Document:

EX-10.12

 Exhibit 10.12 

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause
competitive harm to the Company, if publicly disclosed. Double asterisks denote omissions. 
 STANDARD EXCLUSIVE LICENSE AGREEMENT

 UFRF Agreement No: [**] 

TABLE OF CONTENTS 
  

			
	 Section 1
	  	 Definitions

	 Section 2
	  	 Grant

	 Section 3
	  	 Diligence Obligations

	 Section 4
	  	 Financial Consideration

	 Section 5
	  	 Reports, Records and Accounting

	 Section 6
	  	 Patent Prosecution

	 Section 7
	  	 Enforcement and Defense

	 Section 8
	  	 Term and Termination

	 Section 9
	  	 Assignability

	 Section 10
	  	 Dispute Resolution

	 Section 11
	  	 Indemnification and Insurance

	 Section 12
	  	 Warranties and Disclaimers

	 Section 13
	  	 Use of Names

	 Section 14
	  	 Notices

	 Section 15
	  	 Confidentiality

	 Section 16
	  	 Compliance

	 Section 17
	  	 Miscellaneous

 

	
	 Appendix A     –     Patent Rights

	 Appendix B     –     Development
Plan

	 Appendix C     –     Development
Report

	 Appendix D     –     UFRF Royalty
Report

 This Agreement is effective as of the last signature on this agreement, (the “Effective
Date”) between the University of Florida Research Foundation, Incorporated, a nonstock, nonprofit Florida corporation (“UFRF”), and Decibel Therapeutics, Inc., a Corporation organized under the laws of the state of Delaware
(“Licensee”). 
 WHEREAS, UFRF has intellectual property rights in Patent Rights jointly owned with University of
California San Francisco (“UCSF”), further described herein that it desires to have developed and used for the public benefit; 

WHEREAS UFRF and UCSF are licensing their rights in the Patent Rights separately, 

WHEREAS, Licensee has the capability and is willing to commit itself to developing and bringing to market products embodying the intellectual
property; and 

  
 Page 1 of 24 

 WHEREAS, Licensee desires to obtain from UFRF and UFRF is willing to grant to Licensee a
license to its interest in the intellectual property under the terms and conditions set forth in this Agreement. 
 THEREFORE, the parties
hereby agree as follows: 
 Section 1 Definitions 

“Affiliate” means any entity that directly or indirectly owns or controls, is owned or controlled by; or is under common
ownership or control with a party to this Agreement; where “ownership” and “control” mean: (a) possession, or the right to possession, of at least 50% of the voting stock of the entity;(b) the power to direct the management
and policies of the entity; or (c) the power to appoint or remove a majority of the board of directors of the entity. While an entity is entitled to the benefits of an Affiliate under this Agreement for only the period of time the entity
qualifies as an Affiliate under this definition, all obligations under this Agreement that accrued to the entity while an Affiliate shall survive until fulfilled even though the entity no longer qualifies as an Affiliate. 

“Confidential Information” means information or material disclosed by one party (“disclosing party”) to the other
party (“receiving party”) that is marked as confidential at the time of disclosure or, if first disclosed orally or observed, is identified as confidential at the time of disclosure and summarized in a marked writing delivered to receiving
party within [**] after first oral disclosure. Confidential Information does not include information or material that: (a) is in the public domain other than through acts or omissions of receiving party, or anyone that accessed the Confidential
Information from receiving party; (b) is already known at the time of disclosure as shown by competent evidence; (c) is independently developed by the receiving party without knowledge of the Confidential Information, as shown by
contemporaneously written records; or (d) is lawfully disclosed to receiving party by a third party without restriction. 

“Development Plan” means the written plan, attached as Appendix B and, as it may be updated from time to time, incorporated
herein, describing the development and commercialization activities that Licensee will undertake to bring Licensed Products to the market. 

“Development Report” means each written report submitted by Licensee under Section 3.2 that contains at least the
information specified on Appendix C, attached and incorporated herein, describing Licensee’s progress under the Development Plan. 

“Equity Interests” means equity securities or membership units of an entity or securities or membership units that are
convertible into the entity’s equity securities or membership units. 
 “including” means including, non-exhaustively, and without restriction to items of the same kind or nature. 

“Investigator” means Dr. William Hauswirth. 

“Licensed Field” means the treatment of disease and disorders resulting from the loss or deficiency of Otoferlin and excludes
all other fields. 

  
 Page 2 of 24 

 “Licensed Product(s)” means any product or process, or part thereof,
on a country-by-country basis, that (i) is covered in whole or in part by a Valid Claim contained in the Patent Rights, in any country in which such product or
process is made, used, imported or sold or (ii) is manufactured by using a process which is covered in whole or in part by a Valid Claim contained in the Patent Rights, in any country in which any such process is used, imported or sold or in
which any such product is used, imported or sold 
 “Licensee IP” means any and all intellectual property (including
patents and patent applications) of Licensee (a) that is discovered, developed or created by Licensee in the course of performing activities under this Agreement (including those pursuant to the Development Plan) and (b) constitutes an
improvement, enhancement, or derivative of the URFR Patent Rights, or know-how. 
 “Net
Sales” means the total gross amount invoiced by Licensee or Sublicensee on account of sales, lease, transfer, performance or otherwise providing Licensed Product, after deduction of all the following in accordance with U.S. Generally
Accepted Accounting Principles (“U.S. GAAP”) to the extent documented and included in the invoiced amount and attributable only to Licensed Product(s): 

(a) customary trade, quantity and cash discounts or rebates actually given; 

(b) allowances, credits or returns actually given; 

(c) discounts mandated by and actually granted solely to meet the requirements of law, including required chargebacks and retroactive price
reductions required by law; 
 (d) sales and value added tax actually paid by and not reimbursed to the Licensee and included in the gross
invoice amount, and 
 (e) any charges for insurance, and transportation and duty charges actually paid, if charged separately and included
in the gross invoiced amount. 
 Net Sales on Licensed Products transferred as part of a non-cash exchange, or to an
Affiliate or Sublicensee or otherwise that is not an arms-length transaction shall be the average amount invoiced to unaffiliated third parties in an arms-length transaction for the same Licensed Products in the same country in the same reporting
period. If there is no average amount, then UFRF shall select another reasonable benchmark. Net Sales accrue with the first of delivery, payment or invoice. 

“Patent Rights” means: (a) the patent(s)/patent application(s) as listed on Appendix A, attached and incorporated
herein; (b) all United States, PCT and foreign patents and patent applications claiming priority to or from any of the patent(s) and patent application(s) listed on Appendix A, including divisionals, continuations and continuations-in-part; (c) all patents issuing from any of the foregoing; and (d) all reissues and re-examinations, and any
extensions, restorations, or supplementary protection certificates referencing any of the foregoing; in each case only to the extent of the claimed subject matter that is fully disclosed and enabled to satisfy 35 U.S.C. §112 by the disclosures
in the patent(s) and patent application(s) listed on Appendix A. 
 “Sublicense” means any agreement, however captioned and
regardless of how the conveyances are referred to therein, in which Licensee directly or indirectly grants, agrees not to assert, agrees not to practice, or is under an obligation to do any of the foregoing and/or any agreement that permits the
making, offering for sale, using, selling or importing of Licensed Products. So defined, a Sublicense includes any agreement that permits any use of all or part of the Patent Rights for research and/or development, and whether it is a stand-alone
agreement or arrangement or part of a broader collaboration, development, or joint venture agreement or arrangement. 

  
 Page 3 of 24 

 “Sublicensee” means any third party, including any Affiliate, who is a
party to a Sublicense. 
 “Sublicensing Revenue” means any and all consideration received or payable to the Licensee from
any Sublicensee under or otherwise in connection with a Sublicense of the Licensee’s rights under this Agreement, including license issue fees, lump sum payments, milestone payments, maintenance fees, profit sharing, joint marketing fee, equity
or other payments of any kind whatsoever, irrespective of whether such consideration is received in the form of cash, offsets, barter, credit, stock, warrants, release from debt, goods or services, licenses back, a payment for Licensee equity that
exceeds the pre-Sublicense fair market value of the equity, equity exchanges, or any other form whatever, excluding: (a) [**], (b) amounts received by the Licensee as the purchase price, for Licensee equity
securities (including stock of whatever class or series, and including the purchase price for warrants and the exercise price under such warrants, or as convertible debt, of the Licensee , to the extent they do not exceed the fair market value of
such equity at the time purchase occurs, (c) reimbursements of patent prosecution costs actually incurred by UFRF and reimbursed by Licensee directly related to the specific Licensed Product being sublicensed, and (d) if accompanied by
competent documentary evidence: (i) loans, financing or reimbursement of the direct costs of bona fide future research and development of a Licensed Product (and not other products); and (ii) for any payment based on the same event that
triggers a milestone payment to UFRF under Section 4.5(a), the amount due to UFRF for the corresponding milestone under Section 4.5(a). In no event shall the excluded amount be greater than the corresponding payment required in
Section 4.5(a). For clarity, payments made by Regeneron Pharmaceuticals to Licensee under its Collaboration and License Agreement, dated as of November 15, 2017, based on costs of research and development shall not be considered
Sublicensing Revenue to the extent that they otherwise meet the definition of exclusion (d)(i) above whether such payments occur in the form of milestones or ongoing reimbursement of costs. 

“Valid Claim” means, with respect to a particular country, (a) a claim of an issued and unexpired patent within the
Patent Rights that has not been (i) held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal,
(ii) rendered unenforceable through disclaimer or otherwise, (iii) abandoned or (iv) lost through an interference proceeding; or (b) a pending claim in an application within the Patent Rights and that has not been pending for
more than [**] from the earliest priority date of [**] (at which time such pending claim shall cease to be a Valid Claim unless and until such claim becomes a Valid Claim of an issued patent). For clarity, if a pending claim issues and meets the
requirements of (a) above, it is a Valid Claim regardless of the amount of time such claim was pending. 
 The following terms have the
meaning given them in the Section indicated. 

  
 Page 4 of 24 

							
	 Term
	 	
Section
	  		  	
	 Additional Application
	 	
Section 3.4
	  		  	
	 CDA
	 	
Section 15.1
	  		  	
	 Challenge
	 	
Section 7.7
	  		  	
	 Effective Date
	 	
Preamble
	  		  	
	 Indemnitees
	 	
Section 11.1
	  		  	
	 Licensee
	 	
Preamble
	  		  	
	 Royalty Term
	 	
Section 8.1(b)
	  		  	
	
Sell-Off Period
	 	
Section 8.8
	  		  	
	 Term
	 	
Section 8.1(a)
	  		  	
	 UFRF
	 	
Preamble
	  		  	

 Section 2 Grant 

2.1 Patent Rights. Subject to the terms and conditions of this Agreement and Licensee’s compliance with them, UFRF grants to
Licensee, and Licensee accepts, an exclusive, non-transferable, worldwide license, limited to the Licensed Field, with the right to sublicense solely as set forth in Section 2.5, under UFRF’s
interest in the Patent Rights to make, have made, use, sell, have sold, and import royalty-bearing Licensed Products solely in the Licensed Field. 

2.2 Retained Rights. UFRF reserves: (a) for itself, the University of Florida, including Shands Teaching Hospital and University
of Florida patient care facilities, and, any non-profit institution or governmental entity the right to practice and have practiced on their behalf, the Patent Rights for research, clinical, and educational
purposes and/or as necessary to comply with any applicable governmental requirements or guidelines governing the use and sharing of research materials; and (b) all rights not expressly granted in Sections 2.1. 

2.3 Further Restrictions. UFRF has not authorized the manufacture, use, sale or import of any products or processes other than
royalty-bearing Licensed Products made, used, offered for sale, sold and imported in compliance with the terms of this Agreement. Unauthorized activities may constitute infringement. Nothing contained in this Agreement shall be construed as
conferring, by implication, estoppel or otherwise, upon either party, any party in privity with a party, or any customer of any of the foregoing, any right, title or interest under any Patent Rights or other intellectual or tangible property right
at any time, except for those rights expressly granted in Sections 2.1, including any rights outside the Licensed Field. If a third party is using or selling Licensed Products arising hereunder outside the Licensed Field, or otherwise in violation
of this Agreement, then Licensee shall terminate any arrangement regarding the Patent Rights and Licensed Product that it has with such third party and cease all sale, lease or other transfer or use of Licensed Products to or with such third party.

 2.4 Sublicense Rights. 

(a) Provided that Licensee is in compliance with this Agreement and subject to the terms and conditions of this Agreement and Licensee’s
and third party’s compliance therewith, Licensee shall have the right to grant Sublicenses to third parties. Each Sublicense shall be in writing, be in compliance with the terms and conditions of this Agreement, name UFRF as a third party
beneficiary, and shall not be transferable, including by further sublicensing, without the written consent of UFRF. If an Affiliate desires to practice any of the 

  
 Page 5 of 24 

 
rights licensed hereunder or if Licensee permits the making, offering for sale, using, selling or importing of Licensed Product by any third party, including an Affiliate, then Licensee shall
execute a Sublicense with such Affiliate or other third party . Licensee shall have the same responsibility for the activities of a Sublicensee as if the activities were directly those of Licensee and any act or omission of a Sublicensee that would
be a breach of this Agreement if performed by Licensee shall be deemed to be a breach of this Agreement by Licensee. 
 (b) Licensee shall
notify UFRF within [**] of the initiation of negotiations with any potential Sublicensee. Licensee shall provide UFRF with a final un-redacted copy of each Sublicense and any amendment thereto within [**]
after execution, and provide UFRF [**] a copy of all reports from any Sublicensees regarding Licensed Products and/or payments made under each Sublicense. UFRF’s receipt of these copies shall not be deemed to imply that the agreements or
reports are in compliance with the requirements under this Agreement or approval of their contents by UFRF. 
 2.5 United States
Government Rights. UFRF may have obtained and/or may in the future obtain funding for the Patent Rights from an agency of the United States government. Rights granted in this Agreement are limited by and subject to the rights and requirements of
the government which may attach as a result of such funding, including as set forth in 35 U.S.C. §200, 37 C.F.R. Part 401 (“Bayh-Dole Act”). The terms of this Agreement shall be unilaterally amended as required to comply with the
Bayh-Dole Act. Licensee agrees to comply with the provisions of the Bayh-Dole Act, including promptly providing UFRF information requested to enable it to meet its compliance requirements, and to substantially manufacture Licensed Products and
products produced through the use of Licensed Products in the United States, unless that requirement is waived. 
 Section 3 Diligence
Obligations 
 3.1 Diligent Efforts. Licensee has or will obtain the expertise necessary and shall use commercially reasonable
efforts to diligently develop, commercialize and maintain supply of Licensed Products in at least all major market countries within the license granted hereunder (together “Diligent Efforts”. 

3.2 Development Plan and Development Reports. Licensee has provided UFRF with the Development Plan pursuant to which Licensee intends
to develop and commercialize Licensed Products. On or before [**] of each calendar year, beginning after the first anniversary of the Effective Date of this Agreement, Licensee shall provide UFRF with a written Development Report that describes in
detail as of that reporting period, all development and commercialization activities for each Licensed Product and, at least [**] before commencement of commercial production of Licensed Products, specifics of planned manufacturing or production,
together with an updated Development Plan for the next annual period. No more than [**], UFRF shall have the right, at its own cost, to audit Licensee’s records relating to development of Licensed Products to confirm compliance with the terms
of this Agreement. Licensee’s failure to perform substantially in accordance with the then-current Development Plan or meet any diligence milestone constitutes, in each case, shall be a breach of this Agreement. 

  
 Page 6 of 24 

 3.3 Diligence Milestones. 

(a) In partial satisfaction of its obligations to bring Licensed Products to market, Licensee shall achieve the diligence milestones set forth
below within the time specified for each milestone. Licensee shall notify UFRF in writing within upon the achievement of each milestone and the actual date of such achievement. Upon achievement of the Diligence Milestone “[**],” the
Parties shall agree on a Completion Date for Diligence Milestones marked as “TBD” and additional milestones, if necessary, to maintain a minimum of one milestone approximately every [**]. 

 

			
	 Diligence Milestone
	  	Completion Date
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]

 (b) Licensee may request an extension of any milestone due date. UFRF shall consider in good faith whether to
extend such milestone provided that Licensee has evidenced Diligent Efforts to achieve the milestone by the date due. Licensee shall make an extension request in writing at least [**] prior to the specified due date, fully describing Licensee’s
efforts to achieve the milestone to date, future plans and expected timing to achieve the milestone, and reasons it believes the extension is necessary. If UFRF agrees to grant the requested extension, such agreement not to be unreasonably withheld,
then UFRF and Licensee shall negotiate the specific terms of extension in good faith, which may include financial consideration. 
 3.4
Additional Applications. If UFRF notifies Licensee in writing with information demonstrating the potential feasibility of a particular Licensed Product, market, or application in the Licensed Field or a territory that Licensee is not pursuing
(each an “Additional Application”) or that a third party is interested in pursuing an Additional Application, then Licensee shall inform UFRF in writing within [**] after the notice whether Licensee elects to develop the Additional
Application, execute a Sublicense with the third party to do so, or decline to pursue the Additional Application. If Licensee elects to: (a) develop the Additional Application, then Licensee shall within [**] submit an updated Development Plan
reasonably acceptable to UFRF that covers the Additional Application; (b) execute a Sublicense with the third party, then Licensee shall promptly initiate the negotiations and conclude the Sublicense on commercially reasonable terms within a
reasonable period of time; and/or (c) decline to develop the Additional Application, or fails to execute a Sublicense with the third party, then, upon written notice from UFRF to Licensee, the license under the Patent Rights applicable to such
Additional Application shall cease without the requirement of a further writing or, at UFRF’s option, the license thereto shall be converted to nonexclusive, and in each case, thereafter UFRF will be entitled to directly license any third party
for the Additional Application under the applicable Patent Rights. 

  
 Page 7 of 24 

 Section 4 Financial Consideration 

4.1 License Issue Fee. Following receipt of an invoice, Licensee shall pay to UFRF a
non-refundable, non-creditable license issue fee of $100,000 within [**] of the Effective Date. 

4.2 Annual License Maintenance Fee. Licensee shall pay to UFRF a non-refundable, non-creditable annual license maintenance fee of $[**] within [**] of receiving an invoice on or before each anniversary of the Effective Date, commencing on the first anniversary until the issuance of any of the
Patent Rights in the US or European Patent Office, including in any individually nationalized European Patent Office countries (“EPO”). Thereafter, Licensee shall pay to UFRF a non-refundable, non-creditable annual license maintenance fee of $[**] within [**] of receiving an invoice on or before each anniversary of the Effective Date, ending in the year the first Net Sales of a Licensed Product is
achieved. 
 4.3 Royalties. 

(a) Royalty on Licensed Products. Licensee shall pay to UFRF earned royalties calculated as a percentage of Net Sales at the rate of
[**]% of Net Sales of Licensed Products. 
 (b) Third Party Royalty Offset. If Licensee is required to pay royalties to a third party
who is not an Affiliate or Sublicensee in order to make or sell Licensed Products as a result of: (a) governmental laws; (b) settlement agreements; (c) a final non-appealable judgment in an
infringement action; or (d) good faith determination by Licensee that infringement will occur without a license and UFRF concurs; then Licensee may credit against royalties otherwise due to UFRF [**]% of the amount actually paid to the third
party in the applicable reporting period, up to a maximum credit of [**]% of the amount otherwise due to UFRF, provided however, that in no case shall the royalty rate due to UFRF be reduced to below [**]%. 

(c) Final Issued Patent Rights. On a country-by-country
basis, at such a time as Patent Rights issue and no additional Valid Claims are pending in that country, [**], then royalties owed to UFRF under section 4.3(a)above will be increased by [**]% each in that country. 

4.4 Minimum Royalty. 

(a) Beginning with the calendar year in which the first Net Sales of a Licensed Product has occurred, Licensee shall pay to UFRF the non-refundable minimum annual royalty according to the table below in quarterly installments. The minimum royalty payment may be prorated in the first year due to reflect a partial year. The minimum royalty payment
shall be fully creditable against earned royalties due to UFRF under Section 4.3 for the same calendar year, but shall not be creditable against any other payment due under this Agreement, including past or future earned royalties that may be
or may become due. 
  

					
	 Year
	  	Minimum Royalty	 
	 [**]
	  	$	[	**] 
	 [**]
	  	$	[	**] 
	 [**]
	  	$	[	**] 

  
 Page 8 of 24 

 (b) Final Issued Patent Rights. At such a time as all Patent Rights issue and no
additional Valid Claims are pending, [**], then minimum royalty owed to UFRF under section 4.4(a) above will be [**]. 
 4.5 Milestone
Payments. Licensee shall pay to UFRF the non-refundable, non-creditable milestone payments upon the events and in the amounts specified below, whether reached by
Licensee or a Sublicensee. Licensee shall promptly notify UFRF upon the achievement of each of the development milestones and the actual date of such achievement, and submit the payment amount to UFRF within [**] the date of achievement. 

 

	 	(a)	 Product development milestones, due upon the first achievement of each milestone for each Licensed Product:

  

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

  

	 	(b)	 Sales or corporate milestones, due only once upon the first achievement of each milestone:

  

					
	 Milestone
	  	Payment	 
	 [**]
	  	 	[	**] 
	 First occurrence of worldwide Net Sales of Licensed Product(s) exceed $[**] in a calendar
year
	  	 	[	**] 
	 First occurrence of worldwide Net sales of Licensed Product(s) exceed $[**]
	  	 	[	**] 

 (c) Final Issued Patent Rights. At such a time as a Milestone as specified in 4.5(a) or (b) is
met, if all Patent Rights issue or have issued and no additional Valid Claims are pending, [**] then milestone payment owed to UFRF under section 4.5(a) and 4.5(b) above will be [**]. 

4.6 Sublicense Payments. 

(a) Licensee shall pay to UFRF a percentage of Sublicensing Revenue according to the table below. Licensee shall promptly notify UFRF of each
payment of Sublicensing Revenue and submit payment to UFRF within [**] from the date of receipt by Licensee. Licensee may not receive consideration under the Sublicense from Sublicensees anything of value in lieu of cash payments without the express
prior written permission of UFRF. 
  

			
	[**]% 	  	
[**]

	[**]%	  	
[**]

	[**]%	  	
[**]

  
 Page 9 of 24 

 (b) Treatment of Royalties on Sublicensee Net Sales. Licensee shall pay UFRF a
royalty on Net Sales as provided in Section 4.3, whether such Net Sales were achieved by Licensee or any Sublicensee, which royalties are excluded from Sublicensing Revenue. Any amount received by or payable to the Licensee based on Sublicensee
Net Sales in excess thereof (“Excess Royalty”) is Sublicensing Revenue and Licensee shall pay UFRF the applicable percentage for set forth in Section 4.6, provided however that payments to UFRF for Excess Royalty shall be
capped at an additional [**]% of Sublicensee Net Sales paid to UFRF. For purpose of clarity, the following examples are illustrative: 
 (i)
Licensee receives a [**]% royalty on Net Sales from a Sublicensee; the applicable royalty rate under Section 4.3 is [**]%; and Licensee owes UFRF [**]% of Sublicensing Revenue under Section 4.6. In this hypothetical example, Licensee would
owe UFRF a payment on [**]. 
 (ii) Licensee receives a [**]% royalty on Net Sales from a Sublicensee; the applicable royalty rate that
Licensee owes UFRF under Section 4.3 is [**]%; and Licensee owes UFRF [**]% of Sublicensing Revenue under Section 4.6. In this second hypothetical example, Licensee would owe UFRF a payment on [**]. 

(c) Final Issued Patent Rights. At such a time as Sublicensed Patent Rights issue and no additional Valid Claims are pending, [**],
then [**] owed to UFRF under Section 4.6(a) will be [**]. 
 (d) In the event that the Patent Rights are sublicensed as a bundle with
other any other intellectual property necessary to make, use or sell a Licensed Product, the payments to UFRF on account of Sublicensing Revenue will be by Licensee on the commercially reasonable value attributable to the Patent Rights within the
bundle. This value will be determined in good faith. If UFRF reasonably disputes that valuation, then UFRF and Licensee will negotiate in good faith and agree on such allocation of Sublicensing Revenue. If the Parties are unable to agree on such
payments, at Licensee’s sole expense, they shall engage a mutually acceptable third party mediator to assist them in reaching agreement. In no event will the amount due to UFRF for Sublicensing Revenue be reduced by more than [**]% of the
amount set forth in Section 4.6(a). 
 4.7 Patent Issuance Fee. Licensee shall pay to UFRF a
one-time, non-refundable, non-creditable patent issue fee of $100,000 within [**] of the issuance of any of the Patent Rights in
either the US or EPO, whichever occurs first. 
 Section 5 Reports, Records and Accounting 

5.1 Payments and Reports. 

(a) Royalty Payments and Reports. Within [**] after the end of each calendar quarter, Licensee shall pay to UFRF the quarterly installment of
the minimum annual royalty due 

  
 Page 10 of 24 

 
under Section 4.4 and royalties due under Section 4.3 in excess of the applicable minimum royalties paid. With each payment to UFRF, Licensee shall submit a report in the form shown in
Appendix D, attached and incorporated herein, showing in sufficient detail for UFRF to verify the calculation how any amounts payable to UFRF have been calculated by Licensed Product on a per-country, product
line, model or trade name basis. All reports shall contain a written representation signed by an executive officer of Licensee that the report is true and accurate, and fairly represents all amounts payable to UFRF. If no payment is owed to UFRF,
Licensee shall submit to UFRF a certified statement so stating. 
 (b) Other Payments and Reports. Licensee shall submit the following
payments and reports, as applicable, in accordance with the specified Section. All reports shall be in in sufficient detail for UFRF to verify the calculation and/or compliance and contain a written representation signed by an executive officer of
Licensee that the report is true and accurate, and, if applicable, fairly represents all amounts payable to UFRF. 
  

			
	 Item
	 	 Section

	 Development Report
	 	 Section 3.2

	 Updated Development Plan
	 	 Section 3.2

	 Diligence milestones
	 	 Section 3.3

	 Annual license maintenance fee
	 	 Section 4.2

	 Milestone payments
	 	 Section 4.5

	 Sublicensing Revenue
	 	 Section 4.6

	 Patent expense reimbursement
	 	 Section 7.2

 (c) Small Entity Status. If Licensee or any Sublicensee or any of their respective Affiliates does not qualify
as a “small entity” as that term is currently defined by the United States Patent and Trademark Office, then Licensee shall immediately notify UFRF in writing. 

5.2 Records. Licensee shall keep and shall cause its Sublicensee(s) to keep complete, accurate and continuous records regarding
activities and/or payments relating to this Agreement in sufficient detail to permit UFRF to verify the accuracy and completeness of the reports and payments submitted hereunder for at least [**] following the end of the calendar year to which they
pertain or longer if required by federal law. 
 5.3 Audit. UFRF or its representatives may, upon reasonable notice during normal
business hours, but no more than [**], audit, review and copy all the records of Licensee and its Sublicensees necessary to verify the accuracy and completeness of the reports and payments pertaining to this Agreement. Licensee shall make the
records available at a single United States location if requested by UFRF. If the audit shows a payment deficiency, Licensee shall pay the deficiency with interest as provided in Section 5.5 within [**] of receiving notice. If a payment
deficiency for any calendar year exceeds [**]% of amounts paid for that year, then Licensee shall pay UFRF’s out-of-pocket expenses incurred pursuant to this
Section and any subsequent expense incurred to collect amounts due. 

  
 Page 11 of 24 

 5.4 Accounting for Payments. 

(a) All payments due under this Agreement are non-refundable and
non-creditable except minimum royalties as provided in Section 4.4, and shall be made without deduction for taxes, assessments, or other charges of any kind which may be imposed on UFRF by any government
or political subdivision with respect to any amounts payable to UFRF pursuant to this Agreement. Licensee is responsible for all wire/bank fees associated with all payments due to UFRF pursuant to this Agreement. Any amounts which remain unpaid
after the date they are due to UFRF accrue interest from the due date at the rate of [**]% per month or the maximum rate permitted by law, whichever is lower. This interest provision is not a grant of permission for any payment delays and acceptance
of late payments shall not negate or waive UFRF’s right to seek any other remedy, legal or equitable, to which it may be entitled. Licensee is responsible for repayment to UFRF of any attorney, collection agency, and other out-of-pocket expenses to collect overdue payments. 
 (b) Except
as otherwise directed, Licensee shall pay all amounts owing to UFRF under this Agreement in United States dollars at the following address or by wire transfer. Licensee shall convert all monies owing in currencies other than United States dollars at
the rate shown in the Federal Reserve Noon Valuation—Value of Foreign Currencies on the day preceding the payment date. 
 University
of Florida Research Foundation, Incorporated 
 310 Walker Hall, PO Box 115500 

Gainesville, Florida 32611-5500 

Attention: Business Manager 

Wire transfer instructions are available at: http://research.ufl.edu/ufrf/wiring.html 

Section 6 Patent Prosecution 

6.1 Responsibility. The preparation, filing, prosecution and maintenance of the Patent Rights shall be controlled by UFRF using counsel
of its choice. UFRF will provide Licensee an opportunity to advise and comment on the preparation, prosecution and maintenance of the Patent Rights in the Licensed Field, which comments UFRF shall consider in good faith. If Licensee fails to provide
comments within [**], then Licensee shall be deemed to have no comments. UFRF shall provide Licensee with copies of the documents sent to and received from the United States Patent and Trademark Office and foreign patent offices relating to Patent
Rights, which shall be UFRF’s Confidential Information hereunder. 
 6.2 Support. Licensee shall pay UFRF: (a) $[**] within [**]
of the Effective Date to reimburse costs and expenses associated with the Patent Rights prior to the Effective Date; (b) an amount to reimburse additional costs and expenses, if any, associated with the Patent Rights prior to the Effective Date
that are not included in Subsection (a), within [**] of invoice from UFRF; and (c) all documented costs and expenses incurred by UFRF related to the preparation, filing, prosecution and maintenance of the Patent Rights, within [**] of invoice
from UFRF. 
 6.3 Discontinuation of Support. 

(a) Licensee may elect upon [**] prior written notice to UFRF to discontinue support for any patent or patent application within the Patent
Rights. Upon receipt of notice by 

  
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UFRF, all rights in and to such patent or patent application shall revert to UFRF and such patent or patent application shall be excluded from the Patent Rights, along with all Patent Rights
arising from the excluded patent application or patent without the requirement of a further writing, and may be freely licensed by UFRF to others without further obligation to Licensee. Licensee shall remain responsible for any costs or expenses
incurred within the [**] notice period. 
 (b) In addition to and not in lieu of any other rights and remedies, UFRF shall have the right to
exclude from the Patent Rights any patent or patent application for which Licensee fails to pay any invoice submitted by UFRF and does not cure the failure as provided for in Section 8.3(b). Upon notice from UFRF, the applicable patent(s)
and/or patent application(s) shall revert to UFRF, and shall be excluded from the Patent Rights, along with all Patent Rights arising from the excluded patent application or patent, and may be freely licensed by UFRF to others without further
obligation to Licensee. 
 6.4 Patent Term Extension. The parties shall cooperate in selecting a patent within the Patent Rights for
which to seek a term extension and a Licensed Product for which to seek a supplementary protection certificate in accordance with the applicable laws of each country where there are Patent Rights. Each party agrees to execute any documents and to
take any additional actions as the other party may reasonably request in connection therewith. 
 6.5 Registration and Marking.
Licensee agrees to: (a) register and give required notice concerning this Agreement, at its expense, in each country where an obligation under law exists to so register or give notice; and (b) mark the Licensed Products in such a manner as
to conform with the patent laws and practice of any country of use, manufacture, shipment, sale or import, and the notice of License Field limitations set forth in Section 2.1. Upon reasonable request from UFRF, Licensee shall provide evidence
of proper marking. 
 Section 7 Enforcement and Defense 

7.1 Notice of Infringement. Each Party shall inform the other Party promptly in writing of any alleged infringement of the Patent Rights
by a third party and of any available evidence of the alleged infringement. Upon notice of alleged infringement, the Parties shall promptly confer in good faith to develop a strategy for abatement of the alleged infringement with or without
litigation, taking into consideration the impact of the alleged infringement outside the Licensed Field and on other licensees. 
 7.2
Right of Abatement. During the Term, UFRF shall have the first right but not the obligation to abate alleged infringement of the Patent Rights outside of the Licensed Field at its own expense and Licensee shall have the first right but not
the obligation to abate the alleged infringement of the Patent Rights in the Licensed Field at its own expense. If Licensee elects not to abate an alleged infringement or to enforce the Patent Rights in the Licensed Field, or if Licensee is
unsuccessful in persuading the alleged infringer to desist and elects not to continue with its efforts, then it shall so notify UFRF, and thereafter, UFRF may but is not obligated to take steps to abate the alleged infringement, including to
prosecute at its own expense the alleged infringement of the Patent Rights in the Licensed Field. 

  
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 7.3 Declaratory Judgment. If a declaratory judgment action is brought naming Licensee
and/or any of its Sublicensees as a defendant and alleging invalidity or unenforceability of any claims within the Patent Rights, Licensee shall promptly notify UFRF in writing and UFRF may elect, upon written notice to Licensee within [**] after
UFRF receives notice of the commencement of such action, to take over the sole defense of the action. If UFRF does not exercise this right and Licensee is the sole licensee of the Patent Rights, Licensee shall be responsible for the sole defense of
the action at Licensee’s sole expense. 
 7.4 Cooperation. In any suit in which either party is involved to enforce or defend
the Patent Rights pursuant to this Agreement, the other party shall, at the request and expense of the party initiating the suit, cooperate in all reasonable respects, including joining a patent enforcement action as a party plaintiff if required by
applicable law. If the non-enforcing Party is joined, the enforcing Party shall keep the other Party regularly informed of the status and progress of such enforcement efforts, shall reasonably consider the
other Party’s comments on such efforts, including determination of litigation strategy, and filing of important papers to the competent court. Licensee may not enter any settlement, consent judgment, or other voluntary final disposition of the
suit without the prior, written consent of UFRF, which consent UFRF may not unreasonably withhold or delay, provided that the settlement, judgment or disposition does not impose any material obligation on or make any admission of fault by or limit
the rights of UFRF or its Affiliates. Licensee shall indemnify UFRF against any order for costs that may be made against UFRF in any such proceedings or settlement. 

7.5 Recovery. If Licensee undertakes the enforcement or defense of the Patent Rights, Licensee shall apply any recovery first in
satisfaction of any unreimbursed expenses and legal fees relating to the suit (without limiting Licensee’s obligation of reimbursement of UFRF expenses and legal fees as they are incurred). The remaining balance from any recovery shall be
treated as Sublicensing Revenue received by Licensee, except that for any portion which was awarded on the basis of lost profits, UFRF shall recover the royalty that UFRF would have received under this Agreement if the infringing sales had been made
by Licensee. If UFRF undertakes the enforcement or defense of the Patent Rights in the Licensed Field, UFRF shall apply any recovery first in satisfaction of any unreimbursed expenses and legal fees relating to the suit. A percentage of the
remaining balance from any recovery equivalent to the percentage of the Sublicensing Fee under Section 4.6(a) in effect at the time of the recovery shall be paid to the Licensee by UFRF. If UFRF undertakes the enforcement or defense of the
Patent Rights outside the Licensed Field, all recovery shall be retained by UFRF. 
 7.6 Patent Challenge. If Licensee and/or any
Sublicensee intends to directly or indirectly challenge the Patent Rights or UFRF’s ownership thereof, whether through a declaratory judgment action, opposition, post-grant proceeding or otherwise (“Challenge”), then Licensee
shall: (a) give UFRF [**] prior written notice; (b) continue to make all payments due hereunder directly to UFRF and have no right to pay into escrow or other account any such amounts; and (c) if the Challenge is unsuccessful,
reimburse UFRF for all reasonable legal fees and expenses incurred in its defense against the Challenge;. No payment made to UFRF is refundable or may be offset, including any amounts paid under this Agreement prior to or during the period of the
Challenge, even if the Challenge is successful or it is otherwise determined that the Patent Rights are invalid or unenforceable. 

  
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 7.7 Co-Ownership Acknowledged. The parties
acknowledge that the Patent Rights are co-owned by UCSF and UCSF’s rights are being separately licensed to Licensee (“UCSF License”). To the extent required by law, actions to enforce or defend
the Patent Rights pursuant to this Agreement may require the involvement or consent of the UCSF. The terms of this Section 7 shall be interpreted to require the UCSF’s involvement and/or consent as may be required by law. 

Section 8 Term and Termination 

8.1 Term and Royalty Term. 

(a) The term of this Agreement begins on the Effective Date and, unless earlier terminated in accordance with this Section 8, continues
until the date of the last to expire Royalty Term (“Term”). 
 (b) Licensee’s obligation to pay royalties under this
Agreement shall continue on a Licensed Product-by-Licensed Product and country-by-country
basis until the last to expire of the Patent Rights covering the Licensed Product in that country (“Royalty Term”). The parties have specifically negotiated this Royalty Term taking into account, among other factors, the benefit
that Licensee has derived from the use of the rights licensed hereunder and the fully-paid up license thereto after the end of the Royalty Term. 

8.2 Termination by Licensee. Licensee may terminate this Agreement without cause at any time after the 3 month anniversary of the
Effective Date by giving at least 45 days’ prior written notice to UFRF, and stating the reasons for termination in the notice. 
 8.3
Termination by UFRF. 
 (a) UFRF may terminate this Agreement immediately upon notice to Licensee if UFRF does not receive the
license issue fee and patent expense reimbursement and, if applicable, certificates representing the Equity Interests to be issued to UFRF pursuant to this Agreement, within 30 days of the Effective Date following receipt of an invoice by Licensee.

 (b) UFRF may terminate this Agreement upon written notice if the Licensee commits a breach and fails to remedy such breach within [**]
after receiving written notice thereof. By way of example and not limitation, Licensee breach of this Agreement includes: (i) delinquent reports, payments or required documents as specified in any Section of this Agreement or submission of any
false report; (ii) failure to meet the diligence requirements as specified in Section 3; and (iii) violation of any laws or regulations applicable to Licensed Products. 

(c) Without limitation on its other rights and remedies, UFRF may terminate this Agreement immediately upon notice to Licensee upon the
occurrence of the second separate default by Licensee within any consecutive three-year period for failure to pay any monies due under this Agreement when due. 

8.4 Immediate Termination. This Agreement shall immediately terminate, unless prohibited by applicable law, if the other party enters
liquidation, has a receiver or administrator 

  
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appointed over any assets related to this Agreement, makes any voluntary arrangement with any of its creditors, or ceases to carry on business, or any similar event under the law of any foreign
jurisdiction. This Agreement cannot be assumed or assigned by Licensee, any trustee acting on behalf of the assets of Licensee, or otherwise. 

8.5 Legal Proceedings. UFRF does not license its rights to entities that bring actions or proceedings against UFRF or its Affiliates
and as such, UFRF may terminate this Agreement upon written notice if Licensee or any Sublicensee directly or indirectly bring any action or proceeding against UFRF or its Affiliates, unless such action or proceeding is for an uncured material
breach of this Agreement by UFRF. 
 8.6 Licensee IP. In the event this Agreement is terminated prior to expiration, UFRF’s
financial interest in and to the Patent Rights and its interest in the development and use of the Patent Rights for the public benefit may be harmed due to lost patent term and other factors. Upon termination of this Agreement prior to expiration of
the Term, Licensee shall, within [**] of the effective date of termination: 
 (a) provide to UFRF a copy of, and grant UFRF a non-exclusive irrevocable, fully paid-up, perpetual, non-exclusive license to, all Licensee IP. UFRF shall be free to use Licensee IP
for any and all uses in the course of developing Licensed Products and/or otherwise exploiting the Licensed Patents in such a way that does not result in commercial sale or license of Licensee IP. 

(b) In the event UFRF enters into negotiation with a third party concerning the grant of a license to such third party under the Patent Rights
formerly licensed to Licensee hereunder and third party has an interest in obtaining commercial rights to Licensee IP, UFRF shall provide written notice thereof to Licensee and Licensee shall enter into good-faith negotiations with such third party
concerning the granting of commercial rights to, or transfer of title in, such Licensee IP to such third party on commercially reasonable terms. 

8.7 Final Payment. Licensee shall submit a final report, including an accounting of all amounts that have accrued up to the date of
such expiration or termination, and payment due to UFRF within [**] of the effective date of termination or expiration of this Agreement, or, if applicable, the Sell-Off Period, even though the due date has
not been reached. 
 8.8 Sell-Off Period. Upon the termination of this Agreement other than
by UFRF pursuant to Section 8.3, for a [**] period following the effective date of termination (“Sell-Off Period”) Licensee may sell finished or
in-progress Licensed Products in its inventory at its usual price provided that Licensee makes the payments, submits the reports and otherwise performs as required by this Agreement. After the Sell-Off Period, Licensee shall destroy or, at UFRF’s request, transfer without charge or cost to UFRF all remaining Licensed Products. 

8.9 Effect of Termination. Upon the termination of this Agreement, all rights granted immediately revert to UFRF. Upon termination or
expiration of this Agreement and at the request of the disclosing party, all Confidential Information of the disclosing party shall be promptly returned or destroyed, at the disclosing party’s election; provided, however, one copy may be
retained to evidence compliance herewith and electronic records maintained for archival purposes do not have to be destroyed. 

  
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 8.10 Survival. The termination or expiration of this Agreement does not relieve
either party of its rights and obligations that have previously accrued. Rights and obligations that by their nature prescribe continuing rights and obligations shall survive the termination or expiration of this Agreement, including the following
Sections: 
  

	 	•	 	 Section 5        Reports, Records and Accounting 

 

	 	•	 	 Section 8.9     Effect of Termination 

 

	 	•	 	 Section 11      Indemnification and Insurance 

 

	 	•	 	 Section 13      Use of Names 

 

	 	•	 	 Section 15      Confidentiality 

 

	 	•	 	 Section 17      Miscellaneous 

Section 9 Assignability 
 9.1
Permission. This Agreement and/or Licensee’s obligations and/or benefits hereunder may not be transferred, delegated or assigned by Licensee except with the prior written consent of UFRF. Notwithstanding the foregoing, 9.1 the Licensee
may assign or transfer this Agreement, without the consent of UFRF solely in the case of assignment or transfer to a party that succeeds to all or substantially all of Licensee’s business or assets relating to this Agreement, whether by sale,
merger, operation of law or otherwise, provided that a) such assignee or transferee promptly agrees to be bound by the terms and conditions of this Agreement, b) Licensee gives UFRF a [**] prior written notice of assignment, and c) upon payment by
Licensee to UFRF of a $[**] assignment fee. UFRF may transfer, delegate or assign this Agreement, the Patent Rights and/or its obligations and/or benefits hereunder without the consent of Licensee. Any attempted transfer or conveyance in
contravention of this Agreement is null and void. 
 9.2 Consent. Consent to assignment by UFRF shall be conditioned on:
(a) Licensee being in full compliance with this Agreement; and (b) that such assignee or transferee: (i) agrees in writing by to be bound by the terms and conditions of this Agreement; (ii) have greater net assets than does
Licensee; (iii) is not adverse to UFRF or its Affiliates in any action, suit or dispute; and (iv) is not materially detrimental to the reputation of UFRF or its Affiliates. 

9.3 Insolvency. Notwithstanding anything to the contrary in this Agreement, this Agreement cannot be assumed or assigned by Licensee,
any trustee acting on behalf of the assets of Licensee, or otherwise including in connection with Licensee’s insolvency, liquidation, appointment over any assets related to this Agreement, voluntary or involuntary arrangement with any of its
creditors, ceasing to carry on its business or any similar event under the law of any foreign jurisdictions, unless such assignee provides evidence satisfactory to UFRF that such assignee has the capability to perform as required by Sections 2.6 and
3. 
 Section 10 Dispute Resolution 

10.1 Amicable Meeting. If a dispute arises between the parties relating to this Agreement, including the grounds for the termination
thereof, the parties agree that the first recourse shall be to promptly attempt to amicably resolve the dispute with a sufficiently authorized member of each party. 

  
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 10.2 Mandatory Procedures. Prior to initiating any administrative or judicial
proceeding with respect to a dispute relating to this Agreement, other than payments made or due hereunder or for injunctive relief to enforce the provisions of Sections 10 or 15.3, each party shall first comply with the procedures set forth in this
Section 10.2. 
 (a) A party asserting the existence of a dispute shall provide written notice of to the other party with a statement
of the facts and any documents relevant to the disputed issue. Within [**] after the date of that notice, senior representatives of the parties shall convene at a mutually convenient location and engage in good faith negotiations to resolve the
dispute. In the case of UFRF, that representative is the Director of Technology Licensing. In the case of Licensee, that representative is the Chief Executive Officer. 

(b) If either party subsequently determines that negotiations between the representatives of the parties are at an impasse, the party
declaring that the negotiations are at an impasse shall give written notice to the other party stating with particularity the issues that remain in dispute and its proposed resolution. 

(c) Not more than [**] after the notice of impasse, the President of UFRF and the Chief Executive Officer of the Licensee shall meet at a
mutually convenient location and engage in good faith negotiations to resolve the disputed issues. 
 (d) If any issue is not resolved at or
within [**] after the meeting of the President and Chief Executive Officer, this Agreement shall no longer prohibit either party from filing appropriate administrative or judicial proceedings with respect to the issue in dispute. 

10.3 Non-Waiver. The parties are not waiving their right to seek and obtain specific
performance, injunctive relief or any other equitable remedy that may be available. The parties agree to consider in good faith any proposals to address disputed issues through alternative dispute resolution. The prevailing party in any dispute
resolution proceeding or action may seek reimbursement of its documented attorneys’ fees. 
 Section 11 Indemnification and Insurance

 11.1 Indemnification. Licensee shall, at all times during the Term and thereafter, indemnify, defend and hold harmless UFRF,
the University of Florida Board of Trustees, and their respective directors, trustees, officers, employees, independent contractors and agents, including the inventors of the Patent Rights, regardless of whether the inventors are associated with the
University of Florida at the time of the claim (“Indemnitees”), from and against any and all claims, losses, damages and/or liabilities of any kind whatsoever, as well as costs and expenses, including reasonable attorneys’ fees
and court costs, whether arising from a third party claim or resulting from UFRF’s enforcing this indemnification clause against Licensee, arising out of or relating to: (a) Licensee’s breach of this Agreement and/or
Sublicensees’ breach of their respective agreements pertaining to the subject matter of this Agreement; (b) the exercise of any right granted, including exhaustion of UFRF’s rights in patents other than the Patent Rights as licensed;
(c) the manufacture, sale, offer for sale, importation, marking, exportation, use, 

  
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marketing, or advertisement of Licensed Products, and related product liability therefrom; (d) any act or omission of negligence or willful misconduct by Licensee and/or Sublicensees; and/or
(e) the death of or injury to person(s) or property damage relating to the subject matter of this Agreement. Notwithstanding the above, UFRF at all times reserves the right to retain counsel of its own to defend the interests of the
Indemnitees. Licensee shall not settle or compromise any claim or allegation subject to indemnification hereunder in a manner that imposes any material obligation on, or makes any admission of fault by, Indemnitees (including compromising the
validity or enforceability of Patent Rights). Indemnitees will cooperate as reasonably requested, at the expense of Licensee, in the defense of the action. 

11.2 Insurance. Licensee has now and shall maintain insurance coverage appropriate to ensure its obligations under this Agreement that
names the Indemnitees additional insureds. Within [**] after the execution of this Agreement and thereafter by [**] of each calendar year, Licensee will provide evidence of adequate insurance coverage to UFRF. Licensee shall provide UFRF with an
update upon reasonable request by UFRF or as part of the Development Report of any material change in or cancellation of the insurance coverage. 

Section 12 Warranties and Disclaimers. 

12.1 Warranties. Each party represents and warrants that: (a) the execution and delivery of this Agreement has been duly authorized
and no further approval, corporate or otherwise, is required in order to execute, deliver and perform this valid and binding agreement in accordance with the terms and conditions herein, including that the person signing this Agreement has the
authority to execute this Agreement on behalf of the party; and (b) it shall comply with any applicable international, national, or local laws and regulations in its performance under this Agreement. 

12.2 Licensee Statements. Licensee further represents and warrants that it: (a) shall diligently pursue the development,
manufacture, and sale of Licensed Products throughout the Term; (b) now maintains and shall continue to maintain throughout the term and beyond insurance coverage as set forth in Section 11.2; and (c) is and shall be at all times
during the Term a valid legal entity existing under the law of its state of formation with the power to own all of its properties and assets and to carry on its business as it is currently being conducted. 

12.3 Disclaimer of Warranties. 

(a) LICENSEE ACKNOWLEDGES AND AGREES THAT ALL PROPERTY, WHETHER TANGIBLE OR INTANGIBLE, LICENSED HEREUNDER IS LICENSED ON AN “AS IS,
WHERE IS” BASIS WITHOUT ANY EXPRESS OR IMPLIED REPRESENTATION, INDEMNIFICATION OR WARRANTY. NOTHING IN THIS AGREEMENT IS OR SHALL BE CONSTRUED TO BE: (I) AN OBLIGATION FOR UFRF TO BRING OR PROSECUTE ACTIONS OR SUITS AGAINST THIRD PARTIES
FOR INFRINGEMENT OF PATENT RIGHTS; (II) AN OBLIGATION FOR UFRF OR THE UNIVERSITY OF FLORIDA TO FURNISH KNOW-HOW OR SERVICES OTHER THAN THOSE SPECIFIED IN THIS AGREEMENT; OR (III) A WARRANTY OR
REPRESENTATION BY UFRF THAT IT WILL NOT GRANT LICENSES TO OTHERS TO MAKE, USE OR SELL PRODUCTS OR PROCESSES THAT ARE NOT COVERED BY THE CLAIMS OF THE PATENT RIGHTS IN THE LICENSED FIELD EVEN IF SUCH PRODUCTS OR PROCESSES MAY BE SIMILAR OR COMPETE
WITH PRODUCTS MADE OR SOLD BY LICENSEE. 

  
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 (b) EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN SECTION 12.1, UFRF MAKES NO REPRESENTATIONS
OR WARRANTIES OF ANY KIND, EITHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ANY IMPLIED WARRANTIES ARISING FROM ANY COURSE OF DEALING, USAGE, OR TRADE
PRACTICE, WITH RESPECT TO THE SCOPE, VALIDITY OR ENFORCEABILITY OF THE PATENT RIGHTS, THAT ANY PATENT WILL ISSUE BASED UPON ANY OF THE PENDING PATENT RIGHTS, THAT THE MANUFACTURE, USE, SALE, OFFER FOR SALE OR IMPORTATION OF THE LICENSED PRODUCTS
WILL NOT INFRINGE INTELLECTUAL PROPERTY RIGHTS AND THAT AN EXPORT CONTROL LICENSE IS NOT REQUIRED, OR THAT IF REQUIRED, IT WILL BE ISSUED. 

(c) UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE, OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR
VENDEES OR OTHER TRANSFEREES OF LICENSED PRODUCTS AND /OR PRODUCTS INCORPORATING OR MADE BY USE OF LICENSED PRODUCTS. 
 (d) IN NO EVENT
SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, SPECIAL OR PUNITIVE DAMAGES, INCLUDING LOSS OF PROFITS AND USE, PROVIDED THAT NOTHING SHALL LIMIT UFRF’S REMEDIES OR ABILITY TO RECOVER DAMAGES, INCLUDING INCREASED
DAMAGES FOR WILLFUL INFRINGEMENT OR MISAPPROPRIATION, IN THE EVENT IT ASSERTS ITS INTELLECTUAL PROPERTY RIGHTS. 
 Section 13 Use of Names

 Licensee may not use the names or logos of UFRF or the University of Florida, nor of any of their respective employees or agents,
including any inventor of Patent Rights, nor any adaptation of those names, in any promotional, advertising or marketing materials or any other form of publicity, or to suggest any endorsement by these entities or individuals, without the prior
written approval of UFRF in each separate case, except that the parties may state that Licensee is licensed under the Patent Rights. A party may issue a press release or other form of public announcement regarding the execution of this Agreement
only after the other party has given its written approval, which approval will not be unreasonably withheld. 
 Section 14 Notices 

The parties shall provide any notice required to be given pursuant to this Agreement in writing to the addresses listed in this
Section 14. Notice is effective on the day it is delivered personally with written receipt from an authorized signatory, on the second day after the day on which the notice has been delivered for next day delivery prepaid to a nationally
recognized courier service, on the fifth business day following deposit in the United States mail if sent certified or registered mail (return receipt acknowledgement is not required to certify delivery). Notice of late payments or reports are
sufficiently delivered when sent by email only, effective on the day sent if confirmation is received. 

  
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	 If to UFRF:

 
 President

University of Florida Research Foundation, Incorporated

223 Grinter Hall University of Florida

P. O. Box 115500

Gainesville, FL 32611-5500
  

with a copy to:
  

Office of Technology Licensing University of Florida

Attn: Director (Rm. 112)

747 SW 2nd Avenue

Post Office Box 115575

Gainesville, Florida 32611-5575
	  	
If to Licensee:
  

Legal Department

Decibel Therapeutics, Inc.

1325 Boylston St., Suite 500

Boston, MA 02215

 Section 15 Confidentiality 

15.1 Treatment of Confidential Information. The parties have executed the confidentiality agreement [**] (“CDA”) that
expired [**] as prescribed in the first amendment, subject to the surviving obligations therein. Confidential Information disclosed under the CDA shall be deemed Confidential Information under this Agreement. The receiving party: (a) shall use
the disclosing party’s Confidential Information only as necessary to perform its obligations set forth in this Agreement; (b) shall not disclose the disclosing party’s Confidential Information to any third party other than as provided
in Section 15.2; and (c) shall protect the disclosing party’s Confidential Information with the same degree of care that it exercises with its own Confidential Information but in no event less than a reasonable degree of care. These
obligations of nonuse and nondisclosure remain effective for [**] after the termination or expiration of this Agreement. The terms of this Agreement are Confidential Information of UFRF. 

15.2 Right to Disclose. 

(a) To the extent it is reasonably necessary to fulfill its obligations or exercise its rights under this Agreement, receiving party may
disclose disclosing party’s Confidential Information to third parties on the condition that each such entity agrees to maintain Confidential Information for at least as long as and to the same extent as receiving party is required and is
permitted to use the Confidential Information only to the extent receiving party is entitled to use the Confidential Information, and receiving party remains liable for the third party’s compliance. In no event shall Licensee or anyone
receiving Confidential Information from Licensee use such Confidential Information in any manner detrimental to UFRF, its Affiliates, or their rights. UFRF shall have the right to use and disclose the regulatory filings, patent rights and related
information and data described in Section 8.6 for the purposes set forth therein. 

  
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 (b) If receiving party is required by law, regulation, or court order to disclose any of the
Confidential Information, then it may do so provided that it had promptly notified the disclosing party and had reasonably assisted the disclosing party in obtaining a protective order or other remedy of disclosing party’s election and expense.

 15.3 Injunctive Relief. Given the nature of the Confidential Information and the competitive damage that would result to the
disclosing party upon unauthorized disclosure, use, or transfer of their Confidential Information, the parties agree that monetary damages would not be a sufficient remedy for any breach or threatened breach of this Section 15. In addition to
all other remedies, a party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Section 15 without obligation to show monetary damages in connection.

 Section 16 Compliance 

16.1 Regulatory Matters. Licensee shall have the sole obligation for compliance with, and shall ensure that any of its Sublicensees
comply with, all local, state, federal, and international laws and regulations that are applicable to the development, manufacture, use, and sale of Licensed Products. Without limiting the generality of the foregoing: 

(a) Licensee acknowledges that it is subject to and agrees to abide by United States laws and regulations (including the Export Administration
Act of 1979 and Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes, biological material, and other commodities. The transfer of those items may require a license from the cognizant agency of
the United States Government or written assurances by Licensee that it will not export items to certain foreign countries or persons without prior approval by that agency. UFRF neither represents that a license is or is not required nor that, if
required, it will be issued. 
 (b) Licensee shall obtain all necessary approvals from the United States Food & Drug
Administration, Environmental Protection Agency, Department of Agriculture and any similar governmental authorities of foreign jurisdictions in which Licensee intends to make, use, import or sell Licensed Products. 

16.2 University Rules and Regulations. 

(a) Licensee understands and agrees that University of Florida personnel who are engaged by Licensee, whether as consultants, employees, or
otherwise, or who possess a material financial interest in Licensee, are subject to the University of Florida’s rules regarding outside activities and financial interests, including as set forth in University of Florida Regulation 1.011, the
University of Florida’s Intellectual Property Policy, and any applicable conflicts of interests management plan. Any term of an agreement between Licensee and University of Florida personnel which seeks to vary or override the personnel’s
obligations to the University of Florida may not be enforced without the express written consent of authorized representatives of both the University of Florida Board of Trustees and UFRF. Licensee is hereby notified that University of Florida
personnel are obligated to resolve any conflict between the interests of the University of Florida and Licensee according to the rules, guidelines, and policies of the University of Florida. 

  
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 (b) University of Florida policies may require supplementary approvals for participation in
clinical trials involving technology invented at the University. Accordingly, Licensee shall notify UFRF prior to commencing any clinical trials at the University of Florida or its affiliated medical facilities. 

Section 17 Miscellaneous 

17.1 Governing Law. The parties agree to remain silent on governing law. Nothing in this Agreement is intended or shall be construed as
a waiver of sovereign immunity by UFRF or the University of Florida. The representations, warranties, covenants, and undertakings contained in this Agreement are for the sole benefit of the parties and the University of Florida and their permitted
successors and assigns and shall not be construed as conferring any rights to any other entity. 
 17.2 Independent Contractors. The
parties are independent contractors and not agents, joint venturers, employers or partners, and neither party shall have the right or authority to obligate or bind the other party on its behalf. 

17.3 Integration. This Agreement, including any appendices and/or exhibits incorporated herein, constitutes the full understanding
between the parties with reference to its subject matter, and supersedes all prior communications, agreements or understandings, written or oral. Neither party may claim any amendment, modification, or release from any provisions of this Agreement,
unless the mutual agreement is in writing and signed by both parties, except as set forth in Section 2.6, 3.4 and 6.3. The delay or failure to assert a right or to insist upon compliance with any term or condition of this Agreement shall not
constitute a waiver, or excuse a similar or subsequent failure to perform any such term or condition. A valid waiver must be executed in writing and signed by the party granting the waiver. Each party acknowledges that it was provided an opportunity
to seek advice of counsel and as such this Agreement shall not be strictly construed against the drafter. 
 17.4 No Security
Interest. Licensee may not encumber or otherwise grant a security interest in any of the rights granted under this Agreement. 
 17.5
Final Execution. The submission of this Agreement is not an offer, and this document is effective and binding only upon the execution by duly authorized representatives of both Licensee and UFRF. Copies of this Agreement that have not been
executed and delivered by both UFRF and Licensee do not evidence an agreement between the parties. 
 17.6 Electronic Copies. This
Agreement may be executed in any number of counterparts which, when taken together, constitute one original, and photocopy, facsimile, electronic or other copies shall have the same effect for all purposes as an
ink-signed original. Each party consents to be bound by photocopy, facsimile or electronic signatures of its authorized representatives. 

  
 Page 23 of 24 

 The parties have duly executed this Agreement on the dates indicated below. 

 

							
	 UNIVERSITY OF FLORIDA

RESEARCH FOUNDATION,

INCORPORATED
	 		 	 Decibel Therapeutics, Inc.

				
	 /s/ Jim O’Connell
	 		 	By:	 	/s/ Laurence Reid
	 Jim O’Connell

Director, UF Innovate | Tech Licensing
	 		 	 Laurence Reid

Chief Executive Officer

			
	Date: 10/29/2020  	 		 	 Date: October 29        ,
2020

  
 Page 24 of 24EX-10.13

 Exhibit 10.13 

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause
competitive harm to the Company, if publicly disclosed. Double asterisks denote omissions. 
 LICENSE AGREEMENT 

between 
 THE REGENTS OF THE
UNIVERSITY OF CALIFORNIA 
 and 

Decibel Therapeutics 
 for 

COMPOSITIONS AND METHODS FOR EXPRESSING OTOFERLIN 

UC Case No. [**] 

 TABLE OF CONTENTS 
  

							
	Article No.	 	Title	  	 	Page	 
	 BACKGROUND
	  	 	1	 
	 1.
	 	 DEFINITIONS
	  	 	2	 
	 2.
	 	 GRANT
	  	 	5	 
	 3.
	 	 SUBLICENSES
	  	 	6	 
	 4.
	 	 PAYMENT TERMS
	  	 	8	 
	 5.
	 	 LICENSE ISSUE FEE
	  	 	10	 
	 6.
	 	 LICENSE MAINTENANCE FEE
	  	 	10	 
	 7.
	 	 PAYMENTS ON SUBLICENSES
	  	 	11	 
	 8.
	 	 EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES
	  	 	11	 
	 9.
	 	 MILESTONE PAYMENTS
	  	 	12	 
	 10.
	 	 DUE DILIGENCE
	  	 	13	 
	 11.
	 	 PROGRESS AND ROYALTY REPORTS
	  	 	14	 
	 12.
	 	 BOOKS AND RECORDS
	  	 	15	 
	 13.
	 	 LIFE OF THE AGREEMENT
	  	 	15	 
	 14.
	 	 TERMINATION
	  	 	16	 
	 15.
	 	 USE OF NAMES AND TRADEMARKS
	  	 	16	 
	 16.
	 	 LIMITED WARRANTY
	  	 	17	 
	 17.
	 	 LIMITATION OF LIABILITY
	  	 	18	 
	 18.
	 	 PATENT PROSECUTION AND MAINTENANCE
	  	 	18	 
	 19.
	 	 PATENT MARKING
	  	 	20	 
	 20.
	 	 PATENT INFRINGEMENT
	  	 	20	 
	 21.
	 	 INDEMNIFICATION
	  	 	22	 
	 22.
	 	 NOTICES
	  	 	23	 
	 23.
	 	 ASSIGNABILITY
	  	 	24	 
	 24.
	 	 FORCE MAJEURE
	  	 	25	 
	 25.
	 	 GOVERNING LAWS
	  	 	25	 
	 26.
	 	 GOVERNMENT APPROVAL OR REGISTRATION
	  	 	25	 
	 27.
	 	 COMPLIANCE WITH LAWS
	  	 	26	 
	 28.
	 	 CONFIDENTIALITY
	  	 	26	 
	 29.
	 	 MISCELLANEOUS
	  	 	28	 
	 APPENDIX A: PATENT MANAGEMENT AGREEMENT BETWEEN UCSF AND UFRF
	  	 	32	 
	 UC CASE NO. [**]
	  	 	32	 
	 APPENDIX B: CONSENT TO SUBSTITUTION OF PARTY
	  	 	33	 

 UC Case No [**] 

LICENSE AGREEMENT 
 for

 COMPOSITIONS AND METHODS FOR EXPRESSING OTOFERLIN 

This license agreement (“Agreement”) is made effective October 03, 2019 (“Effective Date”), by and between The Regents of
the University of California, a California public corporation, having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200 (“The
Regents”) and acting through its Office of Technology Management, University of California San Francisco (“UCSF”), 600 16th Street, Suite
S-272, San Francisco, CA 94143 and Decibel Therapeutics, a Delaware corporation, having a principal place of business 1325 Boylston Street Suite 500, Boston, Massachusetts 02215 (“Licensee”). 

BACKGROUND 
 A. Certain
inventions, generally characterized as “Compositions and methods for expressing otoferlin” (UC Case No. [**]) (collectively “Invention”), made in the course of research at University of Florida Research Foundation
(“UFRF”) and UCSF and are claimed in Patent Rights as defined below. Invention was made in the course of research at UCSF by Dr. Omar Akil (collectively, the “Inventor”). UCSF and UFRF, each is licensing their interest in
and to Patent Rights separately and independently. 
 B. The development of the Invention was sponsored in part by the National Institutes
of Health and, as a consequence, this license is subject to overriding obligations to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable regulations including a non-exclusive, non-transferable, irrevocable, paid-up license to practice or have practiced the Invention for or on behalf of the
United States Government throughout the world. 
 C. The development of the Invention was sponsored in part by Hearing Research, Inc. 

D. The Licensee and The Regents have executed a Secrecy Agreement (UC Control No.[**]) with an effective date of [**]. 

  
 Page 1 of 29 

 E. The scope of such rights granted by The Regents is intended to extend to the scope of the
patents and patent applications in Patent Rights, but only to the extent that The Regents has proprietary rights in and to the Valid Claims of such Patent Rights. 

F. Both parties recognize and agree that Earned Royalties are due under this Agreement with respect to products, services and methods and that
such royalties will be paid with respect to both pending patent applications and issued patents, in accordance with the terms and conditions set forth herein. 

G. The Licensee is a “small business firm” as defined in 15 U.S.C. §632. 

- - oo 0 oo - - 
 The parties
agree as follows: 
 1. DEFINITIONS 

As used in this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings: 

 

	1.1	 “Affiliate” of the Licensee means any entity which, directly or indirectly, Controls the Licensee, is
Controlled by the Licensee or is under common Control with the Licensee. “Control” means (i) having the actual, present capacity to elect a majority of the directors of such affiliate; (ii) having the power to direct at least
fifty percent (50%) of the voting rights entitled to elect directors; or (iii) in any country where the local law will not permit foreign equity participation of a majority, ownership or control, directly or indirectly, of the maximum
percentage of such outstanding stock or voting rights permitted by local law. 

  

	1.2	 “Field of Use” means all fields. 

 

	1.3	 “Licensed Method” means any process, art or method the use or practice of which, but for the license
granted in this Agreement, would infringe, or contribute to, or induce the infringement of, any Patent Rights in any country were they issued at the time of the infringing activity in that country. 

 

	1.4	 “Licensed Product(s) “ means any product, including, without limitation, a product for use or used in
practicing a Licensed Method and any product made by practicing a Licensed Method, the manufacture, use, Sale, offer for Sale or import of which, but for the license granted in this Agreement, would infringe, or contribute to, or induce the
infringement of, any Patent Rights in any country were they issued at the time of the infringing activity in that country. 

  
 Page 2 of 29 

	1.5	 “Licensed Service(s)” means any service provided for consideration (whether in cash or any other
form), when such service (i) involves the use of a Licensed Product; or (ii) involves the practice of a Licensed Method. 

  

	1.6	 “Net Sale” means the total amount invoiced (including fair market value of any non-cash consideration) by Licensee or by any Affiliate or Sublicensee on account of Sales of Licensed Product or Licensed Services, after deduction of all the following in accordance with U.S. Generally Accepted
Accounting Principles (“U.S. GAAP”) to the extent applicable to such Sales: 

  

	 	1.6.1	 trade, quantity and cash discounts or rebates, chargebacks, actually allowed or taken; 

 

	 	1.6.2	 allowances or credits given for rejection or for return of previously sold Licensed Product or outdated
Licensed Product; 

  

	 	1.6.3	 amounts repaid or credited by reason of rejection, defects, recalls, or returns or because of chargebacks,
refunds, rebates or retroactive price reductions; 

  

	 	1.6.4	 discounts mandated by, or granted solely to meet the requirements of law, including required chargebacks and
retroactive price reductions required by law; 

  

	 	1.6.5	 bad debts and uncollectible receivables; 

 

	 	1.6.6	 any tax or other governmental charge (including without limitation custom surcharges) borne by and not
reimbursed to the Licensee other than income tax levied on the Sale, transportation or delivery of Licensed Product, and 

  

	 	1.6.7	 any charges for packing, handling, freight, insurance, transportation and duty charges borne by the seller.

 For the purposes of this Agreement, chargebacks, bad debt, uncollectible receivables are considered to be Uncollectible Debts.
“Uncollectible Debts” means amount owed and unpaid to the Licensee, or a Sublicensee for previously Sold Licensed Products, which Licensee or the Sublicensee has attempted to collect, using efforts at least as diligent as those efforts
that Licensee or the Sublicensee (as applicable) uses in attempting to collect other overdue debts, provided that such amounts have been formally designated as such in accordance with Licensee’s or the Sublicensee’s internal accounting
procedures and provided further that such allowance shall not be applicable in the event and to the extent any such designated amounts are ultimately collected. 

  
 Page 3 of 29 

 If Licensee or its Affiliates or Sublicensee makes any sales to any third party in a transaction in a given
country that is not an arms’ length transaction, unless a cash discount within the meaning of this Paragraph 1.6 applies, the Net Sales used to determine the royalties payable to The Regents shall be computed on the basis of the established
average price charged to unrelated third parties in such country. 
  

	1.7	 “Patent Rights” means the Valid Claims of, to the extent assigned to or otherwise obtained by The
Regents, the following United States patents and patent applications: 

  

					
	 UC Case Number
	  	
United States Application Number
	  	
Priority Date

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

 Patent Rights shall further include the Valid Claims of, to the extent assigned to or otherwise obtained by The Regents, the
corresponding foreign patents and patent applications and any reissues, extensions, substitutions, continuations, divisions, and continuation-in-part applications (but
only those Valid Claims in the continuation-in-part applications that are entirely supported in the specification and entitled to the priority date of the parent
application). 
  

	1.8	 “Sale” means the act of selling, leasing or otherwise transferring, providing, or furnishing for use
for any consideration. 

  

	1.9	 “Sublicensee” means any person or entity (including any Affiliate) to which any of the license rights
granted to the Licensee hereunder are granted a sublicense or an option to a sublicense. For avoidance of doubt, all sublicensees of Sublicensees are considered Sublicensees of the Regents under this Agreement in accordance with Article 3
(Sublicenses). 

  

	1.10	 “Sublicensing Revenues” means amounts (including, without limitation, any licensing or optioning
fees, or license maintenance fees, or milestone payments, and fair market value of any non-cash consideration), received by or payable to the Licensee from any Sublicensee under a sublicense of the
Licensee’s rights under this Agreement, provided that Sublicensing Revenues will not include amounts received by or payable to the Licensee that are reasonably and fairly attributable to any of the following to the extent that each is bona
fide: (a) debt financing of the Licensee, (b) amounts received by the Licensee as the purchase price, at fair market value, for equity securities (including stock 

  
 Page 4 of 29 

	 	
of whatever class or series, and including the purchase price for warrants and the exercise price under such warrants, or as convertible debt, and the like) of the Licensee;
(c) reimbursements of out-of-pocket Patent Prosecution Costs actually incurred by the Licensee directly related to the specific Licensed Product being sublicensed;
(d) royalty payments on Net Sales; and (e) reimbursement to the Licensee for documented cost of research and/or development activities performed or services provided by the Licensee for the specific Licensed Product, on a going-forward
basis, on the basis of reimbursement of out-of-pocket expenses and/or payments for full-time equivalent (“FTE”) efforts of personnel at or below commercially
reasonable and standard FTE rates for the location of Licensee and the kind of activities and services undertaken by the Licensee for which such reimbursement is made to the Licensee . 

 

	1.11	 “Valid Claim” means a claim of a patent or patent application in any country that (i) has not
expired; (ii) has not been disclaimed; (iii) has not been cancelled or superseded, or if cancelled or superseded, has been reinstated; or (iv) has not been revoked, held invalid, or otherwise declared unenforceable or not allowable by
a tribunal or patent authority of competent jurisdiction over such claim in such country from which no further appeal has or may be taken; and, for any of i-iv above, (v) has not been pending for more than [**] after the date of issuance of the
first office action on any patent application under Patent Rights, on a country-by-country basis. 

2. GRANT 
  

	2.1	 Subject to the limitations and other terms and conditions set forth in this Agreement including the license
granted to the United States Government and those reserved by The Regents set forth in the Background and in Paragraphs 2.2.1 (obligations to the United States Government) and 2.4 (Government Requirements) , The Regents grants to the
Licensee a worldwide, license under all of its rights in and to the Patent Rights to make, have made, use, Sell, offer for Sale and import Licensed Products, to provide Licensed Services, and to practice Licensed Methods, in the United States and in
other countries where The Regents may lawfully grant such licenses, only in the Field of Use. So long as this Agreement is in effect, other than as specified in Section 2.3 (Reservation of Rights), The Regents shall not grant any other licenses
for the Patent Rights. For the avoidance of doubt, The Regents grant under this Article 2 and under this Agreement does not include, (i) UFRF rights to the Invention; and, (ii) UFRF rights under Patent Rights. 

  
 Page 5 of 29 

	2.2	 The license granted in Paragraph 2.1 is subject to the following: 

 

	 	2.2.1	 The obligations to the United States Government under 35 U.S.C. §§
200-212 and all applicable governmental implementing regulations, as amended from time to time, including the obligation to report on the utilization of the Invention as set forth in 37 CFR. § 401.14(h),
and all applicable provisions of any license to the United States Government executed by The Regents; and 

  

	 	2.2.2	 the National Institutes of Health “Principles and Guidelines for Recipients of NIH Research Grants and
Contracts on Obtaining and Disseminating Biomedical Research Resources,” 64 F.R. 72090 (Dec. 23, 1999), as amended from time to time. 

  

	2.3	 Reservation of Rights. The Regents reserves and retains the right (and the rights granted to the
Licensee in this Agreement shall be limited accordingly) to make, use and practice the Invention, and any technology relating to any of the foregoing and to make and use any products and to practice any process that is the subject of the Patent
Rights (and to grant any of the foregoing rights to other educational and non-profit institutions) for educational and research purposes only, and including publication and other communication of any research
results. 

 3. SUBLICENSES 
  

	3.1	 Permitted Sublicensing. The Regents also grants to the Licensee the right to sublicense to third parties
(including to Affiliates) the rights granted to the Licensee hereunder, as long as the Licensee has current rights thereto under this Agreement. Each Sublicensee must be subject to a written sublicense agreement. All sublicenses will include all of
the rights of, and will require the performance of all the obligations due to, The Regents (and, if applicable, the United States Government and other sponsors), other than those rights and obligations specified in Article 5 (License Issue Fee),
Article 6 (License Maintenance Fee) and Paragraph 8.3 (Minimum Annual Royalty) and Paragraphs 18.3 and 18.4 (reimbursement of Patent Prosecution Costs). For the purposes of this Agreement, the

  
 Page 6 of 29 

	 	
operations of all Sublicensees shall be deemed to be the operations of the Licensee, for which the Licensee shall be responsible. In the event the Licensee is assigned or otherwise acquires a
license to the Patent Rights from UFRF, the Licensee shall not separately grant a sublicense to any third party under its UFRF rights without concurrently granting a sublicense under The Regents’ rights on the terms and conditions described in
this Article 3. 

  

	3.2	 Sublicensee of a Sublicensee. For the purpose of this Agreement, all sublicensees of Sublicensees are
(i) considered as Sublicensees of the Regents; and (ii) shall be subject to all the terms and conditions applicable to a Sublicensee under this Agreement; and (iii) shall pay all royalty and fees applicable to a Sublicensee under this
Agreement. Licensee shall remain fully liable to the Regents for all acts and obligations of such Sublicensee and, acts of such Sublicensee shall be considered acts of the Licensee. 

 

	3.3	 Sublicense Requirements. The Licensee shall provide The Regents with a copy of each sublicense issued
within [**] of execution of such sublicense or sublicense amendment; collect and guarantee payment of all payments due The Regents from Sublicensees; and summarize and deliver all reports due The Regents from Sublicensees. 

 

	3.4	 Mandatory Sublicensing. If Licensee is unable or unwilling to serve or develop a potential market or
market territory for which there is a company willing to be a Sublicensee, Licensee will, at The Regents’ request, negotiate in good faith with any such company. The Regents would like licensees to address unmet needs, such as those of
neglected patient populations or geographic areas, giving particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing world. 

 

	3.5	 License Termination. Upon termination of this Agreement for any reason, each sublicense granted by
Licensee to a Sublicensee shall remain in effect as a direct license from The Regents to the Sublicensee (each a “New License Agreement”), for the scope of the license granted to such Sublicensee, on the same terms as this Agreement
(taking into account any difference in license scope, territory, and duration of sublicense grant), provided that the Sublicensee is not at the time of such termination in breach of its sublicense agreement, is not at the time of such termination an
opposing party in any legal proceeding involving The Regents, and that the financial terms of each New Licensee Agreement shall be identical to the corresponding financial terms of this Agreement. In

  
 Page 7 of 29 

	 	
the event of termination of this Agreement and if The Regents shall grant a direct license to any Sublicensee pursuant to the preceding sentence, The Regents will not be bound by any grant of
rights broader than or will not be required to perform any obligation other than those rights and obligations contained in this Agreement. The Regents and the Sublicensee will modify each such New License Agreement to include all of the rights of
The Regents (and [**], and, if applicable, the United States Government and other sponsors) that are contained in this Agreement. Notwithstanding the foregoing, each Sublicensee’s right to enter into a New License Agreement shall only be
available to the extent (i) Licensee has provided The Regents with a copy of the sublicense agreement granting the sublicense to such Sublicensee as required under Paragraph 3.3 and with all terms relating to the rights and obligations under
this Agreement left unredacted, (ii) such Sublicensee notifies The Regents within [**] after the termination of this Agreement that it wishes to enter into a New License Agreement, (iii) Sublicensee pays to The Regents its pro rata share
of any unreimbursed patent expenses during the negotiation of the New License Agreement within [**] of the mailing date of the invoice for such expenses, and (iv) the duties of The Regents under the New License Agreement will not be greater
than the duties of The Regents under this Agreement and (v) there is no outstanding or ongoing material breach of such sublicense by such Sublicensee which remains uncured. The terms in this Paragraph 3.5 are applicable only to sublicenses
granted by Licensee and are not applicable to any sublicenses granted by a Sublicensee. 

 4. PAYMENT TERMS 

 

	4.1	 Payment Obligations. Paragraphs 1.3, 1.4, 1.5, and 1.7 define Licensed Method, Licensed Product,
Licensed Service and Patent Rights, so that Earned Royalties are payable on products and methods covered by both pending patent applications and issued patents. Earned Royalties will accrue in each country for the duration of Patent Rights in that
country and will be payable to The Regents when Licensed Products or Licensed Services are invoiced, or if not invoiced, when delivered or otherwise exploited by the Licensee or Sublicensee in a manner constituting a Net Sale as defined in Paragraph
1.6. Sublicense Fees with respect to any Sublicensing Revenue shall accrue to The Regents within [**] of the date that such Sublicensing Revenue is due to the Licensee. 

  
 Page 8 of 29 

	4.2	 Schedule. The Licensee will pay to The Regents all Earned Royalties, Sublicense Fees and other
consideration payable to The Regents quarterly on or before [**] (for the calendar quarter ending December 31), [**] (for the calendar quarter ending March 31), [**] (for the calendar quarter ending June 30) and [**] (for the calendar quarter ending
September 30) of each calendar year. Each payment will be for Earned Royalties, Sublicense Fees and other consideration which has accrued within the Licensee’s most recently completed calendar quarter. 

 

	4.3	 Currency. All consideration due The Regents will be payable and will be made in United States dollars by
check payable to “The Regents of the University of California” or by wire transfer to an account designated by The Regents. The Licensee is responsible for all bank or other transfer charges. When Licensed Products or Licensed Services are
Sold for monies other than United States dollars, the Earned Royalties and other consideration will first be determined in the foreign currency of the country in which such Licensed Products or Licensed Services were Sold and then converted into
equivalent United States dollars. The exchange rate will be the average exchange rate quoted in the The Wall Street Journal during the last [**] of the reporting period. 

 

	4.4	 Taxes. Sublicense Fees and Earned Royalties on Net Sales of Licensed Products or Licensed Services and
other consideration accrued in, any country outside the United States may not be reduced by any taxes, fees or other charges imposed by the government of such country, except those taxes, fees and charges allowed under the provisions of Paragraph
1.6 (Net Sales). 

  

	4.5	 Accrual. In the event that any patent or claim thereof included within the Patent Rights is held invalid
in a final decision by a court of competent jurisdiction and last resort and from which no appeal has or can be taken, then all obligation to pay royalties based on that patent or claim or any claim patentably indistinct therefrom will cease as of
the date of final decision. The Licensee will not, however, be relieved from paying any royalties that accrued before such final decision and the Licensee shall be obligated to pay the full amount of royalties due hereunder to the extent that The
Regents licenses one or more Valid Claims within the Patent Rights to the Licensee with respect to Licensed Products or Licensed Services. 

  
 Page 9 of 29 

	4.6	 Late Payments. In the event that royalties, fees, reimbursements for Patent Prosecution Costs or other
monies owed to The Regents are not received by The Regents when due, the Licensee will pay to The Regents interest at a rate of [**] percent ([**]%) simple interest per annum. Such interest will be calculated from the date payment was due until
actually received by The Regents. Such accrual of interest will be in addition to and not in lieu of, enforcement of any other rights of The Regents due to such late payment. 

5. LICENSE ISSUE FEE 
  

	5.1	 The Licensee will pay to The Regents a license issue fee of [**] dollars ($[**]) within [**] of the
Effective Date and [**] dollars ($[**]) within [**] of issuance of the first patent under Patent Rights in any jurisdiction. This fee is non-refundable, non-cancelable and is not an advance or otherwise
creditable against any royalties or other payments required to be paid under the terms of this Agreement. 

 6. LICENSE
MAINTENANCE FEE 
  

	6.1	 Subject to Paragraph 6.2, the Licensee shall also pay to The Regents a license maintenance fee within [**] of
the one-year anniversary of the Effective Date and within [**] of each subsequent anniversary of the Effective Date in an amount equal to: 

 

	 	6.1.1	 [**] dollars ($[**]) prior to issuance of the first patent under Patent Rights in any jurisdiction; or

  

	 	6.1.2	 [**] dollars ($[**]) after issuance of the first patent under Patent Rights in any jurisdiction; or

  

	6.2	 The license maintenance fee is not due on any anniversary of the Effective Date if on that date, the Licensee
is Selling or otherwise exploiting Licensed Products or Licensed Services and is paying an Earned Royalty to The Regents on the Net Sales of such Licensed Product or Licensed Service. The license maintenance fee is
non-refundable and is not an advance or otherwise creditable against any royalties or other payments required to be paid under the terms of this Agreement. 

  
 Page 10 of 29 

 7. PAYMENTS ON SUBLICENSES 

 

	7.1	 The Licensee will pay to The Regents the following non-refundable and non-creditable sublicense fees (“Sublicense Fees”) of all Sublicensing Revenues: 

  

	 	7.1.1	 [**] percent ([**]%) of all Sublicensing Revenues [**]; and, 

 

	 	7.1.2	 [**] percent ([**]%) of all Sublicensing Revenues [**]; and, 

 

	 	7.1.3	 [**] percent ([**]%) of all Sublicensing Revenues [**]; and, 

 

	 	7.1.4	 [**] percent ([**]%) of all Sublicensing Revenues [**]. 

8. EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES 
  

	8.1	 Earned Royalty. The Licensee will pay to The Regents an Earned Royalty of [**] percent ([**]%) of the
Net Sales of Licensed Product or Licensed Service by the Licensee, Sublicensee, or any Affiliate for all aggregate Net Sales (“Earned Royalty”). Any payments received for Earned Royalty will be
non-refundable and non-creditable towards any other payment due to The Regents. In case of documented overpayment, if Licensee gives notice to The Regents within [**] of
The Regents’ receipt of such payment, such overpayment can be credited against future royalty payments. 

  

	8.2	 Royalty Offset. In the event Licensee determines it is necessary for the Licensee to obtain a license to
patent rights of one or more third parties, that is/are not an Affiliate, in order to practice Licensed Methods and/or make, have made, use, sell, offer to sell or import Licensed Products, and Licensee is required to pay a royalty to both The
Regents under this license agreement and the unaffiliated third parties under a separate license agreement in order to practice Licensed Methods and/or to make, have made, use, sell, offer to sell or import Licensed Products, then if the combined
royalty due to The Regents and such third party(ies) exceeds [**] percent ([**]%) then the Earned Royalty percentage due to The Regents hereunder will be reduced by the amount determined by the following formula: [**], where “A” equals the
total royalty burden percentage due for the Licensed Product (including the Earned Royalty due to The Regents and any royalty due to one or more third parties, that is/are not an Affiliate,), and “B” equals the total number of licenses,
including this license and such licenses from all third parties, that is/are not Affiliate(s), provided that in no event will the Earned Royalty due to The Regents be less than [**] percent ([**]%) of the Net Sales of Licensed Product or Licensed
Service by the Licensee, Sublicensee, or any Affiliate for all aggregate Net Sales, in any given payment period. The royalty offset under this Paragraph 8.2 does not apply to any licenses obtained by the Licensee for UFRF rights in the
Invention. 

  
 Page 11 of 29 

	8.3	 Minimum Annual Royalty. The Licensee will also pay to The Regents a minimum annual royalty of [**]
dollars ($[**]) for the life of Patent Rights, beginning with the year of the first Sale of Licensed Product or Licensed Service. The minimum annual royalty will be paid to The Regents by [**] of each year and will be credited against the Earned
Royalty due for the calendar year in which the minimum payment was made. Licensee’s obligation to pay the minimum annual royalty will be pro-rated for the number of months remaining in the calendar year
when Sales commence and will be due the following [**] (along with the minimum annual royalty payment for that year), to allow for crediting of the pro-rated year’s Earned Royalties.

 9. MILESTONE PAYMENTS 
  

	9.1	 With respect to each Licensed Product and each Licensed Service, the Licensee will pay to The Regents the
following non-refundable, non-creditable amounts: 

  

	 	9.1.1	 [**] dollars ($[**]) upon the [**]; and, 

 

	 	9.1.2	 [**] dollars ($[**]) upon [**]; and, 

 

	 	9.1.3	 [**] dollars ($[**]) milestone payable the first time annual net sales exceed [**] dollars ($[**]); and,

  

	 	9.1.4	 [**] dollars ($[**]) payable the first time annual net sales exceed [**] dollars ($[**]); and,

  

	 	9.1.5	 [**] dollars ($[**]) when cumulative net sales exceed [**] dollars ($[**]); and, 

 

	 	9.1.6	 [**] dollars ($[**]) when cumulative net sales exceed [**] dollars ($[**]). 

 

	9.2	 For the avoidance of doubt, each of the milestone payments set forth in Paragraphs 9.1.1 through 9.1.6 will be
payable with respect to each Licensed Product and each Licensed Service and regardless of whether the applicable milestone event has been achieved by the Licensee, Sublicensee, or any Affiliate. 

 

	9.3	 All milestone payments set forth in Paragraphs 9.1.1 through 9.1.6 are due to The Regents within [**] of the
occurrence of the applicable milestone event. 

  
 Page 12 of 29 

 10. DUE DILIGENCE 

 

	10.1	 The Licensee, upon execution of this Agreement, will diligently proceed with the development, manufacture and
Sale of Licensed Products and Licensed Services and will earnestly and diligently market the same after execution of this Agreement and in quantities sufficient to meet the market demands therefor. 

 

	10.2	 The Licensee or a Sublicensee will obtain all necessary governmental approvals in each country where Licensed
Products or Licensed Services are manufactured, used, Sold, offered for Sale or imported. 

  

	10.3	 The Licensee will: 

  

	 	10.3.1	 [**] for a Licensed Product by [**]; 

 

	 	10.3.2	 [**] for a Licensed Product or by [**]; 

 

	 	10.3.3	 [**] for Licensed Product by [**]; 

 

	 	10.3.4	 [**] such Licensed Product [**]; and 

 

	 	10.3.5	 [**]. 

  

	10.4	 The Regents recognizes that there are uncertainties associated with the development of therapeutic products and
the regulatory process required by the FDA (and foreign regulatory authorities that are equivalent to the FDA), and that it may be necessary from time to time to amend the milestones under Paragraphs 10.3.1 through 10.3.5. Accordingly, The Regents
agrees to extend each such milestone under Paragraphs 10.3.1 through 10.3.5 for up to [**] provided that Licensee can demonstrate to The Regents its diligent efforts with supporting documentation, at no cost to the Licensee for the first extension.
Additional [**] extensions are available for any milestone provided that Licensee can continue to demonstrate its diligent efforts with supporting documentation and pays an additional extension fee of [**] dollars ($[**]). Each [**] extension will
automatically extend all remaining milestones in Paragraphs 10.3.1 through 10.3.5 by [**]. 

  

	10.5	 If the Licensee is unable to perform any of the above provisions, then The Regents has the right and option to
grant additional commercial licenses to the Patent Rights and/or revoke Licensee’s right to sublicense Patent Rights. This right, if exercised by The Regents, supersedes the rights granted in Article 2 (Grant) and Article 3 (Sublicenses).

  
 Page 13 of 29 

 11. PROGRESS AND ROYALTY REPORTS 

 

	11.1	 Progress Reports. Beginning on [**], and [**] thereafter, Licensee will submit a written report to The
Regents covering the Licensee’s (and any Affiliates’ or Sublicensees’) activities related to this Agreement. The report will include information sufficient to enable The Regents to satisfy reporting requirements of the U.S. Government
and to ascertain progress by Licensee toward meeting this Agreement’s diligence requirements set forth in Article 10 (Due Diligence). Each report will describe, the amount of funding raised to date, the names and titles of Licensee’s
executive leadership team, and where relevant: progress toward commercialization of Licensed Products and Licensed Services, including work completed, key scientific discoveries, summary of work in progress, current schedule of anticipated events or
milestones, market plans for introduction of Licensed Products and Licensed Services, and significant corporate transactions involving Licensed Products and Licensed Services. 

 

	11.2	 First Sale. The Licensee will report to The Regents the date of first Sale of a Licensed Product or
Licensed Service in each country in its first progress and royalty reports following such first Sale of a Licensed Product or Licensed Service. 

  

	11.3	 Royalty Reports. Beginning with the earlier of (i) the first Sale of a Licensed Product or Licensed
Service or (ii) the first transaction that results in Sublicense Fees accruing to The Regents, the Licensee shall make quarterly royalty reports to The Regents on or before each [**] of each year. Each royalty report will cover the
Licensee’s most recently completed calendar quarter and will show (a) the gross Sales and Net Sales of Licensed Products and/or Licensed Services Sold during the most recently completed calendar quarter; (b) the number of each type of
Licensed Product and/or Licensed Services Sold; (c) the royalties, in U.S. dollars, payable with respect to Sales of Licensed Products and/or Licensed Services; (d) the method used to calculate the royalty; (e) any Sublicense Fees due
to The Regents; (f) the exchange rates used; and (g) any other information reasonably necessary to confirm Licensee’s calculation of its financial obligations hereunder. 

 

	11.4	 Entity Status. The Licensee has a continuing responsibility to keep The Regents informed of the
large/small business entity status (as defined by the United States Patent and Trademark Office) of itself and its Sublicensees and Affiliates. 

  
 Page 14 of 29 

 12. BOOKS AND RECORDS 

 

	12.1	 Accounting. The Licensee shall keep accurate books and records showing all Licensed Products and
Licensed Services manufactured, used, and/or Sold under the terms of this Agreement. Books and records must be preserved for at least [**] from the date of the royalty payment to which they pertain. 

 

	12.2	 Auditing. Books and records must be open to inspection by representatives or agents of The Regents at
reasonable times, but in any event not more than [**]. The Regents shall bear the fees and expenses of examination but if an error in royalties of more than [**] percent ([**]%) of the total royalties due for any year is discovered in any
examination then the Licensee shall bear the fees and expenses of that examination and shall remit such underpayment to The Regents within [**] of the examination results. 

13. LIFE OF THE AGREEMENT 
  

	13.1	 Term. Unless otherwise terminated by operation of law, Paragraph 13.2 (Bankruptcy), or by acts of the
parties in accordance with the terms of this Agreement, this Agreement will remain in effect from the Effective Date until the expiration or abandonment of the last of the Patent Rights licensed hereunder. 

 

	13.2	 Bankruptcy. This Agreement will automatically terminate without the obligation to provide [**] notice as
set forth in Paragraph 14.1 (Termination By The Regents) upon the filing of a petition for relief under the United States Bankruptcy Code by or against the Licensee as a debtor or alleged debtor. 

 

	13.3	 Surviving Provisions. Any termination or expiration of this Agreement will not affect the rights and
obligations set forth in the following Articles: 

  

					
		 	Article 1	  	Definitions
		 	 Paragraph 4.6
	  	Late Payments
		 	Article 5	  	License Issue Fee
		 	Article 7	  	Payments on Sublicenses
		 	Article 8	  	Earned Royalties and Minimum Annual Royalties
		 	Article 12	  	Books and Records
		 	Article 13	  	Life of the Agreement
		 	Article 15	  	Use of Names and Trademarks
		 	Article 16	  	Limited Warranty
		 	Article 17	  	Limitation of Liability
		 	Paragraphs 18.3 & 18.4	  	Patent Prosecution Costs and Effects of Termination
		 	Article 21	  	Indemnification
		 	Article 22	  	Notices
		 	 Article 25
	  	 Governing Laws 

		 	 Article 28
	  	 Confidentiality 

  
 Page 15 of 29 

	13.4	 Effects of Termination. The termination or expiration of this Agreement will not relieve the Licensee of
its obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with
Article 8 (Earned Royalties and Minimum Annual Royalties). 

 14. TERMINATION 

 

	14.1	 By The Regents. If the Licensee fails to perform or violates any term of this Agreement,
then The Regents may give written notice of default (Notice of Default) to the Licensee. If the Licensee fails to repair the default within [**] of the effective date of Notice of Default, The Regents may terminate this Agreement and its licenses by
a second written notice (Notice of Termination). If a Notice of Termination is sent to the Licensee, this Agreement will automatically terminate on the effective date of that notice. 

 

	14.2	 By Licensee. The Licensee has the right at any time to terminate this Agreement by providing a Notice of
Termination to The Regents. Moreover, the Licensee will be entitled to terminate the rights under Patent Rights on a country-by-country basis by giving notice in writing
to The Regents. Termination of this Agreement (but not termination of any patents or patent applications under Patent Rights, which termination is subject to Paragraph 18.4 (Effects of Termination) will be effective sixty (60) days from the
date such termination notice is sent by Licensee. 

  

	14.3	 Immediate Termination. The Agreement will terminate immediately if the Licensee files a claim that
includes in any way the assertion that any portion of The Regents’ Patent Rights is invalid or unenforceable where the filing is by Licensee, a third party on behalf of Licensee, or a third party at the written urging of, or with the assistance
of, the Licensee. 

 15. USE OF NAMES AND TRADEMARKS 

 

	15.1	 Nothing contained in this Agreement will be construed as conferring any right to either party to use in
advertising, publicity or other promotional activities any name, trade name, trademark or other designation of the other party (including a contraction, abbreviation or 

  
 Page 16 of 29 

	 	
simulation of any of the foregoing). Without the Licensee’s consent case-by-case, The Regents may list
Licensee’s name as a licensee of technology from The Regents without further identifying the technology. Unless required by law or unless consented to in writing by the Director of the Office of Technology Management, UCSF Innovation Ventures,
the use by the Licensee of the name “The Regents of the University of California” or the name of any campus of the University of California in advertising, publicity or other promotional activities is expressly prohibited.

 16. LIMITED WARRANTY 
  

	16.1	 To the extent of the knowledge of the licensing professional administering this Agreement and as of the
Effective Date, The Regents warrants to the Licensee that it has the lawful right to grant this license. 

  

	16.2	 Except as expressly set forth in this Agreement, this license and the associated Invention, Patent Rights,
Licensed Products, Licensed Services and Licensed Methods provided by The Regents WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE REGENTS MAKES NO EXPRESS OR IMPLIED
REPRESENTATION OR WARRANTY THAT THE INVENTION, PATENT RIGHTS, LICENSED PRODUCTS, LICENSED SERVICES, LICENSED METHODS OR ORIGINAL MATERIALS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS. 

 

	16.3	 This Agreement does not: 

 

	 	16.3.1	 express or imply a warranty or representation as to the validity, enforceability, or scope of any Patent
Rights; or 

  

	 	16.3.2	 express or imply a warranty or representation that anything made, used, Sold, offered for Sale or imported or
otherwise exploited under any license granted in this Agreement is or will be free from infringement of patents, copyrights, or other rights of third parties; or 

 

	 	16.3.3	 obligate The Regents to bring or prosecute actions or suits against third parties for patent infringement
except as provided in Article 20 (Patent Infringement); or 

  
 Page 17 of 29 

	 	16.3.4	 confer by implication, estoppel or otherwise any license or rights under any patents or other rights of The
Regents other than Patent Rights, regardless of whether such patents are dominant or subordinate to Patent Rights; or 

  

	 	16.3.5	 obligate The Regents to furnish any advancements, developments, or other improvements to Patent Rights which
are not entitled to the priority dates of Patent Rights, or know-how, technology or information not provided in Patent Rights. 

17. LIMITATION OF LIABILITY 
  

	17.1	 THE REGENTS WILL NOT BE LIABLE FOR ANY LOST PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST
BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL
CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF THE REGENTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

18. PATENT PROSECUTION AND MAINTENANCE 
  

	18.1	 Patent Prosecution. UCSF and UFRF entered into a patent management agreement on July 5, 2019,
(“Patent Management Agreement”) for the management of matters related to the jointly owned Invention and Patent Rights thereto. Licensee has read and understood the Patent Management Agreement, which is attached in Appendix A. In the
event, Licensee wants to change the patent strategy or patent scope or patent claims, Licensee agrees to be transparent in their communication and promptly discuss with The Regents any such strategy. If aforementioned change in strategy by Licensee
may result in change in inventor-ship of Patent Rights as per patent law, then Licensee shall bring this to The Regents attention immediately. Licensee is committed to engaging in good faith patent strategies and shall diligently work with The
Regents for the same. As long as the Licensee has paid patent costs as provided for in this Article 18, The Regents shall diligently 

  
 Page 18 of 29 

	 	
endeavor to prosecute and maintain the United States and foreign patents comprising Regents’ Patent Rights using counsel of its choice. The Regents will provide the Licensee with copies of
all relevant documentation so that the Licensee will be informed of the continuing prosecution and may comment upon such documentation sufficiently in advance of any initial deadline for filing a response, provided, however, that if the Licensee has
not commented upon such documentation in a reasonable time for The Regents to sufficiently consider the Licensee’s comments prior to a deadline with the relevant government patent office, or The Regents must act to preserve the Patent Rights,
The Regents will be free to respond without consideration of the Licensee’s comments, if any. The Licensee agrees to keep this documentation confidential. The Regents’ counsel will take instructions only from The Regents, and all patents
and patent applications under this Agreement will be assigned solely to The Regents. The Regents shall use all reasonable efforts to amend any patent application to include claims reasonably requested by the Licensee to protect the products
contemplated to be sold under this Agreement and to file and prosecute patents in foreign countries indicated by and paid for by Licensee. 

  

	18.2	 Patent Term. The Licensee shall apply for an extension of the term of any patent included within
Regents’ Patent Rights if appropriate under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts of this Law. The Licensee shall prepare all documents, and The Regents
agrees to execute the documents and to take additional action as the Licensee reasonably requests in connection therewith. 

  

	18.3	 Costs. The Licensee will bear all costs of preparing, filing, prosecuting and maintaining all United
States and foreign patent applications contemplated by this Agreement (“Patent Prosecution Costs”). Patent Prosecution Costs billed by The Regents’ counsel will be rebilled to the Licensee and are due within [**] of rebilling by The
Regents. These Patent Prosecution Costs will include, without limitation, patent prosecution costs for the Invention incurred by The Regents prior to the execution of this Agreement and any patent prosecution costs that may be incurred for
patentability opinions, re-examination, re-issue, interferences, oppositions or inventorship determinations. Prior Patent Prosecution Costs will be due upon execution of
this Agreement and billing by The Regents. 

  
 Page 19 of 29 

	18.4	 Effects of Termination. The Licensee will be obligated to pay any agreed-upon Patent Prosecution Costs
incurred during the [**] period after receipt by either party of a Notice of Termination, even if the invoices for such Patent Prosecution Costs are received by the Licensee after the end of the [**] period following receipt of a Notice of
Termination. The Licensee may terminate its obligation to pay Patent Prosecution Costs with respect to any given patent application or patent under Patent Rights in any or all designated countries upon [**] written notice to The Regents. The Regents
may continue prosecution and/or maintenance of such application(s) or patent(s), and applications in foreign countries where Licensee has elected not to file, at its sole discretion and expense, provided, however, that the Licensee will have no
further right or licenses thereunder. Non-payment of Patent Prosecution Costs may be deemed by The Regents as an election by the Licensee not to maintain such application(s) or patent(s).

 19. PATENT MARKING 
  

	19.1	 The Licensee will mark all Licensed Products made, used or Sold under the terms of this Agreement or their
containers in accordance with the applicable patent marking laws. 

 20. PATENT INFRINGEMENT 

 

	20.1	 Infringement Notice. In the event that The Regents (to the knowledge of the licensing professional
responsible for the administration of this Agreement) or the Licensee learns of infringement of potential commercial significance of any patent licensed under this Agreement, the knowledgeable party will provide the other (i) with written
notice of such infringement and (ii) with any evidence of such infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction where, the Licensee has rights under this Agreement, the
Licensee shall not notify a possible infringer of infringement or put such infringer on notice of the existence of any Patent Rights without first consulting with The Regents. Both The Regents and the Licensee will use their diligent efforts to
cooperate with each other to terminate such infringement without litigation. 

  

	20.2	 Company Suit and Joining. At Licensee’s discretion and to the extent permitted by law, Licensee may
institute suit for patent infringement against the infringer if infringing 

  
 Page 20 of 29 

	 	
activity of potential commercial significance occurs. The Regents may voluntarily join such suit, but may not otherwise commence suit against the infringer for the acts of infringement that are
the subject of the Licensee’s suit or any judgment rendered in that suit. The Licensee may not join The Regents as a party in a suit initiated by the Licensee without The Regents’ prior written consent. If The Regents joins a suit
initiated by the Licensee, then the Licensee will pay any costs incurred by The Regents arising out of such suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it in the suit.

  

	20.3	 Regents’ Suit. If, within [**] following the date the Infringement Notice takes effect or for such
other time as the Parties mutually agree, infringing activity of potential commercial significance by the infringer has not been abated and if the Licensee has not brought suit against the infringer, then The Regents may institute suit for patent
infringement against the infringer. If The Regents institutes such suit, then the Licensee may not join such suit without The Regents’ consent and may not thereafter commence suit against the infringer for the acts of infringement that are the
subject of The Regents’ suit or any judgment rendered in that suit. 

  

	20.4	 Infringement Notice. Notwithstanding anything to the contrary in this Agreement, in the event that the
infringement or potential infringement pertains to an issued patent included within the Patent Rights and written notice is given under the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or foreign counterparts of this Law),
then the party in receipt of such notice under the Act (in the case of The Regents to the extent of the actual knowledge of the licensing officer responsible for the administration of this Agreement) shall provide the Infringement Notice to the
other party promptly. If the time period is such that the Licensee will lose the right to pursue legal remedy for infringement by not notifying a third party or by not filing suit, the notification period and the time period to file suit will be
accelerated to within [**] of the date of such notice under the Act to either party. 

  

	20.5	 Recovery. Any recovery or settlement received in connection with any suit will first be shared by The
Regents and the Licensee equally to cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by
Licensee, any 

  
 Page 21 of 29 

	 	
recovery in excess of litigation costs will be shared between Licensee and The Regents as follows: (a) for any recovery other than amounts paid for willful infringement The Regents will
receive [**] percent ([**]%) of the recovery; and (b) for any recovery for willful infringement, The Regents will receive [**] percent ([**]%) of the recovery. In any suit initiated by The Regents, any recovery in excess of litigation costs
will belong to The Regents. The Regents and the Licensee agree to be bound by all determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this
Article 20 (Patent Infringement). 

  

	20.6	 Sublicenses. Any agreement made by the Licensee for purposes of settling litigation or other dispute
shall comply with the requirements of Article 3 (Sublicenses) of this Agreement. 

  

	20.7	 Cooperation. Each party will cooperate with the other in litigation proceedings instituted hereunder but
at the expense of the party who initiated the suit (unless such suit is being jointly prosecuted by the parties). 

  

	20.8	 Control. Any litigation proceedings will be controlled by the party bringing the suit, except that The
Regents may be represented by counsel of its choice in any suit brought by the Licensee. 

 21. INDEMNIFICATION 

 

	21.1	 Indemnification. The Licensee will, and will require its Sublicensees to, indemnify, hold harmless and
defend The Regents, the sponsors of the research that led to the Invention, and the inventors of any invention claimed in patents or patent applications under Patent Rights (including the Licensed Products, Licensed Services and Licensed Methods
contemplated thereunder) and their employers, and the officers, employees and agents of any of the foregoing, against any and all claims, suits, losses, damage, costs, fees and expenses resulting from, or arising out of, the exercise of this license
or any sublicense. This indemnification will include, but not be limited to, any product liability. If The Regents believe that there will be a conflict of interest or it will not otherwise be adequately represented by counsel chosen by the Licensee
to defend The Regents in accordance with this Paragraph 21.1, then The Regents may retain counsel of its choice to represent it and the Licensee will pay all expenses for such representation. 

  
 Page 22 of 29 

	21.2	 Insurance. The Licensee, at its sole cost and expense, will insure its activities in connection with any
work performed hereunder and will obtain, keep in force, and maintain the following insurance: 

  

	 	21.2.1	 Commercial Form General Liability Insurance (contractual liability included) with limits as follows:

  

					
	 Each Occurrence
	  	$	[	**] 
	 Personal and Advertising Injury
	  	$	[	**] 
	 General Aggregate (commercial form only)
	  	$	[	**] 

 If the above insurance is written on a claims-made form, it shall continue for [**] following termination or
expiration of this Agreement. The insurance shall have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement; and 
  

	 	21.2.2	 Worker’s Compensation as legally required in the jurisdiction in which the Licensee is doing business.

 The coverage and limits above will not in any way limit the Licensee’s liability under this Article 21
(Indemnification.) 
  

	21.3	 Certificates. After the execution of this Agreement, and at the request of The Regents, the Licensee
will furnish The Regents with certificates of insurance evidencing compliance with all requirements. Such certificates will: indicate The Regents as an additional insured(s) under the coverage described above in Paragraph 21.2 (Insurance); and
include a provision that the coverage will be primary and will not participate with, nor will be excess over, any valid and collectable insurance or program of self-insurance maintained by The Regents. 

 

	21.4	 Notification. The Regents will promptly notify the Licensee in writing of any claim or suit brought
against The Regents for which The Regents intends to invoke the provisions of this Article 21 (Indemnification). The Licensee will keep The Regents informed of its defense of any claims pursuant to this Article 21 (Indemnification). 

 22. NOTICES 
  

	22.1	 Any notice or payment hereunder shall be deemed to have been properly given when sent in writing in English to
the respective address below and shall be deemed effective: 

  
 Page 23 of 29 

	 	22.1.1	 on the date of delivery if delivered in person, 

 

	 	22.1.2	 on the date of mailing if mailed by first-class certified mail, postage paid, or 

 

	 	22.1.3	 on the date of mailing if mailed by any global express carrier service that requires the recipient to sign the
documents demonstrating the delivery of such notice or payment, or 

  

	 	22.1.4	 in the case of notices, if sent by email, on the date the recipient acknowledges having received that email by
either an email sent to the sender or by a notice delivered by another method in accordance with this Paragraph 22.1, provided that, automated replies and “read receipts” shall not be considered acknowledgement of receipt.

 In the case of Licensee: 

Decibel Therapeutics 

1325 Boylston Street, Suite 500 

Boston, MA 02215 

Attention: VP, Legal 
 In the
case of The Regents: 
 For notices: 

University of California, San Francisco 

Innovation Ventures, Office of Technology Management, Box 2142 

600 16th Street, Suite S272 

San Francisco, CA 94143 

(for Fed-Ex use postal code 94158) 

Attention: Director, Technology Management 

Referring to: UC Case No. [**]     

Email: [**] 

For remittance of payments: 

Office of Innovation and Entrepreneurship 

Attn: Accounts Receivable 

University of California 

Office of the President 

1111 Franklin Street, 5th Floor 

Oakland, CA 94607-5200 

Referring to: UC Case No. [**] 

23. ASSIGNABILITY 
  

	23.1	 The Licensee may assign or transfer this Agreement, without The Regents’ prior written consent, only in
the case of assignment or transfer to a party that succeeds to all or substantially all of Licensee’s business or assets relating to this Agreement, whether by 

  
 Page 24 of 29 

	 	
Sale, merger, operation of law or otherwise, provided that a) such assignee or transferee promptly agrees to be bound by the terms and conditions of this Agreement and signs The Regents’
standard substitution of party letter (attached here as Appendix B), b) Licensee gives The Regents a [**] notice of assignment, and c) upon payment by Licensee to The Regents of [**] dollars ($[**]) assignment fee. Any attempted assignment by
Licensee other than in accordance with this Paragraph 23.1 will be null and void. This Agreement is binding upon and will inure to the benefit of The Regents, its successors and assigns. 

24. FORCE MAJEURE 
  

	24.1	 Except for the Licensee’s obligation to make any payments to The Regents hereunder, the parties shall not
be responsible for failure to perform due to the occurrence of any events beyond their reasonable control which render their performance impossible or onerous, including, but not limited to: accidents (environmental, toxic spill, etc.); acts of God;
biological or nuclear incidents; casualties; earthquakes; fires; floods; governmental acts; orders or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power
failure and power outages; acts of terrorism; strike; and war. 

 25. GOVERNING LAWS; VENUE 

 

	25.1	 Choice of Law. THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF CALIFORNIA, excluding any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted particular provisions of this Agreement, but the scope and validity of any patent or
patent application will be governed by the applicable laws of the country of such patent or patent application. 

 26.
GOVERNMENT APPROVAL OR REGISTRATION 
  

	26.1	 If this Agreement or any associated transaction is required by the law of any nation to be either approved or
registered with any governmental agency, the Licensee will assume all legal obligations to do so. The Licensee will notify The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval
requirement. The Licensee will make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or
approval process. 

  
 Page 25 of 29 

 27. COMPLIANCE WITH LAWS 

 

	27.1	 The Licensee shall comply with all applicable international, national, state, regional and local laws and
regulations in performing its obligations hereunder and in its use, manufacture, Sale or import of the Licensed Products, Licensed Services or practice of the Licensed Method. The Licensee will observe all applicable United States and foreign laws
with respect to the transfer of Licensed Products and related technical data and the provision of Licensed Services to foreign countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export
Administration Regulations. The Licensee shall manufacture Licensed Products and practice the Licensed Method in compliance with applicable government importation laws and regulations of a particular country for Licensed Products made outside the
particular country in which such Licensed Products are used, Sold or otherwise exploited. 

 28. CONFIDENTIALITY

  

	28.1	 Confidential Information. The Licensee and The Regents will treat and maintain the other party’s
proprietary business, patent prosecution, software, engineering drawings, process and technical information and other proprietary information, including the negotiated terms of this Agreement and any progress reports and royalty reports and any
sublicense agreement issued pursuant to this Agreement (“Proprietary Information”) in confidence using at least the same degree of care as the receiving party uses to protect its own proprietary information of a like nature from the date
of disclosure until [**] after the termination or expiration of this Agreement. Proprietary Information can be written, oral, or both. This confidentiality obligation will apply to the information defined as “Confidential Information”
under the Secrecy Agreement and such Confidential Information will be treated as Proprietary Information hereunder. 

  

	28.2	 The Licensee and The Regents may use and disclose Proprietary Information to their employees, agents,
consultants, contractors and, in the case of the Licensee, its 

  
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sublicensees, provided that such parties are bound by a like duty of confidentiality as that found in this Article 28 (Confidentiality). Notwithstanding anything to the contrary contained in this
Agreement, The Regents may release this Agreement, including any terms contained herein and information regarding payments or other income received in connection with this Agreement to the inventors, senior administrative officials employed by The
Regents and individual Regents upon their request. If such release is made, then The Regents will request that such terms be kept in confidence in accordance with the provisions of this Article 20 (Confidentiality). In addition, notwithstanding
anything to the contrary in this Agreement, if a third party inquires whether a license to Patent Rights is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Articles 2 (Grant) and 3
(Sublicenses) and related definitions to such third party, but will not disclose the name of the Licensee unless the Licensee has already made such disclosure publicly. 

 

	28.3	 Limitations. Nothing contained herein will restrict or impair, in any way, the right of the Licensee or
The Regents to use or disclose any Proprietary Information: 

  

	 	28.3.1	 that recipient can demonstrate by written records was previously known to it prior to its disclosure by the
disclosing party; 

  

	 	28.3.2	 that recipient can demonstrate by written records is now, or becomes in the future, public knowledge other than
through acts or omissions of recipient; 

  

	 	28.3.3	 that recipient can demonstrate by written records was obtained lawfully and without restrictions on the
recipient from sources independent of the disclosing party; and 

  

	 	28.3.4	 that The Regents is required to disclose pursuant to the California Public Records Act or other applicable law.

 The Licensee or The Regents also may disclose Proprietary Information that is required to be disclosed (i) to a
governmental entity or agency in connection with seeking any governmental or regulatory approval, governmental audit, or other governmental contractual requirement or (ii) by law, provided that the recipient uses reasonable efforts to give the
party owning the Proprietary Information sufficient notice of such required disclosure to allow the party owning the Proprietary Information reasonable opportunity to object to, and to take legal action to prevent, such disclosure. Nothing in this
Agreement will be construed to prevent The Regents from reporting de-identified raw terms of the Agreement as part of a larger database. 

  
 Page 27 of 29 

	28.4	 Return of Information. Upon termination of this Agreement, the Licensee and The Regents will destroy or
return any of the disclosing party’s Proprietary Information in its possession within [**] following the termination of this Agreement and provide each other with prompt written notice that such Proprietary Information has been returned or
destroyed. Each party may, however, retain one copy of such Proprietary Information for archival purposes in non-working files. 

29. MISCELLANEOUS 
  

	29.1	 Appendices. This Agreement includes the attached Appendix A and Appendix B. 

 

	29.2	 Headings. The headings of the several Paragraphs are inserted for convenience of reference only and are
not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

  

	29.3	 Binding Agreement. This Agreement is not binding on the parties until it has been signed below on behalf
of each party. It is then effective as of the Effective Date. 

  

	29.4	 Amendments. No amendment or modification of this Agreement is valid or binding on the parties unless
made in writing and signed on behalf of each party. 

  

	29.5	 Waiver. No waiver by either party of any breach or default of any of the agreements contained herein
will be deemed a waiver as to any subsequent and/or similar breach or default. 

  

	29.6	 Entire Agreement. This Agreement embodies the entire understanding of the parties and supersedes all
previous communications, representations or understandings, either oral or written, between the parties relating to the subject matter hereof. 

  

	29.7	 Invalidity. In case any of the provisions contained in this Agreement is held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provisions had never been
contained in it. 

  

	29.8	 Independent Contractors. In performing their respective duties under this Agreement, each of the parties
will be operating as an independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture between the parties hereto, or be construed to evidence the intention of the parties to establish any
such relationship. Neither party will have the power to bind the other party or incur obligations on the other party’s behalf without the other party’s prior written consent. 

  
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	29.9	 Counterparts. This Agreement may be executed in one or more counterparts, each of which together shall
constitute one and the same Agreement. For purposes of executing this Agreement, a facsimile (including a PDF image delivered via email) copy of this Agreement, including the signature pages, will be deemed an original. The parties agree that
neither party will have any rights to challenge the use or authenticity of a counterpart of this Agreement based solely on that its signature, or the signature of the other party, on such counterpart is not an original signature. 

  

	29.10	 Execution. The terms and conditions of this Agreement shall be considered by The Regents to be withdrawn
from the Licensee’s consideration and the Agreement itself to be null and void, unless this Agreement is executed by both The Regents and the Licensee within thirty (30) days of when the execution copy is circulated for signatures.

 IN WITNESS WHEREOF, both The Regents and the Licensee have executed this Agreement by their respective and duly authorized officers on
the day and year written. 
  

									
	DECIBEL THERAPEUTICS, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	/s/ Paula Cobb	 		 	By:	 	/s/ Gonzalo Barrera-Hernandez, Ph.D.
		 	(Signature)	 		 		 	(Signature)
					
	Name:	 	 Paula Cobb
	 		 	Name:	 	 Gonzalo Barrera-Hernandez, Ph.D.

		 	(Please Print)	 		 		 	(Please Print)
					
	Title:	 	 Chief Operating Officer
	 		 	Title:	 	 Associate Director, Innovation Ventures

					
	Date:	 	 Oct. 4, 2019
	 		 	Date:	 	 October 4, 2019

  
 Page 29 of 29

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