Document:

EX-10.9

 Exhibit 10.9 

 
 

 
  

 MASTER CONSULTING AGREEMENT 

THIS MASTER CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of March 20, 2020 place of business at 275
Shoreline Drive, Suite 450, Redwood City, CA 94065 USA (“Company”), and Charles Semba, MD, having an address at 1925 Byron Street, Palo Alto, CA, 94301 (“Consultant”). Each of Company and Consultant are sometimes
hereafter referred to as a “Party” or collectively as the “Parties.” 
 WHEREAS, the Consultant has professional expertise
related to the field(s) in which Company is researching and developing products and technologies; 
 WHEREAS, Company desires to retain the
Consultant to perform and do certain work for the Company in furtherance of the development of the business of the Company, on the terms and conditions of this Agreement; and 

WHEREAS, the Consultant is desirous of performing such work for the Company, on the terms and conditions contained herein. 

NOW THEREFORE, in full consideration of the mutual promises, covenants and obligations contained in this Agreement, the sufficiency of which is hereby
acknowledged, the Parties agree as follows: 
 1. Services; Compensation; Disclosures. 

 

	 	(a)	 Services. Consultant shall furnish in a professional and workmanlike manner, as an independent
contractor using Consultant’s own means and methods, personal services as agreed to by the Parties and specified in a Request for Services document, a sample of which is attached hereto as Exhibit A (the “Request for
Services” or “Services”). The nature of the Services to be performed by Consultant, as well as the timing, cost and payment schedule with respect to such Services shall be set forth in the Request for Services. Company
agrees to pay the Consultant the fees specified in the Request for Services. There is no minimum number of hours for Service related projects and/or fees to be paid to Consultant required under this Agreement. Consultant shall be paid for actual
Services completed in accordance with this Agreement. The payment thereof shall constitute full payment for Services to Company during the Term of this Agreement, Consultant will receive no other remuneration resulting from or based upon the
Services or any products, and Consultant shall not receive any additional benefits or compensation for the Services; provided, however, that if Company requests a modification of the Services, the Parties shall agree in writing to adjust the
Services and, if applicable, the fee accordingly. 

  

	 	(b)	 Compensation. Company will reimburse Consultant for reasonable and customary travel and out-of-pocket expenses incurred by Consultant in connection with the Services provided under each Request for Services, provided that Consultant provides appropriate
supporting documentation of actual costs incurred (including receipts) in accordance with the Company’s Expense and Reimbursement Guidelines provided in Exhibit B and completes and submits the Travel Reimbursement Form attached hereto as
Exhibit C. Company or its authorized agents shall have the right to audit such financial documentation to verify amounts billed at any time upon request by Company. 

2. Term. 
  

	 	(a)	 The term of this Agreement shall commence on the Effective Date and shall continue in full force and effect
until December 31, 2020 (the “Term”), unless sooner terminated as provided herein. The Term may only be extended by mutual written agreement of the Parties. 

  
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	 	(b)	 This Agreement and/or any Services to be performed by Consultant under this Agreement may be terminated by
Company (i) immediately upon notice to Consultant for any violation by Consultant of any provision of this Agreement or for any other cause, or (ii) at any time without cause upon fifteen (15) days written notice to Consultant. Upon
the delivery of such notice by Company, Consultant shall immediately cease work and deliver to Company all work in progress and return all Company Confidential Information (as defined in Section 8 below) and any
Company-owned materials and/or equipment. Company’s sole obligation shall be to pay Consultant undisputed monies owed Consultant up to the time of termination for Services actually performed and reasonable expenses actually incurred. Any
unearned or unexpended portion of monies previously paid by Company to Consultant shall be refunded to Company. 

  

	 	(c)	 This Agreement and/or any Services to be performed by Consultant under this Agreement may be terminated by
Consultant for cause upon written notice to Company if Company does not cure a breach of this Agreement within thirty (30) days after receiving written notice of such breach from Consultant. For purposes of this Agreement, “cause”
shall mean failure of Company to comply with its obligations under this Agreement. 

  

	 	(d)	 Consultant’s obligations under Sections 2(b), 2(d), 2(e), 6, 8, 9, 10, 11, 12, 13, 15, 16, 19, 22 and 25
of this Agreement shall survive the expiration or termination of this Agreement. 

  

	 	(e)	 The election of a party to terminate this Agreement shall not be deemed an election of remedies, and all other
remedies provided by this Agreement or available at law or in equity shall survive any termination. Neither expiration nor termination shall relieve Consultant from any liability arising from any breach of this Agreement. 

3. Conflicts of Interest.  
  

	 	(a)	 In General. Consultant warrants and represents that s/he is authorized to enter into this Agreement and
that Consultant is not a party to any other agreement or under any obligation to any third party which would prevent Consultant from entering into this Agreement or from performing Consultant’s obligations hereunder, or require Consultant to
obtain any consent or permission with respect thereto. Consultant warrants and represents that there is no conflict of interest in Consultant’s other contracts for services or other employment, if any, with the Services to be provided pursuant
to this Agreement and that Consultant will ensure that no such conflict arises during the Term of this Agreement. 

  

	 	(b)	 Special Provision regarding Government Employee Status. In the event that Consultant is employed by a
federal, state, local, or foreign government (or an agency thereof)) or is an elected or appointed public official (collectively for purposes of this Agreement, a “government employee”), Consultant shall check the box below the signature
line of this Agreement to certify that execution of this Agreement, performance of the Services, and receipt of compensation and/or reimbursement hereunder: (i) do not conflict with any contractual obligation or terms of employment or
Consultant’s official duties, and (ii) do not violate any law, policy or ethics rules relating to Consultant’s employment and Consultant’s performance of Services as an independent consultant to Company. Consultant shall further
certify that Consultant has and will take any actions required by the entity or agency by which s/he is employed or to which s/he has been elected/appointed related to the Services and compensation/reimbursement hereunder, which may include, by way
of example, disclosure of outside financial relationships, approval of outside consulting arrangements, and recusal from participation in certain decision-making activities. Failure to comply fully with this Section shall constitute a material
breach of this Agreement, and Company reserves the right to require Consultant to refund any compensation, expenses, or costs hereunder, in addition to any other legal rights Company may have. 

  
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 4. No Debarment or Exclusion; Consultant Responsibility.  

 

	 	(a)	 Consultant certifies, represents and warrants that Consultant has not been: (i) debarred under subsections
(a) or (b) of Section 306 of the Federal Food, Drug and Cosmetic Act, as amended, 21 U.S.C. Section 335a(a) and (b) (the “FD&C Act”), (ii) excluded, debarred, suspended or otherwise ineligible to participate in
federal health care programs or in federal procurement or non-procurement programs (as that term is defined in 42 U.S.C. 1320a-7b(f)) or convicted of a criminal offense
related to the provision of health care items or services, but has not yet been debarred. Moreover, if Consultant is subsequently so debarred or excluded, Consultant agrees to immediately notify Company of such debarment or exclusion as provided in
Section 19 herein, and this Agreement shall terminate with respect to Consultant as of the date of such debarment or exclusion. 

  

	 	(b)	 Consultant certifies, represents and warrants that Consultant did not and will not use in any capacity the
Services of any person debarred under the FD&C Act in connection with its performance of this Agreement. Consultant shall select and shall have full and complete control of and responsibility for all actions of its agents, affiliates, officers,
directors, employees and permitted subcontractors, if any, of Consultant (collectively, “Consultant’s Agents”) and none of Consultant’s Agents shall be, or shall be deemed to be, the agents, affiliates, officers,
directors, employees or subcontractors of Company for any purpose whatsoever by virtue of this Agreement. Company shall have no duty, liability or responsibility of any kind, to or for the acts or omissions of Consultant or any of Consultant’s
Agents. Consultant hereby acknowledges and agrees that Consultant shall cause each of Consultant’s Agents who participate in rendering the Services provided hereunder to comply with the terms of this Agreement. 

5. Independent Contractor Relationship.  

This Agreement establishes an independent contractor relationship between the Parties, and all of the terms and conditions of this Agreement
shall be interpreted in light of that relationship. The relationship of Company and Consultant for purposes of this Agreement is completely independent and unrelated to any other relationship that exists or may exist in the future between the
Parties. This Agreement does not create any employer-employee, agency or partnership relationship. As an independent contractor, Consultant’s fees and expenses shall be limited to those expressly stated in this Agreement. Consultant shall not
participate in Company’s fringe benefit plans or any other compensation or benefit plans that Company maintains for its own employees. 
 6.
Consultant Responsible for Taxes.  
  

	 	(a)	 In General. In conformity with Consultant’s independent contractor status and without limiting any
of the foregoing, Consultant agrees to accept liability for the payment of all taxes or contributions for unemployment insurance or pensions or annuities or social security payments which are measured by the wages, salaries or other remuneration
paid to Consultant or Consultant’s Agents, if any, and to reimburse and indemnify Company for any such taxes or contributions or penalties which Company may be compelled to pay. Consultant also agrees to take all action and comply with all
applicable administrative regulations necessary for the payment by Consultant of such taxes and contributions. 

  

	 	(b)	 U.S. Consultants. Consultant agrees to prepare and provide to Company documentation, information and
certifications as required by the U.S. Internal Revenue Code, State, or Local Tax Regulatory authorities or agencies, as reasonably requested by Company to determine income tax withholdings, if any. For the purpose of this section, documentation,
information and certifications shall mean, by example, Form W-9, or others as may be reasonably requested. Consultant understands that Company will rely on, and use such, documentation, information and
certifications solely for Company’s tax reporting obligations, if any. 

  
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	 	(c)	 Foreign Consultants. In general, foreign persons are subject to U.S. tax on certain types of income
received from U.S. sources. The Company will withhold income taxes as required by U.S. Internal Revenue Code Section 1441 from payments made to foreign Consultants including those who fail to provide Form
W-8 or Form 8233 as appropriate to substantiate exemption from or reduced rate of withholding. Such forms may be found at www.irs.gov. Consultant understands that Company will rely on properly completed forms
provided Consultant to meet Company’s tax reporting obligations, if any. Consultant will provide such forms in the manner required by the U.S. Internal Revenue Code. 

 

	 	(d)	 VAT Taxes. In addition, exclusive of any taxes imposed upon Consultant’s net income, Consultant
shall pay and Company shall reimburse Consultant for any and all taxes, duties, or excises imposed upon any payments made to Consultant hereunder by any governmental authority, including without limitation any sales, use, service, similar taxes, not
including value added taxes (“VAT”). Consultant shall pass through VAT only to the extent that it is non-recoverable by Consultant. In such instances, Consultant shall submit to Company
original documentation delineating VAT paid, the country in which it was incurred, and all required original documentation substantiating VAT or similar taxes. 

7. Consultant Responsible for Insurance. Consultant shall maintain all appropriate insurance coverage required by applicable federal and
state laws and shall produce a certificate of such insurance at Company’s request. 
 8. Confidentiality.  

 

	 	(a)	 Consultant agrees to use Company Confidential Information (as defined herein) solely to perform
Consultant’s obligations under this Agreement and agrees to retain in confidence and to refrain from disclosing and/or using Company Confidential Information for Consultant’s personal benefit or the benefit of any third party. The term
“Company Confidential Information” shall include without limitation (i) any and all information, formulae, methods, techniques, processes, know-how and data, technical or non-technical, whether written, graphic, computer-generated or orally furnished to Consultant by Company or indirectly learned by Consultant as a result of Consultant’s Services under this Agreement or obtained
by Consultant while visiting Company’s facilities, (ii) information which has been received by or disclosed to Consultant or Consultant’s Agents, either in oral or written or other tangible form including, without limitation,
Company’s business plans and/or compound or product information, and any physical substances or equipment provided to Consultant by Company, (iii) Intellectual Property (defined herein) and (iv) copies and derivations of and
improvements on any of the foregoing. Company Confidential Information is and shall be solely owned by Company. Consultant also agrees to safeguard and keep confidential, the confidential and proprietary information of Company’s actual or
potential investors, licensees, customers, vendors, suppliers, consultants and others with whom Company does or may do business, to the same extent as if it were Company Confidential Information. 

 

	 	(b)	 This restriction shall not apply to Company Confidential Information: (i) which is or becomes public
knowledge through no fault of Consultant or Consultant’s Agents; or (ii) which is lawfully made available to Consultant by an independent third party, and such lawful availability can be properly demonstrated by Consultant; or
(iii) which is already in Consultant’s possession at the time of initial receipt from Company and such prior possession can be properly demonstrated by Consultant; or (iv) which is independently developed by Consultant or
Consultant’s Agents and such independent development can be properly demonstrated by Consultant. 

  

	 	(c)	 Consultant may disclose that portion of Company Confidential Information which is required by law, regulation,
rule, act or order of any governmental authority or agency with competent jurisdiction to be disclosed by Consultant, provided, however, that Consultant gives Company sufficient advance written notice to permit it to seek a protective order
or other similar order or confidential treatment with respect to such Company Confidential Information and thereafter Consultant discloses only the minimum Company Confidential Information required to be disclosed in order to comply, whether or not
confidential treatment, a protective order or other similar order is obtained by Company. 

  
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	 	(d)	 Except as permitted in subsection (b), above, Consultant agrees that Consultant will not, without the prior
written permission of Company, use Company Confidential Information for any purpose other than in carrying out the obligations of this Agreement and performing the Services. Consultant shall not use any Company Confidential Information to apply for,
secure or perfect any intellectual property rights. Consultant shall hold Company Confidential Information in a manner consistent with Consultant’s treatment of its own similar confidential information, but in no event shall Consultant maintain
the confidentiality of such information with less than reasonable care and diligence. Consultant shall provide the Company Confidential Information received hereunder only to Consultant’s Agents who are directly concerned with the Services
provided by Consultant under this Agreement and who are subject to and bound by written obligations of confidentiality, non-disclosure and non-use that are no less
restrictive than those provided for herein. Further, Consultant agrees to (i) advise Consultant’s Agents of the proprietary nature of the Company Confidential Information and the terms and conditions of this Agreement; and (ii) use
all reasonable safeguards to prevent the unauthorized use or disclosure of Company Confidential Information by such Agents. Consultant shall be responsible for any breach of this Agreement by Consultant’s Agents. Consultant also agrees not to
submit for publication any paper containing Company Confidential Information without the prior written permission of Company. 

 9.
Property/Ownership.  
  

	 	(a)	 All materials, documents, reports, information, descriptions, and suggestions of every kind supplied to
Consultant by Company in connection with and/or pursuant to this Agreement or the relationship established between Consultant and Company (including, without limitation, any such materials, documents, reports, information, descriptions and
suggestions supplied to Consultant by Company prior to the execution of this Agreement) shall be the sole and exclusive property of Company and shall be deemed and treated as Company Confidential Information. Company shall have the right to use as
it sees fit any information, materials, reports, documents, ideas, descriptions, advice, recommendations and suggestions provided by Consultant relating to the subject matter of this Agreement without payment of any consideration in addition to that
specified in this Agreement. Upon termination of this Agreement, Consultant shall return such items, including all copies thereof, to Company or dispose of such items as directed by Company. 

 

	 	(b)	 All information of whatever type developed or provided in connection with this Agreement, including those items
described in Section 9(a), shall upon its creation be the exclusive property of Company and shall be deemed and treated as Company Confidential Information. All machines, instruments and products purchased, manufactured or assembled by
Consultant or any of Consultant’s Agents, in connection with and/or pursuant to this Agreement or the relationship established between Consultant and Company and paid for by Company shall be the exclusive property of Company. Upon termination
of this Agreement, Consultant shall return such items, including all copies thereof, to Company or dispose of such items as directed by Company. 

  

	 	(c)	 If Company provides any materials (including without limitation, compounds, formulations, devices, samples or
the like) to Consultant, unless expressly provided for in the description of Services in Exhibit A, Consultant shall not use, copy, distribute, reverse engineer (by way of example but not limitation, by performing tests such as HPLC, gas
chromatography or x-ray crystallography), sell, lease, license or otherwise transfer, modify, adapt or create derivatives of such materials. 

10. Assignment of Intellectual Property.  
  

	 	(a)	 During the Term hereof, and without additional compensation to Consultant, Consultant hereby sells and assigns
to Company and Company shall be the exclusive owner of the entire right, title and interest, including all renewals for the entire world, in and to all work performed, deliverables, materials, writings, ideas, concepts, discoveries, developments, know-how, trade secrets, techniques, methodologies, modifications, innovations, improvements, data, documents, formulas, designs, 

  
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models, drawings, photographs, reports, information, advice, recommendations and suggestions, tangible research materials, design inventions and other inventions made, whether patentable or not,
conceived, delivered, discovered, invented, developed, created, made or reduced to practice or authored by Consultant or any of Consultant’s Agents, either solely or jointly with others, in connection with this Agreement or with information,
materials or facilities of Company received or used by Consultant during the Term of the Agreement and all related intellectual property rights including enforcement rights (all hereinafter at times referred to as “Intellectual Property”),
and Consultant shall cause Consultant’s Agents to do the same, including if based upon information provided to Consultant by or at the direction of Company or its corporate affiliates or otherwise developed by Consultant in carrying out
Consultant’s duties under this Agreement. Consultant shall promptly disclose (and shall cause Consultant’s Agents to promptly disclose) all Intellectual Property in writing to Company. 

 

	 	(b)	 The Parties expressly agree that all works created pursuant to this Agreement are “Works Made for
Hire”, as defined in the U.S. Copyright Act, 17 U.S.C. 101, and shall vest in Company as author. All other work product, whether copyrightable or not, including without limitation, any works which may be deemed by a competent authority not to
be Works Made For Hire created pursuant to this Agreement, are, without additional consideration, hereby assigned to Company by Consultant, including without limitation, all right, title and interest in and to the copyright thereof throughout the
world, including all renewals and extensions thereof and including the right to make and distribute copies in any media, to translate, and/or make derivative works therefrom. Consultant agrees to execute and to secure the execution from any
applicable authors retained by Consultant all registrations, assignments, transfer documents and other instruments necessary or desirable in the reasonable opinion of Company to record any assignment or registration of copyright or other transfer of
ownership in any work transferred to Company pursuant to this Agreement. 

  

	 	(c)	 Consultant shall sign, execute and acknowledge or cause to be signed, executed and acknowledged any and all
further assignments, documents, assurances, applications and other instruments and to perform such acts as may be necessary, useful or convenient for the purpose of securing to Company and/or its nominees patent, trademark or copyright protection
throughout the world with respect to all Intellectual Property and other work product to be assigned to Company pursuant to Sections 10(a) and (b). 

  

	 	(d)	 Consultant shall specifically describe and identify in Exhibit D to this Agreement, and shall update
from time to time in writing during the Term hereof as necessary, any and all information, materials and technology (i) which Consultant intends to use in performing Services under this Agreement, (ii) which is either owned by Consultant
or licensed to Consultant with a right to sublicense, and (iii) which is in existence in the form of a writing or working prototype prior to the Effective Date of this Agreement (“Background Technology”). Without additional
consideration, Consultant hereby grants to the Company, and the Company hereby accepts, a fully paid-up, royalty-free, worldwide, non-exclusive, sublicensable,
perpetual, irrevocable, license under Background Technology to the extent necessary for the Company to use, reproduce, modify, distribute and otherwise exploit any Intellectual Property in order to develop, make, have made, use, sell, offer for sale
and import products. Other than that, which is set forth in Exhibit D, Consultant shall not use any information, materials or technology in the performance of the Services that is owned or controlled by Consultant or any third party.

  

	 	(e)	 No rights or licenses, including without limitation to trademarks, inventions, copyrights, patents or other
intellectual properties, are implied or granted to Consultant, whether by implication, estoppel or otherwise, under this Agreement. 

11. Publications. Consultant may not publish in any way without the prior written consent of Company, which consent may be
withheld by Company in its sole discretion, any material or manuscript relating to Consultant’s work hereunder and/or any information or materials that Consultant received in connection with or pursuant to this Agreement or Consultant’s
relationship established with Company. 

  
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 12. Confidential Information of Third Parties. The performance by the Consultant of the
Services does not and will not breach any agreement which obligates Consultant to keep in confidence any confidential or proprietary information of any third party or to refrain from competing, directly or indirectly, with the business of any third
party. Consultant shall not use in the performance of the Services or disclose to Company any such confidential or proprietary information. In addition, Consultant represents and warrants that Consultant’s performance of the Services hereunder
does not and will not infringe upon or misappropriate any intellectual property rights. 
 13.
Non-Solicitation. Consultant agrees that during the Term of this Agreement and for a period of one (1) year thereafter, Consultant shall neither directly nor indirectly solicit for
employment, or otherwise retain, employees of Company whom Consultant has met as a result of Consultant’s performance of Services for Company. 

14. No Assignment, Delegation, or Subcontracting. Consultant may not, in whole or in part, assign, delegate, or subcontract its
interests and/or obligations under this Agreement, to any person, firm, partnership, corporation or other entity (including by operation of law, judicial process, or otherwise) without the prior written consent of Company, which consent may be
withheld in Company’s sole discretion, and any attempt to the contrary shall be void. Company may fully assign and transfer this Agreement in whole or part. 

15. Indemnification. Consultant hereby agrees to indemnify, defend and hold harmless Company, its affiliates, officers, directors,
agents and employees, successors and assigns, from, against and with respect to any and all third-party claims of any kind based on any gross negligence, willful misconduct or violation of law or regulation on the part of Consultant or any of
Consultant’s Agents in connection with Consultant’s performance of the Services or meeting his/her/its obligations hereunder. 
 16.
Governing Law and Jurisdiction. This Agreement is deemed to be consummated in the State of California USA. The terms and provisions of this Agreement shall be construed and interpreted pursuant to the laws of the State of California,
without regard to the conflict of law rules or principles thereof or of any other jurisdiction. The state or federal courts located in the State of Delaware are the agreed-upon forum for the resolution of all disputes arising hereunder, and the
Parties hereto, their officers, and employees hereby consent to (i) the jurisdiction and venue of the aforesaid courts for the purpose of resolving all such disputes and (ii) service of process by registered mail, return receipt requested,
or any other manner consistent with federal or California laws. Consultant hereby acknowledges and agrees that in the event of any breach of this Agreement by Consultant, including, without limitation, the actual or threatened disclosures in
violation of Sections 8, 9, 10, 11, 12 or 22 without the prior express written consent of Company, Company will suffer an irreparable injury, such that no remedy at law will afford it adequate protection against, or appropriate compensation for,
such injury. Accordingly, Consultant hereby agrees that Company shall be entitled to specific performance of Consultant’s obligations under this Agreement, as well as such further relief as may be granted by a court of competent jurisdiction,
without Company having to prove actual damages or post a bond. 
 17. Severability. In the event any portion of this Agreement
shall be held illegal, void or ineffective, the remaining portions hereof shall remain in full force and effect. If any of the terms or provisions of this Agreement are in conflict with any applicable statute or rule of law, then such term(s) or
provision(s) shall be deemed inoperative to the extent that they may conflict therewith and shall be deemed to be modified to conform with such statute or rule of law. 

18. Non-Waiver of Rights. No failure or delay on the part of either Party hereunder in
either exercising or enforcing any right hereunder will operate as a waiver of, or impair, any such right. No single or partial exercise or enforcement of any such right will preclude any other or further exercise or enforcement thereof or the
exercise or enforcement of any other right. No waiver of any such right will have effect unless given in a signed writing. No waiver of any such right will be deemed a waiver of any other right hereunder. 

  
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 19. Notice. Any report or notice required or permitted to be given hereunder
shall be effective when sent. All notices shall be in writing and given personally or by prepaid certified mail, return receipt requested, or sent by expedited delivery service addressed to the Parties hereunder at their respective addresses as
follows: 
 If to Company: 

Graybug Vision, Inc. 

Attention: Dan Salain 

275 Shoreline Drive, Suite 450 

Redwood City, CA 94065 USA 

                    
     
 with copies to: 

Graybug Vision, Inc. 

Attention: Finance Dept. 

275 Shoreline Drive, Suite 450 

Redwood City, CA 94065 USA 

                    
     
  

	 	(a)	 If to CONSULTANT: 

Charles Semba 

****** 

****** 

Attention: Charles Semba 

Telephone: ****** 

Email: ****** 
 20.
Written Reports. Consultant shall provide to Company any written reports or test results, or other deliverables required under this Agreement with respect to the Services rendered hereunder and in accordance with the schedule
set forth in each Request for Service, or otherwise as may be mutually agreed by the Parties. Such results or written reports shall be in form and substance satisfactory to Company, and Consultant shall not be entitled to receive compensation for
Services performed under this Agreement until such time as such satisfactory results or written reports have been provided to Company with respect to the Services performed for which compensation is sought. 

21. Compliance with Law. Consultant represents and warrants that Consultant and Consultants’ Agents shall comply with any and
all applicable laws and regulations including but not limited to health, safety and security rules and regulations. Notwithstanding the foregoing, Consultant agrees that applicable laws and regulations shall include, but not be limited to, the
United States Federal Health Care Program Anti-Kickback statute and its state counterparts, each as amended; other United States Federal and state anti-fraud laws; United States Federal and state patient privacy and information laws; and United
States Federal Anti-Corruption laws such as the Foreign Corrupt Practice Act of 1977, as amended. Failure to comply with this Section shall be deemed a material breach of a material provision of this Agreement and the Company will have the right to
terminate this Agreement immediately upon written notice to Consultant without any liability to Consultant. 
 22. Additional Consultant
Responsibilities. Consultant understands the regulated nature of the pharmaceutical industry and the need for Company to retain control of the creation, approval and dissemination (including but not limited to any posting or placement
of any social media of any type) of all material created as a result of this Agreement. Consultant represents and warrants that Consultant will not release any material without the express written approval of Company. All material created as a
result of this Agreement shall be reviewed and approved through an applicable Company review process or procedure. 

  
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 23. Entire Agreement. This Agreement represents the entire understanding between
the Parties with respect to the subject matter contained herein and supersedes all prior and contemporaneous understandings and agreements, whether oral or written, between the Parties with respect to the Services to be performed hereunder. This
Agreement may be modified only with a written instrument duly executed by each of the Parties. No person has any authority to make any representation or promise on behalf of any of the Parties not set forth herein and this Agreement has not been
executed in reliance upon any representations or promises except those contained herein. 
 24. Headings. The headings contained in
this Agreement are for convenience of reference only and shall not affect or alter the meaning or effect of any provision hereof. 
 25.
Successors. This Agreement and all the rights, obligations, duties, representations, warranties and covenants of each Party shall inure to the benefit, and be the burden of, and shall be binding upon their
respective successors (including by operation of law) and permitted assigns. 
 26. Counterparts. This Agreement may be executed
simultaneously in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

27. Electronic Signatures. The Parties agree that electronic signatures shall be deemed originals. 

28. No Changes. Any changes or revisions to this Agreement by Consultant shall render it null and void. 

29. Language. The language of this Agreement shall be English, and no rule of strict construction shall be applied against either
party. 
 [INTENTIONALLY BLANK] 

  
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 INTENDING TO BE LEGALLY BOUND, the Parties hereto have caused this Agreement to be executed by their
duly authorized representatives. 
  

									
	CONSULTANT	 		 	COMPANY
					
	By:	 	 /s/ Charles Semba
	 		 	By:	 	 /s/ Frederic Guerard

	Name:	 	Charles Semba	 		 	Name:	 	Frederic Guerard
	Title:	 	Consultant	 		 	Title:	 	CEO

  

	☐	 Check this box if you are a government employee (see Section 3)

 By checking the box, I certify as follows: 

I certify that: (i) execution of this Agreement and performance of the Services do not conflict with any contractual obligation, the terms of my
employment, or my official duties, and does not violate any state or federal policy relating my employment and my performance of the Services as an independent consultant, and (ii) I have and will take any actions required by the agency by
which I am employed or to which I have been elected/appointed related to the Services and compensation/reimbursement hereunder, which may include, by way of example, disclosure of outside financial relationships, approval of outside consulting
arrangements, and recusal from participation in certain decision-making activities. 

  
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 EXHIBIT A 

REQUEST FOR SERVICES to MASTER 

CONSULTANT AGREEMENT BY AND BETWEEN 

COMPANY and CONSULTANT 

CONSULTING SERVICES 
 This Request for
Services (“RFS”) is made as of the last date on which it is signed by one of the Parties as indicated on the signature page hereof by and between Graybug Vision, Inc., a Delaware corporation having its principal place of business at
275 Shoreline Drive, Suite 450, Redwood City, CA 94065 USA (“Company”), and Charles Semba (“Consultant”). 
 Consultant
and Company are parties to that certain Master Consulting Agreement effective as of March 20, 2020, (the “Agreement”). This RFS is incorporated into the Agreement and expressly made a part thereof. Accordingly,
Consultant’s engagement hereunder is subject to the terms and conditions of the Agreement. 
 Consultant shall perform for Company the services (the
“Services”) described herein. 
 SERVICES 

Provide consultation on the clinical development strategy for Graybug Vision portfolio development in ophthalmology in both retinal disease and glaucoma. Be
available for teleconferences and/or face-to-face meetings at mutually agreed upon time and location. 

COMPENSATION 
 Compensation for Services provided
pursuant to the Agreement shall be $500/hr. Total compensation plus expense reimbursements shall not exceed $100,000 USD. 
 Checks shall be made payable to
Charles Semba (Federal Tax ID No. ******) by electronic bank transfer 
 Name of Bank:
        ****** 
 Account Number:    ****** 

Routing Number:     ****** 

Consultant shall receive no other payment or expense reimbursement for Consultant’s provision of Services as described herein. 

Stock options granted to Charles Semba prior to March 20, 2020 will continue to vest until the earlier of (i) the termination of the Agreement
pursuant to Section 2(a), 2(b) or 2(c) of the Agreement or (ii) December 31, 2020. 
 IN WITNESS WHEREOF, and intending to be legally
bound, the Parties hereto have caused this RFS to be executed by their duly authorized representatives. 
  

									
	CONSULTANT	 		 	COMPANY
					
	By:	 	 /s/ Charles Semba
	 		 	By:	 	 /s/ Frederic Guerard

	Name:	 	Charles Semba	 		 	Name:	 	Frederic Guerard
	Title:	 	Consultant	 		 	Title:	 	CEO
	Date:	 	09 March 2020	 		 	Date:	 	3/12/2020

  
 CONFIDENTIAL 

11 

 

 
  

 EXHIBIT B 

Company’s Expense and Reimbursement Guidelines 
  

	1.	 Travel arrangements must be authorized in writing in advance by the Company or booked directly by the Company.
All travel arrangements should be made in sufficient time to take advantage of time-related discounts whenever possible. Travel expenses will only be reimbursed at reasonable prevailing commercial rates. 

 

	2.	 Reimbursement for airline travel is limited to coach class (or equivalent) for travel within the US and
business class (or equivalent) for international travel. 

  

	3.	 Transportation to/from airport should be accomplished in a reasonably cost effective manner (e.g., taxi).
Automobile rentals should be in the compact or mid-size car class. 

  

	4.	 Hotel reservations should be made at “business class” hotels within a reasonable distance from the
location at which business will be conducted. “Business class” hotels in most cities should not exceed $300.00 per day without the prior written approval of the Company. 

 

	5.	 Reasonable meal expenditures will be reimbursed and approved up to $100.00 per day. This per diem should be
prorated accordingly for individuals working less than one full day. The per diem allowance may not be accumulated from day to day. Vendors/Consultants are expected to exercise good judgment in choosing restaurants in order to keep meal expenditures
within reasonable limits. TV shows, movies, mini-bar, and other sources of personal entertainment will not be reimbursed. 

 

	6.	 Two personal long distance telephone calls per day of a reasonable duration will be reimbursed. All reasonable
business related telephone calls related to the Company also will be reimbursed. 

  

	7.	 Incidental expenses of a personal nature will not be reimbursed except when mandated due to
status (e.g., significant travel delays). Reasonable laundry expenses will be reimbursed when on business travel for the Company for at least five consecutive days. 

 

	Note:	 This list details significant items and is not all inclusive. This list may be updated from time to time
in writing by the Company, including providing Consultant with a copy of the Company’s Travel & Expense policy when available. All expenses must be accompanied with appropriate receipts. Expenses will be reviewed for reasonableness and
compliance with these Guidelines. 

  
 CONFIDENTIAL 

12 

 

 
  

 EXHIBIT C 

Travel Reimbursement Form 
  

															
	
Consultant Name:               
      
	  		  	Approved By:	  	
				
	
Address:                 
        
	  		  	Date:	  	

  

																																	
	 Date

Incurred
	  	Description Of
Expense	 	  	Hotel	 	  	Airfare	 	  	Transportation	 	  	Meals	 	  	Mileage	 	  	Other	 	  	TOTAL	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  				  				  				  				  				  				  	$	0.00	 
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  	$	0.00	 	  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  				  				  				  				  				  				  	 
	Sub
Total	 
 	  	$	0.00	 
		  				  				  				  				  				  				  				  	  
	  
	 
	 Notes
	  				  				  				  				  				  				  	 	TOTAL	 	  	$	 	 
		  				  				  				  				  				  				  				  	  
	  
	 
	 	  	 	 	  	 	 	  	            •
	 	  	See IRS Guidelines
for current mileage
reimbursement rate	 	  	 	 	  	 	 	  	 	 

  
 CONFIDENTIAL 

13 

 

 
  

 EXHIBIT D 

BACKGROUND TECHNOLOGY 

  
 CONFIDENTIAL 

14EX-10.10

 Exhibit 10.10 

OFFICE LEASE 
 This
Office Lease (this “Lease”), dated as of the date set forth in Section 1.1, is made by and between HUDSON SHOREBREEZE, LLC, a Delaware limited liability company (“Landlord”), and GRAYBUG, INC., a
Delaware corporation (‘‘Tenant”). The following exhibits are incorporated herein and made a part hereof: Exhibit A (Outline of Premises); Exhibit B (Work Letter); Exhibit C (Form of
Confirmation Letter); Exhibit D (Rules and Regulations); Exhibit E (Judicial Reference); and Exhibit F (Additional Provisions). 
  

									
	1	  	BASIC LEASE INFORMATION
				
		  	1.1	  	Date:	  	May 17, 2016
				
		  	1.2	  	Premises.	  	
					
		  		  	1.2.1	  	“Building”:	  	275 Shoreline Drive, Redwood City, California, commonly known as Shorebreeze I.
					
		  		  	1.2.2	  	“Premises”:	  	5,999 rentable square feet of space located on the fourth floor of the Building and commonly known as Suite 450, the outline and location of which is set forth in Exhibit A. If the Premises include any floor in its
entirety, all corridors and restroom facilities located on such floor shall be considered part of the Premises.
					
		  		  	1.2.3	  	“Property”:	  	The Building, the parcel(s) of land upon which it is located, and, at Landlord’s discretion, any parking facilities and other improvements serving the Building and the parcel(s) of land upon which such parking facilities and
other improvements are located.
					
		  		  	1.2.4	  	“Project”:	  	The Property or, at Landlord’s discretion, any project containing the Property and any other land, buildings or other improvements.
				
		  	1.3	  	Term	  	
					
		  		  	1.3.1	  	Term:	  	The term of this Lease (the “Term”) shall begin on the Commencement Date and expire on the Expiration Date (or any earlier date on which this Lease is terminated as provided herein).
					
		  		  	1.3.2	  	“Commencement Date”:	  	The earlier of (i) the first date on which Tenant conducts business in the Premises, or (ii) the date on which the Tenant Improvement Work (defined in Exhibit B) is Substantially Complete (defined in
Exhibit B), which is anticipated to be June 13, 2016. Notwithstanding the foregoing, Tenant may enter the Premises before the Commencement Date, solely for the purpose of installing telecommunications and data cabling, equipment,
furnishings and other personal property in the Premises. Other than the obligation to pay Monthly Rent, all of Tenant’s obligations hereunder shall apply during any period of such early entry. Notwithstanding the foregoing, Landlord may limit,
suspend or terminate Tenant’s rights to enter the Premises early pursuant to this Section 1.3.2 if Landlord reasonably determines that such entry is endangering individuals working in the Premises or is delaying completion of the
Tenant Improvement Work (defined in Exhibit B).
					
		  		  	1.3.3	  	“Expiration Date”:	  	The last day of the 36th full calendar month beginning on the Commencement Date; provided, however, that if the Commencement Date is not the first day of a month, then the Expiration Date shall be the last day of the 36th full
calendar month beginning immediately after the Commencement Date.

  
 2 

									
		  	 1.4
	  	 “Base Rent”:
	  	

  

													
	Period During Term	  	Annual Base
Rent Per
Rentable Square
Foot (rounded to
the nearest 100th
of a dollar)	 	  	Monthly Base
Rent Per
Rentable Square
Foot (rounded to
the nearest 100th
of a dollar)	 	  	Monthly
Installment
of Base Rent	 
	 Commencement Date through last day of 12th full calendar month of Term
	  	$	57.60	 	  	$	4.80	 	  	$	28,795.20	 
	 13th through 24th full calendar months of Term
	  	$	59.33	 	  	$	4.94	 	  	$	29,659.06	 
	 25th full calendar month of Term through Expiration Date
	  	$	61.11	 	  	$	5.09	 	  	$	30,548.83	 

 Notwithstanding the foregoing, Base Rent shall be abated in the amount of $28,795.20 for the first full
calendar month of the Term; provided, however, that if a Default (defined in Section 19.1) exists when any such abatement would otherwise apply, such abatement shall be deferred until the date, if any, on which such Default is cured.

  

							
				
	        	  	1.5	  	“Base Year” for Expenses:	  	Calendar year 2016.
				
		  		  	“Base Year” for Taxes:	  	Calendar year 2016.
				
		  	1.6	  	“Tenant’s Share”:	  	5.2025% (based upon a total of 115,310 rentable square feet in the Building).
				
		  	1.7	  	“Permitted Use”:	  	General office use consistent with a first-class office building. Notwithstanding the foregoing or any provision herein to the contrary, Tenant shall not permit any E&Y Competitor (defined below) to (a) occupy any portion
of the Building for business purposes, nor (b) install or maintain signage in the lobby of, or on, the Building, or on any monument sign exclusively servicing the Building. As used herein, the term “E&Y Competitor” shall
mean each of the following entities, commonly known as (or as identified as), as of February 1, 2011, together with any Successor (defined below) to any of the same: Accenture, Armanino McKenna, Deloitte, BDO, CSC, Moss Adams, BPM, OUM, KPMG,
PricewaterhouseCoopers, Grant Thornton, or Ireland San Flippo. As used above, “Successor” means, with respect to any predecessor entity: (i) if such predecessor entity is dissolved and immediately reconstituted as a new entity, then
such new entity, as the successor to substantially all of the business operations of such predecessor entity; and (ii) any entity into which such predecessor entity is merged or consolidated or which acquires all or substantially all of such
predecessor entity’s assets and liabilities, and, in either event, the successor entity continues to engage in the practice of public accounting.
				
		  	1.8.	  	“Security Deposit”:	  	$57,590.40, as more particularly described in Section 21.
				
		  		  	Prepaid Base Rent:	  	$28,795.20, as more particularly described in Section 3.
				
		  	1.9	  	Parking:	  	20 unreserved parking spaces, at the rate of $0 per space per month, as such rate may be adjusted from time to time to reflect Landlord’s then current rates.

  
 3 

							
				
	      	  	1.10	  	Address of Tenant:	  	Before the Commencement Date:
				
		  		  		  	GrayBug, Inc.
		  		  		  	6411 Beckley Street, Suite 200
		  		  		  	Baltimore, Maryland 21224
		  		  		  	Attn:                    
				
		  		  		  	From and after the Commencement Date: the Premises.
				
		  	1.11	  	Address of Landlord:	  	Hudson Shorebreeze, LLC
		  		  		  	c/o Hudson Pacific Properties
		  		  		  	950 Tower Lane, Suite 1800
		  		  		  	Foster City, California 94404
		  		  		  	Attn: Building manager
				
		  		  		  	with copies to:
				
		  		  		  	Hudson Shorebreeze, LLC
		  		  		  	c/o Hudson Pacific Properties
		  		  		  	950 Tower Lane, Suite 1800
		  		  		  	Foster City, California 94404
		  		  		  	 Attn: Managing Counsel
  

and

				
		  		  		  	Hudson Shorebreeze, LLC
		  		  		  	c/o Hudson Pacific Properties
		  		  		  	11601 Wilshire Boulevard, Suite 900
		  		  		  	Los Angeles, California 90025
		  		  		  	Attn: Leasing
				
		  	1.12	  	Broker(s):	  	CBRE, Inc. (“Tenant’s Broker”), representing Tenant, and Newmark Cornish & Carey (“Landlord’s Broker”), representing Landlord.
				
		  	1.13	  	Building HVAC Hours and Holidays:	  	“Building HVAC Hours” means 7:00 a.m. to 6:00 p.m., Monday through Friday, excluding the day of observation of New Year’s Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day,
Christmas Day, and, at Landlord’s discretion, any other locally or nationally recognized holiday that is observed by other Comparable Buildings (defined in Section 25.10) (collectively, “Holidays”).
				
		  	1.14	  	“Tenant Improvements”:	  	Defined in Exhibit B, if any.
				
		  	1.15	  	“Guarantor”:	  	None.

  

	2	 PREMISES AND COMMON AREAS. 

 

	 	2.1	 The Premises. 

2.1.1 Subject to the terms hereof, Landlord hereby leases the Premises to Tenant and Tenant hereby leases the Premises from Landlord. Landlord
and Tenant acknowledge that the rentable square footage of the Premises is as set forth in Section 1.2.2 and the rentable square footage of the Building is as set forth in Section 1.6. At any time Landlord may deliver to
Tenant a notice substantially in the form of Exhibit C, as a confirmation of the information set forth therein. Tenant shall execute and return (or, by notice to Landlord, reasonably object to) such notice within five (5) business
days after receiving it, and if Tenant fails to do so, Tenant shall be deemed to have executed and returned it without exception. 
 2.1.2
Except as expressly provided herein (including, without limitation, as set forth in Exhibit B hereto), the Premises are accepted by Tenant in their configuration and condition existing on the date hereof (or in such other configuration
and condition as any existing tenant of the Premises may cause to exist in accordance with its lease), without any obligation of Landlord to perform or pay for any alterations to the Premises, and without any representation or warranty regarding the
configuration or condition of the Premises, the Building or the Project or their suitability for Tenant’s business. 

  
 3 

 2.2 Common Areas. Tenant may use, in common with Landlord and other parties
and subject to the Rules and Regulations (defined in Exhibit D), any portions of the Property that are designated from time to time by Landlord for such use (the “Common Areas”). 

3 RENT. Tenant shall pay all Base Rent and Additional Rent (defined below) (collectively, “Rent”) to Landlord or Landlord’s agent,
without prior notice or demand or any setoff or deduction, at the place Landlord may designate from time to time, in money of the United States of America that, at the time of payment, is legal tender for the payment of all obligations. As used
herein, “Additional Rent” means all amounts, other than Base Rent, that Tenant is required to pay Landlord hereunder. Monthly payments of Base Rent and monthly payments of Additional Rent for Expenses (defined in
Section 4.2.2), Taxes (defined in Section 4.2.3) and parking (collectively, “Monthly Rent”) shall be paid in advance on or before the first day of each calendar month during the Term; provided, however, that
the installment of Base Rent for the first full calendar month for which Base Rent is payable hereunder shall be paid upon Tenant’s execution and delivery hereof. Except as otherwise provided herein, all other items of Additional Rent shall be
paid within 30 days after Landlord’s request for payment. Rent for any partial calendar month shall be prorated based on the actual number of days in such month. Without limiting Landlord’s other rights or remedies, (a) if any
installment of Rent is not received by Landlord or its designee within five (5) business days after its due date, Tenant shall pay Landlord a late charge equal to 5% of the overdue amount; and (b) any Rent that is not paid within 10 days
after its due date shall bear interest, from its due date until paid, at the lesser of 18% per annum or the highest rate permitted by Law (defined in Section 5). Tenant’s covenant to pay Rent is independent of every other covenant
herein. 
  

	4	 EXPENSES AND TAXES. 

4.1 General Terms. In addition to Base Rent, Tenant shall pay, in accordance with Section 4.4, for each Expense Year
(defined in Section 4.2.1), an amount equal to the sum of (a) Tenant’s Share of any amount (the “Expense Excess”) by which Expenses for such Expense Year exceed Expenses for the Base Year, plus
(b) Tenant’s Share of any amount (the “Tax Excess”) by which Taxes for such Expense Year exceed Taxes for the Base Year. No decrease in Expenses or Taxes for any Expense Year below the corresponding amount for the Base
Year shall entitle Tenant to any decrease in Base Rent or any credit against amounts due hereunder. Tenant’s Share of the Expense Excess and Tenant’s Share of the Tax Excess for any partial Expense Year shall be prorated based on the
number of days in such Expense Year. 
 4.2 Definitions. As used herein, the following terms have the following meanings: 

4.2.1 “Expense Year” means each calendar year (other than the Base Year and any preceding calendar year) in which any portion
of the Term occurs. 
 4.2.2 “Expenses” means all expenses, costs and amounts that Landlord pays or accrues during the Base
Year or any Expense Year because of or in connection with the ownership, management, maintenance, security, repair, replacement, restoration or operation of the Property. Landlord shall act in a reasonable manner in incurring Expenses. Expenses
shall include (i) the cost of supplying all utilities, the cost of operating, repairing, maintaining and renovating the utility, telephone, mechanical, sanitary, storm-drainage, and elevator systems, and the cost of maintenance and service
contracts in connection therewith; (ii) the cost of licenses, certificates, permits and inspections, the cost of contesting any Laws that may affect Expenses, and the costs of complying with any governmentally-mandated transportation-management
or similar program; (iii) the cost of all insurance premiums and deductibles; (iv) the cost of landscaping and relamping; (v) the cost of parking-area operation, repair, restoration, and maintenance; (vi) a management fee in the
amount (which fee may be imputed if Landlord has internalized management or otherwise acts as its own property manager and which fee is hereby acknowledged to be reasonable) of 3% of gross annual receipts from the Property (excluding the management
fee), together with other fees and costs, including reasonable consulting fees, legal fees and accounting fees, of all contractors and consultants in connection with the management, operation, maintenance and repair of the Property; (vii) the
fair rental value of any management office space; (viii) wages, salaries and other compensation, expenses and benefits, including taxes levied thereon, of all persons engaged in the operation, maintenance and security of the Property, and costs
of training, uniforms, and employee enrichment for such persons; (ix) the costs of operation, repair, maintenance and replacement of all systems and equipment (and components thereof) of the Property; (x) the cost of janitorial, alarm,
security and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in Common Areas, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing;
(xi) rental or acquisition costs of supplies, tools, equipment, materials and personal property used in the maintenance, operation and repair of the Property; (xii) the cost of capital improvements or any other items that are
(A) intended to reduce current or future Expenses, enhance the safety or security of the Property or its occupants, or enhance the environmental sustainability of the Property’s operations, (B) replacements or modifications of the
nonstructural portions of the Base Building (defined in Section 5) or Common Areas that are required to keep the Base Building or Common Areas in good condition, or (C) required under any Law; (xiii) the cost of tenant-relation
programs reasonably established by Landlord; and 

  
 5 

 
(xiv) payments under any existing or future reciprocal easement agreement, transportation management agreement, cost-sharing agreement or other covenant, condition, restriction or similar
instrument affecting the Property. If Landlord does not carry earthquake, terrorism or another type of insurance for the Building during the Base Year but carries such type of insurance for the Building during any Expense Year, then, for purposes of
determining the Expense Excess for such Expense Year, Expenses for the Base Year shall be deemed to be increased by the amount of the premium Landlord would have incurred for such type of insurance during the Base Year if Landlord had maintained
such type of insurance for the same period of time during the Base Year as such insurance is maintained by Landlord during such Expense Year. If, in any Expense Year, Landlord provides a new type of service (as opposed to an expansion in scope of a
service or a change in a type of service) that (i) is not required by Law, (ii) is not then generally provided by the landlords of Comparable Buildings (defined in Section 25.10), (iii) is not then being provided in order to
enhance the health, safety or security of the tenants, occupants and users of the Building as a result of circumstances that Landlord reasonably believes are specific to the Building and do not exist at Comparable Buildings, and (iv) was not
provided by Landlord during the Base Year, then, for purposes of determining the Expense Excess for such Expense Year, Expenses for the Base Year shall be deemed to be increased by the amount that Landlord would have incurred for such service during
the Base Year if Landlord had provided such service for the same period of time during the Base Year as such service is provided by Landlord during such Expense Year. 

Notwithstanding the foregoing, Expenses shall not include: (a) capital expenditures not described in clauses (xi) or (xii) above (in
addition, any capital expenditure shall be included in Expenses only if paid or accrued after the Base Year and shall be amortized (including actual or imputed interest on the amortized cost) over such period of time as Landlord shall reasonably
determine); (b) depreciation; (c) principal payments of mortgage or other non-operating debts of Landlord; (d) costs of repairs to the extent Landlord is reimbursed by insurance or condemnation
proceeds; (e) except as provided in clause (xiii) above, costs of leasing space in the Building, including brokerage commissions, lease concessions, rental abatements and construction allowances granted to specific tenants; (f) costs
of selling, financing or refinancing the Building; (g) fines, penalties or interest resulting from late payment of Taxes or Expenses; (h) organizational expenses of creating or operating the entity that constitutes Landlord;
(i) damages paid to Tenant hereunder or to other tenants of the Building under their respective leases; (j) attorney’s fees and other expenses incurred in connection with negotiations or disputes with tenants or other occupants of the
Building, or (k) wages, salaries, fees or fringe benefits (“Labor Costs”) paid to executive personnel or officers or partners of Landlord (provided, however, that if such individuals provide services directly related to the operation,
maintenance or ownership of the Property that, if provided directly by a general manager or property manager or his or her general support staff, would normally be chargeable as an operating expense of a comparable office building, then the Labor
Costs of such individuals may be included in Expenses to the extent of the percentage of their time that is spent providing such services to the Property). 

If, during any portion of the Base Year or any Expense Year, the Building is not 100% occupied (or a service provided by Landlord to Tenant is
not provided by Landlord to a tenant that provides such service itself, or any tenant of the Building is entitled to free rent, rent abatement or the like), Expenses for such year shall be determined as if the Building had been 100% occupied (and
all services provided by Landlord to Tenant had been provided by Landlord to all tenants, and no tenant of the Building had been entitled to free rent, rent abatement or the like) during such portion of such year. Landlord shall keep its books and
records relating to Expenses in accordance with generally accepted accounting principles, consistently applied. 
 4.2.3
“Taxes” means all federal, state, county or local governmental or municipal taxes, fees, charges, assessments, levies, licenses or other impositions, whether general, special, ordinary or extraordinary, that are paid or accrued
during the Base Year or any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or in connection with the ownership, leasing or operation of the Property. Taxes shall include
(a) real estate taxes; (b) general and special assessments; (c) transit taxes; (d) leasehold taxes; (e) personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems, appurtenances, furniture
and other personal property used in connection with the Property; (f) any tax on the rent, right to rent or other receipts from any portion of the Property or as against the business of leasing any portion of the Property; (g) any
assessment, tax, fee, levy or charge imposed by any governmental agency, or by any non-governmental entity pursuant to any private cost-sharing agreement, in order to fund the provision or enhancement of any
fire-protection, street-, sidewalk- or road-maintenance, refuse-removal or other service that is (or, before the enactment of Proposition 13, was) normally provided by governmental agencies to property owners or occupants without charge (other than
through real property taxes); and (h) payments in lieu of taxes under any tax increment financing agreement, abatement agreement, agreement to construct improvements, or other agreement with any governmental body or agency or taxing authority.
Any costs and expenses (including reasonable attorneys’ and consultants’ fees) incurred in attempting to protest, reduce or minimize Taxes shall be included in Taxes for the year in which they are incurred. Notwithstanding any contrary
provision hereof, Taxes shall be determined without regard to any “green building” credit and shall exclude (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, transfer
taxes, estate taxes, federal and state income taxes, 

  
 6 

 
and other taxes to the extent (x) applicable to Landlord’s general or net income (as opposed to rents or receipts attributable to operations at the Property), or (y) measured solely by
the square footage, rent, fees, services, tenant allowances or similar amounts, rights or obligations described or provided in or under any particular lease, license or similar agreement or transaction at the Building; (ii) any Expenses, and
(iii) any items required to be paid or reimbursed by Tenant under Section 4.5. 
 4.3 Allocation. Landlord, in
its reasonable discretion, may equitably allocate Expenses among office, retail or other portions or occupants of the Property. If Landlord incurs Expenses or Taxes for the Property together with another property, Landlord, in its reasonable
discretion, shall equitably allocate such shared amounts between the Property and such other property. The method of any such allocation made pursuant to this section shall be consistent, to the extent possible, with respect to each Expense Year and
the Base Year. 
 4.4 Calculation and Payment of Expense Excess and Tax Excess. 

4.4.1 Statement of Actual Expenses and Taxes; Payment by Tenant. Landlord shall give to Tenant, after the end of each Expense
Year, a statement (the “Statement”) setting forth the actual Expenses, Taxes, Expense Excess and Tax Excess for such Expense Year. If the amount paid by Tenant for such Expense Year pursuant to Section 4.4.2 is less or
more than the sum of Tenant’s Share of the actual Expense Excess plus Tenant’s Share of the actual Tax Excess (as such amounts are set forth in such Statement), Tenant shall pay Landlord the amount of such underpayment, or receive a credit
in the amount of such overpayment, with or against the Rent then or next due hereunder; provided, however, that if this Lease has expired or terminated and Tenant has vacated the Premises, Tenant shall pay Landlord the amount of such underpayment,
or Landlord shall pay Tenant the amount of such overpayment (less any Rent due), within 30 days after delivery of such Statement. Any failure of Landlord to timely deliver the Statement for any Expense Year shall not diminish either party’s
rights under this Section 4. 
 4.4.2 Statement of Estimated Expenses and Taxes. Landlord shall give to Tenant, for each
Expense Year, a statement (the “Estimate Statement”) setting forth Landlord’s reasonable estimates of the Expenses, Taxes, Expense Excess (the “Estimated Expense Excess”) and Tax Excess (the
“Estimated Tax Excess”) for such Expense Year. Upon receiving an Estimate Statement, Tenant shall pay, with its next installment of Base Rent, an amount equal to the excess of (a) the amount obtained by multiplying (i) the sum
of Tenant’s Share of the Estimated Expense Excess plus Tenant’s Share of the Estimated Tax Excess (as such amounts are set forth in such Estimate Statement), by (ii) a fraction, the numerator of which is the number of months that have
elapsed in the applicable Expense Year (including the month of such payment) and the denominator of which is 12, over (b) any amount previously paid by Tenant for such Expense Year pursuant to this Section 4.4.2. Until Landlord delivers
a new Estimate Statement (which Landlord may do at any time), Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the sum of Tenant’s Share of the
Estimated Expense Excess plus Tenant’s Share of the Estimated Tax Excess, as such amounts are set forth in the previous Estimate Statement. Any failure of Landlord to timely deliver any Estimate Statement shall not diminish Landlord’s
rights to receive payments and revise any previous Estimate Statement under this Section 4. 
 4.4.3 Retroactive Adjustment of
Taxes. Notwithstanding any contrary provision hereof, if, after Landlord’s delivery of any Statement, an increase or decrease in Taxes occurs for the applicable Expense Year or for the Base Year (whether by reason of reassessment, error, or
otherwise), Taxes for such Expense Year or the Base Year, as the case may be, and the Tax Excess for such Expense Year shall be retroactively adjusted. If, as a result of such adjustment, it is determined that Tenant has under- or overpaid
Tenant’s Share of such Tax Excess, Tenant shall pay Landlord the amount of such underpayment, or receive a credit in the amount of such overpayment, with or against the Rent then or next due hereunder; provided, however, that if this Lease has
expired or terminated and Tenant has vacated the Premises, Tenant shall pay Landlord the amount of such underpayment, or Landlord shall pay Tenant the amount of such overpayment (less any Rent due), within 30 days after such adjustment is made. 

4.5 Charges for Which Tenant Is Directly Responsible. Notwithstanding any contrary provision hereof, Tenant, promptly upon
demand, shall pay (or if paid by Landlord, reimburse Landlord for) each of the following to the extent levied against Landlord or Landlord’s property: (a) any tax based upon or measured by (i) the cost or value of Tenant’s trade
fixtures, equipment, furniture or other personal property, or (ii) the cost or value of the Leasehold Improvements (defined in Section 7.1) to the extent such cost or value exceeds that of a Building-standard build-out, as determined by Landlord; (b) any rent tax, sales tax, service tax, transfer tax, value added tax, use tax, business tax, gross income tax, gross receipts tax, or other tax, assessment, fee, levy or
charge measured solely by the square footage, Rent, services, tenant allowances or similar amounts, rights or obligations described or provided in or under this Lease; (c) any tax assessed upon the possession, leasing, operation, management,
maintenance, alteration, repair, use or occupancy by Tenant of any portion of the Property; and (d) any tax assessed on this transaction or on any document to which Tenant is a party that creates an interest or estate in the Premises. 

  
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 4.6 Books and Records. Within 60 days after receiving any Statement (the
“Review Notice Period”), Tenant may give Landlord notice (“Review Notice”) stating that Tenant elects to review Landlord’s calculation of the Expense Excess and/or Tax Excess for the Expense Year to which such
Statement applies and identifying with reasonable specificity the records of Landlord reasonably relating to such matters that Tenant desires to review. Within a reasonable time after receiving a timely Review Notice (and, at Landlord’s option,
an executed confidentiality agreement as described below), Landlord shall deliver to Tenant, or make available for inspection at a location reasonably designated by Landlord, copies of such records. Within 60 days after such records are made
available to Tenant (the “Objection Period”), Tenant may deliver to Landlord notice (an “Objection Notice”) stating with reasonable specificity any objections to the Statement, in which event Landlord and Tenant shall work
together in good faith to resolve Tenant’s objections. Tenant may not deliver more than one Review Notice or more than one Objection Notice with respect to any Statement. If Tenant fails to give Landlord a Review Notice before the expiration of
the Review Notice Period or fails to give Landlord an Objection Notice before the expiration of the Objection Period, Tenant shall be deemed to have approved the Statement. Notwithstanding any contrary provision hereof, Landlord shall not be
required to deliver or make available to Tenant records relating to the Base Year, and Tenant may not object to Expenses or Taxes for the Base Year, other than in connection with the first review for an Expense Year performed by Tenant pursuant to
this Section 4.6. If Tenant retains an agent to review Landlord’s records, the agent must be with a CPA firm licensed to do business in the State of California with experience reviewing books and records kept for Comparable
Buildings and its fees shall not be contingent, in whole or in part, upon the outcome of the review. Tenant shall be responsible for all costs of such review; provided, however, that if Landlord and Tenant determine that the sum of Expenses and
Taxes for the Expense Year in question was overstated by more than 5%, Landlord, within 30 days after receiving paid invoices therefor from Tenant, shall reimburse Tenant for the reasonable amounts paid by Tenant to third parties in connection with
such review (not to exceed $5,000.00). The records and any related information obtained from Landlord shall be treated as confidential, and as applicable only to the Premises, by Tenant, its auditors, consultants, and any other parties reviewing the
same on behalf of Tenant (collectively, “Tenant’s Auditors”). Before making any records available for review, Landlord may require Tenant and Tenant’s Auditors to execute a reasonable confidentiality agreement, in which
event Tenant shall cause the same to be executed and delivered to Landlord within 30 days after receiving it from Landlord, and if Tenant fails to do so, the Objection Period shall be reduced by one day for each day by which such execution and
delivery follows the expiration of such 30-day period. Notwithstanding any contrary provision hereof, Tenant may not examine Landlord’s records or dispute any Statement if any Rent remains unpaid past its
due date. If, for any Expense Year, Landlord and Tenant determine that the sum of Tenant’s Share of the actual Expense Excess plus Tenant’s Share of the actual Tax Excess is less or more than the amount reported, Tenant shall receive a
credit in the amount of its overpayment, or pay Landlord the amount of its underpayment, against or with the Rent next due hereunder; provided, however, that if this Lease has expired or terminated and Tenant has vacated the Premises, Landlord shall
pay Tenant the amount of its overpayment (less any Rent due), or Tenant shall pay Landlord the amount of its underpayment, within 30 days after such determination. 

5 USE; COMPLIANCE WITH LAWS. Tenant shall not (a) use the Premises for any purpose other than the Permitted Use, or (b) do anything in or
about the Premises that violates any of the Rules and Regulations, damages the reputation of the Project, interferes with, injures or annoys other occupants of the Project, or constitutes a nuisance. Tenant, at its expense, shall comply with all
Laws relating to (i) the operation of its business at the Project, (ii) the use, condition, configuration or occupancy of the Premises, (iii) any Supplemental Systems (defined below) serving the Premises, whether located inside or
outside of the Premises, or (iv) the portions of Base Building Systems (defined below) located in the Premises. If, in order to comply with any such Law, Tenant must obtain or deliver any permit, certificate or other document evidencing such
compliance, Tenant shall provide a copy of such document to Landlord promptly after obtaining or delivering it. If a change to any Common Area or the Base Building (other than any portion of a Base Building System located in the Premises) becomes
required under Law (or if any such requirement is enforced) as a result of any Tenant-Insured Improvement (defined in Section 10.2.2), the installation of any trade fixture, or any particular use of the Premises (as distinguished from
general office use), then Tenant, upon demand, shall (x) at Landlord’s option, either make such change at Tenant’s cost or pay Landlord the cost of making such change, and (y) pay Landlord a coordination fee equal to 3% of the
cost of such change. As used herein, “Law” means any existing or future law, ordinance, regulation or requirement of any governmental authority having jurisdiction over the Project or the parties. As used herein,
“Supplemental System” means any Unit (defined in Section 25.5), supplemental fire-suppression system, kitchen (including any hot water heater, dishwasher, garbage disposal,
insta-hot dispenser, or plumbing), shower or similar facility, or any other system that would not customarily be considered part of the base building of a first-class multi-tenant office building. As used
herein, “Base Building System” means any mechanical (including HVAC), electrical, plumbing or fire/life-safety system serving the Building, other than a Supplemental System. As used herein, “Base Building” means the
structural portions of the Building, together with the Base Building Systems. 

  
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 6 SERVICES. 

6.1 Standard Services. Landlord, at its expense (subject to Section 4 hereof and unless otherwise explicitly set
forth in this Lease), shall provide the following services on all days (unless otherwise stated below): (a) subject to limitations imposed by Law, customary heating, ventilation and air conditioning (“HVAC”) in season during
Building HVAC Hours, stubbed to the Premises; (b) electricity supplied by the applicable public utility, stubbed to the Premises; (c) water supplied by the applicable public utility (i) for use in lavatories and any drinking
facilities located in Common Areas within the Building, and (ii) stubbed to the Building core for use in any plumbing fixtures located in the Premises; (d) janitorial services to the Premises, except on weekends and Holidays;
(e) elevator service (subject to reasonable scheduling by Landlord for any freight service) and (f) access to the Building for Tenant and its employees, 24 hours per day/7 days per week, subject to the terms hereof and such security or
monitoring systems as Landlord may reasonably impose, including sign-in procedures and/or presentation of identification cards. 

6.2 Above-Standard Use. Landlord shall provide HVAC service outside Building HVAC Hours if Tenant gives Landlord such prior
notice and pays Landlord such hourly cost per zone as Landlord may require. Tenant shall not, without Landlord’s prior consent, use equipment that may affect the temperature maintained by the air conditioning system or consume
above-Building-standard amounts of any water furnished for the Premises by Landlord pursuant to Section 6.1. If Tenant’s consumption of electricity or water exceeds the rate Landlord reasonably deems to be standard for the Building,
Tenant shall pay Landlord, upon billing, the cost of such excess consumption, including any costs of installing, operating and maintaining any equipment that is installed in order to supply or measure such excess electricity or water. For purposes
of the preceding sentence, any consumption of electricity in a computer server room shall be deemed to exceed the standard rate for the Building. The connected electrical load of Tenant’s incidental-use
equipment shall not exceed the Building-standard electrical design load, and Tenant’s electrical usage shall not exceed the capacity of the feeders to the Project or the risers or wiring installation. 

6.3 Interruption. Subject to Section 11, any failure to furnish, delay in furnishing, or diminution in the quality or
quantity of any service resulting from any application of Law, failure of equipment, performance of maintenance, repairs, improvements or alterations, utility interruption, or event of Force Majeure (each, a “Service Interruption”)
shall not render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder. Notwithstanding the foregoing, if all or a material portion of the Premises is made untenantable or inaccessible for more
than five (5) consecutive business days after notice from Tenant to Landlord by a Service Interruption that (a) does not result from a Casualty (defined in Section 11), a Taking (defined in Section 13) or an Act of
Tenant (defined in Section 10.1), and (b) can be corrected through Landlord’s reasonable efforts, then, as Tenant’s sole remedy, Monthly Rent shall abate for the period beginning on the day immediately following such 5-business-day period and ending on the day such Service Interruption ends, but only in proportion to the percentage of the rentable square footage of the Premises made
untenantable or inaccessible and not occupied by Tenant. 
 7 REPAIRS AND ALTERATIONS. 

7.1 Repairs. Subject to Section 11, Tenant, at its expense, shall perform all maintenance and repairs (including
replacements) to the Premises, and keep the Premises in as good condition and repair as existed when Tenant took possession and as thereafter improved, except for reasonable wear and tear and repairs that are Landlord’s express responsibility
hereunder. Tenant’s maintenance and repair obligations shall include (a) all leasehold improvements in the Premises, including any Tenant Improvements, any Alterations (defined in Section 7.2), and any leasehold improvements
installed pursuant to any prior lease (the “Leasehold Improvements”), but excluding the Base Building; (b) any Supplemental Systems serving the Premises, whether located inside or outside of the Premises; and (c) all Lines
(defined in Section 23) and trade fixtures. Notwithstanding the foregoing, if a Default (defined in Section 19.1) or an emergency exists, Landlord may, at its option, perform such maintenance and repairs on Tenant’s
behalf, in which case Tenant shall pay Landlord, upon demand, the cost of such work plus a coordination fee equal to 3% of such cost. Landlord shall perform all maintenance and repairs to (i) the roof and exterior walls and windows of the
Building, (ii) the Base Building, and (iii) the Common Areas. 
 7.2 Alterations. Tenant may not make any
improvement, alteration, addition or change to the Premises or to any mechanical, plumbing or HVAC facility or other system serving the Premises (an “Alteration”) without Landlord’s prior consent, which consent shall be
requested by Tenant not less than 30 days before commencement of work and shall not be unreasonably withheld by Landlord. Notwithstanding the foregoing, Landlord’s prior consent shall not be required for any Alteration that is decorative only
(e.g., carpet installation or painting) and not visible from outside the Premises, provided that Landlord receives 10 business days’ prior notice. For any Alteration, (a) Tenant, before beginning work, shall deliver to
Landlord, and obtain Landlord’s approval of, plans and specifications; (b) Landlord, in its discretion, may require Tenant to obtain security for performance satisfactory to Landlord; (c) Tenant shall deliver to Landlord “as
built” drawings (in CAD format, if requested by Landlord), 

  
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completion affidavits, full and final lien waivers, and all governmental approvals; and (d) Tenant shall pay Landlord upon demand (i) Landlord’s reasonable out-of-pocket expenses incurred in reviewing the work, and (ii) a coordination fee equal to 3% of the cost of the work; provided, however, that this clause (d) shall
not apply to any Tenant Improvements. 
 7.3 Tenant Work. Before beginning any repair or Alteration or any work affecting Lines
(collectively, “Tenant Work”), Tenant shall deliver to Landlord, and obtain Landlord’s approval of, (a) names of contractors, subcontractors, mechanics, laborers and materialmen; (b) evidence of contractors’ and
subcontractors’ insurance in amounts and coverages as Landlord may reasonably require; and (c) any required governmental permits. Tenant shall perform all Tenant Work (i) in a good and workmanlike manner using materials of a quality
reasonably approved by Landlord; (ii) in compliance with any approved plans and specifications, all Laws, the National Electric Code, and Landlord’s construction rules and regulations; and (iii) in a manner that does not impair the
Base Building. If, as a result of any Tenant Work, Landlord becomes required under Law to perform any inspection, give any notice, or cause such Tenant Work to be performed in any particular manner, Tenant shall comply with such requirement and
promptly provide Landlord with reasonable documentation of such compliance. Landlord’s approval of Tenant’s plans and specifications shall not relieve Tenant from any obligation under this Section 7.3. In performing any Tenant
Work, Tenant shall not use contractors, services, labor, materials or equipment that, in Landlord’s reasonable judgment, would disturb labor harmony with any workforce or trades engaged in performing other work or services at the Project. 

8 LANDLORD’S PROPERTY. All Leasehold Improvements shall become Landlord’s property upon installation and without compensation
to Tenant. Notwithstanding the foregoing, if any Tenant-Insured Improvements (other than any Unit, which shall be governed by Section 25.5) are not, in Landlord’s reasonable judgment, Building-standard, then before the expiration or
earlier termination hereof, Tenant shall, at Landlord’s election, either (a) at Tenant’s expense, and except as otherwise notified by Landlord, remove such Tenant-Insured Improvements (other than the Excluded Items (defined below)),
repair any resulting damage to the Premises or Building, and restore the affected portion of the Premises to its configuration and condition existing before the installation of such Tenant-Insured Improvements (or, at Landlord’s election, to a
Building-standard tenant-improved configuration and condition as determined by Landlord), or (b) pay Landlord an amount equal to the estimated cost of such work, as reasonably determined by Landlord. If Tenant fails to timely perform any work
required under clause (a) of the preceding sentence, Landlord may perform such work at Tenant’s expense. When Landlord approves any Tenant Improvements or Alterations (or, in the case of any Tenant Improvements or Alterations not requiring
Landlord’s approval hereunder, within 10 business days after Tenant’s request), Landlord shall identify any such Tenant Improvements or Alterations that, in Landlord’s judgment, are not Building-standard. As used herein,
“Excluded Items” means the Tenant Improvements shown with reasonable specificity on the Approved Space Plan (as initially described in Section 2.3 of Exhibit B hereto). 

9 LIENS. Tenant shall keep the Project free from any lien arising out of any work performed, material furnished or obligation incurred
by or on behalf of Tenant. Tenant shall remove any such lien within 10 business days after notice from Landlord, and if Tenant fails to do so, Landlord, without limiting its remedies, may pay the amount necessary to cause such removal, whether or
not such lien is valid. The amount so paid, together with reasonable attorneys’ fees and expenses, shall be reimbursed by Tenant upon demand. 
 10
INDEMNIFICATION; INSURANCE. 
 10.1 Waiver and Indemnification. Tenant waives all claims against Landlord, its Security
Holders (defined in Section 17), Landlord’s managing agent(s), their (direct or indirect) owners, and the beneficiaries, trustees, officers, directors, employees and agents of each of the foregoing (including Landlord, the
“Landlord Parties”) for (i) any damage to person or property (or resulting from the loss of use thereof), except to the extent such damage is caused by any negligence, willful misconduct or breach of this Lease of or by any
Landlord Party, or (ii) any failure to prevent or control any criminal or otherwise wrongful conduct by any third party not acting as Landlord’s agent or to apprehend any such third party who has engaged in such conduct. Tenant shall
indemnify, defend, protect, and hold the Landlord Parties harmless from any obligation, loss, claim, action, liability, penalty, damage, cost or expense (including reasonable attorneys’ and consultants’ fees and expenses) (each, a
“Claim”) that is imposed or asserted by any third party and arises from (a) any cause in, on or about the Premises, or (b) any negligence, willful misconduct or breach of this Lease of or by Tenant, any party claiming by,
through or under Tenant, their (direct or indirect) owners, or any of their respective beneficiaries, trustees, officers, directors, employees, agents, contractors, licensees or invitees (each, an “Act of Tenant”), except to the
extent such Claim arises from any negligence, willful misconduct or breach of this Lease of or by any Landlord Party. Landlord shall indemnify, defend, protect, and hold Tenant, its (direct or indirect) owners, and their respective beneficiaries,
trustees, officers, directors, employees and agents (including Tenant, the “Tenant Parties”) harmless from any Claim that is imposed or asserted by any third party and arises from any negligence, willful misconduct or breach of this
Lease of or by any Landlord Party, except to the extent such Claim arises from any negligence, willful misconduct or breach of this Lease of or by any Tenant Party. 

  
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 10.2 Tenant’s Insurance. Tenant shall maintain the following coverages in
the following amounts: 
 10.2.1 Commercial General Liability Insurance covering claims of bodily injury, personal injury and property damage
arising out of Tenant’s operations and contractual liabilities, including coverage formerly known as broad form, on an occurrence basis, with combined primary and excess/umbrella limits of at least $3,000,000 each occurrence and $4,000,000
annual aggregate. 
 10.2.2 Property Insurance covering (i) all office furniture, trade fixtures, office equipment, free-standing
cabinet work, movable partitions, merchandise and all other items of Tenant’s property in the Premises installed by, for, or at the expense of Tenant, and (ii) any Leasehold Improvements installed by or for the benefit of Tenant pursuant
to this Lease (“Tenant-Insured Improvements”). Such insurance shall be written on a special cause of loss or all risk form for physical loss or damage, for the full replacement cost value (subject to reasonable deductible amounts)
new without deduction for depreciation of the covered items and in amounts that meet any co-insurance clauses of the policies of insurance, and shall include coverage for damage or other loss caused by fire or
other peril, including vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion, and providing business interruption coverage for a period of one year. 

10.2.3 Workers’ Compensation statutory limits and Employers’ Liability limits of $1,000,000. 

10.3 Form of Policies. The minimum limits of insurance required to be carried by Tenant shall not limit Tenant’s liability.
Such insurance shall be issued by an insurance company that has an A.M. Best rating of not less than A-VIII. Tenant’s Commercial General Liability Insurance shall (a) name the Landlord Parties and
any other party designated by Landlord (“Additional Insured Parties”) as additional insureds; and (b) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and non-contributing with Tenant’s insurance. Landlord shall be designated as a loss payee with respect to Tenant’s Property Insurance on any Tenant-Insured Improvements. Tenant shall deliver to Landlord, on
or before the Commencement Date and at least 15 days before the expiration dates thereof, certificates from Tenant’s insurance company on the forms currently designated “ACORD 25” (Certificate of Liability Insurance) and “ACORD
28” (Evidence of Commercial Property Insurance) or the equivalent. Attached to the ACORD 25 (or equivalent) there shall be an endorsement (or an excerpt from the policy) naming the Additional Insured Parties as additional insureds, and attached
to the ACORD 28 (or equivalent) there shall be an endorsement (or an excerpt from the policy) designating Landlord as a loss payee with respect to Tenant’s Property Insurance on any Tenant-Insured Improvements, and each such endorsement (or
policy excerpt) shall be binding on Tenant’s insurance company. 
 10.4 Subrogation. Notwithstanding any provision in this
Lease to the contrary (but subject to the provisions set forth in Section 11 below as well as the provisions set forth in Sections 4 and 8 of Exhibit D hereto) each party waives, and shall cause its insurance
carrier to waive, any right of recovery against the other party, any of its (direct or indirect) owners, or any of their respective beneficiaries, trustees, officers, directors, employees or agents for any loss of or damage to property which loss or
damage is (or, if the insurance required hereunder had been carried, would have been) covered by the waiving party’s property insurance. For purposes of this Section 10.4 only, (a) any deductible with respect to a party’s
insurance shall be deemed covered by, and recoverable by such party under, valid and collectable policies of insurance, and (b) any contractor retained by Landlord to install, maintain or monitor a fire or security alarm for the Building shall
be deemed an agent of Landlord. 
 10.5 Additional Insurance Obligations. Tenant shall maintain such increased amounts of the
insurance required to be carried by Tenant under this Section 10, and such other types and amounts of insurance covering the Premises and Tenant’s operations therein, as may be reasonably requested by Landlord, but not in excess of
the amounts and types of insurance then being required by landlords of Comparable Buildings. 
 10.6 Landlord’s Insurance.
Landlord shall maintain the following insurance, together with such other insurance coverage as Landlord, in its reasonable judgment, may elect to maintain, the premiums of which shall be included in Expenses: (a) Commercial General Liability
insurance applicable to the Property, Building and Common Areas providing, on an occurrence basis, combined primary and excess/umbrella limits of at least $3,000,000 each occurrence and $4,000,000 annual aggregate; (b) Special Cause of Loss or
All Risk Insurance on the Building at replacement cost value as reasonably estimated by Landlord; (c) Worker’s Compensation insurance to the extent required by Law; and (d) Employers Liability Coverage to the extent required by Law.

  
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 11 CASUALTY DAMAGE. With reasonable promptness after discovering any damage to the Premises
(other than trade fixtures), or to any Common Area or portion of the Base Building necessary for access to or tenantability of the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant of
Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 270
days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within 10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project
resulting from any Casualty, Landlord may, whether or not the Premises are affected, terminate this Lease by notifying Tenant if (i) any Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any
mortgage debt; (ii) any damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild the Building or Common Areas so that it or they will be substantially different
structurally or architecturally; (iv) the damage occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does not intend to repair such damage; provided, however, that
Landlord may not terminate this Lease pursuant to this sentence unless the Premises have been materially damaged or Landlord also exercises all rights it may have acquired as a result of the Casualty to terminate any other leases of space in the
Building (to the extent such leases provide Landlord with termination rights comparable to those found herein with respect to such Casualty). If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly and
diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure. The Landlord Repairs shall restore the Premises (other than trade fixtures) and any Common Area or portion of the Base
Building necessary for access to or tenantability of the Premises to substantially the same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder, and (b) any
modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the Project, and do not materially impair access to or tenantability of the Premises. Notwithstanding Section 10.4, Tenant shall
assign to Landlord (or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any
Tenant-Insured Improvements exceeds the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within 15 days after Landlord’s demand. No Casualty and no restoration performed as
required hereunder shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the Premises (other than trade fixtures) or any Common Area or portion of the
Base Building necessary for access to or tenantability of the Premises is damaged by a Casualty, then, during any time that, as a result of such damage, any portion of the Premises is inaccessible or untenantable and is not occupied by Tenant,
Monthly Rent shall be abated in proportion to the rentable square footage of such portion of the Premises. 
 12 NONWAIVER. No provision hereof shall
be deemed waived by either party unless it is waived by such party expressly and in writing, and no waiver of any breach of any provision hereof shall be deemed a waiver of any subsequent breach of such provision or any other provision hereof.
Landlord’s acceptance of Rent shall not be deemed a waiver of any preceding breach of any provision hereof, other than Tenant’s failure to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding
breach at the time of such acceptance. No acceptance of payment of an amount less than the Rent due hereunder shall be deemed a waiver of Landlord’s right to receive the full amount of Rent due, whether or not any endorsement or statement
accompanying such payment purports to effect an accord and satisfaction. No receipt of monies by Landlord from Tenant after the giving of any notice, the commencement of any suit, the issuance of any final judgment, or the termination hereof shall
affect such notice, suit or judgment, or reinstate or extend the Term or Tenant’s right of possession hereunder. 
 13 CONDEMNATION. If any part
of the Premises, Building or Project is taken for any public or quasi-public use by power of eminent domain or by private purchase in lieu thereof (a “Taking”) for more than 180 consecutive days, Landlord may terminate this Lease;
provided, however, that Landlord may not terminate this Lease pursuant to this sentence unless a material portion of the Premises has been Taken or Landlord also exercises all rights it may have acquired as a result of the Taking to terminate any
other leases of space in the Building (to the extent such leases provide Landlord with termination rights comparable to those found herein with respect to such Taking). If more than 25% of the rentable square footage of the Premises, or any Common
Area or portion of the Base Building necessary for access to or tenantability of the Premises, is Taken for more than 180 consecutive days, Tenant may terminate this Lease. Any such termination shall be effective as of the date possession must be
surrendered to the authority, and the terminating party shall provide termination notice to the other party within 45 days after receiving written notice of such surrender date. Except as provided above in this Section 13, neither party
may terminate this Lease as a result of a Taking. Tenant shall not assert, and hereby assigns to Landlord, any claim it may have for compensation because of any Taking; provided, however, that Tenant may file a separate claim for any Taking of
Tenant’s personal property or any trade fixtures that Tenant is entitled to remove upon the expiration hereof, and for moving expenses, so long as such claim does not diminish the award available to Landlord or any Security Holder and is
payable separately to Tenant. If this Lease is terminated pursuant to this Section 13, all Rent shall be apportioned as of the date of such termination. If a Taking occurs and this Lease is not so terminated, Monthly Rent shall be abated
for the period of such Taking in proportion to the percentage of the rentable square footage of the Premises, if any, that is subject to, or rendered inaccessible or untenantable by, such Taking and not occupied by Tenant. 

  
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 14 ASSIGNMENT AND SUBLETTING. 

14.1 Transfers. Tenant shall not, without Landlord’s prior consent, assign, mortgage, pledge, hypothecate, encumber,
permit any lien to attach to, or otherwise transfer this Lease or any interest hereunder, permit any assignment or other transfer hereof or any interest hereunder by operation of law, enter into any sublease or license agreement, otherwise permit
the occupancy or use of any part of the Premises by any persons other than Tenant and its employees and contractors, or permit a Change of Control (defined in Section 14.6) to occur (each, a “Transfer”). If Tenant
desires Landlord’s consent to any Transfer, Tenant shall provide Landlord with (i) notice of the terms of the proposed Transfer, including its proposed effective date (the “Contemplated Effective Date”), a description of
the portion of the Premises to be transferred (the “Contemplated Transfer Space”), a calculation of the Transfer Premium (defined in Section 14.3), and a copy of all existing executed and/or proposed documentation
pertaining to the proposed Transfer, and (ii) current financial statements of the proposed transferee (or, in the case of a Change of Control, of the proposed new controlling party(ies)) certified by an officer or owner thereof and any other
information reasonably required by Landlord in order to evaluate the proposed Transfer (collectively, the “Transfer Notice”). Within 30 days after receiving the Transfer Notice, Landlord shall notify Tenant of (a) its consent
to the proposed Transfer, (b) its refusal to consent to the proposed Transfer, or (c) its exercise of its rights under Section 14.4. Any Transfer made without Landlord’s prior consent shall, at Landlord’s option, be void
and shall, at Landlord’s option, constitute a Default. Concurrently with Tenant’s delivery of the Transfer Notice, Tenant shall pay Landlord a fee of $1,500.00 for Landlord’s review of any proposed Transfer, whether or not Landlord
consents to it. 
 14.2 Landlord’s Consent. Subject to Section 14.4, Landlord shall not unreasonably withhold
its consent to any proposed Transfer. Without limiting other reasonable grounds for withholding consent, it shall be deemed reasonable for Landlord to withhold its consent to a proposed Transfer if: 

14.2.1 The proposed transferee is not a party of reasonable financial strength in light of the responsibilities to be undertaken in connection
with the Transfer on the date the Transfer Notice is received; or 
 14.2.2 The proposed transferee has a character or reputation or is
engaged in a business that is not consistent with the quality of the Building or the Project; or 
 14.2.3 The proposed transferee is a
governmental entity or a nonprofit organization; or 
 14.2.4 In the case of a proposed sublease, license or other occupancy agreement, the
rent or occupancy fee charged by Tenant to the transferee during the term of such agreement, calculated using a present value analysis, is less than 95% of the rent being quoted by Landlord or its Affiliate (defined in Section 14.6) at
the time of such Transfer for comparable space in the Project for a comparable term, calculated using a present value analysis; or 
 14.2.5
The proposed transferee or any of its Affiliates, on the date the Transfer Notice is received, leases or occupies (or, at any time during the 6-month period ending on the date the Transfer Notice is received,
has negotiated with Landlord to lease) space in the Project; or 
 14.2.6 The use to be made of the Contemplated Transfer Space is a use
which would be prohibited by any other portion of this Lease or a use which conflicts with any applicable so-called “exclusive” then in favor of another tenant of the Building or Project. 

Notwithstanding any contrary provision hereof, (a) if Landlord consents to any Transfer pursuant to this Section 14.2 but
Tenant does not enter into such Transfer within six (6) months thereafter, such consent shall no longer apply and such Transfer shall not be permitted unless Tenant again obtains Landlord’s consent thereto pursuant and subject to the terms
of this Section 14; and (b) if Landlord withholds its consent in breach of this Section 14.2, Tenant’s sole remedies shall be contract damages (subject to Section 20) or specific performance, and Tenant
waives all other remedies, including any right to terminate this Lease. 
 14.3 Transfer Premium. If Landlord consents
to a Transfer (other than a Change of Control or a Permitted Transfer), Tenant shall pay Landlord an amount equal to 50% of any Transfer Premium (defined below). As used herein, “Transfer Premium” means (a) in the case of an
assignment, any consideration (including payment for Leasehold Improvements) paid by the assignee for such assignment, and (b) in the case of a sublease, license or other occupancy agreement, for each month of the term of such agreement, the
amount by which all rent and other consideration paid by the transferee to Tenant pursuant to such agreement exceeds the Monthly Rent payable by Tenant hereunder with respect to the Contemplated Transfer Space. Payment of Landlord’s share of
the Transfer Premium shall be made (x) in the case of an assignment, within 10 days after Tenant receives the consideration described above, and (y) in the case of a sublease, license or other occupancy agreement, for each month of the term of
such agreement, within five (5) business days after Tenant receives the rent and other consideration described above. 

  
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 14.4 Landlord’s Right to Recapture. Notwithstanding any contrary
provision hereof, except in the case of a Permitted Transfer (defined in Section 14.8), Landlord, by notifying Tenant within 30 days after receiving the Transfer Notice, may terminate this Lease with respect to the Contemplated Transfer
Space as of the Contemplated Effective Date. If the Contemplated Transfer Space is less than the entire Premises, then Base Rent, Tenant’s Share, and the number of parking spaces to which Tenant is entitled under Section 1.9 shall
be deemed adjusted on the basis of the percentage of the rentable square footage of the portion of the Premises retained by Tenant. Upon request of either party, the parties shall execute a written agreement prepared by Landlord memorializing such
termination. 
 14.5 Effect of Consent. If Landlord consents to a Transfer, (i) such consent shall not be deemed a consent
to any further Transfer, (ii) Tenant shall deliver to Landlord, promptly after execution, an executed copy of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, and (iii) Tenant shall deliver to
Landlord, upon Landlord’s request, a complete statement, certified by an independent CPA or Tenant’s chief financial officer, setting forth in detail the computation of any Transfer Premium. In the case of an assignment, the assignee shall
assume in writing, for Landlord’s benefit, all of Tenant’s obligations hereunder. No Transfer, with or without Landlord’s consent, shall relieve Tenant or any guarantor hereof from any liability hereunder. Notwithstanding any contrary
provision hereof, Tenant, with or without Landlord’s consent, shall not enter into, or permit any party claiming by, through or under Tenant to enter into, any sublease, license or other occupancy agreement that provides for payment based in
whole or in part on the net income or profit of the subtenant, licensee or other occupant thereunder. 
 14.6 Change of
Control. As used herein, “Change of Control” means (a) if Tenant is a closely held professional service firm, the withdrawal or change (whether voluntary, involuntary or by operation of law) of more than 25% of its
equity owners within a 12-month period; and (b) in all other cases, any transaction(s) resulting in the acquisition of a Controlling Interest (defined below) in Tenant by one or more parties that neither
owned, nor are Affiliates (defined below) of one or more parties that owned, a Controlling Interest in Tenant immediately before such transaction(s). As used herein, “Controlling Interest” means control over an entity, other than
control arising from the ownership of voting securities listed on a recognized securities exchange. As used herein, “control” means the direct or indirect power to direct the ordinary management and policies of an entity, whether
through the ownership of voting securities, by contract or otherwise. As used herein, “Affiliate” means, with respect to any party, a person or entity that controls, is under common control with, or is controlled by such
party. 
 14.7 Effect of Default. If Tenant is in Default, Landlord is irrevocably authorized, as Tenant’s agent and attorney-in-fact, to direct any transferee under any sublease, license or other occupancy agreement to make all payments under such agreement directly to Landlord (which
Landlord shall apply towards Tenant’s obligations hereunder) until such Default is cured. Such transferee shall rely upon any representation by Landlord that Tenant is in Default, whether or not confirmed by Tenant. 

14.8 Permitted Transfers. Notwithstanding any contrary provision hereof, if Tenant is not in Default, Tenant may, without
Landlord’s consent pursuant to Section 14.1, (1) permit a Change of Control to occur or (2) assign this Lease to (a) an Affiliate of Tenant (other than pursuant to a merger or consolidation), (b) a successor to Tenant by
merger or consolidation, or (c) a successor to Tenant by purchase of all or substantially all of Tenant’s assets (in either case, (1) or (2), a “Permitted Transfer”), provided that (i) at least 10 business days
before the Transfer, Tenant notifies Landlord of the Transfer and delivers to Landlord any documents or information reasonably requested by Landlord relating thereto, including reasonable documentation that the Transfer satisfies the requirements of
this Section 14.8; (ii) in the case of an assignment pursuant to clause (2)(a) or (2)(c) above, the assignee executes and delivers to Landlord, at least 10 business days before the assignment, a commercially reasonable instrument pursuant to
which the assignee assumes, for Landlord’s benefit, all of Tenant’s obligations hereunder; (iii) in the case of an assignment pursuant to clause (2)(b) above, (A) the successor entity has a net worth (as determined in accordance
with GAAP, but excluding intellectual property and any other intangible assets (“Net Worth”)) immediately after the Transfer that is not less than Tenant’s Net Worth immediately before the Transfer, and (B) if Tenant is a
closely held professional service firm, at least 75% of its equity owners existing 12 months before the Transfer are also equity owners of the successor entity; (iv) except in the case of a Change of Control, the transferee is qualified to
conduct business in the State of California; (v) in the case of a Change of Control, (A) Tenant is not a closely held professional service firm and (B) Tenant’s Net Worth immediately after the Change of Control is not less than
its Net Worth immediately before the Change of Control; and (vi) the Transfer is made for a good faith operating business purpose and not in order to evade the requirements of this Section 14. 

  
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 15 SURRENDER. Upon the expiration or earlier termination hereof, and subject to Sections 8 and
11 and this Section 15, Tenant shall surrender possession of the Premises to Landlord in as good condition and repair as existed when Tenant took possession and as thereafter improved, except for reasonable wear and tear, damages
caused by Casualty or Taking and repairs that are Landlord’s express responsibility hereunder. Before such expiration or termination, Tenant, without expense to Landlord, shall (a) remove from the Premises all debris and rubbish and all
furniture, equipment, trade fixtures, Lines, free-standing cabinet work, movable partitions and other articles of personal property that are owned or placed in the Premises by Tenant or any party claiming by, through or under Tenant (except for any
Lines not required to be removed under Section 23), and (b) repair all damage to the Premises and Building resulting from such removal. If Tenant fails to timely perform such removal and repair, Landlord may do so at Tenant’s
expense (including storage costs). If Tenant fails to remove such property from the Premises, or from storage, within 30 days after notice from Landlord, any part of such property shall be deemed, at Landlord’s option, either (x) conveyed
to Landlord without compensation, or (y) abandoned. 
 16 HOLDOVER. If Tenant fails to surrender the Premises upon the expiration or earlier
termination hereof, Tenant’s tenancy shall be subject to the terms and conditions hereof; provided, however, that such tenancy shall be a tenancy at sufferance only, for the entire Premises, and Tenant shall pay Monthly Rent (on a per-month basis without reduction for any partial month) at a rate equal to twice the Monthly Rent applicable during the last calendar month of the Term. Nothing in this Section 16 shall limit
Landlord’s rights or remedies or be deemed a consent to any holdover. If Landlord is unable to deliver possession of the Premises to, or perform improvements for, a new tenant as a result of Tenant’s holdover, Tenant shall be liable for
all resulting damages, including lost profits, incurred by Landlord. 
 17 SUBORDINATION; ESTOPPEL CERTIFICATES; FINANCIALS. This Lease shall be
subject and subordinate to all existing and future ground or underlying leases, mortgages, trust deeds and other encumbrances against the Building or Project, all renewals, extensions, modifications, consolidations and replacements thereof (each, a
“Security Agreement”), and all advances made upon the security of such mortgages or trust deeds, unless in each case the holder of such Security Agreement (each, a “Security Holder”) requires in writing that this
Lease be superior thereto. Upon any termination or foreclosure (or any delivery of a deed in lieu of foreclosure) of any Security Agreement, Tenant, upon request, shall attorn, without deduction or set-off, to
the Security Holder or purchaser or any successor thereto and shall recognize such party as the lessor hereunder provided that such party agrees not to disturb Tenant’s occupancy so long as Tenant timely pays the Rent and otherwise performs its
obligations hereunder. Within 10 business days after Landlord’s request, Tenant shall execute such further instruments as Landlord may reasonably deem necessary to evidence the subordination or superiority of this Lease to any Security
Agreement. Tenant waives any right it may have under Law to terminate or otherwise adversely affect this Lease or Tenant’s obligations hereunder upon a foreclosure. Within 10 business days after Landlord’s request, Tenant shall execute and
deliver to Landlord a commercially reasonable estoppel certificate in favor of such parties as Landlord may reasonably designate, including current and prospective Security Holders and prospective purchasers. 

18 ENTRY BY LANDLORD. At all reasonable times and upon reasonable notice to Tenant, or in an emergency, Landlord may enter the Premises to
(i) inspect the Premises; (ii) show the Premises to prospective purchasers, current or prospective Security Holders or insurers, or, during the last 12 months of the Term (or while an uncured Default exists), prospective tenants;
(iii) post notices of non-responsibility; or (iv) perform maintenance, repairs or alterations. At any time and without notice to Tenant, Landlord may enter the Premises to perform required services.
If reasonably necessary, Landlord may temporarily close any portion of the Premises to perform maintenance, repairs or alterations. In an emergency, Landlord may use any means it deems proper to open doors to and in the Premises. Except in an
emergency, Landlord shall use reasonable efforts to minimize interference with Tenant’s use of the Premises. Without limiting the foregoing, except in an emergency, any unreasonably noisy or otherwise disruptive work performed by Landlord in
the Premises pursuant to this Section 18 shall be performed outside of normal business hours. Except in an emergency, Tenant may have one of its employees accompany Landlord if Tenant makes such employee available when Landlord enters the
Premises. No entry into or closure of any portion of the Premises pursuant to this Section 18 shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder. 

19 DEFAULTS; REMEDIES. 
 19.1 Events
of Default. The occurrence of any of the following shall constitute a “Default”: 
 19.1.1 Any failure by Tenant to
pay any Rent (or deliver any Security Deposit, Letter of Credit, or similar credit enhancement required hereunder) when due unless such failure is cured within five (5) business days after notice; or 

19.1.2 Except where a specific time period is otherwise set forth for Tenant’s cure herein (in which event Tenant’s failure to cure
within such time period shall be a Default), and except as otherwise provided in this Section 19.1, any breach by Tenant of any other provision hereof where such breach continues for 30 days after notice from Landlord; provided that if
such breach cannot reasonably be cured within such 30-day period, Tenant shall not be in Default as a result of such breach if Tenant diligently commences such cure within such period, thereafter diligently
pursues such cure, and completes such cure within 60 days after Landlord’s notice; or 

  
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 19.1.3 Abandonment or vacation of all or a substantial portion of the Premises by Tenant; or

 19.1.4 Any breach by Tenant of Section 17 or 18 where such breach continues for more than two (2) business days
after notice from Landlord; or 
 19.1.5 Tenant becomes in breach of Section 25.3(c) or (d). 

If Tenant breaches a particular provision hereof (other than a provision requiring payment of Rent) on three (3) separate occasions
during any 12-month period, Tenant’s subsequent breach of such provision shall be, at Landlord’s option, an incurable Default. The notice periods provided herein are in lieu of, and not in addition
to, any notice periods provided by Law, and Landlord shall not be required to give any additional notice in order to be entitled to commence an unlawful detainer proceeding. 

19.2 Remedies Upon Default. Upon any Default, Landlord shall have, in addition to any other remedies available to Landlord at law
or in equity (which shall be cumulative and nonexclusive), the option to pursue any one or more of the following remedies (which shall be cumulative and nonexclusive) without any additional notice or demand: 

19.2.1 Landlord may terminate this Lease, in which event Landlord may recover from Tenant the following: 

(a) The worth at the time of award of the unpaid Rent which had been earned at the time of such termination; plus 

(b) The worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time of
award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 
 (c) The worth at the time of
award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the amount of such Rent loss that Tenant proves could be reasonably avoided; plus 

(d) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its
obligations hereunder or which in the ordinary course of things would be likely to result therefrom, including brokerage commissions, advertising expenses, expenses of remodeling any portion of the Premises for a new tenant (whether for the same or
a different use), and any special concessions made to obtain a new tenant; plus 
 (e) At Landlord’s option, such other amounts in
addition to or in lieu of the foregoing as may be permitted from time to time by Law. 
 As used in Sections 19.2.1(a) and (b),
the “worth at the time of award” shall be computed by allowing interest at the rate specified in Section 3(b) above. As used in Section 19.2.1(c), the “worth at the time of award” shall be
computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%. 
 19.2.2
Landlord shall have the remedy described in California Civil Code § 1951.4 (lessor may continue lease in effect after lessee’s breach and abandonment and recover Rent as it becomes due, if lessee has the right to sublet or assign, subject
only to reasonable limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies hereunder,
including the right to recover all Rent as it becomes due. 
 19.2.3 Landlord shall at all times have the rights and remedies (which shall be
cumulative with each other and cumulative and in addition to those rights and remedies available under Sections 19.2.1 and 19.2.2, or any Law or other provision hereof), without prior demand or notice except as required by Law, to seek
any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof. 

19.3 Efforts to Relet. Unless Landlord provides Tenant with express notice to the contrary, no
re-entry, repair, maintenance, change, alteration, addition, reletting, appointment of a receiver or other action or omission by Landlord shall (a) be construed as an election by Landlord to terminate
this Lease or Tenant’s right to possession, or to accept a surrender of the Premises, or (b) operate to release Tenant from any of its obligations hereunder. Tenant waives, for Tenant and for all those claiming by, through or under Tenant,
California Civil Code § 3275, California Code of Civil Procedure §§ 1174(c) and 1179, and any existing or future rights to redeem or reinstate, by order or judgment of any court or by any legal process or writ, this Lease or
Tenant’s right of occupancy of the Premises after any termination hereof. 

  
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 19.4 Landlord Default. Landlord shall not be in default hereunder unless it
fails to begin within 30 days after notice from Tenant, or fails to pursue with reasonable diligence thereafter, the cure of any breach by Landlord of its obligations hereunder. Before exercising any remedies for a default by Landlord, Tenant shall
give notice and a reasonable time to cure to any Security Holder of which Tenant has been notified. 
 20 LANDLORD EXCULPATION. Notwithstanding any
contrary provision hereof, (a) the liability of the Landlord Parties to Tenant shall be limited to an amount equal to the lesser of (i) Landlord’s interest in the Building, or (ii) the equity interest Landlord would have in the
Building if the Building were encumbered by third-party debt in an amount equal to 80% of the value of the Building (as such value is determined by Landlord); (b) Tenant shall look solely to Landlord’s interest in the Building for the recovery
of any judgment or award against any Landlord Party; (c) no Landlord Party shall have any liability for any judgment or deficiency, and Tenant waives and releases such liability on behalf of itself and all parties claiming by, through or under
Tenant; and (d) no Landlord Party shall be liable for Tenant’s loss of profits, loss of rents or other revenues, Tenant’s loss of (or damage to or interference with any) business opportunity, loss of goodwill or loss of use, or for
any form of special or consequential damage. 
 21 SECURITY DEPOSIT. Concurrently with its execution and delivery hereof, Tenant shall deposit with
Landlord the Security Deposit, if any, as security for Tenant’s performance of its obligations hereunder. If Tenant breaches any provision hereof, Landlord may, at its option, without limiting its remedies and without notice to Tenant, apply
all or part of the Security Deposit to cure such breach and compensate Landlord for any loss or damage caused by such breach, including any damage for which recovery may be made under California Civil Code § 1951.2. If Landlord so applies any
portion of the Security Deposit, Tenant, within three (3) days after demand therefor, shall restore the Security Deposit to its original amount. The Security Deposit is not an advance payment of Rent or measure of damages. Any unapplied portion
of the Security Deposit shall be returned to Tenant within 60 days after the latest to occur of (a) the expiration of the Term, (b) Tenant’s surrender of the Premises as required hereunder, or (c) determination of the final Rent due
from Tenant. Landlord shall not be required to keep the Security Deposit separate from its other accounts. 
 22 RELOCATION. Landlord, after giving
notice, may move Tenant to other space in the Project comparable in size and utility to the Premises; provided, however, that such other space shall be located above the first floor, shall contain the same or a greater number of linear feet of
window line as the Premises and shall contain not less than the number of offices and conference rooms as were present in the Premises. In such event, all terms hereof shall apply to the new space, except that Base Rent and (except to the extent of
the percentage, if any, by which the rentable square footage of the building in which the new space is located is less than the rentable square footage of the Building) Tenant’s Share shall not increase as a result of such relocation. Landlord,
at its expense, shall provide Tenant with tenant improvements in the new space at least equal in quality to those in the Premises. Landlord shall reimburse Tenant for Tenant’s reasonable moving,
re-cabling and stationery-replacement costs. The parties shall execute a written agreement prepared by Landlord memorializing the relocation. 

23 COMMUNICATIONS AND COMPUTER LINES. All Lines installed pursuant to this Lease shall be (a) installed in accordance with Section 7;
and (b) clearly marked with adhesive plastic labels (or plastic tags attached to such Lines with wire) to show Tenant’s name, suite number, and the purpose of such Lines (i) every six (6) feet outside the Premises (including the
electrical room risers and any Common Areas), and (ii) at their termination points. Landlord may designate specific contractors for work relating to vertical Lines. Sufficient spare cables and space for additional cables shall be maintained for
other occupants, as reasonably determined by Landlord. Unless otherwise notified by Landlord, Tenant, at its expense and before the expiration or earlier termination hereof, shall remove all Lines and repair any resulting damage. As used herein,
“Lines” means all communications or computer wires and cables serving the Premises, whenever and by whomever installed or paid for, including any such wires or cables installed pursuant to any prior lease. 

24 PARKING. Tenant may park in the Building’s parking facilities (the “Parking Facility”), in common with other tenants of the
Building, upon the following terms and conditions. Tenant shall not use more than the number of unreserved and/or reserved parking spaces set forth in Section 1.9. Tenant shall pay Landlord, in accordance with Section 3, any
fees for the parking spaces described in Section 1.9. Tenant shall pay Landlord any fees, taxes or other charges imposed by any governmental or quasi-governmental agency in connection with the Parking Facility, to the extent such amounts
are allocated to Tenant by Landlord based on the number and type of parking spaces Tenant is entitled to use. Tenant shall comply with all rules and regulations established by Landlord from time to time for the orderly operation and use of the
Parking Facility, including any sticker or other identification system and the prohibition of vehicle repair and maintenance activities in the Parking Facility. Landlord may, in its discretion, allocate and assign parking passes among Tenant and the
other tenants in the Building. Tenant’s use of the Parking Facility shall be at Tenant’s sole risk, and Landlord shall have no liability for 

  
 17 

 
any personal injury or damage to or theft of any vehicles or other property occurring in the Parking Facility or otherwise in connection with any use of the Parking Facility by Tenant or its
employees or invitees. Landlord may alter the size, configuration, design, layout or any other aspect of the Parking Facility, and, in connection therewith, temporarily deny or restrict access to the Parking Facility, in each case without abatement
of Rent or liability to Tenant. Landlord may delegate its responsibilities hereunder to a parking operator, in which case (i) such parking operator shall have all the rights of control reserved herein by Landlord, (ii) Tenant shall enter into a
parking agreement with such parking operator, (iii) Tenant shall pay such parking operator, rather than Landlord, any charge established hereunder for the parking spaces, and (iv) Landlord shall have no liability for claims arising through
acts or omissions of such parking operator except to the extent caused by Landlord’s gross negligence or willful misconduct. Tenant’s parking rights under this Section 24 are solely for the benefit of Tenant’s employees
and invitees and such rights may not be transferred without Landlord’s prior consent, except pursuant to a Transfer permitted under Section 14. 

25 MISCELLANEOUS. 
 25.1
Notices. No notice, demand, statement, designation, request, consent, approval, election or other communication given hereunder (“Notice”) shall be binding upon either party unless (a) it is in writing;
(b) it is (i) sent by certified or registered mail, postage prepaid, return receipt requested, (ii) delivered by a nationally recognized courier service, or (iii) delivered personally; and (c) it is sent or delivered to the
address set forth in Section 1.10 or 1.11. as applicable, or to such other place (other than a P.O. box) as the recipient may from time to time designate in a Notice to the other party. Any Notice shall be deemed received on the
earlier of the date of actual delivery or the date on which delivery is refused, or, if Tenant is the recipient and has vacated its notice address without providing a new notice address, three (3) days after the date the Notice is deposited in
the U.S. mail or with a courier service as described above. No provision of this Lease requiring a particular Notice to be in writing shall limit the generality of clause (a) of the first sentence of this Section 25.1. 

25.2 Force Majeure. If either party is prevented from performing any obligation hereunder by any strike, act of God, fire, war,
terrorist act, shortage of labor or materials, governmental action (including, without limitation, governmentally required evacuations), civil commotion or other cause beyond such party’s reasonable control (“Force Majeure”),
such obligation shall be excused during (and any time period for the performance of such obligation shall be extended by) the period of such prevention; provided, however, that this Section 25.2 shall not (a) permit Tenant to hold
over in the Premises after the expiration or earlier termination hereof, or (b) excuse (or extend any time period for the performance of) (i) any obligation to remit money or deliver credit enhancement, (ii) any obligation under
Section 10 or 25.3, or (iii) any of Tenant’s obligations whose breach would interfere with another occupant’s use, occupancy or enjoyment of its premises or the Project or result in any liability on the part of any
Landlord Party. 
 25.3 Representations and Covenants. Tenant represents, warrants and covenants that (a) Tenant is, and
at all times during the Term will remain, duly organized, validly existing and in good standing under the Laws of the state of its formation and qualified to do business in the state of California; (b) neither Tenant’s execution of nor its
performance under this Lease will cause Tenant to be in violation of any agreement or Law; (c) Tenant (and any guarantor hereof) has not, and at no time during the Term will have, (i) made a general assignment for the benefit of creditors,
(ii) filed a voluntary petition in bankruptcy, (iii) suffered (A) the filing by creditors of an involuntary petition in bankruptcy that is not dismissed within 30 days, (B) the appointment of a receiver to take possession of all or
substantially all of its assets, or (C) the attachment or other judicial seizure of all or substantially all of its assets, (iv) admitted in writing its inability to pay its debts as they come due, or (v) made an offer of settlement,
extension or composition to its creditors generally; and (d) no party that (other than through the passive ownership of interests traded on a recognized securities exchange) constitutes, owns, controls, or is owned or controlled by Tenant, any
guarantor hereof or any subtenant of Tenant is, or at any time during the Term will be, (i) in violation of any Laws relating to terrorism or money laundering, or (ii) among the parties identified on any list compiled pursuant to Executive
Order 13224 for the purpose of identifying suspected terrorists or on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf or any replacement
website or other replacement official publication of such list. 
 25.4 Signs. Landlord shall include Tenant’s name in any
tenant directory located in the lobby on the first floor of the Building. If any part of the Premises is located on a multi-tenant floor, Landlord, at Tenant’s cost, shall provide identifying suite signage for Tenant comparable to that provided
by Landlord on similar floors in the Building. Tenant may not install (a) any signs outside the Premises, or (b) without Landlord’s prior consent in its sole and absolute discretion, any signs, window coverings, blinds or similar
items that are visible from outside the Premises. 

  
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 25.5 Supplemental HVAC. If the Premises are served by any supplemental
HVAC unit (a “Unit”), then (a) Tenant shall pay the costs of all electricity consumed in the Unit’s operation, together with the cost of installing a meter to measure such consumption; (b) Tenant, at its expense,
shall (i) operate and maintain the Unit in compliance with all applicable Laws and such reasonable rules and procedures as Landlord may impose; (ii) keep the Unit in as good working order and condition as existed upon installation (or, if
later, when Tenant took possession of the Premises), subject to normal wear and tear and damage resulting from Casualty; (iii) maintain in effect, with a contractor reasonably approved by Landlord, a contract for the maintenance and repair of
the Unit, which contract shall require the contractor, at least once every three (3) months, to inspect the Unit and provide to Tenant a report of any defective conditions, together with any recommendations for maintenance, repair or
parts-replacement; (iv) follow all reasonable recommendations of such contractor; and (v) promptly provide to Landlord a copy of such contract and each report issued thereunder; (c) the Unit shall become Landlord’s property upon
installation and without compensation to Tenant; provided, however, that upon Landlord’s request at the expiration or earlier termination hereof, Tenant, at its expense, shall remove the Unit and repair any resulting damage (and if Tenant fails
to timely perform such work, Landlord may do so at Tenant’s expense); (d) the Unit shall be deemed (i) a Leasehold Improvement (except for purposes of Section 8), and (ii) for purposes of Section 11, part of
the Premises; (e) if the Unit exists on the date of mutual execution and delivery hereof, Tenant accepts the Unit in its “as is” condition, without representation or warranty as to quality, condition, fitness for use or any other
matter; (f) if the Unit connects to the Building’s condenser water loop (if any), then Tenant shall pay to Landlord, as Additional Rent, Landlord’s standard one-time fee for such connection and
Landlord’s standard monthly per-ton usage fee; and (g) if any portion of the Unit is located on the roof, then (i) Tenant’s access to the roof shall be subject to such reasonable rules and
procedures as Landlord may impose; (ii) Tenant shall maintain the affected portion of the roof in a clean and orderly condition and shall not interfere with use of the roof by Landlord or any other tenants or licensees; and (iii) Landlord
may relocate the Unit and/or temporarily interrupt its operation, without liability to Tenant, as reasonably necessary to maintain and repair the roof or otherwise operate the Building. 

25.6 Attorneys’ Fees. In any action or proceeding between the parties, including any appellate or alternative dispute
resolution proceeding, the prevailing party may recover from the other party all of its costs and expenses in connection therewith, including reasonable attorneys’ fees and costs. Tenant shall pay all reasonable attorneys’ fees and other
fees and costs that Landlord incurs in interpreting or enforcing this Lease or otherwise protecting its rights hereunder (a) where Tenant has failed to pay Rent when due, or (b) in any bankruptcy case, assignment for the benefit of
creditors, or other insolvency, liquidation or reorganization proceeding involving Tenant or this Lease. 
 25.7 Brokers.
Tenant represents to Landlord that it has dealt only with Tenant’s Broker as its broker in connection with this Lease. Tenant shall indemnify, defend, and hold Landlord harmless from all claims of any brokers, other than Tenant’s Broker,
claiming to have represented Tenant in connection with this Lease. Landlord shall pay a brokerage commission to Tenant’s Broker subject to the terms of a separate written agreement to be entered into between Landlord and Tenant’s Broker.
Landlord shall indemnify, defend and hold Tenant harmless from all claims of any brokers, including Landlord’s Broker, claiming to have represented Landlord in connection with this Lease. 

25.8 Governing Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and enforced in accordance with the Laws of the State
of California. THE PARTIES WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF OR RELATING TO THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES,
AND/OR ANY CLAIM FOR INJURY OR DAMAGE OR ANY EMERGENCY OR STATUTORY REMEDY. 
 25.9 Waiver of Statutory Provisions. Each party
waives California Civil Code §§ 1932(2), 1933(4) and 1945. Tenant waives (a) any rights under (i) California Civil Code §§ 1932(1), 1941, 1942, 1950.7 or any similar or replacement section or Law, or
(ii) California Code of Civil Procedure §§ 1263.260 or 1265.130 or any similar or replacement section or Law; and (b) any right to terminate this Lease under California Civil Code § 1995.310 or any similar or replacement
section or Law. 
 25.10 Interpretation. As used herein, the capitalized term “Section” refers to a section hereof
unless otherwise specifically provided herein. As used in this Lease, the terms “herein,” “hereof,” “hereto” and “hereunder” refer to this Lease and the term “include” and its derivatives are not
limiting. Any reference herein to “any part” or “any portion” of the Premises, the Property or any other property shall be construed to refer to all or any part of such property. As used herein in connection with insurance, the
term “deductible” includes self-insured retention. Wherever this Lease prohibits either party from engaging in any particular conduct, this Lease shall be deemed also to require such party to cause each of its employees and agents (and, in
the case of Tenant, each of its licensees, invitees and subtenants, and any other party claiming by, through or under Tenant) to refrain from engaging in such conduct. Wherever this Lease requires Landlord to provide a customary service or to act in
a reasonable manner (whether in incurring an expense, establishing a rule or regulation, providing an approval or consent, or performing any other act), this Lease shall be deemed also to provide that whether such service is customary or such
conduct is reasonable shall be determined by reference to the practices of owners of buildings (“Comparable Buildings”) that (i) are comparable to the Building in size, age, class, quality and location, and (ii) at
Landlord’s option, have been, or are being prepared to be, certified under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system or a similar rating system. Tenant waives the benefit of any
rule that a written agreement shall be construed against the drafting party. 

  
 19 

 25.11 Entire Agreement. This Lease sets forth the entire agreement between the
parties relating to the subject matter hereof and supersedes any previous agreements (none of which shall be used to interpret this Lease). Tenant acknowledges that in entering into this Lease it has not relied upon any representation, warranty or
statement, whether oral or written, not expressly set forth herein. This Lease can be modified only by a written agreement signed by both parties. 

25.12 Other. Landlord, at its option, may cure any Default, without waiving any right or remedy or releasing Tenant from any
obligation, in which event Tenant shall pay Landlord, upon demand, the cost of such cure. If any provision hereof is void or unenforceable, no other provision shall be affected. Submission of this instrument for examination or signature by Tenant
does not constitute an option or offer to lease, and this instrument is not binding until it has been executed and delivered by both parties. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual
termination thereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies. If Tenant is
comprised of two or more parties, their obligations shall be joint and several. Time is of the essence with respect to the performance of every provision hereof in which time of performance is a factor. So long as Tenant performs its obligations
hereunder, Tenant shall have peaceful and quiet possession of the Premises against any party claiming by, through or under Landlord, subject to the terms hereof. Landlord may transfer its interest herein, in which event (a) to the extent the
transferee assumes in writing Landlord’s obligations arising hereunder after the date of such transfer (including the return of any Security Deposit), Landlord shall be released from, and Tenant shall look solely to the transferee for the
performance of, such obligations; and (b) Tenant shall attorn to the transferee. If Tenant (or any party claiming by, through or under Tenant) pays directly to the provider for any energy consumed at the Property, Tenant, promptly upon request,
shall deliver to Landlord (or, at Landlord’s option, execute and deliver to Landlord an instrument enabling Landlord to obtain from such provider) any data about such consumption that Landlord, in its reasonable judgment, is required to
disclose to a prospective buyer, tenant or Security Holder under California Public Resources Code § 25402.10 or any similar Law. Landlord reserves all rights not expressly granted to Tenant hereunder, including the right to make alterations to
the Project. No rights to any view or to light or air over any property are granted to Tenant hereunder. The expiration or earlier termination hereof shall not relieve either party of any obligation that accrued before, or continues to accrue after,
such expiration or termination. This Lease may be executed in counterparts. 
 25.13 Fitness Center. Subject to the provisions
of this Section 25.13, so long as Tenant is not in Default under this Lease, and provided Tenant’s employees execute Landlord’s standard waiver of liability form and pay the applicable one time or monthly fee, if any, then
Tenant’s employees (the “Fitness Center Users”) shall be entitled to use the fitness center (the “Fitness Center”) in the building located at 255 Shoreline Drive, Redwood City, California. The use of the
Fitness Center shall be subject to the reasonable rules and regulations (including rules regarding hours of use) established from time to time by Landlord for the Fitness Center. Landlord and Tenant acknowledge that the use of the Fitness Center by
the Fitness Center Users shall be at their own risk and that the terms and provisions of Section 10.1 of this Lease shall apply to Tenant and the Fitness Center User’s use of the Fitness Center. The costs of operating, maintaining and
repairing the Fitness Center may be included as part of Expenses. Tenant acknowledges that the provisions of this Section shall not be deemed to be a representation by Landlord that Landlord shall continuously maintain the Fitness Center (or any
other fitness facility) throughout the Term of this Lease, and Landlord shall have the right, at Landlord’s sole discretion, to expand, contract, eliminate or otherwise modify the Fitness Center. In addition, in the event Landlord no longer
owns the building located at 255 Shoreline Drive, Redwood City, California, the rights of Tenant and the users of the Fitness Center to use the Fitness Center may, at Landlord’s option, be terminated. No expansion, contraction, elimination or
modification of the Fitness Center, and no termination of Tenant’s or the Fitness Center Users’ rights to the Fitness Center shall entitle Tenant to an abatement or reduction in Rent, or constitute a constructive eviction, or result in an
event of default by Landlord under this Lease. 
 25.14 Shower Facility. Subject to the provisions of this
Section 25.14, so long as Tenant is not in Default under this Lease, Tenant employees (the “Shower Users”) shall be entitled to use the shower facility (the “Shower Facility”) in the Building. The use of
the Shower Facility shall be subject to the reasonable rules and regulations (including rules regarding hours of use) established from time to time by Landlord for the Shower Facility. Landlord and Tenant acknowledge that the use of the Shower
Facility by the Shower Users shall be at their own risk and that the terms and provisions of Section 10.1 of this Lease shall apply to Tenant and the Shower User’s use of the Shower Facility. The costs of operating, maintaining and
repairing the Shower Facility shall be included as part of Expenses. Tenant acknowledges that the provisions of this Section shall not be deemed to be a representation by Landlord that Landlord shall continuously maintain the Shower Facility
throughout the Term, and Landlord shall have the right, at Landlord’s sole discretion, to expand, contract, eliminate or otherwise modify the Shower Facility. No expansion, contraction, elimination or modification of the Shower Facility, and no
termination of Tenant’s or the Shower User’s rights to the Shower Facility shall entitle Tenant to an abatement or reduction in Rent, constitute a constructive eviction, or result in an event of default by Landlord under this Lease. 

[SIGNATURES ARE ON THE FOLLOWING PAGE] 

  
 20 

 IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and
date first above written. 
  

							
	LANDLORD:
	
	HUDSON SHOREBREEZE, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P.,
		 	a Maryland limited partnership,
		 	its sole member
			
		 	By:	 	Hudson Pacific Properties, Inc.,
		 		 	a Maryland corporation,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Kenneth Young

		 		 	Name:	 	Kenneth Young
		 		 	Title:	 	Vice President - Leasing
	TENANT:
	
	GRAYBUG, INC., a Delaware corporation
		
	By:	 	 /s/ Jeffrey L. Cleland

	Name:	 	Jeffrey L. Cleland
	Title:	 	CEO
		 	[chairman] [president] [vice-president]
		
	By:	 	
                     

	Name:	 	
	Title:	 	
		 	[secretary] [assistant secretary] [chief financial officer] [assistant treasurer]

  
 20 

 EXHIBIT A 

SHOREBREEZE 

SHOREBREEZE I 
 REDWOOD
CITY, CALIFORNIA 
 OUTLINE OF PREMISES 

See Attached 
 This Exhibit “A”
is provided for informational purposes only and is intended to be only an approximation of the layout of the Premises and shall not be deemed to constitute any representation by Landlord as to the exact layout or configuration of the Premises. 

 
 

 

  
 Exhibit A 

1 

 EXHIBIT B 

SHOREBREEZE 

SHOREBREEZE I 
 REDWOOD
CITY, CALIFORNIA 
 WORK LETTER 

As used in this Exhibit B (this “Work Letter”), the following terms shall have the following meanings: 

 

	 	(i)	 “Tenant Improvements” means all improvements to be constructed in the Premises pursuant to
this Work Letter; 

  

	 	(ii)	 “Tenant Improvement Work” means the construction of the Tenant Improvements, together with any
related work (including demolition) that is necessary to construct the Tenant Improvements; 

  

	 	(iii)	 “Agreement” means the lease of which this Work Letter is a part. 

1 COST OF TENANT IMPROVEMENT WORK. Except as provided in Sections 2.7.4 and 3.2.2.B below, the Tenant Improvement Work shall be performed
at Landlord’s expense. 
  

	2	 ARCHITECTURAL PLANS. 

2.1 Selection of Architect. Landlord shall retain the architect/space planner of Landlord’s choice (the
“Architect”) to prepare the Architectural Drawings (defined in Section 2.5 below). 
 2.2 [Intentionally Omitted.] 

2.3 Approved Space Plan. Landlord and Tenant acknowledge that they have approved the space plan for the Premises dated
April 4, 2016 and revised on April 21, 2016 prepared by ID/Architecture (the “Approved Space Plan”). All materials and finishes contemplated by the Approved Space Plan shall be deemed to be Building-standard unless otherwise
expressly provided therein. 
 2.4 Additional Programming Information. Tenant shall deliver to Landlord, in writing, all
information (including all interior and special finishes) that, when combined with the Approved Space Plan, will be sufficient to complete the Architectural Drawings, together with all information (including all electrical requirements, telephone
requirements, special HVAC requirements, and plumbing requirements) that, when combined with the Approved Space Plan, will be sufficient to complete the Engineering Drawings (defined in Section 3.2.1 below) (collectively, the
“Additional Programming Information”). The Additional Programming Information shall not increase the cost of the Tenant Improvement Work (as reasonably estimated by Landlord) and shall be (a) consistent with the Approved Space
Plan, (b) consistent with Landlord’s requirements for avoiding aesthetic, engineering or other conflicts with the design and function of the balance of the Building (collectively, the “Landlord Requirements”), and
(c) otherwise subject to Landlord’s reasonable approval. Landlord shall provide Tenant with notice approving or reasonably disapproving the Additional Programming Information within five (5) business days after the later of
Landlord’s receipt thereof or the mutual execution and delivery of this Agreement. If Landlord disapproves the Additional Programming Information, Landlord’s notice of disapproval shall describe with reasonable specificity the basis for
such disapproval and Tenant shall modify the Additional Programming Information and resubmit it for Landlord’s approval. Such procedure shall be repeated as necessary until Landlord has approved the Additional Programming Information. Such
approved Additional Programming Information shall be referred to herein as the “Approved Additional Programming Information.” If requested by Tenant, Landlord, in its sole and absolute discretion, may assist Tenant, or cause the
Architect and/or other contractors or consultants of Landlord to assist Tenant, in preparing all or a portion of the Additional Programming Information; provided, however, that, whether or not the Additional Programming Information is prepared with
such assistance, Tenant shall be solely responsible for the timely preparation and delivery of the Additional Programming Information and for all elements thereof. Landlord and Tenant acknowledge that, as of the date of mutual execution and delivery
of this Agreement, Tenant has previously delivered to Landlord, and Landlord has approved, the Additional Programming Information. 

  
 Exhibit B 

1 

 2.5 Architectural Drawings. After approving the Additional Programming
Information, Landlord shall cause the Architect to prepare and deliver to Tenant the final architectural (and, if applicable, structural) working drawings for the Tenant Improvement Work that are in a form that (a) when combined with any
Approved Additional Programming Information that is not expressly incorporated into such working drawings, will be sufficient to enable the Contractor (defined in Section 3.1 below) and its subcontractors to bid on the Tenant Improvement
Work, and (b) when combined with any Engineering Drawings that satisfy the Engineering Requirements (defined in Section 3.2.1 below), will be sufficient to obtain the Permits (defined in Section 3.3 below) (the
“Architectural Drawings”). The Architectural Drawings shall conform to the Approved Space Plan and the Approved Additional Programming Information. The Architect’s preparation and delivery of the Architectural Drawings shall
occur within seven (7) business days after the later of Landlord’s approval of the Additional Programming Information or the mutual execution and delivery of this Agreement. Tenant shall approve or disapprove the Architectural Drawings by
notice to Landlord. If Tenant disapproves the Architectural Drawings, Tenant’s notice of disapproval shall specify any revisions Tenant desires in the Architectural Drawings. After receiving such notice of disapproval, Landlord shall cause the
Architect to revise the Architectural Drawings and resubmit them to Tenant, taking into account the reasons for Tenant’s disapproval; provided, however, that Landlord shall not be required to cause the Architect to make any revision to the
Architectural Drawings that (a) would increase the cost of the Tenant Improvement Work (as reasonably estimated by Landlord), (b) conflicts with the Approved Space Plan or the Landlord Requirements, or (c) is otherwise reasonably
disapproved by Landlord. Such revision and resubmission shall occur within five (5) business days after the later of Landlord’s receipt of Tenant’s notice of disapproval or the mutual execution and delivery of this Agreement if such
revision is not material, and within such longer period of time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such mutual execution and delivery) if such revision is material. Such procedure
shall be repeated as necessary until Tenant has approved the Architectural Drawings. Such approved Architectural Drawings shall be referred to herein as the “Approved Architectural Drawings.” 

2.6 [Intentionally Omitted.] 

2.7 Revisions to Approved Architectural Drawings, Approved Additional Programming Information, or Approved Space Plan. 

2.7.1 Approved Architectural Drawings. If Tenant requests any revision to the Approved Architectural Drawings, Landlord shall provide
Tenant with notice approving or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord shall have such revision made and delivered to Tenant, together with notice of any resulting change in the estimated total cost
associated with the Tenant Improvement Work, within 10 business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement if such revision is not material, and within such longer period of
time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such execution and delivery) if such revision is material, whereupon Tenant, within one (1) business day, shall notify Landlord whether
it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord
shall not revise the Approved Architectural Drawings without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for
disapproving), any revision to the Approved Architectural Drawings within two (2) business days after receiving Landlord’s request for approval thereof. For purposes hereof, any change order affecting the Approved Architectural Drawings
shall be deemed a revision to the Approved Architectural Drawings. 
 2.7.2 Approved Additional Programming Information. If Tenant
requests Landlord’s approval of any revision to the Approved Additional Programming Information, Landlord shall provide Tenant with notice approving or reasonably disapproving such revision, together with notice of any resulting change in the
estimated total cost associated with the Tenant Improvement Work, within five (5) business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement, whereupon Tenant, within one
(1) business day, shall notify Landlord whether it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such
performance disregarding such revision. Landlord shall not revise the Approved Additional Programming Information without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove
(and state, with reasonable specificity, its reasons for disapproving), any revision to the Approved Additional Programming Information within two (2) business days after receiving Landlord’s request for approval thereof. 

2.7.3 Approved Space Plan. If Tenant requests Landlord’s approval of any revision to the Approved Space Plan, Landlord shall
provide Tenant with notice approving or reasonably disapproving such revision, together with notice of any resulting change in the estimated total cost associated with the Tenant Improvement Work, within five (5) business days after the later
of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement, whereupon Tenant, within one (1) 

  
 Exhibit B 

2 

 business day, shall notify Landlord whether it desires to proceed with such revision. If Landlord has begun
performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord shall not revise the Approved Space Plan without Tenant’s
consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for disapproving), any revision to the Approved Space Plan within two
(2) business days after receiving Landlord’s request for approval thereof. 
 2.7.4 Costs of Revisions. Tenant shall
reimburse Landlord, immediately upon demand, for any increase in the total cost associated with the Tenant Improvement Work that results from any revision to the Approved Architectural Drawings requested by Tenant, any revision to the Approved
Additional Programming Information made by Tenant, or any revision to the Approved Space Plan requested or made by Tenant, including, in each case, any cost of preparing or reviewing such revision. 

2.8 Tenant’s Approval Deadline. Tenant shall approve the Architectural Drawings pursuant to Section 2.5 above on
or before Tenant’s Approval Deadline (defined below). As used in this Work Letter, “Tenant’s Approval Deadline” means the date occurring 10 business days after the mutual execution and delivery of this Agreement; provided,
however, that Tenant’s Approval Deadline shall be extended by one (1) day for each day, if any, by which Tenant’s approval of the Architectural Drawings pursuant to Section 2.5 above is delayed by any failure of Landlord
to perform its obligations under this Section 2. 
  

	3	 CONSTRUCTION. 

3.1 Contractor. Landlord shall retain a contractor of its choice (the “Contractor”) to perform the Tenant
Improvement Work. In addition, Landlord may select and/or approve of any subcontractors, mechanics and materialmen used in connection with the performance of the Tenant Improvement Work. 

3.2 Engineering Drawings. 

3.2.1 Preparation. Landlord shall cause the engineering working drawings for the mechanical, electrical, plumbing, fire-alarm and fire
sprinkler work in the Premises (the “Engineering Drawings”) to (a) be prepared by one or more of the Architect, the Contractor, and/or engineers or other consultants selected and/or retained by the Architect, the Contractor or
Landlord, and (b) conform to the Approved Space Plan, the Approved Additional Programming Information, the first sentence of Section 4 below, and any then-existing Approved Architectural Drawings (collectively, the “Engineering
Requirements”). 
 3.2.2 Design Build. Except as provided in Section 3.2.3 below: 

A. Delivery and Approval. The Engineering Drawings shall be delivered to Tenant within five (5) business days after the later of
Tenant’s approval of the Architectural Drawings pursuant to Section 2.5 above or the mutual execution and delivery of this Agreement. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its
reasons for disapproving), the Engineering Drawings within two (2) business days after the latest of (a) Tenant’s receipt of the Engineering Drawings, (b) Tenant’s approval of the Architectural Drawings, or (c) the
mutual execution and delivery of this Agreement. After receiving any such notice of reasonable disapproval, Landlord shall cause the Contractor to revise the Engineering Drawings and resubmit them to Tenant, taking into account the reasons for
Tenant’s disapproval; provided, however, that Landlord shall not be required to make any revision to the Engineering Drawings that conflicts with the Engineering Requirements or the Landlord Requirements or is otherwise reasonably disapproved
by Landlord. Such procedure shall be repeated as necessary until Tenant has reasonably approved the Engineering Drawings. Such approved Engineering Drawings shall be referred to herein as the “Approved Engineering Drawings”. 

B. Revisions. If Tenant requests any revision to the Approved Engineering Drawings, Landlord shall provide Tenant with notice approving
or reasonably disapproving such revision, and, if Landlord approves such revision, Landlord shall have such revision made and delivered to Tenant, together with notice of any resulting change in the estimated total cost associated with the Tenant
Improvement Work, within five (5) business days after the later of Landlord’s receipt of such request or the mutual execution and delivery of this Agreement if such revision is not material, and within such longer period of time as may be
reasonably necessary (but not more 10 business days after the later of such receipt or such execution and delivery) if such revision is material, whereupon Tenant, within one (1) business day, shall notify Landlord whether it desires to proceed with
such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord shall not revise the Approved
Engineering Drawings without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for disapproving), any revision to the
Approved Engineering Drawings 

  
 Exhibit B 

3 

 within two (2) business days after receiving Landlord’s request for approval thereof. Any change
order affecting the Approved Engineering Drawings shall be deemed a revision to the Approved Engineering Drawings. Tenant shall reimburse Landlord, immediately upon demand, for any increase in the total cost associated with the Tenant Improvement
Work that results from any revision to the Approved Engineering Drawings requested by Tenant, including the cost of preparing such revision. 

3.2.3 Design Bid Build. If Landlord, at its option, causes the Engineering Drawings to be delivered to Tenant on or before the date on
which the Architectural Drawings are first delivered to Tenant pursuant to Section 2.5 above, then (a) Section 3.2.2 above shall not apply; (b) Tenant’s review and approval of, and any revisions to, the Engineering
Drawings shall be governed by Sections 2.5 and 2.7 above as if the Engineering Drawings were part of the Architectural Drawings; and (c) the Engineering Drawings, as approved by Tenant pursuant to Section 2.5 above,
shall be referred to herein as the “Approved Engineering Drawings”. 
 3.3 Permits. Landlord shall cause the
Contractor to submit the Approved Architectural Drawings and the Approved Engineering Drawings (collectively, the “Approved Construction Drawings”) to the appropriate municipal authorities and otherwise apply for and obtain from such
authorities all permits necessary for the Contractor to complete the Tenant Improvement Work (the “Permits”). 
 3.4
Construction. 
 3.4.1 Performance of Tenant Improvement Work. Landlord shall cause the Contractor to perform the Tenant
Improvement Work in accordance with the Approved Construction Drawings. 
 3.4.2 Contractor’s Warranties. Tenant waives all
claims against Landlord relating to any defects in the Tenant Improvements; provided, however, that if, within 30 days after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any non-latent defect in the Tenant Improvements, or if, within 11 months after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any latent defect in the Tenant Improvements,
then Landlord shall promptly cause such defect to be corrected. 
 4 COMPLIANCE WITH LAW; SUITABILITY FOR TENANT’S USE. Landlord shall
(a) cause the Architectural Drawings and the Engineering Drawings, other than any Tenant Revision (defined below), to comply with Law, and (b) cause the Architect or the Contractor, as applicable, to use the Required Level of Care (defined
below) to cause any Tenant Revision to comply with Law; provided, however, that Landlord shall not be responsible for any violation of Law resulting from (a) any particular use of the Premises (as distinguished from general office use), or (b)
any failure of the Approved Additional Programming Information to comply with Law. As used herein, “Tenant Revision” means any revision to the Approved Space Plan or the Approved Construction Drawings made or requested by Tenant. As
used herein, “Required Level of Care” means the level of care that reputable architects and engineers customarily use to cause architectural and engineering plans, drawings and specifications to comply with Law where such plans,
drawings and specifications are prepared for spaces in buildings comparable in quality to the Building. Except as provided above in this Section 4, Tenant shall be responsible for ensuring that the Approved Space Plan, the Additional
Programming Information, the Architectural Drawings and the Engineering Drawings (collectively, the “Plans”) are suitable for Tenant’s use of the Premises and comply with Law, and neither the preparation of the Plans by
Landlord’s consultants nor Landlord’s approval of the Plans shall relieve Tenant from such responsibility. To the extent that either party (the “Responsible Party”) is responsible under this Section 4 for
causing the Plans to comply with Law, the Responsible Party may contest any alleged violation of Law in good faith, including by seeking a waiver or deferment of compliance, asserting any defense allowed by Law, and exercising any right of appeal
(provided that the other party incurs no liability as a result of such contest and that, after completing such contest, the Responsible Party makes any modification to the Plans or any alteration to the Premises that is necessary to comply with any
final order or judgment). 
  

	5	 COMPLETION. 

5.1 Substantial Completion. For purposes of Section 1.3.2 of this Agreement, and subject to Section 5.2
below, the Tenant Improvement Work shall be deemed to be “Substantially Complete” upon the completion of the Tenant Improvement Work pursuant to the Approved Construction Drawings (as reasonably determined by Landlord), with the
exception of any details of construction, mechanical adjustment or any other similar matter the non-completion of which does not materially interfere with Tenant’s use of the Premises. 

5.2 Tenant Cooperation; Tenant Delay. Tenant shall use reasonable efforts to cooperate with Landlord, the Architect, the
Contractor, and Landlord’s other consultants to complete all phases of the Plans, obtain the Permits and complete the Tenant Improvement Work as soon as possible, and Tenant shall meet with Landlord, in accordance with a schedule determined by
Landlord, to discuss the parties’ 

  
 Exhibit B 

4 

 progress. Without limiting the foregoing, if (i) the Tenant Improvements include the installation of
electrical connections for furniture stations to be installed by Tenant, and (ii) any electrical or other portions of such furniture stations must be installed in order for Landlord to obtain any governmental approval required for occupancy of
the Premises, then (x) Tenant, upon five (5) business days’ notice from Landlord, shall promptly install such portions of such furniture stations in accordance with Sections 7.2 and 7.3 of this Lease, and (y) during
the period of Tenant’s entry into the Premises for the purpose of performing such installation, all of Tenant’s obligations under this Agreement relating to the Premises shall apply, except for the obligation to pay Monthly Rent. In
addition, without limiting the foregoing, if the Substantial Completion of the Tenant Improvement Work is delayed (a “Tenant Delay”) as a result of (a) any failure of Tenant to approve the Architectural Drawings pursuant to
Section 2.5 above on or before Tenant’s Approval Deadline; (b) any failure of Tenant to timely approve the Engineering Drawings, pursuant to Section 3.2.2.A above, for any reason other than their failure to satisfy
the Engineering Requirements; (c) any failure of Tenant to timely approve any other matter requiring Tenant’s approval; (d) any breach by Tenant of this Work Letter or this Agreement; (e) any request by Tenant for any revision
to, or for Landlord’s approval of any revision to, any portion of the Plans that has previously been approved by both parties (except to the extent that such delay results from a breach by Landlord of its obligations under
Section 2.7 or 3.2.2.B above); (f) [Intentionally Omitted]; (g) [Intentionally Omitted]; or (h) any other act or omission of Tenant or any of its agents, employees or representatives, then, notwithstanding any contrary
provision of this Agreement, and regardless of when the Tenant Improvement Work is actually Substantially Completed, the Tenant Improvement Work shall be deemed to be Substantially Completed on the date on which the Tenant Improvement Work would
have been Substantially Completed if no such Tenant Delay had occurred. Notwithstanding the foregoing, Landlord shall not be required to tender possession of the Premises to Tenant before the Tenant Improvement Work has been Substantially Completed,
as determined without giving effect to the preceding sentence. 
 6 MISCELLANEOUS. Notwithstanding any contrary provision of this Agreement, if
Tenant defaults under this Agreement before the Tenant Improvement Work is completed, Landlord’s obligations under this Work Letter shall be excused until such default is cured and Tenant shall be responsible for any resulting delay in the
completion of the Tenant Improvement Work. This Work Letter shall not apply to any space other than the Premises. 

  
 Exhibit B 

5 

 EXHIBIT C 

SHOREBREEZE 

SHOREBREEZE I 
 REDWOOD
CITY, CALIFORNIA 
 CONFIRMATION LETTER 

                    , 20_ 

 

	To:	
                       
          

  

                       
          
  

                       
          
  

                       
          
 Re: Office Lease (the “Lease”)
dated            , 20__ , between                     , a
                     (“Landlord”), and GRAYBUG,    INC., a Delaware corporation
(“Tenant”), concerning Suite          on the              floor of the building located at
                    ,
                     California. 
 Dear
                 : 
 In accordance with the Lease,
Tenant accepts possession of the Premises and confirms the following: 
  

	 	1.	 The Commencement Date is
                                        
and the Expiration Date is                             . 

 

	 	2.	 The exact number of rentable square feet within the Premises is 5,999 square feet. 

 

	 	3.	 Tenant’s Share, based upon the exact number of rentable square feet within the Premises, is 5.2025%.

 Please acknowledge the foregoing by signing all three (3) counterparts of this letter in the space provided below
and returning two (2) fully executed counterparts to my attention. Please note that, pursuant to Section 2.1.1 of the Lease, if Tenant fails to execute and return (or, by notice to Landlord, reasonably object to) this letter within
five (5) business days after receiving it, Tenant shall be deemed to have executed and returned it without exception. 
  

					
	“Landlord”:
	
	HUDSON SHOREBREEZE, LLC, a Delaware
	limited liability company
		
	By:	 	Hudson Pacific Properties, L.P.,
		 	a Maryland limited partnership,
		 	its sole member
		
		 	By: Hudson Pacific Properties, Inc.,
		 	a Maryland corporation,
		 	its general partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 Exhibit C 

1 

 EXHIBIT D 

SHOREBREEZE 

SHOREBREEZE I 
 REDWOOD
CITY, CALIFORNIA 
 RULES AND REGULATIONS 

Tenant shall comply with the following rules and regulations (as modified or supplemented from time to time, the “Rules and
Regulations”). Landlord shall not be responsible to Tenant for the nonperformance of any of the Rules and Regulations by any other tenants or occupants of the Project. In the event of any conflict between the Rules and Regulations and the
other provisions of this Lease, the latter shall control. 
 1. Tenant shall not alter any lock or install any new or additional locks or
bolts on any doors or windows of the Premises without obtaining Landlord’s prior consent. Tenant shall bear the cost of any lock changes or repairs required by Tenant. Two (2) keys will be furnished by Landlord for the Premises, and any
additional keys required by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord. Upon the termination of this Lease, Tenant shall restore to Landlord all keys of stores, offices and toilet rooms furnished to or
otherwise procured by Tenant, and if any such keys are lost, Tenant shall pay Landlord the cost of replacing them or of changing the applicable locks if Landlord deems such changes necessary. 

2. All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises. 

3. Landlord may close and keep locked all entrance and exit doors of the Building during such hours as are customary for Comparable Buildings.
Tenant shall cause its employees, agents, contractors, invitees and licensees who use Building doors during such hours to securely close and lock them after such use. Any person entering or leaving the Building during such hours, or when the
Building doors are otherwise locked, may be required to sign the Building register (if applicable), and access to the Building may be refused unless such person has proper identification or has a previously arranged access pass. Landlord will
furnish passes to persons for whom Tenant requests them. Tenant shall be responsible for all persons for whom Tenant requests passes and shall be liable to Landlord for all acts of such persons. Landlord and its agents shall not be liable for
damages for any error with regard to the admission or exclusion of any person to or from the Building. In case of invasion, mob, riot, evacuation, public excitement or other commotion, Landlord may prevent access to the Building or the Project
during the continuance thereof by any means it deems appropriate for the safety and protection of life and property. 
 4. No furniture,
freight or equipment shall be brought into the Building without prior notice to Landlord. All moving activity into or out of the Building shall be scheduled with Landlord and done only at such time and in such manner as Landlord designates. Landlord
may prescribe the weight, size and position of all safes and other heavy property brought into the Building and also the times and manner of moving the same in and out of the Building. Safes and other heavy objects shall, if considered necessary by
Landlord, stand on supports of such thickness as is necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any such safe or property. Any damage to the Building, its contents, occupants or invitees
resulting from Tenant’s moving or maintaining any such safe or other heavy property shall be the sole responsibility and expense of Tenant (notwithstanding Sections 7 and 10.4 of this Lease). 

5. No furniture, packages, supplies, equipment or merchandise will be received in the Building or carried up or down in the elevators, except
between such hours, in such specific elevator and by such personnel as shall be designated by Landlord. 
 6. Employees of Landlord shall not
perform any work or do anything outside their regular duties unless under special instructions from Landlord. 
 7. No sign, advertisement,
notice or handbill shall be exhibited, distributed, painted or affixed by Tenant on any part of the Premises or the Building without Landlord’s prior consent. Tenant shall not disturb, solicit, peddle or canvass any occupant of the Project.

 8. The toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were
constructed, and no foreign substance shall be thrown therein. Notwithstanding Sections 7 and 10.4 of this Lease, Tenant shall bear the expense of any breakage, stoppage or damage resulting from any violation of this rule by Tenant or
any of its employees, agents, contractors, invitees or licensees. 

  
 Exhibit D 

1 

 9. Tenant shall not overload the floor of the Premises, or mark, drive nails or screws or
drill into the partitions, woodwork or drywall of the Premises, or otherwise deface the Premises, without Landlord’s prior consent. Tenant shall not purchase bottled water, ice, towel, linen, maintenance or other like services from any person
not approved by Landlord. 
 10. Except for snack and soft drink vending machines at locations within the Premises reasonably approved by
Landlord and intended for the sole use of Tenant’s employees and invitees, no vending machine shall be installed, maintained or operated in the Premises without Landlord’s prior consent. 

11. Tenant shall not, without Landlord’s prior consent, use, store, install, disturb, spill, remove, release or dispose of, within or
about the Premises or any other portion of the Project, any asbestos-containing materials, any solid, liquid or gaseous material now or subsequently considered toxic or hazardous under the provisions of 42 U.S.C. Section 9601 et seq. or any
other applicable environmental Law, or any inflammable, explosive or dangerous fluid or substance; provided, however, that Tenant may use, store and dispose of such substances in such amounts as are typically found in similar premises used for
general office purposes provided that such use, storage and disposal does not damage any part of the Premises, Building or Project and is performed in a safe manner and in accordance with all Laws. Tenant shall comply with all Laws pertaining to and
governing the use of such materials by Tenant and shall remain solely liable for the costs of abatement and removal. No burning candle or other open flame shall be ignited or kept by Tenant in or about the Premises, Building or Project. 

12. Tenant shall not, without Landlord’s prior consent, use any method of heating or air conditioning other than that supplied by
Landlord. 
 13. Tenant shall not use or keep any foul or noxious gas or substance in or on the Premises, or occupy or use the Premises in a
manner offensive or objectionable to Landlord or other occupants of the Project by reason of noise, odors or vibrations, or interfere with other occupants or those having business therein, whether by the use of any musical instrument, radio, CD
player or otherwise. Tenant shall not throw anything out of doors, windows or skylights or down passageways. 
 14. Tenant shall not bring
into or keep within the Project, the Building or the Premises any animals (other than service animals legally required to be admitted), birds, aquariums, or, except in areas designated by Landlord, bicycles or other vehicles. 

15. No cooking shall be done in the Premises, nor shall the Premises be used for lodging, for living quarters or sleeping apartments, or for
any improper, objectionable or immoral purposes. Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar
beverages for employees and invitees, provided that such use complies with all Laws. 
 16. The Premises shall not be used for manufacturing
or for the storage of merchandise except to the extent such storage may be incidental to the Permitted Use. Tenant shall not occupy the Premises as an office for a messenger-type operation or dispatch office, or for the manufacture or sale of
liquor, narcotics or tobacco, or as a medical office, a barber or manicure shop, or an employment bureau. 
 17. Landlord may exclude from
the Project any person who, in Landlord’s judgment, is intoxicated or under the influence of liquor or drugs, or who violates any of these Rules and Regulations. 

18. Tenant shall not loiter in or on the entrances, corridors, sidewalks, lobbies, courts, halls, stairways, elevators, vestibules or any
Common Areas for the purpose of smoking tobacco products or for any other purpose, nor in any way obstruct such areas, and shall use them only as a means of ingress and egress for the Premises. 

19. Tenant shall not waste electricity, water or air conditioning, shall cooperate with Landlord to ensure the most effective operation of the
Building’s heating and air conditioning system, and shall not attempt to adjust any controls. Tenant shall install and use in the Premises only ENERGY STAR rated equipment, where available. Tenant shall use recycled paper in the Premises to the
extent consistent with its business requirements. 
 20. Tenant shall store all its trash and garbage inside the Premises. No material shall
be placed in the trash or garbage receptacles if, under Law, it may not be disposed of in the ordinary and customary manner of disposing of trash and garbage in the vicinity of the Building. All trash, garbage and refuse disposal shall be made only
through entryways and elevators provided for such purposes at such times as Landlord shall designate. Tenant shall comply with Landlord’s recycling program, if any. 

  
 Exhibit D 

2 

 21. Tenant shall comply with all safety, fire protection and evacuation procedures and
regulations established by Landlord or any governmental agency. Tenant shall not, without Landlord’s prior written consent (which consent may be granted or withheld in Landlord’s sole and absolute discretion), allow any employee,
contractor or agent to carry any type of gun or other firearm in or about the Premises, the Building or the Project. 
 22. Any persons
employed by Tenant to do janitorial work (a) shall be subject to Landlord’s prior consent; (b) shall not, in Landlord’s reasonable judgment, disturb labor harmony with any workforce or trades engaged in performing other work or
services at the Project; and (c) while in the Building and outside of the Premises, shall be subject to the control and direction of the Building manager (but not as an agent or employee of such manager or Landlord), and Tenant shall be responsible
for all acts of such persons. 
 23. No awning or other projection shall be attached to the outside walls of the Building. Other than
Landlord’s Building-standard window coverings, no curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises. All electrical ceiling fixtures hung in the Premises or
spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and a warm white bulb color approved in advance by Landlord. Neither the interior nor exterior of any windows shall be coated or otherwise sunscreened.
Tenant shall abide by Landlord’s regulations concerning the opening and closing of window coverings. 
 24. Tenant shall not obstruct
any sashes, sash doors, skylights, windows or doors that reflect or admit light or air into the halls, passageways or other public places in the Building, nor shall Tenant place any bottles, parcels or other articles on the windowsills. 

25. Tenant must comply with requests by Landlord concerning the informing of their employees of items of importance to the Landlord. 

26. Tenant must comply with the State of California “No-Smoking” law set forth in California
Labor Code Section 6404.5 (as may be amended or replaced) and with any local “No-Smoking” ordinance that is not superseded by such law. 

27. Tenant shall cooperate in any safety or security program reasonably developed by Landlord or required by Law. 

28. All office equipment of an electrical or mechanical nature shall be placed by Tenant in the Premises in settings approved by Landlord, to
absorb or prevent any vibration, noise or annoyance. 
 29. Tenant shall not use any hand trucks except those equipped with rubber tires and
rubber side guards. 
 30. No auction, liquidation, fire sale, going-out-of-business or bankruptcy sale shall be conducted in the Premises without Landlord’s prior consent. 

31. Without Landlord’s prior consent, Tenant shall not use the name of the Project or Building or use pictures or illustrations of the
Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises. 

32. Fitness Center Rules. Tenant shall cause its employees (whether members or prospective members of the Fitness Center) to comply with the
following Fitness Center rules and regulations (subject to change from time to time as Landlord may solely determine): 
  

	 	A.	 Membership in the Fitness Center is open to the tenants of Shorebreeze I and Shorebreeze II. No guests will be
permitted to use the Fitness Center without the prior written approval of Landlord or Landlord’s representative. 

  

	 	B.	 Fitness Center users are not allowed to be in the Fitness Center other than the hours designated by Landlord
from time to time. Landlord shall have the right to alter the hours of use of the Fitness Center, at Landlord’s sole discretion. 

  

	 	C.	 All Fitness Center users must execute Landlord’s Waiver of Liability prior to use of the Fitness Center
and agree to all terms and conditions outlined therein. 

  

	 	D.	 Individual membership and guest keycards to the Fitness Center shall not be shared and shall only be used by
the individual to whom such keycard was issued. Failure to abide by this rule may result in immediate termination of such Fitness Center user’s right to use the Fitness Center. 

  
 Exhibit D 

3 

	 	E.	 All Fitness Center users and approved guests must have a pre-authorized
keycard to enter the Fitness Center. A pre-authorized keycard shall not be issued to a prospective Fitness Center user until receipt by Landlord of Landlord’s initial fee, if any, for use of the Fitness
Center by such Fitness Center user(s). 

  

	 	F.	 Use of the Fitness Center is a privilege and not a right. Failure to follow gym rules or to act inappropriately
while using the facilities shall result in termination of Tenant’s Fitness Center privileges. 

 Landlord may from
time to time modify or supplement these Rules and Regulations in a manner that, in Landlord’s reasonable judgment, is appropriate for the management, safety, care and cleanliness of the Premises, the Building, the Common Areas and the Project,
for the preservation of good order therein, and for the convenience of other occupants and tenants thereof, provided that no such modification or supplement shall materially reduce Tenant’s rights or materially increase Tenant’s
obligations hereunder. Landlord may waive any of these Rules and Regulations for the benefit of any tenant, but no such waiver shall be construed as a waiver of such Rule and Regulation in favor of any other tenant nor prevent Landlord from
thereafter enforcing such Rule and Regulation against any tenant. Notwithstanding the foregoing, no rule that is added to the initial Rules and Regulations shall be enforced against Tenant in a manner that unreasonably discriminates in favor of any
other similarly situated tenant. 

  
 Exhibit D 

4 

 EXHIBIT E 

SHOREBREEZE 

SHOREBREEZE I 
 REDWOOD
CITY, CALIFORNIA 
 JUDICIAL REFERENCE 

IF THE JURY-WAIVER PROVISIONS OF SECTION 25.8 OF THIS LEASE ARE NOT ENFORCEABLE UNDER CALIFORNIA LAW, THE PROVISIONS SET FORTH BELOW
SHALL APPLY. 
 (a) It is the desire and intention of the parties to agree upon a mechanism and procedure under which controversies and
disputes arising out of this Lease or related to the Premises will be resolved in a prompt and expeditious manner. Accordingly, subject to the exclusions set forth in (b) below, any and every action, proceeding or cross-claim brought by either
party hereto against the other (and/or against its officers, directors, employees, agents or subsidiaries or affiliated entities) on any matters arising out of or in any way connected with this Lease, Tenant’s use or occupancy of the Premises
and/or any claim of injury or damage, whether sounding in contract, tort, or otherwise, shall be heard and resolved by a referee under the provisions of the California Code of Civil Procedure, Sections 638 — 645.1, inclusive (as same may be
amended, or any successor statute(s) thereto) (the “Referee Sections”). 
 (b) Excluded from the requirement of judicial reference
set forth above are (i) actions to seek emergency injunctive relief, preliminary injunctive relief, unlawful or forcible detainer, or a prejudgment writ of attachment and (ii) any dispute for which an alternative dispute resolution
procedure is otherwise expressly provided in the Lease (including any exhibits thereto). The actions described in (i) above may be brought in the trial court in the county in which the Premises are located; provided, however, that as soon as
practicable after the trial court rules on one or more of the above issues, the parties shall refer the lawsuit, and any remaining issues, controversies, or disputes to a referee, as provided in this section and the Referee Sections. 

(c) Any fee to initiate the judicial reference proceedings and all fees charged and costs incurred by the referee shall be paid by the party
initiating such procedure (except that if a reporter is requested by either party, then a reporter shall be present at all proceedings where requested and the fees of such reporter – except for copies ordered by the other parties – shall
be borne by the party requesting the reporter); provided however, that allocation of the costs and fees, including any initiation fee, of such proceeding shall be ultimately determined in accordance with Section 25.6 of this Lease. 

(d) The exclusive venue of the proceedings shall be in the county in which the Premises are located. 

(e) Within 10 days of receipt by any party of a request to resolve any dispute or controversy pursuant to this Exhibit E, the
parties shall agree upon a single referee who shall try all issues, whether of fact or law, and report a finding and judgment on such issues as required by the Referee Sections. If the parties are unable to agree upon a referee within such 10-day period, then any party may thereafter file a lawsuit in the county in which the Premises are located for the purpose of appointment of a referee under the Referee Sections. If the referee is appointed by the
court, the referee shall be a neutral and impartial retired judge with substantial experience in the relevant matters to be determined, from the panels offered by JAMS or ADR Services, Inc. The proposed referee may be challenged by any party for any
of the grounds listed in the Referee Sections. The referee shall have the power to decide all issues of fact and law and report his or her decision on such issues, and to issue all recognized remedies available at law or in equity for any cause of
action that is before the referee, including an award of attorneys’ fees and costs in accordance with this Lease. The referee shall not, however, have the power to award punitive damages, nor shall the referee have the power to award any other
damages that are not permitted by the express provisions of this Lease, and the parties waive any right to recover such damages. 
 (f) The
parties may conduct all discovery as provided in the California Code of Civil Procedure, and the referee shall oversee discovery and may enforce all discovery orders in the same manner as any trial court judge, with rights to regulate discovery and
to issue and enforce subpoenas, protective orders and other limitations on discovery available under California Law. 
 (g) The reference
proceeding shall be conducted in accordance with California Law (including the rules of evidence), and in all regards, the referee shall follow California Law applicable at the time of the reference proceeding. The parties shall promptly and
diligently cooperate with one another and the referee, and shall perform such acts as may be necessary to obtain a prompt and expeditious resolution of the dispute or controversy in accordance with the terms of this Exhibit E. In this
regard, the parties agree 

  
 Exhibit E 

1 

 that the parties and the referee shall use best efforts to ensure that (a) discovery, including all
expert discovery (but excluding motions regarding discovery) be concluded within six (6) months of the date of the appointment of the referee, and (b) a trial date be set so that the trial proceeding is held no more than nine
(9) months after the date of the appointment of the referee. 
 (h) In accordance with Section 644 of the California Code of Civil
Procedure, the decision of the referee upon the whole issue must stand as the decision of the court, and upon the filing of the statement of decision with the clerk of the court, or with the judge if there is no clerk, judgment may be entered
thereon in the same manner as if the action had been tried by the court. Any decision of the referee and/or judgment or other order entered thereon shall be appealable to the same extent and in the same manner that such decision, judgment, or order
would be appealable if rendered by a judge of the superior court in which venue is proper hereunder. The referee shall in his/her statement of decision set forth his/her findings of fact and conclusions of law. The parties intend this general
reference agreement to be specifically enforceable in accordance with the Code of Civil Procedure. Nothing in this Exhibit E shall prejudice the right of any party to obtain provisional relief or other equitable remedies from a court
of competent jurisdiction as shall otherwise be available under the Code of Civil Procedure and/or applicable court rules. 

  
 Exhibit E 

2 

 EXHIBIT F 

SHOREBREEZE 

SHOREBREEZE I 
 REDWOOD
CITY, CALIFORNIA 
 ADDITIONAL PROVISIONS 
  

	1.	 California Civil Code Section 1938. Pursuant to California Civil Code § 1938, Landlord
hereby states that the Premises have not undergone inspection by a Certified Access Specialist (CASp) (defined in California Civil Code § 55.52). 

  

	2.	 Extension Option. 

 

	 	2.1.	 Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to
extend the Term for one (1) additional period of three (3) years beginning on the day immediately following the expiration date of the Lease and ending on the third anniversary of such expiration date (the “Extension
Term”), if: 

  

	 	(a)	 not less than 9 and not more than 12 full calendar months before the expiration date of the Lease, Tenant
delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 2.5 below) rate for the Extension
Term; 

  

	 	(b)	 no Default exists when Tenant delivers the Extension Notice; 

 

	 	(c)	 no part of the Premises is sublet when Tenant delivers the Extension Notice; and 

 

	 	(d)	 the Lease has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the
Extension Notice. 

  

	 	2.2.	 Terms Applicable to Extension Term. 

 

	 	A.	 During the Extension Term, (a) the Base Rent rate per rentable square foot shall be equal to the
Prevailing Market rate per rentable square foot; (b) Base Rent shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate; and (c) Base Rent shall be payable in monthly installments
in accordance with the terms and conditions of the Lease. 

  

	 	B.	 During the Extension Term Tenant shall pay Tenant’s Share of Expenses and Taxes for the Premises in
accordance with the Lease; provided, however, that the Base Year with respect to the Extension Term shall be the calendar year 2019. 

  

	 	2.3.	 Procedure for Determining Prevailing Market. 

 

	 	A.	 Initial Procedure. Within 30 days after receiving the Extension Notice, Landlord shall give Tenant
either (i) written notice (“Landlord’s Binding Notice”) accepting Tenant’s estimate of the Prevailing Market rate for the Extension Term stated in the Extension Notice, or (ii) written notice
(“Landlord’s Rejection Notice”) rejecting such estimate and stating Landlord’s estimate of the Prevailing Market rate for the Extension Term. If Landlord gives Tenant a Landlord’s Rejection Notice, Tenant, within 15
days thereafter, shall give Landlord either (i) written notice (“Tenant’s Binding Notice”) accepting Landlord’s estimate of the Prevailing Market rate for the Extension Term stated in such Landlord’s Rejection
Notice, or (ii) written notice (“Tenant’s Rejection Notice”) rejecting such estimate. If Tenant gives Landlord a Tenant’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing
upon the Prevailing Market rate for the Extension Term. If, within 30 days after delivery of a Tenant’s Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, the provisions of Section 2.3.B below shall
apply. 

  
 Exhibit F 

1 

	 	B.	 Dispute Resolution Procedure. 

 

	 	1.	 If, within 30 days after delivery of a Tenant’s Rejection Notice, the parties fail to agree in writing
upon the Prevailing Market rate, Landlord and Tenant, within five (5) days thereafter, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the Extension Term
(collectively, the “Estimates”). Within seven (7) days after the exchange of Estimates, Landlord and Tenant shall each select a broker or agent (an “Agent”) to determine which of the two Estimates most closely
reflects the Prevailing Market rate for the Extension Term. Each Agent so selected shall be licensed as a real estate broker or agent and in good standing with the California Department of Real Estate, and shall have had at least five
(5) years’ experience within the previous 10 years as a commercial real estate broker or agent working in Redwood City, California, with working knowledge of current rental rates and leasing practices relating to buildings similar to the
Building. 

  

	 	2.	 If each party selects an Agent in accordance with Section 2.3.B.1 above, the parties shall cause
their respective Agents to work together in good faith to agree upon which of the two Estimates most closely reflects the Prevailing Market rate for the Extension Term. The Estimate, if any, so agreed upon by such Agents shall be final and binding
on both parties as the Prevailing Market rate for the Extension Term and may be entered in a court of competent jurisdiction. If the Agents fail to reach such agreement within 20 days after their selection, then, within 10 days after the expiration
of such 20-day period, the parties shall instruct the Agents to select a third Agent meeting the above criteria (and if the Agents fail to agree upon such third Agent within 10 days after being so instructed,
either party may cause a court of competent jurisdiction to select such third Agent). Promptly upon selection of such third Agent, the parties shall instruct such Agent (or, if only one of the parties has selected an Agent within the 7-day period described above, then promptly after the expiration of such 7-day period the parties shall instruct such Agent) to determine, as soon as practicable but in any
case within 14 days after his selection, which of the two Estimates most closely reflects the Prevailing Market rate. Such determination by such Agent (the “Final Agent”) shall be final and binding on both parties as the Prevailing
Market rate for the Extension Term and may be entered in a court of competent jurisdiction. If the Final Agent believes that expert advice would materially assist him, he may retain one or more qualified persons to provide such expert advice. The
parties shall share equally in the costs of the Final Agent and of any experts retained by the Final Agent. Any fees of any other broker, agent, counsel or expert engaged by Landlord or Tenant shall be borne by the party retaining such broker,
agent, counsel or expert. 

  

	 	C.	 Adjustment. If the Prevailing Market rate has not been determined by the commencement date of the
Extension Term, Tenant shall pay Base Rent for the Extension Term upon the terms and conditions in effect during the last month ending on or before the expiration date of the Lease until such time as the Prevailing Market rate has been determined.
Upon such determination, the Base Rent for the Extension Term shall be retroactively adjusted. If such adjustment results in an under- or overpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment, or receive a
credit in the amount of such overpayment, with or against the next Base Rent due under the Lease. 

  

	 	2.4.	 Extension Amendment. If Tenant is entitled to and properly exercises its Extension Option, and if the
Prevailing Market rate for the Extension Term is determined in accordance with Section 2.3 above, Landlord, within a reasonable time thereafter, shall prepare and deliver to Tenant an amendment (the “Extension
Amendment”) reflecting changes in the Base Rent, the Term, the expiration date of the Lease, and other appropriate terms in accordance with this Section 2, and Tenant shall execute and return (or provide Landlord with reasonable
objections to) the Extension Amendment within 15 days after receiving it. Notwithstanding the foregoing, upon determination of the Prevailing Market rate for the Extension Term in accordance with Section 2.3 above, an otherwise valid
exercise of the Extension Option shall be fully effective whether or not the Extension Amendment is executed. 

  
 Exhibit F 

2 

	 	2.5.	 Definition of Prevailing Market. For purposes of this Extension Option, “Prevailing
Market” shall mean the arms-length, fair-market, annual rental rate per rentable square foot under extension and renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder
for space comparable to the Premises in the Building and office buildings comparable to the Building in the Redwood City, California area. The determination of Prevailing Market shall take into account (i) any material economic differences
between the terms of the Lease and any comparison lease or amendment, such as rent abatements, construction costs and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and
taxes; (ii) any material differences in configuration or condition between the Premises and any comparison space, including any cost that would have to be incurred in order to make the configuration or condition of the comparison space similar
to that of the Premises; and (iii) any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under the Lease.

  

	 	2.6.	 Intentionally omitted. 

  
 Exhibit F 

3 

 FIRST AMENDMENT 

THIS FIRST AMENDMENT (this “Amendment”) is made and entered into as of April 1st , 2019, by and between HUDSON SHOREBREEZE, LLC, a Delaware limited liability company (“Landlord”), and GRAYBUG VISION, INC., a Delaware corporation (“Tenant”). 

RECITALS 
  

	A.	 Landlord and Tenant (formerly known as GrayBug, Inc., a Delaware corporation) are parties to that certain
Office Lease dated May 17, 2016, as previously confirmed by that certain Confirmation Letter dated June 23, 2016 (as amended, the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing
approximately 5,999 rentable square feet (the “Premises”) described as Suite 450 on the fourth floor of the building commonly known as Shorebreeze I located at 275 Shoreline Drive, Redwood City, California (the
“Building”). 

  

	B.	 The Lease will expire by its terms on June 30, 2019 (the “Existing Expiration Date”), and
the parties wish to extend the term of the Lease on the following terms and conditions. 

 NOW, THEREFORE, in
consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and
Tenant agree as follows: 
  

	1.	 Extension. The term of the Lease is hereby extended through August 31, 2021 (the
“Extended Expiration Date”). The portion of the term of the Lease beginning on the date immediately following the Existing Expiration Date (the “Extension Date”) and ending on the Extended Expiration Date shall be
referred to herein as the “Extended Term”. 

  

	2.	 Base Rent. During the Extended Term, the schedule of Base Rent shall be as follows:

  

									
	 Period of Extended Term
	  	Annual Rate Per Square Foot
(rounded to the
nearest 100th of a
dollar)	 	  	Monthly
Base Rent	 
	 7/1/19 - 6/30/20
	  	$	64.20	 	  	$	32,094.65	 
	 7/1/20 - 6/30/21
	  	$	66.13	 	  	$	33,057.49	 
	 7/1/21 - 8/31/21
	  	$	68.11	 	  	$	34,049.21	 

 All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended. 

Notwithstanding the foregoing, Base Rent shall be abated, in the amount of $32,094.65 per month, for the calendar months of January 2020 and
February 2020; provided, however, that if a Default exists when any such abatement would otherwise apply, such abatement shall be deferred until the date, if any, on which such Default is cured. 

 

	3.	 Additional Security Deposit. No additional Security Deposit shall be required in connection with
this Amendment. 

  

	4.	 Expenses and Taxes. During the Extended Term, Tenant shall pay for Tenant’s Share of
Expenses and Taxes in accordance with the terms of the Lease; provided, however, that during the Extended Term, the Base Year for Expenses and Taxes shall be 2019. 

 

	5.	 Improvements to Premises. 

 

	 	5.1.	 Configuration and Condition of Premises. Tenant acknowledges that it is in possession of the Premises
and agrees to accept them “as is” without any representation by Landlord regarding their configuration or condition and without any obligation on the part of Landlord to perform or pay for any alteration or improvement, except as may be
otherwise expressly provided in this Amendment. 

  

	 	5.2.	 Responsibility for Improvements to Premises. Landlord shall perform improvements to the Premises in
accordance with the Extension Work Letter attached hereto as Exhibit A. 

  

	6.	 Other Pertinent Provisions. Landlord and Tenant agree that, effective as of the date of this
Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects: 

  
 1 

	 	6.1.	 Energy Usage. The ninth sentence of Section 25.12 of the Lease is hereby deleted in its entirety
and is replaced with the following: 

 “If Tenant (or any party claiming by, through or under Tenant) pays directly to
the provider for any energy consumed at the Project, Tenant, promptly upon request, shall deliver to Landlord (or, at Landlord’s option, execute and deliver to Landlord an instrument enabling Landlord to obtain from such provider) any data
about such consumption that Landlord, in its reasonable judgment, is required for benchmarking purposes or to disclose to a prospective buyer, tenant or mortgage lender under any applicable law.” 

 

	 	6.2.	 California Civil Code Section 1938. Section 1 of Exhibit F to the Lease is hereby deleted in
its entirety and is replaced with the following: 

 “California Civil Code Section 1938. Pursuant to
California Civil Code § 1938, Landlord hereby states that the Premises have not undergone inspection by a Certified Access Specialist (CASp) (defined in California Civil Code § 55.52). 

Accordingly, pursuant to California Civil Code § 1938(e), Landlord hereby further states as follows: “A Certified Access Specialist
(CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject
premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant.
The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related
accessibility standards within the premises”. 
 In accordance with the foregoing, Landlord and Tenant agree that if Tenant requests a
CASp inspection of the Premises, then Tenant shall pay (i) the fee for such inspection, and (ii) except as may be otherwise expressly provided in this Amendment, the cost of making any repairs necessary to correct violations of
construction-related accessibility standards within the Premises.” 
  

	 	6.3.	 Deletion. Section 2 (entitled “Extension Option”) of Exhibit F to the Lease is of no
further force and effect. 

  

	7.	 Second Extension Option. 

 

	 	7.1.	 Grant of Option; Conditions. Tenant shall have the right (the “Second Extension
Option”) to extend the Extended Term for one (1) additional period of three (3) years beginning on the day immediately following the Extended Expiration Date and ending on the third anniversary of such date (the “Second
Extension Term”), if: 

  

	 	(a)	 not less than 9 and not more than 12 full calendar months before the Extended Expiration Date, Tenant delivers
written notice to Landlord (for purposes of this Section 7, the “Extension Notice”) electing to exercise the Second Extension Option; 

 

	 	(b)	 no Default exists when Tenant delivers the Extension Notice; 

 

	 	(c)	 no part of the Premises is sublet when Tenant delivers the Extension Notice; and 

 

	 	(d)	 the Lease, as amended, has not been assigned before Tenant delivers the Extension Notice.

  

	 	7.2.	 Terms Applicable to Second Extension Term. 

 

	 	A.	 During the Second Extension Term, (a) the Base Rent rate per rentable square foot shall be equal to the
Prevailing Market rate per rentable square foot; (b) Base Rent shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate; and (c) Base Rent shall be payable in monthly installments
in accordance with the terms and conditions of the Lease, as amended. 

  
 2 

	 	B.	 During the Second Extension Term Tenant shall pay Tenant’s Share of Expenses and Taxes for the Premises in
accordance with the Lease, as amended. 

  

	 	7.3.	 Procedure for Determining Prevailing Market. Within 30 days after receiving the Extension Notice,
Landlord shall give Tenant written notice of Landlord’s estimate of the Prevailing Market rate for the Second Extension Term (for purposes of this Section 7, “Landlord’s Estimate”). Within 30 days of receiving
Landlord’s Estimate, Tenant shall give Landlord either (i) written notice (for purposes of this Section 7, “Tenant’s Binding Notice”) accepting Landlord’s Estimate, or (ii) written notice (for
purposes of this Section 7, “Tenant’s Rejection Notice”) rejecting such estimate and stating Tenant’s estimate of the Prevailing Market rate for the Second Extension Term. If Tenant gives Landlord a
Tenant’s Rejection Notice, Landlord, within 15 days thereafter, shall give Tenant either (i) written notice (for purposes of this Section 7, “Landlord’s Binding Notice”) accepting Tenant’s estimate of the
Prevailing Market rate for the Second Extension Term stated in Tenant’s Rejection Notice, or (ii) written notice (for purposes of this Section 7, “Landlord’s Rejection Notice”) rejecting such estimate. If
Landlord gives Tenant a Landlord’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Second Extension Term. If, within 30 days after delivery of a Landlord’s
Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Tenant’s Second Extension Option shall be of no further force or effect. 

 

	 	7.4.	 Extension Amendment. If Tenant is entitled to and properly exercises its Second Extension Option, and if
the Prevailing Market rate for the Second Extension Term is determined in accordance with Section 7.3 above, Landlord, within a reasonable time thereafter, shall prepare and deliver to Tenant an amendment (for purposes of this
Section 7, the “Extension Amendment”) reflecting changes in the Base Rent, the term of the Lease, the expiration date of the Lease, and other appropriate terms in accordance with this Section 7, and Tenant
shall execute and return (or provide Landlord with reasonable objections to) the Extension Amendment within 15 days after receiving it. Notwithstanding the foregoing, upon determination of the Prevailing Market rate for the Second Extension Term in
accordance with Section 7.3 above, an otherwise valid exercise of the Second Extension Option shall be fully effective whether or not the Extension Amendment is executed. 

 

	 	7.5.	 Definition of Prevailing Market. For purposes of this Second Extension Option, “Prevailing
Market” shall mean the arms-length, fair-market, annual rental rate per rentable square foot under extension and renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder
for space comparable to the Premises in the Building and office buildings comparable to the Building in the Redwood City, California area. The determination of Prevailing Market shall take into account (i) any material economic differences
between the terms of the Lease, as amended, and any comparison lease or amendment, such as rent abatements, construction costs and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating
expenses and taxes; (ii) any material differences in configuration or condition between the Premises and any comparison space, including any cost that would have to be incurred in order to make the configuration or condition of the comparison
space similar to that of the Premises; and (iii) any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under
the Lease, as amended. 

  

	8.	 Miscellaneous. 

 

	 	8.1.	 This Amendment and the attached exhibits, which are hereby incorporated into and made a part of this Amendment,
set forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. Tenant shall not be entitled, in connection with entering into this
Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided in this Amendment.

  

	 	8.2.	 Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged
and in full force and effect. 

  

	 	8.3.	 In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this
Amendment shall govern and control. 

  
 3 

	 	8.4.	 Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a
solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered it to Tenant. 

  

	 	8.5.	 Capitalized terms used but not defined in this Amendment shall have the meanings given in the Lease.

  

	 	8.6.	 Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers,
directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless from all claims of any brokers (other than CBRE, Inc., for purposes hereof “Tenant’s Broker”), claiming to
have represented Tenant in connection with this Amendment. Landlord shall indemnify and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of
any such agents harmless from all claims of any brokers claiming to have represented Landlord in connection with this Amendment. Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection
with this Amendment has been made as an accommodation to Tenant solely in furtherance of consummating the transaction on behalf of Landlord, and not as agent for Tenant. Landlord shall pay a brokerage commission to Tenant’s Broker subject to
the terms of a separate written agreement to be entered into between Landlord and Tenant’s Broker. 

 IN WITNESS
WHEREOF, Landlord and Tenant have duly executed this Amendment as of the day and year first above written. 
  

							
	LANDLORD:	 	
	
	HUDSON SHOREBREEZE, LLC, a Delaware limited liability company
		
	By:	 	Hudson Pacific Properties, L.P.,
		 	a Maryland limited partnership,
		 	its sole member
			
		 	By:	 	Hudson Pacific Properties, Inc.,
		 		 	a Maryland corporation,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Kenneth Young

		 		 	Name:	 	Kenneth Young
		 		 	Title:	 	Vice President - Leasing

  

					
	TENANT:	 	
	
	GRAYBUG VISION, INC., a Delaware corporation
			
	By:	 	 /s/ Pamela Wapnick
	 	
	Name:	 	Pamela Wapnick
	Title:	 	Chief Financial Officer

  
 4 

 EXHIBIT A 

EXTENSION WORK LETTER 

As used in this Exhibit A (this “Extension Work Letter”), the following terms shall have the following
meanings: 
  

	 	(i)	 For purposes of this Exhibit A, “Tenant Improvements” means all improvements to
be constructed in the Premises pursuant to this Extension Work Letter; 

  

	 	(ii)	 For purposes of this Exhibit A, “Tenant Improvement Work” means the construction
of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements; and 

  

	 	(iii)	 “Agreement” means the amendment of which this Extension Work Letter is a part.

 1 COST OF TENANT IMPROVEMENT WORK. Except as provided in Section 2.7 below, the Tenant Improvement
Work shall be performed at Landlord’s expense. 
 2 WORK LIST. 

2.1 Work List. Landlord shall perform improvements to the Premises in accordance with the following work list (for purposes of
this Exhibit A, the “Work List”) using Building-standard methods, materials and finishes. 
 WORK LIST

 ITEM 
  

	 	1.	 Professionally clean carpets in the interior of the Premises. 

 

	 	2.2	 [Intentionally Omitted] 

 

	 	2.3	 [Intentionally Omitted] 

 

	 	2.4	 [Intentionally Omitted] 

 

	 	2.5	 [Intentionally Omitted] 

 

	 	2.6	 [Intentionally Omitted] 

2.7 Revisions to Work List. The Work List shall not be revised without Landlord’s agreement, which agreement may be withheld
or conditioned in Landlord’s sole and absolute discretion. If Tenant requests any revision to the Work List, Landlord shall provide Tenant with notice approving or disapproving such revision, and, if Landlord approves such revision, Landlord
shall have such revision made and delivered to Tenant, together with notice of any resulting change in the cost of the Tenant Improvement Work, within 10 business days after the later of Landlord’s receipt of such request or the mutual
execution and delivery of this Agreement if such revision is not material, and within such longer period of time as may be reasonably necessary (but not more than 15 business days after the later of such receipt or such execution and delivery) if
such revision is material, whereupon Tenant, within one (1) business day, shall notify Landlord whether it desires to proceed with such revision. If Landlord has begun performing the Tenant Improvement Work, then, in the absence of such
authorization, Landlord shall have the option to continue such performance disregarding such revision. Landlord shall not revise the Work List without Tenant’s consent, which shall not be unreasonably withheld or conditioned. Tenant shall
approve, or reasonably disapprove (and state, with reasonable specificity, its reasons for disapproving), any revision to the Work List within two (2) business days after receiving Landlord’s request for approval thereof. Any change order
affecting the Work List shall be deemed a revision to the Work List. Tenant shall reimburse Landlord, immediately upon demand, for any increase in the total cost associated with the Tenant Improvement Work that results from any revision to the Work
List requested by Tenant, including the cost of preparing such revision. 
  

	 	2.8	 [Intentionally Omitted] 

  
 1 

 3 CONSTRUCTION. 

3.1 Contractor. Landlord shall retain a contractor of its choice (for purposes of this Exhibit A, the
“Contractor”) to perform the Tenant Improvement Work. In addition, Landlord may select and/or approve of any subcontractors, mechanics and materialmen used in connection with the performance of the Tenant Improvement Work. 

3.2 [Intentionally Omitted] 
 3.3
Permits. Landlord shall cause the Contractor to apply to the appropriate municipal authorities for, and obtain from such authorities, all permits necessary for the Contractor to complete the Tenant Improvement Work (for purposes of
this Exhibit A, the “Permits”). 
 3.4 Construction 

3.4.1 Performance of Tenant Improvement Work. Landlord shall cause the Contractor to perform the Tenant Improvement Work in accordance
with the Work List. 
 3.4.2 Contractor’s Warranties. Tenant waives all claims against Landlord relating to any defects in the
Tenant Improvements; provided, however, that if, within 30 days after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any non-latent defect in the Tenant
Improvements, or if, within 11 months after substantial completion of the Tenant Improvement Work, Tenant provides notice to Landlord of any latent defect in the Tenant Improvements, then Landlord shall promptly cause such defect to be corrected.

 4 COMPLIANCE WITH LAW; SUITABILITY FOR TENANT’S USE. Landlord shall cause the Work List to comply with law. Except as provided in the
preceding sentence, Tenant shall be responsible for ensuring that the Work List is suitable for Tenant’s use of the Premises, and neither the preparation nor the approval of the Work List by Landlord or its consultants shall relieve Tenant from
such responsibility. Landlord may contest any alleged violation of law in good faith, including by seeking a waiver or deferment of compliance, asserting any defense allowed by law, and exercising any right of appeal (provided that, after completing
such contest, Landlord makes any modification to the Work List or any alteration to the Premises that is necessary to comply with any final order or judgment). 

5 COMPLETION. Tenant acknowledges and agrees that the Tenant Improvement Work may be performed during Building HVAC    Hours before
or after the Extension Date. Landlord and Tenant shall cooperate with each other in order to enable the Tenant Improvement Work to be performed in a timely manner and with as little inconvenience to the operation of Tenant’s business as is
reasonably possible. Notwithstanding any contrary provision of this Agreement, any delay in the completion of the Tenant Improvement Work or inconvenience suffered by Tenant during the performance of the Tenant Improvement Work shall not delay the
Extension Date, nor shall it subject Landlord to any liability for any loss or damage resulting therefrom or entitle Tenant to any credit, abatement or adjustment of rent or other sums payable under the Lease. 

6 MISCELLANEOUS. Notwithstanding any contrary provision of this Agreement, if Tenant Defaults under this Agreement before the Tenant Improvement Work
is completed, Landlord’s obligations under this Extension Work Letter shall be excused until such Default is cured and Tenant shall be responsible for any resulting delay in the completion of the Tenant Improvement Work. This Extension Work
Letter shall not apply to any space other than the Premises. 

  
 2

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