Document:

EX-10.5

 Exhibit 10.5 
 CONFIDENTIAL TREATMENT REQUESTED UNDER RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

[*****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS
BEEN FILED SEPARATELY WITH THE COMMISSION. 
 Execution Copy 
 Amendment Agreement #1 
 This Amendment Agreement #1 (the “Amendment”) is
made effective July 1st, 2011 (the “Amendment Effective Date”) by and between PROSENSA Holding BV, a company incorporated under the laws of the Netherlands and with registered number 28076693, whose offices are located at J.H.
Oortweg 21, 2333 CH Leiden, The Netherlands (“Prosensa”), and Glaxo Group Limited, a company incorporated under the laws of England and Wales with registered number 00305979, whose registered office is Glaxo Wellcome House, Berkeley
Avenue, Greenford, Middlesex, UB6 0NN, England (“GSK”). Prosensa and GSK are each referred to herein by name or as a “Party” or, collectively, as “Parties”. All capitalized terms that are used in this Amendment
and not defined herein shall have the meanings ascribed to them in the Original Agreement. Except as specifically modified by or otherwise agreed to in this Amendment, the Parties hereto agree that all of the terms and conditions set forth in the
Original Agreement remain in full force and effect. 
 RECITALS 

WHEREAS Prosensa and GSK are parties to a certain Research and Development, Collaboration and License Agreement dated
October 6th, 2009 (the “Original
Agreement”); 
 WHEREAS Prosensa is willing to extend the duration of GSK’s exclusive Option with respect to the Exon 44
Program and the option period for GSK to exercise its Option with respect to the Exon 44 Program based upon certain changes to the Development Plan for the Exon 44 Program and certain additional funding and payments to be provided by GSK; and

 WHEREAS GSK is willing to accept such changes to the Development Plan for the Exon 44 Program and to provide such additional funding
and payments in exchange for such extension to the duration of the exclusive Option and the option period for GSK to exercise its Option with respect to the Exon 44 Program, and Prosensa is willing to accept the revised terms and conditions and the
obligations herein with respect to the Exon 44 Program. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in the
Original Agreement and in this Amendment and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties do hereby agree as follows: 

 

	 	1.	 The Parties hereby agree to modify the Development Plan for the Exon 44 Program in accordance with a new clinical development plan which GSK and
Prosensa have designed, the details of which include, without limitation, the list of activities to be conducted and allocation of which Party will conduct such development activities, and the anticipated timelines and the budgeted costs for such
activities. The modified Development Plan will include a PoC clinical study for the PRO044 Compound *****

  
  

 

			
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but the Parties acknowledge that the final design of this study may be slightly different, provided the design is similar in scope and set-up, and GSK will have the final decision-making
authority on the design. GSK and Prosensa will establish which studies under the modified Development Plan will be conducted by Prosensa or on behalf of Prosensa and which ones possibly by GSK, based on the guiding principle that the work should be
done as swiftly, efficiently and economically as is reasonably practical, and also by the Party best positioned to do the work. The modified Development Plan for the Exon 44 Program, together with its projected budget, shall be as set forth in
detail and appended as Appendix 1 to this Amendment, which is hereby incorporated by reference and included in this Amendment. 

  

	 	2.	The Parties hereby agree that GSK’s exclusive Option with respect to the Exon 44 Program shall continue to apply until the expiration of the amended Review Period
herein, and Prosensa’s obligations as set forth under Section 7.1 shall continue to apply in accordance with the terms and conditions stated therein, and the Review Period for the Exon 44 Program shall be amended to begin upon GSK’s
receipt of a data package ***** GSK may exercise its Option to the Exon 44 Program, at any time in GSK’s discretion, prior to or during such Review Period. In the event that GSK has received a data package resulting from the completed Clin-03
Study and does not exercise the Option to the Exon 44 Program by the end of such Review Period, then the Option to the Exon 44 Program will be deemed to have expired unexercised, and subject only to Article 2.5 (c) of the Original Agreement as
amended hereunder, GSK shall have no further rights or claims on the Exon 44 Program, and the Exon 44 Program shall be subject to Sections 4.5 and 5.3 and Article 12 of the Original Agreement. For avoidance of doubt, GSK shall pay Prosensa the
Option Exercise Fee set forth in Section 6.2(b) of the Original Agreement upon exercise of the Option for the Exon 44 Program, and Prosensa shall have no right to require GSK to make a decision to exercise the Option for the Exon 44 Program at
any point prior to the end of the Review Period as amended herein for the Exon 44 Program. 

  

	 	3.	Prosensa hereby represents and warrants to GSK that it does not, as of the Amendment Effective Date, have any active preclinical (in vivo stage) Development
program ongoing relating to an improved or optimized (i.e. relative to PRO044) Exon 44 skipping compound, and that it shall keep GSK informed at JSC meetings held pursuant to the Original Agreement of any activities of Prosensa relating to any
research and/or development by or on behalf of Prosensa and/or its Affiliate of any such improved or optimized Exon 44 skipping compound, if and when such a program or activities are initiated. In addition, Section 2.5(c)(i) of the Original
Agreement is hereby amended by adding the following new sentence to the end of Section 2.5(c)(i): 

“Notwithstanding the foregoing and solely with respect to the Exon 44 Program, in the event GSK has received a data package resulting
from the completed Clin-03 Study, then the ***** set forth above in this Section 2.5(c)(i) shall be reduced to ***** from the date of the receipt of such data package by GSK.” 

  
  

			
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	 	4.	Section 2.5(c)(iii) of the Original Agreement is hereby amended in its entirety and is replaced with the following new Section 2.5(c)(iii):

 “Notwithstanding the foregoing and for clarity, the provisions of this Section 2.5 shall not apply to
(i) any Program that is unilaterally terminated by GSK (other than as provided in paragraph (ii) above) pursuant to Section 12.3 or pursuant to a decision by GSK to terminate all further Development funding of such Program under
Amendment Agreement # 1, or (ii) any Program terminated by PROSENSA for GSK’s material breach pursuant to Section 12.2 or (iii) any Compound within a non-selected DMD Program 3 project or non-selected DMD Program 4 project as
described in Section 2.5(a) and (b), respectively or (iv) any PROSENSA Collaboration Program for which a Compound under such PROSENSA Collaboration Program has met the POC Criteria and GSK has (a) declined the applicable Option under
such PROSENSA Collaboration Program or (b) allowed such Option to expire.” (new language underlined) 
  

	 	5.	The table of Section 6.2(b) of the Original Agreement is hereby amended by inserting an additional milestone between the third and forth rows of the table as
follows: 

  

			
	“Simplified Development Milestone	  	*****

  

	 	6.	Section 6.2(b) of the Original Agreement is hereby amended by inserting a new Section 6.2(b)(iv) as follows: 

“(iv) Simplified Development Milestone means that *****. This Simplified Development Milestone is payable only in the event that GSK
exercises its Option to the Exon 44 Program, in which case, the Simplified Development Milestone will be payable within ***** Days after receipt of an invoice from PROSENSA on or after the date that notice is received of acceptance of the file for
marketing approval by both the FDA and EMA with no material additional clinical studies or other material clinical work being required or recommended by either the FDA or EMA, or deemed necessary by GSK for marketing approval using commercially
reasonable judgment based upon emerging data or correspondence or guidance from the FDA or EMA, beyond the completed Clin-03 Study. The Bonus for Accelerated Filing of ***** as shown in this Section 6.2(b) remains applicable, but in the event
that GSK has paid the Simplified Development Milestone of *****, the 

  
  

			
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Bonus for Accelerated Filing will no longer apply to the Exon 44 Program. In the event that the conditions for the Bonus for Accelerated Filing with respect to the Exon 44 Program are met before
the conditions for the Simplified Development Milestone are met, GSK will pay the Bonus for Accelerated Filing with respect to the Exon 44 Program when conditions for this milestone are met, and, if the conditions are subsequently met for the
Simplified Development Milestone, GSK will then pay PROSENSA the difference between the two milestone amounts, for a total payment by GSK for both of these milestones, which shall not in any event exceed the total of *****. For avoidance of doubt,
in the event the Simplified Development Milestone is not applicable, the Bonus for Accelerated Filing with respect to the Exon 44 Program will still be applicable if the terms and conditions of Section 6.2(b)(ii) are satisfied.”

  

	 	7.	 The Parties hereby agree that the modified Development Plan and its associated budget for the Exon 44 Program, as established in Appendix 1, will be
updated as appropriate from time to time in joint consultation through a Joint Development Sub-committee (JDS) of the JSC for the PRO044 Compound established by GSK and Prosensa. Notwithstanding anything to the contrary in the Original Agreement,
GSK shall have the final decision-making authority in the event of any disagreement at the JDS (or at the JSC or otherwise between the Parties) regarding any of the Development activities going forward as set forth under the modified Development
Plan, and as the modified Development Plan may be updated from time to time by the JDS and the JSC, for the Exon 44 Program for which GSK bears the full Development cost, as such costs are set out in the attached Appendix 1. GSK shall have the right
at any time, within its full discretion, to terminate all further funding by GSK of Development under the Exon 44 Program, and in such case, such termination shall become effective immediately upon providing written notice to Prosensa. In the event
GSK terminates all further funding of Development under the Exon 44 Program prior to exercising the Option to the Exon 44 Program, then the Option to the Exon 44 Program will be deemed to have expired unexercised, and subject only to the rights of
GSK to repayment as set forth in each of Paragraphs 10 and 12 of this Amendment, and Article 2.5(c) of the Original Agreement as amended hereunder, GSK shall have no further rights or claims on the Exon 44 Program and the Exon 44 Program shall be
subject to Sections 4.5 and 5.3 and Article 12 of the Original Agreement. Further in the event of such termination, and subject only to Article 2.5(c) of the Original Agreement as amended hereunder, GSK shall have no further obligation for any
additional Development costs or expenses with respect to the Exon 44 Program, provided, however, that GSK will be responsible for any Development costs or expenses for non-cancellable binding contractual obligations to a Third Party, for
Development costs or expenses that cannot be avoided or mitigated by Prosensa taking reasonable actions, and for Development costs and expenses related to ongoing studies which cannot ethically be immediately terminated. Notwithstanding the above,
and in the event that the Parties agree via the JDS or JSC that the emerging data would warrant, the Parties will discuss and agree in good faith, prior to March 1st, 2012, and throughout the course of conduct of the Development Plan as emerging data would warrant, *****

  
  

			
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and that therefore the Development Plan and associated budget as set forth in Appendix 1 would require significant modifications. In such event, GSK shall be entitled to temporarily suspend
***** months (unless extended by mutual agreement in writing by the Parties) all further funding of the Development Plan (other than funding which is directly for non-cancellable binding contractual obligations to a Third Party, for Development
costs or expenses that cannot be avoided or mitigated by Prosensa taking reasonable actions, and for Development costs and expenses directly related to ongoing studies which cannot ethically be immediately terminated) until such time as the Parties
can discuss in good faith and mutually agree upon a new Development Plan and a new budget based upon ***** of PRO044, and any such temporary suspension of funding or of Development activities under the Exon 44 Program shall not be construed as a
termination by GSK of all further funding of the Exon 44 Program under Paragraph 7 of this Amendment or otherwise be construed as a unilateral termination of the Exon 44 Program by GSK. 

 

	 	8.	In the event GSK terminates all further Development funding of the Exon 44 Program pursuant to its rights under Paragraph 7 of this Amendment or otherwise prior to
exercise of the Option or if the Exon 44 Program is otherwise unilaterally terminated by GSK under the provisions of Article 12 of the Original Agreement, or in the event the Option to the Exon 44 Program otherwise expires unexercised, the
provisions of Sections 4.5, 5.3(a), 5.3(b) (applied as if such termination occurred after exercise of the Option) and Article 12 of the Original Agreement shall be applicable. 

 

	 	9.	The table of Section 6.2(b) of the Original Agreement is hereby amended by inserting an additional milestone between the first and second rows of the table as
follows: 

  

			
	“Advance Option Fee	  	*****
	Additional Advance Option Fee	  	***** or *****

  

	 	10.	Section 6.2(b) of the Original Agreement is hereby amended by inserting a new Section 6.2(b)(v) as follows: 

“(v) Unless the Exon 44 Program has been terminated by notice under any of the provisions of Article 12 of this
Agreement, or GSK has provided written notice to PROSENSA that it will terminate all further funding of the Development Plan pursuant to its rights under Paragraph 7 of Amendment Agreement #1, GSK shall pay PROSENSA the Advance Option Fee of *****
of receipt of an invoice from PROSENSA sent no earlier than *****, but in no event shall such payment be construed to be due and payable by GSK prior to *****. In addition to the Advance Option Fee, GSK shall pay PROSENSA either (a) the Additional Advance Option Fee of
***** in the event the *****, or (b) the Additional Advance Option Fee of ***** in the event the *****. No Additional Advance Option Fee will be payable in the event the Clin-03 Study starts before *****. The applicable Additional Advance
Option 

  
  

			
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Fee is payable within ***** of receipt of an invoice from PROSENSA on or after the start date of the Clin-03 Study which is deemed to occur upon the first randomized patient being dosed under the
study. The maximum Additional Advance Option Fee will be *****. If GSK exercises its Option to the Exon 44 Program at any time, any Advance Option Fee and Additional Advance Option Fee actually paid by GSK to PROSENSA, will be fully credited toward
the PRO044 Option Exercise Fee of *****, and the *****. If GSK does not exercise its Option to the Exon 44 Program or terminates all further funding of the Exon 44 Program pursuant to its rights under Paragraph 7 of Amendment Agreement #1 or
otherwise, or if the Exon 44 Program is terminated unilaterally by GSK or mutually by the Parties under the provisions of Article 12 of the Original Agreement, and unless conditions (1) and (2) are both met such that (1) PROSENSA
provides notice in writing to GSK within ***** of the date of such termination or decision by GSK to decline the Option that PROSENSA will permanently terminate Development and any commercialization of the PRO044 Compound, and (2) at the time
that GSK seeks to apply the repayment credit hereunder to a particular milestone or royalty payment due, the development and/or commercialization of the PRO044 Compound has not been continued by PROSENSA or its Affiliate, or re-partnered, licensed,
or sold to a Third Party, or in the case of a merger, acquisition or Change of Control of PROSENSA, PROSENSA’s successor or their licensee or assignee has not continued the development or commercialization of the PRO044 Compound; then , any
Advance Option Fee and Additional Advance Option Fee actually paid by GSK to PROSENSA will be repaid to GSK in the form of a credit for a deduction from future milestone payments pursuant to Section 6.2(a) of this Agreement regardless of when
such payments become due, or future milestone payments pursuant to Sections 6.2(c) or 6.2(d) of this Agreement that become due on or after January 1, 2014, or royalty payments pursuant to Section 6.3 of this Agreement by GSK to PROSENSA
with respect to PRO051 (GSK2402968) regardless of when such payments become due, or royalty payments pursuant to Section 6.3 of this Agreement by GSK to PROSENSA with respect to the DMD 3 Program or the DMD 4 Program, that become due on or
after January 1, 2014, provided, however, the deduction applied to any individual milestone or royalty payment shall not exceed ***** of the amount of such milestone or royalty payment otherwise due PROSENSA before applying such
deduction. GSK shall have the right to determine in its sole discretion, and in accordance with the above terms and conditions, which milestone and/or royalty payments and for which Program it wishes to apply the credit against, up to a cumulative
total of ***** of the total amount of any Advance Option Fee and Additional Advance Option Fee actually paid by GSK to PROSENSA. 

 If the conditions of (1) and (2) above are both met at the time that GSK seeks to apply the credit hereunder to a given milestone or royalty payment due, any Advance Option Fee and Additional
Advance Option Fee actually paid by GSK to PROSENSA shall not be repayable by PROSENSA with respect to the applicable milestone or royalty payment. Also, for avoidance of doubt, PROSENSA shall have no such

  
  

			
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repayment obligation to GSK if the conditions (1) and (2) above are both met, but PROSENSA instead pursues the Development of a different Compound under an Exon 44 Program totally in
lieu of the PRO044 Compound. The Parties hereby understand and agree that the intent is for GSK to be entitled to be credited the full repayment amount of any Advance Option Fee and Additional Advance Option Fee actually paid by GSK to PROSENSA if
the PRO044 Compound continues in development or commercialization, regardless of whether PROSENSA, its Affiliate, or successor, or its or their Third Party licensee or assignee is progressing the PRO044 Compound.” 

 

	 	11.	The Parties hereby agree that, except as noted below, and subject always to GSK’s rights under Paragraph 7 of this Amendment to terminate the Exon 44 Program or
otherwise in the event of any termination under the provisions of Article 12 of the Original Agreement, GSK shall pay the total costs and expenses for the expected Development work to be performed under the modified Development Plan conducted by
Prosensa or by a Third Party contractor, the selection of any such contractor shall be approved in advance by GSK, under the guidance/supervision of Prosensa, such payment to be made either to Prosensa or directly by GSK to the Third Party
contractor, as applicable, as follows: 

  

	 	a.	GSK shall pay milestone-based, staged payments for two (2) toxicity studies, ***** of a Natural History Study, up to a maximum GSK contribution of ***** as
GSK’s ***** share for the Natural History Study, and for the manufacturing of drug substance as follows: 

  

	 	(i)	 a total of ***** for a ***** and ***** for a *****, to be staged, for the Exon 44 Program. The Parties acknowledge that these costs are estimated and
that the actual amounts may vary from the estimate. GSK shall pay these costs as milestone payments to Prosensa (or directly to the Third Party vendor as applicable) in recognition of the enabling toxicology studies completed. The Parties further
agree that Prosensa may commit under contract to Third Party Contractors who have been approved by GSK to conduct these toxicity studies at any time after the Amendment Effective Date. The first milestone payment on account of the monkey toxicity
study shall be in the amount of *****, payable within ***** of GSK’s receipt of an invoice from Prosensa on or after the date of receipt by Prosensa of an invoice from the Third Party contractor (which has been approved in advance by GSK in
writing) for initiation of work, and the remaining ***** shall be payable within ***** of GSK’s receipt of an invoice from Prosensa on or after the date of completion of the 9-month monkey toxicity study. The milestone payment for the 6 month
mouse toxicity study shall be payable within ***** of GSK’s receipt of an invoice from Prosensa on or after the date of receipt by Prosensa of an invoice from the Third Party contractor (which has been approved in

  
  

			
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advance by GSK in writing) for initiation of the studies. If the actual reasonable and documented costs exceed the estimated amount, GSK will pay the deficit to Prosensa. Likewise, if the actual
costs are lower than the estimated amount, Prosensa will credit the surplus to GSK. 

  

	 	(ii)	Up to a maximum of ***** in total for GSK’s ***** share for the Natural History Study (“all-comers study”), to be staged, as follows: a milestone payment
of ***** for initiation of the study, in recognition of its value to the alliance Programs, payable within ***** of receipt by GSK of an invoice from Prosensa on or after the Amendment Effective Date, and an additional ***** within ***** of receipt
by GSK of an invoice from Prosensa on or after *****, and up to ***** additional payments of ***** for each ***** patients enrolled, up to a total of ***** patients, payable within ***** days of receipt by GSK of an invoice from
Prosensa for each such ***** patients enrolled, the first invoice for such additional payments to be sent not earlier than *****; provided, however, that if GSK unilaterally terminates funding of the Exon 44 Program or the Exon 44 Program is
otherwise terminated, then GSK shall have no obligation to pay any milestone amounts for the Natural History Study that have not been achieved at the time of termination, except that GSK shall reimburse Prosensa for any costs incurred as a result of
commitments which Prosensa has entered into for non-cancellable binding contractual obligations to a Third Party, for Development costs or expenses that cannot be avoided or mitigated by Prosensa taking reasonable actions. 

 

	 	(iii)	***** for the manufacture of drug substance for the Exon 44 Program clinical studies, payable within ***** of GSK’s receipt of an invoice from Prosensa on or after
the date that is the earlier to occur of (a) ***** after the approval has been received by Prosensa to initiate the Clin-02 Study in at least ***** countries, or (b) ***** prior to the first patient being randomized for the Clin-02
Study. 

  

	 	b.	GSK shall pay the Clin-02 and Clin-03 Study costs for the PRO044 Compound in the form of reasonable Development costs and expenses directly connected to the conduct of
such studies, as documented by written records of Prosensa or a Third Party contractor that has been approved in advance by GSK in writing, such payments to be made progressively in stages as the work is ongoing. For the avoidance of doubt, GSK
shall have no obligation to pay, and will not pay, the Development costs and expenses for the Clin-01 cohorts five (5) and six (6) study, or for the IV cohort study, unless otherwise expressly agreed by the Parties mutually in writing.

  
  

			
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	 	c.	To the extent that GSK requests any additional studies that are not covered under the modified Development Plan for the Exon 44 Program (as shown in Appendix 1) in
writing via the JDS, or if the Parties agree via the JDS and JSC to initiate any such additional studies for the Exon 44 Program, then prior to Prosensa entering into any commitments for each such study, the Parties will discuss such additional
studies at the JDS, and if agreed to by both GSK and Prosensa, such studies shall be initiated. GSK will pay all such additional documented and reasonable Development costs and expenses for the Exon 44 Program as agreed to by GSK and Prosensa. These
additional Development cost and expenses will be paid by GSK progressively in stages as the work is ongoing, after receipt of an invoice from Prosensa on or after the date that such work is completed. 

 

	 	d.	In the event that the Parties determine in good faith that GSK is best suited to deal directly with the selected Third Party contractor for the conduct of any of the
activities described in subparagraphs (a), (b) or (c) above, then, in lieu of making the relevant payments to Prosensa, GSK shall instead make the required payments directly to the Third Party contractor used, upon the invoicing and
payment terms and conditions described in the applicable Third Party contract. 

  

	 	12.	 In the event that GSK does not exercise its Option or terminates all further funding of the Exon 44 Program pursuant to its rights under Paragraph 7 of
this Amendment or otherwise, or if the Exon 44 Program is terminated unilaterally by GSK or mutually by the Parties under the provisions of Article 12 of the Original Agreement, and unless conditions (1) and (2) are both met such that
(1) Prosensa provides notice in writing to GSK within twelve (12) months of the date of such termination or decision by GSK to decline the Option that Prosensa will permanently terminate Development and any commercialization of the PRO044
Compound, and (2) at the time that GSK seeks to apply the repayment credit hereunder to a particular milestone or royalty payment due, the development and/or commercialization of the PRO044 Compound has not been continued by Prosensa or its
Affiliate, or re-partnered, licensed, or sold to a Third Party, or in the case of a merger, acquisition or Change of Control of Prosensa, Prosensa’s successor or their licensee or assignee has not continued the development or commercialization
of the PRO044 Compound; then Prosensa shall pay back to GSK ***** of all of the Development costs and expenses and all of the milestone-based payments under this Amendment for the Exon 44 Program paid by GSK in the aggregate, from the Amendment
Effective Date until the expiration date of the Option or the effective termination date of the Exon 44 Program as the case may be, but specifically excluding the Development costs paid by GSK for the Natural History Study set forth in paragraph
11(a)(ii) above, and, for avoidance of doubt, specifically excluding the Six Month Safety and Data Review During PhI/II Extension Study milestone set forth in Section 6.2(b) of the Original Agreement. Such repayment by Prosensa is to be made
***** 

  
  

			
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Section 6.2(a) of the Original Agreement regardless of when such payments become due, or future milestone payments pursuant to Sections 6.2(c) or 6.2(d) of the Original Agreement that become
due on or after *****, or royalty payments pursuant to Section 6.3 of the Original Agreement by GSK to Prosensa with respect to PRO051 (GSK2402968) regardless of when such payments become due, or royalty payments pursuant to Section 6.3 of
the Original Agreement by GSK to Prosensa with respect to the DMD 3 Program or the DMD 4 Program that become due on or after *****, provided, however, the deduction applied to any individual milestone or royalty payment shall not exceed
***** of the amount of such milestone or royalty payment otherwise due Prosensa before applying such deduction. If the conditions of (1) and (2) above are both met at the time that GSK seeks to apply the credit hereunder to any given
applicable milestone or royalty payment due, the credit shall not apply with respect to the applicable milestone or royalty payment at issue. GSK shall have the right to determine in its sole discretion, and in accordance with the above terms and
conditions, which milestone and/or royalty payments and for which Program it wishes to apply the credit against, up to a cumulative total of ***** of the total amount of all such Development costs and expenses and milestone-based payments paid
hereunder (excluding only the Natural History Study payments). The Parties hereby understand and agree that the intent is for GSK to be entitled to be credited the ***** of the total amount of all such Development costs and expenses and
milestone-based payments paid under this Amendment (excluding the Natural History Study payments and, for avoidance of doubt, specifically excluding the Six Month Safety and Data Review During PhI/II Extension Study milestone set forth in
Section 6.2(b) of the Original Agreement) if the PRO044 Compound continues in development or commercialization, regardless of whether Prosensa, its Affiliate or successor, or its or their Third Party licensee or assignee is progressing the
PRO044 Compound. For avoidance of doubt, Prosensa shall have no such repayment obligation to GSK if the conditions (1) and (2) above are both met, but Prosensa instead pursues the Development of a different Compound under an Exon 44
Program totally in lieu of the PRO044 Compound. 

  

	 	13.	Prosensa envisages publishing a press release after the execution of this Amendment. The final version of the press release will be subject to prior review by GSK, and
Prosensa will provide GSK with at least ***** prior to planned release for review and comment by GSK. Prosensa will modify to take into account the commercially reasonable concerns and comments of GSK. The Parties acknowledge that this press release
will announce that Prosensa and GSK will take three exon skipping compounds (PRO044, PRO045 and PRO053) into the next stage of development under their ongoing relationship, whereby Prosensa and GSK will be jointly responsible for the conduct of the
further development and GSK will pay an amount of up to GBP xx M in support of these development activities. The actual content of this press release, including whether or not to mention the actual amount, evidently needs to be fine-tuned in due
course, and is subject to prior approval by both Parties, but will include a statement that Prosensa and GSK will embark on chronic toxicity studies enabling further clinical development and a natural history study to better understand the disease
course of Duchenne Muscular Dystrophy. 

  
  

			
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	 	14.	Section 6.2(b)(i) of the Original Agreement contemplates payment of the Six Month Data Safety and Data Review During PhI/II Extension Study milestone of *****,
upon a review of safety and pharmacodynamic data, which is hereby amended to reasonably take into account a review of the emerging pre-clinical and clinical data ***** in addition to that emerging from PRO044, following at least ***** during the
PhI/II extension study (Clin-02 Study) for PRO044 pursuant to the guidelines in Exhibit B of the Original Agreement, *****. The Parties hereby agree that the Six Month Data Safety and Data Review During PhI/II Extension Study milestone is
payable if achieved upon showing of satisfactory results even in the event GSK has not yet exercised the Option on the Exon 44 Program, unless the Exon 44 Program has been terminated by GSK pursuant to Paragraph 7, or has otherwise been terminated
for any reason, prior to the achievement of the milestone. 

  

	 	15.	In the preamble of the Original Agreement, change PROSENSA Holding BV’s address from “Wassenaarseweg 72, 2333 AL Leiden” to “J.H. Oortweg 21, 2333
CH Leiden”. 

  

	 	16.	In Section 13.7 of the Original Agreement, replace the notification provision beginning “If to PROSENSA” in its entirety with the following:

  

			
	 If to PROSENSA,
 addressed
to:
	  	 Attention: Chief Business Officer
 Prosensa Holding BV
 J.H. Oortweg 21
 2333 CH Leiden
 The Netherlands
 Fax: +31 71 3322088
  

Attention: Chief Executive Officer
 Prosensa
Holding BV
 J.H. Oortweg 21
 2333 CH
Leiden
 The Netherlands
 Fax: +31 71
3322088

  

	 	17.	The applicable provisions of this Amendment shall be deemed to be incorporated into the Original Agreement in full and to be an integral part thereof as though fully
set forth therein. With the exception of the above amendments, all other provisions of the Original Agreement shall remain in full force and effect. The Parties hereby understand and agree that, where any provision of this Amendment is inconsistent
with or in conflict with any of the provisions, terms or conditions of the Original Agreement, the provisions, terms and conditions of this Amendment shall supersede and control. 

  
  

			
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	 	18.	This Amendment may be executed in counterparts, all of which together shall constitute one agreement binding on all the Parties hereto, notwithstanding that all such
Parties are not signatories to the original or the same counterpart. 

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 IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have caused this
Amendment Agreement #1 to be executed by their duly authorized representatives as of the Amendment Effective Date. 
  

			
	PROSENSA HOLDING BV
		
	By:	 	 /s/ Hans GCP Schikan

	Name:	 	Hans GCP Schikan
	Title:	 	Chief Executive Officer
	
	GLAXO GROUP LIMITED
		
	By:	 	 /s/ Paul Williamson

	Name:	 	 Paul Williamson

	Title:	 	 Authorized Signatory

		 	 For and on behalf of

		 	 Edinburgh Pharmaceutical Industries Limited

		 	 Corporate Director

  

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 Appendix 1- 

Modified Development Plan for PRO044 and Budget 
 ***** 
  

  
 Appendix 1EX-10.6

 Exhibit 10.6 
 CONFIDENTIAL TREATMENT REQUESTED UNDER RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

[*****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS
BEEN FILED SEPARATELY WITH THE COMMISSION. 
 RESEARCH AND DEVELOPMENT COLLABORATION AGREEMENT 

IN RELATION TO 

The “Clinical development of the compounds Exon 44, Exon 45 and Exon 53 for RNA-based therapy to 

treat Duchenne Muscular Dystrophy” programme, led by Dr. Giles Campion, 

CMO & SVP Discovery, Prosensa Therapeutics BV 
 AFM references: Prosensa/ DMD/ Exon Skipping/ Strategic Project 2010, session 2, SC SP n° 15 201 Christine Rougeau 

  
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 PARTIES 
 This Research and Development Collaboration Agreement (the “Contract”) is entered into with effect as of January 1, 2010 (the “Effective Date”) by and between:

 L’Association Française contre les Myopathies, 
 An association governed by the law of July 1, 1901, reconnue d’utilité publique, 
 With principal office at 47-83 boulevard de l’Hôpital, 75651 Paris Cedex 13, France, 

Duly represented herein by Mr Christian COTTET, as Chief Executive Officer, 
 Hereinafter referred to as “AFM”, 
 AND 

Prosensa Holding BV, 
 A Dutch company
incorporated under the laws of the Netherlands and with registered number 28076693, whose offices are located at J.H. Oortweg 21, 2333 CH Leiden, The Netherlands, 
 Duly represented herein by Mr. Hans Schikan, as Chief Executive Officer, and Mr. Luc Dochez, as Chief Business Officer. 
 Hereinafter referred to as “Prosensa”, 
 AFM and Prosensa are hereinafter
referred to individually as a “Party” or collectively as the “Parties”. 

  
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 CONTENTS 

 

			
	ARTICLE 1:	 	Definitions
	ARTICLE 2:	 	Object of the Contract
	ARTICLE 3:	 	Obligations of the Parties
	ARTICLE 4:	 	Role of the Scientific Leader
	ARTICLE 5:	 	Programme
	ARTICLE 6:	 	Steering Committee
	ARTICLE 7:	 	Obligation to provide information
	ARTICLE 8:	 	Annual Activities Reports and Final Activities Report
	ARTICLE 9:	 	Evaluation of the Programme by the COSET
	ARTICLE 10:	 	Approval of the Annual Activities Reports by AFM’s CA after opinion from the COSET
	ARTICLE 11:	 	Financial arrangements for the Programme
	ARTICLE 12:	 	Confidentiality
	ARTICLE 13:	 	Publications
	ARTICLE 14:	 	Communications
	ARTICLE 15:	 	Intellectual Property
	ARTICLE 16:	 	Duration
	ARTICLE 17:	 	Termination
	ARTICLE 18:	 	End of the Contract
	ARTICLE 19:	 	Liabilities
	ARTICLE 20:	 	Capacity and Conflicts of Interests
	ARTICLE 21:	 	Intervention
	ARTICLE 22:	 	Notifications
	ARTICLE 23:	 	Miscellaneous provisions
	ARTICLE 24:	 	Applicable law and settlement of disputes
	ARTICLE 25:	 	List of Appendices

  
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 PREAMBLE 

 

	1.	AFM is an association recognized as an association of public interest. One of the objectives of AFM is to promote medical research, both general and applied to
rare diseases, notably neuromuscular, towards the development of treatments for these diseases and prevention of the disabilities to which they give rise. In this perspective, AFM funds research projects which contribute to the pursuit of its goals.

  

	2.	Prosensa is a for-profit company which has expertise in anti-sense technology and RNA modulating therapeutics which enables exon skipping and has exclusive
access to certain patents, patent applications and know-how in relation thereto. 

  

	3.	Prosensa is accelerating pre-clinical and clinical development of three compounds targeting respectively Exon 44, Exon 45 and Exon 53, with the objective to
initiate and conclude phase I/II studies for those compounds. 

 In this context, a programme entitled
“Accelerated development of three clinical candidates into Phase I/II Studies for the treatment of selected patient populations in Duchenne Muscular Dystrophy” was presented to AFM in November 2009 by Prosensa and a non-binding term
sheet has been discussed by the Parties. 
  

	4.	GSK has an exclusive option to exclusively license two out of the three products under the Programme (as defined below) pursuant to the October 6, 2009
Research, Development, Collaboration and License Agreement between GSK and Prosensa (the “GSK/Prosensa Agreement”), and will have rights to the products if and when it executes these option rights when these products reach a clinical proof
of concept as defined in the GSK/Prosensa Agreement. 

  

	5.	Following receipt of a favourable opinion from AFM’s Strategic and Therapeutic Development Committee (hereafter “COSET”) during the meeting
of June 18, 2010 and AFM’s Board of Directors on December 17, 2009, July 15, 2010 and October 21, 2010, AFM, considering this programme to be of strategic interest for the pursuit of its goals, wishes to fund in part
its performance according to the terms of this contract. 

  

	6.	AFM and Prosensa each acknowledge their respective, individual and mutual interest in the development of the programme described above towards implementation of
therapeutic prospects for rare and/or neuromuscular diseases, in order to allow access for patients of all countries to the treatments which emerge from the results of the programme. 

  
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 AGREEMENT 
 Now, therefore, in consideration of the premises and the agreements made herein, the Parties have agreed as follows: 
 ARTICLE 1: DEFINITIONS 
 The Parties hereby agree that the
following terms shall have the meaning expressly attributed to them below. “LUMC” and “LUMC License” are defined in Section 15.4. Words in the singular may have a plural meaning and vice versa: 

1.1 Abandonment/ to Abandon 

“Abandonment/ to Abandon” with respect to the Programme, means (i) after a failure by Prosensa to pay or engage expenses related to the
continuation, the maintenance or the implementation of the Programme or the Exploitation of the Results during a period of six consecutive months prior to the exercise by GSK’s of its exclusive option to exclusively license rights to the
Programme, (ii) the failure of Prosensa to provide AFM with a written confirmation that it intends to pursue the Programme, within three months of a request for such a confirmation made by AFM by notice to Prosensa. For the avoidance of doubt,
once GSK has exercised its exclusive option to exclusively license the Programme under the terms of the GSK/Prosensa Agreement, the Programme may not, thereafter, be deemed to be Abandoned for any reason under the terms of this Agreement.

 1.2 Affiliate 

“Affiliate” with respect to a specified person, means any corporation, partnership, or other business or legal entity that, directly or
indirectly, controls, is controlled by, or is under common control with such person. The term “control” means, for purposes of this definition, any of the following (i) the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of an entity, (ii) ownership, either of record or beneficially, of fifty percent (50%) or more of the capital stock or fifty percent (50%) or more of equity or voting interest of the
entity, or (iii) status as a general partner in any partnership or any other arrangement whereby an entity has the right to control the board of directors or equivalent governing body of a corporation or other entity. For the avoidance of
doubt, even though a Party may elect to perform certain of its obligations or activities, or exercise certain of its rights, indirectly through an Affiliate as expressly permitted by this Contract pursuant to its terms and conditions, such Affiliate
is not a party to this Contract. 
 1.3 Amendment 
 “Amendment” means any written amendment to this Contract signed by the Parties. 
 1.4
Annual Activities Reports 
 “Annual Activities Report” means the annual report prepared by the Scientific Leader every year
pursuant to Article 8.1. 
 1.5 Appendices 
 “Appendices” means the appendices listed in Article 25. 
 1.6 CA 

“CA” or “Board of Directors” means the board of directors of AFM or any of its emanations (e.g. the Office of the Board of Directors).

  
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 1.7 Chairman 
 “Chairman” means the chairman of the Steering Committee having the mission and appointed as described in Article 6.2 herein. 
 1.8 Change of Control 
 “Change of Control” of Prosensa means that any of the
following has occurred: 
  

	 	•	 	 any person or entity, alone or with its Affiliates, becomes the beneficial owner, directly or indirectly, of fifty percent (50%) or more of the
outstanding voting securities Prosensa; or, 

  

	 	•	 	 the sale or disposition of all or substantially all of the assets of Prosensa to a third-party. 

For the avoidance of doubt, a public offering on the part of Prosensa (IPO) will not be considered as a Change of Control. 

1.9 Confidential Information 

“Confidential Information” means all information, data and knowledge of whatever nature exchanged between the Parties, including any such
information of GSK that Prosensa may provide to AFM with GSK’s prior written consent, in any form whatsoever, written, electronic, graphic, oral or by other means, irrespective of form (including samples provided, biological and chemical
material provided), whether or not protected by Intellectual Property rights, including but not limited to, know-how, a copy of a patent application, the content of the Programme, the reports, the persons who are involved, the Results that are
obtained and scientific, strategic, technical or business information, which may be or have been disclosed either before or after the execution of this Contract. 
 Confidential Information further includes without limitation: 
  

	 	•	 	 the contents and existence hereof; 

  

	 	•	 	 developments made by the Parties on the basis of initial information received; 

 

	 	•	 	 Annual Activities Reports; 

  

	 	•	 	 the Final Activities Report; 

  

	 	•	 	 Financial Audit reports; and 

  

	 	•	 	 reports on the Programme prepared by the COSET. 

 1.10 Contract 
 “Contract” means all the provisions and Appendices of this
contract, as well as any Amendments thereto, governing the collaboration between the Parties for the purposes of performance of the Programme. 

1.11 COSET 
 “COSET” means the
Strategic and Therapeutic Development Committee organised by AFM pursuant to Article 9. 
 1.12 Effective Date 

“Effective Date” shall have the meaning set forth in the introductory paragraph of this Contract. 

  
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 1.13 Exploitation/ to Exploit 
 “Exploitation/ to Exploit” means the direct or indirect use, without limitation, for research purposes (including clinical research) development and for further commercialization, including
manufacturing, marketing, selling and distributing of the Results by Prosensa and/or its Affiliates and/or a third party duly authorized by them, with the goal of conceiving, creating and/or marketing a Product or a process, or to create and provide
a service, such Exploitation realized by Prosensa and/or its Affiliates and/or third parties duly authorized by them. 
 1.14 Final
Activities Report 
 “Final Activities Report” means the report prepared by the Scientific Leader within three (3) months
after the termination of the Contract pursuant to Section 8.2. 
 1.15 Financial Audit 

“Financial Audit” is a financial audit of the Programme performed by AFM, at its election and cost, and conducted by AFM’s representatives
who shall have executed an appropriate confidentiality agreement. The Financial Audit shall be carried out as provided in Section 11.4. 

1.16 Financial Contribution of AFM or AFM’s Financial Contribution 
 “Financial Contribution” or “AFM’s Financial Contribution” means the funding which AFM provides, for the exclusive purposes of the performance of the Programme under the
conditions set forth herein, to be used in accordance with the budget set out in Appendix 4 of the Contract. 
 1.17 General Public

 “General Public” means the public, without limitation, including actual and potential AFM donors. 

1.18 Intellectual Property 

“Intellectual Property” means any and all intellectual property including without limitation any inventions, patents, licenses, copyrightable
works, ideas, discoveries, designs, trade secrets and databases whether registered or not. 
 1.19 Net Revenues 

“Net Revenues” means the sum of: 
  

	(1)	the gross sales of the Products invoiced by Prosensa and its Affiliates to non-Affiliates, net of, where applicable, any of the following deductions, to the extent
specifically related to the Products and actually allowed, incurred, paid, accrued or specifically allocated or taken prior to or during such period: (i) amounts repaid or credited by reason of returns, rejections, defects or because of
retroactive price reductions; (ii) license royalties and/or milestone payments paid by Prosensa and its Affiliates in connection with the development, manufacture, use or sale of Products; (iii) quantity, trade and/or cash discounts,
charge-backs, returns, allowances, rebates other than pursuant to government regulations and price adjustments; and (iv) rebates or similar price concessions paid pursuant to government regulations or social security reimbursement programs; and

  

	(2)	licensing revenues attributable to licenses or sublicenses for the Products received by Prosensa and its Affiliates from non-Affiliates under license or sublicense
agreements, including royalties but excluding (i) clinical, filing, regulatory, reimbursement or other pre-commercial milestones received relating to the Products, and (ii) other fixed payments and financial support for research and
development programs or similar payments relating to the Products. 

  
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 1.20 Party and Parties 
 “Party” and “Parties” are defined in the recitals. 
 1.21 Programme

 “Programme” means the “Accelerated development of three clinical candidates into Phase I/II studies for the treatment of
selected patient populations in Duchenne Muscular Dystrophy”, as described in more detail in Appendix 2. The objective of this Programme is to broaden and accelerate the clinical development for RNA-based therapies to treat
Duchenne Muscular Dystrophy (DMD) including exon 44, exon 45, exon 53, in order to be able to treat more patients and to treat them earlier. Based on the initial clinical experience with Prosensa’s lead product PRO051 and the currently
available pre-clinical data for the follow-on compounds, Prosensa would like to accelerate the clinical development of three additional compounds targeting other exons. The objective is to initiate and conclude Phase I/II safety studies for all
three compounds in the next four years, it being understood and agreed that the initiation and conclusion of such studies is subject to numerous uncertainties and cannot be guaranteed. The Programme started on January 1, 2010. It will be
considered to be pursued for so long as any of the exon 44, exon 45 or exon 53 research projects is being pursued by Prosensa prior to GSK’s exercise of its exclusive option to exclusively license the programme. 

1.22 Products 
 “Products”
means the pharmaceutical products that are the products currently developed by Prosensa at the Starting Date known as PRO044 (intended to skip exon 44), PRO045 (intended to skip exon 45) and PRO053 (intended to skip exon 53), as well as any other
product generated as a Result of or in connection with the execution of the Programme. 
 1.23 Results 

“Results” means, without limitation, all types of data, reports, processes, products and/or information, and know-how, recorded in any form
which are already protected and/or subject or not to protection by any Intellectual Property rights, and are or have been discovered, conceived, reduced to practice or otherwise generated by Prosensa after the Starting Date and during the term of
this Agreement as a result of or in connection with the execution of the Programme. 
 1.24 Scientific Leader 

“Scientific Leader” means Dr. Giles Campion, CMO and SVP Discovery at Prosensa Therapeutics BV, appointed by Prosensa as scientific leader
of the Programme. If for any reason, Dr. Campion can no longer ensure the scientific responsibility of the Programme, Prosensa shall (i) notify AFM in writing, and (ii) inform AFM of the name of the new Scientific Leader. 

1.25 Starting Date 
 “Starting
Date” means January 1, 2010. 
 1.26 Steering Committee 
 “Steering Committee” means the committee set up by the Parties to monitor the Programme as described in Article 6 herein. 

  
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 1.27 Tasks 
 “Tasks” means an identified set of tasks composing the Programme, allocated among the research team. The allocation of the tasks is set out in Appendix 3 herein. 

1.28 The Interest of the Parties 
 The
“Interest of the Parties” means the Exploitation of the Results in order to provide improved therapeutic prospects for patients with rare and/or neuromuscular diseases, whatever their country of origin, providing commercial access to new
treatments as quickly and widely as reasonably possible. 
 ARTICLE 2: OBJECT OF
THE CONTRACT 
 The object of this Contract is to define the legal and financial terms and conditions which
shall govern the collaboration of the Parties for the performance of the Programme. 
 Prosensa shall cause its Affiliates who participate in
the Programme and who hold the Intellectual Property used in connection with the Programme to perform on a timely bases all of their obligations under the Programme. 
 ARTICLE 3: OBLIGATIONS OF THE PARTIES 
 Prosensa undertakes to dedicate to successful performance of the Programme commercially reasonable personnel and materials, in accordance with the terms and conditions defined in this Contract.

 Prosensa will, absent good cause, respect the division of Tasks and the provisional schedule for the Programme set out in Appendix 3
herein. 
 AFM undertakes to participate in the financing of the Programme as provided in Article 11. 

ARTICLE 4: ROLE OF THE SCIENTIFIC LEADER 

The Scientific Leader will oversee the proper performance of the Programme. The Scientific Leader organises, defines and monitors the arrangements,
notably technological and organisational, for performance of the Programme, in compliance with the legal and regulatory provisions in force as well as the provisions contained in this Contract. The Scientific Leader undertakes to ensure proper
performance of every step in the Programme. 
 ARTICLE 5: PROGRAMME 

5.1 Prosensa will conduct the Programme, as defined in Appendix 2, during the term of the Contract, commencing on the Starting Date and
ending on the completion of the Programme which is expected to occur (if adequate financing is available, if the studies can be advanced as planned, and if the targeted results are achieved) within four years following the Starting Date. 

5.2 It is understood and agreed that the Programme may be revised from time to time, in the Interest of the Parties in particular in order to take
into account the Results of the Programme, changes in scientific or technical knowledge and techniques, improvements in methods and procedures used for programmes of this type and modifications in the treatment paradigms for the target patient
populations. 

  
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 ARTICLE 6: STEERING COMMITTEE 

6.1 Establishment of a Steering Committee 

A Steering Committee shall be set up upon the signing of this Contract by the Parties in order to monitor the Programme. The Steering Committee shall
issue advisory opinions and recommendations related to the Programme. 
 6.2 Chairmanship of the Steering Committee 

The Scientific Leader shall be the Chairman of the Steering Committee. 
 The role of the Chairman involves: 
  

	 	•	 	 Organising meetings of the Steering Committee, notifying the agenda to its members by e-mail fifteen (15) calendar days before any meeting;

  

	 	•	 	 Drawing up a report containing the decisions taken at the end of each meeting; 

 

	 	•	 	 Forwarding the abovementioned report for approval, by e-mail, to the members of the Steering Committee, who will then have fifteen (15) calendar
days to comment on this report. Such comments will be incorporated to the report. If necessary, a revised version of the report may be circulated for approval. In the absence of any response from the members of the Steering Committee within this
deadline, the report shall be considered approved. The approved report shall then be sent to the Parties. 

 The agenda of the
Steering Committee meeting is to be drawn up by the Chairman; it shall contain all points which the members of the Parties have communicated to him. 
 6.3 Composition of the Steering Committee 
 The Steering Committee is composed of six
(6) full members. Each Party shall elect and appoint and may remove at any time, with our without cause, three (3) members. Members designated by a Party represent the said Party. The initial members are: 

For Prosensa: 
  

	 	•	 	 Dr. Judith van Deutekom; 

  

	 	•	 	 Mrs. Anne Bechet; 

  

	 	•	 	 Dr. Giles Campion. 

 For AFM: 
  

	 	•	 	 A representative of the Scientific Management of AFM: Mr. Serge Braun, Scientific Director; 

 

	 	•	 	 Two others persons employed by AFM including Ms. Christine Rougeau, Project Manager. 

Each member of the Steering Committee may be replaced, in the event of removal or unavailability, by a replacement appointed by the Party in question,
which replacement must be reasonably believed by the appointing party to be equally professional and competent. 
 Furthermore, each Party shall
be entitled to invite up to a maximum of two (2) individuals to attend a Steering Committee meeting for reasons of the expertise and competence of the subject matter to be tabled at said meeting, provided said individual(s) has (have) been
bound by a confidentiality agreement implemented prior to the meeting. In respect of an intervention by these additional persons, each Party undertakes to notify the names and capacities of 

  
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the persons who shall be attending to the other Parties, by e-mail, seven (7) days before the date of the Steering Committee meeting. These individual(s) shall give their opinion, in a
consultative capacity, on issues raised by the Steering Committee. 
 Where for any reason whatsoever one of the members of the Steering
Committee is removed or no longer able to carry out his or her responsibilities, the Party which has designated the removed or unavailable member may, on condition of informing the other Parties in advance, replace the member with another person,
who must be reasonably believed by the appointing party to be equally professional and competent. Such a change shall be notified by ordinary letter and by e-mail to the other Parties. 
 6.4 Role of the Steering Committee 
 The Steering Committee’s role is to make
non-binding recommendations to Prosensa in connection with the conduct of the Programme. 
 The Steering Committee shall: 

 

	 	•	 	 Monitor the progress of the Programme prior to GSK’s exercise of its exclusive option to exclusively license the Programme, and make
appropriate recommendations for its implementation; 

  

	 	•	 	 Consider the possibilities for reorientation of the research, or its extension or termination; 

 

	 	•	 	 Adopt the Activities Reports described in Article 8 herein; 

 

	 	•	 	 Consider, where appropriate, modifying the timetable for the Programme listed in Appendix 2 herein; 

 

	 	•	 	 Propose amicably solutions to solve any difficulty arising during the implementation of the Programme; 

 

	 	•	 	 Review proposed publications, at the request of a Party; and 

 

	 	•	 	 Provide any advice to the Parties on the protection of Results. 

 6.5 Decisions of the Steering Committee 
 Each member of the Steering Committee shall have
one vote. A member may have itself represented by another member by providing him with a written proxy. Each member may hold only one proxy. At the end of the Steering Committee, a report shall be drawn up and approved by its members in accordance
with Section 6.2 herein. 
 The Steering Committee shall adopt its decisions by unanimity of all members present or represented. The
decisions of the Steering Committee may not extend or reduce the rights or obligations of any of the Parties to the Contract. Any change to the Contract requires joint agreement of the Parties and shall be recorded in the form of an Amendment.

 6.6 Frequency of Steering Committee meetings 
 The Steering Committee shall meet at least once a year in a place, date and form defined by its members (telephone, meeting or videoconference). Furthermore, it may be convened at the request of one of
the Parties when deemed necessary (e.g. to review a draft publication). 

  
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 ARTICLE 7: OBLIGATION TO PROVIDE
INFORMATION 
 Throughout the entire duration of the Contract prior to GSK’s option exercise with respect to the
Programme, the Parties shall keep each other regularly informed by all means of communication (letter, telephone, electronic messages, fax, videoconferencing, etc.) of the progress of the Programme and any problems encountered (e.g. delays in
relation to the provisional schedule defined in Appendix 3 herein, etc.), provided, however, that Prosensa will have no obligation to disclose information that is subject to an obligation of confidentiality to a third-party, the sole
obligation of Prosensa being to diligently seek consent for such disclosure. 
 After GSK has exercised its option with respect to the
Programme, Prosensa retains in particular, the obligation to keep the AFM informed on its Net Revenues as provides in this contract. 

ARTICLE 8: ANNUAL ACTIVITIES REPORTS AND FINAL
ACTIVITIES REPORT 
 8.1 Provision of Annual Activities Reports 

Throughout the entire duration of the Programme prior to GSK’s exercise of its exclusive option to exclusively license the Programme, the Scientific
Leader shall prepare and draw up Annual Activities Reports. The Annual Activities Report shall be sent to the Steering Committee for adoption. Such Annual Activities Reports shall contain a description of the planned Programme, a scientific section
describing what has been accomplished, the deadlines which have not been respected, problems encountered as well as the manner wherein such problems were solved or addressed as the case may be, an outline of the Results obtained and the perspectives
of their Exploitation in accordance with the Interests of the Parties for the following year; and a financial section describing in reasonable detail the use of the Financial Contribution. The Annual Activities Reports shall respect the form and
contain the items shown on the Activities Report template given in Appendix 5 herein. Prosensa shall forward to AFM the Annual Activities Reports every year, one (1) month at the latest after the end of the year. 

The Parties acknowledge and accept that this Annual Activities Report will be submitted to the AFM’s CA for approval, following its prior review and
evaluation by the AFM’s COSET. 
 8.2 Submission of the Final Activities Report 

Within a maximum deadline of three (3) months of the termination of the Contract or of the Programme for any reason or GSK’s exercise of its
option to exclusively license the Programme, the Scientific Leader shall draw up a Final Activities Report. This Final Activities Report shall be sent to the Steering Committee for adoption. The Final Activities Report must respect the format and
contain the items shown on the Activities Report template given in Appendix 5 herein. Furthermore, this Final Activities Report must contain the following additional information: 

 

	 	•	 	 Regarding the scientific section of the Final Activities Report, the Scientific Leader undertakes to draw up an outline of the Results obtained during
the Programme; 

  

	 	•	 	 Regarding the financial section of the Final Activities Report, Prosensa, helped by the Scientific Leader, undertakes to draw up a financial report for
the Programme since its inception, accompanied by any supporting documentation for actual expenses incurred, identifying any portion of the Financial Contribution not used or committed to be used in connection with the Programme.

 Prosensa shall forward to AFM the Final Activities Report adopted by the Steering Committee. 

  
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 ARTICLE 9: EVALUATION OF THE
PROGRAMME BY THE COSET 
 AFM shall organise a COSET composed of at least four
(4) independent scientists who will be bound by an obligation of confidentiality and who shall not have any conflict of interests. AFM shall notify to the Scientific Leader, prior to the first meeting of the COSET, a list of the members of
which it is composed. This COSET may hear any persons deemed useful participating in the Steering Committee, in accordance with the agenda. 

The purpose of the COSET shall, notably, be to review and evaluate the scientific results and progress of the Programme, based in particular on the
Annual Activities Report and, to the extent desired, on the explanations of the Scientific Leader. The COSET shall issue a consultative opinion to AFM in order to guide AFM’s CA in its decision regarding the annual grant of the Financial
Contribution. The consultative opinion shall be considered Confidential Information of the Parties. 
 AFM shall provide to Prosensa a summary
report on the opinion issued by the COSET within one (1) month following the COSET meeting. 
 The COSET shall meet on one
(1) occasion per year at least by telephone after the date of receipt by AFM in correct and due form of the Annual Activities Report. The first Annual Activities Report for 2010 and 2011 shall be reviewed by the COSET at a meeting to be held no
later than March 31 2012 (provides the Annual Activities Report for 2010 and 2011 is received at the latest at the end of January 2012). Each year, beginning in 2012, a COSET meeting will take place around the same date (end of March) to allow
the COSET a reasonable time to review the Annual Activities Report for the prior year and to allow AFM’s CA to meet for the purpose of approving the Annual Report and the Financial Contribution for the then-current year. AFM will decide on the
first Annual Activities Report and the Financial Contribution no later than May 31, 2012. Thereafter AFM will do its best to decide on the following Annual Activities Report and the Financial Contribution for the then-current year no later than
May 31 of each year. 
 ARTICLE 10: APPROVAL OF THE ANNUAL
ACTIVITIES REPORTS BY AFM’S CA AFTER OPINION FROM THE COSET 
 The Annual Activities Report sent by Prosensa shall be submitted to the AFM’s CA approval following its prior evaluation by the AFM’s COSET. 

The Parties agree that, each year, the approval of the Annual Activities Reports for the prior year by AFM’s CA, following the prior opinion from
the COSET, shall be a condition precedent to the approval by AFM of AFM’s Financial Contribution for the performance of the Programme during the subsequent year. 
 Consequently, the Parties agree that AFM reserves the right not to approve the Annual Activities Reports in the following cases: 

 

	 	i.	where items of information in the Annual Activities Report contain significant contradictions, discrepancies or diversions from the obligations undertaken by Prosensa
to AFM under the Programme and the Contract, unless clearly explained and justified by Prosensa to the satisfaction of AFM; or 

  

	 	ii.	where the content of the Annual Activities Report does not meet the requirements of Section 8.1 and of Appendix 5 herein. 

In any case, the annual grant of the Financial Contribution shall be decided by AFM to the best of its ability, no later than May 31 of each year.

 The Parties acknowledge that if the Annual Activities Report is not sent to AFM by Prosensa in the periods mentioned in Article 8 hereof, the
COSET and the CA will be delayed. In this case, the annual grant of the Financial Contribution shall be decided by AFM after May 31 of the year without prejudice to AFM. 

  
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 ARTICLE 11: FINANCIAL ARRANGEMENTS FOR
THE PROGRAMME 
 11.1 Funding provided by the Parties 

The budget for the Programme and the funding to be provided by the Parties for performance of the Programme is shown in Appendix 4 herein.

 11.2 AFM’s Financial Contribution 
 AFM shall support the Programme for a total amount of one million five hundred thousand euro (€1 500 000) for the first year following the Starting Date (i.e. January 1st, 2010 as described in project plan), such amount to be paid to
Prosensa by AFM, along with any applicable value added taxes, no later than one (1) month after the execution by the AFM of this Contract. 

AFM may decide, in its sole discretion, to grant additional funding for a maximum aggregate amount of eight million euro
(€ 8 000 000), net of any value added taxes, and for at least a four (4) years period of the Programme, if any, subject to the AFM’s approval of each Annual Report Activities of the Programme following its prior
evaluation by the AFM’s COSET, as well as (if requested by AFM as provided herein) a financial audit in accordance with the Section 11.4 of the Contract. 
 11.3 Modalities of payments 
 Payments from AFM to Prosensa shall be made by bank wire
transfer of immediately available funds to the following account: 
  

							
	Bank	 	:	 	ABN-AMRO	  	
	Bank address	 	:	 	Gustav Mahlerlaan 10, 1082 PP Amsterdam, 2300 AB The Netherlands	  	
	Account holder’s name	 	:	 	Prosensa Therapeutics B.V.	  	
	Account number	 	:	 	43.53.69.504	  	
	IBAN	 	:	 	NL02ABNA0435369504	  	
	SWIFT	 	:	 	ABNANL2A	  	

 11.4 Financial Audit related to AFM’s Financial Contribution 

Prosensa hereby agrees that AFM or, at its election, AFM’s representatives who shall have executed an appropriate confidentiality agreement, shall be
entitled to carry out, at the expense of AFM, a Financial Audit of Prosensa in order to examine, inspect, audit, review, copy, or make extracts of books, computers, databases, files and any other source of information on the use of the Financial
Contribution of AFM and the Net Revenues reached by Prosensa either on the gross sales of the Products or on its licensing revenues. 
 If
deemed necessary by AFM, the Financial Audit will take place in the office of Prosensa and its Affiliates, during office hours, no more than once per year and no later than two (2) years after each payment of AFM’s Financial Contribution
to Prosensa. Prosensa shall be notified by registered letter with acknowledgement of receipt, at least one (1) month before the projected date of the Financial Audit, of the identity of the auditors and of the date of the Financial Audit. The
auditors shall be bound by professional secrecy. 
 This Financial Audit shall be organised so as not to interfere with the realization of the
Programme. Prosensa and the Scientific Leader shall cooperate with the auditors and help them perform their mission. Prosensa shall make available the documents and records that are necessary and useful in order to justify the use of the Financial
Contributions of AFM. 
 The auditors shall draft a Financial Audit report within one (1) month after the end of their on-site inspection
at Prosensa. Such report shall be sent by AFM to Prosensa within one (1) week. Prosensa shall have the right, within one (1) month after receipt of the Financial Audit report, to justify the use of the Financial Contribution of AFM.
Failure by Prosensa to notify AFM of any such justification within the above-stated period shall be deemed an acceptance by Prosensa of the report. 

  
 14/24

 If the Financial Audit identifies a major breach by Prosensa of its obligations under the Programme and
Contract in the use of the Financial Contribution by Prosensa, Prosensa shall bear the reasonable and properly documented expenses of the Financial Audit. These payments shall be made within a period of time set by mutual agreement between the
Parties which shall not exceed one (1) month. Section 17.1 shall apply to any termination by AFM of this Contract on the basis of a major breach identified in the course of a Financial Audit. 

ARTICLE 12: CONFIDENTIALITY 
 12.1 In view of the confidential nature of all the Confidential Information related to the Programme, and in order to ensure its protection from inappropriate use or unauthorised disclosure to
third parties, each Party undertakes: 
  

	 	•	 	 To retain secrecy regarding any Confidential Information they may receive from other Party, including such Confidential Information of GSK;

  

	 	•	 	 Not to disclose Confidential Information to another Company, institution or any other third party, regardless of its financial or legal connections
with a Party, without prior written agreement from the Parties and from the Scientific Leader unless such Company, institution or other third party is bound by the same confidentiality provisions as the other Party; 

 

	 	•	 	 To quickly inform the other Parties in the event that proof or suspicion of unauthorised use or disclosure of Confidential Information should come to
its attention; 

  

	 	•	 	 Not to use Confidential Information for purposes other than those in the Programme or, for publications, to produce these with strict respect of
Article 13 of the Contract; 

  

	 	•	 	 Not to harm performance of the Programme in any way. 

 12.2 Each Party undertakes to obtain from its employees, persons working under its authority and third parties appointed by it, who may have reason to gain knowledge of Confidential Information,
full and entire adhesion to these confidentiality clauses. 
 12.3 It is specified that as defined by this Contract, the following
information is not subject to an obligation of confidentiality: 
  

	 	•	 	 Information whose disclosure has been decided by joint agreement between the Parties; 

 

	 	•	 	 Information whose non-confidential nature has been expressly stated by the Party which has communicated such information; 

 

	 	•	 	 Information which was already known to the other Party at the time of its disclosure and knowledge of which can be proved by the latter;

  

	 	•	 	 Information already in the public domain at the time of its communication, or which has entered therein, without such disclosure being attributable to
any of the Parties or their staff; 

  

	 	•	 	 Information which is acquired previously or subsequently by any of the Parties by operation of law from a third party not connected to the
communicating Party by obligations of confidentiality similar to those herein; 

  

	 	•	 	 Information which has been developed independently by any of the Parties, without representing a breach of this Contract; 

  
 15/24

	 	•	 	 Information whose disclosure is required by law, by court ruling, by arbitral sentence or by the rules or regulations of any stock exchange. Any Party
subjected to such an obligation of disclosure must, where possible, notify the other Parties thereof in advance, and, where applicable, request implementation of all protective measures for the Confidential Information. 

In the situations set out above, the Party receiving the information shall prove that the said information is not subject to an obligation of
confidentiality. This proof must be provided in writing. 
 Finally, should a part of the Confidential Information fall within one of the
exceptions stated above, the remaining Confidential Information shall continue to benefit from the protection given under this Contract. 

12.4 Confidential Information transmitted orally must be presented as being of confidential nature. Confidential Information communicated via
another medium must be indicated to be confidential in a manner appropriate to its medium. 
 12.5 Upon expiration or termination of this
Contract, each Party undertakes to return transmitted Confidential Information to the Party which owns it, or, at the request of the latter, to destroy, within a deadline of two (2) weeks from the said date of expiration or termination, all
Confidential Information and materials, as well as all copies, extracts and reproductions thereof, which may remain in its possession at this date. In the event of a request for destruction of the abovementioned items, the Party responsible for
destroying the said items must send the other Party, as soon as possible, a certificate of destruction. 
 12.6 The confidentiality
obligations shall remain in force notwithstanding the end of this Contract, and for a period of ten (10) years from the expiration or termination of this document. 
 12.7 Notwithstanding any provisions of this Contract, the confidentiality obligations provided for in this Contract shall not prevent AFM from using and disclosing the information necessary in its
ordinary course of activities nor shall it prevent Prosensa from using and disclosing (i) the Results in the ordinary course of business in connection with Exploitation, financings or a public offering of securities of Prosensa, and
(ii) information with respect to the existence and provisions of this Contract, but only (a) on a need-to-know basis and under confidentiality provisions equivalent to those included in this Contract, to any third party to which Prosensa
grants or has granted a right of access to such information in connection with a research, development, licensing or financing agreement (including without limitation to LUMC and Glaxo Group Ltd.), and (b) as may be required in connection with
a public offering of securities of Prosensa. 
 ARTICLE 13: PUBLICATIONS 

13.1 Prosensa may freely publish the Results of the Programme. 
 13.2 Prosensa and the Scientific Leader undertake to include a statement of thanks to AFM in all relevant publications. 
 13.3 These obligations relating to publications shall remain in force throughout the entire duration of the Contract and beyond, for a period of twenty-four (24) months after the end of the
Programme. 
 ARTICLE 14: COMMUNICATIONS 
 Each Party undertakes not to use, in writing or orally, the name of another Party or its Affiliates, or of one of its agents, for any reason whatsoever, notably for promotional purposes (videos, posters,
advertising brochures, press packs, etc.) in any medium whatsoever, without having obtained prior written agreement from the Party concerned. 

Notwithstanding the provisions of the aforementioned paragraph and of Section 15.1 below, Prosensa acknowledges that AFM, in view of accomplishment
of its recognised role of working in the public interest, that is, by curing 

  
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neuromuscular diseases and reducing the disabilities to which they give rise, has an obligation to provide the General Public with information on the research programmes and work to which its
provides a Financial Contribution, in order to facilitate, directly or indirectly, an understanding of these diseases, the development of treatments, and the prevention of disabilities, and therefore AFM shall be entitled to refer to Prosensa in the
framework of communications relating to the Programme and to communicate general, non-confidential information about the Programme orally and/or in writing to the General Public during its campaign for collection of donations, notably during the
Téléthon and at the General Assembly of AFM, provided that in any event, AFM shall not disclose details which may be detrimental to Intellectual Property rights nor to the continued development of any of the research programmes.

 These obligations relating to communications and the use of the name shall remain in force throughout the entire duration of the Contract and
beyond for a period of twenty-four (24) months after the end of the Programme. 
 ARTICLE 15: INTELLECTUAL
PROPERTY 
 15.1 Respect for the rights of the Parties 
 Each Party shall remain the sole owner of brands, names, abbreviations, logos, colours, graphics or other symbols which may be exchanged or used within the framework of execution of this Contract.

 Each Party undertakes to respect all Intellectual Property rights of the other Parties. Each Party also undertakes not to (i) create any
confusion among the public, and more particularly, among health professionals; (ii) damage the brand image and reputation of the other Parties, within the framework of execution of this Contract. 

15.2 Ownership of the Results 
 The
Parties hereby expressly agree that the Results of the Programme shall be the sole property of Prosensa. 
 AFM expressly acknowledges and
agrees to respect at all times the rights of Intellectual Property of Prosensa which result from the Programme. 
 Prosensa, as owner of the
Results, may freely use the Results for research purposes (including clinical research) and for further commercialization, including manufacturing, marketing, selling and distributing. 
 15.3 Exploitation of the Results by Prosensa 
  

	15.3.1	Prosensa is free to realize the Exploitation of the Results with the objective of achieving the Interests of the Parties and is fully and solely responsible for this
Exploitation, as provided herein. 

  

	15.3.2	Prosensa acknowledges and warrants to AFM the following: 

  

	A.	Should the whole or part of the Exploitation of the Results allow Prosensa to generate, in any manner, Net Revenues exceeding * * * * *, Prosensa
shall pay to AFM an amount of * * * * * of AFM’s Financial Contribution previously received, net of any value added taxes (the “Initial Payment”), as well as an additional payment of * * * * *, in accordance with the contract
signed by the Parties on 22 December 2005. 

 These two payments above shall be transferred by Prosensa to AFM
no later than March 31 of the year following the year in which Net Revenues exceeds the amount of * * * * *. The Parties acknowledge that the payment by Prosensa of the Initial Payment and the payment of * * * * *, shall be made by Prosensa to
AFM only once. For the avoidance of doubt, the Parties acknowledge that the Net Revenues for these purposes are cumulative and not annual. 

  
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 Prosensa will provide to the AFM every year after it has closed its annual accounts a
declaration from its chartered accountant in charge of auditing its accounts, indicating the amount of the Net Revenues reached. 
  

	B.	In addition, Prosensa shall pay to AFM an amount of * * * * * of the total AFM’s Financial Contribution, net of any value added taxes, under this Contract (the
“Second Payment”) no later than two years following payment of the Initial Payment. The Parties acknowledge that the payment of the Second Payment by Prosensa to AFM shall be made only once. 

 

	C.	In the event that Prosensa has repaid to AFM all or any part of the Financial Contribution and/or interest related thereto under Article 17, then the amount repaid
under Article 17 will be credited first to the amount due under Section 15.3.2 A until reduced to zero and then, if the full amount paid under Section 17.4 has not been credited, the balance will be credited to the amount due under this
Section 15.3.2 B until the credit is used in full or the amount due under Section 15.3.2 is reduced to zero. 

  

	D.	For the avoidance of doubt, this Section 15.3.2 shall continue in effect after a termination by AFM for breach by Prosensa as described in Section 17.1
(Termination for breach of Contract), a termination by AFM under Section 17.3 (Termination by AFM) and a termination by Prosensa under Section 17.4 (Termination by Prosensa). 

15.4 License in case of non-Exploitation of Results 
 15.4.1 Prosensa acknowledges and warrants to AFM that it shall notify to AFM through the Annual Activities Report the Results as well as the perspectives of their Exploitation in accordance with the
Interest of the Parties. 
 The Parties acknowledge that AFM shall be free to request Prosensa, by registered letter with acknowledgement, to
justify, by registered letter with acknowledgement, within the six (6) months following the above AFM’s notification request, that it performs the Exploitation of the Results in accordance with the Interest of the Parties. 

15.4.2 In the event of Abandonment of the Programme by Prosensa, Prosensa shall grant to AFM a * * * * * license (* * * * *), for the exploitation and
commercialization of the Results by AFM and/ or a third party (the “License”). For the avoidance of doubt, the Programme shall not be considered to be Abandoned if an assignment, collaboration, license, option or comparable
agreement providing for the Exploitation of the Results with the objective of achieving the Interests of the Parties (or any material portion thereof) has been granted by Prosensa to a reputable third-party and continues to be in effect. 

Prosensa has entered into a research and license agreement with Leiden University Medical Centre (“LUMC”) under which Prosensa has
obtained rights to use Intellectual Property necessary for the exploitation of the Results by AFM as provided herein (such license agreement is referred to herein as the “LUMC License”). For the purposes of the implementation of the
present Article, Prosensa warrants to AFM that it shall obtain a written confirmation from LUMC that it is aware of the provisions of this Section 15.4.2 and that LUMC is willing to enter into negotiations with AFM to allow AFM to succeed to
Prosensa’s rights under the LUMC License following the Abandonment of the Programme. Prosensa warrants to AFM that it shall introduce AFM, promptly upon its request, to LUMC. Prosensa shall provide AFM with any assistance that AFM may
reasonably require in this connection, but Prosensa shall not be required to make any payments to LUMC or modify the terms of the License applicable to Prosensa. 
 It is also acknowledged that in the event of (1) Abandonment of the Programme by Prosensa for strategic or business reasons not justified by a scientific or medical reason (examples of scientific or
medical reasons are the failure of the Programme to meet its anticipated endpoints, adverse events, an unfavourable toxicity or stability profile and formulation or manufacturing difficulties), and (2) a refusal of LUMC to grant AFM a non
exclusive license to the rights granted Prosensa under the LUMC License that is royalty-free and milestone-free for non-commercial use and with a royalty and milestones to be negotiated by AFM with LUMC in the event of commercial use by AFM or a sub
licensee or assignee of AFM, Prosensa will repay to AFM one hundred percent (100%) of AFM’s Financial Contribution previously received with annual interest at the French legal interest rate applicable from time to time, accruing from the
date of payment of each instalment made by AFM under the Financial Contribution until the date such repayment is made. 

  
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 ARTICLE 16: DURATION 

This Contract shall enter into force as of the Starting Date and shall continue until (i) the completion of the Programme or (ii) termination in
accordance with its provisions of Article 17. 
 ARTICLE 17: TERMINATION 

17.1 Termination for breach of Contract 

In the event of a material breach by one of the Parties to meet one of its obligations, this Contract may be terminated by notice to the breaching Party
by the non-breaching Party. Such termination shall be effective one (1) month after receipt by the breaching Party of a notice of breach describing the breach in reasonable detail, sent by hand delivery or registered mail, return receipt
requested by the non-breaching Party unless within such period the breach is cured to the reasonable satisfaction of the non-breaching Party. 

In the event the termination occurs because of Prosensa’s failure to use AFM’s financial contribution as provided herein, Prosensa will within
forty-five (45) days following the effective date of such termination pay to AFM the sum of (1) one hundred per cent (100%) of the total amount of AFM’ s financial contributions actually received and expended or committed for
expenditure plus a simple interest on such instalments of AFM’S financial contribution, from the date when received until the date repaid, at the rate of five per cent (5%) per annum. 

For the avoidance of doubt, the fact that AFM does not make a Financial Contribution in addition to the initial contribution of one million five hundred
thousand euro (€1 500 000) for the first year following the Starting Date (i.e. January 1st, 2010 as described in project plan), shall not constitute a breach by AFM of its obligations under this Contract. 

17.2 Termination by joint agreement of the Parties 
 This Contract may be terminated without any prejudice for the Parties by mutual agreement of the Parties, notably due to the absence of scientific interest in pursuing the Programme in view of the Annual
Activities Reports. 
 In the event of termination of the Contract under this Section 17.2, Prosensa shall repay to AFM any portion of
AFM’s Financial Contribution actually received that has not been expended or committed for expenditure. 
 17.3 Termination by AFM

 The Parties agree that the AFM may announce termination of this Contract, without any prejudice for Prosensa, with a one (1) month
prior notice in the following cases: 
  

	 	i.	where, in compliance with the provisions of Articles 8, 9 and 10 of this Contract, the required Annual Activities Reports are not approved by the Board of Directors of
the AFM; 

  

	 	ii.	where the amount of the funds collected by the AFM at the Telethons having taken place during the performance of the Programme is no longer sufficient to ensure
solvency and good financial management of the AFM and to enable the latter to renew its Financial Contribution to the Programme. 

In the event of termination by AFM under this Section 17.3, Prosensa shall repay to AFM any portion of AFM’s Financial Contribution actually
received that has not been expended or committed for expenditure. 

  
 19/24

 17.4 Termination by Prosensa 
 Prosensa shall be entitled to terminate the Contract, without any prejudice for AFM, with a one (1) month prior notice to AFM in case of a Change of Control of Prosensa. In such case, Prosensa will,
within forth-five (45) days following such termination, pay to AFM the sum of (1) ***** of the total amount of AFM’s Financial Contribution actually received, (2) simple interest on the instalments of AFM’s Financial
Contribution actually received, from the date when received until the date repaid, at the rate of *****. 
 17.5 Other termination procedures

 17.5.1 In all cases of termination referred to in this Contract, the Parties undertake in advance to meet and consult with respect to such
termination. 
 17.5.2 The partial or total repayment of AFM’s financial contribution (and the payment of any interest thereon), provided
for in connection with a termination under Section 17.1, Section 17.2, Section 17.3 or Section 17.4, shall not be made if, on the effective date of such termination, the conditions for the payment of the Initial Payment have been
satisfied, the intention of the Parties being that AFM shall not be entitled to both a partial or total repayment of AFM’s financial contribution under Article 17 and the payment of the Initial Payment (which constitutes a repayment of
AFM’s financial contribution). 
 ARTICLE 18: END OF THE
CONTRACT 
 18.1 Return of Sums 
 Upon expiration of the Contract Prosensa shall, within one (1) month, return to AFM any portion of AFM’s Financial Contribution not expended or committed for expenditure in connection with the
Programme, according to supporting documentation for expenses. Any amount so returned shall be deducted from and shall reduce the amount of AFM’s Financial Contribution for all purposes of this Contract, including the calculation of the Initial
Payment and the Second Payment. 
 18.2 Continuation of certain Articles 
 Upon expiration of the Contract and/or in the event of termination of the Contract for any reason whatsoever, the provisions set out in Article 12 (Confidentiality), Article 14 (Communication) and
Section 15.3.2 (Exploitation of the Results by Prosensa), Section 15.4.2 (License in case of non Exploitation of Results) and Section 17.4 (Termination by Prosensa) shall continue to apply. Section 15.3.2 shall however not apply
in case of Termination by Prosensa for a breach by AFM as described in Section 17.1 (Termination for breach of Contract) or Section 17.2 (Termination by joint agreement of the Parties). 

All other provisions shall be of no further force or effect, without limitation on the rights of the Parties to enforce any claims relating to the
performance of the Contract prior to expiration or termination. 
 ARTICLE 19: LIABILITIES 

19.1 Prosensa and the Scientific Leader shall be responsible exclusively and in full for execution of the Tasks allocated to them, for the
implementation of all operations, of any kind whatsoever - technical, organisational, human, material, legal - and for the safety regulations related to the research work allocated to them. Under no circumstances may a Party be held liable in the
event of non-execution of, or fault committed during, a Task allocated to another Party. 
 19.2 AFM shall not make available to the
Programme any premises, any equipment under its ownership, or any human resources, nor shall it make use of premises and/or equipment made available to the Programme by the other Parties. Consequently, AFM cannot be held liable for any damage caused
to the Parties and/or to third parties by any human or material resources made available to the Programme by any natural and/or legal persons other than AFM. 

  
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 ARTICLE 20: CAPACITY AND CONFLICTS
OF INTEREST 
 The Parties hereby declare that they hold all rights enabling them to conclude this Contract.

 Each of the Parties declares that it has not concluded, and shall not conclude with any third party as of the signing of this Contract and
for the duration of the rights continuing after its expiration/termination, any other agreement which may conflict with or impair the rights and/or the Interests of the Parties set out by this Contract. 

The Parties acknowledge however that Prosensa has entered into a Research and Development Collaboration and License Agreement with Glaxo Group Ltd.
pursuant to which Glaxo Group Ltd. has been granted rights with respect to the Products included in the Programme and the Results. 

ARTICLE 21: INTERVENTION 
 The affixing of the Scientific Leader’s visa shall represent acceptance of all the conditions and obligations falling to him under the terms of the Contract, notably including but not limited to
those related to the Annual and Final Activities Reports, Confidentiality, Publications, Communications and Intellectual Property respectively set out in Article 8 (Annual Activities Reports and Final Activities Report), Article 12
(Confidentiality), Article 13 (Publications), Article 14 (Communications) and Article 15 (Intellectual Property) of the Contract. 

ARTICLE 22: NOTIFICATIONS 
 22.1 All notifications, requests or other communications provided for by this Contract, with the exception of notifications for which the postal procedures are expressly provided for, shall be
delivered by hand or sent by registered mail, return receipt requested to the following persons and addresses: 
 For AFM

 Mr Christian COTTET, Chief Executive Officer 
 Association Française contre les Myopathies 
 1, rue de
l’Internationale 
 BP59 
 91002 Évry Cedex, France 
 For Prosensa 

Mr Luc Dochez 

Chief Business Officer 
 Prosensa Therapeutics 
 J.H. Oortweg 21 

2333 CH Leiden, The Netherlands 
 For the Scientific Leader 
 Dr Giles Campion 

Chief Medical Officer & SVP R&D 
 Prosensa Therapeutics 
 J.H. Oortweg 21 

2333 CH Leiden, The Netherlands 

  
 21/24

 22.2 All e-mails, expressly provided for by the Contract, shall be sent to the following persons and
addresses: 
 For AFM 
 Mr Serge BRAUN:
sbraun@afm.genethon.fr 
 Ms. Christine ROUGEAU: crougeau@afm.genethon.fr 
 For Prosensa 
 Mr Luc Dochez: l.dochez@prosensa.nl 

For the Scientific Leader 
 Dr Giles
Campion: g.campion@prosensa.nl 
 22.3 All notifications, requests or other communications provided for by this Contract must make
specific reference to this Contract. All recorded, registered letters shall be deemed received by their recipient on the date of their first presentation. Each of the Parties and persons mentioned above undertakes to inform the other Parties in good
time of any change in their contact details. 
 ARTICLE 23: MISCELLANEOUS PROVISIONS

 23.1 Assignment of the Contract 
 Without limitation on the provisions of this Contract relating to a Change in Control of Prosensa, it is expressly agreed between the Parties that this Contract is concluded intuitu personae. It
cannot therefore be assigned by a Party in whole or in part, with or without valuable consideration, without prior written consent of the other Party, which shall not be unreasonably delayed or denied. Notwithstanding the above, Prosensa and AFM
shall have the right to assign the Contract or any of its rights or obligations under the Contract to any of their Affiliates, licensees or sub licensees, provided that Prosensa or AFM shall notify respectively each other thereof and guarantee the
performance of this Contract by their Affiliates. 
 23.2 Independence of the Parties 

Each of the Parties enters into contract independently. Nothing in the contents of this Contract may be interpreted as creating between the Parties a
partnership, a joint venture, a de facto company, an agent relationship or an employer-employee relationship. 
 23.3 Entire agreement

 All the provisions of this Contract constitute the entire agreement between the Parties in respect of its object, and replace and cancel
all previous declarations, negotiations, commitments, oral or written communications, undertakings, understandings or agreements between the Parties related to the stipulations to which this Contract applies or for which it provides. 

23.4 Changes to the Contract 
 No changes
or additions may be made to this Contract except by way of Amendment duly signed by the Parties. 
 23.5 Partial invalidity 

Where any one of the clauses of this Contract should be rendered null and void or declared to have no binding force, the other provisions of the said
Contract shall remain valid in compliance with the laws and regulations in force. The Parties shall make every effort to replace the contentious clause with a clause seeking to obtain an equivalent economic effect to that of the original clause and
resembling the original intention of the Parties as closely as possible. 

  
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 23.6 Waiver 
 Should one of the Parties not act upon a failing of another Party to meet one of its obligations set out herein, this shall not be interpreted for future circumstances as a waiver of entitlement to
exercise the said rights in the future or on the occasion of a further similar violation by the Party at fault in respect to its obligations resulting from this Contract. 
 23.7 Force Majeure 
 Cases of force majeure shall suspend the
execution of this Contract. 
 The following circumstances shall be considered as cases of force majeure or acts of God, in addition to
than those customarily accepted in case law by French Law: 
  

	 	•	 	 total or partial internal or external strikes affecting the Parties; 

 

	 	•	 	 a lock-out situation; 

  

	 	•	 	 natural disasters; 

  

	 	•	 	 legal or regulatory changes preventing implementation of work related to the Programme. 

Where the case of force majeure invoked by one of the Parties continues for a period in excess of two (2) months, the Parties agree to
consult each other in order to define the conditions under which they shall carry out termination of this Contract. 
 ARTICLE
24: APPLICABLE LAW AND SETTLEMENT OF DISPUTES 

This Contract is governed by French law. 
 In
response to any dispute which may arise as a result of this Contract, notably in the event of difficulty regarding its interpretation or during its execution, the Parties shall do their best to resolve their differences amicably. In the event of
continuing disagreement beyond a period of three (3) months following notification of the existence of the dispute by the first Party to act, the matter shall be brought before the competent courts within the jurisdiction of the Paris Court of
Appeal. 

  
 23/24

 ARTICLE 25: LIST OF APPENDICES

 This Contract contains the following Appendices, which form an integral part thereof: 

 

			
	Appendix 1:	  	Record of previous funds given by AFM from 2005
	Appendix 2:	  	The Programme
	Appendix 3:	  	The Division of Tasks, Provisional Schedule of the Programme and the Budget
	Appendix 4:	  	The Activities Report Template

 Drawn up in Paris, in two (2) original copies 

 

			
		 	For AFM
		 	Name: Mr. Christian COTTET
		 	Title: General Manager
		 	Date: 24 January 2012
		 	Signature: /s/ Christian Cottet        

  

					
		 	FOR PROSENSA HOLDING	  	
		 	Name: Hans Schikan	  	Luc Dochez
		 	Title: Chief Executive Officer	  	Chief Business Officer
		 	Date: 22 December 2011	  	Date: 22 December 2011
		 	Signature: /s/ Hans Schikan        	  	Signature: /s/ Luc Dochez        

  

			
		 	VISA OF THE SCIENTIFIC LEADER
		 	Name: Dr. Giles Campion
		 	Date: 23 December 2011
		 	Signature: /s/ Giles Campion        

  
 24/24

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