Document:

EX-10.9

 Exhibit 10.9 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED (INDICATED BY: [***]) FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE
COMPETITIVE HARM IF PUBLICLY DISCLOSED. 
 ROYALTY AGREEMENT 

This ROYALTY AGREEMENT (the “Agreement”), dated as of July 23, 2013, is by and among (i) PureTech Ventures, LLC, a Delaware
limited liability company (“PureTech”), and (ii) Follica, Incorporated, a Delaware corporation (the “Company”). 

WHEREAS, PureTech is required to provide certain management services and intellectual property as set forth in the Management and Overhead
Services Agreement dated on or about the date hereof by and between the Company and PureTech; 
 WHEREAS, PureTech will receive certain
consideration for such management services and intellectual property, including the potential royalty payments set forth herein; 
 NOW,
THEREFORE, in consideration of the mutual promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

1. DEFINITIONS. 

1.1     “Affiliate” shall mean any legal entity (such as a corporation, partnership, or limited liability
company) that is controlled by a Party. For purposes of this definition, the term “control”:, means as to such entity, direct or indirect ownership of (i) more than fifty percent (50%) in the aggregate of the voting power of all
outstanding shares entitled to vote at a general election of directors of such entity, (ii) more than fifty percent (50%) of the equity interests in such entity, or (iii) more than fifty percent (50%) of the assets of such entity. 

1.2    “Product” shall mean any product that involves (i) disrupting the skin using any mechanical,
energy or chemical based approaches, (ii) applying compounds to the skin through the propelling of particles, or (iii) any other approaches to the treatment of hair follicles or other dermatological disorders commercialized by the Company.

 1.3    “Process” shall mean any process that involves (i) disrupting the skin using any
mechanical, energy or chemical based approaches (ii) applying compounds to the skin through the propelling of particles or (iii) any other approaches to the treatment of hair follicles or dermatological disorders commercialized by the
Company. 
 1.4    ”Service” shall mean the performance of a service for a third party, which
performance uses or incorporates a Product or Process. 
 1.5    ”Net Sales” means [***]. 

1.6    “Reporting Period” shall begin on the first day of each calendar quarter and end on the last day
of such calendar quarter. 
 1.7    “Sublicensee” shall mean any
non-Affiliate sublicensee of the rights granted by the Company enabling the commercialization of one or more Products, Processes or Services. 

 l.8    “Sublicense Income” shall mean all consideration
received by the Company or any of its Affiliates from Sublicensees in exchange for the sublicensing of rights (i) to research, develop, make, have made, use, offer for sale, sell, lease, import or otherwise exploit Products in in the Territory,
(ii) to research, develop, use, have used, perform or otherwise exploit Processes in the Territory or (iii) to develop, offer to sell, sell, have sold or otherwise exploit Services in the Territory, but specifically excluding royalties
that are calculated as a percentage of Sublicensee sales. Sublicensing Income includes, without limitation, upfront payments, milestone payments, license maintenance fees, research and development funding and equity investments (whether in the form
of stock purchase, options, warrants, convertible debt or other forms) paid directly or indirectly to the Company (or any of its Affiliates) from (or on behalf of) any Sublicensee. Notwithstanding the foregoing, Sublicense Income shall not include
amounts paid to the Company by or on behalf of a sublicensee in connection with a sublicensing transaction as an equity investment in the Company (whether in the form of stock purchase, options, warrants or other forms) to the extent that the amount
of such investment (calculated in case of options, warrants and the like as if exercised and including all amounts due on exercise) does not involve any premium over fair market value of the equity investment. 

1.9    “Term” shall mean the term of this Agreement, which shall commence on the Effective Date and shall
remain in effect until the expiration of the royalty obligation set forth in Section 2.1, unless earlier terminated in accordance with the provisions of this Agreement. 

1.10 “Territory” shall mean worldwide. 

2. ROYALTIES AND PAYMENT TERMS. 

2.1 Royalty and Sublicense Income. 

(a)    Royalties. The Company shall pay to PureTech a royalty on Net Sales by the Company, its Affiliates and
Sublicensees of Products, Processes and Services equal to [***] of Net Sales by the Company, its Affiliates and Sublicensees. Such royalty shall commence upon the first commercial sale of such Product, Process or Service in such country and shall
terminate on the [***] anniversary thereof. 
 (b)    Time of Payment. Royalties arising under this
Section 2.1 shall be payable for each Reporting Period and shall be due to PureTech within [***] of the end of each Reporting Period. 

(c)    Sharing of Sublicense Income. The Company shall pay PureTech [***] of all Sublicense Income received by the
Company or Affiliates. Such amount shall be payable for each Reporting Period and shall be due to PureTech within [***] of the end of each Reporting Period. 

2.2 Payments. 

(a)    Method of Payment. All payments under this Agreement shall be made payable to PureTech and sent to the
address identified in Section 10.1. Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies. 

 (b)    Payments in U.S. Dollars. All payments due under this
Agreement shall be payable in United States dollars. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in The Wall Street Journal) for the last working day of the
calendar quarter of the applicable Reporting Period. Such payments shall be without deduction of exchange, collection, or other charges. Each Party is solely responsible for timely and properly filing and payment of its own taxes of any kind and in
any jurisdiction. All payments under this Agreement shall be made in full without any deduction or withholding for or on account of any tax unless such deduction or withholding is required by applicable governmental laws, tax treaty, or
regulations. Any tax required to be withheld by the Company under the laws of any foreign country for the account of PureTech shall be promptly paid by the Company for and on behalf of PureTech to the appropriate governmental authority, and the
Company shall furnish PureTech with proof of payment of such tax together with official or other appropriate evidence issued by the applicable government authority. Any such tax actually paid on PureTech’s behalf shall be deducted from royalty
payments due PureTech. 
 (c)    Late Payments. Any payments by the Company that are not paid on or before the
date such payments are due under this Agreement shall bear interest, to the extent permitted by law, at two percentage points above the Prime Rate of interest as reported in The Wall Street Journal on the date payment is due. 

3. REPORTS AND RECORD KEEPING. 
  

	 	3.1	 Frequency of Reports. 

(a)    Before First Commercial Sale. Prior to the first commercial sale of any Product or first commercial
performance of any Process or Service, the Company shall deliver reports to PureTech annually, within [***] of the end of each calendar year, containing information concerning the progress of research and development pertaining to the Product,
Process and Service. 
 (b)    Upon First Commercial Sale of a Product or Commercial Performance of a Process or
Service. The Company shall report to PureTech the date of first commercial sale of a Product and the date of first commercial performance of a Process or Service within [***] of occurrence in each country. 

(c)    After First Commercial Sale. After the first commercial sale of a Product, a Process or a Service, the
Company shall deliver reports to PureTech within [***] of the end of each Reporting Period, containing information concerning the immediately preceding Reporting Period, as further described in Section 3.2. 

3.2    Content of Reports and Payments. Each report delivered by the Company to PureTech shall contain at least the
following information for the immediately preceding Reporting Period: 
 (a)    the number of Products sold, leased or
distributed by the Company, its Affiliates and Sublicensees to independent third parties in each country, and, if applicable, the number of Processes and Services sold by the Company, its Affiliates and Sublicensees in each country; 

 (b)    a description of Processes performed by the Company, its
Affiliates and Sublicensees in each country as may be pertinent to a royalty accounting hereunder; 
 (c)    the gross
price charged by the Company, its Affiliates and Sublicensees for each Product and, if applicable, the gross price charged for each Process and Service performed by the Company, its Affiliates and Sublicensees in each country; 

(d)    the calculation of Net Sales for the applicable Reporting Period in each country, including a listing of applicable
deductions; 
 (e)    the total royalty payable on Net Sales in U.S. dollars, together with the exchange rates used for
conversion; 
 (f)    the amount of Sublicense Income received by the Company from each Sublicensee and the amount due
to PureTech from such Sublicense Income, including an itemized breakdown of the sources of income comprising the Sublicense Income; and 

(g)    the number of sublicenses entered into for Products and/or Processes and/or Services for which amounts are due to
PureTech under this Agreement. 
 If no amounts are due to PureTech for any Reporting Period, the report shall so state. 

3.3    Financial Statements. On or before the [***] following the close of the Company’s fiscal year, the
Company shall provide PureTech with the Company’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by the Company’s treasurer or chief financial officer or by an
independent auditor. 
 3.4    Record Keeping. The Company shall maintain, shall cause its Affiliates, and shall
require its Sublicensees to maintain, complete and accurate ‘records relating to the rights and obligations under this Agreement and any amounts payable to PureTech in relation to this Agreement, which records shall contain sufficient
information to permit PureTech to confirm the accuracy of any reports delivered to PureTech and compliance in other respects with this Agreement. The relevant party shall retain such records for at least [***] following the end of the calendar year
to which they pertain, during which time PureTech, or PureTech’s appointed agents, shall have the right, at PureTech’s expense, to inspect such records during normal business hours upon minimum advance notice of [***] to verify any reports
and payments made or compliance in other respects under this Agreement. Any person inspecting the books and records of the Company on behalf of PureTech pursuant to this Section 3.4 shall enter into a customary confidentiality agreement with
the Company covering the receipt of confidential information from the Company. In the event that any audit performed under this Section 3.4 reveals an underpayment in excess of [***], the Company shall bear the full cost of such audit. Any
auditor shall report to PureTech only the amount of any underpayment or overpayment to PureTech or that the payments made by the Company were correct. The Company shall remit any amounts due to PureTech within [***] of receiving the report of the
auditor. 

 4. INDEMNIFICATION 

 

	 	4.1	 Indemnity. 

(a)    By the Company. The Company shall indemnify, defend, and hold harmless PureTech and its members, directors,
officers, employees, agents and Affiliates and their respective successors, heirs and assigns (the “PureTech Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys fees and expenses) incurred
by or imposed upon any of the PureTech Indemnitees in connection with any third party claims, suits, actions, demands or judgments arising out of any theory of liability (including without limitation actions in the form of tort, warranty, or strict
liability and regardless of whether such action has any factual basis) (a “Loss”) (i) concerning any product, process, or service that is made, used, sold, imported, or performed pursuant to any right or license granted under this
Agreement or (ii) due to a breach of this Agreement by the Company; provided, however, that the foregoing indemnification shall not apply to any Loss to the extent such Loss is caused by the breach of this Agreement or the negligence or willful
misconduct of a PureTech Indemnitee. 
 (b)    By PureTech. PureTech shall indemnify, defend, and hold harmless
the Company and its directors, officers, employees, agents and Affiliates and their respective successors, heirs and assigns (the “Company lndemnitees”), against any Loss due to a breach of this Agreement by the PureTech; provided,
however, that the foregoing indemnification shall not apply to any Loss to the extent such Loss is caused by the breach of this Agreement or the negligence or willful misconduct of a Company Indemnitee. 

4.2    Procedures. A party seeking indemnification pursuant to Section 4.1 shall provide the indemnifying
Party with prompt written notice of any claim, suit, action, demand, or judgment for which indemnification is sought under this Agreement. The indemnifying Party, at its own expense, shall provide attorneys reasonably acceptable to the indemnified
party to defend against any such claim. The indemnified party shall cooperate fully with the indemnifying Party in such defense and will permit the indemnifying Party to conduct and control such defense and the disposition of such claim, suit, or
action (including all decisions relative to litigation, appeal, and settlement); provided, however, that any indemnified party spall have the right to retain its own counsel, at the expense of the indemnifying Party, if representation of such
indemnified party by the counsel retained by the indemnifying Party would be inappropriate because of actual legal conflicts between such indemnified party and any other party represented by such counsel. The indemnifying Party agrees to keep the
other Party informed of the progress in the defense and disposition of such claim and to consult with such Party with regard to any proposed settlement. 

5. REPRESENTATIONS, WARRANTIES AND COVENANTS 

5.1    Representations and Warranties by each Party. Each of PureTech and the Company, with respect to itself,
represents, warrants and covenants to the other that: 
 (a)    it is a corporation or entity duly organized and validly
existing under the laws of the state or jurisdiction of its incorporation; 

 (b)    the execution, delivery, and performance of this Agreement has
been duly authorized by all requisite corporate or other action and does not require any shareholder or member action or approval; 

(c)    it has the full right, power, and authority to enter into and deliver this Agreement, and that the execution of
this Agreement creates a valid and binding Agreement enforceable against it in accordance with its terms; 
 (d)    the
execution, delivery, and performance of this Agreement and its compliance with the terms and provisions hereof does not, and will not, conflict with or result in a breach of any of the terms or provisions of, or constitute a default under (i) a
loan agreement, guaranty, financing agreement, agreement affecting a product or other agreement or instrument binding or affecting it or its property; (ii) the provisions of its charter or operative documents or
by-laws; or (iii) any order, writ, injunction, or decree of any court or governmental authority entered against it or by which any of its property is bound; and 

(e)    to its knowledge, there are no existing or threatened actions, suits or claims pending against it with respect to
its right to enter into and perform its obligations under this Agreement. 
 5.2 No Inconsistent Agreements. Neither Party has in
effect and after the Effective Date neither Party shall enter into any oral or written agreement or arrangement that would be inconsistent with its obligations under this Agreement. 

6. ASSIGNMENT. 
 Neither Party may assign
this Agreement without the written consent of the other Party, which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, upon written notice to the other Party, either Party may assign this Agreement to a successor
to its business:(whether by merger, a sale or other transfer of all or substantially all of its assets, a sale of a controlling interest of its capital stock, or otherwise) which agrees in writing to assume its obligations hereunder. This Agreement
will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 7.
COVENANTS 
 7.1    Compliance with Laws. The Company shall comply in all material respects with all commercially
material applicable local, state, federal, and foreign laws and regulations relating to the development, manufacture, use, and sale of Products, Processes and Service. 

7.2    Export Control. The Company and its Affiliates and Sublicensees shall comply with all United States laws and
regulations controlling the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and regulations prohibit or
require license for the export of certain types of commodities and technical data to specified countries. The Company hereby gives written assurance that it will comply with, and will require its Affiliates and Sublicensees to comply with, all
United 

 
States export control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its Affiliates or Sublicensees, and that it will
indemnify, defend, and hold PureTech harmless (in accordance with Section 4) for the consequences of any such violation. 

7.3    Non-Use of PureTech Name. The Company and its Affiliates and
Sublicensees shall not use the name of PureTech or any variation, adaptation, or abbreviation thereof, or of any of it employees, or agents, or any trademark owned by PureTech, or any terms of this Agreement in any promotional material or other
public announcement or disclosure without the prior written consent of PureTech, except as may be required by law, stock exchange rule or other securities trading system rule. The Company shall be entitled to factually identify PureTech as its
licensor under this Agreement. 
 8. TERMINATION. 
  

	 	8.1	 Voluntary Termination. 

(a)    PureTech shall have the right to terminate this Agreement, for any reason, at any time upon at least [***] prior
written notice to the Company, such notice to state the date upon which such termination is to be effective. 
  

	 	8.2	 Termination for Default. 

(a)    Nonpayment. In the event the Company fails to pay any amounts due and payable to PureTech hereunder, and
fails to make such payment within [***] after receiving written notice (by certified US mail) of such failure, PureTech may terminate this Agreement immediately upon written notice to the Company. 

(b)    Material Breach by the Company. In the event the Company commits a material breach of its obligations under
this Agreement, except for breach as described in Section 8.2(a), and fails to cure that breach within [***] after receiving written notice thereof (by certified US mail), PureTech may terminate this Agreement immediately upon written notice to
the Company. 
 (c)    Material Breach by PureTech. In the event PureTech commits a material breach of its
obligations under this Agreement and fails to cure that breach within [***] after receiving written notice thereof (by certified US mail), the Company may terminate this Agreement immediately upon written notice to PureTech. 

 

	 	8.3	 Effect of Termination. 

(a)    Survival. The following provisions shall survive the expiration or termination of this Agreement: Articles 1
and 9, and Sections 3.2 (to the extent requiring a final report and payment) and 3.4. 
 9. DISPUTE RESOLUTION. 

9.1    Mandatory Procedures. The Parties agree that any dispute arising out of or

 
relating to this Agreement shall be resolved solely by means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential
provision of this Agreement. If either Party fails to observe the procedures of this Article, as may be modified by their written agreement, the other Party may bring an action for specific performance of these procedures in any court of competent
jurisdiction. 
 9.2    Equitable Remedies. Although the procedures specified in this Article are the sole and
·exclusive procedures for the resolution of disputes arising out of or relating to this Agreement, either Party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary
to avoid irreparable harm to itself or to preserve its rights under this Agreement. 
 9.3    Dispute Resolution
Procedures. 
 (a)    Negotiation. In the event of any dispute arising out of or relating to this Agreement,
the affected Party shall notify the other Party, and the Parties shall attempt in good faith to resolve the matter within [***] after the date of such notice (the “Notice Date”). Any disputes not resolved by good faith discussions
shall be referred to senior executives of each Party, who shall meet at a mutually acceptable time and location within [***] after the Notice Date and attempt to negotiate a settlement. 

(b)    Arbitration. If the matter remains unresolved within [***] after the Notice Date, or if the senior
executives fail to meet within [***] after the Notice Date, either Party shall be entitled to submit the matter to binding arbitration under the commercial arbitration rules of the American Arbitration Association. Any such arbitration shall be
conducted by a panel of three arbitrators (the “Arbitration Panel”) and shall be conducted in Boston, Massachusetts. PureTech on the one hand, and the Company on the other, shall each appoint one arbitrator, and the third arbitrator
shall be appointed by the two arbitrators appointed by PureTech and the Company. The Arbitration Panel shall have the authority to grant specific performance and to allocate between the parties the costs of arbitration in such equitable manner as it
shall determine. Judgments upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. 

 10. MISCELLANEOUS. 

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

					
		  	If to PureTech:	  	Daphne Zohar
		  		  	PureTech Ventures, LLC
		  		  	500 Boylston Street, Suite 1600
		  		  	Boston, Massachusetts 02116
		  		  	Fax: 617.482.3337
			
		  	If to the Company:	  	President
		  		  	Follica, Incorporated
		  		  	500 Boylston Street, Suite 1600
		  		  	Boston, Massachusetts 02116
		  		  	Fax: 617.482.3337.

 All notices under this Agreement shall be deemed effective upon receipt. A party may change
its contact information immediately upon written notice to the other party in the manner provided in this Section 10.1. 

10.2    Governing Law. This Agreement and all disputes arising out of or related to this Agreement, or the
performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of
laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted. 

10.3    Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable
control of such party, including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance
under this Agreement with reasonable dispatch whenever such causes are removed. 
 10.4    Amendment and Waiver.
This Agreement may be amended, supplemented, or otherwise modified only by means of a written instrument signed by both Parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be
construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar. 

10.5    Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for
any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their original intent. If the Parties
fail to reach a modified agreement within [***] after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 13. While the dispute is pending resolution,
this Agreement shall be construed as if such provision were deleted by agreement of the parties. 
 10.6    Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 

10.7    Headings. All headings are for convenience only and shall not affect the meaning of any provision of this
Agreement. 
 10.8    Entire Agreement. This Agreement constitutes the entire agreement between the parties with
respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter. For the avoidance of doubt, this Agreement shall not supersede the Exclusive Patent License Agreement dated as of
July 16, 2008 by and between PureTech and the Company, which agreement shall remain in full force and effect. 

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

									
	PURETECH VENTURES LLC	 		 	FOLLICA, INCORPORATED
					
	By:	 	 /s/ Daphne Zohar
	 		 	By:	 	 /s/ Daphne Zohar

	Name:	 	Daphne Zohar	 		 	Title:	 	Daphne Zohar
	Title:	 	Managing Partner	 		 	Name:	 	Interim President and CEOEX-10.10

 Exhibit 10.10 

ROYALTY AND SUBLICENSE INCOME AGREEMENT 

This ROYALTY ASSIGNMENT AGREEMENT (the “Agreement”), dated as of December 18, 2009, is by and among (i) PureTech Ventures, LLC, a
Delaware limited liability company, (“PureTech”), (ii) Gelesis, Inc., a Delaware corporation, (“Gelesis-US”) and (iii) Gelesis LP (formerly AML-Dienstein B. V.), a Bermudan limited partnership
(“Gelesis-Bermuda” and collectively with Gelesis-US, “Gelesis”). 
 WHEREAS, PureTech is required to provide certain
funding, management services and intellectual property as set forth in (i) the Note Purchase Agreement dated on or about the date hereof by and between Gelesis-US and PureTech and (ii) the Management and Overhead Services Agreement dated
on or about the date hereof by and between Gelesis-US and PureTech; 
 WHEREAS, PureTech will receive certain consideration for such funding, management
services and intellectual property, including the potential royalty payments and sublicense payments set forth herein; 
 NOW, THEREFORE, in consideration
of the mutual promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

1. Definitions. Reference is made to that certain Patent License and Assignment Agreement dated December 9, 2009 (the “License
Agreement”) by and among Gelesis-Bermuda, One S. R. L., Luigi Ambrosio, Luigi Nicolais and Alessandro Sannino. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the License Agreement. 

2. Royalties. 
 (a) Gelesis shall pay to PureTech, during
the applicable term described in Section 2(b) below, earned royalties at the following rates: 
  

					
	 Type of Licensed Product
	  	Rate	 
	 A royalty on all Net Sales by Gelesis-Bermuda, its affiliates or any Sublicensee of Licensed
Products that are not FoodProducts:
	  	 	2	% 
	 A royalty on all Net Sales by Gelesis-Bermuda or its affiliates of Licensed Products that are Food
Products:
	  	 	2	% 

 If the manufacture, use, lease, or sale of any Licensed Product is covered by more than one of the Valid Claims under the
Patent Rights in the Field, or any patents in the Improvements or Food IP, multiple royalties shall not be due. 
 (b) The Parties hereby
agree that should intellectual property rights owned by a third party pose as an obstacle to the development or commercialization of any Licensed Product that is not a Food Product (the “Blocking IP”), Gelesis-Bermuda or an
applicable affiliate of Gelesis-Bermuda shall, after consulting in good faith with PureTech, seek a potential settlement solution with the Blocking IP holder and the royalty rates for Licensed Products that are not Food Products set forth in
Section 2(a) shall be reduced by the amount of such consideration paid for the rights to such Blocking IP; provided, however that in no case shall the royalty rates for Licensed Products that are not Food Products set forth in Section 2(a)
be reduced by more than fifty percent (50%) as a result of the application of this Section 2(b). 
 (c) The obligation of Gelesis to pay royalties
pursuant to Section 2(a) shall terminate on a country-by-country basis concurrently with (i) the expiration or termination of the applicable Valid Claim under
the Patent Rights in the country in which the Licensed Product is sold, or (ii) the withdrawal, cancellation, or disclaiming of the applicable Valid Claim under the Patent Rights in the country in which the Licensed Product is sold. 

 3. Sublicense Income. Gelesis shall pay to PureTech ten percent (10%) of Sublicense Income
received by Gelesis and its affiliates on Food Products. 
 4. Reports and Payments. Following the commencement of Gelesis’s obligations to pay
any royalties pursuant to Section 2, Gelesis shall deliver to PureTech within sixty (60) days after the end of each calendar quarter a written report showing its computation of royalties due under this Agreement for such calendar quarter.
Simultaneously with the delivery of each such report, Gelesis shall tender payment of all amounts shown to be due thereon. The royalty payments due on sales in currencies other than U.S. dollars shall be calculated using the appropriate exchange
rate for such currency quoted by the relevant Government Authority as published by the Wall Street Journal on the last business day of the calendar quarter to which such report relates. All amounts due under this Agreement shall be paid to PureTech
in U.S. dollars by wire transfer to an account in a bank designated by PureTech, or in such other form and/or manner as PureTech may reasonably request. During the term of this Agreement, PureTech, at its cost, shall have the right from time to time
(not to exceed once during each calendar year) to engage a certified public accountant, reasonably acceptable to Gelesis, to inspect, during normal business hours, upon reasonable advance notice (not less than one week), and subject to a written
obligation of confidentiality acceptable to Gelesis, such books, records and other supporting data of Gelesis as may be necessary to verify Gelesis’s computation of royalties due under this Agreement. 

5. Withholding Taxes. All payments made by Gelesis to PureTech shall be net of withholding taxes. 

6. Miscellaneous. 
 (a) Transfers of Rights under this
Agreement. This Agreement, and the rights and obligations of each party hereunder, may not be assigned by any party without the prior written consent of each of PureTech and Gelesis. 

(b) Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the respective successors, permitted
assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each party hereto. 
 (c)
Notices. Any notice, demand, request or delivery required or permitted to be given pursuant to the terms of this Agreement shall be in writing and shall be deemed given (i) when delivered personally or when sent by facsimile transmission
and confirmed by telephone or electronic transmission report (with a hard copy to follow by mail), (ii) on the next business day after timely delivery to a generally recognized receipted overnight courier (such as FedEx) and (iii) on the
third business day after deposit in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid), addressed to the party at such party’s address as set forth on the signature pages hereto or as subsequently modified
by written notice delivered as provided herein. 
 (d) Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware and the laws of the United States applicable therein (without giving effect to any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction) and shall be treated in
all respects as a Delaware contract. 
 (e) Waivers and Amendments. Except as otherwise expressly set forth in this Agreement, any term of this
Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only by written agreement of PureTech, Gelesis-US and Gelesis-Bermuda.
No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

(f) Delays or Omissions. No delay on the part of any party in exercising any right, power, remedy or privilege hereunder shall operate as a waiver
thereof nor shall any waiver on the part of any party of any such right, power, remedy or privilege, nor any single or partial exercise of any such right, power, remedy or privilege, preclude any further exercise thereof or the exercise of any other
such right, power, remedy or privilege. All remedies, either under this Agreement, by law, or otherwise afforded to the parties, shall be cumulative and not alternative. 

 (g) Titles and Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference, only and are not to be considered in construing this Agreement. 
 (h) Entire Agreement. This Agreement embodies the entire
agreement and understanding among the parties with respect to the subject matter hereof and related transactions, and supersedes all prior agreements and understandings among the parties, written or oral, with respect thereto. 

(i) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 (j) Severability. If any provision of this Agreement shall be held to be illegal, invalid or
unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement, and this Agreement shall be
carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 
 (k)
Non-Impairment. No amendment, waiver or termination of the License Agreement following the date hereof shall have any effect on the terms of this Agreement unless such amendment, waiver or termination
is approved in writing by PureTech. In addition, each of Gelesis-US and Gelesis-Bermuda agree not to, through any reorganization, recapitalization, reclassification, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by such party, but will at all times in good faith assist in the carrying out of all the provisions of this
Agreement and in the taking of all such action as may be necessary or appropriate in order to protect the rights described herein against impairment. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have executed this Royalty and Sublicense Income Agreement as of the date
first above written. 
  

			
	GELESIS, INC.
		
	By:	 	/s/ Yishai Zohar
	Name:	 	
	Title:	 	
	Address:	 	 222 Berkeley Street, Suite 1040
 Boston,
Massachusetts 02116
 Fax: 617. 482. 2333

	
	GELESIS, LP
		
	By:	 	/s/ Yishai Zohar
	Name:	 	
	Title:	 	
	Address:	 	 222 Berkeley Street, Suite 1040
 Boston,
Massachusetts 02116
 Fax: 617. 482. 2333

	
	PURETECH VENTURES, LLC
		
	By:	 	/s/ Daphne Zohar
	Name:	 	
	Title:	 	
	Address:	 	 222 Berkeley Street, Suite 1040
 Boston,
Massachusetts 02116
 Fax: 617. 482. 2333

 AMENDMENT NO. 1 TO ROYALTY AND SUBLICENSE INCOME AGREEMENT 

This Amendment No. 1 (“Amendment No. 1”) to the Royalty and Sublicense Income Agreement dated as of December 18,
2009 (the “Agreement”) by and among Gelesis, Inc, a Delaware corporation (“Gelesis-US”), Gelesis IP L. P., a Bermudan limited partnership (“Gelesis-Bermuda”), and PureTech Ventures, LLC, a Delaware
limited liability company (“PureTech”), is entered into on this 28th day of June, 2012 by and among Gelesis-US, Gelesis-Bermuda, PureTech, and Gelesis, LLC, a Delaware limited liability company (“Gelesis. LLC”).
This Amendment No. 1 shall not become binding and shall have no effect unless and until Gelesis, Inc. enters into a License and Collaboration Agreement (the “Gelesis/AZ Agreement”) with AstraZeneca AB
(“AstraZeneca”) substantially in the form attached hereto as Exhibit A. The date on which the Gelesis/AZ Agreement is signed shall be the effective date (the “Amendment No. 1 Effective Date”) of
this Amendment No. 1. For purposes hereof, all capitalized terms used herein but not defined herein shall have the meanings given to them in the Master Agreement and License Agreement. 

Pursuant to Section 6(e) of the Agreement and Section 9. 9 of the License Agreement, Gelesis-US, Gelesis-Bermuda, Gelesis, LLC, and PureTech hereby
agree as follows: 
 1. The parties hereby agree that Gelesis-US and Gelesis-Bermuda hereby assign to Gelesis, LLC, and Gelesis, LLC hereby accepts and
assumes, all rights, interests, and obligations under this Agreement. All references to “Gelesis-US”, “Gelesis-Bemuda”, and “Gelesis” in the Agreement shall hereafter be deemed to refer to Gelesis, LLC. 

2. Section 2 of the License Agreement is hereby deleted and replaced its their entirety as follows: 

“2. In the event that, on a country-by-country basis, one or more patents
are issued by the patent authority in that country and contain a Valid Claim, Gelesis LLC shall pay to PureTech Ventures, LLC two percent (2%) of Net Sales of such Licensed Product during the Calendar Year. For the avoidance of doubt there is
no increase to the royalty for more than one Valid Claim. In the event that, on a country-by country basis, there is no Valid Claim, Gelesis LLC shall pay to PureTech five percent (5%) of any royalty paid
to Gelesis, LLC by AstraZeneca pursuant to Section 10. 5. 2 (i. e. Royalty Scenario 2) of the Gelesis/AZ Agreement. The royalties referred to in Section 2 shall (i) be paid to PureTech within thirty (30) days following receipt of
such royalty by Gelesis, LLC from AstraZenca and (b) be subject to all of the same adjustments as the royalties payable to Gelesis, LLC under the AstraZeneca Agreement.” 

Solely for purposes of this Section 1 of this Amendment No. 1, all capitalized terms shall have the meanings ascribed to them in the Gelesis/AZ
Agreement. 
 3. In the event that the Gelesis/AZ Agreement is terminated, PureTech may request in writing that the Amendments set forth in Section 2
of this Amendment No. 1 be terminated. In such event, the amendment set forth in Section 2 of this Amendment No. 1 shall terminate and be of no further force or effect. 

4. The Agreement (including Amendment No. 1) are hereby confirmed and continue in all other respects. 

[Remainder of Page Intentionally Blank.] 

 IN WITNESS WHEREOF, the parties have caused this Amendment No to be executed by their duly authorized
representatives as of the Amendment No, 1 Effective Date. 
  

			
	GELESIS, INC.
		
	By:	 	/s/ Yishai Zohar
	Name:	 	Yishai Zohar
	Title:	 	Chief Executive Officer
	
	GELESIS LLC
		
	By:	 	/s/ Yishai Zohar
	Name:	 	Yishai Zohar
	Title:	 	Chief Executive Officer
	
	GELESIS IP L.P.
		
	By:	 	/s/ Yishai Zohar
	Name:	 	
	Title:	 	
	
	PURETECH VENTURES, LLC:
		
	By:	 	/s/ Stephen Muniz
	Name:	 	Stephen Muniz
	Title:	 	Partner

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