Document:

EX-10.11

 Exhibit 10.11 

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

EXCLUSIVE LICENSE AGREEMENT 

This Agreement, effective as of June 23, 2017 (the “Effective Date”), is between the University of Massachusetts
(“University”), a not-for-profit, public institution of higher education of the Commonwealth of Massachusetts, established by Chapter 75 of the Massachusetts
General Laws, as represented by and solely on behalf of its Medical School (Worcester campus), and Torus Therapeutics, Inc. (“Company”), a Delaware corporation. 

RECITALS 
 WHEREAS,
University owns the intellectual property described in University’s docket UNIVERSITY [**] entitled, “[**]” and associated patent applications, as further described in Exhibit A; 

WHEREAS, Company is engaged in business relating to the development and commercialization of products that use or incorporate
University’s intellectual property rights and has the capability of developing commercial applications of the intellectual property; 

WHEREAS, Company desires to obtain an exclusive license to University’s intellectual property rights, and University is willing to grant
an exclusive license to its intellectual property rights under the following conditions so that these intellectual property rights may be developed to their fullest and the benefits enjoyed by the general public; and 

WHEREAS, the license that is granted in this Agreement promotes the development of publicly funded intellectual property to practical
application for the public good. 
 THEREFORE, University and Company agree as follows: 

1. Definitions. 
 1.1
“Affiliate” means an entity that controls, is controlled by, or is under common control with a party to this Agreement. The term “control” as used in the preceding sentence means possession of the power to direct or call
for the direction of the management and policies of an entity, whether through ownership of a majority of the outstanding voting securities, by contract, or otherwise. 

1.2 “Biological Materials” means tangible biological materials that are necessary for the effective exercise of the Patent
Rights, which materials are described on Exhibit B, as well as tangible materials that are produced by or on behalf of Company, its Affiliates or Sublicensees through use of the original materials, including, for example, any progeny derived from a
cell line, monoclonal antibodies produced by hybridoma cells, DNA or RNA replicated from isolated DNA or RNA, recombinant proteins produced through use of isolated DNA or RNA, and substances purified from a source material included in the original
materials (such as, recombinant proteins isolated from a cell extract or supernatant by non-proprietary affinity purification methods). 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 1 of 19

 1.3. “Confidential Information” means any confidential or proprietary
information furnished by one party (the “Disclosing Party”) to the other party (the “Receiving Party”) in connection with this Agreement that is specifically designated as confidential, as further described in Article 7. 

1.4. “Field” means the treatment, prevention or palliation of any human disease, disorder or condition. 

1.5. “Licensed Product” means any product, the manufacture, use, offer for sale, sale or importation of which would, in the
absence of a license hereunder, infringe a Valid Claim within the Patent Rights. 
 1.6 “Licensed Processes” means any
method or process of manufacture, the use or performance of which would infringe a Valid Claim within the Patent Rights. 
 1.7.
“Net Sales” means the gross amount billed or invoiced on sales of Licensed Products by Company, its Affiliates and Sublicensees, less the following: (a) customary trade, quantity, or cash discounts to non-affiliated customers, brokers or agents to the extent actually allowed and taken; (b) price reductions, rebates and chargeback payments granted to managed health care organizations, pharmacy benefit
managers (or equivalents thereof), national, state/provincial, local and other governments, their agencies and purchasers and reimbursers, and to trade customers (including Medicare, Medicaid, managed care and similar types of rebates and
chargebacks); (c) amounts repaid or credited by reason of rejection or return; (d) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied on the production, sale,
transportation, delivery, or use of a Licensed Product which is paid by or on behalf of Company, its Affiliates and Sublicensees; and (e) outbound transportation costs prepaid or allowed and costs of insurance in transit. 

In any transfers of Licensed Products between any of Company and Affiliates and Sublicensees, Net Sales are calculated based on the final sale
of the Licensed Product to an independent third party. If Company or an Affiliate or Sublicensee receives non-monetary consideration for any Licensed Products, Net Sales are calculated based on the fair market
value of that consideration. If Company or its Affiliates or Sublicensees uses or disposes of a Licensed Product in the provision of a commercial service, the Licensed Product is sold and the Net Sales are calculated based on the sales
price of the Licensed Product to an independent third party during the same Royalty Period or, in the absence of sales, on the fair market value of the Licensed Product as determined by the parties in good faith. 

1.8. “Patent Rights” means the United States patent applications listed in Exhibit A, patent applications covering invention
disclosures listed in Exhibit A, if any, and any patent applications validly claiming priority to the patent applications listed in Exhibit A (including any divisional, continuation, or
continuation-in-part of those patent applications) to the extent the claims are directed to subject matter specifically described therein as well as any patents issued
on these patent applications and any reissues or reexaminations or extensions of the patents (including any patent term extension and supplemental protection certificates), and any foreign counterparts to any of the foregoing. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 2 of 19

 1.9. “Royalty Period” means, on a Licensed
Product-by-Licensed Product and country-by-country basis, the partial calendar quarter
commencing on the date on which the first Licensed Product is sold or used and every complete or partial calendar quarter thereafter during which either (a) this Agreement remains in effect or (b) Company has the right to complete and sell
work-in-progress and inventory of Licensed Products pursuant to Section 8.5. 

1.10. “Sublicense Agreement” means any agreement or transaction in which Company grants, or promises to grant, rights to the
Patent Rights pursuant to Section 2.2. For the avoidance of doubt, any agreement or transaction that confers or promises to confer rights under this Agreement, including, but not limited to, an option for a Sublicense Agreement shall be deemed
to be a Sublicense Agreement. 
 1.11. “Sublicense Income” any payments or other value that Company receives from a third
party in consideration of a Sublicense Agreement or other promise of the rights granted to Company under the Patent Rights, including without limitation, license fees, option fees, equity, milestone payments, and license maintenance fees, but
excluding the following payments: (a) payments made in consideration for the issuance of equity or debt securities of Company at fair market value, (b) payments specifically committed to the future development of Licensed Products and/or
Licensed Processes, reimbursement of patent prosecution, defense, enforcement and maintenance costs, (c) payments for milestones that are substantially similar to those payable by Company to University for Licensed Products and
(d) royalties or other profit sharing. 
 1.12. “Sublicensee” means any permitted sublicensee of the rights granted
Company under this Agreement, as further described in Section 2.2. 
 1.13 “Territory” means all countries of the world. 

1.14. “Valid Claim” means mean any (i) claim that has been pending for no more than [**] from the earliest substantive
office action or (ii) issued claim of any Patent Rights that has not been permanently revoked, nor held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction that is unappealable, or unappealed
in the time allowed for appeal. 
 2. Grant of Rights 

2.1. License Grant. University grants to Company an exclusive license to University’s rights in and to the Patent Rights for the
sole purpose of researching, developing, manufacturing, having manufactured, using, offering for sale and selling and importing Licensed Products in the Field in the Territory and to practice and have practiced any Licensed Processes in the Field in
the Territory. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 3 of 19

 2.2. Sublicenses. Company may grant sublicenses of its rights under Section 2.1.
All Sublicense Agreements executed by Company pursuant to this Section 2.2 shall expressly bind the Sublicensee to the terms of this Agreement applicable to Sublicensees. Company shall promptly furnish University with a fully executed, un-redacted copy of any Sublicense Agreement, or any other agreement (option, research and development, etc., other than agreements that grant rights only to the extent necessary to enable contract research
organizations, contract manufacturing organizations and other services providers to perform services for Company, its Affiliates and Sublicensees and for which Company, its Affiliates and Sublicensees do not receive any consideration other than the
contracted service) that Company executes with a third party that promises rights to the Patent Rights. Any agreement provided by Company to University hereunder shall constitute Company’s Confidential Information, and University shall not
disclose any such agreement to any third party, except as required by law or regulation. For the avoidance of doubt, the audit rights described in Section 5.5 shall apply to all Sublicense Agreements in order for University to monitor
compliance with this Agreement. 
 2.3. Retained Rights. 

(a) University. University retains the right to use the Patent Rights for academic research, teaching, and non-commercial patient care, without payment of compensation to Company. University may license its retained rights under this Subsection 2.3(a) to research collaborators of University faculty members, post-doctoral
fellows, and students. 
 (b) Federal Government. If the federal government has funded any invention claimed in the Patent Rights,
this Agreement and the grant of any rights in Patent Rights are subject to the federal law set forth in 35 U.S.C. §§ 201-211 and the regulations promulgated thereunder, as amended, or any successor
statutes or regulations. Company acknowledges that these statutes and regulations reserve to the federal government a royalty-free, non-exclusive, non-transferrable
license to practice any government-funded invention claimed in the Patent Rights. If any term of this Agreement fails to conform to those laws and regulations, the relevant term is invalid, and the parties shall modify the term pursuant to
Section 10.11. 
 3. Company Obligations Relating to Commercialization. 

3.1. Diligence Requirements. Company shall use diligent efforts or cause its Affiliates and Sublicensees to use diligent efforts to
develop Licensed Products and to introduce Licensed Products into the commercial market. Thereafter, Company or its Affiliates or Sublicensees shall make Licensed Products reasonably available to the public. Specifically, Company shall fulfill the
following obligations: 
 (a) Prior to execution of the License Agreement, Licensee shall furnish University with a written research and
development plan under which Licensee intends to develop Licensed Products. 
 (b) Within [**] after the start of each calendar year,
Licensee shall furnish University with a written report on the progress of its efforts during the prior year to develop and commercialize Licensed Products, including without limitation research and development efforts, efforts to obtain regulatory
approval, and marketing efforts. The report shall also contain a discussion of intended efforts and general, non-binding guidance on sales for the current year. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 4 of 19

 (c) Within [**] after the Effective Date, Licensee, its Affiliates or Sublicensees shall
[**]. 
 (d) Within [**] after the Effective Date, Licensee, its Affiliates or Sublicensees shall [**]. 

(e) Within [**] after the Effective Date, Licensee, its Affiliates or Sublicensees shall [**]. 

(f) Within [**] after the Effective Date, Licensee, its Affiliates or Sublicensees shall [**] 

(g) Within [**] after [**], Licensee, its Affiliates or Sublicensees shall [**]. 

3.2. Failure to Fulfill Diligence Requirements. If University determines that Company has not fulfilled its obligations under
Subsections 3.1(b)-3.1(g), University shall furnish Company with written notice of its determination. Within [**] after receipt of the notice, Company shall either (a) respond to such notice with evidence
that the relevant obligation has been fulfilled, (b) fulfill the relevant obligation, or (c) negotiate with University a mutually acceptable schedule of revised diligence obligations, which University shall not unreasonably decline to
accept, failing which University may, immediately upon written notice to Company, terminate this Agreement or convert the exclusive license to a non-exclusive license. 

3.3. Indemnification. 

(a) Indemnity. Company shall indemnify, defend, and hold harmless University and its trustees, officers, faculty, students, employees,
and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon any of
the Indemnitees in connection with any third party claims, suits, actions, demands or judgments arising out of any theory of liability (including without limitation actions in the form of tort, warranty, or strict liability and regardless of whether
the action has any factual basis) concerning any product, process, or service that is made, used, or sold pursuant to any right or license granted under this Agreement. However, indemnification does not apply to any liability, damage, loss, or
expense to the extent directly attributable to (i) the gross negligence or intentional misconduct of the Indemnitees or (ii) the settlement of a claim, suit, action, or demand by Indemnitees without the prior written approval of Company.

 (b) Procedures. The Indemnitees agree to provide Company with prompt written notice of any claim, suit, action, demand, or
judgment for which indemnification is sought under this Agreement. Company agrees, at its own expense, to provide attorneys reasonably acceptable to University to defend against any claim. The Indemnitees shall cooperate fully with Company in the
defense and will permit Company to conduct and control the defense and the disposition of the claim, suit, or action (including all decisions relative to litigation, appeal, and settlement). However, any Indemnitee may retain its own counsel, at the
expense of Company, if representation of the Indemnitee by the counsel retained by Company would be inappropriate because of actual or potential conflicts in the interests of the Indemnitee and any other party represented by that counsel. Company
agrees to keep University informed of the progress in the defense and disposition of the claim and to consult with University regarding any proposed settlement. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 5 of 19

 (c) Insurance. Company shall maintain insurance or self-insurance that is reasonably
adequate to fulfill any potential obligation to the Indemnitees, but not less than [**] dollars ($[**]) for injuries to any one person arising out of a single occurrence and [**] dollars ($[**]) for injuries to all persons arising out of a single
occurrence, provided that Company shall increase the coverage to at least [**] dollars ($[**]) for injuries to all persons arising out of a single occurrence immediately prior to commencing clinical trials with a Licensed Product. Company shall
provide University with written evidence of insurance or self-insurance. Company shall continue to maintain the insurance or self-insurance after the expiration or termination of this Agreement while Company, its Affiliate or Sublicensee continues
to make, use, or sell a Licensed Product and thereafter for [**]. 
 3.4. Use of University Name. In accordance with
Section 7.2., Company and its Affiliates and Sublicensees may not use the name “University of Massachusetts” or any variation of that name in connection with the marketing or sale of any Licensed Products. 

3.5. Marking of Licensed Products. To the extent commercially feasible and consistent with prevailing business practices, Company shall
mark and shall cause its Affiliates and Sublicensees to mark all Licensed Products that are manufactured or sold under this Agreement with the number of each issued patent under the Patent Rights that applies to a Licensed Product. 

3.6. Compliance with Law. Company shall comply with, and shall ensure that its Affiliates and Sublicensees comply with, all local,
state, federal, and international laws and regulations relating to the development, manufacture, use, and sale of Licensed Products. Company expressly agrees to comply with the following: 

(a) Company or its Affiliates or Sublicensees shall obtain all necessary approvals from the United States Food & Drug Administration
and any similar foreign governmental authorities in which Company or Affiliate or Sublicensee intends to make, use, or sell Licensed Products. 

(b) Company and its Affiliates and Sublicensees shall comply with all United States laws and regulations controlling the export of commodities
and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain types of
commodities and technical data to specified countries and foreign nationals. Company hereby gives written assurance that it will comply with and will cause its Affiliates and Sublicensees to comply with all United States export control laws and
regulations, that it bears sole responsibility for any violation of those laws and regulations by itself or its Affiliates or Sublicensees, and that it will indemnify, defend, and hold University harmless (in accordance with Section 3.3.) for
the consequences of any violation. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 6 of 19

 (c) If any invention claimed in the Patent Rights has been funded by the United States
government, and only to the extent required by applicable laws and regulations, Company agrees that any Licensed Products used or sold in the United States will be manufactured substantially in the United States or its territories. Current law
provides that if domestic manufacture is not commercially feasible under the circumstances, University may seek a waiver of this requirement from the relevant federal agency on behalf of Company. 

4. Consideration for Grant of Rights. 

4.1. License Fee. In partial consideration of the rights granted Company under this Agreement, Company shall pay to University on the
Effective Date a license fee of Forty Thousand US Dollars ($40,000.00). This license fee payment is nonrefundable and is not creditable against any other payments due to University under this Agreement. 

4.2. Equity Position. In partial consideration of the rights granted Company under this Agreement, within [**] after such time as
Company has issued and sold in one or more financing transactions from and after the Effective Date securities of the Company having an aggregate purchase price of at least $[**] and subject to the execution by University of a subscription agreement
and the voting agreement entered into by the purchasers in the financing transaction that results in the issuance of shares hereunder (or if none, an agreement containing a customary initial public offering
lock-up provision and drag-along provision), Company shall issue to University such number of shares of common stock of Company that constitutes [**] percent ([**]%) of the sum total of all common stock of the
Company following such issuance (including for this purpose all shares of capital stock outstanding on an as-converted to common stock basis). For purposes of clarity, Company shall have no obligation to issue
any such shares with respect to any securities issued and sold that generate proceeds in excess of such $[**], including securities sold in the financing transaction that results in the issuance of shares hereunder. Notwithstanding the foregoing,
University’s obligation to enter into agreements pursuant to this Section 4.2 shall be subject to any limitations relating to the University’s status as an agency of the Commonwealth of Massachusetts, e.g., prohibition on
indemnification, governing law, and jurisdiction. To the extent University has not held such stock for more than one year at such time, Company shall use commercially reasonable efforts to register the stock issued to University pursuant to this
Subsection 4.2 as soon as possible following Company’s initial public offering, subject to customary terms in connection with the registration. 

4.3. License Maintenance Fee. Within [**] of the beginning of each calendar year during the term of this Agreement, commencing on
January 1, 2018, Company shall pay to University a fee of [**] US Dollars ($[**]). This annual license maintenance fee is creditable against any earned royalty payments due to University in the same year. 

4.4. Milestone Payments. Subject to Section 4.8 (Change In Consideration), Company shall pay University the following
milestone payments within [**] after the occurrence of each event for each Licensed Product as listed below (other than the [**] milestone payment, which shall be payable only once and for which University shall be required to submit an invoice to
Company for payment and as notification of such occurance). One-time milestones are not payable for Follow-ons to Licensed Products, which shall be defined as Licensed
Products that encode a 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 7 of 19

 
transgene with substantially similar protein function as a Licensed Product for which one-time milestone payments have already been paid (“Follow-ons”): 
  

			
	 Event
	  	Payment
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 1st [**] in Net Sales of the applicable
Licensed Product in a single calendar year
	  	[**]

 Total milestones payable University per Licensed Product developed and/or commercialized under the Agreement, regardless of
the number of indications in which such Licensed Product might be pursued or approved, shall not exceed $762,500. 
 These milestone payments are
nonrefundable and are not creditable against any other payments due to University under this Agreement. For each Licensed Product, Company shall make all milestone payments, even if an earlier milestone event has not occurred. For example, if
Company proceeds from [**] to [**], the milestone payments for both [**] are due upon achievement of the [**] milestone event. Also, as further example, if Company uses a [**] to [**], then upon approval of the [**], both the [**] payments are due.

 4.5. Royalties. Subject to Section 4.8 (Change in Consideration), the Company will pay a royalty on Net Sales of
Licensed Products equal to [**]% of all Net Sales of Licensed Products by the Company, its affiliates and its sublicensees on a Licensed Product-by-Licensed Product and country-by-country basis until the expiration of the last-to-expire Valid Claim of the Patent
Rights covering such Licensed Product in such country; such royalty rate will be the maximum royalty rate payable on Net Sales of Licensed Products. 

4.6. Minimum Royalty. Within [**] after the beginning of each calendar year during the term of this Agreement, beginning in the year of
FDA approval of a License Product Company shall pay to University a minimum royalty according to the following schedule: 
 i. Years 1
– [**]: $[**] 
 ii. Years [**] – expiration: $[**] 

Company may credit the minimum royalty paid under this Section 4.6 against actual royalties due and payable for the same calendar year.
Waiver of any minimum royalty payment by University is not a waiver of any subsequent minimum royalty payment. If Company fails to make any minimum royalty payment within the [**] period, that failure is a material breach of its obligations under
this Agreement, and University may terminate this Agreement in accordance with Section 8.3. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 8 of 19

 4.7. Sublicense Income. Company shall pay University the following percentages of all
Allocated Sublicense Income as provided in the Table below. “Allocated Sublicense Income” means Sublicense Income reasonably allocable, as determined in good faith by Company, to the grant of a sublicense or other grant or promise of the
rights granted to Company under the Patent Rights. Company shall pay to University either Allocated Sublicense Income multiplied by the relevant percentage below, or [**]% of Sublicense Income, whichever is greater (“Sublicense Income
Payments”). 
 Sublicense Income Table 
  

			
	 When Sublicense Agreement to Third Party is
Executed
	  	Percentage of Sublicense Income to be
Paid to University
	 Before [**] of the Effective Date
	  	[**]%
	 Between [**] and [**] of Effective Date
	  	[**]%
	 After the [**] of Effective Date
	  	[**]%

 Sublicense Income Payments are due within [**] after the conclusion of the Royalty Period during which Company receives the
relevant payment from the Sublicensee. 
 4.8. Change in Consideration. If a third party retains any right to practice or grant
licenses under the Patent Rights as a co-owner or preexisting licensee (excluding retained non-commercial academic and government use rights), then, among other
provisions within this Agreement, the following changes to the license consideration described above shall apply. 
 (a) Milestones payable
under Section 4.4, above, shall each, individually, be adjusted downward by [**]%, such that total milestones payable to University per Licensed Product developed and/or commercialized under this Agreement, regardless of the number of
indications in which such Licensed Product might be pursued or approved, shall not exceed $381,250. 
 (b) Royalties payable under
Section 4.5 above, shall be adjusted downward by [**]%, from [**]% to [**]%. 
 (c) Company’s reimbursement obligation for Patent
Expenses, as outlined in Section 6.3, will be divided by the number of co-owners and pre-existing licensees of the Patent Rights. 

4.9. Resolution of Potential Third Party Ownership Claims. 

(a) Each party agrees to notify the other party in writing after becoming aware of any claim of ownership or
co-ownership by any third party in or to any of the Patent Rights, including any assertion of such a claim in any action or proceeding. [**].

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 9 of 19

 (b) If a third party is held to be a co-owner of any
of the Patent Rights, and the license granted to Company in Section 2.1 is held to be invalid or otherwise ineffective with respect to such Patent Rights due to the withholding of consent by such
co-owner(s) to the grant of such license and solely where such consent is legally required in a territory in order to grant a valid license, provided that Company pays, and/or continues to pay, University in
accordance with the terms of this Agreement as if the license in such territory were in effect and binding, University hereby covenants not to enforce such Patent Rights against Company or any of Company’s Affiliates or Sublicensees based on
any making or having made, research, having researched, use or having used, sale or having sold, offering to sell, or importation of any Licensed Products in the Field or practice or having practiced any Licensed Processes in the Field by or on
behalf of Company or any of Company’s Affiliates or Sublicensees, for so long as this Agreement remains in force, and University further covenants not to consent or agree to, and not to grant or transfer any right permitting or enabling the
undertaking of, any such enforcement by any third party. Should Company fail to make payments to University in accordance with the terms of this Agreement with respect to the applicable territory and fail to cure such failure to make payments within
[**] of notice from University thereof, the covenants granted under this section shall immediately terminate. 
 5. Royalty Reports; Payments;
Records. 
 5.1. First Sale. Company shall report to University the date of first commercial sale of each Licensed Product within
[**] after occurrence in each country. 
 5.2. Reports and Payments. 

(a) Within [**] after the conclusion of each Royalty Period, Company shall deliver to University a report containing the following
information: 
 (i) the number of Licensed Products sold to independent third parties in each country and the number of Licensed Products
used by Company, its Affiliates and Sublicensees in the provision of services in each country; 
 (ii) the aggregate gross sales for each
Licensed Product by Company, its Affiliates and Sublicensees during the applicable Royalty Period in each country; 
 (iii) a calculation
of Net Sales for the applicable Royalty Period in each country, including a listing of applicable deductions; 
 (iv) total royalty payable
on Net Sales in United States dollars, together with the exchange rates used for conversion; and 
 (v) Sublicense Income Payments due to
University for the applicable Royalty Period from each Sublicensee. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 10 of 19

 (b) Concurrent with this report, Company shall remit to University any payment due for the
applicable Royalty Period. If no royalties are due to University for any Royalty Period, the report shall so state. 
 5.3. Payments in
United States Dollars. Company shall make all payments in United States dollars. Company shall convert foreign currency to United States dollars at the conversion rate existing in the United States (as reported in the Wall Street Journal)
on the last working day of the calendar quarter preceding the applicable Royalty Period. Company may not deduct exchange, collection, or other charges. 

5.4. Payments in Other Currencies. If by law, regulation, or fiscal policy of a particular country, conversion into United States
dollars or transfer of funds of a convertible currency to the United States is restricted or forbidden, Company shall give University prompt written notice of the restriction within the sixty-day payment
deadline described in Section 5.2. Company shall pay any amounts due University through whatever lawful methods University reasonably designates. However, if University fails to designate a payment method within [**] after University is
notified of the restriction, Company may deposit payment in local currency to the credit of University in a recognized banking institution selected by Company and identified by written notice to University, and that deposit fulfills all obligations
of Company to University with respect to that payment. 
 5.5. Records. Company shall maintain and shall cause its Affiliates and
Sublicensees to maintain complete and accurate records of Sublicense Agreements and Licensed Products that are made, used, or sold under this Agreement and any amounts payable to University in relation to Licensed Products with sufficient
information to permit University to confirm the accuracy of any reports delivered to University under Section 5.2. The relevant party shall retain records relating to a given Royalty Period for at least [**] after the conclusion of that Royalty
Period, during which time University may, at its expense, cause its internal accountants or an independent, certified public accountant reasonably acceptable to Company to inspect records during normal business hours for the sole purpose of
verifying any reports and payments delivered under this Agreement. The accountant may not disclose to University any information other than information relating to accuracy of reports and payments delivered under this Agreement. The parties shall
reconcile any underpayment or overpayment within [**] after the accountant delivers the results of the audit. If any audit performed under this Section 5.5 reveals an underpayment in excess of [**] percent ([**]%) for the period audited,
Company shall bear the full cost of the audit. University may exercise its rights under this Section 5.5 only [**] and only with reasonable prior notice to Company. 

5.6. Late Payments. Any payments by Company that are not paid on or before the date payments are due under this Agreement bear interest
at [**]% per month calculated on the number of days that payment is delinquent. 
 5.7. Method of Payment. All payments under this
Agreement should be made to the “University of Massachusetts” and sent to the address identified below. Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 11 of 19

 5.8. Withholding and Similar Taxes. Royalty payments and other payments due to
University under this Agreement may not be reduced by reason of any withholding or similar taxes applicable to payments to University. Therefore all amounts owed to University under this Agreement are net amounts and shall be grossed-up to account for any withholding taxes, value-added taxes or other taxes, levies or charges. 
 6. Patents and
Infringement. 
 6.1. Responsibility for Patent Rights. 

(a) University has primary responsibility at the expense of Company for the preparation, filing, prosecution, and maintenance of all Patent
Rights, using patent counsel reasonably acceptable to Company. University shall consult with Company as to the preparation, filing, prosecution, and maintenance of all Patent Rights reasonably prior to any deadline or action with the United States
Patent & Trademark Office or any foreign patent office and shall furnish Company with copies of relevant documents reasonably in advance of consultation. University shall consider in good faith any comments of Company on any patent filings
for the Patent Rights. 
 (b) If University desires to abandon any patent or patent application within the Patent Rights, University shall
provide Company with reasonable prior notice of the intended abandonment, and Company may, at its expense, prepare, file, prosecute, and maintain the relevant Patent Rights. 

6.2. Cooperation. Each party shall provide reasonable cooperation in the preparation, filing, prosecution, and maintenance of all
Patent Rights. Cooperation includes, without limitation, promptly informing the other party of matters that may affect the preparation, filing, prosecution, or maintenance of Patent Rights (such as, becoming aware of an additional inventor who is
not listed as an inventor in a patent application). 
 6.3. Payment of Expenses. 

(a) Subject to Section 4.8 (Change in Consideration), within [**] after University invoices Company, Company shall reimburse
University for all previously unreimbursed expenses incurred as of the Effective Date in connection with obtaining the Patent Rights. 
 (b)
Subject to Section 4.8 (Change in Consideration), within [**] after University invoices Company, Company shall reimburse University for all patent-related expenses that have not been paid under Subsection 6.3(a) and that are incurred by
University pursuant to Section 6.1. Company may elect, upon [**] written notice to University, to cease payment of the expenses associated with obtaining or maintaining patent protection for one or more Patent Rights in one or more countries.
If Company elects to cease payment of any patent expenses, Company loses all rights under this Agreement with respect to the particular Patent Rights in those one or more countries. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 12 of 19

 6.4. Infringement. 

(a) Notification of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any
infringement of the Patent Rights. 
 (b) Company Right to Prosecute. As long as Company remains the exclusive licensee of the Patent
Rights in the Field, Company may, under its own control and at its own expense, prosecute any third party infringement of the Patent Rights in the Field or, together with licensees of the Patent Rights in other fields (if any), defend the Patent
Rights in any declaratory judgment action brought by a third party which alleges invalidity, unenforceability, or infringement of the Patent Rights. Prior to commencing any action, Company shall consult with University and shall consider the views
of University regarding the advisability of the proposed action and its effect on the public interest. Company may not enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action under this Subsection
6.4(b) without the prior written consent of University, which consent may not be unreasonably withheld or delayed. Any recovery obtained in an action under this Subsection 6.4(b) shall be distributed as follows: (i) each party shall be
reimbursed for any expenses incurred in the action; (ii) as to ordinary damages, Company shall receive an amount equal to its lost profits or a reasonable royalty on the infringing sales (whichever measure of damages the court applied); less a
reasonable approximation of the royalties that Company would have paid to University if Company had sold the infringing products and services rather than the infringer; and (iii) as to special or punitive damages, the parties shall share
equally in any award. 
 (c) University as Indispensable Party. University shall permit any action under Subsection 6.4(b) to be
brought in its name if required by law, provided that Company shall hold University harmless from, and if necessary indemnify University against, any costs, expenses, or liability that University may incur in connection with the action. 

(d) University Right to Prosecute. If Company fails to initiate an infringement action within a reasonable time after it first becomes
aware of the basis for the action, or to answer a declaratory judgment action within a reasonable time after the action is filed, University may prosecute the infringement or answer the declaratory judgment action under its sole control and at its
sole expense, and any recovery obtained shall be given to University. If University takes action under this Subsection 6.4(d), University shall keep Company reasonably informed of material actions taken by University pursuant to the infringement or
declaratory action. 
 (e) Cooperation. Both parties shall cooperate fully in any action under this Section 6.4. that is
controlled by the other party, provided that the controlling party reimburses the cooperating party promptly for any reasonable costs and expenses incurred by the cooperating party in connection with providing assistance. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 13 of 19

 7. Confidential Information; Publications; Publicity. 

7.1. Confidential Information. 

(a) Designation. The Disclosing Party shall mark Confidential Information that is disclosed in writing with a legend indicating its
confidential status (such as, “Confidential” or “Proprietary”). The Disclosing party shall document Confidential Information that is disclosed orally or visually in a written notice and deliver the notice to the Receiving Party
within [**] of the date of disclosure. The notice shall summarize the Confidential Information that was disclosed and reference the time and place of disclosure. 

(b) Obligations. For [**] after disclosure of any portion of Confidential Information, the Receiving Party shall (i) maintain
Confidential Information in confidence, except that the Receiving Party may disclose or permit the disclosure of any Confidential Information to its trustees or directors, officers, employees, consultants, and advisors who are obligated to maintain
the confidential nature of Confidential Information and who need to know Confidential Information for the purposes of this Agreement; (ii) use Confidential Information solely for the purposes of this Agreement; and (iii) allow its trustees
or directors, officers, employees, consultants, and advisors to reproduce the Confidential Information only to the extent necessary for the purposes of this Agreement, with all reproductions being Confidential Information. 

(c) Exceptions. The obligations of the Receiving Party under Subsection 7.1(b) do not apply to the extent that the Receiving Party can
demonstrate that Confidential Information (i) was in the public domain prior to the time of its disclosure under this Agreement; (ii) entered the public domain after the time of its disclosure under this Agreement through means other than
an unauthorized disclosure resulting from an act or omission by the Receiving Party; (iii) was already known or independently developed or discovered by the Receiving Party without use of the Confidential Information; (iv) is or was
disclosed to the Receiving Party at any time, whether prior to or after the time of its disclosure under this Agreement, by a third party having no fiduciary relationship with the Disclosing Party and having no obligation of confidentiality with
respect to the Confidential Information; or (v) is required to be disclosed to comply with applicable laws or regulations or with a court or administrative order, provided that the Disclosing Party receives reasonable prior written notice of
the disclosure. 
 (d) Ownership and Return. The Receiving Party acknowledges that the Disclosing Party (or a third party entrusting
its own information to the Disclosing Party) owns the Confidential Information in the possession of the Receiving Party. Upon expiration or termination of this Agreement, or at the request of the Disclosing Party, the Receiving Party shall return to
the Disclosing Party all originals, copies, and summaries of documents, materials, and other tangible manifestations of Confidential Information in the possession or control of the Receiving Party, except that the Receiving Party may retain one copy
of the Confidential Information in the possession of its legal counsel solely for the purpose of monitoring its obligations under this Agreement. Notwithstanding the foregoing, without limiting the parties’ confidentiality and non-use obligations hereunder, the parties will not be obligated to purge computer systems of Confidential Information, as the parties recognize that a systemic purge of such systems would likely be impracticable.

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 14 of 19

 7.2. Publicity Restrictions. Company may not use the name of University or any of its
trustees, officers, faculty, students, employees, or agents, or any adaptation of their names, or any terms of this Agreement in any promotional material or other public announcement or disclosure without the prior written consent of University. The
foregoing notwithstanding, Company may disclose that information without the consent of University in any prospectus, offering memorandum, or other document or filing required by applicable securities laws or other applicable law or regulation,
provided that Company provides University at least [**] (or a shorter period in order to enable Company to make a timely announcement to fulfill applicable securities laws or other applicable law or regulation, while affording University the maximum
feasible time to review the announcement) prior written notice of the proposed text for the purpose of giving University the opportunity to comment on the text. 

8. Term and Termination. 
 8.1.
Term. The Agreement will continue in full force and effect until the last to expire Valid Claim of the Licensed Patents, unless earlier terminated. 

8.2. Voluntary Termination by Company. Company may terminate this Agreement for any reason upon thirty (30) days’ prior
written notice to University; provided, however that if Company elects to terminate this Agreement during the applicable royalty term set forth in Section 4.5, Company agrees that it shall lose all rights to make, use, sell, have made, have
used or have sold Licensed Products or Licensed Services. 
 8.3. Termination for Default. If Company commits a material breach of
its obligations under this Agreement and fails to cure that breach within [**] in the case of payment breaches), University may terminate this Agreement immediately upon written notice to Company. As to alleged breaches involving nonpayment of
amounts due University under this Agreement, Company shall have only [**] opportunities to cure such material breaches for which it receives notice as described above. A [**] or subsequent material breach by Company of its payment obligations
hereunder will entitle University to terminate this Agreement immediately upon written notice to Company, without a [**] cure period. 

8.4. Force Majeure. Neither party is responsible for delays resulting from causes beyond its reasonable control, including without
limitation fire, explosion, flood, war, strike, act of terrorism or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove those causes of nonperformance and continues performance under this Agreement
with reasonable dispatch whenever the causes are removed. 
 8.5. Effect of Termination. The following provisions survive the
expiration or termination of this Agreement: Articles 1 and 9; Sections 3.3., 3.4., 3.6., 5.2. (obligation to provide final report and payment), 4.9., 5.3., 5.4., 5.5., 5.6., 5.7., 5.8., 6.3., 7.1., 7.2., 8.5. and 10.9. Upon the early termination of
this Agreement, Company and its Affiliates and Sublicensees may complete and sell any work-in-progress and inventory of Licensed Products that exist as of the effective
date of termination, provided that (a) Company is current in payment of all amounts due University under this Agreement, (b) Company pays University the applicable royalty and Sublicense Income on sales of Licensed Products in accordance
with the terms of 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 15 of 19

 
this Agreement, and (c) Company and its Affiliates and Sublicensees complete and sell all work-in-progress and
inventory of Licensed Products within [**] after the effective date of termination. Upon the expiration or termination of this Agreement, any sublicense granted by Company shall survive such termination if the applicable Sublicensee is not in breach
of its obligations under the applicable Sublicense Agreement, provided that the terms of Section 4.8 shall be void and University shall continue to be entitled to receive all amounts payable hereunder with respect to such Sublicensee’s
exercise of such surviving rights as if this Agreement remained in force. 
 9. Dispute Resolution. 

9.1. Procedures Mandatory. The parties shall resolve any dispute arising out of or relating to this Agreement solely by means of the
procedures set forth in this Article. These procedures constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as modified by their written agreement,
the other party may bring an action for specific performance in any court of competent jurisdiction. 
 9.2. Dispute Resolution
Procedures. 
 (a) Negotiation. In the event of any dispute arising out of or relating to this Agreement, the affected party
shall notify the other party, and the parties shall attempt in good faith to resolve the matter within [**] after the date of notice (the “Notice Date”). Any disputes not resolved by good faith discussions shall be referred to senior
executives of each party, who shall meet at a mutually acceptable time and location within [**] after the Notice Date and attempt to negotiate a settlement. 

(b) Mediation. If the matter remains unresolved within [**] after the Notice Date, or if the senior executives fail to meet within [**]
after the Notice Date, either party may initiate mediation upon written notice to the other party, and both parties shall engage in a mediation proceeding under the then current CPR Institute for Dispute Resolution (“CPR”) Model Procedure
for Mediation of Business Disputes. Specific provisions of this Subsection 9.2(b) override inconsistent provisions of the CPR Model Procedure. The parties shall select the mediator from the CPR Panels of Neutrals. If the parties cannot agree upon
the selection of a mediator within [**] after the Notice Date, then upon the request of either party, the CPR shall appoint the mediator. The parties shall attempt to resolve the dispute through mediation until one of the following occurs:
(i) the parties reach a written settlement; (ii) the mediator notifies the parties in writing that they have reached an impasse; (iii) the parties agree in writing that they have reached an impasse; or (iv) the parties have not
reached a settlement within [**] after the Notice Date. 
 (c) Trial Without Jury. If the parties fail to resolve the dispute through
mediation, or if neither party elects to initiate mediation, each party may pursue any other remedies legally available to resolve the dispute. However, the parties expressly waive the right to a jury trial in the legal proceeding under this
Subsection 9.2(c). 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 16 of 19

 9.3. Preservation of Rights Pending Resolution. 

(a) Performance to Continue. Each party shall continue to perform its obligations under this Agreement pending final resolution of any
dispute arising out of or relating to this Agreement. However, a party may suspend performance of its obligations during any period in which the other party fails or refuses to perform its obligations. 

(b) Provisional Remedies. Although the procedures specified in this Article are the exclusive procedures for resolution of disputes
arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, that action is necessary to avoid irreparable harm to itself or to preserve its rights
under this Agreement. 
 (c) Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based
defenses (such as, estoppel and laches) are tolled while the procedures set forth in Subsections 9.2.(a) and 9.2(b) are pending. The parties shall take any actions necessary to effectuate this result. 

10. Miscellaneous. 
 10.1.
Representations and Warranties. University represents that its employees and [**] and [**] have assigned to University their entire right, title, and interest in the Patent Rights, and that it has authority to grant the rights and licenses
set forth in this Agreement, and that it has not granted any rights in the Patent Rights to any third party that is inconsistent with the grant of rights in this Agreement. UNIVERSITY MAKES NO OTHER WARRANTIES CONCERNING THE PATENT RIGHTS, INCLUDING
WITHOUT LIMITATION ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Specifically, University makes no warranty or representation (a) regarding the validity or scope of the Patent Rights, (b) that the
exploitation of the Patent Rights or any Licensed Product will not infringe any patents or other intellectual property rights of a third party, and (c) that any third party is not currently infringing or will not infringe the Patent Rights.

 10.2. Compliance with Law and Policies. Company agrees to comply with applicable law and the policies of University in the area of
technology transfer and shall promptly notify University of any violation that Company knows or has reason to believe has occurred or is likely to occur. The University policies currently in effect at the Worcester campus are the Intellectual
Property Policy, Policy on Conflicts of Interest Relating to Intellectual Property and Commercial Ventures, and Policy on Faculty Consulting and Outside Activities. 

10.3. Tax-Exempt Status. Company acknowledges that University, as a public institution of the
Commonwealth of Massachusetts, is an exempt organization under the United States Internal Revenue Code of 1986, as amended. Company also acknowledges that certain facilities in which the licensed inventions were developed may have been financed
through offerings of tax-exempt bonds. If the Internal Revenue Service determines, or if counsel to University reasonably determines, that any term of this Agreement jeopardizes the tax-exempt status of University or the bonds used to finance University facilities, the relevant term is invalid and shall be modified in accordance with Section 10.11. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 17 of 19

 10.4. Counterparts. This Agreement may be executed in one or more counterparts, each
of which is an original, and all of which together are one instrument. 
 10.5. Headings. All headings are for convenience only and
do not affect the meaning of any provision of this Agreement. 
 10.6. Binding Effect. This Agreement is binding upon and inures to
the benefit of the parties and their respective permitted successors and assigns. 
 10.7. Assignment. This Agreement may not be
assigned by either party without the prior written consent of the other party, which consent may not be unreasonably withheld or delayed. Notwithstanding the foregoing, this Agreement may be assigned by either party in connection with a merger,
consolidation, sale of all of the equity interests of the party, or a sale of all or substantially all of the assets of the party to which this Agreement relates. 

10.8. Amendment and Waiver. The parties may only amend, supplement, or otherwise modify this Agreement through a written instrument
signed by both parties. The waiver of any rights or failure to act in a specific instance relates only to that instance and is not an agreement to waive any rights or fail to act in any other instance. 

10.9. Governing Law. This Agreement is governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
irrespective of any conflicts of law principles. The parties may only bring legal action that arises out of or in connection with this Agreement in the Massachusetts Superior Court in Suffolk County. 

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

 

			
	If to University:	  	If to Company:
		
	 Office of Technology Management
	  	Torus Therapeutics, Inc.
	 University of Massachusetts
	  	400 Technology Square, 10th Floor
	 Room# S4-110
	  	Cambridge, MA 02139
	 55 Lake Avenue North
	  	
	 Shrewsbury, MA 01545
	  	
		
	 Attention: Executive Director
	  	Attention: Chief Executive Officer

 All notices under this Agreement are effective upon receipt. A party may change its contact information immediately upon
written notice to the other party in the manner provided in this Section 10.10. 

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 18 of 19

 10.11. Severability. If any provision of this Agreement is held invalid or
unenforceable for any reason, the invalidity or unenforceability does not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their original intent.
If the parties fail to reach a modified agreement within [**] after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 9. While the dispute is pending
resolution, this Agreement shall be construed as if the provision were deleted by agreement of the parties. 
 10.12. Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter. 

THE PARTIES have caused this Agreement to be executed by their duly authorized representatives as of the
Effective Date. 
  

									
	UNIVERSITY OF MASSACHUSETTS	 		 	TORUS THERAPEUTICS, INC.
					
	By:	 	/s/ James P. McNamara, Ph.D.	 		 	By:	 	/s/ Jason Rhodes

									
	Name:	 	James P. McNamara, Ph.D.,	 		 	Name:	 	Jason Rhodes
	Title:	 	Executive Director,	 		 	Title:	 	Chairman
		 	Office of Technology Management	 		 		 	
	Date:	 	June 28, 2017	 		 	Date:	 	23 June 2017

  

			
	UNIVERSITY Exclusive License Agreement (equity) (version 11/2007, rev 8-09)	  	Page 19 of 19

 FIRST AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT 

This First Amendment to Exclusive License Agreement (this “First Amendment”), is entered into as of June 5, 2020 (the
“First Amendment Effective Date”), between the University of Massachusetts (“University”), a not-for-profit, public institution of higher education
of the Commonwealth of Massachusetts, established by Chapter 75 of the Massachusetts General Laws, as represented by and solely for the benefit of its Medical School (Worcester campus), and Generation Bio Co. (“Company”), a Delaware
corporation f/k/a Torus Therapeutics, Inc. 
 RECITALS 

WHEREAS, University and Company are parties to an Exclusive License Agreement dated as of June 23, 2017 (the “License
Agreement”); 
 WHEREAS, University and Voyager Therapeutics, Inc. (“Voyager”), a Delaware corporation, have allocated to one
another an ownership interest in and to the Patent Rights (as defined in the License Agreement), thereby creating an undivided ownership interest for each of University and Voyager; 

WHEREAS, it is the intent of the parties that, pursuant to this Amendment, the license granted by University to Company in the License
Agreement shall remain in effect, subject to the retention of certain rights in the AAV Field (as defined herein) by Voyager; and 

WHEREAS, the parties desire to amend the License Agreement as set forth herein. 

THEREFORE, University and Company agree as follows: 

1.    Amendment to Article 1. The following defined terms and corresponding definitions are hereby inserted at the end of the
listing of definitions in Article 1 of the License Agreement: 
 “1.15    “AAV Field” means the
research, development, manufacture, having manufactured, use, offer for sale, sale and importation of products comprising adeno-associated viral vectors for gene therapy, which encompasses using adeno-associated viral vectors to deliver any payload,
including, without limitation, payloads for gene replacement or knockdown, gene editing, or delivery of genes that encode antibodies or non-endogenous proteins.” 

“1.16    “Voyager” means Voyager Therapeutics, Inc., a Delaware corporation.” 

2.    Amendment to Section 2.1. Section 2.1 of the License Agreement is hereby amended and restated in its
entirety to read as follows: 
 “2.1.    License Grant. University, on behalf of itself and Voyager pursuant
to the UMMS-Voyager Agreement (defined below), grants to Company an exclusive license to University’s and Voyager’s rights in and to the Patent Rights for the sole purpose of researching, developing, manufacturing, having manufactured,
using, offering for sale, 

  
 Page 1 of 4 

 
selling and importing Licensed Products in the Field in the Territory and to practice and have practiced any Licensed Processes in the Field in the Territory, the exclusivity of which is subject
only those certain non-exclusive retained rights set forth in Section 2.3.” 

3.    Amendment to Section 2.3. Section 2.3 of the License Agreement is hereby amended by inserting the
following new subsection (c) immediately following subsection (b) thereof: 
 “(c)    Voyager.
Pursuant to that certain Patent Assignment, Appointment and Release dated as of June 5, 2020, by and between University and Voyager (the “UMMS-Voyager Agreement”), Voyager has retained certain
non-exclusive rights to practice and exploit the Patent Rights solely in the AAV Field and solely with respect to products discovered and developed in whole or in part by or on behalf of Voyager, including
with bona fide collaboration partners.” 
 4.    Amendment to Section 4.4. Section 4.4 of the
License Agreement is hereby amended and restated in its entirety to read as follows: 

“4.4.    Milestone Payments. Company shall pay University the following milestone payments
within [**] after the occurrence of each event for each Licensed Product as listed below (other than the [**] milestone payment, which shall be payable only once and for which University shall be required to submit an invoice to Company for payment
and as notification of such occurance). One-time milestones are not payable for Follow-ons to Licensed Products, which shall be defined as Licensed Products that encode
a transgene with substantially similar protein function as a Licensed Product for which one-time milestone payments have already been paid (“Follow-ons”): 

 

			
	 Event
	  	Payment
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 [**]
	  	[**]
	 1st [**] in Net Sales of the applicable
Licensed Product in a single calendar year
	  	[**]

 Total milestones payable to University per Licensed Product developed and/or commercialized under the
Agreement, regardless of the number of indications in which such Licensed Product might be pursued or approved, shall not exceed $1,143,750. 

These milestone payments are nonrefundable and are not creditable against any other payments due to University under this Agreement. For each
Licensed Product, Company shall make all milestone payments, even if an earlier milestone event has not occurred. For example, if Company proceeds from [**] to [**], the milestone payments for both [**] are due upon achievement of the [**] milestone
event. Also, as further example, if Company uses a [**], then upon approval of the [**], both the [**] payments are due.” 

  
 Page 2 of 4 

 5.    Amendment to Section 4.5. Section 4.5 of the
License Agreement is hereby amended and restated in its entirety to read as follows: 
 “Royalties. The Company will pay a
royalty on Net Sales of Licensed Products equal to [**] percent ([**]%) of all Net Sales of Licensed Products by the Company, its affiliates and its sublicensees on a Licensed
Product-by-Licensed Product and country-by-country basis until the expiration of the last-to-expire Valid Claim of the Patent Rights covering such Licensed Product in such country; such royalty rate will be the maximum royalty rate payable on Net Sales of
Licensed Products.” 
 6.     Deletion of Section 4.8. Section 4.8 of the License Agreement is
hereby stricken from the License Agreement and replaced with “Reserved.” 
 7.    Amendment to
Section 4.9(a). Section 4.9(a) of the License Agreement is hereby amended and restated in its entirety to read as follows: 

“(a) Each party agrees to notify the other party in writing after becoming aware of any claim of ownership or co-ownership by any third party in or to any of the Patent Rights, including any assertion of such a claim in any action or proceeding. The parties shall, upon becoming aware of such claim or assertion, notify
Voyager in writing within 14 days; and thereafter Company, University and Voyager shall consult and cooperate reasonably with one another on the resolution of any such claim.” 

8.    Amendments to Section 6.3. Sections 6.3(a) and 6.3(b) of the License Agreement are each hereby amended by
striking the following phrase therefrom: “Subject to Section 4.8 (Change in Consideration),”. 

9.    Amendment to Section 8.5. Section 8.5 of the License Agreement is hereby amended by striking the
following phrase therefrom: “the terms of Section 4.8 shall be void”. 
 10.    Amendment to
Section 10.1. Section 10.1 of the License Agreement is hereby amended and restated in its entirety to read as follows: 

“10.1. Representations, Warranties and Covenants. University represents that (a) its employees and [**] and [**] initially
assigned to University their entire right, title, and interest in the Patent Rights, (b) under the UMMS-Voyager Agreement, University and Voyager subsequently assigned to one another an undivided ownership interest in and to the Patent Rights,
and Voyager granted University the exclusive right to grant licenses under both University’s and Voyager’s rights in and to the Patent Rights, subject only to the non-exclusive rights retained by
Voyager described in Section 2.3(c) above, (c) it shall not permit the UMMS-Voyager Agreement to terminate or to be amended in any manner that would adversely affect the rights and licenses granted by University to Company under this
Agreement , and (d) it has authority to grant the rights and licenses set forth in 

  
 Page 3 of 4 

 
this Agreement, and that it has not granted any rights in the Patent Rights to any third party that is inconsistent with the grant of rights in this Agreement. UNIVERSITY MAKES NO OTHER
WARRANTIES CONCERNING THE PATENT RIGHTS, INCLUDING WITHOUT LIMITATION ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Specifically, University makes no warranty or representation (i) regarding the
validity or scope of the Patent Rights, (ii) that the practice or exploitation of the Patent Rights or any Licensed Product will not infringe any patents or other intellectual property rights of a third party, and (iii) that any third
party is not currently infringing or will not infringe the Patent Rights.” 
 11.    Amendment to Exhibit A. Exhibit A of
the License Agreement is hereby amended and restated in its entirety to read as follows: 
 EXHIBIT A 

Patent Rights 
 [**] 

THE PARTIES have caused this Amendment to be executed by their duly authorized representatives as of the First
Amendment Effective Date. 
  

									
	UNIVERSITY OF MASSACHUSETTS	 		 	GENERATION BIO CO.
					
	By:	 	 /s/ James P. McNamara
	 		 	By:	 	 /s/ Geoff McDonough

					
	Name:	 	James P. McNamara, Ph.D.	 		 	Name:	 	Geoff McDonough
	Title:	 	Executive Director,	 		 	Title:	 	Chief Executive Officer
		 	Office of Technology Management	 		 		 	
	Date:	 	June 5, 2020	 		 	Date:	 	June 5, 2020

  
 Page 4 of 4EX-4.1

 Exhibit 4.1 

Executed in 
 75 Counterparts 

of which this is 
 Counterpart No.
             
  

 
 IDAHO POWER COMPANY 

TO 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS 
 As Trustee under its Mortgage and Deed of Trust 

dated as of October 1, 1937 
  

 
 Forty-ninth
Supplemental Indenture 
 providing among other things for Bonds of MTN Series L 

Dated as of June 5, 2020 

 TABLE OF CONTENTS1 

 

					
	 	  	Page	 
	 Parties and Recitals
	  	 	1	 
	 Granting Clause and Property Description
	  	 	5	 
		
	ARTICLE I Description of Bonds of MTN Series L	  			
		
	 Section 1. General terms and redemption provisions
	  	 	8	 
	 Section 2. Exchange and transfers of Bonds
	  	 	9	 
	 Section 3. Form of Bonds
	  	 	10	 
	 Section 4. Temporary Bonds
	  	 	10	 
	
	ARTICLE II Issue of Bonds of MTN Series L	  

		
	 Section 5. Issue of Bonds
	  	 	10	 
	
	ARTICLE III Covenants	  

		
	 Section 6. Application of Original Indenture
	  	 	10	 
	 Section 7. Lawful ownership
	  	 	10	 
	 Section 8. Annual certificate as to defaults
	  	 	11	 
	
	ARTICLE IV The Trustee	  

		
	 Acceptance of trust
	  	 	11	 
	 Recitals deemed made by the Company
	  	 	11	 
	
	ARTICLE V Miscellaneous Provisions	  

		
	 Meanings of terms
	  	 	11	 
	 Severability
	  	 	11	 
	 Binding obligation
	  	 	11	 
	 Incorporation of rights of Trustee
	  	 	11	 
	 Successors and assigns
	  	 	11	 
	 Delivery of information and documents
	  	 	11	 
	 Ratification and confirmation
	  	 	12	 
	 Counterparts
	  	 	12	 
	 Signatures and seals
	  	 	13	 
	 Acknowledgments
	  	 	14	 
	 Affidavits
	  	 	17	 

  
  

	1	 This table of contents shall not have any bearing upon the interpretation of this Supplemental
Indenture.

  
 -i- 

 SUPPLEMENTAL INDENTURE, dated as of the 5th day of June, 2020, made and entered into by and
between IDAHO POWER COMPANY, a corporation of the State of Idaho (successor by merger to Idaho Power Company, a corporation of the State of Maine, hereinafter sometimes called the “Maine Company”), whose address is 1221 West Idaho Street,
Boise, Idaho 83702-5627 (hereinafter sometimes called the “Company”), party of the first part, and DEUTSCHE BANK TRUST COMPANY AMERICAS, formerly known as Bankers Trust Company, a corporation of the State of New York whose post office
address is 60 Wall Street, New York, New York 10005, party of the second part (hereinafter sometimes called the “Trustee”), as Trustee under the Mortgage and Deed of Trust dated as of October 1, 1937 hereinafter referred to. 

WHEREAS, the Maine Company has heretofore executed and delivered to the Trustee its Mortgage and Deed of Trust (hereinafter sometimes referred
to as the “Original Indenture”), dated as of October 1, 1937, to secure the payment both of the principal of and interest and premium, if any, on all Bonds at any time issued and outstanding thereunder and to declare the terms and
conditions upon which Bonds are to be issued thereunder; and 
 WHEREAS, the Maine Company was merged into the Company on June 30,
1989; and 
 WHEREAS, in order to evidence the succession of the Company to the Maine Company and the assumption by the Company of the
covenants and conditions of the Maine Company in the Bonds and in the Original Indenture, as supplemented, contained, and to enable the Company to have and exercise the powers and rights of the Maine Company under the Original Indenture, as
supplemented, in accordance with the terms thereof, the Company executed and delivered to the Trustee a Twenty-eighth Supplemental Indenture, dated as of June 30, 1989 (which supplemental indenture is hereinafter sometimes called the
“Twenty-eighth Supplemental Indenture”); and 
 WHEREAS, said Twenty-eighth Supplemental Indenture was recorded in the records of
the County of Elko, Nevada; the Counties of Baker, Grant, Harney, Malheur, Union and Wallowa, Oregon; the Counties of Ada, Adams, Bannock, Bear Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou, Cassia, Clark, Elmore, Gem,
Gooding, Idaho, Jefferson, Jerome, Lemhi, Lincoln, Minidoka, Oneida, Owyhee, Payette, Power, Twin Falls, Valley and Washington, Idaho; the Counties of Lincoln and Sweetwater, Wyoming; and with the Secretary of State of the States of Idaho, Montana,
Oregon, Nevada and Wyoming; and 
 WHEREAS, pursuant to a written request of the Company under Section 103 of the Original Indenture,
Stanley Burg, successor Individual Trustee (as defined in the Original Indenture) to R.G. Page under the Original Indenture, was removed as Individual Trustee under the Original Indenture, effective as of May 18, 2016 and (i) his right,
title or interest in and to the trust estate and (ii) all the right, title, and powers of the Trustees (as defined in the Original Indenture) under the Original Indenture devolved upon the Trustee and its successors alone; and 

  
 -1- 

 WHEREAS, in accordance with the terms of the Original Indenture the Maine Company or the
Company has executed and delivered to the Trustee the following supplemental indentures in addition to the Twenty-eighth Supplemental Indenture: 
  

			
	Designation	  	Dated as of
	First Supplemental Indenture	  	July 1, 1939
	Second Supplemental Indenture	  	November 15, 1943
	Third Supplemental Indenture	  	February 1, 1947
	Fourth Supplemental Indenture	  	May 1, 1948
	Fifth Supplemental Indenture	  	November 1, 1949
	Sixth Supplemental Indenture	  	October 1, 1951
	Seventh Supplemental Indenture	  	January 1, 1957
	Eighth Supplemental Indenture	  	July 15, 1957
	Ninth Supplemental Indenture	  	November 15, 1957
	Tenth Supplemental Indenture	  	April 1, 1958
	Eleventh Supplemental Indenture	  	October 15, 1958
	Twelfth Supplemental Indenture	  	May 15, 1959
	Thirteenth Supplemental Indenture	  	November 15, 1960
	Fourteenth Supplemental Indenture	  	November 1, 1961
	Fifteenth Supplemental Indenture	  	September 15, 1964
	Sixteenth Supplemental Indenture	  	April 1, 1966
	Seventeenth Supplemental Indenture	  	October 1, 1966
	Eighteenth Supplemental Indenture	  	September 1, 1972
	Nineteenth Supplemental Indenture	  	January 15, 1974
	Twentieth Supplemental Indenture	  	August 1, 1974
	Twenty-first Supplemental Indenture	  	October 15, 1974
	Twenty-second Supplemental Indenture	  	November 15, 1976
	Twenty-third Supplemental Indenture	  	August 15, 1978
	Twenty-fourth Supplemental Indenture	  	September 1, 1979
	Twenty-fifth Supplemental Indenture	  	November 1, 1981
	Twenty-sixth Supplemental Indenture	  	May 1, 1982
	Twenty-seventh Supplemental Indenture	  	May 1, 1986
	Twenty-ninth Supplemental Indenture	  	January 1, 1990
	Thirtieth Supplemental Indenture	  	January 1, 1991
	Thirty-first Supplemental Indenture	  	August 15, 1991
	Thirty-second Supplemental Indenture	  	March 15, 1992
	Thirty-third Supplemental Indenture	  	April 1, 1993
	Thirty-fourth Supplemental Indenture	  	December 1, 1993
	Thirty-fifth Supplemental Indenture	  	November 1, 2000
	Thirty-sixth Supplemental Indenture	  	October 1, 2001
	Thirty-seventh Supplemental Indenture	  	April 1, 2003
	Thirty-eighth Supplemental Indenture	  	May 15, 2003
	Thirty-ninth Supplemental Indenture	  	October 1, 2003
	Fortieth Supplemental Indenture	  	May 1, 2005
	Forty-first Supplemental Indenture	  	October 1, 2006
	Forty-second Supplemental Indenture	  	May 1, 2007
	Forty-third Supplemental Indenture	  	September 1, 2007
	Forty-fourth Supplemental Indenture	  	April 1, 2008
	Forty-fifth Supplemental Indenture	  	February 1, 2010
	Forty-sixth Supplemental Indenture	  	June 1, 2010
	Forty-seventh Supplemental Indenture	  	July 1, 2013
	Forty-eighth Supplemental Indenture	  	September 1, 2016

  
 -2- 

 each of which is supplemental to the Original Indenture (the Original Indenture and all indentures
supplemental thereto together being hereinafter sometimes referred to as the “Indenture”); and 
 WHEREAS, the Original Indenture
and said Supplemental Indentures (except said Fifteenth Supplemental Indenture) have each been recorded in the records of the County of Beaverhead, Montana; the Counties of Elko, Humboldt and Lander, Nevada; the Counties of Baker, Grant, Harney,
Malheur, Union and Wallowa, Oregon; the Counties of Ada, Adams, Bannock, Bear Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou, Cassia, Clark, Elmore, Gem, Gooding, Idaho, Jefferson, Jerome, Lake, Lemhi, Lincoln,
Minidoka, Oneida, Owyhee, Payette, Power, Twin Falls, Valley and Washington, Idaho; the County of Walla Walla, Washington; the Counties of Lincoln and Sweetwater, Wyoming; and with the Secretary of State of the States of Idaho, Montana, Oregon,
Nevada, Washington and Wyoming; and 
 WHEREAS, the Maine Company or the Company has heretofore issued Bonds, under and in accordance with
the terms of the Indenture in the following series and aggregate principal amounts: 
  

							
	 Series
	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding
	 3-3/4% Series due 1967
	  	$	18,000,000	 	  	None
	 3-1/8% Series due 1973
	  	 	18,000,000	 	  	None
	 2-3/4% Series due 1977
	  	 	5,000,000	 	  	None
	 3% Series due 1978
	  	 	10,000,000	 	  	None
	 2-3/4% Series due 1979
	  	 	12,000,000	 	  	None
	 3-1/4% Series due 1981
	  	 	15,000,000	 	  	None
	 4-1/2% Series due 1987
	  	 	20,000,000	 	  	None
	 4-3/4% Series due 1987
	  	 	15,000,000	 	  	None
	 4% Series due April 1988
	  	 	10,000,000	 	  	None
	 4-1/2% Series due October 1988
	  	 	15,000,000	 	  	None
	 5% Series due 1989
	  	 	15,000,000	 	  	None
	 4-7/8% Series due 1990
	  	 	15,000,000	 	  	None
	 4-1/2% Series due 1991
	  	 	10,000,000	 	  	None
	 5-1/4% Series due 1996
	  	 	20,000,000	 	  	None
	 6-1/8% Series due 1996
	  	 	30,000,000	 	  	None
	 7-3/4% Series due 2002
	  	 	30,000,000	 	  	None
	 8-3/8% Series due 2004
	  	 	35,000,000	 	  	None
	 10% Series due 2004
	  	 	50,000,000	 	  	None
	 8-1/2% Series due 2006
	  	 	30,000,000	 	  	None
	 9% Series due 2008
	  	 	60,000,000	 	  	None
	 10-1/4% Series due 2003
	  	 	62,000,000	 	  	None
	 First Mortgage Bonds, 1984 Series
	  	 	10,100,000	 	  	None
	 16.10% Series due 1991-1992
	  	 	50,000,000	 	  	None
	 Pollution Control Series A
	  	 	49,800,000	 	  	None
	 8.65% Series due 2000
	  	 	80,000,000	 	  	None
	 9.50% Series due 2021
	  	 	75,000,000	 	  	None

  
 -3- 

									
	 Series
	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding	 
	 9.52% Series due 2031
	  	$	25,000,000	 	  	 	None	 
	 8% Series due 2004
	  	 	50,000,000	 	  	 	None	 
	 8 3/4% Series due 2027
	  	 	50,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series A
	  	 	190,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series B
	  	 	197,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series C
	  	 	200,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series D
	  	 	200,000,000	 	  	 	100,000,000	 
	 Secured Medium-Term Notes, Series E
	  	 	245,000,000	 	  	 	175,000,000	 
	 Pollution Control Series B
	  	 	49,800,000	 	  	 	49,800,000	 
	 Secured Medium-Term Notes, Series F
	  	 	200,000,000	 	  	 	200,000,000	 
	 Pollution Control Series C
	  	 	116,300,000	 	  	 	116,300,000	 
	 Secured Medium-Term Notes, Series G
	  	 	100,000,000	 	  	 	100,000,000	 
	 Secured Medium-Term Notes, Series H
	  	 	350,000,000	 	  	 	None	 
	 Secured Medium-Term Notes, Series I
	  	 	500,000,000	 	  	 	500,000,000	 
	 Secured Medium-Term Notes, Series J
	  	 	500,000,000	 	  	 	370,000,000	 
	 Secured Medium-Term Notes, Series K
	  	 	450,000,000	 	  	 	450,000,000	 

 which bonds are hereinafter sometimes called bonds of the First through Forty-second Series; and 

WHEREAS, the Company, in accordance with the provisions of the Indenture and pursuant to appropriate resolutions of its Board of Directors,
has duly determined to make, execute and deliver to the Trustee this Forty-ninth Supplemental Indenture for the purposes herein provided, including the issuance of a Forty-third Series of Bonds under the Indenture, in the aggregate principal amount
of up to $500 Million Dollars ($500,000,000), to be designated as “First Mortgage Bonds, Secured Medium-Term Notes, Series L” (herein sometimes called the “Bonds of MTN Series L”); and 

WHEREAS, it is also now desired, for the purpose of more effectually carrying out the purposes of the Original Indenture, to confirm
specifically the subjection to the lien thereof and of the Indenture of the certain property acquired by the Company in addition to the property specifically described in the Original Indenture and in said First, Second, Third, Fourth, Fifth, Sixth,
Seventh, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Thirty-sixth, Thirty-seventh, Thirty-ninth, Fortieth,
Forty-first, Forty-fourth, Forty-fifth, Forty-sixth, Forty-seventh and Forty-eighth Supplemental Indentures; and 

  
 -4- 

 WHEREAS, all things necessary to make said Bonds of MTN Series L, when duly authenticated by
the Trustee and issued by the Company, valid and legally binding obligations of the Company and to make the Original Indenture, as heretofore supplemented and as supplemented hereby, a valid and legally binding instrument for the security thereof,
have been performed, and the execution and delivery of this Forty-ninth Supplemental Indenture and the issue of said Bonds as in this Forty-ninth Supplemental Indenture provided have been in all respects duly authorized: 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in consideration of the premises and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these
presents, the receipt whereof is hereby acknowledged, and in order to secure the payment both of the principal of and interest and premium, if any, on all Bonds at any time issued and outstanding under the Indenture, according to their tenor and
effect, and the performance of all the provisions of the Indenture and of said Bonds, the Company has duly executed and delivered to the Trustee this Forty-ninth Supplemental Indenture and has granted, bargained, sold, released, conveyed, assigned,
transferred, mortgaged, pledged, set over and confirmed and by these presents does grant, bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto Deutsche Bank Trust Company Americas, as Trustee as aforesaid,
and to its successor or successors in said trust, and to it and its successors and assigns forever, all property, whether real, personal or mixed (except any hereinafter expressly excepted), and wheresoever situated, acquired since the date of said
Original Indenture by and now or hereafter owned by the Company including the following described properties, rights and interests in property (in addition to all other properties heretofore subjected to the lien of the Indenture and not heretofore
released from the lien thereof)—that is to say: 
 PROPERTIES ACQUIRED OR CONSTRUCTED 

GENERATING PLANTS 
 None 

TRANSMISSION LINES & SYSTEMS 
 None 

DISTRIBUTION LINES & SYSTEMS 
 Ordinary course
extensions and replacements 
 SUBSTATIONS 
 None 

FRANCHISES 
 None 

  
 -5- 

 ALL OTHER LANDS, IMPROVEMENTS, BUILDINGS AND OTHER SUBSTATIONS 

None 
 All other property, whether real, personal or mixed
(except any hereinafter expressly excepted), and wheresoever situated, acquired since the date of said Original Indenture by and now or hereafter owned by the Company. 

  
 -6- 

 TOGETHER with all and singular the tenements, hereditaments and appurtenances belonging or
in any wise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders, and (subject to the provisions of Section 57 of the Original Indenture) the tolls, rents, revenues, issues,
earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and
every part and parcel thereof. 
 It is not intended herein or hereby to include in or subject to the lien of the Indenture, and the
granting clauses hereof shall not be deemed to apply to, (1) any revenues, earnings, rents, issues, income or profits of the mortgaged and pledged property, or any bills, notes or accounts receivable, contracts or choses in action, except to
the extent permitted by law in case a completed default specified in Section 65 of the Indenture shall have occurred and be continuing and the Trustee, or a receiver or trustee, shall have entered upon or taken possession of the mortgaged and
pledged property, or (2) in any case, unless specifically subjected to the lien thereof, any bonds, notes, evidences of indebtedness, shares of stock, or other securities or any cash (except cash deposited with the Trustee pursuant to any
provisions of the Indenture) or any goods, wares, merchandise, equipment or apparatus manufactured or acquired for the purpose of sale or resale in the usual course of business. 

TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred,
mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Trustee (to the extent of its legal capacity to hold the same for the purposes hereof), and its successors, heirs and assigns forever; 

IN TRUST, NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisions and
covenants as are set forth in the Original Indenture, as amended or modified by said First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth,
Nineteenth, Twentieth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second, Thirty-third, Thirty-fourth, Thirty-fifth,
Thirty-sixth, Thirty-seventh, Thirty-eighth, Thirty-ninth, Fortieth, Forty-first, Forty-second, Forty-third, Forty-fourth, Forty-fifth, Forty-sixth, Forty-seventh and Forty-eighth Supplemental Indentures and this Forty-ninth Supplemental Indenture.

  
 -7- 

 And it is hereby covenanted, declared and decreed by and between the parties hereto, for the
benefit of those who shall hold the Bonds and interest coupons, or any of them, issued and to be issued under the Indenture, as follows: 

ARTICLE I 
 Description
of Bonds of MTN Series L. 
 SECTION 1. The Forty-third Series of Bonds to be executed, authenticated and delivered under and secured by
the Indenture shall be Secured Medium-Term Notes, Series L, designated as “First Mortgage Bonds, Secured Medium-Term Notes, Series L” of the Company. The Bonds of MTN Series L shall be executed, authenticated and delivered in accordance
with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the Original Indenture, except insofar as the terms and provisions of the Original Indenture have been or are amended or modified by said
First through Forty-eighth Supplemental Indentures or by this Forty-ninth Supplemental Indenture. Bonds of MTN Series L shall be issued from time to time in an aggregate principal amount not to exceed $500,000,000, and shall be issued as registered
Bonds without coupons in the denominations of $1,000 or in any multiple thereof; each Bond of MTN Series L shall mature on such date not less than one year nor more than forty years from date of issue, shall bear interest at such rate or rates
(which may be either fixed or variable) and have such other terms and provisions not inconsistent with the Indenture as the Board of Directors or the Executive Committee of the Board of Directors, which shall constitute the Executive Committee of
the Company (the “Executive Committee”), may determine in accordance with a resolution filed with the Trustee and a written order referring to this Forty-ninth Supplemental Indenture; the principal of and interest on each said Bond to be
payable at the office or agency of the Company in the Borough of Manhattan, The City of New York and, at the option of the Company, interest on each said Bond may also be payable at the office of the Company in Boise, Idaho, in such coin or currency
of the United States of America as at the time of payment is legal tender for public and private debts. Interest on Bonds of MTN Series L which bear interest at a fixed rate shall be payable semiannually on March 1 and September 1 of each
year, unless otherwise determined by the Board of Directors or the Executive Committee and set forth in a resolution filed with the Trustee referring to this Forty-ninth Supplemental Indenture and at maturity (each an interest payment date).
Interest on Bonds of MTN Series L which bear interest at a variable rate shall be payable on the dates (each an interest payment date) determined by the Board of Directors or the Executive Committee and set forth in a resolution filed with the
Trustee referring to this Forty-ninth Supplemental Indenture. 
 Notwithstanding the foregoing, so long as there is no existing default in
the payment of interest on the Bonds of MTN Series L, all Bonds of MTN Series L authenticated by the Trustee after the Record Date hereinafter specified for any interest payment date, and prior to such interest payment date (unless the date of first
authentication of Bonds of such designated interest rate and maturity is after such Record Date), shall be dated the date of authentication, but shall bear interest from such interest payment date, and the person in whose name any Bond of MTN Series
L is registered at the close of business on any Record Date with respect to any interest payment date shall be entitled to receive the interest payable on such interest payment date, notwithstanding the cancellation of such Bond of MTN Series L,
upon any transfer or exchange thereof subsequent to the Record Date and on or prior to such interest payment date. If the date of first authentication of the Bonds of MTN Series L of a designated interest rate and maturity is after such Record Date
and prior to the corresponding interest payment date, such Bonds shall bear interest from the Original Interest Accrual Date but payment of interest shall commence on the second interest payment date succeeding the Original Interest Accrual Date.
“Record Date” for Bonds of MTN Series L which bear interest at a fixed rate shall mean February 15 for interest payable March 1 and August 15 for interest payable September 1, for Bonds of MTN Series L which bear
interest at a fixed rate that is payable on other dates, shall mean the last day of the calendar month preceding such interest payment date if such interest payment date is the fifteenth day of a calendar month and shall mean the fifteenth day of
the calendar month preceding such interest payment date if such interest payment date is the first day of a calendar month, unless, in each case, otherwise determined by the Board of Directors or the Executive Committee and set forth in a resolution
filed with the Trustee referring to this Forty-ninth Supplemental Indenture, and for Bonds of MTN Series L which bear interest at a variable rate, shall mean the date 15 calendar days prior to any interest payment date, unless otherwise determined
by the Board of Directors or 

  
 -8- 

 the Executive Committee and set forth in a resolution filed with the Trustee referring to this Forty-ninth
Supplemental Indenture; provided that, interest payable on the maturity date will be payable to the person to whom the principal thereof shall be payable. “Original Interest Accrual Date” with respect to Bonds of MTN Series L of a
designated interest rate and maturity shall mean the date of first authentication of Bonds of such designated interest rate and maturity unless a written order filed with the Trustee on or before such date shall specify another date from which
interest shall accrue, in which case “Original Interest Accrual Date” shall mean such other date specified in the written order for Bonds of such designated interest rate and maturity. 

The Bonds of MTN Series L, in definitive form, shall be, at the option of the Company, fully engraved or shall be lithographed or printed on
steel engraved borders or shall be partially lithographed or printed and partially engraved on steel borders or shall be printed on safety paper or shall be typewritten. 

The holders of the Bonds of MTN Series L consent that the Company may, but shall not be obligated to, fix a record date for the purpose of
determining the holders of Bonds of MTN Series L entitled to consent to any amendment, supplement or waiver. If a record date is fixed, those persons who are holders at such record date (or their duly designated proxies), and only those persons,
shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than 90
days after such record date. 
 The Bonds of MTN Series L may be redeemable at the option of the Company (including without limitation
redemptions by the application of cash deposited with the Trustee pursuant to Section 39 of the Indenture) in whole at any time, or in part from time to time, prior to maturity, as provided in Section 52 of the Indenture, upon giving
notice of such redemption by first class mail, postage prepaid, by or on behalf of the Company at least thirty (30) days prior to the date fixed for redemption as the Board of Directors or Executive Committee may determine in accordance with a
resolution filed with the Trustee and a written order referring to this Forty-ninth Supplemental Indenture. 
 SECTION 2. At the option of
the registered holder, any Bonds of MTN Series L, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, together with a written instrument of transfer (if so required by the
Company or by the Trustee) in form approved by the Company duly executed by the registered holder or by the registered holder’s duly authorized attorney, shall be exchangeable for a like aggregate principal amount and maturity of Bonds of MTN
Series L of other authorized denominations. Bonds of MTN Series L may bear such legends as may be necessary to comply with any law or with any rules or regulations made pursuant thereto or with the rules or regulations of any stock exchange or to
conform to usage with respect thereto. 
 Bonds of MTN Series L shall be transferable at the office or agency of the Company in the Borough
of Manhattan, The City of New York. 
 Notwithstanding the foregoing provisions of this Section 2, the Company shall not be required to
make any transfers or exchanges of Bonds of MTN Series L for a period of fifteen (15) days next preceding any mailing of notice of redemption, and the Company shall not be required to make transfers or exchanges of the principal amount of any
Bonds of MTN Series L so called or selected for redemption. 

  
 -9- 

 SECTION 3. The Bonds of MTN Series L shall be substantially of the tenor and purport recited
in the Original Indenture, and the form thereof shall be as established by resolution of the Board of Directors or the Executive Committee, which resolution may provide that any provisions of such form of Bond may appear on the reverse of such form.

 SECTION 4. Until Bonds of MTN Series L in definitive form are ready for delivery, the Company may execute, and upon its request in
writing, the Trustee shall authenticate and deliver, in lieu thereof, Bonds of MTN Series L in temporary form, as provided in Section 15 of the Original Indenture. 

ARTICLE II 
 Issue of
Bonds of MTN Series L. 
 SECTION 5. The Bonds of MTN Series L for the aggregate principal amount of up to Five Hundred Million Dollars
($500,000,000) may be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered to or upon the order or orders of the Company, evidenced by a writing or writings signed by the Company by its
President or a Vice President and its Treasurer or an Assistant Treasurer, pursuant to and upon compliance with the provisions of Article V, Article VI or Article VII of the Indenture. 

ARTICLE III 
 Covenants.

 The Company hereby covenants, warrants and agrees: 

SECTION 6. That all the terms, conditions, provisos, covenants and provisions contained in the Indenture shall affect and apply to the property
hereinabove described and conveyed and to the estate, rights, obligations and duties of the Company and Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successors as trustee of said property, in
the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Original Indenture and had been specifically and at length described in and conveyed to the Trustee (to the extent of
its legal capacity to hold the same for the purposes of the Indenture) by the Original Indenture as a part of the property therein stated to be conveyed. 

SECTION 7. That it is lawfully seized and possessed of all of the mortgaged and pledged property described in the granting clauses of the
Indenture, which has not heretofore been released from the lien thereof; that it had or has, at the respective times of execution and delivery of the Original Indenture, the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth,
Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twentieth, Twenty-first (as corrected by the Twenty-second), Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth,
Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second, Thirty-third, Thirty-fourth, Thirty-fifth, Thirty-sixth, Thirty-seventh, Thirty-eighth, Thirty-ninth, Fortieth, Forty-first, Forty-second, Forty-third,
Forty-fourth, Forty-fifth, Forty-sixth, Forty-seventh and Forty-eighth Supplemental Indentures and this Forty-ninth Supplemental Indenture, good, right and lawful authority to mortgage and pledge the mortgaged and pledged property described therein,
as provided in and by the Indenture; and that such mortgaged and pledged property is, at the actual date of the initial issue of the Bonds of MTN Series L, free and clear of any mortgage, lien, charge or encumbrance thereon or affecting the title
thereto (other than excepted encumbrances) prior to the lien of the Indenture, except as set forth in the granting clauses of the Indenture. 

  
 -10- 

 SECTION 8. That it will deliver to the Trustee annually, within ninety (90) days after
the close of each fiscal year, commencing with the fiscal year 2020, a certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company’s compliance with all
conditions and covenants under the Indenture. For purposes of this Section 8, such compliance shall be determined without regard to any period of grace or requirement of notice provided under the Indenture. 

ARTICLE IV 
 The
Trustee. 
 The Trustee hereby accepts the trust hereby declared and provided and agrees to perform the same upon the terms and
conditions in the Original Indenture, as heretofore supplemented and as supplemented by this Forty-ninth Supplemental Indenture, and in this Forty-ninth Supplemental Indenture set forth, and upon the following terms and conditions: 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Forty-ninth
Supplemental Indenture or the due execution hereof by the Company or for or in respect of the recitals contained herein, all of which recitals are made by the Company only. 

ARTICLE V 

Miscellaneous Provisions. 

Capitalized terms used and not otherwise defined in this Forty-ninth Supplemental Indenture shall have the meanings ascribed thereto in the
Indenture. 
 In case any provision in this Forty-ninth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 The Company represents and
warrants to the Trustee that this Forty-ninth Supplemental Indenture has been duly and validly executed and delivered by the Company and constitutes the Company’s legal, valid and binding obligation, enforceable against the Company in
accordance with its terms. 
 The Trustee shall be entitled to all of the same rights, protections, immunities and indemnities set forth in
the Indenture as if specifically set forth herein. 
 This Forty-ninth Supplemental Indenture shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 
 In order to comply with laws, rules, regulations and executive orders
in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Trustee is required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties hereto agrees to provide to the Trustee upon its reasonable request from time to time identifying information and documentation as may be
reasonably available to it in order to enable the Trustee to comply with such laws, rules, regulations and executive orders. 

  
 -11- 

 Except as hereby expressly amended and supplemented, the Original Indenture heretofore
amended and supplemented is in all respects ratified and confirmed, and all the terms and provisions thereof shall be and remain in full force and effect. 

This Forty-ninth Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an
original; but such counterparts together constitute but one and the same instrument. 
 [Signatures follow] 

  
 -12- 

 IN WITNESS WHEREOF, Idaho Power Company, party hereto of the first part, caused its
corporate name to be hereunto affixed and this instrument to be signed and sealed by its President or a Vice President and its corporate seal to be attested by its Secretary or an Assistant Secretary for and on its behalf, and Deutsche Bank Trust
Company Americas, party hereto of the second part, in token of its acceptance of the trust hereby created has caused its corporate name to be hereunto affixed and this instrument to be signed by a Vice President and attested by an Associate, on the
date hereinafter acknowledged, as of the day and year first above written. 
  

			
	IDAHO POWER COMPANY
		
	By	 	 /s/ Lisa A. Grow

		 	 Lisa A. Grow
 President and Chief Executive
Officer

  

	
	Attest:
	
	 /s/ Patrick A. Harrington

	 Patrick A. Harrington
 Secretary

	
	Executed, sealed and delivered by
	 IDAHO POWER COMPANY

	 in the presence of:

	
	 Elizabeth Paynter

/s/ Elizabeth Paynter

	
	 Sara Gourley

/s/ Sara Gourley

  
 -13- 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS
	not in its individual capacity,
	but solely as Trustee
		
	By	 	 /s/ Jeffrey Schoenfeld

		 	 Jeffrey Schoenfeld
 Vice
President

		
	By	 	 /s/ Irina Golovashchuk

		 	 Irina Golovashchuk
 Vice
President

  

	
	 Attest:

	
	 /s/ Robert Peschler

	 Robert Peschler
 Vice President

  
 -14- 

			
	STATE OF IDAHO	  	                    )
		  	                    ) ss.:
	COUNTY OF ADA	  	                    )

 On the 4th day of June, in the year 2020, before me personally came LISA A. GROW, to me known, who being by me
duly sworn did depose and say that she is the President and Chief Executive Officer of Idaho Power Company, one of the corporations described in and which executed the above instrument; that she knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation, and that she signed her name thereto by like order; the said LISA A. GROW, having personally appeared and known to me
to be the President and Chief Executive Officer of said corporation that executed the instrument, acknowledged to me that said corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year in this certificate first above written.

  

	
	 /s/ Christy Davenport

	Christy Davenport
	 Notary Public, State of Idaho
 Commission
expires 8/8/20

  
 -15- 

			
	STATE OF NEW JERSEY	  	                    )
		  	                    ) ss.:
	COUNTY OF MONMOUTH	  	                    )

 On the 4th day of June, in the year 2020, before me personally came JEFFREY SCHOENFELD, to me known, who being
by me duly sworn did depose and say that he is a Vice President of Deutsche Bank Trust Company Americas, one of the corporations described in and which executed the above instrument and that she signed her name thereto by order of the Board of
Directors of said corporation; the said JEFFREY SCHOENFELD, having personally appeared and known to me to be a Vice President of said corporation that executed the instrument, acknowledged to me that said corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year in this certificate first above written.

  

	
	 /s/ Robert Peschler

	Name: Robert Peschler
	 Notary Public, State of New Jersey
 Registration
No: 2427815
 Qualified in Monmouth County
 Commission expires
12/11/2022

  

			
	STATE OF NEW JERSEY	  	                    )
		  	                    ) ss.:
	COUNTY OF MONMOUTH	  	                    )

 On the 4th day of June, in the year 2020, before me personally came IRINA GOLOVASHCHUK, to me known, who being
by me duly sworn did depose and say that she is a Vice President of Deutsche Bank Trust Company Americas, one of the corporations described in and which executed the above instrument and that she signed her name thereto by order of the Board of
Directors of said corporation; the said IRINA GOLOVASHCHUK, having personally appeared and known to me to be a Vice President of said corporation that executed the instrument, acknowledged to me that said corporation executed the same. 

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year in this certificate first above written.

  

	
	 /s/ Robert Peschler

	Name: Robert Peschler
	 Notary Public, State of New Jersey
 Registration
No: 2427815
 Qualified in Monmouth County
 Commission expires
12/11/2022

  
 -16- 

			
	STATE OF IDAHO	  	                    )
		  	                    ) ss.:
	COUNTY OF ADA	  	                    )

 LISA A. GROW, being first duly sworn, upon oath, deposes and says: that she is an officer, to wit, the
President and Chief Executive Officer of Idaho Power Company, a corporation, the mortgagor described in the foregoing indenture or mortgage, and makes this affidavit on behalf of said Idaho Power Company; that said indenture or mortgage is made in
good faith without any design to hinder, delay or defraud creditors, to secure the indebtedness mentioned or provided for therein. 
  

	
	 /s/ Lisa A. Grow

	 Lisa A. Grow
 President and Chief Executive
Officer

  

	
	 Subscribed and sworn to before me
 this 4th day
of June, 2020.

	
	 /s/ Christy Davenport

	Christy Davenport
	 Notary Public, State of Idaho
 Commission
expires 8/8/20

  
 -17- 

			
	STATE OF NEW JERSEY	  	                    )
		  	                    ) ss.:
	COUNTY OF MONMOUTH	  	                    )

 JEFFREY SCHOENFELD, being first duly sworn, upon oath, deposes and says: that he is an officer, to wit, a Vice
President of Deutsche Bank Trust Company Americas, a corporation, one of the mortgagees and trustee named in the foregoing indenture or mortgage, and makes this affidavit on behalf of said Deutsche Bank Trust Company Americas; that said indenture or
mortgage is made in good faith without any design to hinder, delay or defraud creditors, to secure the indebtedness mentioned or provided for therein. 
  

	
	 /s/ Jeffrey Schoenfeld

	 Jeffrey Schoenfeld
 Vice President

  

	
	 Subscribed and sworn to before me
 this 4th day
of June, 2020.

	
	 /s/ Robert Peschler

	Name: Robert Peschler
	 Notary Public, State of New Jersey
 Registration
No: 2427815
 Qualified in Monmouth County
 Commission expires
12/11/2022

  
 -18-

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