales in the Territory outside the US. With respect to each Calendar Quarter,
for countries other than the United States, whenever conversion of sales of a Product or Net Sales or payments from any foreign
currency shall be required, such conversion shall be made at the average of the rates of exchange reported by Thomson Reuters (or
any other qualified source that is acceptable to both Parties) at the last working day of the applicable Calendar Quarter. All
payments owed under this Agreement shall be made by wire transfer to a bank and account designated in writing by Roche, unless
otherwise specified in writing by Roche.

 

10.4     Value added
tax (“VAT”). The payments to be made under this Agreement do not include any VAT (or equivalent tax). The
Parties shall cooperate with each other using their reasonable best efforts to ensure that the transactions hereunder are not subject
to VAT (or equivalent tax). If nevertheless VAT (or equivalent tax) is levied and it cannot be settled by filing a notification
instead of paying the VAT, VAT (or equivalent tax) shall be added to the applicable payment and it shall be paid by the Party performing
the applicable payment. If VAT (or equivalent tax) is payable, the Parties shall cooperate with each other to allow to the extent
possible under applicable laws and regulations recovery of any such VAT (or equivalent tax) paid.

 

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10.5     Income tax
withholding. If provision is made in law or regulation of any country for withholding of taxes of any type, levies or other
charges with respect to any royalty or other amounts payable under this Agreement to a Party (“Receiving Party”),
then the other Party (“Paying Party”) shall promptly pay such tax, levy or charge for and on behalf of Receiving
Party to the proper governmental authority, and shall promptly furnish Receiving Party with receipt of payment. Paying Party shall
be entitled to deduct any such tax, levy or charge actually paid from royalty or other payment due Receiving Party. Each Party
agrees to reasonably assist the other Party in claiming exemption from such deductions or withholdings under double taxation or
similar agreement or treaty from time to time in force and in minimizing the amount required to be so withheld or deducted. If
any such withholding of taxes is required, the Parties shall cooperate with each other to allow to the extent possible under applicable
laws and regulations recovery of any such taxes withheld and paid.

 

Receiving Party shall
pay all income and revenue taxes levied on any payments made under this Agreement.

 

10.6     Records,
audits, adjustments. During the Term and for a period of [*****] thereafter, Clementia shall keep (and shall cause its Affiliates
and Sublicensees to keep) complete and accurate records pertaining to the purchase, storage, sale, or other disposition of Products
in sufficient detail to permit Roche to confirm the accuracy of all royalty and other payments due hereunder. [*****]. Records
will include, at a minimum, master files, product numbers, description, and quantities shipped and sold, and Sublicensee audit
reports carried out by or on behalf of Clementia. Roche shall have the right to cause an independent, certified public accountant
to audit the Clementia records to confirm Net Sales, royalty payments, and sales based event payments related to annual total Net
Sales for a period covering not more than

 

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[*****]. Such audits may be exercised no
more than [*****] during normal business hours upon reasonable prior written notice to Clementia. Prompt adjustments shall be made
to reflect the results of such audit. Roche shall bear the full cost of such audit unless such audit discloses an underpayment
by Clementia of more than [*****] of the amount of royalty or other payments due with regard to the audited period, in which case,
Clementia shall bear the full cost of such audit and shall promptly remit to Roche the amount of any underpayment, plus interest
calculated in accordance with Section 10.8. In the event of any overpayment, the amount of overpayment, plus interest calculated
in accordance with Section 10.8 shall be offset against future payments, and if this is not possible, Roche shall promptly
remit to Clementia the amount of the overpayment, plus interest calculated in accordance with Section 10.8.

 

10.7     Prohibited
payments. Notwithstanding any other provision of this Agreement, if a Party is prevented from paying any payments due hereunder
by virtue of the mandatorily applicable statutes, laws, codes or governmental regulations of the country from which the payment
is to be made, then such payments may be paid by depositing funds in the currency in which accrued to the other Party account in
a bank acceptable to such other Party in the country whose currency is involved.

 

10.8     Late payments.
In the event that any payment due hereunder is not made when due, the payment shall accrue interest from the date due at the rate
of [*****]; provided, however, that in no event shall such rate exceed the maximum legal annual interest rate; and
provided, further, that no such interest shall accrue until the other Party has provided written notice of such lateness
of payment. The payment of such interest shall not limit a Party from exercising any other rights it may have as a consequence
of the lateness of any payment.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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		11.	Intellectual Property

 

11.1     Ownership
of Patent Rights. Clementia shall own all Clementia Inventions and Clementia Intellectual Property, Roche shall own all Roche
Inventions and Roche Intellectual Property, and Clementia and Roche shall jointly own all Joint Inventions and Joint Intellectual
Property. Clementia and Roche each shall require all of its employees to assign all inventions related to Compounds and Products
made by them to Roche and/or Clementia, as the case may be. The determination of inventorship for Inventions shall be in accordance
with US inventorship laws, as if the invention was made in the US. Notwithstanding anything to the contrary contained herein or
under applicable law, except to the extent expressly set forth herein, the Parties hereby agree that (i) neither Party may use
or license or sublicense to Affiliates or Third Parties all or any portion of its interest in Joint Inventions and Joint Intellectual
Property for the discovery, development, manufacture, use, sale or importation of a retinoic acid receptor gamma agonist, for use
in the Field, without the prior written consent of the other Party, which may be granted or withheld in its sole discretion (ii)
either Party may use or license or sublicense to Affiliates or Third Parties all or any portion of its interest in Joint Inventions
and Joint Intellectual Property for any purposes inside or outside the Field other than the discovery, development, manufacture,
use, sale or importation of a retinoic acid receptor gamma agonist, for use in the Field, without the prior written consent of
the other Party, without restriction and without the obligation to provide compensation to the other Party.

 

11.2     Patent prosecution
and maintenance. Subject to Section 11.3, Roche shall have the first right (but not the obligation) to prepare, file,
prosecute and maintain all Roche Patents at Roche’s sole expense. Clementia shall have the first right (but not the obligation)
to prepare, file, prosecute and maintain all Clementia Owned Patents at Clementia’ sole expense. The Party

 

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responsible for the filing, prosecution
and maintenance of any Roche Patents or Clementia Owned Patents (the “Responsible Party”) shall provide the
other Party with a reasonable opportunity to review drafts of proposed patent applications with respect to Patents owned solely
by the Responsible Party that claim the manufacture, use or sale of Compounds or Products being developed or commercialized by
either Party, if appropriate, depending on the content of the submission, provided that Roche’s right of review shall end
after the second Right of First Negotiation in the event that Roche has not reacquired the right to develop and commercialize the
Compounds and Products. The Responsible Party shall consider in good faith the requests and suggestions of the other Party with
respect to the content and strategies for such patent applications.

 

11.3     Assignment
of Patents. (i) If [*****] is no longer interested in prosecuting or maintaining any of the [*****] Patents, then [*****] shall
notify [*****] thereof and (ii) if the first Right of First Negotiation occurs under Section 3 and the Parties do not reach agreement
on the terms for [*****] to reacquire the right to develop and commercialize the Compounds and Products, then in either case [*****]
shall assign the [*****] Patents to [*****]; provided, however, that no assignment shall take place before the date envisaged in
Section 3.1. Notwithstanding the foregoing, if [*****] notifies [*****] that it does not wish to have one or more [*****] Patents
assigned to it, [*****]. [*****] shall bear the costs for such assignments and for all future costs and should [*****] wish to
assign any [*****] Patents before the date envisaged in Section 3.1, then [*****] shall bear the maintenance costs for such [*****]
Patents [*****]. All Patent Rights so assigned from [*****] to [*****] shall continue to be treated as [*****] Patents for purposes
of determining the Royalty Term.

 

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11.4     Prosecution
of Joint Patents Rights. [*****] shall be the Responsible Party for preparing, filing, prosecuting or maintaining Joint Patents.
[*****] shall not discontinue prosecution or maintenance of Joint Patents without at least [*****] prior written notice to [*****].
If [*****] decides to discontinue prosecution or maintenance of any Joint Patents, [*****]
shall have the option to continue to prosecute or maintain such Joint Patent, at [*****] sole expense, and in such case, except
for the change in responsibility for prosecuting or maintaining such Joint Patents under this Section 11.4, no changes in ownership
or licensing terms pertaining to such Joint Patents shall occur.

 

11.5     Cooperation
of the Parties. Each Party agrees to cooperate in the preparation, filing and prosecution of any Patents under this Agreement
and in the obtaining of any patent extensions, supplementary protection certificates and the like with respect to any such Patent.
Such cooperation includes, but is not limited to: (a) executing all papers and instruments, or requiring its employees or contractors,
to execute such papers and instruments and to enable the Responsible Party to apply for and to prosecute patent applications in
any country; and (b) promptly informing the Responsible Party of any matters coming to such Party’s attention that may
affect the preparation, filing, prosecution or maintenance of any such patent applications; and (c) the Responsible Party regularly
updating the other Party on the status of all Patents, including any dates for action required or due dates for payments.

 

11.6     Infringement
by Third Parties.

 

(a)     Infringement.
[*****] shall promptly provide written notice to [*****] during the Term of any known infringement or suspected infringement by
a Third Party of any Roche Patents, Clementia Owned Patents (if any) or Joint Patents (if any), and shall provide

 

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[*****] with all evidence in its possession
supporting such infringement or unauthorized use or misappropriation.

 

(b)     Defense and
Enforcement. Within a period of [*****] after [*****] provides or receives such written notice with respect to its Patents
(“Decision Period”), [*****], in its sole discretion, shall decide whether or not to initiate a suit or take
other appropriate action and shall notify [*****] of its decision in writing (“Suit Notice”). Responsibility
for protecting or otherwise enforcing Joint Patents shall be determined [*****].

 

If [*****] decides
to bring a suit or take action and provides a respective Suit Notice, then [*****] may immediately commence such suit or take such
action. If [*****] (i) does not in writing advise [*****] within the Decision Period that it will commence suit or take action,
or (ii) fails to commence suit or take action within a reasonable time after providing Suit Notice, then [*****] shall thereafter
have the right to commence suit or take action and shall provide written notice to [*****] of any such suit commenced or action
taken by [*****].

 

Upon written request,
[*****] (“Initiating Party”) shall keep [*****] informed of the status of any such suit or action and shall
provide [*****] with copies of all substantive documents and communications filed in such suit or action. [*****] shall have the
sole and exclusive right to select counsel for any such suit or action.

 

[*****] shall, except
as provided below, pay all expenses of the suit or action, including, without limitation, [*****] attorneys’ fees, damages
and court costs.

 

If [*****] believes
it reasonably necessary, upon written request [*****] shall join as a Party to the suit or action, but shall be under no obligation
to participate, except to the extent that such participation is required as the result of its being a named Party to the suit or

 

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action. At [*****] written request, [*****]
shall offer reasonable assistance to [*****] in connection therewith at no charge to [*****] except for reimbursement of reasonable
out-of-pocket expenses incurred by [*****] in rendering such assistance. [*****] shall have the right to participate and be represented
in any such suit or action by its own counsel at its own expense.

 

[*****] shall not settle,
agree to a consent judgment or otherwise voluntarily dispose of the suit or action without the written consent of [*****], which
consent shall not be unreasonably withheld.

 

Except as otherwise
agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized as a result of litigation described
in this Section 11.6 (whether by way of settlement or otherwise) will be first allocated to reimbursement of unreimbursed
legal fees and expenses incurred by [*****], then toward reimbursement of any unreimbursed legal fees and expenses of [*****],
and then the remainder will be [*****].

 

		12.	Trademarks and Labeling

 

Clementia shall have
the right to choose the trademark(s) for the Products Clementia shall own all trademarks used on or in connection with Products
in the Territory, and shall, at its sole cost, be responsible for procurement, maintenance, enforcement and defense of all trademarks
used on or in connection with Products in the Territory.

 

Clementia shall use
the Product trademarks in accordance with sound trademark and trade name usage principles and in accordance with all applicable
laws and regulations as reasonably necessary to maintain the validity and enforceability of the Product trademarks.

 

Clementia shall not
use the Housemark of Roche for any purposes.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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If requested by Roche
and to the extent permitted by applicable law, all packaging and labeling shall display that the Product has been “licensed
from Roche”.

 

		13.	Representations and Warranties

 

13.1     Mutual representations
and warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a) it is duly organized
and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and
authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to execute and deliver
this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been
duly authorized to do so by all requisite corporate or partnership action; and (c) this Agreement is legally binding upon it, enforceable
in accordance with its terms, and does not conflict with any agreement, instrument or understanding, oral or written, to which
it is a Party or by which it may be bound, nor violate any material law or regulation of any court, governmental body or administrative
or other agency having jurisdiction over it.

 

13.2     Roche representations
and warranties. Roche represents and warrants to Clementia that, as of the Effective Date: (a) Roche owns the Roche Intellectual
Property and has full right and power to grant the rights to Clementia set forth in this Agreement, (b) has not received written
notice from any Third Party claiming that the manufacture, use or sale of Compounds or Products infringes the Patents of any Third
Party, (c) Roche is not a Party to any legal action, suit or proceeding relating to Compounds or Products, (d) to the best of its
knowledge is not aware that a third Party makes, uses or sells product that infringes the Roche Patent Rights, (e) to the best
of its knowledge, the Roche Patents have been filed and prosecuted in accordance with the rules and regulations of the relevant
patent offices and to Roche’s

 

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knowledge are valid and enforceable, (f) none
of the Roche Patents is currently involved in any reexamination, reissue, interference, opposition or cancellation proceeding,
and none of the foregoing have been threatened in writing, (g) Roche and its Affiliates do not own or Control any Patent Rights
other than the Roche Patents that would be infringed by the manufacture, use, sale or import of Compounds or Products, and (h) to
the best of its knowledge, Roche has disclosed to Clementia all material preclinical and clinical data relating to the safety of
the Compounds and Products.

 

13.3     Disclaimer.
Except as expressly set forth herein and elsewhere in this Agreement, THE INTELLECTUAL PROPERTY RIGHTS PROVIDED BY EACH PARTY HEREUNDER
ARE PROVIDED “AS IS” AND EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING
WITHOUT LIMITATION THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THE INTELLECTUAL
PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES.

 

13.4     Limited
Liability. Except in the event of a breach of a representation set forth in this Article 13, NOTWITHSTANDING ANYTHING
TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR (I) ANY SPECIAL,
PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR LOST REVENUES, OR (II)
COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES, WHETHER UNDER ANY CONTRACT, WARRANTY, NEGLIGENCE, STRICT LIABILITY
OR OTHER LEGAL OR EQUITABLE THEORY.

 

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		14.	Confidentiality; Publication

 

14.1     Confidential
Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, each
Party agrees that, during the Term and for five (5) years thereafter, such Party shall keep confidential and shall not publish
or otherwise disclose and shall not use for any purpose other than as expressly provided for in this Agreement any Know-How related
to the Compounds or Products furnished to it by the other Party pursuant to this Agreement or any Know-How related to the Compounds
or Products exclusively licensed to the other Party, as well as other confidential information of the Parties, including information
from any audit of Sublicensees, under this Agreement (collectively, “Confidential Information”). Such Party
(the “Recipient”) may use such Confidential Information only to the extent required to accomplish the purposes
of this Agreement. The Recipient will use at least the same standard of care as it uses to protect proprietary or confidential
information of its own to ensure that its employees, agents, contractors, consultants and other representatives do not disclose
or make any unauthorized use of the Confidential Information. The Recipient will promptly notify the other Party upon discovery
of any unauthorized use or disclosure of the Confidential Information.

 

14.2     Exceptions.
Confidential Information shall not include any information which the Recipient can prove by competent written evidence or relevant
records: (a) is now, or hereafter becomes, through no act or failure to act on the part of the Recipient, generally known or available;
(b) is known by the Recipient at the time of receiving such information; (c) is hereafter furnished to the Recipient by a
Third Party, as a matter of right and without restriction on disclosure; or (d) is independently discovered or developed by
the Recipient without the use of Confidential Information of the other Party. Notwithstanding the foregoing, any specific

 

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combination of items found in the Confidential
Information shall not be deemed to fall within the foregoing exclusions merely because such combination can be pieced together
from multiple public sources, none of which shows the whole combination, unless the combination itself is published or available
to the general public or are in the rightful possession of the Recipient.

 

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

 

(a)     filing
or prosecuting Patents as permitted by this Agreement;

 

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

 

(c)     complying
with applicable court orders or governmental regulations;

 

(d)     disclosure
to Third Parties in connection with due diligence or similar investigations by such Third Parties, and disclosure to potential
Sublicensees, Third Party acquirers, investors or financial institutions or advisors in confidential financing or acquisition documents,
provided, in each case, that any such Third Party agrees to be bound by obligations of confidentiality and non-use, such obligations
of confidentiality to contain a confidentiality period of at least five (5) years; and

 

(e)     disclosure,
if any, required pursuant to relevant stock exchange rules and regulations to which any of the Parties is, or may be, subject during
the Term.

 

Disclosure pursuant
to Section 14.3(a) is only allowed upon prior written approval of the Party owning such Confidential Information (which approval
shall not be unreasonably withheld).

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Notwithstanding the
foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to
Sections 14.3(b) or 14.3(c) or 14.3(e), it will give reasonable advance notice to the other Party of such disclosure and use
Commercially Reasonable Efforts to secure confidential treatment of such information at least as diligently as such Party would
use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the Parties agree
to take all reasonable action to avoid disclosure of Confidential Information hereunder. The Parties will consult with each other
on the provisions of this Agreement to be redacted in any filings made by the Parties with the Securities and Exchange Commission
(or any other relevant agency or body related to a regulated stock exchange) or as otherwise required by law.

 

14.4     Publications.
Each Party shall have the right to publish any papers regarding results and other information regarding the Compounds and/or Products,
including oral presentations and abstracts. The publishing Party shall provide the non-publishing Party with a copy of any proposed
papers at least thirty (30) days prior to submission for publication so as to provide the non-publishing Party with an opportunity
to review drafts of the proposed papers. The publishing Party shall consider in good faith the requests and suggestions of the
non-publishing Party provided that Roche’s right of review as non-publishing Party under this Section 14.4 shall end
after the Second Right of First Negotiation in the event that Roche has not reacquired the right to develop and commercialize the
Compounds and Products.

 

14.5     Use of name
or trademarks. Neither Party shall use the other Party’s or its Affiliates’ names or trademarks for publicity or
advertising purposes, except with the prior written consent of the other Party.

 

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14.6     Publicity.
It is understood that the Parties intend to issue a joint press release announcing the execution of this Agreement at a mutually
agreed upon time (the “Initial Press Release”). Thereafter both Parties may desire or be required to issue subsequent
press releases relating to the Agreement or activities thereunder. The Parties agree to consult with each other reasonably and
in good faith with respect to the text and timing of such subsequent press releases prior to the issuance thereof, provided that
a Party may not unreasonably withhold or delay consent to such subsequent releases, and that either Party may issue such subsequent
press releases as it determines, based on advice of counsel, are reasonably necessary to comply with laws or regulations or for
appropriate market disclosure. In addition, following the Initial Press Release announcing this Agreement, either Party shall be
free to disclose, without the other Party’s prior written consent, the existence of this Agreement, the identity of the other
Party and those terms of the Agreement which have already been publicly disclosed in accordance herewith.

 

		15.	Term and Termination

 

15.1     Commencement
and Term

 

This Agreement shall
commence upon the Effective Date and continue until no payments are due under this Agreement or until terminated in accordance
with Article 15 or by agreement of the Parties. Upon expiration of this Agreement at the time no payments are due hereunder,
the license granted to Clementia in Section 2.1 shall become fully-paid.

 

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15.2     Termination

 

(a)     Termination
For Breach

 

A Party (“Non-Breaching Party”)
shall have the right to terminate this Agreement in its entirety or on a country-by-country or Product-by-Product basis in the
event the other Party (“Breaching Party”) is in breach of any of its material obligations under this Agreement.
The non-Breaching Party shall provide written notice to the Breaching Party, which notice shall identify the breach and the countries
in which the Non-Breaching Party intends to have this Agreement terminate. The Breaching Party shall have a period of ninety (90)
days after such written notice is provided to cure such breach (“Peremptory Notice Period”) to cure such breach.
If the Breaching Party has a bona fide dispute as to whether such breach occurred or has been cured, it will so notify the Non-Breaching
Party, and the expiration of the Peremptory Notice Period shall be tolled until such dispute is resolved pursuant to Section 17.
Upon a determination of breach or failure to cure, the Breaching Party may have the remainder of the Peremptory Notice Period to
cure such breach. If such breach is not cured within the Peremptory Notice Period, as extended, then absent withdrawal of the Non-Breaching
Party’s request for termination, this Agreement shall effectively terminate in such countries effective as of the expiration
of the extended Peremptory Notice Period, unless there exists a bona fide dispute as to whether such breach occurred or has been
cured or Section 17 applies.

 

(b)     Insolvency

 

A Party shall have the right to terminate
this Agreement, if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary proceeding, such
right to terminate shall only become effective if the Party that incurs the Insolvency Event consents to the involuntary proceeding
or such proceeding is not dismissed within ninety (90) days after the filing thereof.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(c)     Termination
by Clementia without a Cause

 

Clementia shall have the right to terminate
this Agreement at any time on a Product-by-Product and country-by-country basis upon three (3) months prior written notice before
First Commercial Sale of the Product or upon six (6) months prior written notice after the First Commercial Sale of the Product.
The effective date of termination under this Section shall be the date three (3) months (or six (6) months as the case
may be) after Clementia provides such written notice to Roche.

 

15.3     Consequences
of Termination

 

(a)     Termination
by Roche for Breach by Clementia

 

Upon any termination of this Agreement
in its entirety or in a country by Roche for a Clementia Insolvency Event or for breach by Clementia, all rights and licenses granted
by Roche to Clementia under this Agreement shall terminate in their entirety or on a country-by-country and Product-by-Product
basis, as applicable, on the effective date of termination.

 

Any existing, permitted sublicense granted
by Clementia under this Agreement shall continue in full force and effect, provided that the permitted Sublicensee did not cause
the breach that gave rise to a termination and agrees to be bound by all the terms and conditions of this Agreement that are applicable
to such permitted Sublicensee including rendering directly to Roche all payments and other obligations due to Roche related to
such sublicense (including all event payments and royalty payments).

 

After the effective date of termination
Clementia shall, upon Roche’s written request, to the extent Clementia has the right to do so, assign and transfer to Roche,
at no expense to Roche, all regulatory filings and approvals, all final pre-clinical and clinical study reports and clinical study
protocols, Product Trademarks, and all data, including clinical data, materials and information, in

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	42

    	

    

Clementia’s possession and control
related to Product(s) in the country necessary for Roche to continue to develop and commercialize the Product(s). All documents
shall be transferred in the form and format in which such materials are maintained by Clementia. Original paper copies shall only
be transferred, if legally required. Clementia shall not be required to prepare or finalize any new data, reports or information
solely for purposes of transfer to Roche. In connection with research studies or clinical trials, Clementia may have collected
human samples and related clinical information for additional limited research and development programs (“Samples”).

 

Clementia will, to the extent it has the
right to do so, transfer existing and available aliquots of the Samples to Roche for the sole purpose of developing and commercializing
the Product. Roche is responsible for the correct use of the Samples in line with the informed consent forms (including but not
limited to potential re-consenting of the patients at Roche’s costs). Clementia shall not be required to provide any additional
work for Roche relating to the Samples.

 

Clementia shall assign all clinical trial
agreements, to the extent such agreements have not been cancelled and are assignable without Clementia paying any consideration
or commencing litigation in order to effect an assignment of any such agreement.

 

Roche shall, upon such transfer, have the
right to disclose such filings, approvals and data to (i) governmental agencies of the country to the extent required or desirable
to secure government approval for the development, manufacturing or sale of Product(s) in the country, (ii) Third Parties
acting on behalf of Roche, its Affiliates or licensees, to the extent reasonably necessary for the development, manufacture, or
sale of Product(s) in the country, and (iii) Third Parties to the extent reasonably necessary to market Product(s) in the
country.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Roche shall have (i) an exclusive license
(even as to Clementia), with the right to sub-license, under the Clementia Owned Patent Rights and Clementia Know-How, including
Clementia’s interest in the Joint Patent Rights and Joint Know-How to develop, manufacture, and have manufactured, use, offer
to sell, sell, promote, export and import the applicable Product(s) in the Field in the applicable country(ies),) and (ii) to the
extent necessary for the development and or commercialization of the Product(s) by Roche, Clementia shall also grant Roche a non-exclusive
license, with the right to sublicense, under pre-existing Clementia owned Patent Rights and pre-existing Clementia know-how. [*****]
for a Product on the date the notice of termination is given, Roche’s licenses under clauses (i) and (ii) shall be fully
paid and royalty-free. [*****] for a Product on the date the notice of termination is given, Roche’s licenses under clauses
(i) and (ii) shall be on terms to be negotiated in good faith by the Parties.

 

(b)     Termination
by Clementia for Breach by Roche or Roche Insolvency

 

Upon breach by Roche or Roche’s Insolvency
Event, Clementia shall have the right to terminate this Agreement in accordance with Section 15.2(b) of this Agreement. If
Clementia does not practice its aforementioned right to terminate, then Clementia may retain the rights and licenses granted by
Roche under this Agreement after the expiration of the Peremptory Notice Period; provided, however, that Roche will either (i)
reduce the payments and royalties payable by Clementia specified in Section 9, or (ii) compensate damages caused by such Roche’s
breach. Both Parties shall discuss in good faith and agree on the extent of damages caused by Roche’s breach of its obligations
under this Agreement, and appropriate payment and royalty adjustments and compensation for damages as may be applicable. Clementia
shall notify Roche its decision on whether or not it shall terminate this Agreement (i) in the case of breach, within ninety

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(90) days after the expiration of
the Peremptory Notice Period or (ii) in the case of an Insolvency Event, the date such termination would have become effective.

 

(c)     Termination
by Clementia without Cause

 

Upon any termination by Clementia without
cause, all rights and licenses granted by Roche to Clementia under this Agreement shall terminate in its entirety or on a country-by-country
and Product-by Product basis, as applicable, on the effective date of termination.

 

(i)     After
the effective date of termination Clementia shall, upon Roche’s written request, to the extent Clementia it has the right
to do so, transfer to Roche, at no expense to Roche, all regulatory filings and approvals, all final pre-clinical and clinical
study reports and clinical study protocols, Product Trademarks, and all data, including clinical data, materials and information,
in Clementia’s possession and control related to Product(s) in the country necessary for Roche to continue to develop and
commercialize the Product(s). All documents shall be transferred in the form and format in which such materials are maintained
by Clementia. Original paper copies shall only be transferred, if legally required. Clementia shall not be required to prepare
or finalize any new data, reports or information solely for purposes of transfer to Roche. Clementia will, to the extent it has
the right to do so, transfer existing and available aliquots of the Samples to Roche for the sole purpose of developing and commercializing
the Product. Roche is responsible for the correct use of the Samples in line with the informed consent forms (including but not
limited to potential re-consenting of the patients at Roche’s costs). Clementia shall not be required to provide any additional
work for Roche relating to the Samples.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(ii)     Clementia
shall assign all clinical trial agreements, to the extent such agreements have not been cancelled and are assignable without Clementia
paying any consideration or commencing litigation in order to effect an assignment of any such agreement.

 

(iii)     Roche
shall, upon such transfer, have the right to disclose such filings, approvals and data to (i) governmental agencies of the country
to the extent required or desirable to secure government approval for the development, manufacture or sale of Product(s) in the
country; (ii) Third Parties acting on behalf of Roche, its Affiliates or licensees, to the extent reasonably necessary solely for
the development, manufacture, or sale of Product(s) in the country, or (ii) Third Parties to the extent reasonably necessary to
market Product(s) in the country.

 

(iv)     Roche
shall have (i) a fully paid-up exclusive license (even as to Clementia), with the right to sub-license, under the Clementia Owned
Patent Rights and Clementia Know-How, including Clementia’s interest in the Joint Patent Rights and Joint Know-How for Roche,
its Affiliates or licensees each solely to develop, manufacture, and have manufactured, use, offer to sell, sell, promote, export
and import the applicable Product(s) in the Field in the applicable country(ies). To the extent necessary for the development and
or commercialization of the Product(s) by Roche, Clementia shall also grant Roche a non-exclusive license, with the right to sublicense,
under pre-existing Clementia Owned Patent Rights and pre-existing Clementia know-how, if any.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(d)     Obligations
Related to Manufacturing

 

(i)     Clinical
Supplies

 

In the case of termination by Roche under
Section 15.2(a) or 15.2(b) or by Clementia under Section 15.2(c), Clementia shall transfer all existing and available clinical
material to Roche [*****]. Clementia shall have no obligation to perform any additional activities concerning the clinical supplies
(e.g. retesting, analyses). Roche shall assume all liability for the use of such material.

 

(ii)     Commercial
Supplies

 

In the case of termination by Roche under
Section 15.2(a), if a Product is marketed in any country of Territory on the date of the notice of termination of this Agreement,
upon the request of Roche, Clementia shall continue to manufacture and supply such Product to Roche, [*****]. Roche shall use Commercially
Reasonable Efforts to take over the responsibility for manufacturing as soon as possible after the effective date of termination.

 

In the case of termination by Clementia
under Section 15.2(c), if a Product is marketed in any country of Territory on the date of the notice of termination of this
Agreement, upon the request of Roche, Clementia shall continue to manufacture and supply such Product to Roche free of charge until
such time as Clementia can transfer the process to Roche and/or a third party CMO acceptable to Roche but in no event for longer
than six (6) months following the effective date of termination. Roche shall use Commercially Reasonable Efforts to take over the
responsibility for manufacturing as soon as possible after the effective date of termination.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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(e)     Ancillary Agreements

 

Unless otherwise agreed by the Parties,
the termination of this Agreement shall cause the automatic termination of all ancillary agreements related hereto.

 

(f)     Royalty and
Payment Obligations

 

Termination of this Agreement by a Party,
for any reason, shall not release Clementia from any obligation to pay royalties or make any payments to Roche that are due and
payable prior to the effective date of termination. Termination of this Agreement by a Party, for any reason, will release Clementia
from any obligation to pay royalties or make any payments to Roche that would otherwise become due or payable on or after the effective
date of termination.

 

15.4     Survival

 

Section 11.1 (Ownership of Patent
Rights), Section 11.4 (Prosecution of Joint Patent Rights), Section 11.6 (Infringement by Third Parties (solely with respect
to Joint Patent Rights), Article 13 (Representations and Warranties), Article 16 (Indemnification), Article 14 (Confidentiality;
Publication), Article 15 (Term and Termination), Section 17 (Dispute Resolution, Governing Law and Jurisdiction) and
Article 18 (General Provisions) shall survive any expiration or termination of this Agreement for any reason.

 

		16.	Indemnification

 

16.1     Roche indemnification.
Roche hereby agrees to save, defend, indemnify and hold harmless Clementia and its officers, directors, employees, consultants
and agents (“Clementia lndemnitees”) from and against any and all losses, damages, liabilities, expenses and
costs, including reasonable legal expense and attorneys’ fees (“Indemnified Losses”), to which any such
Clementia Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the
extent such Indemnified Losses arise

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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directly out of the material breach by
Roche of any obligation, representation, warranty, covenant or agreement made by it under this Agreement, except to the extent
such Indemnified Losses result from the negligence or willful misconduct of any Clementia Indemnitee.

 

16.2     Clementia
indemnification. Clementia hereby agrees to save, defend, indemnify and hold harmless Roche and its officers, directors, employees,
consultants and agents (“Roche Indemnitees”) from and against any and all Indemnified Losses, to which any such
Roche Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the extent
such Indemnified Losses arise directly out of (i) the material breach by Clementia of any representation, warranty, covenant or
agreement made by it under this Agreement, or (ii) the development, manufacture, use, handling, storage, sale or other disposition
of the Compounds and/or any Products by Clementia or any of its Affiliates or Sublicensees (other than Roche and its Affiliates
or Sublicensees), except to the extent such Indemnified Losses result from the negligence or willful misconduct of any Roche Indemnitee.

 

16.3     Control
of defense. In the event a Clementia Indemnitee or Roche Indemnitee (as the case may be) seeks indemnification under Section 16.1
or 16.2, it shall inform the other Party (the “Indemnifying Party”) of a claim as soon as reasonably practicable
after it receives notice of the claim, shall permit the Indemnifying Party to assume direction and control of the defense of the
claim (including the right to settle the claim solely for monetary consideration), and shall cooperate as requested (at the expense
of the Indemnifying Party) in the defense of the claim, provided that the Indemnifying Party shall not settle any such claim without
the prior written consent of any affected Roche Indemnitee or Clementia Indemnitee (as the case may be), if such settlement contains
any admission of fault of such Clementia Indemnitee or Roche Indemnitee (as the case may be) or imposes any liability on such Clementia
Indemnitee or Roche

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Indemnitee or requires any action or inaction
by such Clementia Indemnitee or Roche Indemnitee.

 

		17.	Dispute Resolution, Governing Law and Jurisdiction

 

17.1     Dispute
resolution. Any dispute arising under or relating to the Parties’ rights and obligations under this Agreement will be
referred to the Chief Executive Officer of Clementia and the Head of Roche Partnering of Roche with authority to resolve such dispute,
for resolution. In the event the two individuals referred to in the preceding sentence are unable to resolve such dispute within
[*****] of such dispute being referred to the officers, then, upon the written request of either Party to the other Party, the
dispute shall be settled by the competent courts as provided in Section 17.2.

 

17.2     Governing
law and jurisdiction.

 

This Agreement shall be governed by and
construed in accordance with the laws of Switzerland, without reference to its conflict of laws principles and shall not be governed
by the United Nations Convention of International Contracts on the Sale of Goods (the Vienna Convention).

 

If a dispute cannot be resolved in application
of Section 17.1, then such dispute shall be finally settled under the rules of arbitration of the International Chamber of
Commerce (“ICC”) by three arbitrators.

 

Each Party shall nominate one arbitrator.
Should the claimant fail to appoint an arbitrator in the request for arbitration within [*****] of being requested to do so, or
if the respondent should fail to appoint an arbitrator in its answer to the request for arbitration within [*****] of being requested
to do so, the other Party shall request the ICC court to make such appointment.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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The arbitrators nominated by the Parties
shall, within [*****] from the appointment of the arbitrator nominated in the answer to the request for arbitration, and after
consultation with the Parties, agree and appoint a third arbitrator, who will act as a chairman of the arbitral tribunal. Should
such procedure not result in an appointment within the [*****] time limit, either Party shall be free to request the ICC court
to appoint the third arbitrator.

 

Where there is more than one claimant and/or
more than one respondent, the multiple claimants or respondents shall jointly appoint one arbitrator. In other respects the provisions
of this Section shall apply.

 

If any Party-appointed arbitrator or the
third arbitrator resigns or ceases to be able to act, a replacement shall be appointed in accordance with the arrangements provided
for in this Section.

 

The arbitration panel shall use its best
efforts (i) to complete the process of arbitration including the arbitration hearing within [*****] of nomination and (ii) to render
a decision or an award within [*****] after the close of arbitration hearings.

 

Zurich, Switzerland, shall be the seat
of the arbitration.

 

The language of the arbitration shall be
English. Documents submitted in the arbitration (the originals of which are not in English) shall be submitted together with an
English translation.

 

In the event that any issue shall arise
which is not clearly provided for in this arbitration agreement the matter shall be resolved in accordance with the ICC arbitration
rules.

 

		18.	General Provisions

 

18.1     No implied
licenses. No right or license under any Patents or Know-How is granted or shall be granted by implication. All such rights
or licenses are or shall be granted only as expressly provided in the terms of this Agreement.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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

 

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

 

18.4     Assignment.
Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise
transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld);
provided, however, that either Party may assign this Agreement and its rights and obligations hereunder without the
other Party’s consent: (a) in connection with the transfer or sale of all or substantially all of the business of such Party
to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or otherwise, provided that
in the event of a transaction (whether this Agreement is actually assigned or is assumed by the acquiring Party by operation of
law (e.g., in the context of a reverse triangular merger)), intellectual property rights of the acquiring Party to such
transaction (if other than one of the Parties to this Agreement) shall not be included in the licenses to the other Party granted

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	52

    	

    

hereunder or otherwise subject to this
Agreement; or (b) to an Affiliate, provided that the assigning Party shall remain liable and responsible to the non-assigning Party
hereto for the performance and observance of all such duties and obligations by such Affiliate. The rights and obligations of the
Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties,
and the name of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted assigns
to the extent necessary to carry out the intent of this section. Any assignment not in accordance with this Agreement shall be
void.

 

Insolvency.
All rights and licenses granted under this Agreement are, and shall be deemed to be, for purposes of the Canadian Bankruptcy and
Insolvency Act (the “BIA”) or the Canadian Companies’s Creditors Arrangement Act (the “CCAA”)
and similar statutes in other jurisdictions, licenses of rights to intellectual property as provided under subparagraphs 65.11(7) BIA
or 32(6) CCAA. In the event either party believes it will undergo an Insolvency Event, such party will give the other party
reasonable notice of such anticipated event, and to the extent permitted by law, negotiate in good faith with the other with respect
to an arrangement to avoid subjecting this Agreement to the effect of the BIA and the CCAA or similar statutes in other jurisdictions.

 

18.5     No Third
Party beneficiaries. This Agreement is neither expressly nor impliedly made for the benefit of any Party other than those executing
it.

 

18.6     Severability.
lf, for any reason, any part of this Agreement is adjudicated invalid, unenforceable or illegal by a court of competent jurisdiction,
then such adjudication shall not, to the extent feasible, affect or impair, in whole or in part, the validity, enforceability or
legality of any remaining portions of this Agreement. All remaining portions shall remain in full force and

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	53

    	

    

effect as if the original Agreement had
been executed without the invalidated, unenforceable or illegal part.

 

18.7     Notices.
Any notice to be given under this Agreement must be in writing and delivered either in person, by any method of mail (postage prepaid)
requiring return receipt, or by overnight courier or facsimile confirmed thereafter by any of the foregoing, to the Party to be
notified at its address(es) given below, or at any address such Party has previously designated by prior written notice to the
other. Notice shall be deemed sufficiently given for all purposes upon the earliest of: (a) the date of actual receipt; (b) if
mailed, three (3) days after the date of postmark; or (c) if delivered by overnight courier, the next Business Day the overnight
courier regularly makes deliveries.

 

Day to day correspondence, such as reports,
may be provided by e-mail to identified contacts at the other Party with confirmation of receipt, as appropriate.

 

If to Clementia, notices must be addressed
to:

 

Clementia Pharmaceuticals Inc.

1000 De La Gauchetière 2500

Montreal, Quebec H3B 0A2

Canada Attention: Chief Executive
Officer

 

If to Roche, notices must be addressed
to:

 

Hoffmann-La Roche Inc.

340 Kingsland Street

Nutley, NJ 07110, USA

Attention: Corporate Secretary

 

And:

 

F. Hoffmann-La Roche Ltd

Grenzacherstrasse 124

CH-4070 Basel

Switzerland

Attention: Legal Department

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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In the event of a change of notice address,
recipient or both, a Party shall provide the other Party written notice pursuant to this Section 18.7 setting forth the new
address and/or recipient, as appropriate.

 

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

 

18.9     Interpretation.
All references to days in this Agreement shall mean calendar days, unless otherwise specified. This Agreement has been prepared
in the English language and the English language shall control its interpretation. In addition, all notices required or permitted
to be given hereunder, and all written, electronic, oral or other communications between the Parties regarding this Agreement shall
be in the English language.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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18.10     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original document, and all of which,
together with this writing, shall be deemed one instrument.

 

[Remainder of this page intentionally
left blank.]

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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In
Witness Whereof, the Parties have executed this License
Agreement as of the date first above written.

 

	Hoffmann-La Roche Inc.	 	Clementia Pharmaceuticals Inc.
	 	 	 	 	 
	By:	/s/ Joseph S. McCracken	 	By:	/s/ Clarissa Desjardins
	Name:	Joseph S. McCracken	 	Name:	Clarissa Desjardins
	Title:	Vice President	 	Title:	CEO
	Date:	17-January-2013	 	Date:	January 23, 2013
	 	 	 	 	 
	F. Hoffmann-La Roche Ltd	 	 	 
	 	 	 	 	 
	By:	/s/ Stefan Arnold	 	By:	/s/ Dr. Melanie Frey Wick
	Name:	Stefan Arnold	 	Name:	Dr. Melanie Frey Wick
	Title:	Head Legal Pharma	 	Title:	Legal Counsel
	Date:	17/01/2013	 	Date:	January 7, 2013

 

[Remainder of this page intentionally
left blank.]

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	57

    	

    

Appendix 1

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted.

 

[*****]

    	58

    	

    

Appendix 2

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted.

 

[*****]

    	59

    	

    

Appendix 3

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 9 pages were omitted.

 

[*****]

    	60

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