Document:

Exhibit

SETTLEMENT AGREEMENT

This Settlement Agreement (“Agreement” or “Settlement Agreement”) is entered into

between Lauren Minniti (“Named Plaintiff” or “Plaintiff” or “Minniti”), on behalf of herself

and a settlement class of similarly-situated persons (identified herein as the “Settlement

Class”), and Tilly’s, Inc. (“Defendant” or “Tilly’s”). The Parties to this Agreement are collectively referred to as the “Parties.” This Agreement is entered into on March 14 , 2018.
WHEREAS, Named Plaintiff and Defendant are Parties to a civil action entitled Lauren Minniti v. Tilly’s, Inc., Case No. 17-CH-926, pending in the Circuit Court of the 19th Judicial District, Lake County, Illinois (the “Litigation”); and
WHEREAS, Named Plaintiff alleges on behalf of herself and a putative class that Defendant violated the federal Telephone Consumer Protection Act (“TCPA”), 47 U.S.C.
§ 227, and FCC regulations by sending unsolicited automated text messages to the cellular telephone number of Named Plaintiff and the putative class members without prior express consent; and
WHEREAS, Defendant denies any and all liability for the claims made in the Litigation; and
WHEREAS, Named Plaintiff’s attorneys have investigated the relevant facts and researched the law relating to the Litigation, determining, among other things, that Defendant sent approximately 615,593 text messages on or about November 30, 2016 to unique cellular telephone numbers of persons who enrolled for an account with Tilly’s; and
WHEREAS, the approximately 615,593 text messages were sent to persons who had previously provided their cell phone numbers to Defendant when they opened Tilly’s accounts either in person at a Tilly’s store or on Tilly’s website; and

WHEREAS, Tilly’s does not admit or concede any wrongdoing or liability, and it is entering into this Settlement Agreement solely to avoid the inconvenience and expense of further litigation that Defendant has agreed to settle all claims, demands, and liabilities that have been asserted, or could have been asserted, in the Litigation; and
WHEREAS, Named Plaintiff and Counsel for the putative class have concluded that the terms and conditions provided in this Agreement are fair, reasonable, adequate, and in the best interests of the Settlement Class as a means of resolving this Litigation, after considering
(1) the benefits the Settlement Class will receive under this Settlement, (2) the fact that Defendant has demonstrated that it will vigorously oppose the claims asserted in the Litigation if the Settlement is not approved, and (3) the attendant risks, costs, uncertainties, and delays of litigation; and
WHEREAS, the terms and conditions set forth in the Settlement Agreement were negotiated among the Parties in good faith and at arm’s length; and
WHEREAS, the Parties stipulate and agree that the claims of Named Plaintiff and the Settlement Class should be and are hereby compromised and settled, subject to the Court’s approval, upon the following terms and conditions:
Section 1.    Whereas Clauses.

The above Whereas clauses are incorporated herein and made a part hereof.

Section 2.    Definitions.

As used herein, the following terms have the meanings set forth below.

2.1    “Administrator” or “Settlement Administrator” means a third-party agent or administrator selected by the Named Plaintiff and approved by the Defendant (which approval shall not be unreasonably withheld) to help implement and effectuate the terms of this Settlement Agreement.

2.2    “Attorneys’ Fees and Expenses” means such funds as may be awarded to Class Counsel to compensate them for their fees and all expenses incurred by Plaintiff or Class Counsel in connection with the Litigation.
2.3    “Cash Option” means the $25.00 Cash Settlement Payment that a Settlement Class Member may opt for as his or her remedy provided that the Settlement Class Member first chooses not to use the Voucher Payment as the Settlement Class Member’s remedy.
2.4    “Cash Settlement Check” means the check containing the Class Settlement Relief for each Settlement Class Member who submits a valid and timely Claim and elects the Cash Option.
2.5    “Cash Settlement Payment” means the $25.00 payment to be made to Settlement Class Members who submit properly completed and timely Claim Forms to the Settlement Administrator pursuant to the Claim Form Instructions, who qualify for such relief under this Settlement Agreement, and who elect the Cash Option.
2.6    “Claim” means a written request for a Cash Settlement Payment submitted by a Settlement Class Member to the Settlement Administrator, pursuant to the Claim Form and Claim Form Instructions in substantially the form of Exhibit B to this Agreement or as ultimately approved by the Court.
2.7    “Claim Form” means the form attached as part of Exhibit B to this Agreement and/or as ultimately approved by the Court.
2.8    “Claim Form Instructions” means the instructions to complete the Claim Form, which are attached as part of Exhibit B to this Agreement.
2.9    “Class Counsel” means Brian J. Wanca of the law firm of Anderson + Wanca.

2.10    “Class Notice” or “Notice” means the program of notice described in this Agreement to be provided to Settlement Class Members, including the Email Notice and Settlement Website, which will notify Settlement Class Members, among other things, about their right to Class Settlement Relief, about their right to complete a Claim Form to be eligible for a Cash Settlement Payment, the amount of any Cash Settlement Payment, the right to opt out and object to the Settlement, the Class Settlement Relief options (the Cash Option or Voucher Payment), the preliminary approval of the Settlement, and the scheduling of the Final Approval Hearing.
2.11    The “Class Notice Date” shall be the last date upon which Class Notice can be disseminated.
2.12    “Class Settlement Relief” means all relief provided in this Agreement to the Settlement Class Members by Tilly’s providing, among other things, all Settlement Class Members a Voucher Payment with the option for the Settlement Class Members to reject the Voucher Payment and file a Claim for the Cash Option.
2.13    “Court” means the 19th Judicial District, Lake County, Illinois.

2.14    “Days” means calendar days, except that, when computing any period of time prescribed or allowed by this Agreement, the day of the act, event, or default from which the designated period of time begins to run shall not be included. Further, when computing any period of time prescribed or allowed by this Agreement, the last day of the period so computed shall be included, unless it is a Saturday, a Sunday, or a federal legal holiday, in which event the period runs until the end of the next business day which is not a Saturday, Sunday, or federal legal holiday.

2.15    “Email Notice” means the notice that is emailed by the Settlement Administrator to Settlement Class Members, in substantially the form attached as Exhibit B to this Agreement and/or as ultimately approved by the Court.
2.16    “Final Approval” means the entry of the Final Approval Order and Judgment approving the Settlement after the Final Approval Hearing is conducted.
2.17    “Final Approval Date” means the date on which the Judgment in this case becomes final. If there are intervenors or objectors and no appeal has been taken from the Judgment, the Final Approval Date means the date on which the time to appeal has expired. If any appeal has been taken from the Judgment, the Final Approval Date means the date on which all appeals, including petitions for rehearing, petitions for rehearing en banc, and petitions for certiorari or any other form of review, have been finally disposed of in a manner that affirms the Judgment.
2.18    “Final Approval Hearing” means the hearing held by the Court to determine whether the terms of this Agreement are fair, reasonable, and adequate for the Settlement Class as a whole, whether the Settlement should be granted final approval, and whether the Judgment should be entered.
2.19    “Final Approval Order” means the Order in substantially similar form as Exhibit C and providing for, among other things, final approval of the Settlement Agreement as fair, reasonable, and adequate.
2.20    “Incentive Award” means compensation for the Plaintiff in the Litigation for her time and effort undertaken in the Litigation.
2.21    “Judgment” means the Final Approval Order and Judgment to be entered by the Court pursuant to the Settlement and in substantially similar form as Exhibit C.

2.22    “Named Plaintiff” or “Plaintiff” or “Minniti” means Lauren Minniti.

2.23    “Objection Deadline” means the date identified in the Preliminary Approval Order and Class Notice by which a Settlement Class Member must serve written objections, if any, to the Settlement in accordance with this Agreement to be able to object to the Settlement. The Objection Deadline shall be forty-five (45) days after the Class Notice Date.
2.24    “Opt-Out Deadline” means the date identified in the Preliminary Approval Order and Class Notice by which a Request for Exclusion must be served in writing on the Settlement Administrator in accordance with this Agreement in order for a Settlement Class Member to be excluded from the Settlement Class. The Opt-Out Deadline shall be forty-five
(45) days after the Class Notice Date.

2.25    “Parties” means Plaintiff and Defendant.

2.26    “Preliminary Approval Motion” means Plaintiff’s motion for the Court to preliminarily approve the Settlement Agreement and to enter the Preliminary Approval Order, including all exhibits and documents attached thereto.
2.27    “Preliminary Approval Order” means the order in substantially similar form as Exhibit A and providing for, among other things, preliminary approval of the Settlement Agreement as fair, reasonable, and adequate; and preliminary certification of the Settlement Class for Settlement purposes only.
2.28    “Protective Order” means the agreed confidentiality agreement and Order governing the exchange of confidential information entered by the Court on January 18, 2018.

2.29    “Release” or “Releases” means the releases of all Released Claims by the Releasing Persons against the Released Persons, as provided for in this Settlement Agreement.

2.30    “Released Claims” means all claims, actions, causes of action, suits, debts, sums of money, payments, obligations, defenses, reckonings, promises, damages, penalties, attorney’s fees and costs, liens, judgments, demands, and any other forms of liability released pursuant to this Settlement Agreement.
2.31    “Released Persons” means: (a) Tilly’s and its respective past or present divisions, parents, employees, officers, directors, agents, shareholders, predecessors, attorneys, and each of their respective past or present divisions, parents, employees, shareholders, predecessors, and all of the officers, directors, employees, agents, shareholders, and attorneys of all such entities; and (b) Oracle America, Inc., who acted on behalf of Tilly’s, or any of its respective past or present divisions, employees, officers, directors, predecessors, with respect to the processing and sending of the Text Messages.
2.32    “Releasing Persons” means Plaintiff, all Settlement Class Members who do not properly and timely opt out of the Settlement, and their respective heirs, executors, administrators, successors, and assigns.
2.33    “Request for Exclusion” means a written request from a Settlement Class Member that seeks to exclude the Settlement Class Member from the Settlement Class and that complies with all requirements in this Agreement.
2.34    “Settlement” means all of the settlement terms and conditions set forth in this Agreement.
2.35    “Settlement Class” or “Class” means all members of the class of allegedly aggrieved persons in the Litigation that will be certified by the Court for Settlement purposes. The Settlement Class shall consist of the approximately 615,593 persons who on or about

November 30, 2016 received a single text message from Defendant, or from any entity acting on Defendant’s behalf, on his or her unique cellular telephone number.
2.36    “Settlement Class List” means the individuals who are members of the Settlement Class, along with their last known email address. The Settlement Class List consists of approximately 615,593 individuals, and shall be treated as Confidential Information under the Protective Order.
2.37    “Settlement Class Member” means any member of the Settlement Class.

2.38    “Settlement Class Payment List” means the list, which Tilly’s shall have the right to review, identifying Settlement Class Members who have submitted Claims; whether the Claim was rejected or accepted, and if rejected, the reason it was rejected; the address to which the Cash Settlement Check shall be sent; and the total amount of Cash Settlement Payments to be made.
2.39    “Settlement Website” means the Internet site created by the Settlement Administrator pursuant to this Agreement to provide information about the Settlement.
2.40    “Settling Parties” means, collectively, Tilly’s, Plaintiff, all Settlement Class Members, and all Releasing Persons.
2.41    “Text Messages” means the approximate 615,593 text messages sent by Tilly’s, or by a person on Tilly’s behalf, on or about November 30, 2016 and which were similar to the text message identified in Plaintiff’s Complaint in the Litigation.
2.42    “Voucher Payment” means a voucher for a fifty percent (50%) discount for purchases at Tilly’s of $1,000.00 or less provided that such purchases are made in a single transaction and within one year (365 calendar days) of the voucher being sent to the

Settlement Class Members; one non-transferrable voucher will be provided to each Settlement Class Member.
Section 3.    For Settlement Purposes Only.

This Agreement is entered into to resolve all disputes among Defendant, on the one hand, and Named Plaintiff and the Settlement Class on the other. The assertions, statements, agreements and representations made herein are for purposes of settlement only and the Parties expressly agree that, if the Settlement is not finally approved, this Agreement is null and void and may not be used by any of the Parties for any reason.
Section 4.    The Settlement Class.

For purposes of Settlement only, the Parties agree to certify the following Settlement

Class:

The approximately 615,593 persons who on or about November 30, 2016 received a single text message from Defendant, or from any entity acting on Defendant’s behalf, on his or her unique cellular telephone number.

Excluded from the Settlement Class are (a) Defendant and its present and former employees, officers, directors, shareholders, and its successors, assigns, and legal representatives; and (b) this Court and all Illinois state judges and officers of the Court. The Parties further agree that Named Plaintiff may be appointed as the “Class Representative” and that Brian J. Wanca of Anderson + Wanca may be appointed as “Class Counsel.”
Section 5.    Preliminary Approval and Class Notice.

5.1    Within seven (7) days of execution of this Agreement, Named Plaintiff will file a Preliminary Approval Motion for entry of a Preliminary Approval Order. Named Plaintiff will request that the Court enter a Preliminary Approval Order in the form attached hereto as Exhibit A. Named Plaintiff will request that the Court approve a Class Notice and Claim

Form in the form attached hereto as Exhibit B and request that the Court permit the Parties to send the Class Notice to the Settlement Class by electronic mail (“Email”) to the Settlement Class Members with a known Email address. The Class Notice will be sent via U.S. Mail to those members without a known Email address or to which the Email transmission failed provided that the Settlement Administrator can identify a mailing address for such Settlement Class Members. A Settlement Website will be set up for the Settlement Class Members to access the Settlement Agreement, including the Class Notice, Claim Form, and Claim Form Instructions.
5.2    Within three (3) days after the date of the Preliminary Approval Order, Tilly’s will provide to the Settlement Administrator the Settlement Class List in electronic format. The Settlement Class List provided by Tilly’s shall be designated as “Confidential” and subject to the agreed Protective Order. The Settlement Class List shall include the following data fields: (a) Settlement Class Member’s name, (b) the Settlement Class Member’s email address, and (c) the Settlement Class Member’s cellular telephone number.
Section 6.    The Class Settlement Relief.

6.1    Within thirty (30) days of the date of the Final Approval Order, the Settlement Administrator will provide to each Settlement Class Member a Voucher Payment. The Voucher Payment will provide each Settlement Class Member with a fifty percent (50%) discount which may be used for a single transaction at Tilly’s for purchases not to exceed
$1,000.00 resulting in no more than a $500.00 discount. The Voucher Payment will have no minimum purchase required. No Claim Form is necessary for Settlement Class Members who accept the Voucher Payment. The Voucher Payment shall be valid and redeemable for a
time-period of one year (365 calendar days) from the date the Voucher Payment is sent by Email to the Settlement Class Members.

6.2    The Class Settlement Relief is the Voucher Payment by default unless a Settlement Class Member, upon receiving the Class Notice, elects the Cash Option by submitting a Claim as provided for in this Agreement. Any Settlement Class Member who submits a Claim for the Cash Option will not receive the Voucher Payment.
6.3    Settlement Class Members will have sixty (60) days from the Class Notice Date to reject the Voucher Payment and submit a Claim Form for the Cash Option. Claim Forms may be submitted via facsimile, U.S. Mail, or the Settlement Website. Settlement Class Members who elect the Cash Option instead of the Voucher Payment shall receive
$25.00 for each unique cellular telephone number that received the Text Message. Settlement Class Members shall not be entitled to both the Voucher Payment and the Cash Option.
6.4    Settlement Class Members who elect the Cash Option will be mailed their

$25.00 Cash Settlement Check thirty (30) days after Final Approval and will be informed that Cash Settlement Checks containing payments must be cashed within ninety (90) days of issuance or else the Cash Settlement Check will be void and they will have no further right or entitlement to any payment under the terms of this Settlement. Any money remaining from Cash Settlement Checks issued to claiming Settlement Class Members who fail to cash their Cash Settlement Check within ninety (90) days of issuance shall be paid as a cy pres award to Prairie State Legal Services, as approved by the Court.
Section 7.    The Settlement Administrator.

Class-settlement.com (the “Settlement Administrator”) shall serve as the Settlement

Administrator. The Settlement Administrator will send and administer the Class Notice, assist the class members in completing Claim Forms for the Cash Option if they reject Voucher Payment, receive the Claim Forms, track and provide Class Notice and Voucher Payments to Settlement Class Members, and provide a Settlement Class Payment List to

counsel for the Parties. Upon request, the Settlement Administrator will provide copies of all Claim Forms to counsel for the Parties. The Parties agree to cooperate in good faith regarding the resolution of any dispute over the validity or timeliness of any submitted Claim Forms.
The decisions of the Settlement Administrator with respect to Claims shall be final and binding. All fees and costs of the Settlement Administrator, including the costs associated with paying third parties to provide Notice to the Class, shall be paid by the Plaintiff.
Section 8.    Class Notice.

The Parties will cause the Settlement Administrator to send the Class Notice by Email and via U.S. Mail to those Settlement Class Members without a known Email address or to which the Email transmission failed provided that the Settlement Administrator can identify a mailing address for such Settlement Class Members. The Class Notice will be sent within twenty-one (21) days of the date of the Preliminary Approval Order.
Section 9.    Final Approval.

The Preliminary Approval Order will set a date for a Final Approval Hearing. At the Final Approval Hearing, the Parties will request that the Court enter the Final Approval Order and Judgment. The fact that the Court may require non-substantive changes in the Final Approval Order will not invalidate this Agreement. If the Court does not enter a Final Approval Order substantially in the form of Exhibit C or a modified version thereof which is acceptable to all Parties, which becomes a final and non-appealable order, then this Agreement shall be null and void.
Section 10.    Incentive Award, Attorneys’ Fees and Expenses.

10.1    As part of the Preliminary Approval Motion, the Named Plaintiff will request that the Court award her an Incentive Award of ten thousand dollars ($10,000.00) for representing the Settlement Class, subject to the Court’s approval.

10.2    Class Counsel, Anderson + Wanca, will request that the Court award it thirty percent (30%) of the cash value of the Settlement, or $4,616,947.00, as Attorneys’ Fees and Expenses, subject to the Court’s approval. Any Attorneys’ Fees and Expenses requested by Class Counsel shall not exceed $4,616,947.00, which reflects approximately thirty percent (30%) of the cash value of the Class Settlement Relief. Tilly’s agrees not to oppose or otherwise object to a motion or application for the award of Attorneys’ Fees and Expenses, provided the Attorneys’ Fees and Expenses requested do not exceed $4,616,947.00. If, in approving the Settlement Agreement, Tilly’s is ordered to pay more than $4,616,947.00 in Attorneys’ Fees and Expenses, Tilly’s shall have an immediate right to terminate this Agreement and render it null and void.
10.3    The payment of the Incentive Award shall be made within twenty-one (21) days after the date of the Final Approval Order.
10.4    The payment of Attorneys’ Fees and Expenses shall be made on January 7, 2019, or twenty-one (21) days after the date of the Final Approval Order, whichever is later. The awarded Attorneys’ Fees and Expenses will be set forth in the Final Approval Order.
Section 11.    Effective Date.

This Agreement shall not be effective until the Effective Date. “Effective Date” means the calendar date five (5) days after the later of (a) the date on which the Court enters the Final Approval Order dismissing with prejudice the claims of all Settlement Class Members (including Named Plaintiff) who do not properly opt out of the Settlement as provided in the Class Notice, or (b) if any Settlement Class Member objected to the Settlement, the date on which the date for filing an appeal has expired or, if there are appeals, the date on which the Final Approval Order and Judgment have been affirmed in all material

respects by the appellate court of last resort to which such appeals have been taken and such affirmances are no longer subject to further appeal or review.
Section 12.    Releases.

12.1    Release as to Settlement Class Members. Upon the entry of the Final

Approval Order each member of the Settlement Class, other than Plaintiff, shall, by operation of the Judgment, be deemed to have fully, conclusively, irrevocably, forever, and finally released, relinquished, and discharged the Released Persons from any and all claims, actions, causes of action, suits, defenses, debts, sums of money, payments, obligations, promises, defenses, damages, penalties, attorney’s fees and costs, liens, judgments, and demands of any kind whatsoever that each member of the Settlement Class may have on or before the entry of the Final Approval Order or may have had in the past, whether in arbitration, administrative, or judicial proceedings, whether as individual claims or as claims asserted on a class basis, whether past or present, mature or not yet mature, known or unknown, suspected or unsuspected, whether based on federal, state, or local law, statute, ordinance, regulations, contract, common law, or any other source, that were or could have been sought or alleged in the Litigation or that relate, concern, arise from, or pertain in any way to the sending of the Text Messages.
12.2    The Release in Section 12.1 shall include, but is not limited to, all claims related to the sending of the Text Messages and any claims for any attorneys’ fees, costs, expenses, statutory or punitive damages, or expert fees in connection with or related in any manner to the Litigation.
12.3    Nothing in Section 12.1 shall be deemed a release of any Settlement Class Member’s respective rights and obligations under this Agreement.

12.4    Released Claims of Plaintiff. Upon the entry of the Final Approval Order,

Plaintiff, on behalf of herself, her heirs, guardians, assigns, executors, and administrators, hereby releases and discharges the Released Persons from any and all claims, actions, causes of action, suits, defenses, debts, sums of money, payments, obligations, promises, defenses, damages, penalties, attorney’s fees and costs, liens, judgments, and demands of any kind whatsoever that Plaintiff may have on or before the entry of the Final Approval Order or may have had in the past, whether in arbitration, administrative, or judicial proceedings, whether as individual claims or as claims asserted on a class basis, whether past or present, mature or not yet mature, known or unknown, suspected or unsuspected, whether based on federal, state, or local law, statute, ordinance, regulations, contract, common law, or any other source, that were or could have been sought or alleged in the Litigation or that relate, concern, arise from, or pertain in any way to the Parties’ conduct, transactions, and relationship prior to the entry of the Final Approval Order, including the sending of the Text Messages.
12.5    Nothing in Section 12.4 shall be deemed a release of Plaintiff’s rights and obligations under this Agreement.
12.6    Plaintiff and Class Counsel further represent that there are no outstanding liens or claims against the Litigation, it being recognized that Plaintiff will solely be charged with the responsibility to satisfy any other liens or claims asserted in the Litigation.
12.7    Released Claims of Defendant. Defendant, for and in consideration of the

terms and undertakings herein, the sufficiency and fairness of which are acknowledged, release and forever discharge the Named Plaintiff (and each of her present and former agents, assigns and attorneys) from any and all claims, demands, debts, liabilities, actions, causes of action of every kind and nature, obligations, damages, losses, and costs, whether known or

unknown, actual or potential, suspected or unsuspected, direct or indirect, contingent or fixed, that have been or could have been, that arise out of or relate to the sending of the Text Messages or Plaintiff’s prosecution of this action.
12.8    Voluntary Release Of Unknown Claims. Plaintiff and each Settlement Class

Member recognize that, even if they may later discover facts in addition to or different from those which they now know or believe to be true, they nevertheless agree that, upon entry of the Judgment, they fully, finally, and forever settle and release any and all claims covered by these Releases. The Settling Parties, including all Settlement Class Members, acknowledge that the foregoing Releases were bargained for and are a material element of the Agreement.
12.9    Settlement Class Members Who Opt Out. This Agreement and the Releases

herein do not affect the rights of Settlement Class Members who timely and properly submit a Request for Exclusion from the Settlement in accordance with this Settlement Agreement.
12.10    Authority of Court. The administration and implementation of this Settlement

Agreement shall be under the authority of the Court. The Court shall retain jurisdiction to protect, preserve, and implement the Settlement Agreement, including, but not limited to, enforcement of the Releases contained in the Agreement. The Court expressly retains jurisdiction in order to enter such further orders as may be necessary or appropriate in administering and implementing the terms and provisions of the Settlement Agreement.
Section 13.    Settlement Class Enjoined.

Upon the issuance of the Judgment, all Settlement Class Members who did not exclude themselves as required by the Class Notice (and any person or entity claiming by or through him, her, or it, as heir, administrator, devisee, predecessor, successor, attorney, representative of any kind, shareholder, partner, director or owner of any kind, affiliate, subrogee, assignee, or insurer) will be forever barred and permanently enjoined from directly,

indirectly, representatively or in any other capacity, filing, commencing, prosecuting, continuing, litigating, intervening in, participating in as class members or otherwise, or receiving any benefits or other relief from any other lawsuit, any other arbitration, or any other administrative, regulatory, or other proceeding against Defendant and Oracle America, Inc. (and each of their respective present and former employees, officers, directors, shareholders, and its successors, assigns, agents, and attorneys) about the Released Claims, and all persons and entities shall be forever barred and permanently enjoined from filing, commencing, or prosecuting any other lawsuit concerning the Text Messages against any person or entity including the Defendant (and including by seeking to amend a pending complaint to include class allegations or by seeking class certification in a pending action in any jurisdiction) on behalf of Settlement Class Members who have not timely opted-out from the Settlement Class if such other lawsuit is based on or arises from the Released Claims.
Section 14.    Cooperation.

Named Plaintiff and Defendant agree to cooperate fully with one another to effect the consummation of this Agreement and to achieve the Settlement provided for herein.
Section 15.    Agreement Contingent Upon Entry of Final Approval.

If the Court refuses to grant the Final Approval Order, or if the Court’s Final Approval Order is reversed or materially modified on appeal, then this Agreement shall be null and void and neither the fact that this Agreement was made nor any stipulation, representation, agreement, or assertion made in this Agreement may be used against any Party.
Section 16.    Notices.

All Notices (other than the Class Notice) required by the Agreement shall be made in writing and communicated by electronic mail and U.S. Mail to the following addresses:
All Notices to Plaintiff or the Settlement Class shall be sent to Class Counsel, c/o:

Brian J. Wanca Anderson + Wanca
3701 Algonquin Road, Suite 500 Rolling Meadows, IL 60008
Email: bwanca@andersonwanca.com

Counsel for Named Plaintiff and Settlement Class
All Notices to Tilly’s shall be sent to Tilly’s Counsel: Robert M. Brochin
Morgan, Lewis & Bockius LLP
200 South Biscayne Boulevard, Suite 5300
Miami, FL 33131-2339
Telephone: (305) 415-3000
Facsimile: (305) 415-3001
Email: bobby.brochin@morganlewis.com

Counsel for Tilly’s, Inc.

Section 17.    Opt Out of Settlement/Exclusion from Settlement.

17.1    A Settlement Class Member who wishes to opt out of the Settlement Class must do so in writing. In order to opt out, a Settlement Class Member must send to the Settlement Administrator at the address listed in the Class Notice, a Request for Exclusion that is postmarked no later than the Opt-Out Deadline, as specified in the Class Notice (or as the Court otherwise requires). The Request for Exclusion must: (a) identify the case name;
(b) identify the name, address, and cellular telephone number of the Settlement Class Member; (c) identify the cellular phone number to which the Text Message was sent; (d) be personally signed by the Settlement Class Member requesting exclusion; and (e) contain a statement that indicates a desire to be excluded from the Settlement Class in the Litigation to the effect of “I want to be excluded from the Tilly’s Settlement” and the date.

17.2    Any Settlement Class Member who does not opt out of the Settlement in the manner described herein shall be deemed to be part of the Settlement Class and shall be bound by all subsequent proceedings, orders, and judgments.

17.3    Each Settlement Class Member may only submit a Request for Exclusion for himself or herself. No “mass” or “class” opt outs shall be allowed.
17.4    A Settlement Class Member who desires to opt out must take timely affirmative written action pursuant to this Section, even if the Settlement Class Member desiring to opt out of the Class (a) files or has filed a separate action against any of the Released Persons, or (b) is, or becomes, a putative class member in any other class action filed against any of the Released Persons.
17.5    Opt Outs Not Bound. Any Settlement Class Member who properly opts out of

the Settlement Class as provided for in this Section shall not: (a) be bound by any orders or judgments relating to the Settlement; (b) be entitled to relief under, or be affected by, the Agreement; (c) gain any rights by virtue of the Agreement; or (d) be entitled to object to any aspect of the Settlement.
17.6    List Of Requests For Exclusion. Class Counsel shall provide Tilly’s Counsel

with a list of all timely Requests for Exclusion fourteen (14) days before Final Approval Hearing.
17.7    Right To Terminate Based Upon Volume Of Opt Outs.  If the number of

Settlement Class Members who properly and timely exercise their right to opt out of the Settlement Class exceeds three percent (3%) of the total number of Settlement Class Members, the Settling Parties stipulate and agree that Tilly’s shall have the right, but not the obligation, to terminate this Agreement without penalty or sanction.
17.8    All Settlement Class Members Bound By Settlement. Except for those

Settlement Class Members who timely and properly file a Request for Exclusion, all other

Settlement Class Members will be deemed to be Settlement Class Members for all purposes under the Agreement, and upon the Final Approval Date, will be bound by its terms.
Section 18.    Objection.

Any Settlement Class Member may object to the terms of this Agreement in writing, by the Objection Deadline, as detailed in the Class Notice and Preliminary Approval Order. Any Settlement Class Member who exercises his or her right to object to this Agreement will be responsible for his or her own attorneys’ fees and costs. Except as the Court may order otherwise, no Settlement Class Member objecting to the Settlement shall be heard and no papers, briefs, pleadings, or other documents submitted by any such Settlement Class Member shall be received and considered by the Court unless such Settlement Class Member shall both file with the Court and mail to Class Counsel and counsel for Defendant a written objection with the caption Lauren Minniti v. Tilly’s, Inc., No. 17-CH-926, that includes:
(a)the Settlement Class Member’s full name, current address, and cellular telephone number;

(b)a signed declaration that he or she is a member of the Settlement Class; (c) the names of all attorneys that assisted the Settlement Class Member in preparing the objection; (d) a list of all other class action cases in which the Settlement Class Member or all attorneys assisting the Settlement Class Member in the preparation of the objection have filed objections to settlements; (e) the specific grounds for the objection; and (f) all documents, writings or evidence that such Settlement Class Member wants the Court to consider. All written objections shall be filed with the Court and postmarked no later than the Objection Deadline. Any member of the Settlement Class who fails to object in the manner prescribed herein shall be deemed to have waived his or her objections and forever be barred from making any such objections in this Litigation or in any other action or proceeding related to the Released Claims. Any member of the Settlement Class not otherwise excluded who objects in the

manner prescribed and whose objection is rejected by the Court remains a member of the Settlement Class and is bound by the terms and conditions of this Settlement Agreement.
Section 19.    Court Submission.

Class Counsel will submit this Agreement and the Exhibits hereto, along with such other supporting papers as may be appropriate, to the Court for preliminary approval of this Agreement pursuant to 735 ILCS 5/2-801, et seq. If the Court declines to grant preliminary approval of this Agreement and to order notice of hearing with respect to the proposed Class, or if the Court declines to grant Final Approval to the foregoing after such notice and hearing, this Agreement will terminate as soon as the Court enters an order unconditionally and finally adjudicating that this Agreement and Settlement will not be approved.
Section 20.    Integration Clause.

This Agreement contains the full, complete, and integrated statement of each and every term and provision agreed to by and among the Parties and supersedes any prior writings or agreements (written or oral) between or among the Parties, which prior agreements may no longer be relied upon for any purpose. This Agreement shall not be orally modified in any respect and can be modified only by the written agreement of the Parties supported by acknowledged written consideration.
Section 21.    Headings.

Headings contained in this Agreement are for convenience of reference only and are not intended to alter or vary the construction and meaning of this Agreement.
Section 22.    Binding and Benefiting Others.

This Agreement shall be binding upon and inure to the benefit or detriment of the Parties and the Settlement Class Members who do not opt out, and to their respective agents,

employees, representatives, officers, directors, shareholders, divisions, parent corporations, subsidiaries, heirs, executors, assigns, and successors in interest.
Section 23.    Representations and Warranties.

The Parties each further represent, warrant, and agree that, in executing this Agreement, they do so with full knowledge of any and all rights that they may have with respect to the claims released in this Agreement and that they have received independent legal counsel from their attorneys with regard to the facts involved and the controversy herein compromised and with regard to their rights arising out of such facts. Each of the individuals executing this Agreement warrants that he or she has the authority to enter into this Agreement and to legally bind the party for which he or she is signing.
Section 24.    Governing Law.

The contractual terms of this Agreement shall be interpreted and enforced in accordance with the substantive law of the State of Illinois, without regard to its conflict of laws and/or choice of law provisions.
Section 25.    Mutual Interpretation.

The Parties agree and stipulate that this Agreement was negotiated on an arm’s-length basis between Parties of equal bargaining power. Also, Class Counsel and counsel for Defendant have drafted the Agreement jointly. Accordingly, no ambiguity shall be construed in favor of or against any of the Parties. Named Plaintiff acknowledges, but does not concede or agree with, Defendant’s statements regarding the merits of the claims, and Defendant acknowledges, but does not concede to or agree with, Named Plaintiff’s statements regarding the merits of the claims.
Section 26.    Counterparts.

This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument.
Facsimile and scanned signatures shall bind the Parties to this Agreement as though they are original signatures.
Section 27.    Severability.

In the event any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions if the Parties and their counsel mutually elect by written stipulation to be filed with the Court within twenty-one (21) days to proceed as if such invalid, illegal, or unenforceable provisions had never been included in this Agreement.
Section 28.    Continuing Jurisdiction.

Without affecting the finality of the final Judgment, the Court shall retain continuing jurisdiction over the Litigation and the Parties, including all members of the Settlement Class, the administration and enforcement of this Agreement and the Settlement, and the benefits to the Settlement Class hereunder, including, for such purposes as supervising the implementation, enforcement, construction, and interpretation of this Agreement, the order preliminarily approving the Settlement, the Final Approval Order and final Judgment, hearing and determining an application by Class Counsel for an award of fees and expenses, and the distribution of Settlement proceeds to the Settlement Class. Any dispute or controversies arising with respect to the interpretation, enforcement, or implementation of the Agreement shall be presented by motion to the Court.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the date set forth beside their respective signatures.

	
			
	 
	 
	PLAINTIFF

	DATED: March 14, 2018
	 
	LAUREN MINNITI, On behalf of herself and the Settlement Class

	 
	 
	/s/ Lauren Minniti

	 
	 
	 

	 
	 
	DEFENDANT

	DATED: March 14, 2018
	 
	TILLY'S, INC.

	 
	 
	By:  /s/ Mike Henry

	 
	 
	Its: CFOEX-10.11

 Exhibit 10.11 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the
“Agreement”) is entered into as of August 24, 2018 (the “Effective Date”), by and between ION CHANNEL INNOVATIONS, LLC, a limited liability company
organized under the laws of the State of New York and having an address of 23 Agnes Circle, Ardsley, NY 10502, U.S. (“Licensor”), and UROVANT SCIENCES, GMBH, a company organized
under the laws of Switzerland and having an address of Viaduktstrasse 8, 4051 Basel, Switzerland (“Licensee”). Licensor and Licensee may be referred to herein individually as a “Party” or collectively as the
“Parties”. 
 RECITALS 

WHEREAS, Licensor is an early stage biotechnology company dedicated to improving the quality of life of
millions of people with specific smooth muscle based urologic disorders through treatment with its plasmid-based gene therapy, and Licensor owns or controls certain patents, know-how and data relating to such
gene therapy; and 
 WHEREAS, Licensee desires to obtain from Licensor, and Licensor desires to grant
to Licensee, an exclusive worldwide license to develop, manufacture and commercialize Licensor’s gene therapy product, all subject to the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Licensor and Licensee hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 “Accounting Standards” shall mean internationally recognized accounting principles (including IFRS,
US GAAP, and the like), in each case, as generally and consistently applied by the applicable Selling Entity. 

“Affiliate” means: 
  

	 	(i)	 with respect to the Licensee, any entity or any other person that controls, is controlled by, or is under
common control with, the Licensee, but excluding Roivant Sciences Ltd., a company organized under the laws of Bermuda (“Roivant”), and any entity or any other person controlled by, or under common control with, Roivant other than
through the intermediary of Urovant Sciences Ltd., 

  

	 	(ii)	 with respect to Licensor, any entity or other person that controls, is controlled by, or is under common
control with, Licensor; and 

  

	 	(iii)	 with respect to any Third Party, any entity or other person that controls, is controlled by, or is under common
control with, such Third Party. 

  
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CONFIDENTIAL INFORMATION OMITTED 
  
 1 

 “Applicable Laws” means the applicable provisions of any and all
national, supranational, regional, state and local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions, orders, permits (including MAAs) of or from any court,
arbitrator, Regulatory Authority or Governmental Authority having jurisdiction over or related to the subject item. 

“Auditor” has the meaning set forth in Section 7.9 (Audit Dispute). 

“Business Day” means a day other than a Saturday, Sunday or a bank or other public holiday in Basel, Switzerland; or
New York, New York. 
 “Calendar Year” means each respective period of twelve (12) consecutive months ending on
December 31. 
 “cGMP” means the then-current standards for Good Manufacturing Practices, as defined in FDA
rules and regulations or as defined in another Regulatory Authority’s rules and regulations, that apply to the manufacture of Gene Therapy or Licensed Product, including (a) the United States regulations set forth in Title 21 of the United
States Code of Federal Regulations Parts 11, and 820 and the corresponding regulation of any other applicable Regulatory Authority, (b) the International Organization for Standardization (ISO) 13485, and (c) all additional Regulatory
Authority documents that correspond to, replace, amend, modify, supplant, or complement any of the foregoing. 
 “Claims”
means all Third Party demands, claims, suits, actions, investigations proceedings and liabilities (whether criminal or civil, in contract, tort or otherwise) for losses, damages, fees, costs (including reasonable attorneys’ fees), and other
expenses of any nature. 
 “CMC” means chemistry, manufacturing, and controls. 

“CMO” means a Third Party contract manufacturing organization. 

“Combination Product” means any Licensed Product comprising a Gene Therapy and at least one other active compound or
ingredient, that is formulated together (i.e., a fixed dose combination), mixed together or packaged together and sold for a single price. 

“Commercialization” means the conduct of all activities undertaken before and after Regulatory Approval relating to the
promotion, marketing, sale and distribution (including importing, exporting, transporting, customs clearance, warehousing, invoicing, handling and delivering Licensed Products to customers) of Licensed Products in or outside of the Territory,
including: (a) sales force efforts, detailing, advertising, medical education, planning, marketing, sales force training, and sales and distribution; and (b) scientific and medical affairs. For clarity, Commercialization does not include
any Development activities, whether conducted before or after Regulatory Approval. “Commercialize”, “Commercialized”, and “Commercializing” have correlative meanings. 

“Commercially Reasonable Efforts” means, with respect to a Party’s obligations under this Agreement
relating to Gene Therapies and Licensed Products, those efforts and resources that 

  
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CONFIDENTIAL INFORMATION OMITTED 
  
 2 

 
are consistent with the exercise of customary scientific and business practices, as applied by such Party for development, regulatory, manufacturing and commercialization activities conducted
with respect to products at a similar stage of development or commercialization and having similar commercial potential, taking into [***]. The Parties hereby agree that the level of effort may be different for different markets and may change over
time, reflecting changes in the status of the aforementioned attributes and potential of the Licensed Product(s). 

“Confidential Information” of a Party means all Know-How, materials, and other
proprietary scientific, marketing, financial, or commercial information that is: (a) disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any of its Affiliates, whether made
available orally, in writing, or in electronic form; or (b) learned by the other Party pursuant to this Agreement. The existence and terms of this Agreement are the Confidential Information of both Parties. All information disclosed by Licensor
under the Confidentiality Agreement that relates to any Gene Therapy or Licensed Product or the transaction under this Agreement is deemed the Confidential Information of Licensor under this Agreement, and all information disclosed by Roivant
Sciences, Inc. under the Confidentiality Agreement that relates to any Gene Therapy or Licensed Product or the transaction under this Agreement is deemed the Confidential Information of Licensee under this Agreement. Notwithstanding the foregoing to
the contrary, during the Term, Licensor Know-How that is solely related to a Gene Therapy or a Licensed Product will be deemed to be the Confidential Know-How of
Licensee. 
 “Confidentiality Agreement” means mutual nondisclosure agreement that is between Licensor and Roivant
Sciences, Inc. and that is dated August 12, 2018. 
 “Consulting Agreement” means the consulting agreement that is
between Urovant Sciences, Inc. and Dr. Arnold Melman and that is dated as of August 24, 2018. 
 “Control” or
“Controlled” means, with respect to any Know-How, materials, Patents or other intellectual property rights, the legal authority or right (whether by ownership, license or otherwise but without
taking into account any rights granted by one Party to the other Party pursuant to this Agreement) of a Party to grant access, a license or a sublicense of or under such Know-How, materials, Patents or other
intellectual property rights to the other Party, or to otherwise disclose proprietary or trade secret information to such other Party, without breaching the terms of any agreement with a Third Party, or misappropriating the proprietary or trade
secret information of a Third Party. 
 “Cover” means, with respect to a claim of a Patent related to a Gene Therapy or
Licensed Product, that such claim would be infringed, absent a license, by the manufacture, use, offer for sale, sale or importation of such Gene Therapy or Licensed Product (considering claims of patent applications to be issued as then pending).
“Covered” has a correlative meaning. 
 “Data” means any and all scientific, technical and test data
pertaining to the Gene Therapies or Licensed Products, including research data, clinical pharmacology data, CMC data (including analytical and quality control data and stability data), pre-clinical data,
clinical data or submissions made in association with an IND or MAA with respect to any Gene Therapy or Licensed Product, in each case that is Controlled by a Party. 

  
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CONFIDENTIAL INFORMATION OMITTED 
  
 3 

 “Develop” means to develop (including clinical,
non-clinical and CMC development), analyze, test and conduct preclinical, clinical and all other regulatory trials for a Gene Therapy or a Licensed Product, including all post-approval clinical trials, as well
as all related regulatory activities and any and all activities pertaining to new Indications, pharmacokinetic studies and all related activities including work on new formulations, new methods of treatment and CMC activities including new
manufacturing methods. “Developing” and “Development” have correlative meanings. 
 “Disclosing
Party” has the meaning set forth in Section 11.1(a) (Duty of Confidence). 
 “Dollar” means United
States dollars and “$” shall be interpreted accordingly. 
 “EMA” means the European Medicines Agency or any
successor agency thereto. 
 “European Union” or “EU” means the economic, scientific and political
organization of member states known as the European Union, as its membership may be altered from time to time, and any successor thereto. 

“Excluded Claim” has the meaning set forth in Section 13.9(g) (Dispute Resolution). 

“FDA” means the U.S. Food and Drug Administration or any successor agency thereto. 

“Field” means the treatment, prevention and diagnosis of any and all human and animal diseases, disorders and conditions.

 “First Commercial Sale” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the first sale by or on behalf of Licensee or any of its Affiliates to
a Third Party for end use or consumption of a Licensed Product that is Covered by a Valid Claim of a Licensor Patent in a given country in the Territory after Regulatory Approval has been granted with respect to such Licensed Product in such
country. A First Commercial Sale will not include any Licensed Product: (a) supplied for use in clinical trials, for research or for other non-commercial uses, or as part of a compassionate use program
(or other program for providing Licensed Product before it has received Regulatory Approval in a country); or (b) not Covered by a Valid Claim of a Licensor Patent in a given country in the Territory after Regulatory Approval has been granted
with respect to such Licensed Product in such country. 
 “Fiscal Quarter” means each of the following three
(3)-month periods during each Fiscal Year: January 1 through March 31; April 1 through June 30; July 1 through September 30; and October 1 through December 31; provided, that the first Fiscal Quarter shall commence on the
Effective Date and end on September 30, 2018. 
 “Fiscal Year” means the period from April 1 of a Calendar
Year through March 31 of the following Calendar Year. 
 “Gene Therapy” means: (a) any gene therapy that:
(i) has as a primary mechanism of action the expression of the Target; or (ii) is Covered by any Licensor Patent or disclosed in any 

  
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CONFIDENTIAL INFORMATION OMITTED 
  
 4 

 
expired Patent that was owned by the Licensor and that relates to the Target; and (b) all preparations, formulations and compositions of such gene therapy. 

“Governmental Authority” means any national, international, federal, state, provincial or local government, or
political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal
(or any department, bureau or division thereof, or any governmental arbitrator or arbitral body). 
 “IND” means any
investigational new drug application, clinical trial application, clinical trial exemption or similar or equivalent application or submission for approval to conduct human clinical investigation filed with or submitted to a Regulatory Authority in
conformance with the requirements of such Regulatory Authority. 
 “Indemnified Party” has the meaning set forth in
Section 10.3 (Indemnification Procedure). 
 “Indemnifying Party” has the meaning set forth in
Section 10.3 (Indemnification Procedure). 
 “Indication” means a separate and distinct disease, disorder,
illness or health condition for which a separate Regulatory Approval may be filed. 
 “Initiation” means, with respect to a
clinical trial, the enrollment of the first patient in such clinical trial. 
 “Invention” means any process, method,
composition, composition of matter, article of manufacture, discovery or finding, patentable or otherwise, that is made, generated, conceived or otherwise invented as a result of a Party exercising its rights or carrying out its obligations under
this Agreement, whether directly or via its Affiliates, agents or independent contractors, including all rights, title and interest in and to the intellectual property rights therein. 

“JAMS Rules” has the meaning set forth in Section 13.9(b) (Dispute Resolution). 

“Joint Inventions” has the meaning set forth in Section 8.1(b) (Ownership of Inventions). 

“Joint Patents” has the meaning set forth in Section 8.1(b) (Ownership of Inventions). 

“Know-How” means any information, including discoveries, improvements, modifications,
processes, methods, techniques, protocols, formulas, Data, inventions, know-how, trade secrets and results, patentable or otherwise, including physical, chemical, biological, toxicological, pharmacological,
safety, and pre-clinical and clinical data, dosage regimens, control assays, and product specifications, but excluding any Patents. 

“Knowledge” means, when used in connection with Licensor or Licensee, with respect to any matter in question, the actual
knowledge of, in the case of Licensor, the Chief Commercial Officer of Urovant Sciences, Inc., and in the case of Licensee, Licensee’s founders, employees, officers or members, in each case, following reasonable inquiry as to such matter. 

  
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CONFIDENTIAL INFORMATION OMITTED 
  
 5 

 “Licensed Product” means any product containing a Gene Therapy as an
active ingredient, alone or in combination with one or more other molecules or agents in any dosage form or formulation. 

“Licensee Data” has the meaning set forth in Section 8.1(a) (Data). 

“Licensee Indemnitee” has the meaning set forth in Section 10.1 (Indemnification by Licensor). 

“Licensee Patents” means all Patents that: (a) Licensee or its Affiliates Control as of the Effective Date or during the
Term; and (b) that are necessary or reasonably useful for the Development, manufacture or Commercialization of any Gene Therapy or Licensed Product in the Field in the Territory, excluding the Licensor Patents and the Joint Patents. 

“Licensor Indemnitee” has the meaning set forth in Section 10.2 (Indemnification by Licensee). 

“Licensor Know-How” means all Know-How
that: (a) Licensor or its Affiliates Control as of the Effective Date or during the Term; and (b) is necessary or reasonably useful for the Development, manufacture or Commercialization of any Licensed Product or any gene therapy having as
a primary mechanism of action the expression of the Target (including the Gene Therapy) in the Field in the Territory, including Licensor’s Sole Inventions and Licensor’s interest in Joint Inventions. 

“Licensor Manufacturing Know-How” has the meaning set forth in
Section 5.3(a) (Manufacturing Technology Transfer). 
 “Licensor Patents” means all Patents in the
Territory that: (a) Licensor or its Affiliates Control as of the Effective Date or during the Term; and (b) are necessary or reasonably useful for the Development, manufacture or Commercialization of any Licensed Product or any gene
therapy having as a primary mechanism of action the expression of the Target (including the Gene Therapy) in the Field in the Territory, including: (x) Licensor’s interest in Joint Patents in the Territory; (y) any Patents covering
modifications, combinations, technological advances or improvements developed or acquired by Licensor during the Term; and (z) any Patents prepared or filed by Licensee that claim Licensor Know-How after
the Effective Date. The Licensor Patents existing as of the Effective Date are listed on Exhibit A. 
 “Licensor
Technology” means the Licensor Know-How and the Licensor Patents. 

“MAA” means an application to the appropriate Regulatory Authority for approval to market for commercial sale a Licensed
Product (but excluding Pricing Approval) in any particular country, including: (a) a new drug application submitted to the FDA pursuant to Section 505(b) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. § 355(b) (an
“NDA”); (b) a biologics license application submitted to the FDA pursuant to the Public Health Service Act, 42 U.S.C. § 262 (a “BLA”), or (c) an application for authorization to market and/or sell a drug
product submitted to a Regulatory Authority in a country other than the U.S., in each case ((a), (b) or (c)), including all amendments and supplements thereto. 

  
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CONFIDENTIAL INFORMATION OMITTED 
  
 6 

 “Major Market” means each of the United States, the United Kingdom, France,
Germany, Italy, Spain, and Japan. 
 “Manufacturing Transfer Period” has the meaning set forth in
Section 5.3(a) (Manufacturing Technology Transfer). 
 “Net Sales” means the gross amount received, for
the sale of a Licensed Product during the applicable Royalty Term, by a Selling Entity to a Third Party after deducting, if not previously deducted, from the amount received: [***]. 

“Patents” means: (a) all patents, certificates of invention, applications for certificates of invention, priority patent
filings and patent applications; (b) any renewals, divisions, continuations continued prosecution applications, continuations-in-part, or requests for continued
examination of any of such patents, certificates of invention and patent applications, any and all patents or certificates of invention issuing thereon, and any and all reissuances, reexaminations, divisions, substitutions, confirmations,
registrations, revalidations, revisions, and additions of or to any of the foregoing; and (c) extensions, renewals or restorations of any of the foregoing by existing or future extension, renewal or restoration mechanisms, including
supplementary protection certificates or the equivalent thereof. 
 “Phase 3 Clinical Trial” means a
human clinical trial that would satisfy the requirements for a Phase 3 study as defined in 21 CFR § 312.21(c) (or any amended or successor regulations) or any equivalent regulations in other countries in the Territory, regardless
of where such clinical trial is conducted. 
 “PMDA” means Japan’s Pharmaceuticals and Medical Devices Agency or any
successor entity thereto. 
 “Pricing Approval” means such governmental approval, agreement, determination or
decision establishing prices for a Licensed Product that can be charged or reimbursed in a regulatory jurisdiction where the applicable Governmental Authorities approve or determine the price or reimbursement of pharmaceutical products and where
such approval or determination is reasonably necessary for the commercial sale of such Licensed Product in such jurisdiction. 

“Product Infringement” has the meaning set forth in Section 8.4(a) (Notice). 

“Public Official or Entity” means any: (a) officer or employee of a Governmental Authority or of a
public international organization, or any person acting in an official capacity for or on behalf of such person; (b) officer, employee or person acting in an official capacity on behalf of a political party; (c) candidate for political
office; (d) officer or employee of a government-owned or government-controlled entity or company, including public stock companies in which the majority shareholders are government-owned or government-controlled entities or companies,
regardless of the officer’s or employee’s rank or title; (e) uncompensated honorary officials who have influence in the award of business; (f) members of royal families; (g) any entity hired to review or accept bids for a
Government Authority; (h) officials, whether elected, appointed or under a contract, permanent or temporary, who hold a legislative, administrative, or judicial position of any kind in a country or territory; (i) person who performs public
functions in any 

  
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 7 

 
branch of the national, local, or municipal governments of a country or territory or who exercises a public function for any public agency or public enterprise of such country or territory;
(j) executive, officer, agent or employee acting in a business (even if privately owned) providing a service to the general public; or (k) immediate family members of any of the persons listed above. An immediate family member is a parent,
spouse, significant other, child, or sibling. 
 “Receiving Party” has the meaning set forth in Section 11.1(a)
(Duty of Confidence). 
 “Regulatory Approval” means all approvals, including Pricing Approvals and MAAs,
that are necessary for the commercial sale of a Licensed Product in a given country or regulatory jurisdiction. 
 “Regulatory
Authority” means any applicable Governmental Authority responsible for granting Regulatory Approvals for Licensed Product, including the FDA, the EMA, the PMDA, and any corresponding national or regional regulatory authorities. 

“Regulatory Documentation” means all applications, filings, submissions, approvals, licenses, registrations, permits,
notifications and authorizations (or waivers), all correspondence submitted to or received from Regulatory Authorities (including minutes and official contact reports relating to any communications with any Regulatory Authority), all reports and
documentation in connection with studies and tests (including study reports and study protocols, and copies of all interim study analysis), and all Data contained in any of the foregoing, with respect to the testing, Development, manufacture or
Commercialization of any Licensed Product, including any IND, NDA, MAA, Regulatory Approval, manufacturing data and drug master files. 

“Regulatory Exclusivity” means any exclusive marketing rights or data exclusivity rights conferred by any Regulatory
Authority with respect to a pharmaceutical product other than a Patent, including orphan drug exclusivity, new chemical entity exclusivity, biologics exclusivity, new clinical data exclusivity, pediatric exclusivity, or rights similar thereto in
other countries or regulatory jurisdictions. 
 “Remedial Action” has the meaning set forth in Section 4.4
(Remedial Actions). 
 “Royalty Term” has the meaning set forth in Section 7.3(b) (Royalty Term).

 “SEC” has the meaning set forth in Section 11.7(a) (Disclosure to the SEC). 

“Selling Entity” means Licensee, its Affiliates and Sublicensees. 

“Sole Inventions” has the meaning set forth in Section 8.1(b) (Ownership of Inventions). 

“Sublicense” means a license or sublicense to Develop, make, use, import, promote, offer for sale or sell any Gene Therapy or
any Licensed Product. 
 “Sublicensee” means a Third Party to whom Licensee or its Affiliates has granted a Sublicense in
accordance with the terms of this Agreement. 

  
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 8 

 “Target” means the voltage-gated potassium channels (for any species and either
as a peptide or full protein) known as Maxi-K channels or BK channels. Maxi-K channels or BK channels are encoded by the KCNMA1 gene, also known as, for example, slo1,
Kca1.1, SLO, hSlo, BKCA Alpha Subunit, BKTM, or PNKD3. 
 “Tax” or “Taxes” means any (a) all federal,
provincial, territorial, state, municipal, local, foreign or other taxes, imposts, rates, levies, assessments and other charges in the nature of a tax (and all interest and penalties thereon and additions thereto imposed by any Governmental
Authority), including all income, excise, franchise, gains, capital, real property, goods and services, transfer, value added, gross receipts, windfall profits, severance, ad valorem, personal property, production, sales, use, license, stamp,
documentary stamp, mortgage recording, employment, payroll, social security, unemployment, disability, escheat, estimated or withholding taxes, and all customs and import duties, together with all interest, penalties and additions thereto imposed
with respect to such amounts, in each case whether disputed or not; (b) any liability for the payment of any amounts of the type described in clause (a) as a result of being or having been a member of an affiliated, consolidated, combined
or unitary group; and (c) any liability for the payment of any amounts as a result of being party to any tax sharing agreement or arrangement or as a result of any express or implied obligation to indemnify any other person with respect to the
payment of any amounts of the type described in clause (a) or (b). 
 “Term” has the meaning set forth in
Section 12.1 (Term). 
 “Territory” means worldwide. 

“Third Party” means any entity other than Licensor or Licensee or an Affiliate of Licensor or Licensee. 

“Transfer Plan” has the meaning set forth in Section 2.3 (Initial Transfer of
Know-How and Materials). 
 “Transfer Tax” has the meaning set forth in
Section 7.7(c) (Transfer Tax). 
 “United States” or “U.S.” means the United
States of America, including its territories and possessions. 
 “Valid Claim” means a claim of an issued and
unexpired Patent that has not been revoked or held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has not been appealed within the time allowed for
appeal, and that has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise. 

ARTICLE 2 
 LICENSE
GRANTS 
 2.1 Licenses to Licensee. Licensor hereby grants to Licensee an exclusive (even as to Licensor),
royalty-bearing license, with the right to grant Sublicenses including through multiple tiers in accordance with Section 2.2 (Sublicense Rights), under the Licensor Technology to research, Develop, make, have made, use, distribute, sell,
offer for sale, have sold, import, export and otherwise Commercialize Licensed Products in the Field in the Territory. 

  
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 9 

 2.2 Sublicense Rights. Licensee may grant Sublicenses of the licenses
granted in Section 2.1 (Licenses to Licensee) through multiple tiers to Affiliates of Licensee or to any Third Parties without the prior written consent of Licensor. Each Sublicense granted hereunder, if any, whether to an Affiliate or
Sublicensee, shall be in writing and shall incorporate terms and conditions sufficient to enable Licensee to comply with this Agreement. Licensee shall notify Licensor in writing promptly after entering into each sublicense of the licenses granted
in Section 2.1 (Licenses to Licensee). 
 2.3 Initial Transfer of
Know-How and Materials. Within thirty (30) days after the Effective Date, the Parties shall agree on a plan for the transfer of Licensor
Know-How (including the Data therein) and certain tangible materials that are Controlled by Licensor as of the Effective Date to Licensee (including all inventory of Licensed Product (e.g., approximately 385
vials of Gene Therapy) and related samples (e.g., vials of sucrose), in each case that exist as of the Effective Date, “Existing Inventory”), which plan shall be incorporated by reference herein (the “Transfer
Plan”). As soon as practical and pursuant to the Transfer Plan, Licensor shall commence disclosing and making available to Licensee the Licensor Know-How and materials listed in the Transfer Plan,
according to the timeline set forth in the Transfer Plan, and Licensor shall complete such transfer no later than [***] after the effective date of the Transfer Plan, except that Licensee may take possession of the Existing Inventory at
Licensee’s discretion prior to the establishment of the Transfer Plan. The Parties shall cooperate with each other in good faith to enable a smooth transfer of the Licensor Know-How to Licensee. Upon
Licensee’s reasonable request, Licensor shall provide reasonable technical assistance (including making appropriate employees available to Licensee at reasonable times, places, and frequency and facilitating Licensee’s contact to the
respective research laboratories, CMOs and CROs), and upon reasonable prior notice, for the purpose of assisting Licensee to understand and use the Licensor Know-How in connection with Licensee’s
Development of Licensed Products. If (a) one or both Parties become aware of Licensor Know-How that was Controlled by Licensor as of the Effective Date but was not transferred to Licensee; or (b) one
or both Parties become aware of Licensor Know-How that first came within the Control of Licensor after the Effective Date; then, in each case of (a) and (b), Licensor shall promptly upon identifying any
such Licensor Know-How disclose and transfer such Licensor Know-How to Licensee, and Licensor shall provide reasonable technical assistance, including making appropriate
employees available to Licensee at reasonable times, places, and frequency, and upon reasonable prior notice, for the purpose of assisting Licensee to understand and use such Licensor Know-How in connection
with Licensee’s Development of Licensed Products. 
 2.4 Provisions for Insolvency. 

(a) Section 365(n) of the Bankruptcy Code. The licenses granted pursuant to Sections 2.1 (Licenses to
Licensee) are, for all purposes of Section 365(n) of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), licenses of rights to “intellectual property” as defined in the Bankruptcy Code. Upon
the occurrence of any Insolvency Event with respect to Licensor, the Parties agree that Licensee, as licensee of such licenses under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code with
respect 

  
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to such licenses. Without limiting the generality of the foregoing, Licensor and Licensee intend and agree that any sale of Licensor’s assets under Section 363 of the Bankruptcy Code
shall be subject to Licensee’s rights under Section 365(n) of the Bankruptcy Code, that Licensee cannot be compelled to accept a money satisfaction of its interests in the intellectual property licensed pursuant to this Agreement, and that
any such sale therefore may not be made to a purchaser “free and clear” of Licensee’s rights under this Agreement and Section 365(n) of the Bankruptcy Code without the express, contemporaneous consent of Licensee. Further, each
Party agrees and acknowledges that all payments by Licensee to Licensor hereunder, other than the royalty payments pursuant to Section 7.3 (Royalty Payments), do not constitute royalties within the meaning of Section 365(n) of the
Bankruptcy Code or relate to licenses of intellectual property hereunder. The Licensor shall, during the Term, create and maintain current copies or, if not amenable to copying, detailed descriptions or other appropriate embodiments, to the extent
feasible, of all intellectual property licensed pursuant to this Agreement. The Licensor and Licensee acknowledge and agree that “embodiments” of intellectual property within the meaning of Section 365(n) include laboratory notebooks,
cell lines, vectors, reagents, assays, product samples and inventory, research studies and data, Regulatory Documentation and Regulatory Approvals. If (i) a case under the Bankruptcy Code is commenced by or against a Licensor, (ii) this
Agreement is rejected as provided in the Bankruptcy Code, and (iii) the Licensee elects to retain its rights hereunder as provided in Section 365(n) of the Bankruptcy Code, Licensor (in any capacity, including debtor-in-possession) and its successors and assigns (including a trustee) shall: 

(i) provide to the Licensee all such intellectual property (including all embodiments thereof) held by Licensor and such successors and
assigns, or otherwise available to them, immediately upon the Licensee’s written request. Whenever Licensor or any of its successors or assigns provides to the Licensee any of the intellectual property licensed hereunder (or any embodiment
thereof) pursuant to this Section 2.4 (Provisions for Insolvency), the Licensee shall have the right to perform Licensor’s obligations hereunder with respect to such intellectual property, but neither such provision nor such
performance by the Licensee shall release Licensor from liability resulting from rejection of the license or the failure to perform such obligations; and 

(ii) not interfere with the Licensee’s rights under this Agreement, or any agreement supplemental hereto, to such intellectual
property (including such embodiments), including any right to obtain such intellectual property (or such embodiments) from another entity, to the extent provided in Section 365(n) of the Bankruptcy Code. 

(b) Cumulative Remedies. All rights, powers and remedies of the Licensee provided herein are in addition to and not in substitution for
any and all other rights, powers and remedies now or hereafter existing at law or in equity (including the Bankruptcy Code) in the event of the commencement of a case under the Bankruptcy Code with respect to Licensor. The Parties agree that they
intend the following rights to extend to the maximum extent permitted by law, and to be enforceable under Bankruptcy Code Section 365(n): 

(i) the right of access to any intellectual property (including all embodiments thereof) of Licensor, or any Third Party with whom
Licensor contracts to perform an obligation of Licensor under this Agreement, and, in the case of the Third Party, which is necessary for the manufacture, use, sale, import or export of Licensed Products; and 

  
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 (ii) the right to contract directly with any Third Party to complete the contracted work.

 2.5 Exclusivity. During the Term and for [***] thereafter, Licensor shall not conduct, itself or through an Affiliate or
Third Party, and shall not enable a Third Party to conduct, any pre-clinical or clinical development, manufacture, promotion, or commercialization of any gene therapy, biologic, compound or other therapeutic,
regardless of modality, that has as a primary mechanism of action of either the: (a) expression of the Target; or (b) the direct or indirect inhibition or other direct or indirect modulation of the Target. Each Party recognizes that the
restrictions contained in this Section 2.5 (Exclusivity) are properly required for the adequate protection of the Parties’ rights hereunder, and agree that if any provision in this Section 2.5 (Exclusivity) is determined
by any court to be unenforceable by reason of its extending for too great a period of time or over too great a geographic area, or by reason of its being too extensive in any other respect, such restrictions shall be interpreted to extend only for
the longest period of time and over the greatest geographic area, and to otherwise have the broadest application as shall be enforceable. 

ARTICLE 3 
 DEVELOPMENT

 3.1 General. Licensee shall be solely responsible for the Development of Gene Therapies and Licensed Products in the
Field in the Territory, including the performance of preclinical and clinical studies of any Gene Therapy or Licensed Product in the Field and, subject to Section 5.2, the manufacture and supply of Gene Therapies and Licensed Products for use
in such Development work. Licensee shall provide Licensor with periodic updates of its pre-clinical and clinical Development plans, progress, and results for Gene Therapies and Licensed Products. As between
the Parties, Licensee shall be solely responsible for the cost for the Development of Gene Therapies and Licensed Products in the Field in the Territory. 

3.2 Development Diligence. Licensee, directly or indirectly through Affiliates or Sublicensees, shall use Commercially
Reasonable Efforts to Develop and to seek Regulatory Approval for at least one Licensed Product in the Field according to a development plan prepared by Licensee in its sole discretion within [***] after the Effective Date, and updated thereafter by
Licensee in its sole discretion on an annual basis as reasonably necessary in connection with the Development and Regulatory Approval of the Licensed Product (“Development Plan”). 

3.3 Development Records. Licensee shall use Commercially Reasonable Efforts to maintain reasonably complete, current and accurate
records of all Development activities conducted by or on behalf of Licensee, its Affiliates and Sublicensees for any Gene Therapy and Licensed Product in the Field, and all data and other information resulting from such activities. Such records
shall properly reflect all work done and results achieved in the performance of the Development activities in good scientific manner appropriate for regulatory and patent purposes. 

3.4 Compliance. Licensee agrees that, in performing its obligations under this Agreement, (a) it shall comply with all Applicable
Laws, and (b) it shall not employ or engage any person who has been debarred or disqualified by any Regulatory Authority, or, to its Knowledge, is the subject of debarment or disqualification proceedings by a Regulatory Authority. 

  
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 3.5 Subcontractor. Licensee may engage subcontractors for the performance of its
obligations under the Agreement and shall cause the subcontractors engaged by it to be bound by written obligations of confidentiality and non-use of Licensor’s Confidential Information and invention
assignment consistent with those contained herein, and Licensee shall remain primarily responsible for the performance of such subcontractors. 

ARTICLE 4 
 REGULATORY

 4.1 Regulatory Responsibilities. Licensee shall be responsible for all regulatory activities necessary to obtain and
maintain Regulatory Approval of Gene Therapies and Licensed Products in the Field in the Territory. Licensee shall keep Licensor informed of material regulatory developments related to Gene Therapies and Licensed Products in the Field in the
Territory. 
 4.2 Regulatory Documentation. Promptly following the Effective Date (but in no event later than ten
(10) days thereafter), Licensor shall and hereby does assign to Licensee all Regulatory Documentation and Regulatory Approvals related to any Gene Therapy or Licensed Product, and Licensor shall promptly take all actions reasonably requested by
Licensee to effect and evidence such assignment. Licensee shall prepare and submit all Regulatory Documentation for Gene Therapies and Licensed Products in the Field in the Territory and shall own all Regulatory Documentation for Gene Therapies and
Licensed Products in the Field in the Territory. Upon reasonable advance request by Licensee, Licensor shall provide Licensee with, or provide Licensee access to, all raw data underlying or referenced in, any Regulatory Documentation, to the extent
not provided as part of the transfer contemplated under Section 2.3 (Initial Transfer of Know-How and Materials); provided, however, that if Licensor is not able under Applicable Laws
to provide access to Licensee to such raw data, and if such data is required or requested by any Regulatory Authority, Licensor shall provide such raw data directly to such Regulatory Authority on Licensee’s behalf upon request of Licensee.

 4.3 Rights of Reference. Licensor hereby grants Licensee the right to use and reference all Regulatory
Documentation (including data contained therein) and Regulatory Approvals for the Gene Therapies and Licensed Products or the platform used to develop the Gene Therapies submitted by or on behalf of Licensor, its Affiliates, or sublicensees. 

4.4 Remedial Actions. Each Party shall notify the other Party immediately, and promptly confirm such notice in writing, if
it obtains information indicating that a Licensed Product may be subject to any recall, corrective action, or other regulatory action with respect to the Licensed Product taken by virtue of Applicable Laws (a “Remedial
Action”). The Parties shall assist each other in gathering and evaluating such information as is necessary to determine the necessity of conducting a Remedial Action. 

ARTICLE 5 
 MANUFACTURING

 5.1 Manufacturing Responsibilities. Licensee shall be solely responsible for all preclinical, clinical, and
commercial manufacture and supply of Gene Therapies and Licensed 

  
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Products for all uses under this Agreement, at its sole expense. Licensee may conduct such manufacturing activities itself or through a CMO, subject to Section 3.5 (Subcontractor).

 5.2 Manufacturing Technology Transfer. In order to enable Licensee or its CMO to manufacture Gene Therapies
and Licensed Products, Licensor shall perform or facilitate technology transfer to Licensee or its CMO as set forth below: 
 (a)
During a mutually agreed time period of at least [***] (the “Manufacturing Transfer Period”), Licensor shall make available and transfer to Licensee, at Licensor’s sole cost, copies of the Licensor Know-How and any tangible materials that are necessary or useful in the manufacture of Gene Therapies or Licensed Products and as of such date are being used by Licensor to manufacture Gene Therapies and Licensed
Products (the “Licensor Manufacturing Know-How”) solely for Licensee or its CMO to manufacture or have manufactured Gene Therapies or Licensed Products in accordance with the
terms and conditions of this Agreement. 
 (b) During the Manufacturing Transfer Period, upon Licensee’s request and at
Licensor’s sole cost, Licensor shall make available to Licensee, its Affiliates or contract manufacturers a reasonable number of appropriately trained personnel to provide, on a mutually convenient timetable, technical assistance (both on site
and otherwise) in the transfer and demonstration of the Licensor Manufacturing Know-How that is necessary to manufacture Gene Therapies and Licensed Products. After the Manufacturing Transfer Period, if
requested by Licensee, Licensor shall use reasonable efforts to provide additional technical assistance in the transfer of Licensor Manufacturing Know-How to Licensee. 

ARTICLE 6 

COMMERCIALIZATION 
 6.1
General. Licensee shall be responsible for all aspects of the Commercialization of the Licensed Products in the Field in the Territory, including: (a) developing and executing a commercial launch and
pre-launch plan, (b) negotiating with applicable Governmental Authorities regarding the price and reimbursement status of the Licensed Products and obtaining and maintaining Pricing Approvals;
(c) marketing, medical affairs, and promotion; (d) formulary access arrangements, including agreements with third party payers and pharmacy benefit managers; (e) advertising and promotional material and activities (f) storage,
warehousing and distribution activities and any permits required in connection therewith; (g) booking sales and distribution and performance of related services; (h) handling all aspects of order processing, invoicing and collection,
inventory and receivables; (i) providing customer support, including handling medical queries, and performing other related functions; and (j) conforming its practices and procedures to Applicable Law relating to the marketing, detailing
and promotion of Licensed Products in the Field in the Territory. As between the Parties, Licensee shall be solely responsible for the costs and expenses of Commercialization of the Licensed Products in the Field in the Territory. 

  
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 ARTICLE 7 

FINANCIAL PROVISIONS 

7.1 Upfront Payment. Licensee shall make a one-time, upfront payment of Two
Hundred Fifty Thousand Dollars ($250,000) to Licensor within [***] after receipt of: (a) an invoice issued by Licensor on or promptly after the Effective Date; and (b) notarized signatures of the patent assignment documents between
Licensor and the inventors of the Licensor Patents. 
 7.2 Milestone Payments. 

(a) Development and Regulatory Milestone Payments. 

(i) Within [***] after the first achievement of each milestone event below by or on behalf of Licensee or any of its Affiliates or
Sublicensees, Licensee shall notify Licensor of the achievement of such milestone event. Licensor shall invoice Licensee for the applicable milestone payment corresponding to such milestone event as shown below. Licensee shall remit payment to
Licensor within [***] of the receipt of such invoice. For clarity, if a milestone event described in [***] is achieved by or on behalf of Licensee or any of its Affiliates or Sublicensees, then Licensee’s failure to notify Licensor of such
achievement would not remove Licensee’s obligation to make the applicable milestone payment. 
  

			
	 Milestone Event
	  	 Milestone Payments (in Dollars)

	[***]	  	[***]

 (ii) [***]. The maximum amount payable by Licensee under Section 7.2(a)(i) (Development and
Regulatory Milestone Payments) is Thirty-Five Million Dollars ($35,000,000). 
 (b) Sales Milestone Payments.

 (i) Subject to Section 7.2(b)(ii) (Sales Milestone Payments), within [***] after the end of the first Fiscal Year in
which annual Net Sales of all Licensed Products in the Field in the Territory first reach any threshold indicated in the milestone events listed below, Licensee shall notify Licensor of the achievement of such milestone event. Licensor shall invoice
Licensee for the corresponding milestone payment set forth below. Licensee shall remit payment to Licensor within [***] of the receipt of such invoice. 
  

			
	 Annual Net Sales Milestone Events
	  	 Milestone Payments (in Dollars)

	[***]	  	[***]

 (ii) [***]. The maximum amount payable by Licensee under Section 7.2(b)(i) (Sales Milestone
Payments) is Sixty-Million Dollars ($60,000,000). 
 7.3 Royalty Payments. 

  
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 (a) Royalty Rate. Subject to the terms and conditions of this Agreement,
Licensee shall make royalty payments to Licensor on the Net Sales of Licensed Products sold in the Territory during the applicable Royalty Term, as calculated by multiplying the applicable royalty rate set forth below by the corresponding amount of
Net Sales of all Licensed Products sold in the Territory in the applicable Fiscal Year. 
  

			
	 Net Sales of Licensed Products in the Territory
	  	 Royalty Rate

	[***]	  	[***]

 (b) Royalty Term. Royalties shall be paid on a Licensed Product-by-Licensed Product and country-by-country basis from the First Commercial Sale of such Licensed Product in such country
in the Territory until the expiration of the last-to-expire Valid Claim of the Licensor Patents that Cover the manufacture, use, or sale of such Licensed Product (or the
Gene Therapy therein) in such country in the Territory (the “Royalty Term” for such Licensed Product and country). Notwithstanding anything to the contrary in this Agreement, no royalty will be owed on the Net Sales of a
Licensed Product that is not Covered by a Valid Claim of a Licensor Patent in a given country in the Territory where such Net Sales occurred. 

(c) Royalty Adjustment. Royalties due pursuant to this Section 7.3 (Royalty Payments) are subject to
adjustment on a country-by-country, Licensed Product-by-Licensed Product, and Fiscal Quarter-by-Fiscal Quarter basis as a result of the events set forth below (such adjustments to be prorated for the then-current Fiscal Quarter in which the reduction becomes
applicable). 
 (i) Royalty Adjustment for Third Party License Payments. If
Licensee, its Affiliates, or Sublicensees, in their reasonable judgment and as part of an arms’ length transaction, is required or determines it is reasonably useful to make any payments to a Third Party for a license under any Patent to make,
have made, use, offer for sale, sell or import any Licensed Product in the Field in any country in the Territory, then the amount of royalties payable under Section 7.3(a) (Royalty Rate) shall be reduced by [***] of the amount of such
payments to such Third Party on account of the sale of the Licensed Products in such country in such Fiscal Quarter, and any payments in excess of such [***] reduction will be carried forward and used as reductions for any subsequent Fiscal Quarter.

 7.4 Payment; Reports. Within (a) [***] after the end of each Fiscal Quarter (other than the last Fiscal Quarter of a
Fiscal Year) and (b) [***] after the end of the last Fiscal Quarter of a Fiscal Year, commencing with the First Commercial Sale of any Licensed Product is made anywhere in the Territory (whichever is earlier), Licensee shall provide Licensor with a
report that contains the following information for the applicable Fiscal Quarter, on a Licensed Product-by-Licensed Product and country-by-country basis: (i) Net Sales in the Territory; (ii) a calculation of the royalty payment due on Net Sales in the Territory; and (iii) the exchange rates used. Licensor shall invoice
Licensee for the corresponding royalty payment. Licensee shall remit payment to Licensor within [***] of the receipt of such invoice. 

  
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 7.5 Exchange Rate; Manner and Place of
Payment. All payments hereunder shall be payable in Dollars. When conversion of payments from any currency other than Dollars is required, such conversion shall be at the exchange rate published by The Wall Street Journal, Eastern
U.S. Edition, on the last day of the Fiscal Quarter in which the applicable sales were made. All payments owed under this Agreement shall be made by wire transfer in immediately available funds to a bank and account designated in writing by
Licensor, unless otherwise specified in writing by Licensor. 
 7.6 Late Payments. If any undisputed payment due is not
paid by the due date, Licensor may charge interest on any outstanding amount of such payment, accruing as of the original due date, at an annual rate equal to the rate of prime (as reported in The Wall Street Journal, Eastern U.S.
Edition) plus [***]. The payment of such interest shall not limit the Party entitled to receive payment from exercising any other rights it may have as a consequence of the lateness of any payment. 

7.7 Taxes. 
 (a)
Taxes on Income. Notwithstanding anything else in this Section 7.7 (Taxes), each Party shall solely bear and pay all Taxes imposed on such Party’s net income or gain (in each case, however denominated)
arising directly or indirectly from the activities of the Parties under this Agreement. 
 (b) Tax Cooperation. The
Parties shall use Commercially Reasonable Efforts to cooperate with one another and shall use Commercially Reasonable Efforts to avoid or reduce, to the extent permitted by Applicable Laws, tax withholding or similar obligations in respect of
royalties, milestone payments, and other payments made by Licensee to Licensor under this Agreement. If withholding Taxes are imposed on any such payment, the liability for such Taxes shall be the sole responsibility of Licensor, and Licensee shall
(i) deduct or withhold such Taxes from the payment made to Licensor, (ii) timely pay such Taxes to the proper taxing authority, and (iii) send proof of payment to Licensor within thirty (30) days following such payment. To the
extent that amounts are so withheld and paid to the proper taxing authority, such amounts shall be treated for all purposes of this Agreement as having been paid to the persons with respect to whom such amounts were withheld. Each Party shall comply
with (or provide the other Party with) any certification, identification or other reporting requirements that may be reasonably necessary in order for Licensee to not withhold Tax or to withhold Tax at a reduced rate under an applicable bilateral
income tax treaty. Each Party shall provide the other with commercially reasonable assistance to enable the recovery, as permitted by Applicable Laws, of withholding Taxes or similar obligations resulting from payments made under this Agreement,
such recovery to be for the benefit of Licensor as the Party bearing the cost of such withholding Tax under this Section 7.7(b) (Tax Cooperation). 

(c) Transfer Tax. Subject to Section 7.7(a) (Taxes on Income), Licensee, on the one hand, and Licensor, on the
other hand, shall each bear and pay [***] of any transfer, stamp, value added, sales, use, or similar Taxes or obligations (“Transfer Tax”) imposed on amounts payable by Licensee to Licensor in connection with this Agreement.
Each party shall cooperate with the other to file any Tax returns (as required to be filed under Applicable Law) with respect to such Transfer Taxes. 

  
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 7.8 Financial Records and Audit. Licensee shall (and shall
ensure that its Affiliates and Sublicensees will) maintain complete and accurate records in sufficient detail to permit Licensor to confirm the accuracy of any royalty payments and other amounts payable under this Agreement and to verify the
achievement of milestone events under this Agreement. Upon at least thirty (30) days’ prior notice, such records shall be open for examination, during regular business hours, for a period of five (5) Fiscal Years from the end of the
Fiscal Year to which such records pertain, and not more often than once each Fiscal Year, by an independent certified public accountant selected by Licensor and reasonably acceptable to Licensee, for the sole purpose of verifying for Licensor the
accuracy of the financial reports furnished by Licensee under this Agreement or of any payments made, or required to be made, by Licensee to Licensor pursuant to this Agreement. The independent certified public accountant shall disclose to Licensor
only whether the audited reports are correct or incorrect and the specific details concerning any discrepancies. No other information shall be provided to Licensor. No record may be audited more than once. Licensor shall bear the full cost of such
audit unless such audit reveals an underpayment by Licensee of more than [***] of the amount actually due for any Fiscal Year being audited, in which case Licensee shall reimburse Licensor for the reasonable costs for such audit. Licensee shall pay
to Licensor any underpayment discovered by such audit within thirty (30) days after the accountant’s report, plus interest (as set forth in Section 7.6 (Late Payments)) from the original due date. If the audit reveals an
overpayment by Licensee, then Licensee may take a credit for such overpayment against any future payments due to Licensor. 
 7.9
Audit Dispute. If Licensee disputes the results of any audit conducted pursuant to Section 7.8 (Financial Records and Audit), the Parties shall work in good faith to resolve the disagreement. If the Parties are unable
to reach a mutually acceptable resolution of any such dispute within thirty (30) days, the dispute shall be submitted for resolution to a certified public accounting firm jointly selected by each Party’s certified public accountants or to
such other person as the Parties shall mutually agree (the “Auditor”). The decision of the Auditor shall be final and the costs of such procedure as well as the initial audit shall be borne between the Parties in such manner as the
Auditor shall determine. If the Auditor determines that there has been an underpayment by Licensee, Licensee shall pay to Licensor the underpayment within thirty (30) days after the Auditor’s decision, plus interest (as set forth in
Section 7.6 (Late Payments)) from the original due date. If the Auditor determines that there has been an overpayment by Licensee, then Licensee may take a credit for such overpayment against any future payments due to Licensor. 

ARTICLE 8 
 INTELLECTUAL
PROPERTY 
 8.1 Ownership. 

(a) Data. All Data generated in connection with any Development, regulatory, manufacturing or Commercialization activities with
respect to any Gene Therapy or any Licensed Product conducted by or on behalf of Licensee or its Affiliates or Sublicensees (the “Licensee Data”) shall be the sole and exclusive property of Licensee or of its Affiliates or
Sublicensees, as applicable. 
 (b) Ownership of Inventions. Inventorship of Inventions shall be determined by
application of U.S. patent laws pertaining to inventorship. Ownership of all Inventions shall 

  
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be based on inventorship, as determined in accordance with the rules of inventorship under United States patent laws. Each Party shall solely own any Inventions made solely by its or its
Affiliates’ employees, agents or independent contractors (“Sole Inventions”). Licensee shall own any Inventions that are made jointly by employees, agents or independent contractors of one Party or its Affiliates
together with employees, agents or independent contractors of the other Party or its Affiliates (“Joint Inventions”). All Patents claiming Joint Inventions shall be referred to herein as “Joint
Patents” and shall be owned by Licensee. Licensor agrees to assign and hereby assigns all right, title, and interest in any Joint Inventions and Joint Patents to Licensee. 

(c) Disclosure of Inventions. Licensor shall promptly disclose to Licensee all Sole Inventions of Licensor that are
related to Gene Therapies or Licensed Products and all Joint Inventions, including any invention disclosures or other similar documents submitted to Licensor by its employees, agents or independent contractors describing such Inventions, and shall
promptly respond to reasonable requests from Licensee for additional information relating to such Inventions. 
 8.2 Patent
Prosecution and Maintenance. 
 (a) Licensee Patents. Licensee shall have the sole right, but not the
obligation, to prepare, file, prosecute (including any interferences, reissue proceedings, derivation proceedings, reexaminations, oppositions, revocations, inter partes review proceedings and post-grant review proceedings before the United States
Patent and Trademark Office and the relevant local equivalent thereof, and applications for patent term extensions, supplementary protection certificates or equivalents thereof) and maintain (“Prosecute and Maintain”) all Licensee
Patents at its sole cost and expense and by counsel of its own choice. 
 (b) Licensor Patents and Joint Patents. 

(i) Licensee shall have the first right, but not the obligation, to Prosecute and Maintain all Licensor Patents and Joint Patents, at
its sole cost and expense and by counsel selected by Licensee. Licensee shall reasonably consult with Licensor and keep Licensor reasonably informed of the status of such Patents, and shall provide Licensor with all material correspondence received
from any patent authority in connection therewith at Licensor’s reasonable request. In addition, at Licensor’s reasonable request, Licensee shall provide Licensor with drafts of all proposed material filings and correspondence to any
patent authority with respect to such Patents for Licensor’s review and comment prior to the submission of such proposed filings and correspondence. Licensee shall confer with Licensor and consider in good faith Licensor’s comments prior
to submitting such filings and correspondence, provided that Licensor provides such comments within [***] of receiving the draft filings and correspondence from Licensee. To aid Licensee in prosecution of such Patents, Licensor will provide
information, execute and deliver documents, and cooperate with Licensee and do other acts as Licensee may reasonably request. 
 (ii)
If Licensee desires to abandon or cease to Prosecute and Maintain any Licensor Patent or Joint Patent, Licensee shall provide reasonable prior written notice to Licensor of such intention (which notice shall, to the extent possible, be given no
later than [***] prior to the last deadline for any action that must be taken with respect to any such Patent in the relevant patent office). In such case, upon Licensor’s written election provided no later than [***]

  
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after such notice from Licensee, Licensor may Prosecute and Maintain such Patent at Licensor’s sole cost and expense. If Licensor does not provide such election within [***] after such
notice from Licensee, Licensee may, in its sole discretion, continue Prosecute and Maintain such Patent or discontinue to Prosecute and Maintain such Patent. Any Patent that is abandoned under this Section 8.2(b)(ii) will no longer be subject
to the license granted in Section 2.1. 
 (iii) Within [***] after the Effective Date, Licensor shall deliver to Licensee copies
of all patent prosecution files relating to Licensor Patents in the Territory. 
 8.3 Cooperation of the
Parties. If either Licensor or Licensee becomes aware of any challenges by any Third Parties to the validity of any of any Licensor Patent, Licensee Patent, or Joint Patent, it will notify the other Party in writing to that effect. Any such
notice shall include evidence to support an allegation of infringement or threatened infringement, or declaratory judgment or equivalent action, by such Third Party. Each Party agrees to cooperate fully in the preparation, filing, prosecution, and
maintenance of Patents under Section 8.2 (Patent Prosecution and Maintenance), at its own cost. Such cooperation includes: (a) executing all papers and instruments, or requiring its employees or contractors, to execute such papers
and instruments, so as enable the other Party to apply for and to prosecute patent applications in any country as permitted by Section 8.2 (Patent Prosecution and Maintenance); and (b) promptly informing the other Party of any
matters coming to such Party’s attention that may affect the preparation, filing, prosecution or maintenance of any such patent applications. 

8.4 Infringement by Third Parties. 

(a) Notice. If either Licensor or Licensee becomes aware of any infringement or threatened infringement by a Third Party of any
Licensor Patent, Licensee Patent, or Joint Patent, which infringing activity involves the using, making, importing, offering for sale or selling of a Licensed Product, or the submission to a Party or a Regulatory Authority of an application for a
product referencing a Licensed Product, or any declaratory judgment, inter partes review, post-grant review, derivation proceeding or equivalent action challenging any Licensor Patent, Licensee Patent, or Joint Patent in connection with any such
infringement (each, a “Product Infringement”), it will notify the other Party in writing to that effect. Any such notice shall include evidence to support an allegation of infringement or threatened infringement, or
declaratory judgment or equivalent action, by such Third Party. 
 (b) Licensor Patents and Joint Patents. 

(i) Subject to this Section 8.4(b) (Licensor Patents), Licensee shall have the first right, as between Licensor and
Licensee, but not the obligation, to bring an appropriate suit or take other action against any person or entity engaged in, or to defend against, a Product Infringement of any Licensor Patents or Joint Patents, and entirely under its own direction
and control, including the right to select counsel of its own choice and the unfettered right to settle such action. Licensor may, at its own expense, be represented in any such action, and Licensee and its counsel will reasonably cooperate with
Licensor and its counsel in strategizing, preparing, and prosecuting any such action or proceeding. If Licensee fails to bring an action or proceeding with respect to such Product Infringement of any Licensor Patent or Joint Patent within
(A) [***] following the notice of alleged infringement or declaratory judgment or 

  
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(B) [***] before the time limit, if any, set forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, Licensor shall have the right, but not the
obligation, to bring and control any such action at its own expense and by counsel of its own choice, and Licensee may, at its own expense, be represented in any such action by counsel of its own choice. 

(ii) Except as otherwise agreed by the Parties as part of a cost-sharing arrangement, any recovery or damages realized as a result of
such action or proceeding with respect to Licensor Patents shall be used first to reimburse the Parties’ documented out-of-pocket legal expenses relating to the
action or proceeding, and any remaining compensatory damages relating to Licensed Products (including lost sales or lost profits with respect to Licensed Products) shall be retained by the Party that brought and controlled such action or proceeding,
and in the case that Licensee brought and controlled such action or proceeding, such remaining compensatory damages shall be deemed to be Net Sales subject to royalty payments to Licensor in accordance with the royalty provisions of Section 7.3
(Royalty Payments), and any punitive damages shall be equally shared by the Parties. 
 (c) Licensee Patents.
Licensee shall have the sole right, as between Licensor and Licensee, but not the obligation, to bring an appropriate suit or take other action against any person or entity engaged in, or to defend against, a Product Infringement of any Licensee
Patents at its own expense and by counsel of its own choice. Any recovery or damages realized as a result of such action or proceeding by Licensee with respect to Licensee Patents in the Territory shall be used first to reimburse Licensee’s
documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining compensatory damages relating to Licensed Products (including lost sales
or lost profits with respect to Licensed Products) shall be retained by Licensee, and any punitive damages shall be retained by Licensee. 

(d) Biosimilars. Licensee shall be responsible for determining the strategy with respect to certifications, notices and patent
enforcement procedures regarding Licensor Patents Covering any Gene Therapy or Licensed Product under the U.S. Food, Drug & Cosmetics Act and the Biologics Price Competition and Innovation Act of 2009 (the “BPCIA”).
Licensor hereby authorizes Licensee to: (i) provide in any BLA or in connection with the BPCIA, a list of Licensor Patents as required under the BPCIA; (ii) except as otherwise expressly provided in this Agreement, exercise any rights
exercisable by Licensee as an exclusive licensee under the BPCIA; and (iii) exercise any rights that may be exercisable by Licensee as reference product sponsor under the BPCIA, including: (A) engaging in the Patent resolution provisions
of the BPCIA with regard to Licensor Patents Covering any Gene Therapy or Licensed Product; and (B) determining which Patents will be the subject of an immediate Patent infringement action under 42 U.S.C. § 262(l)(6) of the BPCIA. 

(e) Cooperation. In the event a Party brings an action in accordance with, or needs to enforce its rights under, this
Section 8.4 (Infringement by Third Parties), the other Party shall cooperate fully, including, if required to bring such action, the furnishing of a power of attorney or being named as a party to such action. 

(f) Other Infringement. Licensor shall have the sole right, but not the obligation, to bring and control, at its own cost
and expense, any legal action in connection with any infringement of any Licensor Patent that is not a Product Infringement. Licensee shall have 

  
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the sole right, but not the obligation, to bring and control, at its own cost and expense, any legal action in connection with any infringement of any Licensee Patent or Joint Patent that is not
a Product Infringement. 
 8.5 Infringement of Third Party Rights. Each Party shall promptly notify
the other in writing of any allegation by a Third Party that the manufacture, Development, or Commercialization of any Gene Therapy or Licensed Product infringes or may infringe the intellectual property rights of a Third Party. If a Third Party
asserts that any of its Patents or other rights are infringed by the manufacture, Commercialization or Development by Licensee or its Affiliates of any Licensed Product, Licensee shall have the right, but not the obligation, to defend against any
such assertions at its sole cost and expense. If Licensee elects not to defend against such Third Party claims within [***] of learning of same, Licensor shall have the right, but not the obligation, to defend against such an action. In any event,
the other Party shall cooperate fully and shall provide full access to documents, information and witnesses as reasonably requested by the Party defending such action. The Party defending the action will reimburse all reasonable, out-of-pocket costs incurred in connection with such requested cooperation. Notwithstanding the foregoing, the Parties’ rights and obligations under this Section 8.5
(Infringement by Third Parties), including payment obligations, will be subject to the terms of ARTICLE 10 (Indemnification). 

8.6 Consent for Settlement. The Licensor shall not unilaterally enter into any settlement or compromise of any action or
proceeding under this ARTICLE 8 (Intellectual Property) that would in any manner alter, diminish, or be in derogation of the Licensee’s rights under this Agreement without the prior written consent of Licensee and at Licensee’s sole
discretion. 
 8.7 Patent Marking. Licensee shall mark and ensure that its Affiliates mark all patented Licensed
Products they sell or distribute pursuant to this Agreement in accordance with the applicable patent statutes or regulations in the country or countries of manufacture and sale thereof. 

8.8 Patent Extensions. Licensee shall have sole decision-making authority regarding, and Licensor shall cooperate with Licensee
in obtaining, patent term restoration, supplemental protection certificates or their equivalents, and patent term extensions with respect to the Licensor Patents, Licensee Patents, and Joint Patents in any country in the Territory where applicable.
Licensee shall file for such extensions at Licensee’s sole cost and expense. 
 8.9 Trademarks. Licensee shall own and be
responsible for all trademarks, trade names, branding or logos related to Licensed Products in the Field in the Territory. Licensee shall be responsible for selecting, registering, prosecuting, defending, and maintaining all such marks at
Licensee’s sole cost and expense. 
 8.10 Relevant Third Party Rights. If either Party identifies any Patent, or other
intellectual property, that is Controlled by a Third Party in any country in the Territory and that may be commercially necessary in connection with the Development, manufacture or Commercialization of a Licensed Product hereunder, then, such Party
will promptly notify the other Party. Following receipt of such notice, on Licensee’s request, the Parties shall meet and 

  
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discuss whether Licensee or Licensor should obtain one or more licenses with respect to such rights or take other appropriate measures in view of such Third Party rights, such as whether the
Parties should obtain an opinion relating to such Third Party intellectual property rights, or take alternative approaches to avoid using such Third Party intellectual property rights. As between the Parties, Licensee shall have the right, but not
the obligation, to negotiate and obtain a license or other rights from such Third Party to such Third Party Right as necessary or desirable to Develop or Commercialize Licensed Products in such country. Notwithstanding the foregoing, if Licensee
negotiates and obtains any such license from a Third Party, Licensee shall be entitled to offset payments made on account of such license to the extent set forth in Section 7.3(c)(i) (Royalty Adjustment for Third Party License Payments).

 ARTICLE 9 

REPRESENTATIONS AND WARRANTIES 

9.1 Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the
Effective Date: (a) it is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority to enter into this Agreement and to carry out the provisions
hereof; (b) it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate
action; (c) this Agreement is legally binding upon it, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, or similar laws affecting the rights of creditors generally and equitable principles, and does
not conflict with any agreement, instrument or understanding, oral or written, to which it is a Party or by which it may be bound, nor violate any material law or regulation of any court, governmental body or administrative or other agency having
jurisdiction over it; and (d) it has the right to grant the licenses granted by it under this Agreement. 
 9.2 Mutual
Covenants. 
 (a) Employees, Consultants and Contractors. Each Party covenants that it has obtained or
will obtain written agreements from each of its employees, consultants and contractors who perform Development, manufacturing or Commercialization activities pursuant to this Agreement, which agreements will obligate such persons to obligations of
confidentiality and non-use and to assign Inventions in a manner consistent with the provisions of this Agreement. 

(b) Debarment. Each Party represents, warrants and covenants to the other Party that it is not debarred or disqualified under the U.S.
Federal Food, Drug and Cosmetic Act, as may be amended, or comparable laws in any country or jurisdiction other than the U.S., and it does not, and will not during the Term, employ or use the services of any person who is debarred or disqualified,
in connection with activities relating to any Gene Therapy or Licensed Product. If either Party becomes aware of the debarment or disqualification or threatened debarment or disqualification of any person providing services to such Party, including
the Party itself or its Affiliates, that directly or indirectly relate to activities contemplated by this Agreement, such Party shall immediately notify the other Party in writing and such Party shall cease employing, contracting with, or retaining
any such person to perform any such services. 

  
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 (c) Compliance. Each Party covenants as follows: 

(i) In the performance of its obligations under this Agreement, such Party shall comply and shall cause its and its Affiliates’
employees and contractors to comply with all Applicable Laws, including all anti-corruption and anti-bribery laws and regulations, economic, trade and financial sanctions, and trade embargoes. 

(ii) Such Party and its and its Affiliates’ employees and contractors shall not, in connection with the performance of their
respective obligations under this Agreement, directly or indirectly through Third Parties, pay, promise or offer to pay, or authorize the payment of, any money or give any promise or offer to give, or authorize the giving of anything of value to a
Public Official or Entity or other person for purpose of obtaining or retaining business for or with, or directing business to, any person, including either Party (and each Party represents and warrants that as of the Effective Date, such Party, and
to its Knowledge, its and its Affiliates’ employees and contractors, have not directly or indirectly promised, offered or provided any corrupt payment, gratuity, emolument, bribe, kickback, illicit gift or hospitality or other illegal or
unethical benefit to a Public Official or Entity or any other person in connection with the performance of such Party’s obligations under this Agreement, and each Party covenants that it and its Affiliates’ employees and contractors shall
not, directly or indirectly, engage in any of the foregoing). 
 (iii) Neither Party, nor any of its directors, officers, employees
or subcontractors, or, to its Knowledge, agents, is subject to economic, trade and financial sanctions under Applicable Law. Licensor will not directly or indirectly use the proceeds of the transactions contemplated hereby, or lend, contribute or
otherwise make available such proceeds, to any individual or entity otherwise subject to such sanctions. 
 (iv) Each Party may
suspend or terminate this Agreement in its entirety where there is a credible finding, after a reasonable investigation, that the other Party, in connection with performance of such other Party’s obligations under this Agreement, has violated
any anti-corruption or anti-bribery laws or regulations, economic, trade or financial sanctions, or trade embargoes, in each case under Applicable Law. 

9.3 Additional Licensor Representations, Warranties and Covenants. Licensor represents, warrants and
covenants, as applicable, to Licensee that, as of the Effective Date: 
 (a) Licensor is the sole and exclusive owner of all right,
title and interest in Licensor Technology, and Licensor has not previously assigned, transferred, conveyed or otherwise encumbered its right, title and interest in Licensor Technology in a manner that is inconsistent with the exclusive license
granted to Licensee under Section 2.1 (Licenses to Licensee); 
 (b) all issued Patents listed on Exhibit A:
(i) are: (A) to Licensor’s Knowledge, subsisting and are not invalid or unenforceable, in whole or in part; and (B) free of any encumbrance, lien or claim of ownership by any Third Party; and (ii) have been prosecuted, filed and
maintained in accordance with Applicable Law and all applicable fees have been paid on or before the due date for payment. With respect to any pending applications listed on Exhibit A, 

  
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such applications are being diligently prosecuted in the respective patent offices in the Territory in accordance with Applicable Law and Licensor and its Affiliates have presented all relevant
references, documents, and information of which it or the inventors are aware to the relevant patent examiner at the relevant patent office; 

(c) true, complete and correct copies of the file wrappers and other documents and materials relating to the prosecution, defense,
maintenance, validity and enforceability of the Patents listed on Exhibit A have been provided or made available to Licensee prior to the Effective Date; 

(d) to Licensor’s Knowledge, (i) each person who has or has had any rights in or to any Patents listed on Exhibit
A or any Licensor Know-How, has assigned and has executed an agreement assigning its entire right, title, and interest in and to such Patents listed on Exhibit A and Licensor Know-How to Licensor, and (ii) no current officer, employee, agent, or consultant of Licensor or any of its Affiliates is in violation of any term of any assignment or other agreement regarding the protection
of the Patents listed on Exhibit A or other intellectual property or proprietary Know-How of Licensor or such Affiliate or of any employment contract relating to the relationship of any such
person with Licensor; 
 (e) Licensor has not received any notice from a Third Party that the Development of any Gene Therapy or
Licensed Product conducted by Licensor prior to the Effective Date has infringed any Patents of any Third Party or misappropriated any other intellectual property of any Third Party and is not aware of any imminent or likely threat from a Third
Party of such infringement or misappropriation; 
 (f) Licensor has not received any notice from a Third Party challenging the
inventorship or ownership of any Licensed Technology 
 (g) Licensor has not, and will not during the Term, grant any right (including
any option or license) to any Third Party under the Licensor Technology that would conflict with the rights granted to Licensee hereunder; 

(h) to Licensor’s Knowledge, no Third Party is infringing or misappropriating any of the Licensor Technology; 

(i) no claim or action has been brought or, to Licensor’s Knowledge, threatened in writing by any Third Party alleging that the
Licensor Patents are invalid or unenforceable, and no Licensor Patent is the subject of any interference, derivation, opposition, cancellation or other protest proceeding; 

(j) the patents and patent applications listed on Exhibit A constitute all existing Licensor Patents relating to the
development and commercialization of the Licensed Products; 
 (k) to Licensor’s Knowledge, there is no Know-How necessary for the Development and manufacture of the Gene Therapies or Licensed Products that, in any case, is Controlled (mutatis mutandis) by any Third Party; 

  
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 (l) neither Licensor nor its Affiliates has granted any Third Party any rights of
reference or use with respect to any Regulatory Documentation; 
 (m) to Licensor’s Knowledge, there are no circumstances
currently existing that would reasonably be expected to lead to, any loss of or refusal to renew any Regulatory Approval or result in an investigation, corrective action or enforcement action by any other Regulatory Authority with respect to any
Gene Therapy or Licensed Product; 
 (n) to Licensor’s Knowledge, except for adverse events reported in the documents provided by
Licensor to Licensee, no information exists that indicates the existence of any material side effect or adverse effect, resulting from, or alleged to result from any Gene Therapy or Licensed Product; 

(o) to Licensor’s Knowledge, it has provided Licensee with true, accurate and complete information, reports and data concerning all
scientific studies and human clinical trials relating to Gene Therapies and Licensed Products; and 
 (p) to Licensor’s
Knowledge, all animal studies and other non-clinical tests conducted by Licensor or its Affiliates relating to any Gene Therapy or Licensed Product were conducted by or on behalf of Licensor or its Affiliates
in all material respects in accordance with Applicable Law and its or their standard operating procedures for the conduct of animal or non-clinical studies at the time such tests were conducted. 

9.4 No Other Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES, AND EACH PARTY
EXPRESSLY DISCLAIMS, ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF PATENTS, NON-INFRINGEMENT OF THE
INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES. 
 ARTICLE 10 

INDEMNIFICATION 
 10.1
Indemnification by Licensor. Licensor shall indemnify and hold Licensee, its Affiliates and Sublicensees, and their respective officers, directors, agents and employees (“Licensee Indemnitees”)
harmless from and against any Claims to the extent arising or resulting from: 
 (a) the research, development (both pre-clinical and clinical), manufacture, promotion, or commercialization of any Gene Therapy or Licensed Product by or on behalf of Licensor, its Affiliates, or its licensees prior to the Effective Date; 

(b) the supply by Licensor of any Gene Therapy or Licensed Product pursuant to Section 5.2 (Supply of Clinical Product) that
fails to meet cGMP or the applicable specifications of such Gene Therapy or Licensed Product; 

  
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 (c) the gross negligence or willful misconduct of any of the Licensor Indemnitees; 

(d) any material breach of any of the warranties or representations made by Licensor to Licensee under this Agreement; or 

(e) any material breach by Licensor of its covenants pursuant to this Agreement; 

in each case, except to the extent such Claims result from Section 10.2(a)–(d) (Indemnification by Licensee). The foregoing obligation shall
not apply to the extent that the Licensee Indemnitees fail to comply with the procedures set forth in Section 10.3 (Indemnification Procedure) and Licensor’s defense of the relevant Claims is prejudiced by such failure. 

10.2 Indemnification by Licensee. Licensee shall indemnify and hold Licensor, its Affiliates, and their respective
officers, directors, agents and employees (“Licensor Indemnitees”) harmless from and against any Claims to the extent arising or resulting from: 

(a) the research, development (both pre-clinical and clinical), manufacture, promotion, or
commercialization of any Gene Therapy or Licensed Product by or on behalf of Licensee, its Affiliates, or Sublicensees on or after the Effective Date; 

(b) the gross negligence or willful misconduct of any Licensee Indemnitees; 

(c) any material breach of any of the warranties or representations made by Licensee to Licensor under this Agreement; or 

(d) any material breach by Licensee of its covenants pursuant to this Agreement; 

in each case, except to the extent such Claims result from Section 10.1(a)–(e) (Indemnification by Licensor). The foregoing obligation shall
not apply to the extent that the Licensor Indemnitees fail to comply with the procedures set forth in Section 10.3 (Indemnification Procedure) and Licensee’s defense of the relevant Claims is prejudiced by such failure. 

10.3 Indemnification Procedure. If either Party is seeking to enforce its rights under Sections 10.1
(Indemnification by Licensor) or 10.2 (Indemnification by Licensee) (the “Indemnified Party”), such Indemnified Party shall inform the other Party (the “Indemnifying Party”) of the Claim
giving rise to the obligation to indemnify pursuant to such section as soon as reasonably practicable after receiving notice of the Claim, but not later than [***] after receiving notice of the Claim. The Indemnifying Party may assume the defense of
any such Claim for which it is obligated to indemnify the Indemnified Party. The Indemnified Party shall cooperate with the Indemnifying Party and the Indemnifying Party’s insurer as the Indemnifying Party may reasonably request, and at the
Indemnifying Party’s cost and expense. The Indemnified Party may participate, at its own expense and with counsel of its choice, in the defense of any Claim or suit that has been assumed by the Indemnifying Party. Neither Party shall have the
obligation to indemnify the other Party in connection with any settlement made without such Party’s written 

  
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consent, which consent shall not be unreasonably conditioned, withheld, or delayed. If the Parties cannot agree as to the application of Section 10.1 (Indemnification by Licensor) or
Section 10.2 (Indemnification by Licensee) as to any Claim, pending resolution of the dispute pursuant to Section 13.9 (Dispute Resolution), the Parties may conduct separate defenses of such Claim, with each Party retaining
the right to Claim indemnification from the other Party in accordance with Section 10.1 (Indemnification by Licensor) or Section 10.2 (Indemnification by Licensee) upon resolution of the underlying Claim. 

10.4 Mitigation of Loss. Each Indemnified Party shall take and shall procure that its Affiliates take all such
reasonable steps and actions as are reasonably necessary or as the Indemnifying Party may reasonably require in order to mitigate any Claims (or potential losses or damages) under this ARTICLE 10 (Indemnification). Nothing in this Agreement
shall or shall be deemed to relieve any Party of any common law or other duty to mitigate any losses incurred by it. 
 10.5
Special, Indirect and Other Losses. EXCEPT IN THE EVENT OF LICENSOR’S BREACH OF SECTION 2.5 (EXCLUSIVITY) OR A PARTY’S BREACH OF ARTICLE 11 (CONFIDENTIALITY), NEITHER PARTY SHALL BE
ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; provided, however, that this Section 10.5 (Special,
Indirect and Other Losses) shall not be construed to limit either Party’s indemnification obligations under Section 10.1 (Indemnification by Licensor) or Section 10.2 (Indemnification by Licensee), as applicable.

 10.6 Insurance. Each Party, at its own expense, shall maintain product liability and other appropriate insurance (or self-insure)
in an amount consistent with sound business practice and reasonable in light of its obligations under this Agreement during the Term. Each Party shall provide a certificate of insurance (or evidence of self-insurance) evidencing such coverage to the
other Party upon request. 
 ARTICLE 11 

CONFIDENTIALITY; PUBLICATION 

11.1 Duty of Confidence. Subject to the other provisions of this ARTICLE 11 (Confidentiality; Publication): 

(a) all Confidential Information disclosed by a Party (the “Disclosing Party”) or its Affiliates under this
Agreement will be maintained in confidence and otherwise safeguarded by the recipient Party (the “Receiving Party”) and its Affiliates using at least the same standard of care as the Receiving Party uses to protect its own
proprietary or Confidential Information (but in no event less than reasonable care); 
 (b) the Receiving Party may only use any such
Confidential Information for the purposes of performing its obligations or exercising its rights under this Agreement; and 

  
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 (c) the Receiving Party may disclose Confidential Information of the Disclosing Party only
to: (i) the Receiving Party’s Affiliates and, in the case of Licensee as the Receiving Party, its Sublicensees; and (ii) employees, directors, agents, contractors, consultants and advisers of the Receiving Party and its Affiliates
and, in the case of Licensee as the Receiving Party, Sublicensees, in each case to the extent reasonably necessary for the purposes of, and for those matters undertaken pursuant to, this Agreement; provided that such persons are bound to
maintain the confidentiality, and not to make any unauthorized use, of the Confidential Information in a manner consistent with this ARTICLE 11 (Confidentiality; Publication). 

11.2 Exceptions. The foregoing obligations as to particular Confidential Information of a Disclosing Party shall not apply to the extent
that the Receiving Party can demonstrate by competent evidence that such Confidential Information: 
 (a) is known by the Receiving
Party at the time of its receipt, and not through a prior disclosure by the Disclosing Party, as shown by contemporaneous written documents of the Receiving Party; 

(b) is in the public domain by use or publication before its receipt from the Disclosing Party, or thereafter enters the public domain
through no fault of, or breach of this Agreement by, the Receiving Party; 
 (c) is subsequently disclosed to the Receiving Party on a
non-confidential basis by a Third Party who may lawfully do so and is not under an obligation of confidentiality to the Disclosing Party; or 

(d) is developed by the Receiving Party independently and without use of or reference to any Confidential Information disclosed to it by
or on behalf of the Disclosing Party, as shown by contemporaneous written documents of the Receiving Party. 
 11.3 Authorized
Disclosures. Notwithstanding the obligations set forth in Section 11.1 (Duty of Confidence), the Receiving Party may disclose Confidential Information of the Disclosing Party and the terms of this Agreement to the extent such
disclosure is reasonably necessary in the following instances: 
 (a) filing or prosecuting of Patents as permitted by this Agreement;

 (b) enforcing the Receiving Party’s rights under this Agreement or performing the Receiving Party’s obligations under
this Agreement; 
 (c) in Regulatory Documentation for Licensed Products that such Party has the right to file under this Agreement;

 (d) prosecuting or defending litigation as permitted by this Agreement; 

(e) to the Receiving Party’s directors, Affiliates, actual or potential Sublicensees (in the case of Licensee), commercial
partners, independent contractors, consultants, attorneys, independent accountants or financial advisors who, in each case, have a need to know 

  
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such Confidential Information in order for the Receiving Party to exercise its rights or fulfill its obligations under this Agreement, provided that, in each case, that any such person
agrees to be bound by terms of confidentiality and non-use (or, in the case of the Receiving Party’s attorneys and independent accountants, such person is obligated by applicable professional or ethical
obligations) at least as restrictive as those set forth in this ARTICLE 11 (Confidentiality; Publication); 
 (f) to actual or
potential investors, investment bankers, lenders, other financing sources or acquirors (and attorneys and independent accountants thereof) in connection with potential investment, acquisition, collaboration, merger, public offering, due diligence or
similar investigations by such Third Parties or in confidential financing documents, provided that, in each case, that any such Third Party agrees to be bound by terms of confidentiality and non-use
(or, in the case of the Receiving Party’s attorneys and independent accountants, such Third Party is obligated by applicable professional or ethical obligations) that are no less stringent than those contained in this Agreement (except to the
extent that a shorter confidentiality period is customary in the industry); and 
 (g) such disclosure is required by court order,
judicial or administrative process or Applicable Law, provided that in such event the Receiving Party shall promptly inform the Disclosing Party of such required disclosure and provide the Disclosing Party an opportunity to challenge or limit
the disclosure obligations. Confidential Information that is disclosed as required by court order, judicial or administrative process or Applicable Law shall remain otherwise subject to the confidentiality and
non-use provisions of this ARTICLE 11 (Confidentiality; Publication), and the Receiving Party shall take all steps reasonably necessary, including seeking of confidential treatment or a protective order, to
ensure the continued confidential treatment of such Confidential Information. 
 11.4 Publication. Licensor shall not publish
nor otherwise publicly disclose any data or results regarding any Gene Therapy or Licensed Product without the prior written consent of Licensee. Licensor does not have any data, results, or publications currently under review that may be published
or otherwise publicly disclosed after the Effective Date. After the Effective Date, Licensee may freely publish and give presentations on its Development and Commercialization of the Gene Therapies or Licensed Products. 

11.5 Publicity; Use of Names. No disclosure of the existence, or the terms, of this Agreement may be made by either
Party or its Affiliates, and neither Party shall use the name, trademark, trade name or logo of the other Party, its Affiliates or their respective employees in any publicity, promotion, news release or disclosure relating to this Agreement or its
subject matter, without the prior express written permission of the other Party, except as set forth in Section 11.7 (Disclosure to the SEC) or as otherwise may be required by law. Notwithstanding the above, each Party and its
Affiliates may disclose on its website and in its promotional materials that the other Party is a development partner of such Party for the Licensed Products and may use the other Party’s name and logo in conjunction with such disclosure. 

11.6 Prior Confidentiality Agreement. As of the Effective Date, the terms of this ARTICLE 11 (Confidentiality;
Publication) shall supersede any prior non-disclosure, secrecy or confidentiality agreement between the Parties (or their Affiliates) relating to the subject of this

  
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Agreement, including the Confidentiality Agreement. Any information disclosed pursuant to any such prior agreement shall be deemed Confidential Information for purposes of this Agreement. 

11.7 Disclosure to the SEC. 

(a) A Party may disclose this Agreement and its terms, and material developments or material information generated under this Agreement,
in securities filings (including any Form S-1, amended Form S-1, or subsequent quarterly or annual filings) with the U.S. Securities and Exchange Commission
(“SEC”) (or equivalent foreign agency) to the extent required by Applicable Law after complying with the procedure set forth in this Section 11.7 (Disclosure to the SEC). In such event, the Party seeking to make such
disclosure will prepare a draft confidential treatment request and a redacted version of this Agreement to request confidential treatment for this Agreement, which redacted version will be provided to the other Party. The Party seeking such
disclosure shall exercise Commercially Reasonable Efforts to obtain confidential treatment of this Agreement from the SEC as represented by such redacted version provided to the other Party. 

(b) Further, each Party acknowledges that the other Party may be legally required, or may be required by the listing rules of any
exchange on which the other Party’s or its Affiliate’s securities are traded, to make public disclosures (including in filings with the SEC or other agency) of certain material developments or material information generated under this
Agreement and agrees that each Party may make such disclosures as required by law or such listing rules, provided that the Party seeking such disclosure shall provide the other Party with a copy of the proposed text of such disclosure
sufficiently in advance of the scheduled release to afford such other Party a reasonable opportunity to review and comment thereon. 

11.8 Press Release. 

(a) The Licensee may issue a press release or make a public announcement concerning the material terms of this Agreement or the
Development or Commercialization of the Licensed Product under this Agreement, such as the achievement of Regulatory Approvals of the Licensed Product, at Licensee’s sole discretion and without needing to obtain the consent of the Licensor. If
the Licensor desires to issue a press release or make a public announcement concerning the material terms of this Agreement or the Development or Commercialization of the Licensed Product under this Agreement, such as the achievement of Regulatory
Approvals of the Licensed Product, Licensor shall provide the Licensee with the proposed text of such announcement for prior review and approval by the Licensee. 

(b) The Parties agree that after a public disclosure has been made or a press release or other public announcement has been issued in
compliance with this Agreement, each Party may make subsequent public disclosures or issue press releases or other public announcements disclosing the same content without having to obtain the other Party’s prior consent and approval. 

11.9 Reporting of Financial Information. From and after the Effective Date, to the extent required by the
SEC in connection with Licensee or an Affiliate of Licensee registering securities in a public offering, Licensor shall (a) cooperate with Licensee or its Affiliates and their 

  
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respective accountants and auditors by providing access to information, books, and records related to the Licensed Products as Licensee may reasonably request in connection with the preparation
by Licensee or its Affiliates of historical and pro forma financial statements related to the Licensed Products as may be required to be included in any filing made by Licensee or any of its Affiliates under the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder, including Regulation S-X and (b) without limiting the foregoing, shall provide Licensee with such
information as is required for Licensee or its Affiliates to prepare audited “carve out” financial statements related to the Licensed Products, for the two (2) Fiscal Years prior to the Effective Date (or such shorter period as agreed
to by Licensee) and information requested by Licensee and reasonably necessary to prepare any applicable pro forma financial information required to be filed by Licensee with the SEC. Such cooperation shall include, as applicable, (i) the
signing of management representation letters to the extent required in connection with any such audit performed by Licensee’s auditors, (ii) providing Licensee or its Affiliates and their respective accountants and auditors with access to
management representation letters provided by Licensor to Licensor’s accountants and auditors, and (iii) causing Licensor’s accountants, auditors, and counsel to cooperate with Licensee or its Affiliates and its accountants, auditors,
and counsel in connection with the preparation and audit of any financial information to be provided under this Section 11.9 (Reporting of Financial Information). If Licensor is required to provide Licensee with the audited financial
statements contemplated hereunder, the selection of an external audit firm will be at the discretion of Licensor. Such financial statements shall be derived from Licensor’s historical financial statements, and accurately present in all material
respects the financial position of the Licensed Products as of the dates thereof. Licensor hereby consents to the inclusion or incorporation by reference of any financial statements provided to Licensee under this Section 11.9 (Reporting of
Financial Information) in any filing by Licensee or its Affiliates with the SEC and, upon request therefor of Licensee, agrees to request that any auditor of Licensor that audits any financial statements provided to Licensee or its Affiliates
under this Section 11.9 (Reporting of Financial Information) consent to the inclusion or incorporation by reference of its audit opinion with respect to such financial statements in any filing by Licensee or its Affiliates with the
SEC. 
 ARTICLE 12 

TERM AND TERMINATION 

12.1 Term. Unless earlier terminated as permitted by this Agreement, the term of this Agreement commences upon the Effective Date
and continues in full force and effect, on a Licensed Product-by-Licensed Product basis, until the expiration of the Royalty Term for such Licensed Product in the
Territory (the “Term”). Upon the expiration (but not early termination) of the Term for such Licensed Product, the licenses granted to Licensee shall continue in effect, as non-exclusive,
fully paid-up, royalty-free, transferable, perpetual and irrevocable, with the right to grant Sublicenses through multiple tiers, with respect to such Licensed Product in the Field in the Territory. 

12.2 Termination. 

(a) Termination by Licensee for Convenience. At any time, Licensee may terminate this Agreement, at
its sole discretion and for any reason or no reason, in its entirety or on a Licensed Product-by-Licensed Product basis, by providing written notice of termination to

  
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Licensor, which notice includes an effective date of termination at least (i) ninety (90) days after the date of the notice if the notice is given before the Regulatory Approval of any
Licensed Product; or (ii) one hundred eighty (180) days after the date of the notice if the notice is given after the Regulatory Approval of any Licensed Product. 

(b) Termination for Cause. If either Party believes that the other is in material breach of its obligations
hereunder, then the non-breaching Party may deliver notice of such breach to the other Party. The allegedly breaching Party shall have ninety (90) days to cure such breach from the receipt of the notice;
provided, that if such breach is capable of being cured but cannot be cured within such ninety (90)-day period, the breaching Party may cure such breach during an additional period as is reasonable in
the circumstances by initiating actions to cure such breach during such ninety (90)-day period and using Commercially Reasonable Efforts to pursue such actions. If the allegedly breaching Party fails to cure
that breach within the applicable period set forth above, then the Party originally delivering the notice of breach may terminate this Agreement on written notice of termination. Any right to terminate this Agreement under this Section 13.2(b)
(Termination for Cause) shall be stayed and the applicable cure period tolled if, during such cure period, the Party alleged to have been in material breach shall have initiated dispute resolution in accordance with Section 13.9
(Dispute Resolution) with respect to the alleged breach, which stay and tolling shall continue until such dispute has been resolved in accordance with Section 13.9 (Dispute Resolution). If a Party is determined to be in material
breach of this Agreement, the other Party may terminate this Agreement if the breaching Party fails to cure the breach within thirty (30) days after the conclusion of the dispute resolution procedure (and such termination shall then be
effective upon written notification from the notifying Party to the breaching Party). 
 (c) Termination for
Bankruptcy. This Agreement may be terminated at any time during the Term by either Party upon the other Party’s filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a
substantial portion of the assets for the benefit of creditors by the other Party; provided, however, that in the case of any involuntary bankruptcy proceeding such right to terminate shall only become effective if the Party consents
to the involuntary bankruptcy or such proceeding is not dismissed within ninety (90) days after the filing thereof. 
 12.3
Effect of Termination. Upon termination of this Agreement by: (a) Licensee pursuant to Section 12.2(a) (Termination by Licensee for Convenience); (b) either Party pursuant to Section 12.2(b)
(Termination for Cause); or (c) either Party pursuant to Section 12.2(c) (Termination for Bankruptcy), the following consequences shall apply (either to the Agreement in its entirety, or on a Licensed Product-by-Licensed Product bases, as applicable) and shall be effective as of the effective date of such termination: 

(i) Licensee’s licenses under Section 2.1 (Licenses to Licensee) shall terminate; 

(ii) Licensee shall return to Licensor or destroy, at Licensor’s election, all Confidential Information of Licensor, including all
copies thereof and all materials, substances and compositions delivered or provided by Licensor to Licensee; provided, however, that Licensee may keep one copy of such Confidential Information in its legal files solely for the purpose
of enabling it to comply with the provisions of this Agreement, and Licensee shall not be required to 

  
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remove such Confidential Information from its back-up or archive electronic records, including its electronic laboratory notebook and laboratory
information management systems; and 
 (iii) Licensor shall be solely responsible for all future Development, manufacture and
Commercialization of Gene Therapies and Licensed Products in the Field, at its sole cost and expense. 
 12.4 Alternative to
Termination. Without limiting any other remedy that may be available to Licensee hereunder, if Licensee has the right under Section 12.2(b) (Termination for Cause) to terminate this Agreement, but elects by written notice to Licensor
to not exercise such right and continue this Agreement, this Agreement shall continue in full force and effect, except that all milestone and royalty payment obligations under this Agreement from Licensee to Licensor shall be reduced by [***] to the
extent such obligations accrue following the date of Licensee’s notice of its right to terminate under Section 12.2(b) (Termination for Cause). 

12.5 Survival. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such
expiration or termination, nor shall expiration or any termination of this Agreement preclude either Party from pursuing all rights and remedies it may have under this Agreement, at law or in equity, with respect to breach of this Agreement. In
addition, the provisions of Articles 1, 10, 11 and 13, and Sections 2.5, 7.8, 7.9, 8.1(b), 8.1(c), 12.1, 12.3, 12.5 and 12.6 hereof shall survive the expiration or termination of this Agreement. 

12.6 Termination Not Sole Remedy. Termination is not the sole remedy under this Agreement and, whether or
not termination is effected and notwithstanding anything contained in this Agreement to the contrary, all other remedies will remain available except as agreed to otherwise herein. 

ARTICLE 13 
 GENERAL
PROVISIONS 
 13.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of California (U.S.), without reference to any rules of conflict of laws. 
 13.2 Assignment. 

(a) Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise
transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably conditioned, withheld, or delayed); provided, however, that either Party may assign or otherwise transfer this
Agreement and its rights and obligations hereunder without the other Party’s consent: (i) in connection with the transfer or sale of all or substantially all of the business or assets of such Party to which this Agreement relates to a
Third Party, whether by merger, consolidation, divesture, restructure, sale of stock, sale of assets or otherwise; provided that in the event of any such transaction (whether this Agreement is actually assigned or is assumed by the acquiring
party by operation of law (e.g., in the context of a reverse triangular merger)), intellectual property rights of the acquiring party to such transaction (if other than one of the Parties to this Agreement) and

  
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its Affiliates existing prior to the transaction shall not be included in the technology licensed hereunder (a “Sale Transaction”); or (ii) to an Affiliate, provided
that the assigning Party shall remain liable and responsible to the non-assigning Party hereto for the performance and observance of all such duties and obligations by such Affiliate. The rights and
obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties, and the name of a Party appearing herein will be deemed to include the name of such Party’s
successors and permitted assigns to the extent necessary to carry out the intent of this section. Any assignment not in accordance with this Section 13.2 (Assignment) shall be null and void. 

(b) In the event of: (i) a Sale Transaction by a Party; or (ii) the acquisition by a Party of all or substantially all of the
business of a Third Party (together with any entities that were Affiliates of such Third Party immediately prior to such acquisition, an “Acquiree”), whether by merger, consolidation, divestiture, restructure, sale of stock, sale of
assets or otherwise (an “Acquisition”), intellectual property rights of the acquiring party in a Sales Transaction or the Acquiree, if other than one of the Parties to this Agreement (together with any entities that were Affiliates
of such Acquiree, as applicable), in each case existing prior to such transaction shall not be included in the intellectual property rights (including Patents or Know-How) licensed hereunder or otherwise
subject to this Agreement. 
 13.3 Entire Agreement; Modification. This Agreement and the Consulting Agreement are both
a final expression of the Parties’ agreement and a complete and exclusive statement with respect to all of its terms. This Agreement and the Consulting Agreement supersede all prior and contemporaneous agreements and communications, whether
oral, written or otherwise, concerning any and all matters contained herein, including the Confidentiality Agreement and for clarity, the confidential and proprietary information exchanged thereunder shall be treated as Confidential Information
under this Agreement. This Agreement may only be modified or supplemented in a writing expressly stated for such purpose and signed by the Parties to this Agreement. 

13.4 Relationship Between the Parties. The Parties’ relationship with one another, as established by this
Agreement, is solely that of independent contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the Parties. Neither Party is a legal representative of the other Party. Neither Party can
assume or create any obligation, representation, warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever. 

13.5 Non-Waiver. The failure of a Party to insist upon strict performance of any provision of
this Agreement or to exercise any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in that instance or in any other instance. Any waiver by a
Party of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such Party. 

13.6 Force Majeure. Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or
breached this Agreement for failure or delay in performing any obligation under this Agreement to the extent such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party, potentially including
embargoes, war, 

  
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acts of war (whether war be declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, fire, floods, or other acts of God, or
acts, omissions or delays in acting by any Governmental Authority or unavailability of materials related to the manufacture of Gene Therapies or Licensed Products. The affected Party shall notify the other Party of such force majeure circumstances
as soon as reasonably practical and shall promptly undertake and continue diligently all reasonable efforts necessary to cure such force majeure circumstances or to perform its obligations in spite of the ongoing circumstances. 

13.7 Severability. If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless the absence of the invalidated provisions adversely affects the substantive rights of the
Parties. The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provisions with valid, legal and enforceable provisions which, insofar as practical, implement the purposes of this Agreement.

 13.8 Notices. Any notice to be given under this Agreement must be in writing and delivered either (a) in person, (b) by
air mail (postage prepaid) requiring return receipt, (c) by overnight courier, or (d) by e-mail with delivery and return receipts requested and confirmation of delivery thereafter, to the Party to be
notified at its address(es) given below, or at any address such Party may designate by prior written notice to the other. Notice shall be deemed sufficiently given for all purposes upon the earliest of: (i) the date of actual receipt;
(ii) if air mailed, five (5) days after the date of postmark; (iii) if delivered by overnight courier, the next day the overnight courier regularly makes deliveries or (iv) if sent by
e-mail, the date of confirmation of receipt. 
 If to Licensor: 

Ion Channel Innovations, LLC 

23 Agnes Circle, 

Ardsley, NY 10502 

U.S. 

Attention: Directing Member 

With a copy to: 

one llp 

4000 MacArthur Blvd. 

East Tower, Suite 500 

Newport Beach, CA 92660 

Attention: Anthony Kuhlmann, Ph.D. 

Email: [***] 

If to Licensee: 

Urovant Sciences GmbH 

Viaduktstrasse 8 

4051 Basel, Switzerland 

Attention: Head of Global Transactions 

Email: [***] 

  
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 With a copy to: 

Urovant Sciences, Inc. 

5151 California Avenue, Suite 250 

Irvine, CA 92617 

Attention: General Counsel 

Email: [***] 

13.9 Dispute Resolution 

(a) Subject to Section 13.9(h) (Dispute Resolution), the Parties shall negotiate in good faith and use reasonable efforts to
settle any dispute, controversy or claim arising from or related to this Agreement or the breach thereof. Subject to Section 13.9(h) (Dispute Resolution), in the event the Parties cannot resolve such dispute, controversy or claim within
a period of thirty (30) days, then the matter shall be referred to designated senior executives of the Parties for resolution by the sending of a Notice of Dispute(s) for Executive Resolution. The designated senior executives shall endeavor to
meet in person within ten (10) days following transmittal of the Notice of Dispute(s) for Executive Resolution. The initial designated senior executives shall be the Chief Commercial Officer of Urovant Sciences, Inc., and the Directing Member
of Licensor (or the duly appointed successor). Each Party shall be entitled to name substitute senior executives upon written notice to the other Party. 

(b) Subject to Section 13.9(h) (Dispute Resolution), if, after going through the procedure set forth in Section 13.9(a)
(Dispute Resolution), the Parties do not fully settle, and a Party wishes to pursue the matter, each such dispute, controversy or claim that is not an Excluded Claim (defined in Section 13.9(g) (Dispute Resolution)) shall be finally
resolved by binding arbitration administered by JAMS pursuant to JAMS’ Streamlined Arbitration Rules and Procedures then in effect (the “JAMS Rules”). 

(c) The arbitration shall be conducted by a panel of three (3) neutral arbitrators, each of whom shall have significant legal or
business experience in the pharmaceutical industry, and none of whom shall be a current or former employee or director, or a current significant shareholder, of either Party or any of their respective Affiliates or any Sublicensee: within thirty
(30) days after initiation of arbitration, each Party shall select one (1) person to act as arbitrator and the two (2) Party-selected arbitrators shall select a third (3rd)
arbitrator within thirty (30) days of their appointment. If the arbitrators selected by the Parties are unable or fail to agree upon the third (3rd) arbitrator, the third (3rd) arbitrator shall be appointed by JAMS. The seat of arbitration shall be New York, New York, the law governing the arbitration shall be the law of the State of New York (U.S.), and all proceedings
and communications shall be in English. Within thirty (30) days after selection of the third arbitrator, the arbitrators shall conduct the Preliminary Conference (as defined in the JAMS Rules). In addressing any of the subjects within the scope
of the Preliminary Conference, the arbitrators shall take into account both the desirability of making discovery efficient and cost-effective and the needs of the Parties for an understanding of any legitimate issue raised in the arbitration. The
award rendered by the arbitrators shall be final, 

  
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binding and non-appealable, and judgment may be entered upon it in any court of competent jurisdiction. 

(d) Either Party may apply to the arbitrators for interim injunctive relief until the arbitration award is rendered or the controversy
is otherwise resolved. The arbitrators’ authority to award punitive or any other type of damages not measured by a Party’s compensatory damages shall be subject to the limitation set forth in Section 10.5 (Special, Indirect and
Other Losses). Each Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrators’ fees and any administrative fees of arbitration. 

(e) Except to the extent necessary to confirm or enforce an award or as may be required by law, neither Party nor an arbitrator may
disclose the existence, content, or results of an arbitration without the prior written consent of the other Party. In no event shall an arbitration be initiated after the date when commencement of a legal or equitable proceeding based on the
dispute, controversy or claim would be barred by the applicable California statute of limitations. 
 (f) The Parties agree that, in
the event of a dispute over the nature or quality of performance under this Agreement, neither Party may terminate this Agreement until final resolution of the dispute through arbitration or other judicial determination. The Parties further agree
that any payments made pursuant to this Agreement pending resolution of the dispute shall be refunded if an arbitrator or court determines that such payments are not due. 

(g) As used in this Section 13.9 (Dispute Resolution), the term “Excluded Claim” means a dispute,
controversy or claim that concerns (i) the construction, scope, validity, enforceability, inventorship or infringement of a patent, patent application, trademark or copyright; or (ii) any antitrust, anti-monopoly or competition law or
regulation, whether or not statutory. 
 (h) Nothing contained in this Agreement shall deny either Party the right to seek injunctive
or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action may be filed and maintained notwithstanding any ongoing discussions between the
Parties or any ongoing arbitration proceeding. In addition, either Party may bring an action in any court of competent jurisdiction to resolve disputes pertaining to the validity, construction, scope, enforceability, infringement or other violation
of Patents or other intellectual property rights, and no such claim shall be subject to arbitration pursuant to Sections 13.9(b) (Dispute Resolution) and 13.9(c) (Dispute Resolution). 

13.10 Performance by Affiliates. Each Party may perform its obligations and exercise any rights hereunder (directly or
indirectly) through any of its Affiliates. Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this Agreement in
connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any
obligation to first proceed against such Party’s Affiliate. 
 13.11 Headings. The captions to the several Articles, Sections and
subsections hereof are not a part of this Agreement, but are merely for convenience to assist in locating and reading the several Articles and Sections hereof. 

  
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 13.12 Waiver of Rule of Construction. Each Party has had the
opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

 13.13 Business Day Requirements. If any notice or other action or omission is required to be taken by a Party under
this Agreement on a day that is not a Business Day, then such notice or other action or omission shall be deemed to require such notice or action or omission to be taken on the next occurring Business Day. 

13.14 English Language. This Agreement has been prepared in the English language, and the English language shall control
its interpretation. In addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or other communications between the Parties regarding this Agreement shall be in the English language. 

13.15 Interpretation. All references in this Agreement to the singular include the plural where applicable. Unless otherwise
specified, references in this Agreement to any Article include all Sections, subsections and paragraphs in such Article, and references to any Section include all subsections and paragraphs in such Section. The word “including” and similar
words mean “including without limitation”. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other
subdivision. The word “or” is used in the conjunctive sense (i.e., “and/or”), unless the context clearly requires otherwise. All references to days in this Agreement mean calendar days, unless otherwise specified. Except as
otherwise specified herein, references to a person or entity are also to its permitted successors and assigns. 
 13.16 Further
Assurances. Each Party shall duly execute and deliver or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents
and instruments, as may be necessary or as the other Party may reasonably request in connection with this Agreement or to carry out more effectively the provisions and purposes hereof or to better assure and confirm unto such other Party its rights
and remedies under this Agreement. 
 13.17 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
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 IN WITNESS
WHEREOF, the Parties hereto have caused this LICENSE AGREEMENT to be executed and entered into by their duly authorized representatives as of the
Effective Date. 
  

			
	 ION CHANNEL INNOVATIONS, LLC

 
 By: /s/ Arnold Melman,
M.D.            
 Name: Arnold Melman, M.D.

Title: Directing Member
	  	 UROVANT SCIENCES, GMBH

 
 By: /s/ Sascha
Bucher                        

Name: Sascha Bucher
 Title: Head of Global
Transactions

 SIGNATURE PAGE TO LICENSE AGREEMENT

  
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	Exhibit A	  	 Licensor Patents as of the Effective Date

 • [***] 

  
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