Document:

Exhibit 10.2

 

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

 

Execution Version

 

Exclusive License Agreement

 

Between

 

Thomas Jefferson University

 

And

 

Clementia Pharmaceuticals, Inc.

 

		Re:	[*****], titled “Muscle Repair and Regeneration Elicited by a Gamma-Retinoid Agonist”

 

This Exclusive License Agreement between
Thomas Jefferson University and Clementia Pharmaceuticals, Inc. is effective as of February 10, 2014 (the “Effective Date”).

 

For and in consideration of the mutual promises and covenants
set forth below, the parties, intending to be legally bond, hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

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

 

		1.1	ACADEMIC RESEARCH PURPOSES shall mean use of PATENT RIGHTS for internal, educational, academic,
non-commercial and non-commercially sponsored research purposes on a non-transferable and non-sublicenseable basis or other not-for-profit
scholarly purposes which are undertaken at a non-profit or governmental institution that does not use, directly or indirectly,
the PATENT RIGHTS in the production or manufacture of products for commercial sale or the performance of services for a fee.

 

		1.2	AFFILIATE shall mean any entity which controls, is controlled by, or is under common control with
LICENSEE. For the purposes of this definition, “control” shall mean beneficial ownership (direct or indirect) of more
than fifty percent (50%) of the shares of the subject entity entitled to vote in the election of directors (or, in the case of
an entity that is not a corporation, for the election of the corresponding managing authority). Unless otherwise specified, the
term LICENSEE includes AFFILIATES.

 

		1.3	CONSIDERATION shall mean and include without limitation, money, services, property and any other
thing of value such as payment of costs, cancellation or forgiveness of indebtedness, discounts, stocks, rebates, barter and like
exchanges for value. If any such CONSIDERATION is in a form other than cash (such as in kind, equity interests, indebtedness earn-outs,
or other deferred payments, consulting fees, etc.) then the value of such CONSIDERATION shall be determined in good faith by the
Parties.

 

		1.4	FIELD shall mean all fields of use.

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		1.5	LICENSED PROCESSES shall mean processes, the performance or conduct of which would infringe one
or more VALID CLAIMs included within the PATENT RIGHTS within the FIELD.

 

		1.6	LICENSED PRODUCTS shall mean any product (i) the composition of matter of which infringes one or
more VALID CLAIMS included within the PATENT RIGHTS, or (ii) that is labeled for a method of use that infringes one or more VALID
CLAIMs included within the PATENT RIGHTS within the FIELD; in each case determined on a country by country basis in the country
of sale.

 

		1.7	LICENSEE shall mean Clementia Pharmaceuticals, Inc., and its AFFILIATES, a company organized under
the laws of Canada and having an office at 1375 Transcanadian Highway, Suite 200, Dorval, Quebec, H9P 2W8, Canada.

 

		1.8	NET RESEARCH AND DEVELOPMENT INCOME shall mean RESEARCH AND DEVELOPMENT INCOME less LICENSEE’s
actual direct and indirect cost for research, development and/or research development services provided in the generation of such
income.

 

		1.9	NET SALES shall mean the gross amount collected or received (whichever is greater) by LICENSEE,
its SUBLICENSEES or any of its or their AFFILIATES for sales, leases, or other transfers (other than sublicenses) of LICENSED PRODUCTS
and/or LICENSED PROCESSES, less:

 

[*****]

 

NET SALES also includes the fair
market value of any CONSIDERATION whatsoever received by LICENSEE or SUBLICENSEES for the sale, lease, or transfer of LICENSED
PRODUCTS and/or LICENSED PROCESSES, other than NON-ROYALTY SUBLICENSE INCOME; provided, however that any transfers among LICENSEE,
its AFFILIATE, SUBLICENSEES or third party resellers shall not be considered a sale and shall be excluded from NET SALES, and only
the subsequent sales of LICENSED PRODUCTS and/or LICENSED PROCESSES to unrelated third parties shall be deemed NET SALES hereunder.

 

		1.10	NON-ROYALTY SUBLICENSE INCOME shall mean the amount paid to LICENSEE by a SUBLICENSEE (other than
an AFFILIATE of LICENSEE) in consideration of the granting of a sublicense under Section 3.2 hereinafter, including but not limited
to (i) license fees, (ii) milestone payments, (iii) the fair market value in cash of any non-cash CONSIDERATION of any kind for
such sublicense, (iv) in the event that LICENSEE receives any payment for equity in connection with such sublicense that included
a premium over the fair market value of such equity, then in addition to the amounts included under subsection for such equity,
the amount of such premium, and (v) NET RESEARCH AND DEVELOPMENT INCOME.

 

		1.11	PATENT RIGHTS shall mean (i) the patent applications and patents listed in Appendix A of this Agreement,
or (ii) the VALID CLAIMs of such patent applications and patents, or (iii) the inventions described and claimed therein, or (iv)
any divisions, or

 

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

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	 	 	continuations of the patent applications
and patents as listed in Appendix A, or (v) specific claims of any continuations-in-part of such patent applications and patents
to the extent the specific claims are directed to subject matter described in the patent applications and patents listed in Appendix
A in a manner sufficient to support such specific claims under 35 U.S.C., or (vi) patents issuing thereon or reissues thereof,
or (vii) any and all foreign patents and patent applications corresponding to any of the foregoing, or the combination of the above,
all to the extent owned or controlled by TJU.
	 	 	 
		1.12	RESEARCH AND DEVELOPMENT INCOME shall mean the total financial CONSIDERATION of any kind (excluding
amounts taken into account for purposes of calculating NET SALES) received as a result of the utilization of LICENSED PRODUCTS
or LICENSED PROCESSES by LICENSEE as a result of a contract with a third party.

 

		1.13	SUBLICENSEE shall mean any third party to whom LICENSEE has granted a license to make, have made,
use and sell the LICENSED PRODUCT or perform or conduct a LICENSED PROCESS under PATENT RIGHTS, provided said third party has agreed
in writing with LICENSEE to accept the conditions and restrictions agreed to by LICENSEE in this Agreement.

 

		1.14	TERRITORY shall mean worldwide.

 

		1.15	TJU shall mean Thomas Jefferson University, a nonprofit Pennsylvania educational corporation having
offices at 1020 Locust Street, Suite M34, Philadelphia, PA 19107.

 

		1.16	VALID CLAIM shall mean either (a) a claim of an issued patent that has not been held unenforceable
or invalid by an agency or a court of competent jurisdiction in any unappealable or unappealed decision or (b) a claim of a pending
patent application that has not been abandoned or finally rejected without the possibility of appeal or refiling and that has been
pending for less than seven (7) years from its priority date.

 

		1.17	The terms “Public Law 96-517” and “Public Law 98-620” include all amendments
to those statutes.

 

		1.18	The terms “sold” and “sell” include, without limitation, leases and other
legal transfers and similar transactions involving CONSIDERATION.

 

ARTICLE
II

REPRESENTATIONS

 

		2.1	TJU is the owner by assignment from inventors of their entire right, title and interest in the
PATENT RIGHTS, and in the inventions described and claimed therein as listed in Appendix A.

 

		2.2	TJU has the authority to issue licenses under PATENT RIGHTS. TJU has not granted any license under
PATENT RIGHTS to any third party and has no obligation to do so except as required by TJU’s obligations in Section 3.3(a)
or as permitted in Section 3.3(b).

 

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

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		2.3	TJU is committed to the policy that ideas or creative works produced at TJU should be used for
the greatest possible public benefit, and believes that every reasonable incentive should be provided for the prompt introduction
of such ideas into public use, all in a manner consistent with the public interest.

 

		2.4	LICENSEE is prepared and intends to diligently develop the LICENSED PRODUCTS and/or LICENSED PROCESSES
and to bring LICENSED PRODUCTS and/or LICENSED PROCESSES to market which are subject to this Agreement.

 

		2.5	LICENSEE is desirous of obtaining an exclusive license in the TERRITORY within the FIELD in order
to practice the above-referenced inventions covered by PATENT RIGHTS in the TERRITORY, and to manufacture, use and sell in the
commercial market the products made in accordance therewith, and TJU is desirous of granting such a license to LICENSEE in accordance
with the terms of this Agreement.

 

ARTICLE
III

GRANT OF RIGHTS

 

		3.1	TJU hereby grants to LICENSEE and LICENSEE accepts, subject to the terms and conditions hereof,
in the TERRITORY and within the FIELD an exclusive license under PATENT RIGHTS to make and have made, to use and have used, to
sell and have sold, to offer for sale, to import, to export, to research, develop and improve the LICENSED PRODUCTS, and to practice,
perform and conduct the LICENSED PROCESSES, for the term of the PATENT RIGHTS. In order to provide LICENSEE with commercial exclusivity,
for as long as the license under the PATENT RIGHTS remains exclusive, TJU agrees that, unless LICENSEE has defaulted under this
Agreement, TJU has given a notice of such default as set forth in Section 9.2, and LICENSEE has not cured or taken reasonable steps
to cure such default within the relevant time period set forth in Section 9.2, it will not grant licenses under PATENT RIGHTS in
the TERRITORY and within the FIELD to any third party except as required by TJU’s obligations in Section 3.3(a) or as permitted
in Section 3.3(b).

 

		3.2	The foregoing license to LICENSEE includes the right to issue sublicenses in the TERRITORY and
within the FIELD to third parties to make, have made, use and have used, to sell and have sold, to offer for sale, to import, to
export, to research, develop and improve the LICENSED PRODUCTS and to practice LICENSED PROCESSES, providing LICENSEE has current
exclusive rights thereto under this Agreement at the time the sublicense is granted. LICENSEE shall within thirty (30) days following
execution of any sublicense provide TJU a copy of such sublicense agreement for review. To the extent applicable, such sublicenses
shall include all of the rights of and obligations due to TJU (and, if applicable, the United States Government) that are contained
in this Agreement. LICENSEE shall collect and guarantee payment of all royalties due TJU from SUBLICENSEES, and summarize and deliver
all reports due TJU from SUBLICENSEES.

 

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

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		3.3	The granting and exercise of this license is subject to the following conditions:

 

		(a)	TJU’s “Patent Policy”, Public Law 96-517, Public Law 98-620, and TJU’s
obligations under agreements with other sponsors of research. Any right granted in this Agreement greater than that permitted under
Public Law 96- 517 or Public Law 98-620, shall be subject to modification as may be required to conform to the provisions of those
statutes.

 

		(b)	TJU reserves the right to make and use, and grant to others non-exclusive licenses to make and
use for ACADEMIC RESEARCH PURPOSES the subject matter described and claimed in PATENT RIGHTS.

 

		(c)	LICENSEE shall use commercially reasonable diligent efforts, consistent with those efforts used
by developers of pharmaceutical products and services of similar size and resources under similar circumstances, to effect introduction
of the LICENSED PRODUCTS and/or LICENSED PROCESSES into the commercial market as soon as practicable, consistent with sound and
reasonable business practice and judgment; thereafter, until the expiration of this Agreement, LICENSEE shall endeavor to keep
LICENSED PRODUCTS and/or LICENSED PROCESSES reasonably available to the public.

 

		(d)	At any time after three (3) years from the Effective Date of this Agreement, TJU may terminate
or render this license non-exclusive if, in TJU’s reasonable judgment, the progress reports furnished by LICENSEE substantially
demonstrate that LICENSEE has neither:

 

		(i)	used commercially reasonable efforts, consistent with those efforts used by developers of pharmaceutical
products and services of similar size and resources under similar circumstances, to put the licensed subject matter into commercial
use in the country or countries hereby licensed, directly or through a sublicense, and/or is not keeping the licensed subject matter
reasonably available to the public; nor

 

		(ii)	engaged in research, development, manufacturing, marketing or sublicensing activity, consistent
with those efforts used by developers of pharmaceutical products and services of similar size and resources under similar circumstances,
reasonably appropriate to achieving 3.3(d)(i).

 

		(e)	In all sublicenses granted by LICENSEE hereunder, LICENSEE shall include a requirement that the
SUBLICENSEE(s) use its commercially reasonable efforts, consistent with those efforts used by developers of pharmaceutical products
and services of similar size and resources under similar circumstances, to bring the subject matter of the sublicense into commercial
use as quickly as is reasonably possible. LICENSEE shall further provide in such sublicenses that such sublicenses are subject
and subordinate to the terms and conditions of this Agreement, except: [*****]. Copies of all executed sublicense agreements shall
be provided to TJU within thirty (30) days of execution. TJU agrees to maintain

 

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

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Execution Version

 

any information contained in such
provisions in confidence, except as otherwise required by law, however, TJU may include in its usual reports annual amounts of
royalties paid.

 

		(f)	TJU understands and acknowledges that LICENSEE will be spending considerable resources, both human
and financial on the development of the LICENSED PRODUCTS and/or LICENSED PROCESSES in an effort to obtain the necessary approvals
of LICENSED PRODUCTS and/or LICENSED PROCESSES within the FIELD and in the TERRITORY. LICENSEE further acknowledges that it is
TJU’s mission to endeavor to make the LICENSED PRODUCTS and/or LICENSED PROCESSES available to the public, where feasible.

 

		(g)	To the extent that federal funds have been used to support research leading to a patent or patent
application in the PATENT RIGHTS, LICENSEE shall cause any LICENSED PRODUCT produced for sale or LICENSED PROCESSES used by LICENSEE
or SUBLICENSEES in the United States to be manufactured or utilized substantially in the United States during the period of exclusivity
of this license in the United States, in the absence of a waiver of such requirement.

 

		3.4	All rights reserved to the United States Government and others under Public Law 96-517, and Public
Law 98-620, shall remain and shall in no way be affected by this Agreement.

 

ARTICLE
IV

ROYALTIES

 

		4.1	LICENSEE shall pay to TJU a one-time, non-creditable, non-refundable license fee in the sum of
[*****] within thirty [*****] from the Effective Date of the Agreement. If this Agreement is executed and terminated prior to TJU
receiving the above-mentioned non-creditable, non-refundable license fee in the sum of [*****], LICENSEE is still responsible to
pay such license fee to TJU upon the termination of this Agreement.

 

		4.2	(a)	LICENSEE shall pay to TJU during the term of this
Agreement a royalty on annual NET SALES by LICENSEE and SUBLICENSEE as follows.

 

[*****]

 

No royalty stacking is allowed
under this Agreement.

 

		(b)	LICENSEE shall pay to TJU a percentage of all NON-ROYALTY SUBLICENSE INCOME as follows.

 

[*****]

 

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

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Execution Version

 

		4.3	As consideration for the exclusive rights granted hereunder, LICENSEE shall pay to TJU during the
term of this Agreement the following cash milestone payments [*****] of the first occurrence of such milestone event (time of payment
is of the essence) as follows:

 

[*****]

 

		4.4	Notwithstanding anything herein to the contrary, if the license pursuant to this Agreement is converted
to a non-exclusive one and if other non-exclusive licenses in the same field and territory are granted, the above royalties shall
not exceed [*****].

 

		4.5	On sales between LICENSEE and its AFFILIATES or SUBLICENSEES for resale, the royalty shall be paid
by LICENSEE on the NET SALES of the subsequent resale by the LICENSEE, its AFFILIATES, or SUBLICENSEES, as appropriate, and not
on the sales between LICENSEE and its AFFILIATES or SUBLICENSEES.

 

		4.6	No later than [*****] of each calendar year, LICENSEE shall pay to TJU a non-refundable license
maintenance royalty as an advance on royalties payable under Section 4.2(a). To the extent such payments exceed actual royalties
owing in such calendar year, such payments may be credited against running royalties due and owing for future calendar years, and
royalty reports shall reflect such a credit as and when applied. Such credits shall not be credited against milestone payments
under Section 4.3 and NON-ROYALTY SUBLICENSEE INCOME (as listed in Section 4.2(b)) nor for any other payments made pursuant to
this license.

 

[*****]

 

Payments in excess of actual earned
royalties will be carried forward and applied to royalty payable in future years.

 

ARTICLE
V

REPORTING

 

		5.1	[*****] after the Effective Date of this Agreement, LICENSEE shall provide to TJU a written research
and development plan under which LICENSEE intends to undertake efforts to bring the subject matter of the licenses granted hereunder
into commercial use following execution of this Agreement. Such plan shall include projections of sales and proposed marketing
efforts, but shall not be binding on LICENSEE with respect to the conduct of its research and development efforts.

 

		5.2	No later than [*****] of each calendar year, LICENSEE shall provide to TJU a detailed written annual
progress report describing progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and
sales during the most recent twelve (12) month period ending [*****] and plans for the forthcoming year. If progress differs from
that anticipated in the plan required under Section 5.1, LICENSEE shall explain the reasons for the difference and propose a modified
research and development plan for TJU’s review. LICENSEE shall also provide any reasonable additional data TJU reasonably
requires to evaluate LICENSEE’s performance.

 

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

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		5.3	LICENSEE shall report to TJU the date of first sale of LICENSED PRODUCTS or LICENSED PROCESSES in each country within [*****] of occurrence.
		 	 	 
		5.4	(a)	LICENSEE
shall submit to TJU within sixty (60) days after each calendar year ending December 31, a Royalty Report setting forth for such
year at least the following information:

 

 

		(i)	the number of LICENSED PRODUCTS sold by LICENSEE, its AFFILIATES and SUBLICENSEEs in each country;

 

		(ii)	total billings and amounts actually received for such LICENSED PRODUCTS;

 

		(iii)	an accounting for all LICENSED PROCESSES used or sold;

 

		(iv)	deductions applicable to determine the NET SALES of any of the foregoing;

 

		(v)	the amount of NON-ROYALTY SUBLICENSE INCOME received by LICENSEE; and

 

		(vi)	the amount of royalty due on each of the foregoing, or, if no royalties are due to TJU for any
reporting period, the statement that no royalties are due.

 

Such report shall be certified
on behalf of LICENSEE as correct by an officer of LICENSEE and shall include a detailed listing of all deductions from royalties.

 

		(b)	LICENSEE shall pay to TJU with each such Royalty Report the amount of royalty due with respect
to such year.

 

		(c)	All payments due hereunder shall be deemed received, if
paid by check, on delivery of the check to TJU and credited to TJU’s bank account, or, if paid by wire transfer, when funds
are credited to TJU’s bank account. All amounts due shall be payable in United States dollars. Conversion of foreign currency
to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the New York Times or the Wall
Street Journal) on the last working day of each royalty period.No transfer, exchange, collection or other charges shall be
deducted from such payments.

 

		(d)	All such reports shall be maintained in confidence by TJU except as required by law; however, TJU
may include in its usual reports annual amounts of royalties paid.

 

		(e)	Late payments shall be subject to a charge of [*****], whichever is greater.

 

		5.5	In the event of acquisition, merger, change of corporate name, or reorganization of LICENSEE, LICENSEE
shall notify TJU in writing within thirty (30) days of such event

 

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

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and provide TJU with reasonable
assurance that such changes shall not effect payment to TJU or the commercialization of the LICENSED PRODUCT and/or LICENSED PROCESS,
and any other factors that may be relevant to TJU’s evaluation of its consent to certain assignments pursuant to Section
10.5.

 

		5.6	If LICENSEE or any AFFILIATE or SUBLICENSEE does not qualify as a “small entity” as
provided by the United States Patent and Trademark Office, LICENSEE must notify TJU in writing immediately.

 

ARTICLE
VI

RECORD KEEPING

 

		6.1	LICENSEE shall keep, and shall require its AFFILIATES and SUBLICENSEEs to keep, accurate records
(together with supporting documentation) of LICENSED PRODUCTS and/or LICENSED PROCESSES made, used or sold under this Agreement,
appropriate to determine the amount of royalties due to TJU hereunder. Such records shall be retained for at least [*****] following
the end of the reporting period to which they relate. They shall be available during normal business hours for examination by an
accountant selected by TJU, for the sole purpose of verifying reports and payments hereunder. In conducting examinations pursuant
to this Section, TJU’s accountant shall have access to all records which TJU reasonably believes to be relevant to the calculation
of royalties under Article IV.

 

		6.2	TJU’s accountant shall give a written report of its finding to both TJU and LICENSEE at substantially
the same time and shall not disclose to TJU any information other than information relating to the accuracy of reports and payments
made hereunder unless required by law, regulation or pursuant to court order.

 

		6.3	Such examination by TJU’s accountant shall be at TJU’s expense, except that if such
examination shows an underreporting or underpayment in excess of [*****], or in excess of [*****], whichever is less, then LICENSEE
shall pay the cost of such examination as well as any additional sum that would have been payable to TJU had the LICENSEE reported
correctly, plus interest on said sum at the rate of [*****]. Any overpayment by LICENSEE shall be creditable by LICENSEE against
future payment obligations, or shall be refunded by TJU.

 

ARTICLE
VII

DOMESTIC AND FOREIGN PATENT FILING AND MAINTENANCE

 

		7.1	[*****].

 

[*****].

 

		7.2	[*****] shall be responsible for the preparation, filing, prosecution and maintenance of any and
all patent applications and patents included in PATENT RIGHTS. [*****] will instruct counsel to directly notify [*****] and its
patent counsel and provide them copies

 

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

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of any official communications
from the United States and foreign patent offices relating to said prosecution, and to provide [*****] and its counsel with advance
copies of all relevant communications to the various patent offices, so that [*****] may be informed and apprised of the continuing
prosecution of patent applications in PATENT RIGHTS. [*****] shall have reasonable opportunities to participate in decision making
on all key decisions affecting filing, prosecution and maintenance of patents and patent applications in PATENT RIGHTS. [*****]
will use reasonable efforts to incorporate [*****] reasonable suggestions regarding said prosecution. [*****] shall use all reasonable
efforts to amend any patent application to include claims reasonably requested by [*****] to obtain patent protection for LICENSED
PRODUCTS and/or LICENSED PROCESSES. [*****] will provide thirty (30) days’ notice of the intended final abandonment of any
claim in any patent application included in PATENT RIGHTS and at the written request of [*****] will pursue such claim in a divisional
or continuation application.

 

		7.3	TJU and LICENSEE shall cooperate fully in the preparation, filing, prosecution and maintenance
of PATENT RIGHTS and of all patents and patent applications licensed to LICENSEE hereunder, executing all papers and instruments
or requiring members of TJU to execute such papers and instruments so as to enable [*****]. Each party shall provide to the other
prompt notice as to all matters which come to its attention and which may affect the preparation, filing, prosecution or maintenance
of any such patent applications or patents.

 

		7.4	[*****] may elect to surrender its PATENT RIGHTS in any country upon sixty (60) days written notice
to [*****]. Such notice shall not relieve [*****] from responsibility to pay the patent prosecution law firm for patent-related
expenses incurred prior to the expiration of the sixty (60) day notice period. [*****] shall not have any further obligations to
[*****] in such country after the expiration of such sixty (60) day notice period.

 

ARTICLE
VIIi

INFRINGEMENT

 

		8.1	[*****] shall have the right to prosecute in its own name and at its own expense any infringement of the PATENT RIGHTS, [*****]. [*****] agrees to notify [*****] promptly of each infringement of such patents of which [*****] has knowledge or becomes aware. Before [*****] commences an action with respect to any infringement of such patents, [*****] shall give careful consideration to the views of [*****] and to potential effects on the public interest in making its decision whether or not to sue.
		 	 	 
		8.2 	(a)	If
[*****] elects to commence an action as described above, [*****] may, to the extent permitted by law, elect to join as a party
in that action. Regardless of whether [*****] elects to join as a party, [*****] shall cooperate fully with [*****] in connection
with any such action. [*****] may require [*****] to join as a party to any such action, provided that before [*****] names [*****]
as a party, [*****] shall consult with [*****] and give careful consideration to the

 

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views of [*****] in making its
decision whether or not to name [*****] as a party.

 

		(b)	If [*****] elects to join as a party pursuant to Subsection (a), [*****] will give careful consideration
to [*****] input regarding the infringement action.

 

		(c)	If [*****] joins as a party to any action at [*****] request, [*****].

 

		8.3	If [*****] elects to commence an action as described above, [*****].[*****].[*****].

 

		8.4	No settlement, consent judgment or other voluntary final disposition of the suit that materially
adversely affects TJU’s rights may be entered into without the prior written consent of TJU, which consent shall not be unreasonably
withheld. An admission of liability on the part of TJU shall be reasonable grounds to withhold consent.

 

		8.5	Recoveries or reimbursements from actions commenced pursuant to this Article shall first be applied
to reimburse LICENSEE and TJU, for litigation costs not deducted from royalties and then [*****]. Any additional recoveries shall
be treated as though such amount represented [*****].

 

		8.6	If [*****] elects not to exercise its right to prosecute an infringement of the PATENT RIGHTS pursuant
to this Article, [*****] may do so at its own expense, controlling such action and retaining all recoveries therefrom. [*****]
shall cooperate fully with [*****] in connection with any such action at [*****] expense.

 

		8.7	Without limiting the generality of Section 8.6, [*****] may, at its election and by notice to [*****],
establish a time limit of [*****] to decide whether to prosecute any infringement or otherwise attempt to abate such infringement
of which [*****] has knowledge or becomes aware. If, by the end of such [*****] period, [*****] has not commenced such an action
or otherwise undertaken an attempt to abate such infringement, [*****] may prosecute such an infringement at its own expense, controlling
such action and retaining all recoveries therefrom. With respect to any such infringement action prosecuted by [*****] in good
faith in which [*****] has not recovered an amount equal to or greater than its litigation expenses, [*****].

 

		8.8	If a declaratory judgment action is brought naming [*****] as a defendant and alleging invalidity
of any of the PATENT RIGHTS, [*****] may elect to take over the sole defense of the action at its own expense. [*****] shall cooperate
fully with [*****] in connection with any such action at [*****] expense.

 

ARTICLE
IX

TERMINATION OF AGREEMENT

 

		9.1	This Agreement, unless terminated as provided herein, shall remain in effect until the last patent
or patent application containing a VALID CLAIM in the PATENT RIGHTS has expired or been abandoned.

 

		9.2	TJU may terminate this Agreement as follows:

 

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		(a)	If LICENSEE does not make a payment due hereunder and fails to cure such non-payment (including
the payment of interest in accordance with Section 5.4(e)) within thirty (30) days after the date of notice in writing of such
non-payment by TJU.

 

		(b)	If LICENSEE defaults in its obligations under Sections 10.3(c) to procure and maintain insurance
and if LICENSEE fails to cure such default within thirty (30) days after the date of notice in writing of such default by TJU.

 

		(c)	If, at any time after three (3) years from the Effective Date of this Agreement, LICENSEE has defaulted
under its obligations pursuant to Section 3.3(d) and LICENSEE fails to cure such default within sixty (60) days after the date
of notice in writing of such default by TJU, or taken steps reasonably intended to cure such default where such default is, by
its nature, not susceptible to cure during such sixty day period.

 

		(d)	If LICENSEE shall become insolvent, shall make an assignment for the benefit of creditors, shall
have been declared bankrupt by a court of competent jurisdiction, makes use of any law or regulation for relief from creditors,
or reorganizations or restructures in order to avoid creditors. Such termination shall be effective immediately upon TJU giving
written notice to LICENSEE.

 

		(e)	If an examination by TJU’s accountant pursuant to Article VI shows an underpayment by LICENSEE
in excess of [*****] period or in excess of [*****], whichever is less, and LICENSEE has not paid the amount of the underpayment
to TJU within fifteen (15) days after receipt of the report from the accountant.

 

		(f)	If LICENSEE is convicted of a felony relating to the manufacture, use, or sale of LICENSED PRODUCTS
and/or LICENSED PROCESSES.

 

		(g)	Except as provided in Subsections (a), (b), (c), (d), (e), and (f) above, if LICENSEE defaults
in a material respect in the performance of any obligations under this Agreement and the default has not been remedied within sixty
(60) days after the date of notice in writing of such default by TJU.

 

		9.3	LICENSEE shall provide, in all sublicenses granted by it under this Agreement, that LICENSEE’s
interest in such sublicense shall, at TJU’s option, be terminated, provided that, at TJU’s option, such sublicensee
may enter into a direct license with TJU on the terms and conditions hereunder, as applied mutatis mutandis to such sublicensee.

 

		9.4	LICENSEE may terminate this Agreement by giving ninety (90) days advance written notice of termination
to TJU. Upon termination, LICENSEE shall submit a final royalty report to TJU and any royalty payments and unreimbursed legal expenses
due to TJU shall become immediately payable. Upon termination by LICENSEE, all obligations and duties under this license shall
cease and terminate and LICENSEE agrees to execute all reasonable documentations requested evidencing such termination.

 

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

    	Page 12 of 18

    	

    
Execution Version

 

		9.5	Sections 6.1, 6.2, 6.3, 7.1, 8.5, 9.3, 9.4, 9.5, 10.2, 10.3, 10.4, 10.5, 10.8, 10.9 and 10.11 of
this Agreement and all other provisions of this Agreement which are intended to have effect after termination of this Agreement
shall survive termination of this Agreement for the respective durations stated therein, and where no duration is stated, shall
survive indefinitely.

 

ARTICLE
X

GENERAL

 

		10.1	TJU does not warrant the validity of the PATENT RIGHTS within the FIELD licensed hereunder and
makes no representations whatsoever with regard to the scope of the licensed PATENT RIGHTS within the FIELD or that such PATENT
RIGHTS may be exploited by LICENSEE, an AFFILIATE, or a SUBLICENSEE without infringing other patents.

 

		10.2	TJU EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES AND MAKES NO EXPRESS OR IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PATENT RIGHTS WITHIN THE FIELD OR INFORMATION SUPPLIED BY TJU,
LICENSED PROCESSES OR LICENSED PRODUCTS CONTEMPLATED BY THIS AGREEMENT. IN NO EVENT WILL TJU BE LIABLE FOR ANY INCIDENTAL, SPECIAL
OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF THE INVENTIONS, LICENSED PRODUCTS AND/OR LICENSED
PROCESSES. EVEN IF ADVISED OF THE POSSIBILITY THEREOF, AND IN NO EVENT SHALL TJU’S LIABILITY EXCEED AMOUNTS PAID BY LICENSEE
TO TJU HEREUNDER DURING [*****] PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

 

	10.3	(a)	LICENSEE
shall indemnify, defend and hold harmless TJU and its current or former directors, governing board members, trustees, officers,
faculty, medical and professional staff, employees, students, and agents and their respective successors, heirs and assigns (collectively,
the “Indemnitees”), from and against any claim, liability, cost, expense, damage, deficiency, loss or obligation of
any kind or nature (including, without limitation, reasonable attorney’s fees and other costs and expenses of litigation)
(collectively, “Claims”), based upon, arising out of, or otherwise relating to any cause of action relating to product
liability concerning any LICENSED PRODUCT or LICENSED PROCESS made, used, sold, performed or provided pursuant to any right or
license granted under this Agreement.

 

		(b)	LICENSEE shall, at its own expense, assume the defense of any Claims brought against Indemnitees
using attorneys reasonably acceptable to TJU hereunder with respect to the subject of indemnity contained herein, whether or not
such actions are rightfully brought.

 

		(c)	Beginning at the time any such LICENSED PRODUCT or LICENSED PROCESS is being commercially distributed
or sold (other than for the purpose of

 

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

    	Page 13 of 18

    	

    
Execution Version

 

obtaining regulatory approvals)
by LICENSEE or by a SUBLICENSEE, an AFFILIATE or an agent of LICENSEE, LICENSEE shall, at its sole cost and expense, procure and
maintain commercial general liability insurance in amounts not less than [*****] per incident and [*****] annual aggregate and
naming Indemnitees as additional insured. During clinical trials of any such product, process or service, LICENSEE shall, at its
sole cost and expense, procure and maintain commercial general liability insurance in such equal or lesser amount as TJU shall
require, naming Indemnitees as additional insured. Such commercial general liability insurance shall provide: (i) product
liability coverage; and (ii) broad form contractual liability coverage for LICENSEE’s indemnification under this Agreement.
If LICENSEE elects to self-insure all or part of the limits described above (including deductibles or retentions which are in excess
of [*****] annual aggregate) LICENSEE must notify TJU at least sixty (60) days in advance of commencing any such self-insurance
program and such self-insurance program must be acceptable to TJU. The minimum amounts of insurance coverage required shall not
be construed to create a limit of LICENSEE’s liability with respect to its indemnification or other obligations under this
Agreement.

 

		(d)	LICENSEE shall provide TJU with written evidence of such insurance upon request of TJU. LICENSEE
shall provide TJU with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such
insurance; if LICENSEE does not obtain replacement insurance providing comparable coverage within such fifteen (15) day period,
TJU shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice or any
additional waiting periods.

 

		(e)	LICENSEE shall maintain such commercial general liability insurance beyond the expiration or termination
of this Agreement during: (i) the period that any product, process, or service, relating to, or developed pursuant to, this Agreement
is being commercially distributed or sold by LICENSEE or by a SUBLICENSEE, an AFFILIATE or agent of LICENSEE; and (ii) a reasonable
period after the period referred to in Subsection (e)(i) above which in no event shall be less than [*****].

 

		10.4	LICENSEE shall not use TJU’s name or insignia, or any adaptation of them, or the name of
any of TJU’s inventors in any advertising, publicity, promotional activities or sales literature without the prior written
approval of TJU except in announcing to the public the existence of this Agreement. Nothing contained in this Agreement shall be
construed as conferring any right to use in advertising, publicity, or other promotional activities any name, trade name, trademark,
or other designation of either party hereto (including contraction, abbreviation or simulation of any of the foregoing). Unless
required by law, the use by LICENSEE of the name, “Thomas Jefferson University” or the name of any campus of Thomas
Jefferson University in advertising, publicity, or other promotional activities is expressly prohibited.

 

		10.5	This Agreement and the rights and duties hereunder may not be assigned by either party without
first obtaining the written consent of the other which consent will not be

 

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

    	Page 14 of 18

    	

    
Execution Version

 

unreasonably withheld. Any such
purported assignment, without the written consent of the other party, will be null and of no effect. Notwithstanding the foregoing,
LICENSEE may assign this Agreement to a purchaser, or successor in-interest or acquirer of substantially all of the LICENSEE’s
assets or business and/or pursuant to any reorganization or merger.

 

		10.6	The interpretation and application of the provisions of this Agreement shall be governed by the
laws of the Commonwealth of Pennsylvania. All rights and licenses granted under this Agreement are, and shall be deemed to be,
for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of rights to “intellectual property”
as defined under Section 101(56) of the United States Bankruptcy Code

 

		10.7	LICENSEE shall comply with all applicable laws and regulations. In particular, it is understood
and acknowledged that the transfer of certain commodities and technical data is subject to United States laws and regulations controlling
the export of such commodities and technical data, including all Export Administration Regulations of the United States Department
of Commerce. These laws and regulations among other things, prohibit or require a license for the export of certain types of technical
data to certain specified countries. LICENSEE hereby agrees and gives written assurance that it will comply with all United States
laws and regulations controlling the export of commodities and technical data, that it will be solely responsible for any violation
of such by LICENSEE or its AFFILIATES or SUBLICENSEES, and that it will defend and hold TJU harmless in the event of any legal
action of any nature occasioned by such violation.

 

		10.8	LICENSEE agrees: [*****]. LICENSEE also agrees to register or record this Agreement as is required
by law or regulation in any country where the license is in effect.

 

		10.9	Any notices to be given hereunder shall be sufficient if signed by the party (or party’s
attorney) giving same and either: (i) delivered in person; (ii) mailed certified mail return receipt requested; or (iii) faxed
to other party if the sender has evidence of successful transmission and if the sender promptly sends the original by ordinary
mail, in any event to the following addresses:

 

If to LICENSEE:

Clementia Pharmaceuticals, Inc.

1375 Transcanadian Highway, Suite 200

Dorval, Quebec, H9P 2W8

Canada

Attention:

Phone: [*****]

 

With a copy to:

Mintz Levin Cohn Ferris Glovsky and Popeo, PC

One Financial Center

Boston, MA 02111

Attn: John A. Dellapa

Tel [*****]

Fax: [*****]

 

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

    	Page 15 of 18

    	

    
Execution Version

 

If to TJU:

Office of Technology Transfer & Business Development

Thomas Jefferson University

1020 Locust Street, Suite M34

Philadelphia, PA 19107 U.S.A.

Attention: Executive Director, Office of Technology Transfer & Business Development

Phone: [*****]

Fax: [*****]

 

With a copy to
TJU University Counsel at

Office of University Counsel

Thomas Jefferson University

1020 Walnut Street, 6th Floor

Philadelphia, PA 19107

U.S.A.

Phone: [*****]

Fax: [*****]

 

By such notice either party may
change their address for future notices. Notices delivered in person shall be deemed given on the date delivered. Notices sent
by fax shall be deemed given on the date faxed. Notices mailed shall be deemed given five (5) days following the date postmarked
on the envelope. Notices sent by reputable express courier shall be deemed given one (1) day following the date delivered to the
courier.

 

		10.10	Should a court of competent jurisdiction later hold any provision of this Agreement to be invalid,
illegal, or unenforceable, and such holding is not reversed on appeal, it shall be considered severed from this Agreement. All
other provisions, rights and obligations shall continue without regard to the severed provision, provided that the remaining provisions
of this Agreement are in accordance with the intention of the parties.

 

		10.11	In the event of any controversy or claim arising out of or relating to any provision of this Agreement
or the breach thereof, the parties shall try to settle such conflict amicably between themselves. Subject to the limitations expressly
stated in this section, any such conflict which the parties are unable to resolve promptly shall be settled through arbitration
conducted in accordance with the rules of the American Arbitration Association. The demand for arbitration shall be filed within
a reasonable time after the controversy or claim has arisen, and in no event after the date upon which institution of legal proceedings
based on such controversy or claim would be barred by the applicable statute of limitation. Such arbitration shall be held in Philadelphia,
Pennsylvania. The award through arbitration shall be final and binding. Either party may enter any such award in a court having
jurisdiction or may make application to such court for judicial acceptance of the award and an order of enforcement, as the case
may be. Notwithstanding the foregoing, either party may, without recourse to arbitration, assert against the other party a third-party
claim or cross-claim in any action brought by a third

 

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

    	Page 16 of 18

    	

    
Execution Version

 

party, to which the subject matter
of this Agreement may be relevant. The prevailing party in any arbitration shall be afforded reasonable costs and attorney fees.
Notwithstanding any other provision of this Agreement to the extent any other provision is inconsistent herewith, no arbitrator(s)
or any other third party involved in resolving or otherwise addressing any dispute may limit, expand or otherwise modify the terms
of this Agreement. The provisions of this Section shall not apply to:

 

		(i)	prevent a party from seeking a temporary restraining order or injunctive or other equitable relief
with respect to a breach (or attempted breach) of this Agreement by the other party;

 

		(ii)	prevent a party from instituting litigation or other formal proceedings to the extent necessary
(i) to avoid the expiration of any applicable limitations period or (ii) to preserve a superior position with respect to other
creditors; or

 

		(iii)	to any claim with respect to ownership or infringement or PATENT RIGHTS.

 

Such claims (described in subsections
(i) through (iii) above) will not be subject to arbitration or other alternate dispute resolution and instead will be subject to
judicial resolution, and either party may apply to any court of competent jurisdiction for such relief.

 

		10.12	This Agreement constitutes the entire understanding between the parties and neither party shall
be obligated by any amendment, modifications, condition or representation other than those expressly stated herein or as may be
subsequently agreed to by the parties hereto in writing.

 

		10.13	This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and all of which shall together be deemed to constitute one Agreement.

 

		10.14	The failure of any party at any time to enforce its rights hereunder strictly in accordance with
the same shall not be construed as having created a custom contrary to the specific provisions hereof or as having in any way modified
or waived same.

 

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

 

	Thomas Jefferson University	 	Clementia Pharmaceuticals, Inc.
	 	 	 
	/s/ Theodore Taraschi	 	/s/ Clarissa Desjardins
	Theodore Taraschi, PhD	 	Clarissa Desjardins, Ph.D.
	Vice President for Research	 	Chief Executive Officer
	 	 	 
	2/19/2014	 	Feb. 19, 2014
	Date	 	Date

 

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

    	Page 17 of 18

    	

    
Execution Version

 

Appendix A

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]

    	Page 18 of 18Exhibit 10.3

 

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

 

EXECUTION VERSION

Confidential

 

EXCLUSIVE
LICENSE AGREEMENT

 

		Re:	[*****], titled “Therapeutic agent for keratoconjunctive disorders”

[*****], titled “Inhibitor for Retinochoroidal disorders”

Patent application to be filed with internal filing number [*****], titled “Inhibitory effect by R667 as an adjuvant on postoperative
ocular scarring in glaucoma filtration surgery”

 

Yamaguchi University This
EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is made as of the date of last signature below (the “Effective
Date”), between Yamaguchi University with an address at 1677-1, Yoshida, Yamaguchi city, Yamaguchi Prefecture, 753-8511,
Japan (“Yamaguchi University”), Yamaguchi Technology Licensing Organization, Ltd. (the “TLO”), with a business
address at 2-16-1 Tokiwadai, Ube city, Yamaguchi Prefecture, 755-8611, Japan, and Clementia Pharmaceuticals Inc. with a business
address at 1375 Transcanada Highway, Suite 200, Montreal, Quebec H3B 0A2 (together with its Affiliates (as defined below),
hereinafter collectively referred to as “Clementia”).

 

WHEREAS:

 

		A.	Yamaguchi University has developed a certain technology as a result of its research activities
and has filed applications for or obtained patent rights on such technology (the “Licensed Patent Rights” as
defined below), and desires to grant a license with respect to such technology to the Company through the TLO in accordance with
the terms and conditions set forth below.

 

		B.	Yamaguchi University desires, and the TLO agrees, that the TLO represents the University in managing
and promoting the Licensed Patent Rights.

 

		C.	Clementia desires to obtain a license of the Licensed Patent Rights from Yamaguchi University to
manufacture, sell and distribute certain products (the “Licensed Products” as defined below) and to practice
certain processes (the “Licensed Processes” as defined below) in accordance with the terms and conditions set
forth below.

 

For and in consideration of the mutual
promises and covenants set forth below, the parties, intending to be legally bond, hereto agree as follows:

 

		1.	DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings:

 

1.1.     “Academic
Research Purposes” shall mean use of Licensed Patent Rights for internal, educational, academic, non-commercial and non-commercially
sponsored research purposes on a non-transferable and non-sublicenseable basis or other not-for-profit scholarly purposes which
are undertaken at a non-profit or governmental institution that does not use, directly or indirectly, the Licensed Patent Rights
in the production or manufacture of products for commercial sale or the performance of services for a fee.

    	Page 1 of 18

    	

    

EXECUTION VERSION

Confidential

 

1.2.     “Affiliate”
shall mean any entity which controls, is controlled by, or is under common control with Licensee. For the purposes of this definition,
“control” shall mean beneficial ownership (direct or indirect) of more than fifty percent (50%) of the shares of the
subject entity entitled to vote in the election of directors (or, in the case of an entity that is not a corporation, for the election
of the corresponding managing authority). Unless otherwise specified, the term Licensee includes Affiliates.

 

1.3.     “Confidential
Information” shall mean any non-public information relating to a party and/or its Affiliates that is disclosed or obtained
by the other party, including but not limited to research and development information, information relating to intellectual property
rights, product information, product roadmaps and forecasts, sales and marketing information, operations materials, financial information
or other information concerning or relating to a party’s business, operations or financial affairs.

 

1.4.     “Consideration”
shall mean and include without limitation, money, services, property and any other thing of value such as payment of costs, cancellation
or forgiveness of indebtedness, discounts, stocks, rebates, barter and like exchanges for value. If any such Consideration is in
a form other than cash (such as in kind, equity interests, indebtedness earn-outs, or other deferred payments, consulting fees,
etc.) then the value of such Consideration shall be its fair market value which shall be determined in good faith by the Parties.

 

1.5.     “Field”
shall mean all fields of use and applications.

 

1.6.     “Inventor”
shall mean Dr. Kazuhiro Kimura.

 

1.7.     “Licensed
Processes” shall mean processes, the performance or conduct of which would infringe one or more Valid Claims included
within the Licensed Patent Rights.

 

1.8.     “Licensed
Product” shall mean any product (i) the composition of matter of which infringes one or more Valid Claims included within
the Licensed Patent Rights, or (ii) that is labeled for a method of use that infringes one or more Valid Claims included within
the Licensed Patent Rights within the Field; in each case determined on a country by country basis in the country of sale.

 

1.9.     “Licensed
Patent Rights” shall mean (i) the patent applications and patents (a) listed in Appendix A of this Agreement, or
(b) claiming improvements of the inventions claimed therein, or (c) claiming inventions form the laboratory of Dr. Kazuhiro Kimura
that relate to RAR Gamma Agonists, or (ii) any patent issuing from such patent applications and patents, or (iii) the inventions
described and claimed therein, or (iv) any divisions, or continuations of the patent applications and patents as listed in Appendix
A, or (v) specific claims of any continuations-in-part of such patent applications and patents to the extent the specific claims
are directed to subject matter described in the patent applications and patents listed in Appendix A in a manner sufficient to
support such specific claims under 35 U.S.C., or (vi) patents issuing thereon or reissues thereof, or (vii) any and all foreign
patents and patent applications corresponding to any of the foregoing, or the combination of the above, all to the extent owned
or controlled by Yamaguchi University.

 

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

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EXECUTION VERSION

Confidential

 

1.10.   “Licensee”
shall mean Clementia.

 

1.11.   “Net
Sales” shall mean the gross amount collected or received (whichever is greater) by Licensee, its Affiliates or its Sublicensees
for sales, leases, or other transfers (other than sublicenses) of Licensed Products less:

 

[*****]

 

Net Sales also includes the fair market
value of any Consideration whatsoever received by Licensee or Sublicensees for the sale, lease, or transfer of Licensed Products;
provided, however that any transfers among Licensee, its Affiliates or its Sublicensees shall not be considered a sale and shall
be excluded from Net Sales, and only the subsequent sales of Licensed Products and/or Licensed Processes to unrelated third parties
shall be deemed Net Sales hereunder.

 

1.12.   “Royalty
Term” shall mean the period commencing on a country by country basis, upon the first commercial sale of a Licensed Product
and shall continue until the expiry of the last Valid Claim covering Licensed Products in such country or a period of ten (10)
years, whichever is longer.

 

1.13.   “Sublicensee”
shall mean any third party to whom Licensee has granted a license to make, have made, use, sell, offer for sale, import or export
the Licensed Product under Licensed Patent Rights, provided said third party has agreed in writing with Licensee to accept the
conditions and restrictions agreed to by Licensee in this Agreement.

 

1.14.   “Territory”
hall mean worldwide.

 

1.15.   “Valid
Claim” shall mean either (a) a claim of an issued patent that has not been held unenforceable or invalid by an agency
or a court of competent jurisdiction in any unappealable or unappealed decision or (b) a claim of a pending patent application
that has not been abandoned or finally rejected without the possibility of appeal or refiling and that has been pending for less
than seven (7) years from its priority date.

 

1.16.   The terms “sold”
and “sell” include, without limitation, leases and other legal transfers and similar transactions involving
Consideration.

 

		2.	REPRESENTATIONS

 

2.1.     Yamaguchi University
is the owner by assignment from Inventor of his entire right, title and interest in the Licensed Patent Rights, and in the inventions
described and claimed therein as listed in Appendix A.

 

2.2.     Yamaguchi University
has the authority to issue exclusive licenses under the Licensed Patent Rights. Yamaguchi University has not granted any license
under the Licensed Patent Rights to any third party and has no obligation to do so.

 

2.3.     Licensee is
desirous of obtaining an exclusive license in the Territory within the Field in order to practice the inventions covered by Licensed
Patent Rights in the Territory, and to manufacture, use and sell Licensed Products in the commercial market, and Yamaguchi

 

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

    	Page 3 of 18

    	

    

EXECUTION VERSION

Confidential

 

University is desirous of granting such
a license to Licensee in accordance with the terms of this Agreement.

 

2.4.     Licensee agrees
that Yamaguchi University may appoint the TLO as its representative and agent with respect to the management of the Licensed Patent
Rights, and may have the TLO exercise its rights or perform its obligations under this Agreement.

 

		3.	GRANT OF RIGHTS

 

3.1.     Yamaguchi University
hereby grants to Licensee and Licensee accepts, subject to the terms and conditions hereof, in the Territory and within the Field
an exclusive license under the Licensed Patent Rights to make and have made, to use and have used, to sell and have sold, to offer
for sale, to import, to export, to research, develop and improve the Licensed Products, and to practice, perform and conduct the
Licensed Processes.

 

3.2.     The foregoing
license to Licensee includes the right to issue sublicenses in the Territory and within the Field to third parties to make, have
made, use and have used, to sell and have sold, to offer for sale, to import, to export, to research, develop and improve the Licensed
Products and to practice Licensed Processes. To the extent applicable, such sublicenses shall include all of the rights of and
obligations due to Yamaguchi University and the TLO that are contained in this Agreement. Licensee shall collect and guarantee
payment of all royalties due the TLO on Net Sales by Sublicensees.

 

3.3.     Development
and Commercialization. From and after the Effective Date, Licensee shall have full control and authority over the clinical development,
manufacturing and commercialization of Licensed Products in the Field in the Territory, including without limitation, all regulatory
filings, registrations, applications and regulatory approvals relating to Licensed Products, and all of the foregoing information,
documentation and materials shall be Licensee’s Confidential Information. All activities relating to clinical development,
manufacturing and commercialization of Licensed Products under this Agreement shall be undertaken at Licensee’s sole cost
and expense, except as otherwise expressly provided in this Agreement.

 

3.4.     The granting
and exercise of this license is subject to the following conditions:

 

		i.	Yamaguchi University reserves the right to make and use, and grant to other non-profit or governmental
institutions non-exclusive licenses to make and use for Academic Research Purposes the subject matter described and claimed in
Licensed Patent Rights.

 

		ii.	Licensee shall use commercially reasonable efforts, consistent with those efforts used by developers
of pharmaceutical products of similar size and resources under similar circumstances, to effect introduction of the Licensed Products
into the commercial market, consistent with sound and reasonable business practice and judgment.

 

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

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EXECUTION VERSION

Confidential

 

		iii.	In all sublicenses granted by Licensee hereunder, Licensee shall include a requirement that the
Sublicensee(s) use its commercially reasonable efforts, consistent with those efforts used by developers of pharmaceutical products
of similar size and resources under similar circumstances, to bring the subject matter of the sublicense into commercial use consistent
with sound and reasonable business practices. Licensee shall further provide in such sublicenses that such sublicenses are subject
and subordinate to the terms and conditions of this Agreement, except: [*****]. Copies of all executed sublicense agreements shall
be provided to Yamaguchi University and the TLO within thirty (30) days of execution. Yamaguchi University and the TLO agree to
maintain any information contained in such provisions in confidence, except as otherwise required by law, however, Yamaguchi University
and the TLO may include in their usual reports annual amounts of royalties paid.

 

3.5.     Yamaguchi University
shall provide Licensee with documentation, including reports, data and a list of materials used in the development of the Licensed
Process and/or Licensed Products. [*****]

 

		4.	ROYALTIES

 

4.1.     Licensee shall
pay to the TLO a one-time, non-creditable, non-refundable license fee in the sum of [*****], payable in two installments as follows:

 

		i.	[*****] payable within [*****] from the Effective Date of the Agreement; and

 

		ii.	[*****] payable on or before the [*****] of the Effective Date of the Agreement;

 

4.2.     Licensee shall
pay to the TLO during the Royalty Term, a royalty equal to [*****] of annual Net Sales of Licensed Products by Licensee and its
Affiliates and Sublicensees.

 

4.3.     Licensee shall
pay to the TLO during the term of this Agreement the following one-time non-refundable milestone payments within [*****] of the
first occurrence of such milestone event as follows:

 

[*****]

 

4.4.     On sales between
Licensee and its Affiliates or Sublicensees for resale, the royalty shall be paid by Licensee on the Net Sales of the subsequent
resale by the Licensee, its Affiliates, or Sublicensees, as appropriate, and not on the sales between Licensee and its Affiliates
or Sublicensees.

 

4.5.     Royalty Buy-Out
Option. Licensee may, at any time in its sole discretion, upon [*****] prior written notice to the TLO and payment to the TLO of
[*****], terminate its

 

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

    	Page 5 of 18

    	

    

EXECUTION VERSION

Confidential

 

obligation (including with respect to Affiliates
and Sublicensees) to pay royalties and milestones pursuant to Section 4 hereof and to make reports pursuant to Section 5.3 hereof,.
Upon such payment, the parties will enter into an amendment making appropriate changes to this Agreement.

 

4.6.     The bank account
of the TLO is described in Appendix B.

 

		5.	REPORTING

 

5.1.     No later than
[*****] after the Effective Date and each anniversary of such date thereafter, Licensee shall provide to the TLO a written annual
progress report summarizing Licensee’s (and its Affiliates and Sublicensees) progress on research and development, regulatory
approvals, manufacturing, sublicensing, marketing and sales of Licensed Products during the most recent twelve (12) month period.
All such reports shall be Licensee Confidential Information.

 

5.2.     Licensee shall
report to the TLO the date of first commercial sale of Licensed Products in each country within [*****] of occurrence.

 

5.3.     Royalty Report.

 

		i.	Licensee shall submit to the TLO within [*****] after each calendar year ending December 31 during
the Royalty Term, a report setting forth for such year at least the following information (the “Royalty Report”):

 

		a.	the number of Licensed Products sold by Licensee, its Affiliates and Sublicensees in each country;

 

		b.	total billings and amounts actually received for such Licensed Products;

 

		c.	deductions applicable to determine the Net Sales of any of the foregoing; and

 

		d.	the amount of royalty due on each of the foregoing, or, if no royalties are due to the TLO for
any reporting period, the statement that no royalties are due.

 

		ii.	Licensee shall pay to the TLO with each such Royalty Report the amount of royalty due with respect
to such year during the Royalty Term.

 

		iii.	All payments due hereunder shall be deemed received, if paid by check, on delivery of the check
to the TLO and credited to the TLO’s bank account, or, if paid by wire transfer, when funds are credited to the TLO’s
bank account. All amounts due shall be payable in United States dollars. Conversion of foreign currency to U.S. dollars shall be
made at the conversion rate existing in the United States (as reported in The Wall Street Journal) on the last working day
of each royalty period. No

 

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

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transfer, exchange, collection
or other charges shall be deducted from such payments.

 

		iv.	All such reports shall be maintained in confidence by the TLO except as required by law; however,
the TLO may include in its usual reports annual amounts of royalties paid.

 

		6.	RECORD KEEPING; AUDIT

 

6.1.     Licensee shall
keep, and shall require its Affiliates and Sublicensees to keep, accurate records (together with supporting documentation) of Licensed
Products sold under this Agreement, appropriate to determine the amount of royalties due to the TLO hereunder. Such records shall
be retained for at least [*****] following the end of the reporting period to which they relate.

 

6.2.     The TLO may
designate an independent third party certified public accountant, reasonably acceptable to Licensee, to inspect Licensee’s,
books and records for the sole purpose of verifying royalties and milestone payments payable under this Agreement. Any such inspection
shall be conducted with no less than sixty (60) days’ prior written notice to Licensee, at Licensee’s principal office
during regular business hours, and in a manner that will not materially disrupted Licensee’s business. Such inspections shall
be limited to once in any consecutive [*****] period during the Royalty Term and for [*****] thereafter. Licensee may require that
the accountant sign its form nondisclosure agreement prior to performing any such inspection. The books and records inspected by
the accountant shall be kept strictly confidential except that the accountant may disclose only a report of its findings to the
TLO with a copy to Licensee. The report shall be deemed Licensee’s Confidential Information hereunder. If any review reveals
a deficiency in the calculation and/or payment of royalties owed under this Agreement, then (i) [*****], and (ii) if such underpayment
is by [*****] or more, Licensee shall reimburse the TLO for the accountant’s fees.

 

		7.	TREATMENT OF CONFIDENTIAL INFORMATION

 

7.1.     Obligations.

 

		i.	Yamaguchi University, the TLO and Licensee each recognize that the other party’s Confidential
Information constitutes highly valuable and proprietary Confidential Information. Each of Yamaguchi University, the TLO and Licensee
(in such capacity, “Recipient”) agrees (a) not to use the other party’s (in such capacity, “Discloser”)
Confidential Information for any purpose other than performing its obligations or exercising its rights under this agreement, (b)
not to disclose Discloser’s Confidential Information to any person or entity other than to Recipients’ and its Affiliates
(and in the case of Licensee as recipient, its Sublicensees) employees, consultants, representatives and agents (collectively,
“Representatives”) who need to know such Confidential Information and who are bound by obligations with respect
to the Confidential Information at least as protective of the Confidential Information as this Agreement

 

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

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and (c) to use reasonable care
to protect Discloser’s Confidential Information from unauthorized use or disclosure, but in any event not less than the degree
of care used by Recipient with respect to its own information of like importance. Each Recipient shall be responsible for any act
or omission of its Representatives that would constitute a breach of this Section 7.1 by Recipient.

 

		ii.	The obligations set forth in Section 7.1(i) will not apply to any Confidential Information that
(a) was rightfully known to Recipient without restriction before receipt from Discloser, (b) is rightfully disclosed to Recipient
without restriction by a third party, (c) is or becomes generally known to the public without violation of this Agreement by Recipient
or (d) is independently developed by Recipient or its employees without reference to or use of any of Discloser’s Confidential
Information.

 

		iii.	Permitted disclosures. Notwithstanding section 7.1(a), a recipient may disclose discloser’s
Confidential Information to the extent such disclosure is reasonably necessary (a) to file and prosecute patent applications and/or
maintain patents which are filed or prosecuted in accordance with the provisions of this Agreement, (b) to file, prosecute or defend
litigation in accordance with the provisions of this Agreement, (c) in connection with any actual or prospective loan, equity financing,
collaboration or merger or sale of assets, to comply with applicable laws, regulations or court orders; provided, however, that
if a recipient is required to make any such disclosure under clause (d), it provide prior written notice to Discloser and will
use reasonable efforts to assist Discloser in its efforts to secure Confidential Information or a protective order or to otherwise
limit disclosure.

 

7.2.     Return of Confidential
Information. Upon Discloser’s request, Recipient shall return to Discloser all of Discloser’s Confidential Information,
including all copies and extracts of documents and all manifestations in whatever form, within sixty (60) days of such request
or, if earlier, the termination of this agreement; provided however, that a Recipient may retain (i) any of Discloser’s Confidential
Information relating to any license which expressly survives such termination and (ii) one (1) copy of all other Confidential Information
in inactive archives solely for the purpose of establishing the contents thereof.

 

7.3.     Use of name.
Neither party shall employ or use the name of the other party in any promotional materials or advertising without the prior express
written permission of the other party.

 

		8.	DOMESTIC AND FOREIGN PATENT FILING AND MAINTENANCE

 

8.1.     [*****].

 

8.2.     [*****].

 

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

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8.3.     [*****] shall
be responsible, at its own cost, for the preparation, filing, prosecution and maintenance of any and all patent applications and
patents included in Licensed Patent Rights. [*****] will instruct counsel to directly notify [*****] and its counsel and provide
them copies of any official communications from any patent office relating to said prosecution, and to provide [*****] and its
counsel with advance copies of all relevant communications to the various patent offices, so that [*****] may be informed and apprised
of the continuing prosecution of patent applications in Licensed Patent Rights. [*****] shall have reasonable opportunities to
participate in decision making on all key decisions affecting filing, prosecution and maintenance of patents and patent applications
in Licensed Patent Rights. [*****] will use reasonable efforts to incorporate [*****] reasonable suggestions regarding said prosecution.
[*****] shall use reasonable efforts to amend any patent application to include claims reasonably requested by [*****] to obtain
patent protection for Licensed Products and/or Licensed Processes. [*****] will give [*****] thirty (30) days’ notice of
any decision to abandon any patent application or to cease to maintain any patent, and [*****] may assume control thereof at its
own cost.

 

8.4.     Yamaguchi University
and Licensee shall cooperate fully in the preparation, filing, prosecution and maintenance of Licensed Patent Rights and of all
patents and patent applications licensed to Licensee hereunder, executing all papers and instruments or requiring faculty members
of Yamaguchi University to execute such papers and instruments so as to enable [*****]. Each party shall provide to the other prompt
notice as to all matters which come to its attention and which may affect the preparation, filing, prosecution or maintenance of
any such patent applications or patents.

 

8.5.     [*****] may
elect to surrender its Licensed Patent Rights in any country upon sixty (60) days written notice to [*****]. Such notice shall
not relieve [*****] from responsibility to pay the patent prosecution law firm for patent-related expenses incurred prior to the
expiration of the sixty (60) day notice period. [*****] shall not have any further obligations to [*****] in such country after
the expiration of such sixty (60) day notice period.

 

		9.	INFRINGEMENT

 

9.1.     [*****] shall
have the right to prosecute in its own name and at its own expense any infringement of the Licensed Patent Rights. [*****] agrees
to notify [*****] promptly of each infringement of such patents of which [*****] has knowledge or becomes aware.

 

9.2.     Process.

 

		i.	If [*****] elects to commence an action as described above, [*****] may, to the extent permitted
by law, elect to join as a party in that action. Regardless of whether [*****] elects to join as a party, [*****] shall cooperate
fully with [*****] in connection with any such action. [*****] may require [*****] to join as a party to any such action.

 

		ii.	If [*****] elects to join as a party pursuant to Subsection (i), [*****] will give consideration
to [*****] input regarding the infringement action.

 

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

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		iii.	If [*****] joins as a party to any action at [*****] request, [*****].

 

9.3.     If [*****] elects
to commence an action as described above, [*****]. [*****].

 

9.4.     No settlement,
consent judgment or other voluntary final disposition of the suit that materially adversely affects [*****] rights may be entered
into without the prior written consent of [*****], which consent shall not be unreasonably withheld. An admission of liability
on the part of [*****] shall be reasonable grounds to withhold consent.

 

9.5.     Recoveries or
reimbursements from actions commenced pursuant to this Article shall first be applied to reimburse Licensee and Yamaguchi University,
for litigation costs [*****]. Any remainder shall be [*****].

 

9.6.     If [*****] elects
not to exercise its right to prosecute an infringement of the Licensed Patent Rights pursuant to this Article, [*****] may do so
at its own expense, controlling such action and retaining all recoveries there from. [*****] shall cooperate fully with [*****]
in connection with any such action at [*****] expense.

 

9.7.     Without limiting
the generality of Section 9.6, [*****] may, at its election and by notice to [*****], establish a time limit of [*****] for [*****]
to decide whether to prosecute any infringement or otherwise attempt to abate such infringement of which [*****] has knowledge
or becomes aware. If, by the end of such [*****] period, [*****] has not commenced such an action or otherwise undertaken an attempt
to abate such infringement, [*****] may prosecute such an infringement at its own expense, controlling such action and retaining
all recoveries therefrom.

 

9.8.     If a declaratory
judgment action is brought naming [*****] as a defendant and alleging invalidity of any of the Licensed Patent Rights, [*****]
may elect to take over the sole defense of the action at its own expense. [*****] shall cooperate fully with [*****] in connection
with any such action at [*****] expense.

 

		10.	TERMINATION OF AGREEMENT

 

10.1.     This Agreement,
unless terminated as provided herein, shall remain in effect through the end of the last Royalty Term.

 

10.2.     Yamaguchi University
or the TLO may terminate this Agreement as follows:

 

		i.	If Licensee does not make an undisputed payment due hereunder and fails to cure such non-payment
(including the payment of interest in accordance with Section 5.4(v)) within ninety (90) days after the date of notice in writing
of such non-payment by the TLO.

 

		ii.	If Licensee defaults in its obligations under Sections 1l.3(iii) to procure and maintain insurance
and if Licensee fails to cure such default within thirty (30) days after the date of notice in writing of such default by Yamaguchi
University or the TLO.

 

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

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		iii.	If Licensee shall make an assignment for the benefit of creditors, shall have been declared bankrupt
by a court of competent jurisdiction, makes use of any law or regulation for relief from creditors, or reorganizations or restructures
in order to avoid creditors. Such termination shall be effective immediately upon Yamaguchi University or the TLO giving written
notice to Licensee.

 

		iv.	Except as provided in Subsections (i), (ii) and (iii) above, if Licensee defaults in a material
respect in the performance of any obligations under this Agreement and the default has not been remedied within sixty (60) days
after the date of notice in writing of such default by Yamaguchi University or the TLO.

 

10.3.     Licensee shall
provide, in all sublicenses granted by it under this Agreement, that in the event this Agreement is terminated, such sublicensee
may enter into a direct license with Yamaguchi University and the TLO on the terms and conditions hereunder, as applied mutatis
mutandis to such sublicensee.

 

10.4.     Licensee may
terminate this Agreement by giving ninety (90) days advance written notice of termination to Yamaguchi University and the TLO.
Upon termination, Licensee shall submit a final royalty report to the TLO and any royalty payments and unreimbursed legal expenses
due to the TLO or Yamaguchi University shall become immediately payable. Upon termination by Licensee, all obligations and duties
under this license shall cease and terminate and Licensee agrees to execute all reasonable documentations requested evidencing
such termination.

 

10.5.     Sections 6.1,
6.2, 7.1, 7.2, 7.3, 8.5, 9.3, 9.4, 9.5, 10.2, 10.3, 10.4, and 10.5 of this Agreement and all other provisions of this Agreement
which are intended to have effect after termination of this Agreement shall survive termination of this Agreement for the respective
durations stated therein, and where no duration is stated, shall survive indefinitely.

 

		11.	GENERAL

 

11.1.     Yamaguchi University
does not warrant the validity of the Licensed Patent Rights within the Field licensed hereunder and makes no representations whatsoever
with regard to the scope of the Licensed Patent Rights within the Field or that such Licensed Patent Rights may be exploited by
Licensee, an Affiliate, or a Sublicensee without infringing other patents.

 

11.2.     Nothing in
this Agreement is or shall be construed as: (a) a warranty or representation by either party as to the validity or scope of any
Licensed Patent Rights; or (b) a warranty or representation that anything made, used, sold or otherwise disposed of under any license
granted pursuant to this Agreement is or will be free from infringement of patents, copyrights, and other rights of third parties.
Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR
OF NON-INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK,

 

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

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OR OTHER RIGHTS OF THIRD PARTIES, OR ANY
OTHER EXPRESS OR IMPLIED WARRANTIES.

 

11.3.     

 

		i.	Licensee shall indemnify, defend and hold harmless Yamaguchi University and its current or former
directors, governing board members, trustees, officers, faculty, medical and professional staff, employees, students, and agents
and their respective successors, heirs and assigns (collectively, the “Indemnitees”), from and against any claim,
liability, cost, expense, damage, deficiency, loss or obligation of any kind or nature (including, without limitation, reasonable
attorney’s fees and other costs and expenses of litigation) (collectively, “Claims”), based upon, arising
out of, or otherwise relating to any cause of action relating to product liability concerning any Licensed Product made, used,
sold, performed or provided pursuant to any right or license granted under this Agreement.

 

		ii.	Licensee shall, at its own expense, assume the defense of any Claims brought against Indemnitees
using attorneys reasonably acceptable to Yamaguchi University hereunder with respect to the subject of indemnity contained herein,
whether or not such actions are rightfully brought.

 

		iii.	Beginning at the time any such Licensed Product or LICENSED PROCESS is being commercially distributed
or sold (other than for the purpose of obtaining regulatory approvals) by Licensee or by a Sublicensee, an Affiliate or an agent
of Licensee, Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts
not less than [*****] per incident and [*****] annual aggregate and naming Indemnitees as additional insured. During clinical trials
of any such product, process or service, Licensee shall, at its sole cost and expense, procure and maintain commercial general
liability insurance in such equal or lesser amount as Yamaguchi University shall require, naming Indemnitees as additional insured.
Such commercial general liability insurance shall provide: (a) product liability coverage; and (b) broad form contractual liability
coverage for Licensee’s indemnification under this Agreement. If Licensee elects to self-insure all or part of the limits
described above (including deductibles or retentions which are in excess of [*****] annual aggregate) Licensee must notify Yamaguchi
University at least sixty (60) days in advance of commencing any such self-insurance program and such self-insurance program must
be acceptable to Yamaguchi University. The minimum amounts of insurance coverage required shall not be construed to create a limit
of Licensee’s liability with respect to its indemnification or other obligations under this Agreement.

 

		iv.	Licensee shall provide Yamaguchi University with written evidence of such insurance upon request
of Yamaguchi University. Licensee shall

 

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

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provide Yamaguchi University
with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance; if
Licensee does not obtain replacement insurance providing comparable coverage within such fifteen (15) day period, Yamaguchi University
shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice or any additional
waiting periods.

 

		v.	Licensee shall maintain such commercial general liability insurance beyond the expiration or termination
of this Agreement during: (i) the period that any product, process, or service, relating to, or developed pursuant to, this Agreement
is being commercially distributed or sold by Licensee or by a Sublicensee, an AFFILIATE or agent of Licensee; and (ii) a reasonable
period after the period referred to in Subsection (e)(i) above which in no event shall be less than [*****] years.

 

11.4.     This Agreement
and the rights and duties hereunder may not be assigned by either party without first obtaining the written consent of the other
which consent will not be unreasonably withheld. Any such purported assignment, without the written consent of the other party,
will be null and of no effect. Notwithstanding the foregoing. Licensee may assign this Agreement to a purchaser, or successor in-interest
or acquirer of substantially all of the Licensee’s assets or business and/or pursuant to any reorganization or merger.

 

11.5.     The interpretation
and application of the provisions of this Agreement shall be governed by the laws of New York, U.S.A.

 

11.6.     Licensee shall
comply with all applicable laws and regulations with respect to performance of its obligations hereunder.

 

11.7.     Licensee agrees
to utilize appropriate patent marking on Licensed Products.

 

11.8.     Any notices
to be given hereunder shall be sufficient if signed by the party (or party’s attorney) giving same and either: (i) delivered
in person; (ii) mailed certified mail return receipt requested; or (iii) faxed to other party if the sender has evidence of successful
transmission and if the sender promptly sends the original by ordinary mail, in any event to the following addresses:

 

If to Licensee:

Clementia Pharmaceuticals, Inc.

1375 Transcanadian Highway, Suite 200

Dorval, Quebec, H9P 2W8

Canada

Attention:

Phone: [*****]

 

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

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With a copy to:

Mintz Levin Cohn Ferris Glovsky and Popeo, PC

One Financial Center Boston, MA 02111

Attn: Jeffrey Wiesen, Esq.

Tel [*****]

Fax: [*****]

 

If to Yamaguchi University:

Yamaguchi University

1677-1, Yoshida, Yamaguchi City

Yamaguchi Prefecture, 753-8511

Japan

 

If to the TLO:

Yamaguchi Technology Licensing Organization, Ltd.

2-16-1 Tokiwadai, Ube City

Yamaguchi Prefecture, 755-8611

Japan

Attention:[Tokuo Matsuzaki, PhD]

Tel [*****]

Fax [*****]

E-mail [*****]

 

By such notice any party may change
their address for future notices. Notices delivered in person shall be deemed given on the date delivered. Notices sent by fax
shall be deemed given on the date faxed. Notices mailed shall be deemed given five (5) days following the date postmarked on the
envelope. Notices sent by reputable express courier shall be deemed given one (1) day following the date delivered lo the courier.

 

11.9.     Should a court
of competent jurisdiction later hold any provision of this Agreement to be invalid, illegal, or unenforceable, and such holding
is not reversed on appeal, it shall be considered severed from this Agreement. All other provisions, rights and obligations shall
continue without regard to the severed provision, provided that the remaining provisions of this Agreement are in accordance with
the intention of the parties.

 

11.10.     In the event
of any controversy or claim arising out of or relating to any provision of this Agreement or the breach thereof, the parties shall
try to settle such conflict amicably between themselves. Subject to the limitations expressly stated in this section, any such
conflict which the parties are unable to resolve promptly shall be settled through arbitration conducted in London, England in
accordance with the rules of the International Chamber of Commerce. The demand for arbitration shall be filed within a reasonable
time after the controversy or claim has arisen, and in no event after the date upon which institution of legal proceedings based
on such controversy or claim would be barred by the applicable statute of limitation. The award through arbitration shall be final
and binding. Either party may enter any such award in a court having jurisdiction or may make application to such court for judicial
acceptance of the award and an order of enforcement, as the case may be. Notwithstanding the foregoing, either party may, without
recourse to arbitration, assert against the other party a third-party claim or cross-claim in any action brought by a third party,
to which the subject matter of this Agreement may be

 

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

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relevant. The prevailing party in any arbitration
shall be afforded reasonable costs and attorney fees. Notwithstanding any other provision of this Agreement to the extent any other
provision is inconsistent herewith, no arbitrator(s) or any other third party involved in resolving or otherwise addressing any
dispute may limit, expand or otherwise modify the terms of this Agreement. The provisions of this Section shall not apply to:

 

		i.	prevent a party from seeking a temporary restraining order or injunctive or other equitable relief
with respect to a breach (or attempted breach) of this Agreement by the other party;

 

		ii.	prevent a party from instituting litigation or other formal proceedings to the extent necessary
(i) to avoid the expiration of any applicable limitations period or (ii) to preserve a superior position with respect to other
creditors; or

 

		iii.	to any claim with respect to ownership or infringement or Licensed Patent Rights.

 

Such claims (described in subsections
(i) through (iii) above) will not be subject to arbitration or other alternate dispute resolution and instead will be subject to
judicial resolution, and either party may apply to any court of competent jurisdiction for such relief.

 

11.11.     This Agreement
constitutes the entire understanding between the parties and neither party shall be obligated by any amendment, modifications,
condition or representation other than those expressly stated herein or as may be subsequently agreed to by the parties hereto
in writing.

 

11.12.     This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original and all of which shall together be deemed
to constitute one Agreement.

 

11.13.     The failure
of any party at any time to enforce its rights hereunder strictly in accordance with the same shall not be construed as having
created a custom contrary to the specific provisions hereof or as having in any way modified or waived same.

 

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

 

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

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	YAMAGUCHI UNIVERSITY	 	CLEMENTIA PHARMACEUTICALS, INC.
	 	 	 
	/s/ Masaaki Oka	 	/s/ Clarissa Desjardins
	Masaaki Oka, MD, Ph.D.,	 	Clarissa Desjardins, Ph.D.
	President, Yamaguchi University	 	Chief Executive Officer
	 	 	 
	Apr. 8, 2015	 	March 24, 2015
	Date	 	Date
	 	 	 
	YAMAGUCHI TECHNOLOGY LICENSING ORGANIZATION, LTD.	 	 
	 	 	 
	/s/ Youichiro Sata	 	 
	Youichiro Sata, President, Yamaguchi	 	 
	Technology Licensing Organization, Ltd.	 	 
	 	 	 
	March 25, 2015	 	 
	Date	 	 

 

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

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Appendix A

 

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

 

[*****]

    	Page 17 of 18

    	

    

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Appendix B

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]

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