Document:

EX-10.9

 Exhibit 10.9 

LEASE 
 THE COVE
AT OYSTER POINT 
 HCP OYSTER POINT III LLC, 

a Delaware limited liability company 

as Landlord, 
 and 

DENALI THERAPEUTICS INC., 
 a
Delaware corporation, 
 as Tenant. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	PREMISES, BUILDING, PROJECT, AND COMMON AREAS	  	 	4	 
	 2.
	 	LEASE TERM; OPTION TERM	  	 	6	 
	 3.
	 	BASE RENT	  	 	9	 
	 4.
	 	ADDITIONAL RENT	  	 	9	 
	 5.
	 	USE OF PREMISES	  	 	14	 
	 6.
	 	SERVICES AND UTILITIES	  	 	19	 
	 7.
	 	REPAIRS	  	 	21	 
	 8.
	 	ADDITIONS AND ALTERATIONS	  	 	22	 
	 9.
	 	COVENANT AGAINST LIENS	  	 	23	 
	 10.
	 	INSURANCE	  	 	23	 
	 11.
	 	DAMAGE AND DESTRUCTION	  	 	26	 
	 12.
	 	NONWAIVER	  	 	27	 
	 13.
	 	CONDEMNATION	  	 	27	 
	 14.
	 	ASSIGNMENT AND SUBLETTING	  	 	27	 
	 15.
	 	SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES	  	 	30	 
	 16.
	 	HOLDING OVER	  	 	31	 
	 17.
	 	ESTOPPEL CERTIFICATES	  	 	31	 
	 18.
	 	SUBORDINATION	  	 	32	 
	 19.
	 	DEFAULTS; REMEDIES	  	 	32	 
	 20.
	 	COVENANT OF QUIET ENJOYMENT	  	 	34	 
	 21.
	 	LETTER OF CREDIT	  	 	34	 
	 22.
	 	COMMUNICATIONS AND COMPUTER LINE	  	 	37	 
	 23.
	 	SIGNS	  	 	37	 
	 24.
	 	COMPLIANCE WITH LAW	  	 	38	 
	 25.
	 	LATE CHARGES	  	 	38	 
	 26.
	 	LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT	  	 	38	 
	 27.
	 	ENTRY BY LANDLORD	  	 	39	 
	 28.
	 	TENANT PARKING	  	 	39	 
	 29.
	 	MISCELLANEOUS PROVISIONS	  	 	39	 

 EXHIBITS 
  

							
	 A
	 	OUTLINE OF PREMISES	 			
	 B
	 	TENANT WORK LETTER	 			
	 C
	 	FORM OF NOTICE OF LEASE TERM DATES	 			
	 D
	 	FORM OF TENANT’S ESTOPPEL CERTIFICATE	 			
	 E
	 	ENVIRONMENTAL QUESTIONNAIRE	 			
	 F
	 	TENANT’S PROPERTY	 			
	 G
	 	FORM OF AMENDMENT RE: ADDITIONAL MONTHLY BASE RENT	 			
	 H
	 	FORM OF LETTER OF CREDIT	 			

  
 (i) 

 INDEX 
  

					
	 	 	Page(s)	 
	 Accountant
	 	 	14	 
	 Advocate Arbitrators
	 	 	8	 
	 Alterations
	 	 	22	 
	 Base Building
	 	 	21	 
	 Base Rent
	 	 	9	 
	 Brokers
	 	 	42	 
	 Building
	 	 	4	 
	 Building Systems
	 	 	21	 
	 Common Areas
	 	 	4	 
	 Comparable Buildings
	 	 	7	 
	 Contemplated Effective Date
	 	 	29	 
	 Contemplated Transfer Space
	 	 	29	 
	 Direct Expenses
	 	 	10	 
	 Disputed Amounts
	 	 	40	 
	 Energy Disclosure Information
	 	 	20	 
	 Energy Disclosure Requirements
	 	 	20	 
	 Estimate
	 	 	13	 
	 Estimate Statement
	 	 	13	 
	 Estimated Direct Expenses
	 	 	13	 
	 Excepted Matters
	 	 	43	 
	 Expense Year
	 	 	10	 
	 First Offer Notice
	 	 	5	 
	 First Offer Space
	 	 	5	 
	 First Offer Space Lease
	 	 	6	 
	 Force Majeure
	 	 	41	 
	 Generator
	 	 	20	 
	 Intention to Transfer Notice
	 	 	29	 
	 Landlord
	 	 	1	 
	 Landlord Parties
	 	 	23	 
	 Landlord Repair Obligations
	 	 	21	 
	 L-C
	 	 	34	 
	 L-C Amount
	 	 	34	 
	 Lease
	 	 	1	 
	 Lease Commencement Date
	 	 	6	 
	 Lease Expiration Date
	 	 	6	 
	 Lease Term
	 	 	6	 
	 Lease Year
	 	 	6	 
	 Lines
	 	 	37	 
	 Mail
	 	 	41	 
	 Net Worth
	 	 	30	 
	 Neutral Arbitrator
	 	 	8	 
	 Nine Month Period
	 	 	29	 
	 Notices
	 	 	41	 
	 Objectionable Name
	 	 	38	 
	 Operating Expenses
	 	 	10	 
	 Option Conditions
	 	 	7	 
	 Option Rent
	 	 	7	 
	 Option Term
	 	 	7	 
	 Original Tenant
	 	 	6	 
	 Outside Agreement Date
	 	 	8	 
	 Premises
	 	 	4	 
	 Project
	 	 	4	 
	 Sign Specifications
	 	 	37	 
	 Statement
	 	 	13	 

  
 (ii) 

					
	 	  	Page(s)	 
	 Subject Space
	  	 	28	 
	 Summary
	  	 	1	 
	 Tax Expenses
	  	 	12	 
	 Tenant
	  	 	1	 
	 Tenant Energy Use Disclosure
	  	 	20	 
	 Tenant Signage
	  	 	37	 
	 Tenant Work Letter
	  	 	4	 
	 Tenant’s Accountant
	  	 	14	 
	 Tenant’s Repair Obligations
	  	 	21	 
	 Tenant’s Share
	  	 	13	 
	 Transfer Notice
	  	 	28	 
	 Transfer Premium
	  	 	28	 
	 Transferee
	  	 	28	 

  
 (iii) 

 THE COVE AT OYSTER POINT 

LEASE 
 This Lease (the
“Lease”), dated as of the date set forth in Section 1 of the Summary of Basic Lease Information (the “Summary”), below, is made by and between HCP OYSTER POINT III LLC, a Delaware limited
liability company (“Landlord”), and DENALI THERAPEUTICS INC., a Delaware corporation (“Tenant”). 

SUMMARY OF BASIC LEASE INFORMATION 
  

							
	TERMS OF LEASE	  	DESCRIPTION
				
	1.	  	Date:	  		  	September 24, 2015
			
	2.	  	 Premises
 (Article
1)
	  	
				
		  	2.1	  	Building:	  	 That certain four-story building containing approximately 153,047 rentable square feet of space (“RSF”) located at:

 
 151 Oyster Point Boulevard

South San Francisco, California 94080

				
		  	2.2	  	Premises:	  	Approximately 38,109 RSF on the second (2nd) floor of the Building, as further set forth in Exhibit A to the Lease.
			
	3.	  	 Lease Term
 (Article
2)
	  	
				
		  	3.1	  	Length of Term:	  	Eight (8) years.
				
		  	3.2	  	 Lease Commencement
 Date:
	  	The date that is the later of (i) the date the Premises are “Ready for Occupancy” as defined in the Tenant Work Letter attached hereto as Exhibit B, and (ii) August 1, 2016.
				
		  	3.3	  	Lease Expiration Date:	  	The day prior to the eighth (8th) anniversary of the Lease Commencement Date.
			
	4.	  	Base Rent (Article 3):	  	

  

													
	 Lease Year
	  	Annualized
Base Rent	 	  	Monthly
Installment
of Base Rent	 	  	Monthly Base
Rent per RSF	 
	 1 (months 1 – 9)*
	  	$	1,063,241.10	 	  	$	88,603.43	 	  	$	4.65	 
	 1 (months 10 – 12)
	  	$	2,126,482.20	 	  	$	177,206.85	 	  	$	4.65	 
	 2
	  	$	2,199,651.48	 	  	$	183,304.29	 	  	$	4.81	 

  
 1 

													
	 3
	  	$	2,276,639.28	 	  	$	189,719.94	 	  	$	4.98	 
	 4
	  	$	2,356,321.66	 	  	$	196,360.14	 	  	$	5.16	 
	 5
	  	$	2,438,792.91	 	  	$	203,232.74	 	  	$	5.34	 
	 6
	  	$	2,524,150.67	 	  	$	210,345.89	 	  	$	5.52	 
	 7
	  	$	2,612,495.94	 	  	$	217,707.99	 	  	$	5.72	 
	 8
	  	$	2,703,933.30	 	  	$	225,327.77	 	  	$	5.92	 

  

	*	Note that for the first nine (9) months of the Lease Term, Tenant’s Base Rent obligation has been calculated as if the Premises contained only 50% of the rentable square feet of the Premises. Such calculation
shall not affect Tenant’s right to use the entire Premises, or Tenant’s obligations under this Lease with respect to the entire Premises, including without limitation, Tenant’s obligation to pay Tenant’s Share of Direct Expenses
with respect to the Premises which shall be as provided in Section 6 of this Summary, all in accordance with the terms and conditions of this Lease. 

Address for Payment of Rent: 

If by check, remittances should be mailed to: 

HCP Life Sciences REIT 
 If by
ACH, remit to: 
 HCP Life Sciences REIT Bank of America 

If by Wire, remit to: 
 HCP
Life Sciences REIT Bank of America 
 If by overnight mail, remit to: 

Bank of America Lockbox Services 
  

					
	5.	 	 Tenant Improvement Allowance

(Exhibit B):
	  	$145.00 per RSF of the Premises (i.e., $5,525,805.00)
			
	6.	 	 Tenant’s Share
 (Article
4):
	  	24.90%
			
	7.	 	 Permitted Use
 (Article 5):
	  	The Premises shall be used only for general office, research and development, engineering, and laboratory and vivarium uses, including, but not limited to, administrative offices and other lawful uses reasonably related to or
incidental to such specified uses, all (i) consistent with first class life sciences projects in South San Francisco, California (“First Class Life Sciences Projects”), and (ii) in compliance with, and
subject to, applicable laws and the terms of this Lease.
			
	8.	 	 Letter of Credit
 (Article 21):
	  	$450,913.20.

  
 2 

					
	9.	 	 Parking
 (Article 28):
	  	97 unreserved parking spaces, subject to the terms of Article 28 of the Lease.
			
	 10.
	 	 Address of Tenant
 (Section
29.18):
	  	 Before commencement of the Lease:
  

Denali Therapeutics Inc.
 201 Gateway Boulevard

South San Francisco, California 94080
 Attention: Chief Operating
Officer
  
 After the commencement of the Lease:

 
 Denali Therapeutics Inc.

151 Oyster Point Boulevard
 South San Francisco, California
94080
 Attention: Chief Operating Officer

			
	 11.
	 	 Address of Landlord
 (Section
29.18):
	  	See Section 29.18 of the Lease.
			
	 12.
	 	 Broker(s)
 (Section 29.18):
	  	 Kidder Mathews
  

and
  

CBRE, Inc.

  
 3 

 1. PREMISES, BUILDING, PROJECT, AND COMMON AREAS.

1.1 Premises, Building, Project and Common Areas.

1.1.1 The Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in
Section 2.2 of the Summary (the “Premises”). The outline of the Premises is set forth in Exhibit A attached hereto. The outline of the “Building” and the “Project,” as
those terms are defined in Section 1.1.2 below, are further depicted on the Site Plan attached hereto as Exhibit A. The parties hereto agree that the lease of the Premises is upon and subject to the terms,
covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed. The parties hereto hereby
acknowledge that the purpose of Exhibit A is to show the approximate location of the Premises only, and such Exhibit is not meant to constitute an agreement, representation or warranty as to the construction of the Premises, the
precise area thereof or the specific location of the “Common Areas,” as that term is defined in Section 1.1.3, below, or the elements thereof or of the accessways to the Premises or the “Project,” as
that term is defined in Section 1.1.2, below, and that the square footage of the Premises shall be as set forth in Section 2.1 of the Summary of Basic Lease Information. Except as specifically set
forth in this Lease and in the Tenant Work Letter attached hereto as Exhibit B (the “Tenant Work Letter”), Landlord shall not be obligated to provide or pay for any improvement work or services related to the
improvement of the Premises. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Premises, the Building or the Project or with respect to the suitability of
any of the foregoing for the conduct of Tenant’s business, except as specifically set forth in this Lease and the Tenant Work Letter. For purposes of Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and
Tenant hereby acknowledges, that the Building and Premises have not undergone inspection by a Certified Access Specialist (CASp). Landlord shall deliver the Premises to Tenant in good, vacant, broom clean condition, in compliance with all laws, with
the roof water-tight and shall cause the plumbing, electrical systems, fire sprinkler system, lighting, and all other building systems serving the Premises in good operating condition and repair on or before the Lease Commencement Date, or such
earlier date as Landlord and Tenant mutually agree. Landlord will be responsible for causing the exterior of the Building, the existing Building entrances, and all exterior Common Areas (including required striping and handicapped spaces in the
parking areas) to be in compliance with ADA and parking requirements, to the extent required to allow the legal occupancy of the Premises or completion of the Tenant Improvements. 

1.1.2 The Building and The Project. The Premises constitutes the space set forth in Section 2.1 of the
Summary (the “Building”). The Building is part of an office/laboratory project currently known as “The Cove at Oyster Point.” The term “Project,” as used in this Lease, shall mean (i) the Building and
the Common Areas, (ii) the land (which is improved with landscaping, parking facilities and other improvements) upon which the Building and the Common Areas are located, (iii) the other office/laboratory buildings located at The Cove at
Oyster Point, and the land upon which such adjacent office/laboratory buildings are located, and (iv) at Landlord’s discretion, any additional real property, areas, land, buildings or other improvements added thereto outside of the Project
(provided that any such additions do not increase Tenant’s obligations under this Lease). 
 1.1.3 Common Areas. Tenant
shall have the non-exclusive right to use in common with other tenants in the Project, and subject to the rules and regulations referred to in Article 5 of this Lease, those portions of the Project
which are provided, from time to time, for use in common by Landlord, Tenant and any other tenants of the Project, which shall include the shipping and receiving area in the Building (such areas, together with such other portions of the Project
designated by Landlord, in its discretion, are collectively referred to herein as the “Common Areas”). Landlord shall maintain and operate the Common Areas, including all sprinkler and other systems serving the Common Areas, in a
first class manner, and the use thereof shall be subject to such rules, regulations and restrictions as Landlord may reasonably make from time to time. Landlord reserves the right to close temporarily, make alterations or additions to, or change the
location of elements of the Project and the Common Areas, provided that in connection therewith Landlord will use commercially reasonable efforts to minimize any interference with Tenant’s use of and access to the Premises and parking areas.
Landlord hereby acknowledges that as of the date of this Lease Landlord is planning to construct and operate an amenities center in the Building for use by the tenants of the Project during the Lease Term, and in connection therewith Landlord agrees
to utilize commercially reasonable efforts to operate and maintain such amenities center (which amenities center shall include a café) throughout the 

  
 4 

 
Lease Term (provided that Tenant acknowledges that the amenities center is currently anticipated to begin operations after the Lease Commencement Date); provided, however, Tenant nevertheless
acknowledges herby that if despite such commercially reasonable efforts Landlord is unable for any reason to maintain continuous operation of the amenities center during the Lease Term, in no event shall such failure be deemed a default of the
Lease, nor shall such failure impact the validity of this Lease and Landlord shall not be subject to any liability for such failure, provided that in such event Landlord shall utilize commercially reasonable efforts to provide replacement food
services to Tenant (e.g., an on-site café in a different location or the routine scheduling of food trucks to the Project). 

1.2 Rentable Square Feet of Premises. Tenant hereby acknowledges and agrees that Landlord shall have the one-time right during the Lease Term to remeasure the rentable square footage of the Premises and/or Building in accordance with the terms of this Section 1.2. Any such remeasurement shall
be determined in accordance with the standards set forth in ANSI Z65.1-2010, as promulgated by the Building Owners and Managers Association (the “BOMA Standard”), and subject to related
guidelines applicable thereto. Landlord’s space planner/architect shall certify any such remeasurement and shall provide reasonable documentation to Tenant for Tenant’s review following such remeasurement. In the event that Landlord’s
space planner/architect determines that the rentable square footage of the Premises and/or Building are different from those set forth in this Lease, all amounts, percentages and figures appearing or referred to in this Lease based upon such amounts
(including, without limitation, the amount of the Base Rent, Tenant Improvement Allowance, Additional Tenant Improvement Allowance, and Tenant’s Share) shall be modified in accordance with such determination, provided that Landlord and Tenant
hereby acknowledge and agree that the rentable square footage of the Premises shall not increase by more than one percent (1%) from the rentable square footage set forth in Section 2.2 of the Summary. If such determination is made, it will be
confirmed in writing by Landlord to Tenant. 
 1.3 Right of First Offer.

1.3.1 Right of First Offer. Subject to the terms and conditions of this Section 1.3, Landlord hereby
grants to Tenant an on-going right of first offer during the initial Lease Term with respect to any space on the third (3rd) or fourth (4th) floors of the Building (the “First Offer Space”). Notwithstanding the foregoing, such first offer right of Tenant shall commence only following the expiration of the first (1st) Lease Year (the “ROFO Commencement Date”) (and Landlord shall have the right to enter into leases in the building prior to the ROFO Commencement Date (the “Initial
Leases”) without providing Tenant with notice or any opportunity to lease such space), and shall terminate at the end of the initial Lease Term (and shall not be effective during any Option Term). Such right of first offer shall be
subordinate to all rights granted in any Initial Leases, which rights relate to the First Offer Space and are set forth in the Initial Leases upon execution thereof, including, without limitation, any renewal, expansion, first offer, first refusal,
first negotiation and other rights, regardless of whether such rights are executed strictly in accordance with their respective terms or pursuant to a lease amendment or a new lease (the “Superior Rights”). Further, such right of
first offer shall be subject and subordinate to the terms of any renewal right contained in any lease of the First Offer Space entered into by Landlord with a third party after Tenant’s failure to exercise its right of first offer as provided
in this Section 1.3 (the “Intervening Leases”). All such tenants under Initial Leases or Intervening Leases, are collectively referred to as the “Superior Right Holders”. 

1.3.2 Procedure for Lease. 

1.3.2.1 Procedure for Offer. Subject to the terms hereof, Landlord shall notify Tenant (the “First Offer
Notice”) prior to entering into any lease with a third party for the First Offer Space, which notice shall outline the base rent, allowance amounts if any, length of term, and other economic terms on which Landlord would be willing to lease
the First Offer Space (as set forth in such proposal) to Tenant (the “Fundamental Terms”). Pursuant to such First Offer Notice, Landlord shall offer to lease to Tenant the applicable First Offer Space on the Fundamental Terms. 

1.3.2.2 Procedure for Acceptance. If Tenant wishes to exercise Tenant’s right of first offer with respect to the First
Offer Space described in the First Offer Notice, then within five (5) business days after delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant’s irrevocable exercise of its right of first offer
with respect to all of the First Offer Space described in the First Offer Notice on the Fundamental Terms provided for therein. If Tenant does not so notify Landlord within such five (5) business day period of Tenant’s exercise of its
first offer right, then Landlord shall be free to negotiate and enter into a lease for 

  
 5 

 
the First Offer Space to anyone whom it desires on any terms that Landlord desires, provided that, if Landlord has not entered into any such lease within ninety (90) days after the date of
delivery of the First Offer Notice, then, prior to entering into any lease of such First Offer Space, Landlord shall first again offer such space to Tenant in accordance with the terms of this Section 1.3, provided that,
prior to the entering into a lease of such space on terms that are more than 10% more favorable to the tenant than those set forth in the First Offer Notice (as determined on a net effective basis), Landlord shall first deliver any other First
Officer Notice to Tenant offering such space to Tenant on such reduced terms. Tenant shall respond to any such “re-offer” within five (5) days after delivery of such “re-offer” notice. 
 1.3.2.3 Construction In First Offer Space. Unless the
Fundamental Terms provided to Tenant for the First Offer Space otherwise specify, Tenant shall take the First Offer Space in its “as is” condition, and Landlord shall not be obligated to provide or pay for any improvement of the First
Offer Space. For the avoidance of doubt, if the Fundamental Terms include a tenant improvement allowance or a turn-key build out, Tenant shall receive the same allowance or
turn-key build out, as applicable. 
 1.3.2.4 Lease of First Offer Space. If Tenant
timely exercises Tenant’s right of first offer to lease First Offer Space as set forth herein, Tenant shall within fifteen (15) days after receipt of Landlord’s first draft of an amendment accurately setting forth the Fundamental
Terms and not containing any new material terms, enter an amendment to this Lease (the “First Offer Space Amendment”) for such First Offer Space pursuant to this Section 1.3. Tenant’s lease of such
First Offer Space shall be upon the express terms set forth in the First Offer Notice, but otherwise upon the same general terms and conditions set forth in this Lease and this Section 1.3. The First Offer Space Lease shall
not contain the rights set forth in Section 2.2, below, unless such rights were set forth in the First Offer Notice. The term of Tenant’s lease of the First Offer Space shall commence on the date set forth in the First
Offer Notice (provided that such commencement date shall in no event be earlier than the date of Landlord’s delivery of the applicable First Offer Space to Tenant), and shall expire on the applicable date set forth in the First Offer Notice
(the “First Offer Space Expiration Date”). 
 1.3.2.5 Limitation of Exercise of First Offer Right. The right
to lease First Offer Space as provided in this Section 1.3 may not be exercised if, as of the date of the attempted exercise of the expansion option by Tenant, Tenant is in default under this Lease, beyond any applicable
notice and cure period. The terms of this Section 1.3 shall be personal to the originally named Tenant hereunder (the “Original Tenant”) or a Permitted Transferee, and may not be exercised by any assignee,
subtenant, or other Transferee of Original Tenant’s interest in this Lease other than a Permitted Transferee. Tenant’s right of first offer shall be continuous during the initial Lease Term. Tenant’s rejection of any particular offer
shall not relieve Landlord of its obligation to again offer the First Offer Space to Tenant any time the First Offer Space subsequently becomes available (provided that Tenant’s rights under this Section 1.3 shall be
subject and subordinate to the renewal rights of any tenant under a lease entered into by Landlord after Tenant has declined or failed to respond to a First Offer Notice). 

2. LEASE TERM; OPTION TERM. 
 2.1
Lease Term. The terms and provisions of this Lease shall be effective as of the date of this Lease. The term of this Lease (the “Lease Term”) shall be as set forth in Section 3.1 of the
Summary, shall commence on the date set forth in Section 3.2 of the Summary (the “Lease Commencement Date”), and shall terminate on the date set forth in Section 3.3 of the Summary
(the “Lease Expiration Date”) unless this Lease is sooner terminated as hereinafter provided. For purposes of this Lease, the term “Lease Year” shall mean each consecutive twelve (12) month period during the
Lease Term. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form as set forth in Exhibit C, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and
return to Landlord within five (5) days of receipt thereof. Notwithstanding the foregoing, if Landlord has not delivered possession of the Premises in the condition required by Section 1.1.1, above, (1) on or
before December 1, 2016, then, as Tenant’s sole remedy for such delay, the date Tenant is otherwise obligated to commence payment of rent shall be delayed by one day for each day that the delivery date is delayed beyond such date, or
(2) April 1, 2017, then, Tenant shall also have the right to terminate this Lease by written notice thereof to Landlord, whereupon any monies previously paid by Tenant to Landlord shall be reimbursed to Tenant. The foregoing dates shall be
extended to the extent of any delays in delivery of possession caused by Tenant Delay, as provided in Section 1(j) of the Tenant Work Letter, war, terrorism, acts of God, natural disaster, civil unrest, governmental strike
or area-wide of industry-wide labor disputes, inability to obtain services, labor, or materials or reasonable substitutes therefor, or delays due to utility companies that are not the result of any action or inaction of Landlord (provided that such
delay shall not extend any such date by more than ninety (90) days). 

  
 6 

 2.2 Option Term.

2.2.1 Option Right. Landlord hereby grants to the Original Tenant, and its “Permitted Assignees”, as that term is
defined in Section 14.8, below, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”), which option shall be irrevocably exercised only by written notice
delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that the following conditions (the “Option Conditions”) are
satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period; (ii) Tenant has not previously been in default under this Lease, after the
expiration of any applicable notice and cure period, more than twice in the twelve (12) month period prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in full force and effect. Landlord may, at
Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper
exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term, as it applies to the Premises, shall be extended for a period of five
(5) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignees, and may be exercised by Original Tenant or such Permitted Assignees (and not by any assignee,
sublessee or other “Transferee,” as that term is defined in Section 14.1 of this Lease, of Tenant’s interest in this Lease). 

2.2.2 Option Rent. The annual Rent payable by Tenant during the Option Term (the “Option Rent”) shall be equal
to the “Fair Rental Value,” as that term is defined below, for the Premises as of the commencement date of the Option Term. The “Fair Rental Value,” as used in this Lease, shall be equal to the annual rent per rentable
square foot (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period
preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not
significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term,
in an arm’s length transaction, which comparable space is located in the “Comparable Buildings,” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be
known as the “Comparable Transactions”), taking into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such
comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age,
condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and (c) other reasonable monetary concessions being granted such tenants in
connection with such comparable space; provided, however, that in calculating the Fair Rental Value, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with
Tenant’s exercise of its right to extend the Lease Term, or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space. The Concessions shall be reflected in the effective rental
rate (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction (in which case such Concessions evidenced in the
effective rental rate shall not be granted to Tenant)) payable by Tenant. The term “Comparable Buildings” shall mean the Building and those other life sciences buildings which are comparable to the Building in terms of age (based
upon the date of completion of construction or major renovation of to the building), quality of construction, level of services and amenities, size and appearance, and are located in South San Francisco, California and the surrounding commercial
area. 
 2.2.3 Determination of Option Rent. In the event Tenant timely and appropriately exercises an option to extend the
Lease Term, Landlord shall notify Tenant of Landlord’s determination of the Option Rent within thirty (30) days thereafter. If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives
Landlord’s determination of the Option Rent, in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and
Tenant fail to reach agreement within ten (10) days following Tenant’s 

  
 7 

 
objection to the Option Rent (the “Outside Agreement Date”), then Tenant shall have the right to withdraw its exercise of the option by delivering written notice thereof to
Landlord within five (5) days thereafter, in which event Tenant’s right to extend the Lease pursuant to this Section 2.2 shall be of no further force or effect. If Tenant does not withdraw its exercise of the
extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with
Sections 2.2.3.1 through 2.2.3.7, below. If Tenant fails to object to Landlord’s determination of the Option Rent within the time period set forth herein, then Tenant shall be deemed to have objected to Landlord’s
determination of Option Rent. 
 2.2.3.1 Landlord and Tenant shall each appoint one arbitrator who shall be a real estate appraiser who
shall have been active over the five (5) year period ending on the date of such appointment in the appraisal of other class A life sciences buildings located in the South San Francisco market area. The determination of the arbitrators shall be
limited solely to the issue of whether Landlord’s or Tenant’s submitted Option Rent is the closest to the actual Option Rent, taking into account the requirements of Section 2.2.2 of this Lease, as determined by
the arbitrators. Each such arbitrator shall be appointed within fifteen (15) days after the Outside Agreement Date. Landlord and Tenant may consult with their selected arbitrators prior to appointment and may select an arbitrator who is
favorable to their respective positions. The arbitrators so selected by Landlord and Tenant shall be deemed “Advocate Arbitrators.” 

2.2.3.2 The two (2) Advocate Arbitrators so appointed shall be specifically required pursuant to an engagement letter within ten
(10) days of the date of the appointment of the last appointed Advocate Arbitrator to agree upon and appoint a third arbitrator (“Neutral Arbitrator”) who shall be qualified under the same criteria set forth hereinabove for
qualification of the two Advocate Arbitrators, except that neither the Landlord or Tenant or either parties’ Advocate Arbitrator may, directly or indirectly, consult with the Neutral Arbitrator prior or subsequent to his or her appearance. The
Neutral Arbitrator shall be retained via an engagement letter jointly prepared by Landlord’s counsel and Tenant’s counsel. 

2.2.3.3 The three arbitrators shall, within thirty (30) days of the appointment of the Neutral Arbitrator, reach a decision as to whether
the parties shall use Landlord’s or Tenant’s submitted Option Rent, and shall notify Landlord and Tenant thereof. 
 2.2.3.4 The
decision of the majority of the three arbitrators shall be binding upon Landlord and Tenant. 
 2.2.3.5 If either Landlord or Tenant fails
to appoint an Advocate Arbitrator within fifteen (15) days after the Outside Agreement Date, then either party may petition the presiding judge of the Superior Court of San Mateo County to appoint such Advocate Arbitrator subject to the
criteria in Section 2.2.3.1 of this Lease, or if he or she refuses to act, either party may petition any judge having jurisdiction over the parties to appoint such Advocate Arbitrator. 

2.2.3.6 If the two (2) Advocate Arbitrators fail to agree upon and appoint the Neutral Arbitrator, then either party may petition the
presiding judge of the Superior Court of San Mateo County to appoint the Neutral Arbitrator, subject to criteria in Section 2.2.3.1 of this Lease, or if he or she refuses to act, either party may petition any judge having
jurisdiction over the parties to appoint such arbitrator. 
 2.2.3.7 The cost of the arbitration shall be paid by Landlord and Tenant
equally. 
 2.2.3.8 In the event that the Option Rent shall not have been determined pursuant to the terms hereof prior to the commencement
of the Option Term, Tenant shall be required to pay the Option Rent initially provided by Landlord to Tenant, and upon the final determination of the Option Rent, the payments made by Tenant shall be reconciled with the actual amounts of Option Rent
due, and the appropriate party shall make any corresponding payment to the other party. 

  
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 2.3 Early Termination Right. In the event that Landlord and Tenant fully execute
and deliver a new lease agreement (the “New Lease”) for other space in the Project during the Lease Term (or other space in a project owned by an affiliate of Landlord) which satisfies the following conditions: (i) a term for
such New Lease which extends beyond the Lease Expiration Date of this Lease as set forth in Section 3.4 of the Summary, and (ii) the premises under such New Lease containing no less than the number of rentable square feet of the Premises
as set forth in Section 2.2 of the Summary (i.e., contains more than 38,109 rentable square feet), and provided that Tenant is not then in default of this Lease beyond any applicable notice and cure period, then Tenant shall have the right to
terminate this Lease without the payment of any penalty or termination fee by delivering written notice (the “Tenant Termination Notice”) to Landlord not less than thirty (30) days prior to the commencement date under such New
Lease, and in the event such Tenant Termination Notice is timely delivered by Tenant to Landlord, then this Lease shall terminate effective as of the date which is five (5) business days following the commencement date under such New Lease (the
“Tenant Early Termination Date”). To the extent Tenant exercises its right to terminate this Lease, pursuant to the terms of this Section 2.3, then this Lease shall terminate effective as of the Tenant Early Termination Date
with the same force and effect as if the Lease were scheduled to expire in accordance with its terms as of such Tenant Early Termination Date, subject to the provisions of this Lease which expressly survive the expiration or earlier termination of
this Lease. 
 3. BASE RENT. Tenant shall pay, without prior notice or demand, to Landlord at the address set forth in
Section 4 of the Summary, or, at Landlord’s option, at such other place as Landlord may from time to time designate in writing, by a check for currency which, at the time of payment, is legal tender for private or
public debts in the United States of America, base rent (“Base Rent”) as set forth in Section 4 of the Summary, payable in equal monthly installments as set forth in Section 4 of
the Summary in advance on or before the first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant’s
execution of this Lease. If any Rent payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any
fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. All other
payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis. 

4. ADDITIONAL RENT.
 4.1 General
Terms.
 4.1.1 Direct Expenses; Additional Rent. In addition to paying the Base Rent specified in Article 3 of
this Lease, Tenant shall pay “Tenant’s Share” of the annual “Direct Expenses,” as those terms are defined in Sections 4.2.6 and 4.2.2 of this Lease, respectively, allocable to the Building as
described in Section 4.3. Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease, are hereinafter collectively referred to as the
“Additional Rent”, and the Base Rent and the Additional Rent are herein collectively referred to as “Rent.” All amounts due under this Article 4 as Additional Rent shall be payable for the same periods and in
the same manner as the Base Rent. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for in this Article 4 shall survive the
expiration of the Lease Term. 
 4.1.2 Triple Net Lease. Landlord and Tenant acknowledge that, to the extent provided in this
Lease, it is their intent and agreement that this Lease be a “TRIPLE NET” lease and that as such, the provisions contained in this Lease are intended to pass on to Tenant or reimburse Landlord for the costs and expenses reasonably
associated with this Lease, the Building and the Project, and Tenant’s operation therefrom to the extent provided in this Lease. To the extent such costs and expenses payable by Tenant cannot be charged directly to, and paid by, Tenant, such
costs and expenses shall be paid by Landlord but reimbursed by Tenant as Additional Rent. 
 4.2 Definitions of Key Terms Relating to
Additional Rent . As used in this Article 4, the following terms shall have the meanings hereinafter set forth: 
 4.2.1
Intentionally Deleted. 

  
 9 

 4.2.2 “Direct Expenses” shall mean “Operating Expenses” and
“Tax Expenses.” 
 4.2.3 “Expense Year” shall mean each calendar year in which any portion of the Lease
Term falls, through and including the calendar year in which the Lease Term expires, provided that Landlord, upon notice to Tenant, may change the Expense Year from time to time to any other twelve (12) consecutive month period, and, in the
event of any such change, Tenant’s Share of Direct Expenses shall be equitably adjusted for any Expense Year involved in any such change. 

4.2.4 “Operating Expenses” shall mean all expenses, costs and amounts of every kind and nature which Landlord pays or accrues
during any Expense Year because of or in connection with the ownership, management, maintenance, security, repair, replacement, restoration or operation of the Project, or any portion thereof. Without limiting the generality of the foregoing,
Operating Expenses shall specifically include any and all of the following: (i) the cost of supplying all utilities, the cost of operating, repairing and maintaining the utility, telephone, mechanical, sanitary, storm drainage, and elevator
systems, and the cost of maintenance and service contracts in connection therewith; (ii) the cost of licenses, certificates, permits and inspections and the cost of contesting any governmental enactments which are reasonably likely to increase
Operating Expenses during the Lease Term, and the costs incurred in connection with a governmentally mandated transportation system management program or similar program; (iii) the cost of all insurance carried by Landlord in connection with
the Project and Premises as reasonably determined by Landlord; (iv) the cost of landscaping, relamping, and all supplies, tools, equipment and materials used in the operation, repair and maintenance of the Project, or any portion thereof;
(v) the cost of parking area operation, repair, restoration, and maintenance; (vi) management and/or incentive fees, consulting fees, legal fees and accounting fees, of all contractors and consultants in connection with the management,
operation, maintenance and repair of the Project; (vii) payments under any equipment rental agreements; (viii) subject to item (f), below, wages, salaries and other compensation and benefits, including taxes levied thereon, of all persons
engaged in the operation, maintenance and security of the Project; (ix) costs under any easement pertaining to the sharing of costs by the Project; (x) operation, repair, maintenance and replacement of all systems and equipment and
components thereof of the Project; (xi) the cost of janitorial, alarm, security and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in Common Areas, maintenance and replacement of curbs and walkways, repair
to roofs and re-roofing; (xii) amortization (including interest on the unamortized cost) over such period of time as Landlord shall reasonably determine, of the cost of acquiring or the rental expense of
personal property used in the maintenance, operation and repair of the Project, or any portion thereof; (xiii) the cost of capital improvements or other costs incurred in connection with the Project (A) which are intended to effect
economies in the operation or maintenance of the Project, or any portion thereof, or to reduce current or future Operating Expenses or to enhance the safety or security of the Project or its occupants, (B) which are required to comply with
present or anticipated conservation programs, (C) which are replacements or modifications of nonstructural items located in the Common Areas required to keep the Common Areas in good order or condition, or (D) which are required under any
governmental law or regulation; provided, however, that any capital expenditure shall be amortized (including reasonable interest on the amortized cost) over the reasonable useful life of such capital item; and (xiv) costs, fees, charges or
assessments imposed by, or resulting from any mandate imposed on Landlord by, any federal, state or local government for fire and police protection, trash removal, community services, or other services which do not constitute “Tax
Expenses” as that term is defined in Section 4.2.5, below, and (xv) payments under any easement, license, operating agreement, declaration, restrictive covenant, or instrument pertaining to the sharing of costs by
the Building, including, without limitation, any covenants, conditions and restrictions affecting the property, and reciprocal easement agreements affecting the property, any parking licenses, and any agreements with transit agencies affecting the
Property (collectively, “Underlying Documents”). Notwithstanding the foregoing, for purposes of this Lease, Operating Expenses shall not, however, include: 

(a) costs, including legal fees, space planners’ fees, advertising and promotional expenses (except as otherwise set
forth above), and brokerage fees incurred in connection with the original construction or development, or original or future leasing of the Project, and costs, including permit, license and inspection costs, incurred with respect to the installation
of tenant improvements made for new tenants initially occupying space in the Project after the Lease Commencement Date or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants
of the Project (excluding, however, such costs relating to any common areas of the Project or parking facilities); 

  
 10 

 (b) except as set forth in items (xii), (xiii), and (xiv) above,
depreciation, interest and principal payments on mortgages and other debt costs, if any, penalties and interest; 
 (c)
costs for which the Landlord is reimbursed by any tenant or occupant of the Project or by insurance by its carrier or any tenant’s carrier or by anyone else, electric power costs for which any tenant directly contracts with the local public
service company and costs of utilities and services provided to other tenants that are not provided to Tenant; 
 (d) any
bad debt loss, rent loss, or reserves for bad debts or rent loss or other reserves to the extent not used in the same year; 

(e) costs associated with the operation of the business of the partnership or entity which constitutes the Landlord, as the
same are distinguished from the costs of operation of the Project (which shall specifically include, but not be limited to, accounting costs associated with the operation of the Project). Costs associated with the operation of the business of the
partnership or entity which constitutes the Landlord include costs of partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions of the Tenant may be in issue), costs of selling, syndicating,
financing, mortgaging or hypothecating any of the Landlord’s interest in the Project, and costs incurred in connection with any disputes between Landlord and its employees, between Landlord and Project management, or between Landlord and other
tenants or occupants; 
 (f) the wages and benefits of any employee who does not devote substantially all of his or her
employed time to the Project unless such wages and benefits are prorated to reflect time spent on operating and managing the Project vis-a-vis time spent on matters
unrelated to operating and managing the Project; provided, that in no event shall Operating Expenses for purposes of this Lease include wages and/or benefits attributable to personnel above the level of Project manager; 

(g) amount paid as ground rental for the Project by the Landlord; 

(h) except for a property management fee not to exceed three percent (3%) of gross revenues, overhead and profit increment
paid to the Landlord, and any amounts paid to the Landlord or to subsidiaries or affiliates of the Landlord for services in the Project to the extent the same exceeds the costs of such services rendered by qualified, first-class unaffiliated third
parties on a competitive basis; 
 (i) any compensation paid to clerks, attendants or other persons in commercial
concessions operated by the Landlord (other than as direct reimbursement for costs which, if incurred directly by Landlord, would properly be included in Operating Expenses); 

(j) rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment which if
purchased the cost of which would be excluded from Operating Expenses as a capital cost, except equipment not affixed to the Project which is used in providing engineering, janitorial or similar services and, further excepting from this exclusion
such equipment rented or leased to remedy or ameliorate an emergency condition in the Project; 
 (k) all items and services
for which Tenant or any other tenant in the Project reimburses Landlord or which Landlord provides selectively to one or more tenants (other than Tenant) without reimbursement; 

(l) any costs expressly excluded from Operating Expenses elsewhere in this Lease; 

(m) rent for any office space occupied by Project management personnel; 

(n) costs arising from the gross negligence or willful misconduct of Landlord or its agents, employees or contractors in
connection with this Lease; 

  
 11 

 (o) costs incurred to comply with laws relating to the removal or remediation of
hazardous material (as defined under applicable law), and any costs of fines or penalties relating to the presence of hazardous material, in each case to the extent not brought into the Building or Premises by Tenant or any Tenant Parties; 

(p) costs to correct any construction defect in the Project or to remedy any violation of a covenant, condition, restriction,
underwriter’s requirement or law that exists as of the Lease Commencement Date; 
 (q) capital costs occasioned by
casualties or condemnation. 
 (r) legal fees, accountants’ fees (other than normal bookkeeping expenses) and other
expenses incurred in connection with disputes of tenants or other occupants of the Project or associated with the enforcement of the terms of any leases with tenants or the defense of Landlord’s title to or interest in the Project or any part
thereof; 
 (s) costs incurred due to a violation by Landlord or any other tenant of the Project of the terms and conditions
of a lease; and 
 (t) self-insurance retentions 

4.2.5 Taxes. 

4.2.5.1 “Tax Expenses” shall mean all federal, state, county, or local governmental or municipal taxes, fees, charges or
other impositions of every kind and nature, whether general, special, ordinary or extraordinary (including, without limitation, real estate taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of
rent, including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances,
furniture and other personal property used in connection with the Project, or any portion thereof), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority)
because of or in connection with the ownership, leasing and operation of the Project, or any portion thereof. 
 4.2.5.2 Tax Expenses shall
include, without limitation: (i) Any tax on the rent, right to rent or other income from the Project, or any portion thereof, or as against the business of leasing the Project, or any portion thereof; (ii) Any assessment, tax, fee, levy or
charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge previously included within the definition of real property tax; (iii) Any assessment, tax, fee, levy, or charge allocable to or
measured by the area of the Premises or the Rent payable hereunder, including, without limitation, any business or gross income tax or excise tax with respect to the receipt of such rent, or upon or with respect to the possession, leasing,
operating, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof; and (iv) Any assessment, tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party,
creating or transferring an interest or an estate in the Premises or the improvements thereon. 
 4.2.5.3 Any costs and expenses (including,
without limitation, reasonable attorneys’ and consultants’ fees) incurred in attempting to protest, reduce or minimize Tax Expenses shall be included in Tax Expenses in the Expense Year such expenses are incurred. Tax refunds shall be
credited against Tax Expenses and refunded to Tenant regardless of when received, based on the Expense Year to which the refund is applicable, provided that in no event shall the amount to be refunded to Tenant for any such Expense Year exceed the
total amount paid by Tenant as Additional Rent under this Article 4 for such Expense Year. If Tax Expenses for any period during the Lease Term or any extension thereof are increased after payment thereof for any reason, including, without
limitation, error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord upon demand Tenant’s Share of any such increased Tax Expenses. Notwithstanding anything to the contrary contained in this
Section 4.2.5, there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, transfer taxes, estate taxes, federal and state
income taxes, and other 

  
 12 

 taxes to the extent applicable to Landlord’s net income (as opposed to rents, receipts or income
attributable to operations at the Project), (ii) any items included as Operating Expenses, (iii) any items paid by Tenant under Section 4.5 of this Lease, (iv) assessments in excess of the amount which would be
payable if such assessment expense were paid in installments over the longest permitted term; (v) taxes imposed on land and improvements other than the Project; and (vi) tax increases resulting from the improvement of any of the Project
for the sole use of other occupants. 
 4.2.6 “Tenant’s Share” shall mean the percentage set forth in
Section 6 of the Summary. 
 4.3 Allocation of Direct Expenses. The parties acknowledge that the
Building is a part of a multi-building project and that the costs and expenses incurred in connection with the Project (i.e., the Direct Expenses) should be shared between the Building and the other buildings in the Project. Accordingly, as set
forth in Section 4.2 above, Direct Expenses (which consist of Operating Expenses and Tax Expenses) are determined annually for the Project as a whole, and a portion of the Direct Expenses, which portion shall be determined
by Landlord on an equitable basis, shall be allocated to the Building (as opposed to other buildings in the Project). Such portion of Direct Expenses allocated to the Building shall include all Direct Expenses attributable solely to the Building and
a pro rata portion of the Direct Expenses attributable to the Project as a whole, and shall not include Direct Expenses attributable solely to other buildings in the Project. 

4.4 Calculation and Payment of Additional Rent. Tenant shall pay to Landlord, in the manner set forth in
Section 4.4.1, below, and as Additional Rent, Tenant’s Share of Direct Expenses for each Expense Year. 

4.4.1 Statement of Actual Direct Expenses and Payment by Tenant. Landlord shall give to Tenant within five (5) months
following the end of each Expense Year, a statement (the “Statement”) which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of Tenant’s Share of Direct
Expenses. Upon receipt of the Statement for each Expense Year commencing or ending during the Lease Term, Tenant shall pay, with its next installment of Base Rent due that is at least thirty (30) days thereafter, the full amount of
Tenant’s Share of Direct Expenses for such Expense Year, less the amounts, if any, paid during such Expense Year as “Estimated Direct Expenses,” as that term is defined in Section 4.4.2, below, and if
Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct Expenses, Tenant shall receive a credit in the amount of Tenant’s overpayment against Rent next due under this Lease. The failure of Landlord to timely
furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this Article 4. Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made
of Tenant’s Share of Direct Expenses for the Expense Year in which this Lease terminates, Tenant shall immediately pay to Landlord such amount, and if Tenant paid more as Estimated Direct Expenses than the actual Tenant’s Share of Direct
Expenses, Landlord shall, within thirty (30) days, deliver a check payable to Tenant in the amount of the overpayment. The provisions of this Section 4.4.1 shall survive the expiration or earlier termination of the
Lease Term. Notwithstanding the immediately preceding sentence, Tenant shall not be responsible for Tenant’s Share of any Direct Expenses attributable to any Expense Year which are first billed to Tenant more than two (2) calendar years
after the earlier of the expiration of the applicable Expense Year or the Lease Expiration Date, provided that in any event Tenant shall be responsible for Tenant’s Share of Direct Expenses levied by any governmental authority or by any public
utility companies at any time following the Lease Expiration Date which are attributable to any Expense Year (provided that Landlord delivers Tenant a bill for such amounts within two (2) years following Landlord’s receipt of the bill
therefor). 
 4.4.2 Statement of Estimated Direct Expenses. In addition, Landlord shall give Tenant a yearly expense estimate
statement (the “Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”) of what the total amount of Direct Expenses for the then-current Expense Year shall be and the
estimated Tenant’s Share of Direct Expenses (the “Estimated Direct Expenses”). The failure of Landlord to timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights to
collect any Estimated Direct Expenses under this Article 4, nor shall Landlord be prohibited from revising any Estimate Statement or Estimated Direct Expenses theretofore delivered to the extent necessary. Thereafter, Tenant shall pay, with
its next installment of Base Rent due that is at least thirty (30) days thereafter, a fraction of the Estimated 

  
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Direct Expenses for the then-current Expense Year (reduced by any amounts paid pursuant to the last sentence of this Section 4.4.2). Such fraction shall have as its
numerator the number of months which have elapsed in such current Expense Year, including the month of such payment, and twelve (12) as its denominator. Until a new Estimate Statement is furnished (which Landlord shall have the right to deliver
to Tenant at any time), Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated Direct Expenses set forth in the previous Estimate
Statement delivered by Landlord to Tenant. 
 4.5 Taxes and Other Charges for Which Tenant Is Directly Responsible. Tenant
shall be liable for and shall pay ten (10) days before delinquency, taxes levied against Tenant’s equipment, furniture, fixtures and any other personal property located in or about the Premises. If any such taxes on Tenant’s
equipment, furniture, fixtures and any other personal property are levied against Landlord or Landlord’s property or if the assessed value of Landlord’s property is increased by the inclusion therein of a value placed upon such equipment,
furniture, fixtures or any other personal property and if Landlord pays the taxes based upon such increased assessment, which Landlord shall have the right to do regardless of the validity thereof but only under proper protest if requested by
Tenant, Tenant shall upon demand repay to Landlord the taxes so levied against Landlord or the proportion of such taxes resulting from such increase in the assessment, as the case may be. 

4.6 Landlord’s Books and Records. Within one hundred twenty (120) days after receipt by Tenant of a Statement, if
Tenant disputes the amount of Additional Rent set forth in the Statement, a member of Tenant’s finance department, or an independent certified public accountant (which accountant is a member of a nationally recognized accounting firm and is not
working on a contingency fee basis) (“Tenant’s Accountant”), designated and paid for by Tenant, may, after reasonable notice to Landlord and at reasonable times, inspect Landlord’s records with respect to the Statement at
Landlord’s offices, provided that there is no existing Event of Default and Tenant has paid all amounts required to be paid under the applicable Estimate Statement and Statement, as the case may be. In connection with such inspection, Tenant
and Tenant’s agents must agree in advance to follow Landlord’s reasonable rules and procedures regarding inspections of Landlord’s records, and shall execute a commercially reasonable confidentiality agreement regarding such
inspection. Tenant’s failure to dispute the amount of Additional Rent set forth in any Statement within one hundred twenty (120) days of Tenant’s receipt of such Statement shall be deemed to be Tenant’s approval of such Statement
and Tenant, thereafter, waives the right or ability to dispute the amounts set forth in such Statement. If after such inspection, Tenant still disputes such Additional Rent, a determination as to the proper amount shall be made, at Tenant’s
expense, by an independent certified public accountant (the “Accountant”) selected by Landlord and subject to Tenant’s reasonable approval; provided that if such Accountant determines that Direct Expenses were overstated by
more than five percent (5%), then the cost of the Accountant and the cost of such determination shall be paid for by Landlord, and Landlord shall reimburse Tenant’s the cost of the Tenant’s Accountant (provided that such cost shall be a
reasonable market cost for such services). Tenant hereby acknowledges that Tenant’s sole right to inspect Landlord’s books and records and to contest the amount of Direct Expenses payable by Tenant shall be as set forth in this
Section 4.6, and Tenant hereby waives any and all other rights pursuant to applicable law to inspect such books and records and/or to contest the amount of Direct Expenses payable by Tenant. 

5. USE OF PREMISES.
 5.1 Permitted
Use. Tenant shall use the Premises solely for the Permitted Use set forth in Section 7 of the Summary and Tenant shall not use or permit the Premises or the Project to be used for any other purpose or purposes
whatsoever without the prior written consent of Landlord, which may be withheld in Landlord’s sole discretion. 
 5.2 Prohibited
Uses. Tenant further covenants and agrees that Tenant shall not use or permit any person or persons to use, the Premises or any part thereof for any use or purpose in violation of the laws of the United States of America, the State of
California, or the ordinances, regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over the Project) including, without limitation, any such laws, ordinances, regulations or
requirements relating to hazardous materials or substances, as those terms are defined by applicable laws now or hereafter in effect. Landlord shall have the right to impose reasonable, nondiscriminatory and customary rules and regulations regarding
the use of the Project that do not unreasonably interfere with Tenant’s use of the Premises, as reasonably deemed necessary by Landlord with respect to the orderly operation of the Project, and Tenant shall comply with such reasonable rules and
regulations. 

  
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Tenant shall not do or permit anything to be done in or about the Premises which will in any way obstruct or interfere with the rights of other tenants or occupants of the Building, or injure or
annoy them or use or allow the Premises to be used for any improper, unlawful or objectionable purpose, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises. Tenant shall comply with, and Tenant’s rights and
obligations under the Lease and Tenant’s use of the Premises shall be subject and subordinate to, all recorded easements, covenants, conditions, and restrictions now or hereafter affecting the Project, so long as the same do not unreasonably
interfere with Tenant’s use of the Premises or parking rights or materially increase Tenant’s obligations or decrease Tenant’s rights under this Lease. 

5.3 Hazardous Materials. 

5.3.1 Tenant’s Obligations. 

5.3.1.1 Prohibitions. As a material inducement to Landlord to enter into this Lease with Tenant, Tenant has fully and accurately
completed Landlord’s Pre-Leasing Environmental Exposure Questionnaire (the “Environmental Questionnaire”), which is attached as Exhibit E. Tenant agrees that except for
those chemicals or materials, and their respective quantities, specifically listed on the Environmental Questionnaire (as the same may be updated from time to time as provided below), neither Tenant nor Tenant’s employees, contractors and
subcontractors of any tier, entities with a contractual relationship with Tenant (other than Landlord), or any entity acting as an agent or sub-agent of Tenant (collectively, “Tenant’s
Agents”) will produce, use, store or generate any “Hazardous Materials,” as that term is defined below, on, under or about the Premises, nor cause any Hazardous Material to be brought upon, placed, stored, manufactured, generated,
blended, handled, recycled, used or “Released,” as that term is defined below, on, in, under or about the Premises. If any information provided to Landlord by Tenant on the Environmental Questionnaire, or otherwise relating to information
concerning Hazardous Materials is intentionally false, incomplete, or misleading in any material respect, the same shall be deemed a default by Tenant under this Lease. Upon Landlord’s request, or in the event of any material change in
Tenant’s use of Hazardous Materials in the Premises, Tenant shall deliver to Landlord an updated Environmental Questionnaire at least once a year. Tenant shall notify Landlord prior to using any Hazardous Materials in the Premises not described
on the initial Environmental Questionnaire, and, to the extent such use would, in Landlord’s reasonable judgment, cause a material increase in the risk of liability compared to the uses previously allowed in the Premises, such additional use
shall be subject to Landlord’s prior consent, which may be withheld in Landlord’s reasonable discretion. Tenant shall not install or permit Tenant’s Agents to install any underground storage tank on the Premises. For purposes of this
Lease, “Hazardous Materials” means all flammable explosives, petroleum and petroleum products, waste oil, radon, radioactive materials, toxic pollutants, asbestos, polychlorinated biphenyls (“PCBs”), medical waste,
chemicals known to cause cancer or reproductive toxicity, pollutants, contaminants, hazardous wastes, toxic substances or related materials, including without limitation any chemical, element, compound, mixture, solution, substance, object, waste or
any combination thereof, which is or may be hazardous to human health, safety or to the environment due to its radioactivity, ignitability, corrosiveness, reactivity, explosiveness, toxicity, carcinogenicity, infectiousness or other harmful or
potentially harmful properties or effects, or defined as, regulated as or included in, the definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,” or “toxic substances” under any
Environmental Laws. For purposes of this Lease, “Release” or “Released” or “Releases” shall mean any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping,
pouring, emptying, escaping, dumping, disposing, or other movement of Hazardous Materials into the environment. Landlord acknowledges that Tenant will be installing and using fume hoods in the Premises and that emissions of Hazardous Materials into
the air in compliance with all Environmental Laws shall not be considered Releases. 
 5.3.1.2 Notices to Landlord. Tenant
shall notify Landlord in writing as soon as possible but in no event later than five (5) days after (i) the occurrence of any actual, alleged or threatened Release of any Hazardous Material in, on, under, from, about or in the vicinity of
the Premises (whether past or present), regardless of the source or quantity of any such Release, or (ii) Tenant becomes aware of any regulatory actions, inquiries, inspections, investigations, directives, or any cleanup, compliance,
enforcement or abatement proceedings (including any threatened or contemplated investigations or proceedings) relating to or potentially affecting the Premises, or (iii) Tenant becomes aware of any claims by any person or entity relating to any
Hazardous Materials in, on, under, from, about or in the vicinity of the Premises, whether relating to damage, contribution, cost recovery, compensation, loss or injury. Collectively, the matters set forth in clauses (i), (ii) and (iii) above
are hereinafter 

  
 15 

 
referred to as “Hazardous Materials Claims”. Tenant shall promptly forward to Landlord copies of all orders, notices, permits, applications and other communications and reports
in connection with any Hazardous Materials Claims. Additionally, Tenant shall promptly advise Landlord in writing of Tenant’s discovery of any occurrence or condition on, in, under or about the Premises that could subject Tenant or Landlord to
any liability, or restrictions on ownership, occupancy, transferability or use of the Premises under any “Environmental Laws,” as that term is defined below. Tenant shall not enter into any legal proceeding or other action, settlement,
consent decree or other compromise with respect to any Hazardous Materials Claims without first notifying Landlord of Tenant’s intention to do so and affording Landlord the opportunity to join and participate, as a party if Landlord so elects,
in such proceedings and in no event shall Tenant enter into any agreements which are binding on Landlord or the Premises without Landlord’s prior written consent. Landlord shall have the right to appear at and participate in, any and all legal
or other administrative proceedings concerning any Hazardous Materials Claim. For purposes of this Lease, “Environmental Laws” means all applicable present and future laws relating to the protection of human health, safety, wildlife
or the environment, including, without limitation, (i) all requirements pertaining to reporting, licensing, permitting, investigation and/or remediation of emissions, discharges, Releases, or threatened Releases of Hazardous Materials, whether
solid, liquid, or gaseous in nature, into the air, surface water, groundwater, or land, or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of Hazardous Materials; and (ii) all
requirements pertaining to the health and safety of employees or the public. Environmental Laws include, but are not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 USC § 9601, et seq., the
Hazardous Materials Transportation Authorization Act of 1994, 49 USC § 5101, et seq., the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, and Hazardous and Solid Waste Amendments of 1984, 42 USC
§ 6901, et seq., the Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, 33 USC § 1251, et seq., the Clean Air Act of 1966, 42 USC § 7401, et seq., the Toxic Substances Control Act of 1976, 15 USC §
2601, et seq., the Safe Drinking Water Act of 1974, 42 USC §§ 300f through 300j, the Occupational Safety and Health Act of 1970, as amended, 29 USC § 651 et seq., the Oil Pollution Act of 1990, 33 USC § 2701 et seq., the
Emergency Planning and Community Right-To-Know Act of 1986, 42 USC § 11001 et seq., the National Environmental Policy Act of 1969, 42 USC § 4321 et seq., the
Federal Insecticide, Fungicide and Rodenticide Act of 1947, 7 USC § 136 et seq., California Carpenter-Presley-Tanner Hazardous Substance Account Act, California Health & Safety Code §§ 25300 et seq., Hazardous Materials
Release Response Plans and Inventory Act, California Health & Safety Code, §§ 25500 et seq., Underground Storage of Hazardous Substances provisions, California Health & Safety Code, §§ 25280 et seq., California
Hazardous Waste Control Law, California Health & Safety Code, §§ 25100 et seq., and any other state or local law counterparts, as amended, as such applicable laws, are in effect as of the Lease Commencement Date, or thereafter
adopted, published, or promulgated. 
 5.3.1.3 Releases of Hazardous Materials. If any Release of any Hazardous Material in,
on, under, from or about the Premises shall occur at any time during the Lease by Tenant or Tenant’s Agents, in addition to notifying Landlord as specified above, Tenant, at its own sole cost and expense, shall (i) immediately comply with
any and all reporting requirements imposed pursuant to any and all Environmental Laws, (ii) provide a written certification to Landlord indicating that Tenant has complied with all applicable reporting requirements, (iii) take any and all
necessary investigation, corrective and remedial action in accordance with any and all applicable Environmental Laws, utilizing an environmental consultant approved by Landlord, all in accordance with the provisions and requirements of this
Section 5.3, including, without limitation, Section 5.3.4, and (iv) take any such additional investigative, remedial and corrective actions as
Landlord shall in its reasonable discretion deem necessary such that the Premises are remediated to the condition existing prior to such Release. 

5.3.1.4 Indemnification. 

5.3.1.4.1 In General. Without limiting in any way Tenant’s obligations under any other provision of this
Lease, Tenant shall be solely responsible for and shall protect, defend, indemnify and hold the Landlord Parties harmless from and against any and all claims, judgments, losses, damages, costs, expenses, penalties, enforcement actions, taxes, fines,
remedial actions, liabilities (including, without limitation, actual attorneys’ fees, litigation, arbitration and administrative proceeding costs, expert and consultant fees and laboratory costs) including, without limitation, consequential
damages and sums paid in settlement of claims, which arise during or after the Lease Term, whether foreseeable or unforeseeable, that arise during or after the Lease Term in whole or in part, foreseeable or unforeseeable, directly or indirectly
arising out of or attributable to the Release of Hazardous Materials in, on, under or about the Premises by Tenant or Tenant’s Agents. 

  
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 5.3.1.4.2 Limitations. Notwithstanding anything in
Section 5.3.1.4, above, to the contrary, Tenant’s indemnity of Landlord as set forth in Section 5.3.1.4, above, shall not be applicable to claims
based upon Hazardous Materials not Released by Tenant or Tenant’s Agents. 
 5.3.1.4.3 Landlord
Indemnity. Under no circumstance shall Tenant be liable for, and Landlord shall indemnify, defend, protect and hold harmless Tenant and Tenant’s Agents from and against, all losses, costs, claims, liabilities and damages (including
attorneys’ and consultants’ fees) arising out of any Hazardous Materials that exist in, on or about the Project as of the date hereof, or Hazardous Material Released by Landlord or any Landlord Parties. Landlord will provide Tenant with
any Hazardous Material reports relating to the Building that Landlord has in its immediate possession. The provision of such reports shall be for informational purposes only, and Landlord does not make any representation or warranty as to the
correctness or completeness of any such reports. 
 5.3.1.5 Compliance with Environmental Laws. Without limiting the
generality of Tenant’s obligation to comply with applicable laws as otherwise provided in this Lease, Tenant shall, at its sole cost and expense, comply with all Environmental Laws related to the use of Hazardous Materials by Tenant and
Tenant’s Agents. Tenant shall obtain and maintain any and all necessary permits, licenses, certifications and approvals appropriate or required for the use, handling, storage, and disposal of any Hazardous Materials used, stored, generated,
transported, handled, blended, or recycled by Tenant on the Premises. Landlord shall have a continuing right, without obligation, to require Tenant to obtain, and to review and inspect any and all such permits, licenses, certifications and
approvals, together with copies of any and all Hazardous Materials management plans and programs, any and all Hazardous Materials risk management and pollution prevention programs, and any and all Hazardous Materials emergency response and employee
training programs respecting Tenant’s use of Hazardous Materials. Upon request of Landlord, Tenant shall deliver to Landlord a narrative description explaining the nature and scope of Tenant’s activities involving Hazardous Materials and
showing to Landlord’s satisfaction compliance with all Environmental Laws and the terms of this Lease. 
 5.3.2 Assurance of
Performance. 
 5.3.2.1 Environmental Assessments In General. Landlord may, but shall not be required to, engage from
time to time such contractors as Landlord determines to be appropriate (and which are reasonably acceptable to Tenant) to perform environmental assessments of a scope reasonably determined by Landlord (an “Environmental Assessment”)
to ensure Tenant’s compliance with the requirements of this Lease with respect to Hazardous Materials. 
 5.3.2.2 Costs of
Environmental Assessments. All costs and expenses incurred by Landlord in connection with any such Environmental Assessment initially shall be paid by Landlord; provided that if any such Environmental Assessment shows that Tenant has failed
to comply with the provisions of this Section 5.3, then all of the costs and expenses of such Environmental Assessment shall be reimbursed by Tenant as Additional Rent within thirty (30) days after
receipt of written demand therefor. 
 5.3.3 Tenant’s Obligations upon Surrender. At the expiration or earlier termination
of the Lease Term, Tenant, at Tenant’s sole cost and expense, shall: (i) cause an Environmental Assessment of the Premises to be conducted in accordance with Section 15.3; (ii) cause all
Hazardous Materials brought onto the Premises by Tenant or Tenant’s Agents to be removed from the Premises and disposed of in accordance with all Environmental Laws and as necessary to allow the Premises to be used for the purposes allowed as
of the date of this Lease; and (iii) cause to be removed all containers installed or used by Tenant or Tenant’s Agents to store any Hazardous Materials on the Premises, and cause to be repaired any damage to the Premises caused by such
removal. 

  
 17 

 5.3.4 Clean-up. 

5.3.4.1 Environmental Reports; Clean-Up. If any written report, including any report
containing results of any Environmental Assessment (an “Environmental Report”) shall indicate (i) the presence of any Hazardous Materials as to which Tenant has a removal or remediation obligation under this
Section 5.3, and (ii) that as a result of same, the investigation, characterization, monitoring, assessment, repair, closure, remediation, removal, or other
clean-up (the “Clean-up”) of any Hazardous Materials is required, Tenant shall immediately prepare and submit to Landlord within thirty (30) days
after receipt of the Environmental Report a comprehensive plan, subject to Landlord’s written approval, specifying the actions to be taken by Tenant to perform the Clean-up so that the Premises are
restored to the conditions required by this Lease. Upon Landlord’s approval of the Clean-up plan, Tenant shall, at Tenant’s sole cost and expense, without limitation on any rights and remedies of
Landlord under this Lease, immediately implement such plan with a consultant reasonably acceptable to Landlord and proceed to Clean-Up Hazardous Materials in accordance with all applicable laws. If, within
thirty (30) days after receiving a copy of such Environmental Report, Tenant fails either (a) to complete such Clean-up, or (b) with respect to any
Clean-up that cannot be completed within such thirty-day period, fails to proceed with diligence to prepare the Clean-up plan and
complete the Clean-up as promptly as practicable, then Landlord shall have the right, but not the obligation, and without waiving any other rights under this Lease, to carry out any Clean-up recommended by the Environmental Report or required by any governmental authority having jurisdiction over the Premises, and recover all of the costs and expenses thereof from Tenant as Additional Rent,
payable within ten (10) days after receipt of written demand therefor. 
 5.3.4.2 No Rent Abatement. Tenant shall
continue to pay all Rent due or accruing under this Lease during any Clean-up, and shall not be entitled to any reduction, offset or deferral of any Base Rent or Additional Rent due or accruing under this
Lease during any such Clean-up. 
 5.3.4.3 Surrender of Premises. Tenant shall
complete any Clean-up prior to surrender of the Premises upon the expiration or earlier termination of this Lease. Tenant shall obtain and deliver to Landlord a letter or other written determination from the
overseeing governmental authority confirming that the Clean-up has been completed in accordance with all requirements of such governmental authority and that no further response action of any kind is required
for the unrestricted use of the Premises (“Closure Letter”). Upon the expiration or earlier termination of this Lease, Tenant shall also be obligated to close all permits obtained in connection with Hazardous Materials used by
Tenant or Tenant’s Agents in accordance with applicable laws. 
 5.3.4.4 Failure to Timely
Clean-Up. Should any Clean-up for which Tenant is responsible not be completed, or should Tenant not receive the Closure Letter and any governmental approvals
required under Environmental Laws in conjunction with such Clean-up prior to the expiration or earlier termination of this Lease, then, commencing on the later of the termination of this Lease and three
(3) business days after Landlord’s delivery of notice of such failure and that it elects to treat such failure as a holdover, Tenant shall be liable to Landlord as a holdover tenant (as more particularly provided in Article
16) until Tenant has fully complied with its obligations under this Section 5.3. 

5.3.5 Confidentiality. Unless compelled to do so by applicable law, Tenant agrees that Tenant shall not disclose, discuss,
disseminate or copy any information, data, findings, communications, conclusions and reports regarding the environmental condition of the Premises to any Person (other than Tenant’s consultants, attorneys, property managers, employees,
shareholders and potential and actual investors, lenders, business and merger partners, subtenants and assignees that have a need to know such information), including any governmental authority, without the prior written consent of Landlord. In the
event Tenant reasonably believes that disclosure is compelled by applicable law, it shall provide Landlord ten (10) days’ advance notice of disclosure of confidential information so that Landlord may attempt to obtain a protective order.
Tenant may additionally release such information to bona fide prospective purchasers or lenders, subject to any such parties’ written agreement to be bound by the terms of this Section 5.3. 

5.3.6 Copies of Environmental Reports. Within thirty (30) days of receipt thereof, Tenant shall provide Landlord with a copy
of any and all environmental assessments, audits, studies and reports regarding Tenant’s activities with respect to the Premises, or ground water beneath the Land, or the environmental condition or
Clean-up thereof. Tenant shall be obligated to provide Landlord with a copy of such materials without regard to whether such materials are generated by Tenant or prepared for Tenant, or how Tenant comes into
possession of such materials. 

  
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 5.3.7 Signs, Response Plans, Etc. Tenant shall be responsible for posting on the
Premises any signs required under applicable Environmental Laws with respect to the use of Hazardous Materials by Tenant or Tenant’s Agents. Tenant shall also complete and file any business response plans or inventories required by any
applicable laws. Tenant shall concurrently file a copy of any such business response plan or inventory with Landlord. 
 5.3.8
Survival. Each covenant, agreement, representation, warranty and indemnification made by Tenant set forth in this Section 5.3 shall survive the expiration or earlier termination of this
Lease and shall remain effective until all of Tenant’s obligations under this Section 5.3 have been completely performed and satisfied. 

6. SERVICES AND UTILITIES. 
 6.1 In
General. Landlord will be responsible, at Tenant’s sole cost and expense (subject to the terms of Section 4.2.4, above), for the furnishing of heating, ventilation and
air-conditioning, electricity, water, and interior Building security services to the Premises. Landlord shall not provide janitorial or telephone services for the Premises. Tenant shall be solely responsible
for performing all janitorial services and other cleaning of the Premises, all in compliance with applicable laws. The janitorial and cleaning of the Premises shall be adequate to maintain the Premises in a manner consistent with First
Class Life Sciences Projects. 
 Tenant shall cooperate fully with Landlord at all times and abide by all reasonable regulations and
requirements that Landlord may reasonably prescribe for the proper functioning and protection of the HVAC, electrical, mechanical and plumbing systems. Provided that Landlord agrees to provide and maintain and keep in continuous service utility
connections to the Project, including electricity, water and sewage connections, Landlord shall have no obligation to provide any services or utilities to the Building, including, but not limited to heating, ventilation and air-conditioning, electricity, water, telephone, janitorial and interior Building security services, except as set forth in this Section 6.1, above. 

6.2 Tenant Payment of Utilities Costs. To the extent that any utilities (including without limitation, electricity, gas,
sewer and water) to the Building are separately metered or sub-metered to the Premises, such utilities shall either be contracted for and paid directly by Tenant to the applicable utility provider, or
reimbursed by Tenant to Landlord within thirty (30) days after billing. To the extent that any utilities (including without limitation, electricity, gas, sewer and water) to the Building are not separately metered to the Premises, then Tenant
shall pay to Landlord, within thirty (30) days after billing, an equitable portion of the Building utility costs, based on Tenant’s proportionate use thereof. 

6.3 Interruption of Use. Tenant agrees that Landlord shall not be liable for damages, by abatement of Rent or otherwise, for
failure to furnish or delay in furnishing any service or utility (including, without limitation, telephone and telecommunication services, UPS services, or other laboratory services or utilities), or for any diminution in the quality or quantity
thereof, when such failure or delay or diminution is occasioned, in whole or in part, by breakage, repairs, replacements, or improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water, or other fuel
at the Building or Project after reasonable effort to do so, by any riot or other dangerous condition, emergency, accident or casualty whatsoever, by act or default of Tenant or other parties, or by any other cause; and such failures or delays or
diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease. Notwithstanding the foregoing,
Landlord may be liable for damages to the extent caused by the negligence or willful misconduct of Landlord or the Landlord Parties, provided that Landlord shall not be liable under any circumstances for injury to, or interference with,
Tenant’s business, including, without limitation, loss of profits, however occurring, through or in connection with or incidental to a failure to furnish any of the services or utilities as set forth in this Article 6. 

  
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 6.4 Energy Performance Disclosure Information. Tenant hereby acknowledges that
Landlord may be required to disclose certain information concerning the energy performance of the Building pursuant to California Public Resources Code Section 25402.10 and the regulations adopted pursuant thereto (collectively the
“Energy Disclosure Requirements”). Tenant hereby acknowledges prior receipt of the Data Verification Checklist, as defined in the Energy Disclosure Requirements (the “Energy Disclosure Information”), and agrees that
Landlord has timely complied in full with Landlord’s obligations under the Energy Disclosure Requirements. Tenant acknowledges and agrees that (i) Landlord makes no representation or warranty regarding the energy performance of the
Building or the accuracy or completeness of the Energy Disclosure Information, (ii) the Energy Disclosure Information is for the current occupancy and use of the Building and that the energy performance of the Building may vary depending on
future occupancy and/or use of the Building, and (iii) Landlord shall have no liability to Tenant for any errors or omissions in the Energy Disclosure Information. If and to the extent not prohibited by applicable laws, Tenant hereby waives any
right Tenant may have to receive the Energy Disclosure Information, including, without limitation, any right Tenant may have to terminate this Lease as a result of Landlord’s failure to disclose such information. Further, Tenant hereby releases
Landlord from any and all losses, costs, damages, expenses and/or liabilities relating to, arising out of and/or resulting from the Energy Disclosure Requirements, including, without limitation, any liabilities arising as a result of Landlord’s
failure to disclose the Energy Disclosure Information to Tenant prior to the execution of this Lease. Tenant’s acknowledgment of the AS-IS condition of the Premises pursuant to the terms of this Lease
shall be deemed to include the energy performance of the Building. Tenant further acknowledges that pursuant to the Energy Disclosure Requirements, Landlord may be required in the future to disclose information concerning Tenant’s energy usage
to certain third parties, including, without limitation, prospective purchasers, lenders and tenants of the Building (the “Tenant Energy Use Disclosure”). Tenant hereby (A) consents to all such Tenant Energy Use Disclosures,
and (B) acknowledges that Landlord shall not be required to notify Tenant of any Tenant Energy Use Disclosure. Further, Tenant hereby releases Landlord from any and all losses, costs, damages, expenses and liabilities relating to, arising out
of and/or resulting from any Tenant Energy Use Disclosure. The terms of this Section 6.3 shall survive the expiration or earlier termination of this Lease. 

6.5 Existing Generator. Commencing on the Lease Commencement Date, Tenant shall have the right to connect to the Building back-up generator, which Landlord shall install as part of Landlord’s Work (the “Generator”), for Tenant’s Share of the Generator’s capacity to provide
back-up generator services to the Premises. During the Lease Term, Landlord shall maintain the Generator in good condition and repair, and Tenant shall be responsible for a share of the costs of such
maintenance and repair based on the proportion of the Generator capacity allocated to the Premises. Notwithstanding the foregoing, Landlord shall not be liable for any damages whatsoever resulting from any failure in operation of the Generator, or
the failure of the Generator to provide suitable or adequate back-up power to the Premises, including but not limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of
goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research, scientific experiments, laboratory animals, products, specimens, samples, and/or scientific, business, accounting and other records of every kind
and description kept at the Premises and any and all income derived or derivable therefrom. 
 6.6 Chemical Storage
Room. Tenant shall have the right to utilize storage space in the chemical storage room to be constructed by Landlord in the Building pursuant to Schedule 1 to Exhibit B (the “Chemical Storage Room”), for
up to Tenant’s Share of the Chemical Storage Room’s storage capacity. During the Lease Term, Landlord shall maintain the Chemical Storage Room in good condition and repair, and Tenant shall be responsible for a share of the costs of such
maintenance and repair based on the proportion of the capacity of the Chemical Storage Room allocated to Tenant’s use (subject to the provisions of Section 4.2.4 above). Notwithstanding the foregoing, Landlord shall not be liable for any
damages whatsoever resulting from any failure in operation of the Chemical Storage Room, or the failure of the Chemical Storage Room to provide suitable or adequate storage of Tenant’s chemicals, including but not limited to, loss of profits,
loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research, scientific experiments, laboratory animals, products, specimens, samples,
and/or scientific, business, accounting and other records of every kind and description kept at the Chemical Storage Room or the Premises and any and all income derived or derivable therefrom. 

  
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 7. REPAIRS. 

7.1 Tenant Repair Obligations. Tenant shall, throughout the Term, at its sole cost and expense, maintain, repair or replace
as required, the Premises in a good standard of maintenance, repair and replacement as required, and in good and sanitary condition, all in accordance with the standards of First Class Life Sciences Projects, except for the Landlord Repair
Obligations, whether or not such maintenance, repair, replacement or improvement is required in order to comply with applicable Laws (“Tenant’s Repair Obligations”), including without limitation, all electrical facilities and
equipment, including lighting fixtures, lamps, fans and any exhaust equipment and systems, electrical motors and all other appliances and equipment of every kind and nature located in the Premises; all communications systems serving the Premises;
all of Tenant’s security systems in or about or serving the Premises; Tenant’s signage; interior demising walls and partitions (including painting and wall coverings), equipment, floors. Tenant shall additionally be responsible, at
Tenant’s sole cost and expense, to furnish all expendables, including light bulbs, paper goods and soaps, used in the Premises. 
 7.2
Landlord Repair Obligations. Landlord shall be responsible, as a part of Operating Expenses, for repairs to and routine maintenance of the Building including without limitation: (1) exterior windows, window frames, window
casements (including the repairing, resealing, cleaning and replacing of exterior windows); (2) exterior doors, door frames and door closers; (3) the Building (as opposed to the Premises) and Project plumbing, sewer, drainage, electrical, fire
protection, life safety and security systems and equipment, existing heating, ventilation and air-conditioning systems, and all other mechanical and HVAC systems and equipment (collectively, the
“Building Systems”), (4) the exterior glass, exterior walls, foundation and roof of the Building, the structural portions of the floors of the Building, including, without limitation, any painting, sealing, patching and
waterproofing of exterior walls, and (5) repairs to the elevator in the Building and underground utilities, except to the extent that any such repairs are required due to the negligence or willful misconduct of Tenant (the “Landlord
Repair Obligations”); provided, however, that if such repairs are due to the negligence or willful misconduct of Tenant, Landlord shall nevertheless make such repairs at Tenant’s expense, or, if covered by Landlord’s insurance,
Tenant shall only be obligated to pay any deductible in connection therewith. Costs expended by Landlord in connection with the Landlord Repair Obligations shall be included in Operating Expenses to the extent allowed pursuant to the terms of
Article 4, above. Landlord shall cooperate with Tenant to enforce any warranties that Landlord holds that could reduce Tenant’s maintenance obligations under this Lease. 

7.3 Tenant’s Right to Make Repairs. Notwithstanding any provision to the contrary contained in this Lease, if Tenant
provides written notice to Landlord of an event or circumstance which requires the action of Landlord under this Lease with respect to repair and/or maintenance required in the Premises, including repairs to the portions of the Building located
within the Premises that are Landlord’s responsibility under Section 7.4 (the “Base Building”), which event or circumstance with respect to the Base Building materially and adversely affects the
conduct of Tenant’s business from the Premises, and Landlord fails to commence corrective action within a reasonable period of time, given the circumstances, after the receipt of such notice, but in any event not later than thirty
(30) days after receipt of said notice (unless Landlord’s obligation cannot reasonably be performed within thirty (30) days, in which event Landlord shall be allowed additional time as is reasonably necessary to perform the obligation
so long as Landlord begins performance within the initial thirty (30) days and diligently pursues performance to completion), or, in the event of an Emergency (as defined below), not later than five (5) business days after receipt of such
notice, then Tenant shall have the right to undertake such actions as may be reasonably necessary to make such repairs if Landlord thereafter fails to commence corrective action within five (5) business days following Landlord’s receipt of
a second written notice from Tenant specifying that Tenant will undertake such actions if Landlord fails to timely do so (provided that such notice shall include the following language in bold, capitalized text: “IF LANDLORD FAILS TO
COMMENCE THE REPAIRS DESCRIBED IN THIS LETTER WITHIN FIVE (5) BUSINESS DAYS FROM LANDLORD’S RECEIPT OF THIS LETTER, TENANT WILL PERFORM SUCH REPAIRS AT LANDLORD’S EXPENSE”; provided, however, that in no event
shall Tenant undertake any actions that could materially or adversely affect the Base Building. Notwithstanding the foregoing, in the event of an Emergency, no second written notice shall be required as long as Tenant advises Landlord in the first
written notice of Tenant’s intent to perform such Emergency repairs if Landlord does not commence the same within such five (5) business day period, utilizing the language required in second notices. If such action was required under the
terms of this Lease to be taken by Landlord and was not commenced by Landlord within such five (5) business day period and thereafter diligently pursued to completion, then Tenant shall be entitled to prompt reimbursement by Landlord of the
reasonable out-of-pocket third-party costs and expenses actually incurred by Tenant in taking such action. If Tenant undertakes such corrective actions pursuant to this
Section 7.3, then (a) the insurance and indemnity provisions set forth in this Lease shall apply to Tenant’s performance of such corrective actions, (b) Tenant shall proceed in accordance with all applicable
laws, (c) Tenant shall retain to perform such corrective actions only such reputable contractors and suppliers as are duly licensed and 

  
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qualified, (d) Tenant shall effect such repairs in a good and workmanlike and commercially reasonable manner, (e) Tenant shall use new or like new materials, and (f) Tenant shall
take reasonable efforts to minimize any material interference or impact on the other tenants and occupants of the Building. Promptly following completion of any work taken by Tenant pursuant to the terms of this Section 7.5, Tenant shall
deliver a detailed invoice of the work completed, the materials used and the costs relating thereto, and Landlord shall reimburse Tenant the amounts expended by Tenant in connection with such work, provided that Landlord shall have the right to
object if Landlord claims that such action did not have to be taken by Landlord pursuant to the terms of this Lease or that the charges are excessive (in which case Landlord shall pay the amount it contends would not have been excessive). For
purposes of this Section 7.5, an “Emergency” shall mean an event threatening immediate and material danger to people located in the Building or immediate, material damage to the Building, Base Building, or
creating a realistic possibility of an immediate and material interference with, or immediate and material interruption of a material aspect of Tenant’s business operations. 

8. ADDITIONS AND ALTERATIONS. 
 8.1
Landlord’s Consent to Alterations. Tenant may not make any improvements, alterations, additions or changes to the Premises or any mechanical, plumbing or HVAC facilities or systems pertaining to the Premises (collectively,
the “Alterations”) without first procuring the prior written consent of Landlord to such Alterations, which consent shall be requested by Tenant not less than ten (10) business days prior to the commencement thereof, and which
consent shall not be unreasonably withheld by Landlord, provided it shall be deemed reasonable for Landlord to withhold its consent to any Alteration which adversely affects the structural portions or the systems or equipment of the Building or is
visible from the exterior of the Building. Notwithstanding the foregoing, Tenant shall be permitted to make Alterations following ten (10) business days’ notice to Landlord (as to Alterations costing more than $10,000 only), but without
Landlord’s prior consent, to the extent that such Alterations (i) do not affect the building systems or equipment (other than minor changes such as adding or relocating electrical outlets and thermostats), (ii) are not visible from the
exterior of the Building, and (iii) cost less than $50,000.00 for a particular job of work. The construction of the Tenant Improvements to the Premises shall be governed by the terms of the Tenant Work Letter and not the terms of this
Article 8. 
 8.2 Manner of Construction. Landlord may impose, as a condition of its consent to any and all
Alterations or repairs of the Premises or about the Premises, such requirements as Landlord in its reasonable discretion may deem desirable, including, but not limited to, the requirement that upon Landlord’s request, Tenant shall, at
Tenant’s expense, remove such Alterations upon the expiration or any early termination of the Lease Term. Tenant shall construct such Alterations and perform such repairs in a good and workmanlike manner, in conformance with any and all
applicable federal, state, county or municipal laws, rules and regulations and pursuant to a valid building permit, issued by the city in which the Building is located (or other applicable governmental authority). Tenant shall not use (and upon
notice from Landlord shall cease using) contractors, services, workmen, labor, materials or equipment that, in Landlord’s reasonable judgment, would disturb labor harmony with the workforce or trades engaged in performing other work, labor or
services in or about the Building or the Common Areas. Upon completion of any Alterations, Tenant shall deliver to Landlord final lien waivers from all contractors, subcontractors and materialmen who performed such work. In addition to Tenant’s
obligations under Article 9 of this Lease, upon completion of any Alterations, Tenant agrees to cause a Notice of Completion to be recorded in the office of the Recorder of the County of San Mateo in accordance with Section 3093 of the
Civil Code of the State of California or any successor statute, and Tenant shall deliver to the Project construction manager a reproducible copy of the “as built” drawings of the Alterations as well as all permits, approvals and
other documents issued by any governmental agency in connection with the Alterations. 
 8.3 Payment for Improvements. In
connection with any Alterations that affect the Building systems (other than minor changes such as adding or relocating electrical outlets and thermostats), or which have a cost in excess of $100,000, Tenant shall reimburse Landlord for
Landlord’s reasonable, actual, out-of-pocket costs and expenses actually incurred in connection with Landlord’s review of such work. 

8.4 Construction Insurance. In addition to the requirements of Article 10 of this Lease, in the event that Tenant
makes any Alterations, prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant or Tenant’s contractor carries “Builder’s All Risk” insurance (to the extent that the cost of
such work shall exceed $50,000) in an amount approved by Landlord covering the construction of such Alterations, 

  
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and such other insurance as Landlord may reasonably require, it being understood and agreed that all of such Alterations shall be insured by Landlord pursuant to Article 10 of this Lease
immediately upon completion thereof. In addition, Tenant’s contractors and subcontractors shall be required to carry Commercial General Liability Insurance in an amount approved by Landlord and otherwise in accordance with the requirements of
Article 10 of this Lease. In connection with Alterations with a cost in excess of $250,000, Landlord may, in its reasonable discretion, require Tenant to obtain a lien and completion bond or some alternate form of security satisfactory to Landlord
in an amount sufficient to ensure the lien-free completion of such Alterations and naming Landlord as a co-obligee. 

8.5 Landlord’s Property. All Alterations, improvements, fixtures, equipment and/or appurtenances which may be installed
or placed in or about the Premises, from time to time, shall be at the sole cost of Tenant and all Alterations and improvements, shall be and become the property of Landlord and remain in place at the Premises following the expiration or earlier
termination of this Lease. Notwithstanding the foregoing, Landlord may, by written notice to Tenant given at the time it consents to an Alteration, require Tenant, at Tenant’s expense, to remove any Alterations within the Premises and to repair
any damage to the Premises and Building caused by such removal. If Tenant fails to complete such removal and/or to repair any damage caused by the removal of any Alterations, Landlord may do so and may charge the cost thereof to Tenant. Tenant
hereby protects, defends, indemnifies and holds Landlord harmless from any liability, cost, obligation, expense or claim of lien in any manner relating to the installation, placement, removal or financing of any such Alterations, improvements,
fixtures and/or equipment in, on or about the Premises, which obligations of Tenant shall survive the expiration or earlier termination of this Lease. Notwithstanding the foregoing, except to the extent the same are paid for by the Tenant
Improvement Allowance, the items set forth in Exhibit F attached hereto (the “Tenant’s Property”) shall at all times be and remain Tenant’s property. Exhibit F may be updated from time to time
by agreement of the parties. Tenant may remove the Tenant’s Property from the Premises at any time, provided that Tenant repairs all damage caused by such removal. Landlord shall have no lien or other interest in the Tenant’s Property.

 9. COVENANT AGAINST LIENS. Tenant shall keep the Project and Premises free from any liens or encumbrances arising out of the work
performed, materials furnished or obligations incurred by or on behalf of Tenant, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims, liabilities, judgments or costs (including, without limitation, reasonable
attorneys’ fees and costs) arising out of same or in connection therewith. Except as to Alterations as to which no notice is required under the second sentence of Section 8.1, Tenant shall give Landlord notice at least
ten (10) business days prior to the commencement of any such work on the Premises (or such additional time as may be necessary under applicable laws) to afford Landlord the opportunity of posting and recording appropriate notices of non-responsibility (to the extent applicable pursuant to then applicable laws). Tenant shall remove any such lien or encumbrance by bond or otherwise within ten (10) business days after notice by Landlord, and
if Tenant shall fail to do so, Landlord may pay the amount necessary to remove such lien or encumbrance, without being responsible for investigating the validity thereof. 

10. INSURANCE. 
 10.1
Indemnification and Waiver. Except as provided in Section 10.5 or to the extent due to the negligence, willful misconduct or violation of this Lease by Landlord or the Landlord Parties, Tenant hereby
assumes all risk of damage to property in, upon or about the Premises from any cause whatsoever (including, but not limited to, any personal injuries resulting from a slip and fall in, upon or about the Premises) and agrees that Landlord, its
partners, subpartners and their respective officers, agents, servants, employees, and independent contractors (collectively, “Landlord Parties”) shall not be liable for, and are hereby released from any responsibility for, any
damage either to person or property or resulting from the loss of use thereof, which damage is sustained by Tenant or by other persons claiming through Tenant. Tenant shall indemnify, defend, protect, and hold harmless the Landlord Parties from any
and all loss, cost, damage, expense and liability (including without limitation court costs and reasonable attorneys’ fees) incurred in connection with or arising from any cause in, on or about the Premises (including, but not limited to, a
slip and fall), any acts, omissions or negligence of Tenant or of any person claiming by, through or under Tenant, or of the contractors, agents, servants, employees, invitees, guests or licensees of Tenant or any such person, in, on or about the
Project or any breach of the terms of this Lease, either prior to, during, or after the expiration of the Lease Term, provided that the terms of the foregoing indemnity and release shall not apply to the negligence or willful misconduct of Landlord
or its agents, employees, contractors, licensees or invitees, or Landlord’s violation of this Lease. Should Landlord be named as a defendant in any suit 

  
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brought against Tenant in connection with or arising out of Tenant’s occupancy of the Premises, Tenant shall pay to Landlord its costs and expenses incurred in such suit, including without
limitation, its actual professional fees such as reasonable appraisers’, accountants’ and attorneys’ fees. Notwithstanding anything to the contrary in this Lease, Landlord shall not be released or indemnified from, and shall
indemnify, defend, protect and hold harmless Tenant from, all losses, damages, liabilities, claims, attorneys’ fees, costs and expenses arising from the gross negligence or willful misconduct of Landlord or its agents, contractors, licensees or
invitees, or a violation of Landlord’s obligations or representations under this Lease. The provisions of this Section 10.1 shall survive the expiration or sooner termination of this Lease with respect to any claims or
liability arising in connection with any event occurring prior to such expiration or termination. 
 10.2 Tenant’s Compliance With
Landlord’s Property Insurance. Landlord shall insure the Building, Tenant Improvements and any Alterations during the Lease Term against loss or damage under an “all risk” property insurance policy. Such coverage shall be
in such amounts, from such companies, and on such other terms and conditions, as Landlord may from time to time reasonably determine. Additionally, at the option of Landlord, such insurance coverage may include the risks of earthquakes and/or flood
damage and additional hazards, a rental loss endorsement and one or more loss payee endorsements in favor of the holders of any mortgages or deeds of trust encumbering the interest of Landlord in the Building or the ground or underlying lessors of
the Building, or any portion thereof. The costs of such insurance shall be included in Operating Expenses, subject to the terms of Section 4.2.4. Tenant shall, at Tenant’s expense, comply with all insurance company
requirements pertaining to the use of the Premises. If Tenant’s conduct or use of the Premises causes any increase in the premium for such insurance policies then Tenant shall reimburse Landlord for any such increase. Tenant, at Tenant’s
expense, shall comply with all rules, orders, regulations or requirements of the American Insurance Association (formerly the National Board of Fire Underwriters) and with any similar body. Notwithstanding anything to the contrary in this Lease,
Tenant shall not be required to comply with or cause the Premises to comply with any laws, rules, regulations or insurance requirements requiring the construction of alterations unless such compliance is necessitated solely due to Tenant’s
particular use of the Premises. 
 10.3 Tenant’s Insurance. Tenant shall maintain the following coverages in the
following amounts. 
 10.3.1 Commercial General Liability Insurance on an occurrence form covering the insured against claims of bodily
injury and property damage (including loss of use thereof) arising out of Tenant’s operations, and contractual liabilities including a contractual coverage for limits of liability (which limits may be met together with umbrella liability
insurance) of not less than: 
  

					
		  	    Bodily Injury and	  	$4,000,000 each occurrence
		  	    Property Damage Liability	  	$4,000,000 annual aggregate
			
		  	    Personal Injury Liability	  	$4,000,000 annual aggregate

 10.3.2 Property Insurance covering all office furniture, business and trade fixtures, office and lab equipment,
free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s property on the Premises installed by, for, or at the expense of Tenant. Such insurance shall be written on an “all risks” of physical
loss or damage basis, for the full replacement cost value (subject to reasonable deductible amounts) new without deduction for depreciation of the covered items and in amounts that meet any co-insurance
clauses of the policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including, but not limited to, vandalism and malicious mischief, theft, water damage (excluding flood), including sprinkler
leakage, bursting or stoppage of pipes, and explosion, and providing business interruption coverage for a period of ninety (90) days. 

10.3.3 Business Income Interruption for ninety (90) days plus Extra Expense insurance in such amounts as will reimburse Tenant for actual
direct or indirect loss of earnings attributable to the risks outlined in Section 10.3.2 above. 
 10.3.4
Worker’s Compensation and Employer’s Liability or other similar insurance pursuant to all applicable state and local statutes and regulations. The policy shall include a waiver of subrogation in favor of Landlord, its employees, Lenders
and any property manager or partners. 

  
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 10.4 Form of Policies. The minimum limits of policies of insurance required of
Tenant under this Lease shall in no event limit the liability of Tenant under this Lease. Such insurance shall (i) name Landlord, its subsidiaries and affiliates, its property manager (if any) and any other party the Landlord so specifies, as
an additional insured on the liability insurance, including Landlord’s managing agent, if any; (ii) be issued by an insurance company having a rating of not less than A-:VII in Best’s Insurance
Guide or which is otherwise acceptable to Landlord and authorized to do business in the State of California; and (iv) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and is non-contributing with any insurance required of Tenant. Tenant shall not cause said insurance to be canceled or coverage changed unless thirty (30) days’ prior written notice shall have been given to
Landlord and any mortgagee of Landlord (unless such cancellation is the result of non-payment of premiums, in which case note less than five (5) days’ notice shall be provided). Tenant shall deliver
said policy or policies or certificates thereof to Landlord on or before the Lease Commencement Date and at least ten (10) days before the expiration dates thereof. In the event Tenant shall fail to procure such insurance, or to deliver such
policies or certificate, Landlord may, at its option, procure such policies for the account of Tenant, and the cost thereof shall be paid to Landlord within five (5) days after delivery to Tenant of bills therefor. 

10.5 Subrogation. Landlord and Tenant hereby agree to look solely to, and seek recovery only from, their respective
insurance carriers in the event of a property or business interruption loss to the extent that such coverage is agreed to be provided hereunder, notwithstanding the negligence of either party. Notwithstanding anything to the contrary in this Lease,
the parties each hereby waive all rights and claims against each other for such losses, and waive all rights of subrogation of their respective insurers. The parties agree that their respective insurance policies do now, or shall, contain the waiver
of subrogation. 
 10.6 Additional Insurance Obligations. Tenant shall carry and maintain during the entire Lease Term, at
Tenant’s sole cost and expense, increased amounts of the insurance required to be carried by Tenant pursuant to this Article 10 and such other reasonable types of insurance coverage and in such reasonable amounts covering the Premises
and Tenant’s operations therein, as may be reasonably requested by Landlord or Landlord’s lender, but in no event in excess of the amounts and types of insurance then being required by landlords of buildings comparable to and in the
vicinity of the Building. 
 10.7 Construction Period: The term “Construction Period” shall mean the period from the
date of this Lease to the date that Landlord completes construction of the Landlord’s Work (including any “Additional Base Building Items”, as defined in Section 3(f) of the Tenant Work Letter), and Common Areas,
regardless of the occurrence of any Tenant Delay and without regard to the effect of any provision of this Lease pursuant to which the Premises are deemed to be Ready for Occupancy in advance of its actual occurrence. Notwithstanding any
provision of this Lease to the contrary, during the Construction Period only, the following provisions shall be applicable: 
 10.7.1 with
respect to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term “Landlord Parties” shall mean and shall be limited to HCP Oyster Point III LLC, a Delaware limited liability company
(or any entity that that succeeds to HCP Oyster Point III LLC’s interest as Landlord under the Lease) and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount
which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees,
agents or contractors; and 
 10.7.2 during the Construction Period only, Tenant’s liability under this Lease for Tenant’s actions
or failures to act under the Lease during the Construction Period, including, without limitation, (A) Tenant’s indemnity obligations, plus (B) Base Rent and Additional Rent (as a consequence of Tenant Delay), plus (C) any and all
other costs payable to Landlord or otherwise payable by Tenant under this Lease, which amount shall calculated to include (i) the accreted value of any payments previously made by Tenant plus (ii) the present value of the maximum amount
that Tenant could be required to pay as of that point in time (whether or not construction is completed) discounted at Tenant’s incremental borrowing rate used to classify the Lease under ASC 840 (FAS 13), shall be limited to 89.9% of
Landlord’s Project Costs determined as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord in
accordance with GAAP, plus other costs related to the Project (including related site improvements and 

  
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other Project costs) paid by Landlord to third parties other than lenders or owners of Landlord (excluding land acquisition costs, but including land carrying costs, such as interest or ground
rent incurred during the Construction Period, and including all costs incurred by Landlord in connection with the development and construction of the Project); and 

10.7.3 the provisions of Section 21.1(H) of the Lease shall not apply during the Construction Period. 

10.8 For the avoidance of doubt, Landlord and Tenant agree that: 

10.8.1 no claim by Landlord for Tenant’s repudiation of this Lease at any time shall be limited under this section; and 

10.8.2 for any claim other than under clause (x) above, if during the Construction Period Landlord makes any claim for any anticipatory
breach by Tenant of any obligation under this Lease owed to Landlord for any period after the Construction Period and the amount payable by Tenant for such claim is limited by the provisions of Section 10.7.2 above, the entire amount (to the
extent not theretofore paid) shall be payable promptly after the Construction Period; and 
 10.8.3 following the end of the Construction
Period, the terms of this Section 10.7 shall be of no further force or effect. 
 11. DAMAGE AND DESTRUCTION. 

11.1 Repair of Damage to Premises by Landlord. Tenant shall promptly notify Landlord of any damage to the Premises resulting
from fire or any other casualty. If the Premises or any Common Areas serving or providing access to the Premises shall be damaged by fire or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance
adjustment or other matters beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, restore the Premises and such Common Areas. Such restoration shall be to substantially the same condition of the
Premises and the Common Areas prior to the casualty, except for modifications required by zoning and building codes and other laws or any other modifications to the Common Areas deemed desirable by Landlord, which are consistent with the character
of the Project, provided that access to the Premises shall not be materially impaired. Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from such
damage or the repair thereof; provided however, that if such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, and the damaged portions of the Premises are not occupied by Tenant as a result
thereof, then during the time and to the extent the Premises are unfit for occupancy, the Rent shall be abated in proportion to the ratio that the amount of rentable square feet of the Premises which is unfit for occupancy for the purposes permitted
under this Lease bears to the total rentable square feet of the Premises. 
 11.2 Landlord’s Option to
Repair. Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises, Building and/or Project, and instead terminate this Lease, by notifying Tenant in
writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises, but Landlord may so elect only if the Building
shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one (1) year after the date of discovery
of the damage (when such repairs are made without the payment of overtime or other premiums); (ii) the damage is due to a risk that Landlord is not required to insure under this Lease, and the cost of restoration exceed five percent (5%) of the
replacement cost of the Building (unless Tenant agrees to pay any uninsured amount in excess of such five percent (5%)); or (iii) the damage occurs during the last twelve (12) months of the Lease Term and will take more than sixty
(60) days to restore; provided, however, that if Landlord does not elect to terminate this Lease pursuant to Landlord’s termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within
eight (8) months days after the date of discovery of the damage (or are not in fact completed within nine (9) months after the date of discovery of the damage), Tenant may elect, no earlier than sixty (60) days after the date of the
damage and not later than ninety (90) days after the date of such damage, or within thirty (30) days after such repairs are not timely completed, to terminate this Lease by written notice to Landlord effective as of the date specified in
the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date such notice is given by Tenant. 

  
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 11.3 Waiver of Statutory Provisions. The provisions of this Lease, including
this Article 11, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or the Project, and any statute or regulation of the State of
California, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any
other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or the Project. 

12. NONWAIVER. No provision of this Lease shall be deemed waived by either party hereto unless expressly waived in a writing signed thereby. The
waiver by either party hereto of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of any subsequent breach of same or any other term, covenant or condition herein contained. The subsequent acceptance
of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted, regardless of
Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. No acceptance of a lesser amount than the Rent herein stipulated shall be deemed a waiver of Landlord’s right to receive the full amount due, nor shall
any endorsement or statement on any check or payment or any letter accompanying such check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the full
amount due. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant’s right of possession hereunder, or after the giving of any notice shall reinstate,
continue or extend the Lease Term or affect any notice given Tenant prior to the receipt of such monies, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, Landlord
may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said notice, suit or judgment. 
 13.
CONDEMNATION. If the whole or any part of the Premises shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken
or condemned, or reconfigured or vacated by such authority in such manner as to require the use or reconstruction of any part of the Premises, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or
condemnation, Landlord shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority. Tenant shall not because of such taking assert any claim against Landlord or the authority for
any compensation because of such taking and Landlord shall be entitled to the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant’s
personal property and fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, for moving expenses, for the unamortized value of any improvements paid for by Tenant and for the Lease
“bonus value”, so long as such claims are payable separately to Tenant. All Rent shall be apportioned as of the date of such termination. If any part of the Premises shall be taken, and this Lease shall not be so terminated, the Rent shall
be proportionately abated. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of The California Code of Civil Procedure. Notwithstanding anything to the contrary contained in this Article 13, in the
event of a temporary taking of all or any portion of the Premises for a period of one hundred and eighty (180) days or less, then this Lease shall not terminate but the Base Rent and the Additional Rent shall be abated for the period of such
taking in proportion to the ratio that the amount of rentable square feet of the Premises taken bears to the total rentable square feet of the Premises. Landlord shall be entitled to receive the entire award made in connection with any such
temporary taking. 
 14. ASSIGNMENT AND SUBLETTING. 

14.1 Transfers. Tenant shall not, without the prior written consent of Landlord, assign, mortgage, pledge, hypothecate,
encumber, or permit any lien to attach to, or otherwise transfer, this Lease or any interest hereunder, permit any assignment, or other transfer of this Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or
enter into any license or concession agreements or otherwise permit the occupancy or use of the Premises or any part thereof by any persons other than Tenant and its employees and 

  
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contractors (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers” and any person to whom any Transfer is made or sought to be made is
hereinafter sometimes referred to as a “Transferee”). If Tenant desires Landlord’s consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the “Transfer Notice”) shall include
(i) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (ii) a description of the portion of
the Premises to be transferred (the “Subject Space”), (iii) all of the terms of the proposed Transfer and the consideration therefor, including calculation of the “Transfer Premium”, as that term is defined in
Section 14.3 below, in connection with such Transfer, the name and address of the proposed Transferee, and a copy of all existing executed and/or proposed documentation pertaining to the proposed Transfer, and
(iv) current financial statements of the proposed Transferee certified by an officer, partner or owner thereof, and any other information reasonably required by Landlord which will enable Landlord to determine the financial responsibility,
character, and reputation of the proposed Transferee, nature of such Transferee’s business and proposed use of the Subject Space. Any Transfer made without Landlord’s prior written consent shall, at Landlord’s option, be null, void
and of no effect, and shall, at Landlord’s option, constitute a default by Tenant under this Lease. Whether or not Landlord consents to any proposed Transfer, Tenant shall pay Landlord’s reasonable review and processing fees, as well as
any reasonable professional fees (including, without limitation, attorneys’, accountants’, architects’, engineers’ and consultants’ fees) incurred by Landlord (not to exceed $3,500 in the aggregate for any particular
Transfer), within thirty (30) days after written request by Landlord. 
 14.2 Landlord’s Consent. Landlord shall
not unreasonably withhold or delay its consent to any proposed Transfer of the Subject Space to the Transferee on the terms specified in the Transfer Notice. Without limitation as to other reasonable grounds for withholding consent, the parties
hereby agree that it shall be reasonable under this Lease and under any applicable law for Landlord to withhold consent to any proposed Transfer where one or more of the following apply: 

14.2.1 The Transferee is of a character or reputation or engaged in a business which is not consistent with the quality of the Building or the
Project; 
 14.2.2 The Transferee is either a governmental agency or instrumentality thereof; 

14.2.3 The Transferee is not a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken
in connection with the Transfer on the date consent is requested; or 
 14.2.4 The proposed Transfer would cause a violation of another lease
for space in the Project, or would give an occupant of the Project a right to cancel its lease. 
 If Landlord consents to any Transfer
pursuant to the terms of this Section 14.2 (and does not exercise any recapture rights Landlord may have under Section 14.4 of this Lease), Tenant may within six (6) months after
Landlord’s consent, but not later than the expiration of said six-month period, enter into such Transfer of the Premises or portion thereof, upon substantially the same terms and conditions as are set
forth in the Transfer Notice furnished by Tenant to Landlord pursuant to Section 14.1 of this Lease, provided that if there are any changes in the terms and conditions from those specified in the Transfer Notice such that
Landlord would initially have been entitled to refuse its consent to such Transfer under this Section 14.2, Tenant shall again submit the Transfer to Landlord for its approval and other action under this Article 14
(including Landlord’s right of recapture, if any, under Section 14.4 of this Lease). Notwithstanding anything to the contrary in this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably
withheld or delayed its consent under Section 14.2 or otherwise has breached or acted unreasonably under this Article 14, their sole remedies shall be a suit for contract damages (other than damages for injury to, or
interference with, Tenant’s business including, without limitation, loss of profits, however occurring) or declaratory judgment and an injunction for the relief sought, and Tenant hereby waives all other remedies, including, without limitation,
any right at law or equity to terminate this Lease, on its own behalf and, to the extent permitted under all applicable laws, on behalf of the proposed Transferee. 

14.3 Transfer Premium. If Landlord consents to a Transfer, as a condition thereto which the parties hereby agree is
reasonable, Tenant shall pay to Landlord fifty percent (50%) of any “Transfer Premium,” as that term is defined in this Section 14.3, received by Tenant from such Transferee. “Transfer
Premium” shall mean all rent, additional rent or other consideration payable by such Transferee in connection with the Transfer in excess of 

  
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the Rent and Additional Rent payable by Tenant under this Lease during the term of the Transfer on a per rentable square foot basis if less than all of the Premises is transferred, and after
deduction of (i) any costs of improvements made to the Subject Space in connection with such Transfer, (ii) brokerage commissions paid in connection with such Transfer, and (iii) reasonable legal fees incurred in connection with such
Transfer. “Transfer Premium” shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value
for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such Transfer. The determination of the amount of Landlord’s applicable share of
the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant under the Transfer. 
 14.4
Landlord’s Option as to Subject Space. Notwithstanding anything to the contrary contained in this Article 14, in the event Tenant contemplates a Transfer other than to a Permitted Transferee which, together with all
prior Transfers then remaining in effect, would cause fifty percent (50%) or more of the Premises to be Transferred for more than fifty percent (50%) of the then remaining Lease Term (taking into account any extension of the Lease Term which has
irrevocably exercised by Tenant), Tenant shall give Landlord notice (the “Intention to Transfer Notice”) of such contemplated Transfer    (whether or not the contemplated Transferee or the terms of such
contemplated Transfer have been determined). The Intention to Transfer Notice shall specify the portion of and amount of rentable square feet of the Premises which Tenant intends to Transfer in the subject Transfer (the “Contemplated
Transfer Space”), the contemplated date of commencement of the Contemplated Transfer (the “Contemplated Effective Date”), and the contemplated length of the term of such contemplated Transfer. Thereafter, Landlord shall
have the option, by giving written notice to Tenant within thirty (30) days after receipt of any Intention to Transfer Notice, to recapture the Contemplated Transfer Space. Such recapture shall cancel and terminate this Lease with respect to
such Contemplated Transfer Space as of the Contemplated Effective Date. In the event of a recapture by Landlord, if this Lease shall be canceled with respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis
of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises, and this Lease as so amended shall continue thereafter in full force and effect, and upon request of either
party, the parties shall execute written confirmation of the same. If Landlord declines, or fails to elect in a timely manner, to recapture such Contemplated Transfer Space under this Section 14.4, then, subject to the
other terms of this Article 14, for a period of nine (9) months (the “Nine Month Period”) commencing on the last day of such thirty (30) day period, Landlord shall not have any right to recapture the Contemplated
Transfer Space with respect to any Transfer made during the Nine Month Period, provided that any such Transfer is substantially on the terms set forth in the Intention to Transfer Notice, and provided further that any such Transfer shall be subject
to the remaining terms of this Article 14. If such a Transfer is not so consummated within the Nine Month Period (or if a Transfer is so consummated, then upon the expiration of the term of any Transfer of such Contemplated Transfer Space
consummated within such Nine Month Period), Tenant shall again be required to submit a new Intention to Transfer Notice to Landlord with respect any contemplated Transfer, as provided above in this Section 14.4. Tenant
shall not be required to provide a separate Intention to Transfer Notice and Tenant’s request for Landlord’s consent to a Transfer shall satisfy Tenant’s obligations in this Section 14.4. 

14.5 Effect of Transfer. If Landlord consents to a Transfer, (i) the terms and conditions of this Lease shall in no way
be deemed to have been waived or modified, (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee, (iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy
of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, (iv) Tenant shall furnish upon Landlord’s request a complete statement, certified by an independent certified public accountant, or Tenant’s
chief financial officer, setting forth in detail the computation of any Transfer Premium Tenant has derived and shall derive from such Transfer, and (v) no Transfer relating to this Lease or agreement entered into with respect thereto, whether
with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from any liability under this Lease, including, without limitation, in connection with the Subject Space. Landlord or its authorized representatives shall
have the right at all reasonable times to audit the books, records and papers of Tenant relating to any Transfer, and shall have the right to make copies thereof. If the Transfer Premium respecting any Transfer shall be found understated, Tenant
shall, within thirty (30) days after demand, pay the deficiency, and if understated by more than two percent (2%), Tenant shall pay Landlord’s costs of such audit. 

  
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 14.6 Additional Transfers. For purposes of this Lease, the term
“Transfer” shall also include if Tenant is a partnership, the withdrawal or change, voluntary, involuntary or by operation of law, of fifty percent (50%) or more of the partners, or transfer of fifty percent (50%) or more of
partnership interests, within a twelve (12)-month period, or the dissolution of the partnership without immediate reconstitution thereof. 

14.7 Occurrence of Default. Any Transfer hereunder shall be subordinate and subject to the provisions of this Lease, and if
this Lease shall be terminated during the term of any Transfer, Landlord shall have the right to: (i) treat such Transfer as cancelled and repossess the Subject Space by any lawful means, or (ii) require that such Transferee attorn to and
recognize Landlord as its landlord under any such Transfer. If Tenant shall be in default under this Lease, Landlord is hereby irrevocably authorized, as Tenant’s agent and
attorney-in-fact, to direct any Transferee to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall apply towards
Tenant’s obligations under this Lease) until such default is cured. Such Transferee shall rely on any representation by Landlord that Tenant is in default hereunder, without any need for confirmation thereof by Tenant. Upon any assignment, the
assignee shall assume in writing all obligations and covenants of Tenant thereafter to be performed or observed under this Lease. No collection or acceptance of rent by Landlord from any Transferee shall be deemed a waiver of any provision of this
Article 14 or the approval of any Transferee or a release of Tenant from any obligation under this Lease, whether theretofore or thereafter accruing. In no event shall Landlord’s enforcement of any provision of this Lease against any
Transferee be deemed a waiver of Landlord’s right to enforce any term of this Lease against Tenant or any other person. If Tenant’s obligations hereunder have been guaranteed, Landlord’s consent to any Transfer shall not be effective
unless the guarantor also consents to such Transfer. 
 14.8
Non-Transfers. Notwithstanding anything to the contrary contained in this Article 14, (i) an assignment or subletting of all or a portion of the Premises to an affiliate of Tenant (an
entity which is controlled by, controls, or is under common control with, Tenant), (ii) an assignment of the Premises to an entity which acquires all or substantially all of the assets or interests (partnership, stock or other) of Tenant,
(iii) an assignment of the Premises to an entity which is the resulting entity of a merger or consolidation of Tenant with another entity, or (iv) a sale of corporate shares of capital stock in Tenant in connection with an initial public
offering of Tenant’s stock on a nationally-recognized stock exchange (collectively, a “Permitted Transferee”), shall not be deemed a Transfer under this Article 14, provided that (A) Tenant notifies Landlord of any
such assignment or sublease and promptly supplies Landlord with any documents or information requested by Landlord regarding such assignment or sublease or such affiliate, (B) such assignment or sublease is not a subterfuge by Tenant to avoid
its obligations under this Lease, (C) such Permitted Transferee shall be of a character and reputation consistent with the quality of the Building, and (D) such Permitted Transferee described in subpart (ii) or (iii) above shall have
a tangible net worth (not including goodwill as an asset) computed in accordance with generally accepted accounting principles (“Net Worth”) at least equal to the Net Worth of Tenant on the day immediately preceding the effective
date of such assignment or sublease. An assignee of Tenant’s entire interest that is also a Permitted Transferee may also be known as a “Permitted Assignee”. “Control,” as used in this
Section 14.8, shall mean the ownership, directly or indirectly, of at least fifty-one percent (51%) of the voting securities of, or possession of the right to vote, in the ordinary
direction of its affairs, of at least fifty-one percent (51%) of the voting interest in, any person or entity. No such permitted assignment or subletting shall serve to release Tenant from any of its
obligations under this Lease. 
 15. SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES. 

15.1 Surrender of Premises. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term
shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in writing by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord
shall not constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any
reasonable time upon request until this Lease shall have been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the
option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies. 

15.2 Removal of Tenant Property by Tenant. Upon the expiration of the Lease Term, or upon any earlier termination of this
Lease, Tenant shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in as good order and condition as when Tenant took possession and as 

  
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thereafter improved by Landlord and/or Tenant, reasonable wear and tear, damage caused by casualty, repairs required as a result of condemnation, and repairs which are specifically made the
responsibility of Landlord hereunder excepted. Upon such expiration or termination, Tenant shall, without expense to Landlord, remove or cause to be removed from the Premises all debris and rubbish, and such items of furniture, equipment,
free-standing cabinet work, movable partitions (but not demountable walls) and other articles of personal property owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other persons
claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant shall repair at its own expense all damage to the Premises and Building resulting from such removal. 

15.3 Environmental Assessment. In connection with its surrender of the Premises, Tenant shall submit to Landlord, at least
fifteen (15) days prior to the expiration date of this Lease (or in the event of an earlier termination of this Lease, as soon as reasonably possible following such termination), an environmental Assessment of the Premises by a competent and
experienced environmental engineer or engineering firm reasonably satisfactory to Landlord (pursuant to a contract approved by Landlord and providing that Landlord can rely on the Environmental Assessment). If such Environmental Assessment reveals
that remediation or Clean-up is required under any Environmental Laws that Tenant is responsible for under this Lease, Tenant shall submit a remediation plan prepared by a recognized environmental consultant
and shall be responsible for all costs of remediation and Clean-up, as more particularly provided in Section 5.3, above. 

15.4 Condition of the Building and Premises Upon Surrender. In addition to the above requirements of this Article 15, upon
the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant shall, surrender the Premises and Building with Tenant having complied with all of Tenant’s obligations under this Lease, including those relating to
improvement, repair, maintenance, compliance with law, testing and other related obligations of Tenant set forth in Article 7 of this Lease. In the event that the Building and Premises shall be surrendered in a condition which does not comply
with the terms of this Section 15.4, because Tenant failed to comply with its obligations set forth in Lease, then following thirty (30) days’ notice to Tenant, during which thirty (30) day period Tenant
shall have the right to cure such noncompliance, Landlord shall be entitled to expend all reasonable costs in order to cause the same to comply with the required condition upon surrender and Tenant shall immediately reimburse Landlord for all such
costs upon notice and, commencing on the later of the termination of this Lease and three (3) business days after Landlord’s delivery of notice of such failure and that it elects to treat such failure as a holdover, Tenant shall be deemed
during the period that Tenant or Landlord, as the case may be, perform obligations relating to the Surrender Improvements to be in holdover under Article 16 of this Lease. 

16. HOLDING OVER. If Tenant holds over after the expiration of the Lease Term or earlier termination thereof, with the express or implied consent of
Landlord, such tenancy shall be from month-to-month only, and shall not constitute a renewal hereof or an extension for any further term. If Tenant holds over after the
expiration of the Lease Term of earlier termination thereof, without the express or implied consent of Landlord, such tenancy shall be deemed to be a tenancy by sufferance only, and shall not constitute a renewal hereof or an extension for any
further term. In either case, Base Rent shall be payable at a monthly rate equal to one hundred fifty percent (150%) of the Base Rent applicable during the last rental period of the Lease Term under this Lease. Such month-to-month tenancy or tenancy by sufferance, as the case may be, shall be subject to every other applicable term, covenant and agreement contained herein. Nothing contained in this Article 16 shall be
construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of
this Lease. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant fails to surrender the Premises upon the termination or expiration of
this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting from such
failure, including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom. 

17. ESTOPPEL CERTIFICATES. Within ten (10) business days following a request in writing by Landlord, Tenant shall execute, acknowledge and deliver
to Landlord an estoppel certificate, which, as submitted by Landlord, shall be substantially in the form of Exhibit D, attached hereto (or such other form as may be reasonably required by any prospective mortgagee or purchaser of
the Project, or any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall also contain any other information reasonably requested by Landlord or 

  
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Landlord’s mortgagee or prospective mortgagee. Any such certificate may be relied upon by any prospective mortgagee or purchaser of all or any portion of the Project. Tenant shall execute
and deliver whatever other instruments may be reasonably required for such purposes. At any time during the Lease Term, in connection with a sale or financing of the Building by Landlord, Landlord may require Tenant to provide Landlord with its most
recent annual financial statement and annual financial statements of the preceding two (2) years. Such statements shall be prepared in accordance with generally accepted accounting principles and, if such is the normal practice of Tenant, shall
be audited by an independent certified public accountant. Landlord shall hold such statements confidential. Failure of Tenant to timely execute, acknowledge and deliver such estoppel certificate or other instruments shall constitute an acceptance of
the Premises and an acknowledgment by Tenant that statements included in the estoppel certificate are true and correct, without exception. 
 18.
SUBORDINATION. Landlord hereby represents and warrants to Tenant that the Project is not currently subject to any ground lease, or to the lien of any mortgage or deed of trust. This Lease shall be subject and subordinate to all future
ground or underlying leases of the Building or Project and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building or Project or any part thereof, if any, and to all renewals, extensions,
modifications, consolidations and replacements thereof, and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages, trust deeds or other encumbrances, or the lessors
under such ground lease or underlying leases, require in writing that this Lease be superior thereto. The subordination of this Lease to any such future ground or underlying leases of the Building or Project or to the lien of any mortgage, trust
deed or other encumbrances, shall be subject to Tenant’s receipt of a commercially reasonable subordination, non-disturbance, and attornment agreement in favor of Tenant. Tenant covenants and agrees in
the event any proceedings are brought for the foreclosure of any such mortgage or deed in lieu thereof (or if any ground lease is terminated), to attorn, without any deductions or set-offs whatsoever, to the
lienholder or purchaser or any successors thereto upon any such foreclosure sale or deed in lieu thereof (or to the ground lessor), if so requested to do so by such purchaser or lienholder or ground lessor, and to recognize such purchaser or
lienholder or ground lessor as the lessor under this Lease, provided such lienholder or purchaser or ground lessor shall agree to accept this Lease and not disturb Tenant’s occupancy, so long as Tenant timely pays the rent and observes and
performs the terms, covenants and conditions of this Lease to be observed and performed by Tenant. Landlord’s interest herein may be assigned as security at any time to any lienholder. Tenant shall, within ten (10) days of request by
Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm the subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying leases. Tenant
waives the provisions of any current or future statute, rule or law which may give or purport to give Tenant any right or election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder in the event of any
foreclosure proceeding or sale. 
 19. DEFAULTS; REMEDIES. 

19.1 Events of Default. The occurrence of any of the following shall constitute a default of this Lease by Tenant: 

19.1.1 Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, when due unless
such failure is cured within five (5) business days after notice; or 
 19.1.2 Except where a specific time period is otherwise set
forth for Tenant’s performance in this Lease, in which event the failure to perform by Tenant within such time period shall be a default by Tenant under this Section 19.1.2, any failure by Tenant to observe or perform
any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided that if the nature of such default
is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such
default; or 
 19.1.3 Abandonment or vacation of all or a substantial portion of the Premises by Tenant while Tenant is in default under the
Lease; or 
 19.1.4 The failure by Tenant to observe or perform according to the provisions of Articles 5, 14, 17 or
18 of this Lease where such failure continues for more than five (5) business days after notice from Landlord. 

  
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 19.2 Remedies Upon Default. Upon the occurrence of any event of default by
Tenant, Landlord shall have, in addition to any other remedies available to Landlord at law or in equity (all of which remedies shall be distinct, separate and cumulative), the option to pursue any one or more of the following remedies, each and all
of which shall be cumulative and nonexclusive, without any notice or demand whatsoever. 
 19.2.1 Terminate this Lease, in which event Tenant
shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel
or remove Tenant and any other person who may be occupying the Premises or any part thereof, without being liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following: 

(i) The worth at the time of award of the unpaid rent which has been earned at the time of such termination; plus 

(ii) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination
until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 

(iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time
of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus 
 (iv) Any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, specifically
including but not limited to, in each case to the extent allocable to the remaining Lease Term, brokerage commissions and advertising expenses incurred to obtain a new tenant, expenses of remodeling the Premises or any portion thereof for a new
tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant; and 
 (v) At
Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law. 

The term “rent” as used in this Section 19.2 shall be deemed to be and to mean all sums of every
nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 19.2.1(i) and (ii), above, the “worth at the time of award” shall be computed by allowing
interest at the rate set forth in Article 25 of this Lease, but in no case greater than the maximum amount of such interest permitted by law. As used in Section 19.2.1(iii) above, the “worth at the time of
award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). 

19.2.2 Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after
lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default
by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent as it becomes due. 

19.2.3 Landlord shall at all times have the rights and remedies (which shall be cumulative with each other and cumulative and in addition to
those rights and remedies available under Sections 19.2.1 and 19.2.2, above, or any law or other provision of this Lease), without prior demand or notice except as required by applicable law, to seek any declaratory, injunctive or
other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof. 

  
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 19.3 Subleases of Tenant. If Landlord elects to terminate this Lease on
account of any default by Tenant, as set forth in this Article 19, Landlord shall have the right to terminate any and all subleases, licenses, concessions or other consensual arrangements for possession entered into by Tenant and affecting
the Premises or may, in Landlord’s sole discretion, succeed to Tenant’s interest in such subleases, licenses, concessions or arrangements. In the event of Landlord’s election to succeed to Tenant’s interest in any such subleases,
licenses, concessions or arrangements, Tenant shall, as of the date of notice by Landlord of such election, have no further right to or interest in the rent or other consideration receivable thereunder. 

19.4 Efforts to Relet. No re-entry, repairs, maintenance, changes, alterations and
additions, appointment of a receiver to protect Landlord’s interests hereunder, or any other action or omission by Landlord shall be construed as an election by Landlord to terminate this Lease or Tenant’s right to possession, or to accept
a surrender of the Premises, nor shall same operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, unless express written notice of such intention is sent by Landlord to Tenant. 

20. COVENANT OF QUIET ENJOYMENT. Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein
reserved and on keeping, observing and performing all the other terms, covenants, conditions, provisions and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and quietly
have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements hereof without interference by any persons lawfully claiming by or through Landlord. The foregoing covenant is in lieu of any other covenant
express or implied. 
 21. LETTER OF CREDIT. 

21.1 Delivery of Letter of Credit. Tenant shall deliver to Landlord, concurrently with Tenant’s execution of this
Lease, an unconditional, clean, irrevocable letter of credit (the “L-C”) in the amount set forth in Section 8 of the Lease Summary (the “L-C Amount”), which L-C shall be issued by a money-center, solvent and nationally recognized bank (a bank which accepts deposits, maintains accounts, has a local San
Francisco Bay Area office which will negotiate a letter of credit, and whose deposits are insured by the FDIC) reasonably acceptable to Landlord (such approved, issuing bank being referred to herein as the “Bank”), which Bank must
have a rating from Standard and Poors Corporation of A- or better (or any equivalent rating thereto from any successor or substitute rating service selected by Lessor) and a letter of credit issuer rating from
Moody’s Investor Service of A3 or better (or any equivalent rating thereto from any successor rating agency thereto)) (collectively, the “Bank’s Credit Rating Threshold”), and which
L-C shall be in the form of Exhibit H, attached hereto. Notwithstanding the foregoing, Landlord hereby approves Silicon Valley Bank as the Bank. Tenant shall pay all expenses, points and/or fees
incurred by Tenant in obtaining the L-C. The L-C shall (i) be “callable” at sight, irrevocable and unconditional, (ii) be maintained in effect,
whether through renewal or extension, for the period commencing on the date of this Lease and continuing until the date (the “L-C Expiration Date”) that is no less than sixty (60) days
after the expiration of the Lease Term as the same may be extended, and Tenant shall deliver a new L-C or certificate of renewal or extension to Landlord at least thirty (30) days prior to the expiration
of the L-C then held by Landlord, without any action whatsoever on the part of Landlord, (iii) be fully assignable by Landlord, its successors and assigns, (iv) permit partial draws and multiple
presentations and drawings, and (v) be otherwise subject to the Uniform Customs and Practices for Documentary Credits (1993-Rev), International Chamber of Commerce Publication #500, or the International
Standby Practices-ISP 98, International Chamber of Commerce Publication #590. Landlord, or its then managing agent, shall have the right to draw down an amount up to the face amount of the L-C if any of the following shall have occurred or be applicable: (A) such amount is due to Landlord under the terms and conditions of this Lease, and has not been paid within applicable notice and cure periods
(or, if Landlord is prevented by law from providing notice, within the period for payment set forth in the Lease), or (B) Tenant has filed a voluntary petition under the U. S. Bankruptcy Code or any state bankruptcy code (collectively,
“Bankruptcy Code”), or (C) an involuntary petition has been filed against Tenant under the Bankruptcy Code that is not dismissed within thirty (30) days, or (D) the Lease has been rejected, or is deemed rejected,
under Section 365 of the U.S. Bankruptcy Code, following the filing of a voluntary petition by Tenant under the Bankruptcy Code, or the filing of an involuntary petition against Tenant under the Bankruptcy Code, or (E) the Bank has
notified Landlord that the L-C will not be renewed or extended through the L-C Expiration Date, and Tenant has not provided a replacement
L-C that satisfies the requirements of this Lease at least thirty (30) days prior to such expiration, or (F) Tenant is placed into receivership or conservatorship, or becomes subject to similar
proceedings under Federal or State law, or (G) Tenant executes an assignment for the benefit of creditors, or (H) if (1) any of the Bank’s (other 

  
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than Silicon Valley Bank) Fitch Ratings (or other comparable ratings to the extent the Fitch Ratings are no longer available) have been reduced below the Bank’s Credit Rating Threshold, or
(2) there is otherwise a material adverse change in the financial condition of the Bank, and Tenant has failed to provide Landlord with a replacement letter of credit, conforming in all respects to the requirements of this Article 21
(including, but not limited to, the requirements placed on the issuing Bank more particularly set forth in this Section 21.1 above), in the amount of the applicable L-C Amount,
within ten (10) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) (each of the foregoing being an “L-C Draw Event”). The L-C shall be honored by the Bank regardless of whether Tenant disputes Landlord’s right to draw upon the
L-C. In addition, in the event the Bank is placed into receivership or conservatorship by the Federal Deposit Insurance Corporation or any successor or similar entity, then, effective as of the date such
receivership or conservatorship occurs, said L-C shall be deemed to fail to meet the requirements of this Article 21, and, within ten (10) days following Landlord’s notice to Tenant of such
receivership or conservatorship (the “L-C FDIC Replacement Notice”), Tenant shall replace such L-C with a substitute letter of credit from a different
issuer (which issuer shall meet or exceed the Bank’s Credit Rating Threshold and shall otherwise be acceptable to Landlord in its reasonable discretion) and that complies in all respects with the requirements of this Article 21. If
Tenant fails to replace such L-C with such conforming, substitute letter of credit pursuant to the terms and conditions of this Section 21.1, then, notwithstanding anything in this
Lease to the contrary, Landlord shall have the right to declare Tenant in default of this Lease for which there shall be no notice or grace or cure periods being applicable thereto (other than the aforesaid ten (10) day period). Tenant shall be
responsible for the payment of any and all Tenant’s and Bank’s costs incurred with the review of any replacement L-C, which replacement is required pursuant to this Section or is otherwise requested by Tenant. In the event of an assignment
by Tenant of its interest in the Lease (and irrespective of whether Landlord’s consent is required for such assignment), the acceptance of any replacement or substitute letter of credit by Landlord from the assignee shall be subject to
Landlord’s prior written approval, in Landlord’s reasonable discretion, and the actual and reasonable attorney’s fees incurred by Landlord in connection with such determination shall be payable by Tenant to Landlord within ten
(10) days of billing. 
 21.2 Application of L-C. Tenant hereby acknowledges and agrees that
Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the L-C upon the occurrence of any L-C Draw Event. In the event of
any L-C Draw Event, Landlord may, but without obligation to do so, and without notice to Tenant (except in connection with an L-C Draw Event under
Section 21.1(H) above), draw upon the L-C, in part or in whole, in the amount necessary to cure any such L-C Draw Event and/or to compensate
Landlord for any and all damages of any kind or nature sustained or which Landlord reasonably estimates that it will sustain resulting from Tenant’s breach or default of the Lease or other L-C Draw Event
and/or to compensate Landlord for any and all damages arising out of, or incurred in connection with, the termination of this Lease, including, without limitation, those specifically identified in Section 1951.2 of the California Civil Code.
The use, application or retention of the L-C, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by any applicable law, it being
intended that Landlord shall not first be required to proceed against the L-C, and such L-C shall not operate as a limitation on any recovery to which Landlord may
otherwise be entitled. Tenant agrees and acknowledges that (i) the L-C constitutes a separate and independent contract between Landlord and the Bank, (ii) Tenant is not a third party beneficiary of
such contract, (iii) Tenant has no property interest whatsoever in the L-C or the proceeds thereof, and (iv) in the event Tenant becomes a debtor under any chapter of the Bankruptcy Code, Tenant is
placed into receivership or conservatorship, and/or there is an event of a receivership, conservatorship or a bankruptcy filing by, or on behalf of, Tenant, neither Tenant, any trustee, nor Tenant’s bankruptcy estate shall have any right to
restrict or limit Landlord’s claim and/or rights to the L-C and/or the proceeds thereof by application of Section 502(b)(6) of the U. S. Bankruptcy Code or otherwise. 

21.3 Maintenance of L-C by Tenant. If, as a result of any drawing by Landlord of all
or any portion of the L-C, the amount of the L-C shall be less than the L-C Amount, Tenant shall, within five (5) days
thereafter, provide Landlord with additional letter(s) of credit in an amount equal to the deficiency, and any such additional letter(s) of credit shall comply with all of the provisions of this Article 21. Tenant further covenants and
warrants that it will neither assign nor encumber the L-C or any part thereof and that neither Landlord nor its successors or assigns will be bound by any such assignment, encumbrance, attempted assignment or
attempted encumbrance. Without limiting the generality of the foregoing, if the L-C expires earlier than the L-C Expiration Date, Landlord will accept a renewal thereof
(such renewal letter of credit to be in effect and delivered to Landlord, as applicable, not later than thirty (30) days prior to the expiration of the L-C), which shall be irrevocable and automatically

  
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renewable as above provided through the L-C Expiration Date upon the same terms as the expiring L-C or such other
terms as may be acceptable to Landlord in its sole discretion. If Tenant exercises its option to extend the Lease Term pursuant to Section 2.2 of this Lease then, not later than thirty (30) days prior to the
commencement of the Option Term, Tenant shall deliver to Landlord a new L C or certificate of renewal or extension evidencing the L-C Expiration Date as thirty (30) days after the expiration of the Option
Term. However, if the L-C is not timely renewed, or if Tenant fails to maintain the L-C in the amount and in accordance with the terms set forth in this Article
21, Landlord shall have the right to present the L-C to the Bank in accordance with the terms of this Article 21, and the proceeds of the L-C may be applied
by Landlord against any Rent payable by Tenant under this Lease that is not paid when due and/or to pay for all losses and damages that Landlord has suffered or that Landlord reasonably estimates that it will suffer as a result of any breach or
default by Tenant under this Lease. In the event Landlord elects to exercise its rights as provided above, (I) any unused proceeds shall constitute the property of Landlord (and not Tenant’s property or, in the event of a receivership,
conservatorship, or a bankruptcy filing by, or on behalf of, Tenant, property of such receivership, conservatorship or Tenant’s bankruptcy estate) and need not be segregated from Landlord’s other assets, and (II) Landlord agrees to
pay to Tenant within thirty (30) days after the L-C Expiration Date the amount of any proceeds of the L-C received by Landlord and not applied against any Rent
payable by Tenant under this Lease that was not paid when due or used to pay for any losses and/or damages suffered by Landlord (or reasonably estimated by Landlord that it will suffer) as a result of any breach or default by Tenant under this
Lease; provided, however, that if prior to the L-C Expiration Date a voluntary petition is filed by Tenant, or an involuntary petition is filed against Tenant by any of Tenant’s creditors, under the
Bankruptcy Code, then Landlord shall not be obligated to make such payment in the amount of the unused L-C proceeds until either all preference issues relating to payments under this Lease have been resolved
in such bankruptcy or reorganization case or such bankruptcy or reorganization case has been dismissed. If Landlord draws on the L-C due to Tenant’s failure to timely renew or provide a replacement L-C, such failure shall not be considered a default under this Lease and Landlord shall return such cash proceeds upon Tenant’s presentation of a replacement L-C that
satisfies the requirements of this Lease, subject to reasonable satisfaction of any preference risk to Landlord. 
 21.4 Transfer and
Encumbrance. The L-C shall also provide that Landlord may, at any time and without notice to Tenant and without first obtaining Tenant’s consent thereto, transfer (one or more times) all or
any portion of its interest in and to the L-C to another party, person or entity, regardless of whether or not such transfer is from or as a part of the assignment by Landlord of its rights and interests in
and to this Lease. In the event of a transfer of Landlord’s interest in under this Lease, Landlord shall transfer the L-C, in whole or in part, to the transferee and thereupon Landlord shall, without any
further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof shall apply to every transfer or assignment of the whole of said LC to a new landlord. In connection with any such
transfer of the L-C by Landlord, Tenant shall, at Tenant’s sole cost and expense, execute and submit to the Bank such applications, documents and instruments as may be necessary to effectuate such
transfer and, Tenant shall be responsible for paying the Bank’s transfer and processing fees in connection therewith; provided that, Landlord shall have the right (in its sole discretion), but not the obligation, to pay such fees on behalf of
Tenant, in which case Tenant shall reimburse Landlord within ten (10) days after Tenant’s receipt of an invoice from Landlord therefor. 

21.5 L-C Not a Security Deposit. Landlord and Tenant (1) acknowledge and agree
that in no event or circumstance shall the L-C or any renewal thereof or substitute therefor or any proceeds thereof be deemed to be or treated as a “security deposit” under any law applicable to
security deposits in the commercial context, including, but not limited to, Section 1950.7 of the California Civil Code, as such Section now exists or as it may be hereafter amended or succeeded (the “Security Deposit
Laws”), (2) acknowledge and agree that the L-C (including any renewal thereof or substitute therefor or any proceeds thereof) is not intended to serve as a security deposit, and the
Security Deposit Laws shall have no applicability or relevancy thereto, and (3) waive any and all rights, duties and obligations that any such party may now, or in the future will, have relating to or arising from the Security Deposit Laws.
Tenant hereby irrevocably waives and relinquishes the provisions of Section 1950.7 of the California Civil Code and any successor statute, and all other provisions of law, now or hereafter in effect, which (x) establish the time frame by
which a landlord must refund a security deposit under a lease, and/or (y) provide that a landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by a
tenant or to clean the premises, it being agreed that Landlord may, in addition, claim those sums specified in this Article 21 and/or those sums reasonably necessary to (a) compensate Landlord for any loss or damage caused by
Tenant’s breach of this Lease, including any damages Landlord suffers following termination of this Lease, and/or (b) compensate Landlord for any and all damages arising out of, or incurred in 

  
 36 

 
connection with, the termination of this Lease, including, without limitation, those specifically identified in Section 1951.2 of the California Civil Code. Tenant agrees not to interfere in
any way with any payment to Landlord of the proceeds of the L-C, either prior to or following a “draw” by Landlord of all or any portion of the L-C, regardless
of whether any dispute exists between Tenant and Landlord as to Landlord’s right to draw down all or any portion of the L-C. No condition or term of this Lease shall be deemed to render the L-C conditional and thereby afford the Bank a justification for failing to honor a drawing upon such L-C in a timely manner. Tenant shall not request or instruct the Bank of
any L-C to refrain from paying sight draft(s) drawn under such L-C. 

21.6 Remedy for Improper Drafts. Tenant’s sole remedy in connection with the improper presentment or payment of sight
drafts drawn under any L-C shall be the right to obtain from Landlord a refund of the amount of any sight draft(s) that were improperly presented or the proceeds of which were misapplied, and reasonable actual
out-of-pocket attorneys’ fees, provided that at the time of such refund, Tenant increases the amount of such L-C to the
amount (if any) then required under the applicable provisions of this Lease. Tenant acknowledges that the presentment of sight drafts drawn under any L-C, or the Bank’s payment of sight drafts drawn under
such L-C, could not under any circumstances cause Tenant injury that could not be remedied by an award of money damages, and that the recovery of money damages would be an adequate remedy therefor. In the
event Tenant shall be entitled to a refund as aforesaid and Landlord shall fail to make such payment within ten (10) business days after demand, Tenant shall have the right to deduct the amount thereof from the next installment(s) of Base Rent.

 22. COMMUNICATIONS AND COMPUTER LINE. Tenant may install, maintain, replace, remove or use any communications or computer wires and
cables serving the Premises (collectively, the “Lines”), provided that Tenant shall obtain Landlord’s prior written consent, use an experienced and qualified contractor approved in writing by Landlord, and comply with all of
the other provisions of Articles 7 and 8 of this Lease. Tenant shall pay all costs in connection therewith. Landlord reserves the right, upon notice to Tenant prior to the expiration or earlier termination of this Lease, to require that Tenant, at
Tenant’s sole cost and expense, remove any Lines located in or serving the Premises prior to the expiration or earlier termination of this Lease. 

23. SIGNS. 
 23.1 Exterior
Signage. Subject to Landlord’s prior written approval, which shall not be unreasonably withheld, conditioned or delayed, and provided all signs are in keeping with the quality, design and style of the Building and Project, Tenant,
at its sole cost and expense, may install (i) identification signage on the monument sign outside the front entrance to the Building (which Landlord shall install at its sole cost prior to the Lease Commencement Date), (ii) internal directional
and lobby identification signage, and (iii) signage in the elevator lobby on the floor containing the Premises (collectively, “Tenant Signage”); provided, however, in no event shall Tenant’s Signage include an
“Objectionable Name,” as that term is defined in Section 23.3, of this Lease. All such signage shall be subject to Tenant’s obtaining all required governmental approvals. All permitted signs shall be
maintained by Tenant at its expense in a first-class and safe condition and appearance. Upon the expiration or earlier termination of this Lease, Tenant shall remove all of its signs at Tenant’s sole cost and expense. The graphics, materials,
color, design, lettering, lighting, size, illumination, specifications and exact location of Tenant’s Signage (collectively, the “Sign Specifications”) shall be subject to the prior written approval of Landlord, which approval
shall not be unreasonably withheld, conditioned or delayed, and shall be consistent and compatible with the quality and nature of the Project. Tenant hereby acknowledges that, notwithstanding Landlord’s approval of Tenant’s Signage,
Landlord has made no representation or warranty to Tenant with respect to the probability of obtaining all necessary governmental approvals and permits for Tenant’s Signage. In the event Tenant does not receive the necessary governmental
approvals and permits for Tenant’s Signage, Tenant’s and Landlord’s rights and obligations under the remaining terms of this Lease shall be unaffected. Except as required by applicable law, Landlord shall not install any other signage
on the Building. If Landlord elects to install a multi-tenant identification sign at the entrance to the Project, Tenant shall be entitled to install its name on such sign (subject to availability on a
pro-rata basis based on the relative square footages leased by the tenants of the Project), at Tenant’s sole cost and expense. 

23.2 Objectionable Name. Tenant’s Signage shall not include a name or logo which relates to an entity which is of a
character or reputation, or is associated with a political faction or orientation, which is inconsistent with the quality of the Project, or which would otherwise reasonably offend a landlord of the Comparable Buildings (an “Objectionable
Name”). Landlord agrees that “Denali Therapeutics Inc.” or “Denali” is not an Objectionable Name. 

  
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 23.3 Prohibited Signage and Other Items. Any signs, notices, logos, pictures,
names or advertisements which are installed and that have not been separately approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant. Any signs, window coverings, or blinds (even if the same are located behind
the Landlord-approved window coverings for the Building), or other items visible from the exterior of the Premises or Building, shall be subject to the prior approval of Landlord, in its sole discretion. 

24. COMPLIANCE WITH LAW. Tenant shall not do anything or suffer anything to be done in or about the Premises or the Project which will in any way
conflict with any law, statute, ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated. At its sole cost and expense, Tenant shall promptly comply with all such governmental
measures. Should any standard or regulation now or hereafter be imposed on Landlord or Tenant by a state, federal or local governmental body charged with the establishment, regulation and enforcement of occupational, health or safety standards for
employers, employees, landlords or tenants, then Tenant agrees, at its sole cost and expense, to comply promptly with such standards or regulations. Tenant shall be responsible, at its sole cost and expense, to make all alterations to the Building
and Premises as are required to comply with the governmental rules, regulations, requirements or standards described in this Article 24. The judgment of any court of competent jurisdiction or the admission of Tenant in any judicial action,
regardless of whether Landlord is a party thereto, that Tenant has violated any of said governmental measures, shall be conclusive of that fact as between Landlord and Tenant. Tenant’s obligations under this Article 24 are subject to the
limitation in Section 10.2, above. 
 25. LATE CHARGES. If any installment of Rent or any other sum due from Tenant
shall not be received by Landlord or Landlord’s designee within five (5) business days after Tenant’s receipt of written notice from Landlord that said amount is delinquent, then Tenant shall pay to Landlord a late charge equal to
five percent (5%) of the overdue amount plus any reasonable attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when due hereunder. The late charge shall be deemed Additional Rent and the
right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. In addition to the late charge
described above, any Rent or other amounts owing hereunder which are not paid within ten (10) days after Tenant’s receipt of written notice that said amount is delinquent shall bear interest from the date when due until paid at a rate per
annum equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical Release Publication G.13(415), published on the first Tuesday of each calendar month (or such other comparable index as
Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus four (4) percentage points, and (ii) the highest rate permitted by applicable law. 

26. LANDLORD’S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT. 

26.1 Landlord’s Cure. All covenants and agreements to be kept or performed by Tenant under this Lease shall be
performed by Tenant at Tenant’s sole cost and expense and without any reduction of Rent, except to the extent, if any, otherwise expressly provided herein. If Tenant shall fail to perform any obligation under this Lease, and such failure shall
continue in excess of the time allowed under Section 19.1.2, above, unless a specific time period is otherwise stated in this Lease, Landlord may, but shall not be obligated to, make any such payment or perform any such act
on Tenant’s part without waiving its rights based upon any default of Tenant and without releasing Tenant from any obligations hereunder. 

26.2 Tenant’s Reimbursement. Except as may be specifically provided to the contrary in this Lease, Tenant shall pay to
Landlord, upon delivery by Landlord to Tenant of statements therefor: (i) sums equal to expenditures reasonably made and obligations incurred by Landlord in connection with the remedying by Landlord of Tenant’s defaults pursuant to the
provisions of Section 26.1; (ii) sums equal to all losses, costs, liabilities, damages and expenses referred to in Article 10 of this Lease; and (iii) subject to Section 29.21, sums
equal to all expenditures made and obligations incurred by Landlord in collecting or attempting to collect the Rent or in enforcing or attempting to enforce any rights of Landlord under this Lease or pursuant to law, including, without limitation,
all reasonable legal fees and other amounts so expended. Tenant’s obligations under this Section 26.2 shall survive the expiration or sooner termination of the Lease Term. 

  
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 27. ENTRY BY LANDLORD. Landlord reserves the right at all reasonable times and upon reasonable notice
to Tenant (except in the case of an Emergency) to enter the Premises to (i) inspect them; (ii) show the Premises to prospective purchasers, or to current or prospective mortgagees, ground or underlying lessors or insurers or, during the
last nine (9) months of the Lease Term, to prospective tenants; (iii) post notices of nonresponsibility (to the extent applicable pursuant to then applicable law); or (iv) repair the Premises or the Building, or for structural repairs
to the Building or the Building’s systems and equipment as provided under the Lease. Landlord may make any such entries without the abatement of Rent, except as otherwise provided in this Lease, and may take such reasonable steps as required to
accomplish the stated purposes. In an Emergency, Landlord shall have the right to use any means that Landlord may deem proper to open the doors in and to the Premises. Any entry into the Premises by Landlord in the manner hereinbefore described
shall not be deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. Landlord shall use commercially reasonable efforts to minimize any
interference with Tenant’s use of or access to the Premises in connection with any such entry, and shall comply with Tenant’s reasonable security measures. Landlord shall hold confidential any information regarding Tenant’s business
that it may learn as a result of such entry. 
 28. TENANT PARKING. Tenant shall have the right, without the payment of any parking charge or
fee (other than as a reimbursement of operating expenses to the extent allowed pursuant to the terms or Article 4 of this Lease, above), commencing on the Lease Commencement Date, to use the amount of parking set forth in Section 9 of
the Summary, in the on-site parking lot and garage which serves the Building. Tenant shall abide by all reasonable rules and regulations which are prescribed from time to time for the orderly operation and use
of the parking facility where the parking passes are located (including any sticker or other identification system established by Landlord and the prohibition of vehicle repair and maintenance activities in the parking facilities), and shall
cooperate in seeing that Tenant’s employees and visitors also comply with such rules and regulations. Tenant’s use of the Project parking facility shall be at Tenant’s sole risk and Tenant acknowledges and agrees that Landlord shall
have no liability whatsoever for damage to the vehicles of Tenant, its employees and/or visitors, or for other personal injury or property damage or theft relating to or connected with the parking rights granted herein or any of Tenant’s, its
employees’ and/or visitors’ use of the parking facilities. 
 29. MISCELLANEOUS PROVISIONS. 

29.1 Terms; Captions. The words “Landlord” and “Tenant” as used herein shall include the
plural as well as the singular. The necessary grammatical changes required to make the provisions hereof apply either to corporations or partnerships or individuals, men or women, as the case may require, shall in all cases be assumed as though in
each case fully expressed. The captions of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles and Sections. 

29.2 Binding Effect. Subject to all other provisions of this Lease, each of the covenants, conditions and provisions of this
Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their respective heirs, personal representatives, successors or assigns, provided this clause shall not permit any
assignment by Tenant contrary to the provisions of Article 14 of this Lease. 
 29.3 No Air Rights. No rights to
any view or to light or air over any property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease. If at any time any windows of the Premises are temporarily darkened or the light or view therefrom is obstructed
by reason of any repairs, improvements, maintenance or cleaning in or about the Project, the same shall be without liability to Landlord and without any reduction or diminution of Tenant’s obligations under this Lease. 

29.4 Modification of Lease. Should any current or prospective mortgagee or ground lessor for the Building or Project require
a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant hereunder or interfere with Tenant’s use of the
Premises, then and in such event, Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within ten (10) business days following a request
therefor. At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of Lease and deliver the same to Landlord within ten (10) business days following the request therefor. 

  
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 29.5 Transfer of Landlord’s Interest. Tenant acknowledges that Landlord
has the right to transfer all or any portion of its interest in the Project or Building and in this Lease, and Tenant agrees that in the event of any such transfer, Landlord shall automatically be released from all liability under this Lease and
Tenant agrees to look solely to such transferee for the performance of Landlord’s obligations hereunder accruing after the date of transfer provided such transferee shall have fully assumed and agreed in writing to be liable for all obligations
of this Lease to be performed by Landlord, including the return of any security deposit or L-C, and Tenant shall attorn to such transferee. 

29.6 Prohibition Against Recording. Except as provided in Section 29.4 of this Lease, neither this
Lease, nor any memorandum, affidavit or other writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant. 

29.7 Landlord’s Title. Landlord’s title is and always shall be paramount to the title of Tenant. Nothing herein
contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord. 
 29.8 Relationship of
Parties. Nothing contained in this Lease shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and
Tenant. 
 29.9 Payment under Protest. If Tenant in good faith disputes any amounts billed by Landlord, other than
(i) Base Rent, (ii) Tenant’s Share of Direct Expenses (as to which Tenant may exercise its rights under Section 4.6, above), Tenant may make payment of such amounts under protest, and reserve all of its
rights with respect to such amounts (the “Disputed Amounts”). Landlord and Tenant shall meet and confer to discuss the Disputed Amounts and attempt, in good faith, to resolve the particular dispute. If, despite such good faith
efforts, Landlord and Tenant are unable to reach agreement regarding the Disputed Amounts, either party may submit the matter to binding arbitration under the JAMS Streamlined Arbitration Rules & Procedures. The non-prevailing party, as determined by JAMS, will be responsible to pay all fees and costs incurred in connection with the JAMS procedure, as well as all other costs and expenses, including reasonable
attorneys’ fees, incurred by the prevailing party. This Section 29.9 shall not apply to claims relating to Landlord’s exercise of any unlawful detainer rights pursuant to California law or rights or remedies used
by Landlord to gain possession of the Premises or terminate Lessee’s right of possession to the Premises. 
 29.10 Time of
Essence. Time is of the essence with respect to the performance of every provision of this Lease in which time of performance is a factor. 

29.11 Partial Invalidity. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or
unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every
other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by law. 
 29.12
No Warranty. In executing and delivering this Lease, Tenant has not relied on any representations, including, but not limited to, any representation as to the amount of any item comprising Additional Rent or the amount of the
Additional Rent in the aggregate or that Landlord is furnishing the same services to other tenants, at all, on the same level or on the same basis, or any warranty or any statement of Landlord which is not set forth herein or in one or more of the
exhibits attached hereto. 
 29.13 Landlord Exculpation. The liability of Landlord or the Landlord Parties to Tenant for
any default by Landlord under this Lease or arising in connection herewith or with Landlord’s operation, management, leasing, repair, renovation, alteration or any other matter relating to the Project or the Premises shall be limited solely and
exclusively to an amount which is equal to the lesser of (a) the interest of Landlord in the Project or (b) the equity interest Landlord would have in the Project if the Project were encumbered by third-party debt in an amount equal to
eighty percent (80%) of the value of the Project (as such value is determined by Landlord), including any rental, condemnation, sales and insurance proceeds received by Landlord or the Landlord Parties in connection with the Project, Building or
Premises. No Landlord Parties (other than Landlord) shall have any 

  
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personal liability therefor, and Tenant hereby expressly waives and releases such liability on behalf of itself and all persons claiming by, through or under Tenant. The limitations of liability
contained in this Section 29.13 shall inure to the benefit of Landlord’s and the Landlord Parties’ present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and
their respective partners, heirs, successors and assigns. Under no circumstances shall any present or future partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (if Landlord or any partner of Landlord is a trust), have any
liability for the performance of Landlord’s obligations under this Lease. Notwithstanding any contrary provision herein, neither Landlord nor the Landlord Parties shall be liable under any circumstances for injury or damage to, or interference
with, Tenant’s business, including but not limited to, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case, however occurring, or loss to inventory, scientific research,
scientific experiments, laboratory animals, products, specimens, samples, and/or scientific, business, accounting and other records of every kind and description kept at the premises and any and all income derived or derivable therefrom. 

29.14 Entire Agreement. It is understood and acknowledged that there are no oral agreements between the parties hereto
affecting this Lease and this Lease constitutes the parties’ entire agreement with respect to the leasing of the Premises and supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if
any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to interpret or construe this Lease. None of the terms, covenants, conditions or provisions of this Lease
can be modified, deleted or added to except in writing signed by the parties hereto. 
 29.15 Right to Lease. Landlord
reserves the absolute right to effect such other tenancies in the Project as Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Building or Project. Tenant does not rely on the fact, nor does
Landlord represent, that any specific tenant or type or number of tenants shall, during the Lease Term, occupy any space in the Building or Project. 

29.16 Force Majeure. Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war,
terrorist acts, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform,
except with respect to the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease (collectively, a “Force Majeure”), notwithstanding anything to the contrary contained in this Lease,
shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the
period of any delay in such party’s performance caused by a Force Majeure, provided, however, the foregoing delays shall not apply to Tenant’s termination rights hereunder. 

29.17 Intentionally Omitted.

29.18 Notices. All notices, demands, statements, designations, approvals or other communications (collectively,
“Notices”) given or required to be given by either party to the other hereunder or by law shall be in writing, shall be (A) sent by United States certified or registered mail, postage prepaid, return receipt requested
(“Mail”), (B) delivered by a nationally recognized overnight courier, or (C) delivered personally. Any Notice shall be sent, transmitted, or delivered, as the case may be, to Tenant at the appropriate address set forth in
Section 10 of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord, or to Landlord at the addresses set forth below, or to such other places as Landlord may from time to time
designate in a Notice to Tenant. Any Notice will be deemed given (i) three (3) business days after the date it is posted if sent by Mail, (ii) the date the overnight courier delivery is made, or (iii) the date personal delivery is
made. As of the date of this Lease, any Notices to Landlord must be sent, transmitted, or delivered, as the case may be, to the following addresses: 

HCP, Inc. 
 1920 Main Street,
Suite 1200 
 Irvine, CA 92614 

Attention: Legal Department 

  
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 with a copy to: 

HCP Life Science Estates 
 950
Tower Lane, Suite 1650 
 Foster City, CA 94404 

Attention: Jonathan M. Bergschneider 

and 
 Allen Matkins Leck Gamble
Mallory & Natsis LLP 
 1901 Avenue of the Stars, Suite 1800 

Los Angeles, California 90067 

Attention: Anton N. Natsis, Esq. 

29.19 Joint and Several. If there is more than one tenant, the obligations imposed upon Tenant under this Lease shall be
joint and several. 
 29.20 Authority. If Tenant is a corporation, trust or partnership, Tenant hereby represents and
warrants that Tenant is a duly formed and existing entity qualified to do business in the State of California and that Tenant has full right and authority to execute and deliver this Lease and that each person signing on behalf of Tenant is
authorized to do so. 
 29.21 Attorneys’ Fees. In the event that either Landlord or Tenant should bring suit for the
possession of the Premises, for the recovery of any sum due under this Lease, or because of the breach of any provision of this Lease or for any other relief against the other, then all costs and expenses, including reasonable attorneys’ fees,
incurred by the prevailing party therein shall be paid by the other party, which obligation on the part of the other party shall be deemed to have accrued on the date of the commencement of such action and shall be enforceable whether or not the
action is prosecuted to judgment. 
 29.22 Governing Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and
enforced in accordance with the laws of the State of California. IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY COMPETENT COURT WITHIN THE STATE OF CALIFORNIA, (II) SERVICE
OF PROCESS BY ANY MEANS AUTHORIZED BY CALIFORNIA LAW, AND (III) IN THE INTEREST OF SAVING TIME AND EXPENSE, TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR THEIR
SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY
REMEDY. IN THE EVENT LANDLORD COMMENCES ANY SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF BASE RENT OR ADDITIONAL RENT, TENANT SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY
SUCH PROCEEDING OR ACTION, BUT SHALL BE RELEGATED TO AN INDEPENDENT ACTION AT LAW. 
 29.23 Submission of
Lease. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of, option for or option to lease, and it is not effective as a lease or otherwise until execution and delivery by both
Landlord and Tenant. 
 29.24 Brokers. Landlord and Tenant hereby warrant to each other that they have had no dealings
with any real estate broker or agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 12 of the Summary (the “Brokers”), and that they
know of no other real estate broker or agent who is entitled to a commission in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses,
liabilities, lawsuits, judgments, costs and expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate
broker or agent, other than the Brokers, occurring by, through, or under the indemnifying party. The terms of this Section 29.24 shall survive the expiration or earlier termination of the Lease Term. 

  
 42 

 29.25 Independent Covenants. This Lease shall be construed as though the
covenants herein between Landlord and Tenant are independent and not dependent and Tenant hereby expressly waives the benefit of any statute to the contrary and agrees that if Landlord fails to perform its obligations set forth herein, Tenant shall
not be entitled to make any repairs or perform any acts hereunder at Landlord’s expense or to any setoff of the Rent or other amounts owing hereunder against Landlord. 

29.26 Project or Building Name, Address and Signage. Landlord shall have the right at any time to change the name and/or
address of the Project or Building (and Landlord shall reimburse Tenant its actual, reasonable costs incurred as a result of such change, if any) and, subject to Section 23.1, to install, affix and maintain any and all
signs on the exterior and on the interior of the Project or Building as Landlord may, in Landlord’s sole discretion, desire. Tenant shall not use the name of the Project or Building or use pictures or illustrations of the Project or Building in
advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises, without the prior written consent of Landlord. 

29.27 Counterparts. This Lease may be executed in counterparts with the same effect as if both parties hereto had executed
the same document. Both counterparts shall be construed together and shall constitute a single lease. 
 29.28 Good
Faith. Except (i) for matters for which there is a standard of consent or discretion specifically set forth in this Lease; (ii) matters which could have an adverse effect on the Building Structure or the Building Systems, or
which could affect the exterior appearance of the Building, or (iii) matters covered by Article 4 (Additional Rent), or Article 19 (Defaults; Remedies) of this Lease (collectively, the “Excepted Matters”), any time the consent
of Landlord or Tenant is required, such consent shall not be unreasonably withheld or delayed, and, except with regard to the Excepted Matters, whenever this Lease grants Landlord or Tenant the right to take action, exercise discretion, establish
rules and regulations or make an allocation or other determination, Landlord and Tenant shall act reasonably and in good faith. 
 29.29
Development of the Project.
 29.29.1 Subdivision. Landlord reserves the right to subdivide all or a portion of
the buildings and Common Areas, so long as the same does not interfere with Tenant’s use of or access to the Premises or Tenant’s parking rights. Tenant agrees to execute and deliver, upon demand by Landlord and in the form requested by
Landlord, any additional documents needed to conform this Lease to the circumstances resulting from a subdivision and any all maps in connection therewith, so long as the same does not increase Tenant’s obligations or decrease Tenant’s
rights under this Lease. Notwithstanding anything to the contrary set forth in this Lease, the separate ownership of any buildings and/or Common Areas by an entity other than Landlord shall not affect the calculation of Direct Expenses or
Tenant’s payment of Tenant’s Share of Direct Expenses. 
 29.29.2 Construction of Property and Other Improvements.
Tenant acknowledges that portions of the Project may be under construction following Tenant’s occupancy of the Premises, and that such construction may result in levels of noise, dust, obstruction of access, etc. which are in excess of that
present in a fully constructed project. Tenant hereby waives any and all rent offsets or claims of constructive eviction which may arise in connection with such construction, so long as the same does not interfere with Tenant’s use of or access
to the Premises or Tenant’s parking rights. 
 29.30 No Violation. Tenant hereby warrants and represents that neither
its execution of nor performance under this Lease shall cause Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation by which Tenant is bound, and Tenant shall protect, defend, indemnify and hold Landlord harmless
against any claims, demands, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, arising from Tenant’s breach of this warranty and representation. 

  
 43 

 29.31 Transportation Management. Tenant shall fully comply with all present or
future programs intended to manage parking, transportation or traffic in and around the Project and/or the Building, and in connection therewith, Tenant shall take responsible action for the transportation planning and management of all employees
located at the Premises by working directly with Landlord, any governmental transportation management organization or any other transportation-related committees or entities. Such programs may include, without limitation: (i) restrictions on
the number of peak-hour vehicle trips generated by Tenant; (ii) increased vehicle occupancy; (iii) implementation of an in-house ridesharing program and an employee transportation coordinator;
(iv) working with employees and any Project, Building or area-wide ridesharing program manager; (v) instituting employer-sponsored incentives (financial or in-kind) to encourage employees to
rideshare; and (vi) utilizing flexible work shifts for employees. 

  
 44 

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

									
	LANDLORD:	 		  	TENANT
			
	HCP OYSTER POINT III LLC,	 		  	DENALI THERAPEUTICS INC.,
	a Delaware limited liability company	 		  	a Delaware corporation
				
	By: /s/Jonathan M. Bergschneider                      	 		  	By:	  	 /s/Ryan Watts

	      Jonathan M. Bergschneider	 		  		  		  	
	      Executive Vice President	 		  		  	Name:	  	Ryan Watts
					
		 		  		  	Its:	  	CEO
				
		 		  	By:	  	  

					
		 		  		  	Name:	  	  

					
		 		  		  	Its:	  	  

  
 45 

 EXHIBIT A 

OUTLINE OF PREMISES; PROJECT SITE PLAN 
  

 

  
 EXHIBIT A 

1 

 EXHIBIT B 

TENANT WORK LETTER 

1. Defined Terms. As used in this Tenant Work Letter, the following capitalized terms have the following meanings: 

(a) Approved TI Plans: Plans and specifications prepared by the applicable Architect for the Tenant Improvements and approved by
Landlord and Tenant in accordance with Paragraph 2 of this Tenant Work Letter, subject to further modification from time to time to the extent provided in and in accordance with such Paragraph 2. 

(b) Architect: DGA, or any other architect selected and engaged by Landlord and approved by Tenant in their reasonable
discretion, with respect to any Tenant Improvements which Landlord is to cause to be constructed pursuant to this Tenant Work Letter. 
 (c)
Tenant Change Request: See definition in Paragraph 2(c)(ii) hereof. 
 (d) Final TI Working Drawings: See
definition in Paragraph 2(a) hereof. 
 (e) General Contractor: Hathaway Dinwiddie, Landmark Builders or another general
contractor reasonably selected by Landlord and in any case approved by Tenant as a result of competitive bidding of the cost of the Tenant Improvements with respect to Landlord’s TI Work. Tenant shall have no right to direct or control such
General Contractor. 
 (f) Landlord’s TI Work: Any Tenant Improvements which Landlord is to construct or install pursuant
to this Tenant Work Letter or by mutual agreement of Landlord and Tenant from time to time. 
 (g) Project Manager. Project
Management Advisors, Inc., or any other project manager designated by Landlord in its reasonable discretion from time to time to act in a supervisory, oversight, project management or other similar capacity on behalf of Landlord in connection with
the design and/or construction of the Tenant Improvements. 
 (h) Punch List Work: Minor corrections of construction or
decoration details, and minor mechanical adjustments, that are required in order to cause any applicable portion of the Tenant Improvements as constructed to conform to the Approved TI Plans in all material respects and that do not materially
interfere with Tenant’s use or occupancy of the Building and the Premises. 
 (i) Substantial Completion Certificate: See
definition in Paragraph 3(a) hereof. 
 (j) Tenant Delay: Any of the following types of delay in the completion of construction
of Landlord’s TI Work (but in each instance, only to the extent that any of the following has actually and proximately caused substantial completion of Landlord’s TI Work to be delayed): 

(i) Any delay resulting from Tenant’s failure to furnish, in a timely manner, information reasonably requested by
Landlord or by Landlord’s Project Manager in connection with the design or construction of Landlord’s TI Work, or from Tenant’s failure to approve in a timely manner any matters requiring approval by Tenant; 

(ii) Any delay resulting from Tenant Change Requests initiated by Tenant, including any delay resulting from the need to
revise any drawings or obtain further governmental approvals as a result of any such Tenant Change Request; 

  
 EXHIBIT B 

1 

 (iii) Any delay caused by Tenant (or Tenant’s contractors, agents or
employees) materially interfering with the performance of Landlord’s TI Work, provided that Landlord shall have given Tenant prompt notice of such material interference and, before the first time a Tenant Delay is deemed to have occurred as a
result of such delay, such interference has continued for more than twenty-four (24) hours after Tenant’s receipt of such notice. 

(k) Tenant Improvements: The improvements to or within the Building shown on the Approved TI Plans from time to time and to be
constructed by Landlord pursuant to the Lease and this Tenant Work Letter. The term “Tenant Improvements” does not include the improvements existing in the Building and Premises at the date of execution of the Lease. 

(l) Unavoidable Delays: Delays due to acts of God, acts of public agencies, labor disputes, strikes, fires, freight embargoes,
inability (despite the exercise of due diligence) to obtain supplies, materials, fuels or permits, or other causes or contingencies (excluding financial inability) beyond the reasonable control of Landlord or Tenant, as applicable. Landlord shall
use commercially reasonable efforts to provide Tenant with prompt notice of any Unavoidable Delays. 
 (m) Capitalized terms not otherwise
defined in this Tenant Work Letter shall have the definitions set forth in the Lease. 
 2. Plans and Construction. Landlord
and Tenant shall comply with the procedures set forth in this Paragraph 2 in preparing, delivering and approving matters relating to the Tenant Improvements. 

(a) Approved Plans and Working Drawings for Tenant Improvements. Tenant shall promptly and diligently work with the Architect to cause
to be prepared and delivered to Landlord for approval (which approval shall not be unreasonably withheld, conditioned or delayed by Landlord) proposed schematic plans and outline specifications for the Tenant Improvements. Following mutual approval
of such proposed schematic plans and outline specifications by Landlord and by Tenant (as so approved, the “Approved Schematic Plans”), Tenant shall then work with the Architect to cause to be prepared, promptly and diligently
(assuming timely delivery by Landlord of any information and decisions required to be furnished or made by Landlord in order to permit preparation of final working drawings, all of which information and decisions Landlord will deliver promptly and
with reasonable diligence), and delivered to Landlord for approval (which approval shall not be unreasonably withheld, conditioned or delayed by Landlord) final detailed working drawings and specifications for the Tenant Improvements, including
(without limitation) any applicable life safety, mechanical, electrical and plumbing working drawings and final architectural drawings (collectively, “Final TI Working Drawings”), which Final TI Working Drawings shall substantially
conform to the Approved Schematic Plans. Upon receipt from Tenant of proposed schematic plans and outline specifications, proposed Final TI Working Drawings, any other plans and specifications, or any revisions or resubmittals of any of the
foregoing, as applicable, Landlord shall promptly and diligently (and in all events within 10 business days after receipt in the case of an initial submittal of schematic plans and outline specifications or proposed Final TI Working Drawings, and
within 7 business days after receipt in the case of any other plans and specifications or any revisions or resubmittals of any of the foregoing) either approve such proposed schematic plans and outline specifications or proposed Final TI Working
Drawings, as applicable, or set forth in writing with particularity any changes necessary to bring the aspects of such proposed schematic plans and outline specifications or proposed Final TI Working Drawings into a form which will be reasonably
acceptable to Landlord. Upon approval of the Final TI Working Drawings by Landlord and Tenant, the Final TI Working Drawings shall constitute the “Approved TI Plans,” superseding (to the extent of any inconsistencies) any
inconsistent features of the previously existing Approved Schematic Plans. Tenant shall respond to any request for information or approval of plans or drawings from Landlord or Architect within five (5) business days. Tenant acknowledges that
the Tenant Improvements will include the items set forth on Schedule 2 to this Exhibit B, in order to allow the Premises to achieve a LEED “Silver” certification level. 

(b) Cost of Improvements. “Cost of Improvement” shall mean, with respect to any item or component for which a cost must
be determined in order to allocate such cost, or an increase in such cost, to Tenant pursuant to this Tenant Work Letter, the sum of the following (unless otherwise agreed in writing by Landlord and Tenant with respect to any specific item or
component or any category of items or components): (i) all sums paid to contractors or subcontractors for labor and materials furnished in connection with construction of such item or 

  
 EXHIBIT B 

2 

 component; (ii) all costs, expenses, payments, fees and charges (other than penalties) paid to or at the
direction of any city, county or other governmental or quasi-governmental authority or agency which are required to be paid in order to obtain all necessary governmental permits, licenses, inspections and approvals relating to construction of such
item or component; (iii) engineering and architectural fees for services rendered in connection with the design and construction of such item or component (including, but not limited to, the Architect for such item or component and an
electrical engineer, mechanical engineer, structural engineer and civil engineer, if applicable); (iv) sales and use taxes; (v) testing and inspection costs; (vi) the cost of power, water and other utility facilities and the cost of
collection and removal of debris required in connection with construction of such item or component; (vii) costs for builder’s risk insurance; and (viii) all other “hard” and “soft” costs incurred in the
construction of such item or component in accordance with the Approved TI Plans (if applicable) and this Tenant Work Letter; provided that the Cost of Improvements shall not include any internal or third-party costs incurred by Landlord
except as provided in Section 2(e). 
 (c) Construction of Landlord’s TI Work. Following
completion of the Approved TI Plans, Landlord shall apply for and use reasonable efforts to obtain the necessary permits and approvals to allow construction of all Tenant Improvements. Upon receipt of such permits and approvals, Landlord shall, at
Tenant’s expense (subject to Landlord’s payment of the Tenant Improvement Allowance), construct and complete the Tenant Improvements substantially in accordance with the Approved TI Plans, subject to Unavoidable Delays and Tenant Delays
(if any). Such construction of the Tenant Improvements and Landlord’s Work shall be performed in a neat, good and workmanlike manner, free of defects, using new materials and equipment of good quality, and shall materially conform to all
applicable laws, rules, regulations, codes, ordinances, requirements, covenants, conditions and restrictions applicable thereto in force at the time such work is completed. Landlord shall cause Hathaway Dinwiddie, Landmark Builders and any other
potential general contractors to bid for construction of the Tenant Improvements. All bids will be opened together with Landlord selecting the general contractor to construct the Tenant Improvements, subject to the reasonable approval of Tenant.
Tenant shall also have the right to approve all subcontractors engaged by the General Contractor. 
 (d) Changes. 

(i) If Landlord determines at any time that changes in the Final TI Working Drawings or in any other aspect of the Approved TI
Plans relating to any item of Landlord’s TI Work are required as a result of applicable law or governmental requirements, or are required at the insistence of any other third party whose approval may be required with respect to the Tenant
Improvements, or are required as a result of unanticipated conditions encountered in the course of construction, then Landlord shall promptly (A) advise Tenant of such circumstances and (B) at Tenant’s sole cost and expense, subject
to Landlord’s payment of the Tenant Improvement Allowance, cause revised Final TI Working Drawings to be prepared by the Architect and submitted to Tenant, for Tenant’s approval, which shall not be unreasonably withheld. Failure of Tenant
to deliver to Landlord written notice of disapproval and specification of such required changes on or before any deadline reasonably specified by Landlord (which shall not be less than three (3) business days after delivery thereof to Tenant)
shall constitute and be deemed to be a Tenant Delay to the extent Landlord is delayed in completing Landlord’s TI Work. 

(ii) If Tenant at any time desires any changes, alterations or additions to the Final TI Working Drawings, Tenant shall submit
a detailed written request to Landlord specifying such changes, alterations or additions (a “Tenant Change Request”). Upon receipt of any such request, Landlord shall promptly notify Tenant of (A) whether the matters proposed
in the Tenant Change Request are approved by Landlord (which approval shall not be unreasonably withheld, conditioned or delayed by Landlord), (B) Landlord’s estimate of the number of days of delay, if any, which shall be caused in the
construction of the Tenant Improvements by such Tenant Change Request if implemented (including, without limitation, delays due to the need to obtain any revised plans or drawings and any governmental approvals), and (C) Landlord’s
estimate of the increase, if any, which shall occur in the cost of design, permitting, project management and construction of the Tenant Improvements affected by such Tenant Change Request if such Tenant Change Request is implemented (including, but
not limited to, any costs of compliance with laws or governmental regulations that become applicable because of the implementation of the Tenant Change Request). If Landlord approves the Tenant Change Request and Tenant notifies Landlord in writing,
within three (3) business days after receipt of such notice from Landlord, of Tenant’s approval of the Tenant Change Request 

  
 EXHIBIT B 

3 

 (including the estimated delays and cost increases, if any, described in Landlord’s notice), then Landlord
shall cause such Tenant Change Request to be implemented and Tenant shall be responsible for all actual costs or cost increases resulting from or attributable to the implementation of the Tenant Change Request, and any delays resulting therefrom
shall be deemed to be a Tenant Delay (subject to Landlord’s payment of the Tenant Improvement Allowance). If Tenant fails to notify Landlord in writing of Tenant’s approval of such Tenant Change Request within said three (3) business
day period, then such Tenant Change Request shall be deemed to be withdrawn and shall be of no further effect. 
 (e) Project
Management. Unless and until revoked by Landlord by written notice delivered to Tenant, Landlord hereby (i) delegates to Project Manager the authority to exercise all approval rights, supervisory rights and other rights or powers of
Landlord under this Tenant Work Letter with respect to the design and construction of the Tenant Improvements, and (ii) requests that Tenant work with Project Manager with respect to any logistical or other coordination matters arising in the
course of construction of the Tenant Improvements, including monitoring Tenant’s compliance with its obligations under this Tenant Work Letter and under the Lease with respect to the design and construction of the Tenant Improvements. Tenant
acknowledges the foregoing delegation and request, and agrees to cooperate reasonably with Project Manager as Landlord’s representative pursuant to such delegation and request. Fees and charges of Project Manager for such services shall be at
Tenant’s sole expense, subject to Landlord’s payment of the Tenant Improvement Allowance. Such fees shall be equal to $3.71 per RSF of the Premises (provided that in the event Tenant elects to utilize all or any portion of the Additional
TI Allowance pursuant to the terms of Section 4(b) below, such fees to the Project Manager shall increase by an amount equal to the product of (A) 2.56% and (B) the amount of the Additional TI Allowance which Tenant elects to utilize).

 3. Completion. 

(a) When Landlord receives written certification from Architect that construction of the Tenant Improvements and Landlord’s Work has been
completed in accordance with the Approved TI Plans and Section 3(e) below (except for Punch List Work), Landlord shall prepare and deliver to Tenant a certificate signed by Landlord, Architect and General Contractor (the
“Substantial Completion Certificate”) (i) certifying that the construction of the Tenant Improvements and Landlord’s Work has been substantially completed in a good and workmanlike manner in accordance with the Approved TI
Plans and Section 3(e) below in all material respects, subject only to completion of Punch List Work, and specifying the date of that completion, and (ii) certifying that the Tenant Improvements and Landlord’s
Work comply in all material respects with all laws, rules, regulations, codes, ordinances, requirements, covenants, conditions and restrictions applicable thereto at the time of such delivery. Upon receipt by Tenant of the Substantial Completion
Certificate and tender of possession of the Premises by Landlord to Tenant, and receipt of any certificate of occupancy or its legal equivalent, or other required sign-offs from any applicable governmental authority, allowing the legal occupancy of
the Premises, the Tenant Improvements will be deemed delivered to Tenant and “Ready for Occupancy” for all purposes of the Lease (subject to Landlord’s continuing obligations with respect to any Punch List Work, and to any other
express obligations of Landlord under the Lease or this Tenant Work Letter with respect to such Tenant Improvements). 
 (b) Immediately
prior to delivery of the Substantial Completion Certificate for the Tenant Improvements and Landlord’s Work, Project Manager or other representatives of Landlord shall conduct one or more “walkthroughs” of the Building with Tenant and
Tenant’s representatives, to identify any items of Punch List Work that may require correction and to prepare a joint punch list reflecting any such items, following which Landlord shall diligently complete the Punch List Work reflected in such
joint punch list. The Punch List Work shall be attached to the Substantial Completion Certificate, and shall not include damage caused by Tenant or any of Tenant’s agents in connection with any work performed by Tenant in the Premises, or
required as a result of Tenant’s move-in to the Premises. At any time within thirty (30) days after delivery of such Substantial Completion Certificate, Tenant shall be entitled to submit one or more
lists to Landlord supplementing such joint punch list by specifying any additional items of Punch List Work to be performed on the applicable Tenant Improvements and Landlord’s Work, and upon receipt of such list(s), Landlord shall diligently
complete such additional Punch List Work. Promptly after Landlord provides Tenant with the Substantial Completion Certificate and completes all applicable Punch List Work for the Building, Landlord shall cause the recordation of a Notice of
Completion (as defined in the California Civil Code) with respect to the Tenant Improvements. 

  
 EXHIBIT B 

4 

 (c) All construction, product and equipment warranties and guaranties obtained by Landlord with
respect to the Tenant Improvements and Landlord’s Work in the Premises shall, to the extent reasonably obtainable, include a provision that such warranties and guaranties shall also run to the benefit of Tenant, and Landlord shall cooperate
with Tenant in a commercially reasonable manner to assist in enforcing all such warranties and guaranties for the benefit of Tenant. 
 (d)
Notwithstanding any other provisions of this Tenant Work Letter or of the Lease, if Landlord is delayed in substantially completing any of the Tenant Improvements as a result of any Tenant Delay, and if the Lease Commencement Date is being
determined under clause (i) of Section 3.2 of the Lease Summary, then notwithstanding any other provision of the Lease to the contrary, the Premises shall be deemed to have been Ready for Occupancy on the date the
Premises would have been Ready for Occupancy absent such Tenant Delay. 
 (e) Notwithstanding any other provisions of this Tenant Work Letter
or of the Lease, Landlord shall be responsible, at Landlord’s sole cost and expense, and without deduction from the Tenant Improvement Allowance, to construct and deliver the Base Building and “Warm Shell” components of the Premises
(“Landlord’s Work”), which shall consist of the items set forth on Schedule 1 to this Exhibit B (the “Warm Shell Schedule”). 

(f) Construction of Additional Base Building Items. To the extent that the Final TI Working Drawings contain any structural
items, or items which would not reasonably categorized as “normal tenant improvements” under applicable GAAP standards (the “Additional Base Building Items”), then such Additional Base Building Items shall not be
constructed as a part of the Landlord’s TI Work or the Tenant Improvements, but instead will be constructed by Landlord as a part of the Landlord’s Work. The cost of construction of the Additional Base Building Items (the
“Additional Base Building Costs”) shall be borne by Landlord, provided that the amount of the Tenant Improvement Allowance shall be reduced by the amount of the Additional Base Building Costs. Landlord shall have the right to
disapprove any aspect of the Final TI Working Drawing that would result in Additional Base Building Costs in excess of the then remaining Tenant Improvement Allowance, so that, while the Tenant Improvement Allowance may be reduced, under no
circumstances would Tenant be required to pay for any Additional Base Building Items with its own funds. 
 4. Payment of
Costs. 
 (a) Tenant Improvement Allowance. Subject to any restrictions, conditions or limitations expressly set forth
in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount
equal to $145 per RSF of the Premises (i.e. $5,525,805.00 (the “Tenant Improvement Allowance”), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant
Improvements in the Premises. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any
costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for payment of any and all costs and expenses relating to any alterations,
additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant Improvement Allowance funds under the restrictions expressly set forth below in this paragraph, but
Tenant shall be entitled to use or apply the entire Tenant Improvement Allowance toward the Cost of Improvements of the Tenant Improvements (subject to any applicable restrictions, conditions, limitations, reductions or charges set forth in the
Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant’s own funds for the Tenant Improvements. The funding of the Tenant Improvement Allowance shall be made on a monthly basis or at other convenient intervals
mutually approved by Landlord and Tenant and in all other respects shall be based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe.
Notwithstanding the foregoing provisions, under no circumstances shall the Tenant Improvement Allowance or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other
cost or expense) associated with any 

  
 EXHIBIT B 

5 

 
moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with
the Building upon expiration or termination of the Lease. Notwithstanding anything to the contrary herein, the Tenant Improvements shall not include (and Landlord shall be solely responsible for and the Tenant Improvement Allowance shall not be used
for) the following: (a) costs incurred due to the presence of any Hazardous Materials in the Premises, if any, but with respect to removal and remediation of any such Hazardous Materials, only to the extent such removal or remediation is
required by Applicable Laws enforced as of the date of this Lease for improvements in the Premises generally (as opposed to the specific Tenant Improvements) and to the extent the same required in order to allow Tenant to obtain a certificate of
occupancy or its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; (b) costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow
Tenant to obtain a certificate of occupancy or its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; (c) construction costs in excess of the final contract amount in the contract
with the General Contractor, as approved by Tenant (not to be unreasonably withheld), except for increases set forth in approved change orders; and (d) wages, labor and overhead for overtime and premium time unless approved by Tenant (which
approval shall not be unreasonably withheld, conditioned or delayed);. 
 (b) Additional TI Allowance. In addition to the
Tenant Improvement Allowance, Tenant shall have the right, by written notice to Landlord given on or before December 31, 2017, to use up to $50.00 per RSF of the Premises (i.e., up to $1,905,450.00) (the “Additional TI
Allowance”) towards the payment of the costs of the Tenant Improvement Allowance Items. In the event Tenant exercises its right to use all or any portion of the Additional TI Allowance, Tenant shall be required to pay Landlord, commencing
on the date the Tenant Improvements are completed (the “Additional Payment Commencement Date”), the “Additional TI Allowance Payment,” as that term is defined below, in consideration of Landlord provision of the Additional
TI Allowance. The “Additional TI Allowance Payment” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional TI Allowance utilized by Tenant as the present value
amount, (ii) a number equal to the number of full calendar months then remaining in the Lease Term as the number of payments, (iii) a monthly interest factor equal to (A) with respect to the first $25.00 per RSF of the Additional TI
Allowance used by Tenant, seventy-five one-hundredths percent (0.75%), which is equal to nine percent (9%) divided by twelve (12) months per year, and (B) with respect to any amount the Additional TI
Allowance used by Tenant in excess of $25.00 per RSF of the Premises (i.e., in excess of $952,725.00), 0.9167%, which is equal to eleven percent (11%) divided by twelve (12) months per year, and (iv) the Additional TI Allowance Payment as
the missing component of the annuity. Following the calculation of the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment in the form of Exhibit G attached hereto, to confirm the amount thereof. 

5. No Agency. Nothing contained in this Tenant Work Letter shall make or constitute Tenant as the agent of Landlord. 

6. Tenant Access. Provided that Tenant and its agents do not interfere with Contactor’s work in the Building and the
Premises (including by the use of non-union vendors without prior coordination with Landlord), Contractor shall allow Tenant access to the Premises at least thirty (30) days prior to the Substantial
Completion of the Landlord’s TI Work without payment of Rent for the purpose of Tenant installing equipment or fixtures (including Tenant’s data and telephone equipment) in the Premises and preparing the Premises for occupancy. Prior to
Tenant’s entry into the Premises as permitted by the terms of this Section 6, Tenant shall submit a schedule to Landlord and Contractor, for their approval, which schedule shall detail the timing and purpose of Tenant’s
entry. Tenant shall hold Landlord harmless from and indemnify, protect and defend Landlord against any loss or damage to the Building or Premises and against injury to any persons caused by Tenant’s actions pursuant to this
Section 6. 
 7. Miscellaneous. All references in this Tenant Work Letter to a number of days shall
be construed to refer to calendar days, unless otherwise specified herein. In all instances where Landlord’s or Tenant’s approval is required, if no written notice of disapproval is given within the applicable time period, at the end of
that period Landlord or Tenant shall be deemed to have given approval (unless the provision requiring Landlord’s or Tenant’s approval expressly states that non-response is deemed to be a disapproval
or withdrawal of the pending action or request, in which event such express statement shall be controlling over the general statement set forth in this sentence) and the next succeeding time period shall commence. If any item requiring approval is
disapproved by Landlord or Tenant (as applicable) in a timely manner, the procedure for preparation of that item and approval shall be repeated. Landlord hereby acknowledges that Tenant shall not be required to restore the initial Tenant
Improvements constructed in the Premises pursuant to the terms of this Tenant Work Letter upon the termination of the Lease. 

  
 EXHIBIT B 

6 

 8. Time Deadlines. Tenant shall use commercially reasonable, good faith, efforts
and all due diligence to cooperate with the Architect, General Contractor and Landlord to complete all phases of the construction drawings set forth in this Tenant Work Letter and the permitting process and to receive the permits as soon as possible
after the execution of the. The applicable dates for approval of items, plans and drawings as described in this Tenant Work Letter are set forth and further elaborated upon in Schedule 3 to this Exhibit B attached hereto (the “Time
Deadlines”), attached hereto. Tenant agrees to utilize commercially reasonable efforts to comply with the Time Deadlines. 
 9.
Rooftop Space. Tenant hereby acknowledges that to the extent either (i) any portion of the Tenant Improvements, or (ii) any of Tenant’s equipment installed in the Premises, requires a portion of the roof to be utilized
by Tenant, that Tenant shall only be permitted to utilize that certain portion of the roof designated as “Zone 1” on Schedule 4 to this Exhibit B (the “Rooftop Space”). 

  
 EXHIBIT B 

7 

 SCHEDULE 1 TO EXHIBIT B 

BASE BUILDING “WARM SHELL” DELIVERY CONDITION 

The Cove at Oyster Point 
 Building 3 

151 Oyster Point Boulevard 
 South San Francisco, CA 94080 

Warm-Shell Landlord Delivery Condition 
  

							
	 DESCRIPTION
	  	 Landlord
	  	 Landlord at

Tenant’s

Expense

	 SITEWORK
	  		  	
				
	 1.
	    	Exterior hardscape and landscape, including site lighting, perimeter sidewalks, street curbs, miscellaneous site furnishings, and bio-retention basins	  	X	  	
				
	 2.
	    	Surface parking lot	  	X	  	
				
	 3.
	    	Electric vehicle charging stations, for allocation amongst Tenants	  	X	  	
				
	 4.
	    	Exterior amenities space including all hardscape and landscape, lighting, and recreational infrastructure (volleyball/basketball sport court, bocce ball, trellis)	  	X	  	
				
	 5.
	    	Exterior bike racks	  	X	  	
				
	 6.
	    	Bus stop wind screens for local commuter shuttle service	  	X	  	
				
	 7.
	    	Service yard foundation, structure, covered enclosure, and waterproofing for trash containers and dedicated bulk nitrogen storage area for allocation amongst tenants	  	X	  	
				
	 8.
	    	Foundation and enclosure for Landlord provided diesel powered emergency generator	  	X	  	
				
	 9.
	    	Loading dock with at-grade shipping/receiving area with (2) hydraulic scissor lifts	  	X	  	
			
	STRUCTURE	  		  	
				
	 1.
	    	Pile supported structural slab-on-grade foundation system consisting of steel-reinforced concrete auger- cast piles, pile caps, and horizontal grade
beams	  	X	  	
				
	 2.
	    	Steel superstructure consisting of steel columns, girders, beams, and concrete slab on composite metal deck, with live load capacity of 125 psf (reducible)	  	X	  	
				
	 3.
	    	Type II A construction, code required primary structural fireproofing	  	X	  	
				
	 4.
	    	Slab edge fire safing	  	X	  	

  
 EXHIBIT B 

8 

							
	 DESCRIPTION
	  	 Landlord
	  	 Landlord at

Tenant’s

Expense

	 5.
	    	Lateral seismic system utilizing buckling-restrained braced frames. Importance factor is 1.0	  	X	  	
				
	 6.
	    	Roof deck framing with live load capacity of 20 psf	  	X	  	
				
	 7.
	    	Mechanical platform and roof penthouse with live load capacity of 75 psf	  	X	  	
				
	 8.
	    	Roof screen and associated secondary steel	  	X	  	
				
	 9.
	    	Floor to floor height of 17’, all floors	  	X	  	
				
	 10.
	    	Framed openings for Base Building utility risers	  	X	  	
				
	 11.
	    	Stairs and stair enclosures per code requirements, including enclosure doors, handrails, and guardrails. Roof penthouse access for (1) set of stairs	  	X	  	
				
	 12.
	    	Window washing davit bases and arms	  	X	  	
				
	 13.
	    	Miscellaneous metals items and/or concrete pads for Base Building equipment	  	X	  	
			
	 ROOFING
	  		  	
				
	 1.
	    	60 MIL single-ply thermoplastic polyolefin (TPO) white roof membrane	  	X	  	
				
	 2.
	    	Rigid insulation, flashing, and sealants	  	X	  	
				
	 3.
	    	Roofing penetrations for Base Building equipment/systems	  	X	  	
				
	 4.
	    	Walkway pads along roof perimeter, outside of screened area	  	X	  	
				
	 5.
	    	Penthouse roof penetrations – not allowed	  	N/A	  	N/A
			
	 EXTERIOR
	  		  	
				
	 1.
	    	Non load-bearing glazed aluminum curtain wall and glass fiber reinforced concrete (GFRC) panel building enclosure system	  	X	  	
				
	 2.
	    	Building entrances and openings	  	X	  	
				
	 3.
	    	Service Yard overhead door, serving Base Building Electrical Room	  	X	  	
				
	 4.
	    	Service Yard rolling green screen gate	  	X	  	
			
	 COMMON AREAS
	  		  	
				
	 1.
	    	Accessible Main Lobby	  	X	  	
				
	 2.
	    	Main Lobby Computer Room	  	X	  	
				
	 3.
	    	Interior Service Area corridor	  	X	  	
				
	 4.
	    	Stair enclosures painted at all building levels	  	X	  	
				
	 5.
	    	2 hour rated Chemical Storage Area, with depressed slab, for allocation amongst tenants	  	X	  	
				
	 6.
	    	Electrical Room	  	X	  	
				
	 7.
	    	Emergency Electrical Room	  	X	  	
				
	 8.
	    	Domestic Pump Room	  	X	  	
				
	 9.
	    	Fire Booster Pump Room	  	X	  	

  
 EXHIBIT B 

9 

							
	 DESCRIPTION
	  	 Landlord
	  	 Landlord at

Tenant’s

Expense

	 10.
	    	Storage Room for allocation amongst Tenants	  	X	  	
				
	 11.
	    	Elevator Control Room	  	X	  	
				
	 12.
	    	Amenities Space including food service, fitness center, and recreational area	  	X	  	
				
	 13.
	    	Telecommunications Main Point of Entry (MPOE) Room	  	X	  	
				
	 14.
	    	Service Yard/Loading Dock Area, including space for trash enclosure, nitrogen storage, and generator enclosure	  	X	  	
			
	ELEVATORS	  		  	
				
	 1.
	    	Two (2) passenger elevators; 3,500 lbs., 350 fpm	  	X	  	
				
	 2.
	    	One (1) freight elevator; 5,000 lbs., 200 fpm	  	X	  	
				
	 3.
	    	Recessed elevator pits for three (3) elevators	  	X	  	
				
	 4.
	    	No elevator access to roof	  	N/A	  	N/A
			
	TENANT AREAS	  		  	
				
	 1.
	    	Restroom Cores: one (1) set per floor including Men’s and Women’s Restrooms with (1) ADA shower each with bench and lockers, ceramic tile floors and wet walls, solid surface countertops, floor mounted metal
partitions, hard lid ceiling, down lights and ADA low-flow plumbing fixtures	  	X	  	
				
	 2.
	    	Janitor Closet – one (1) per floor	  	X	  	
				
	 3.
	    	Freight elevator lobby consisting of double-door, concrete floor, unfinished drywall and taped walls, no ceiling	  	X	  	
				
	 4.
	    	Electrical Room – one (1) per floor consisting of concrete floor, unfinished drywall and taped walls, no ceiling.	  	X	  	
				
	 5.
	    	Intermediate Distribution Frame (IDF) Room – one (1) per floor consisting of concrete floor, unfinished drywall and taped walls, no ceiling	  	X	  	
				
	 6.
	    	Finishes at common corridors on floors with multiple Tenants	  	X	  	
				
	 7.
	    	Shaft enclosures for Base Building system risers	  	X	  	
			
	FIRE PROTECTION	  		  	
				
	 1.
	    	Fire booster pump room including fire department connection, alarm valve, and fire sprinkler booster pump	  	X	  	
				
	 2.
	    	Wet fire protection system (risers, Core area risers, distribution piping, and sprinkler heads)	  	X	  	
				
	 3.
	    	Stair risers, distribution piping, and sprinkler heads	  	X	  	

  
 EXHIBIT B 

10 

							
	 DESCRIPTION
	  	 Landlord
	  	 Landlord at

Tenant’s

Expense

	 4.
	    	Primary distribution and sprinkler heads adequate for “Ordinary Hazard, Group 2”	  	X	  	
				
	 5.
	    	Fire extinguisher cabinets at core areas	  	X	  	
				
	 6.
	    	Fire safing at Base Building vertical penetrations, including penetrations for mechanical, electrical, and plumbing systems	  	X	  	
			
	PLUMBING	  		  	
				
	 1.
	    	Building storm and overflow drainage system, including site underground storm sewer system and connection to storm sewer mains	  	X	  	
				
	 2.
	    	Domestic water service with backflow prevention and Base Building risers to Tenant spaces	  	X	  	
				
	 3.
	    	Domestic water booster pump	  	X	  	
				
	 4.
	    	Lab waste risers and stubs in Tenant space	  	X	  	
				
	 5.
	    	Lab waste sewer connection to sanitary sewer, lab waste sampling port at connection	  	X	  	
				
	 6.
	    	Building sanitary sewer service with piping distribution to restroom cores and risers stubbed in Tenant space	  	X	  	
				
	 7.
	    	Domestic sanitary sewer connection to street	  	X	  	
				
	 8.
	    	Main water meter and irrigation meter	  	X	  	
				
	 9.
	    	One (1) roof mounted electric water heater serving all Restrooms	  	X	  	
				
	 10.
	    	Core restroom plumbing fixtures compliant with accessibility requirements	  	X	  	
			
	NATURAL GAS	  		  	
				
	 1.
	    	Natural gas service to Building	  	X	  	
				
	 2.
	    	Natural gas riser to the roof and service to Base Building boilers	  	X	  	
				
	 3.
	    	Natural gas riser to the roof capped for future use	  	X	  	
			
	HEATING, VENTILATION, AIR CONDITIONING	  		  	
				
	 1.
	    	(2) 90,000 cfm 100% outside air roof mounted packaged air handlers serving lab areas, for allocation amongst Tenant floors	  	X	  	
				
	 2.
	    	(2) 50,000 cfm supply/return roof mounted air handlers serving Tenant office areas, for allocation amongst Tenant floors	  	X	  	
				
	 3.
	    	(3) 4,000 MBH input gas fired hot water boilers	  	X	  	
				
	 4.
	    	(2) 550 ton centrifugal chillers	  	X	  	
				
	 5.
	    	(2) 550 ton cooling towers	  	X	  	

  
 EXHIBIT B 

11 

							
	 DESCRIPTION
	  	 Landlord
	  	 Landlord at

Tenant’s

Expense

	 6.
	    	Secondary mechanical equipment, including pumps, roof ducting, piping, valves, manifolds, etc. to support Base Building mechanical systems	  	X	  	
				
	 7.
	    	Hot water pipe risers, stubbed in Tenant space	  	X	  	
				
	 8.
	    	Reheat coils within core areas	  	X	  	
				
	 9.
	    	Vertical supply air duct risers	  	X	  	
				
	 10.
	    	Vertical return air duct risers	  	X	  	
				
	 11.
	    	Supply air duct distribution, VAV terminals, equipment connections, insulation, air terminals, dampers, hangers, etc. within core areas	  	X	  	
				
	 12.
	    	Two (2) roof mounted dilution lab exhaust fan systems for allocation amongst Tenant floors	  	X	  	
				
	 13.
	    	Exhaust air duct distribution, exhaust air valves, equipment connections, insulation, air terminals, dampers, hangers, etc. within core areas	  	X	  	
				
	 14.
	    	Restroom exhaust for Base Building restrooms	  	X	  	
				
	 15.
	    	Ventilation system for Base Building Electrical Room	  	X	  	
				
	 16.
	    	Exhaust fan, side wall grille supply, and fire smoke dampers for ventilation of Base Building Electrical Rooms on each floor	  	X	  	
				
	 17.
	    	Building Management System (BMS) for core area and Landlord infrastructure	  	X	  	
			
	ELECTRICAL	  		  	
				
	 1.
	    	Site campus medium voltage distribution system with connection to PG&E grid	  	X	  	
				
	 2.
	    	5000 amp 480/277V Base Building substation with underground primary feeder to campus main switchgear	  	X	  	
				
	 3.
	    	Standard power bus duct risers providing 400 amps per floor	  	X	  	
				
	 1.
	    	(1) 1500 kW diesel standby power generator, for allocation amongst Tenants and Base Building systems	  	X	  	
				
	 2.
	    	Standby power bus duct risers providing 250 amps per floor	  	X	  	
				
	 3.
	    	Automatic transfer switch for Tenant load	  	X	  	
				
	 4.
	    	Lighting and power distribution for core areas	  	X	  	
				
	 5.
	    	Base Building common area life safety emergency lighting/signage	  	X	  	
				
	 6.
	    	2” conduit riser for future Distributed Antenna System (DAS)	  	X	  	
				
	 7.
	    	Distributed Antenna System (DAS), if required	  	X	  	

  
 EXHIBIT B 

12 

							
	 DESCRIPTION
	  	 Landlord
	  	 Landlord at

Tenant’s

Expense

	FIRE ALARM	  		  	
				
	 1.
	    	Base Building fire alarm system with devices in core areas	  	X	  	
				
	 2.
	    	Fire Alarm Termination Cabinet (FATC) within each Electrical Room	  	X	  	
			
	TELEPHONE/DATA	  		  	
				
	 1.
	    	Underground telephone carrier service to Main Point of Entry (MPOE) Room	  	X	  	
				
	 2.
	    	Underground local fiber optic provider service to MPOE Room	  	X	  	
				
	 3.
	    	(2) 4” conduit risers from MPOE to Intermediate Distribution Frame (IDF) Room on each floor	  	X	  	
				
	 4.
	    	(1) 2” conduit riser from the roof to IDF Room on each floor	  	X	  	
				
	 5.
	    	Campus telecommunications loop consisting of (2) 4” conduits, linking existing and future buildings on campus	  	X	  	
				
	 6.
	    	(2) 4” conduits connecting Building 3 MPOE Room with Building 4 MPOE Room	  	X	  	
			
	SECURITY	  		  	
				
	 1.
	    	Card access at Building entries	  	X	  	
				
	 2.
	    	Manned security station in lobby	  	X	  	

  
 EXHIBIT B 

13 

 SCHEDULE 2 TO EXHIBIT B 

LEED REQUIREMENTS 
 The following is a
list of LEED prerequisites and credits that all tenants are required to meet compliance for their associated tenant-occupied spaces beyond the current Core & Shell project scope. By signing this lease, tenants are agreeing to comply with
all of the outlined requirements. 
  

	 	•	 	Water Efficiency Prerequisite 1 and Credit 3, Water Use Reduction 

  

	 	•	All toilets in the core or those that are tenant-installed shall be dual-flush toilets or “high-efficiency,” using 1.28 gallons per flush (gpf) or less. 

 

	 	•	All urinals shall be waterless or ultra low-flow e.g., 0.125gpf or less. 

  

	 	•	Bathroom faucets are required to have flow restrictors limiting flow to .5 gallons per minute (gpm). Kitchen and breakroom faucets to allow 2.0 gpm. 

 

	 	•	 	Energy and Atmosphere Prerequisite 2, Minimum Energy Performance, and Credit 1, Optimize Energy Performance 

  

	 	•	Envelope must meet the following requirements: 

  

	 	•	 	Walls: U = 0.082 

  

	 	•	 	Roof: U = 0.039 

  

	 	•	 	Curtain Glazing: U = 0.27, SHGC = 0.29 (Viracon) 

  

	 	•	Mechanical (Based on B3) systems must comply with the following: 

  

	 	•	 	Chiller Efficiency: 0.549 kw/ton 

  

	 	•	 	Boiler Efficiency: 93% 

  

	 	•	Plumbing (Based on B3) must comply with the following: 

  

	 	•	 	Water heater efficiency: 96% 

  

	 	•	Lighting requirements are as follows: 

  

	 	•	 	Office Spaces > 250 ft2: 0.75 w/sf 

  

	 	•	 	Office Spaces <= 250 ft2: 1.0 w/sf 

  

	 	•	 	Lab Spaces: 1.4 w/sf 

  

	 	•	 	Energy and Atmosphere Credit 4, Enhanced Refrigerant Management 

  

	 	•	Tenants should specify HVAC systems that minimize refrigerant impact by avoiding refrigerants entirely or using systems that reduce their harmful impacts. 

 

	 	•	Tenants should not install or retain fire suppression systems with CFCs, HCFCs, or halons. 

  

	 	•	 	Energy and Atmosphere Credit 5, Measurement & Verification 

  

	 	•	Tenants will be required to submeter 

  

	 	•	 	Indoor Environmental Quality Prerequisite 1, Minimum Indoor Air Quality (IAQ) Performance 

  

	 	•	Tenant-installed mechanical ventilation systems must meet the requirements of ASHRAE 62.1-2007 sections 4-7. 

 

	 	•	 	Indoor Environmental Quality Credit 1, Outdoor Air Delivery Monitoring 

  

	 	•	For mechanical ventilation systems that predominantly serve densely occupied spaces (those with a design occupant density greater than or equal to 25 people per 1000 sq. ft), tenants shall install a CO2 sensor within
each densely occupied space. 

  

	 	•	For all other mechanical ventilation systems, provide an outdoor airflow measurement device capable of measuring the minimum outdoor airflow rate at all expected system operating conditions within 15 percent of the
design minimum outdoor air rate. 

  

	 	•	 	Indoor Environmental Quality Credit 5, Indoor Chemical and Pollutant Source Control 

  

	 	•	Walk off mats are installed at all building main entrances as part of the core and shell scope. 

  

	 	•	All rooms that contain chemicals or pollutants (such as copy rooms, photo labs, laundry, and janitorial rooms) must be built with
deck-to-deck full-height walls and self-closing doors, separate ventilation systems with minimum .50 cfm/sqft exhaust fans, and containment drains for appropriate
disposal of hazardous liquids 

  
 EXHIBIT B 

14 

	 	•	Tenants must also install MERV – 13 filters for all return and outside air intakes in regularly occupied mechanically ventilated spaces 

 

	 	•	 	Indoor Environmental Quality Credit 6, Controllability of Systems - Thermal Comfort 

  

	 	•	Tenants shall provide thermal and ventilation controls for: 

  

	 	•	 	At least 50 percent of the occupants that enable adjustment to suit individual needs and preferences & all shared multi-occupant spaces where transient groups must share controls. 

 

	 	•	 	Indoor Environmental Quality Credit 7, Thermal Comfort - Design 

  

	 	•	HVAC design must meet requirements of ASHRAE 55-2004, specifically in reference to air temperature, radiant temperature, humidity, and air speed 

  
 EXHIBIT B 

15 

 SCHEDULE 3 TO EXHIBIT B 

TIME DEADLINES 
 THE COVE AT OYSTER
POINT 
 South San Francisco, CA 
 151 Oyster Point, Second
Floor — Denali TI 
 9/24/2015 

Tenant Improvement Milestone Schedule 
  

			
	10/1/2015	  	 TI Design Commencement (12 weeks)

	10/16/2015	  	 Tenant Submission of 100% Schematic Design

	10/16/2015	  	 Landlord Publication of TI Project Budget Estimate

	10/23/2015	  	 Landlord Approval of “Approved Schematic Plans”

	11/13/2015	  	 100% Design Development

	12/4/2105	  	 General Contractor Publication of 100% DD Estimate

	12/11/2015	  	 Tenant Approval of 100% DD Estimate and Scope

	1/4/2016	  	 Tenant Submission of 100% Construction Documents

	1/4/2016	  	 Landlord Submit for TI Permit (9.5 weeks)

	1/11/2016	  	 Landlord Approval of “Final TI Working Drawings”

	1/15/2016	  	 Release of long lead items (i.e. casework) — Tenant and Landlord Approval

	1/29/2016	  	 General Contractor Publish GMP

	2/1/2016	  	 Start TI Construction (26 weeks)

	2/5/2016	  	 Tenant Approval of GMP

	3/10/2016	  	 Obtain Permit (Anticipated — Dependent on Jurisdiction) — First Inspection

	8/1/2016	  	 Substantial Completion — Temporary Certificate of Occupancy (TCO)

	8/1/2016	  	 Rent Commencement

	9/1/2016	  	 Complete Punchlist/Final Completion

  
 SCHEDULE 3 TO 

EXHIBIT B 
 1 

 SCHEDULE 4 TO EXHIBIT B 

ROOFTOP SPACE 
  

 

  
 SCHEDULE 4 TO 

EXHIBIT B 
 1 

 EXHIBIT C 

NOTICE OF LEASE TERM DATES 
 To:
                                        
         

                          
                             

                          
                             

                          
                             
  

	 	Re:	Lease dated                    , 20__ between
                        ,
a                                         
    (“Landlord”), and                             , a
                                        
(“Tenant”) concerning Suite                  on floor(s)
                         of the building located at
                            , California. 

Gentlemen: 
 In accordance with the Lease (the
“Lease”), we wish to advise you and/or confirm as follows: 
  

	 	1.	The Lease Term shall commence on or has commenced on                         for a term of
                                 ending on
                            . 

 

	 	2.	Rent commenced to accrue on                             , in the amount of
                            . 

 

	 	3.	If the Lease Commencement Date is other than the first day of the month, the first billing will contain a pro rata adjustment. Each billing thereafter, with the exception of the final billing, shall be for the full
amount of the monthly installment as provided for in the Lease. 

  

	 	4.	Your rent checks should be made payable to                      at
                                . 

 

	 	5.	The number of rentable/usable square feet within the Premises is approximately
                        square feet. 

  

	 	6.	Tenant’s Share as adjusted based upon the exact number of usable square feet within the Premises is
                    %, subject to Section 6 of the Summary of Basic Lease Information. 

 

	
	“Landlord”:
	
	                                      
                                         
     
	a                                      
                                         
   
	
	By:
                                         
                                    
	        Its:
                                         
                             

  
 EXHIBIT C 

1 

	
	 Agreed to and Accepted as

of
                    , 20        .

	
	 “Tenant”:

	
	                                      
                                         
     
	a                                      
                                         
   
	
	By:
                                         
                                    
	        Its:
                                         
                           

  
 EXHIBIT C 

2 

 EXHIBIT D 

FORM OF TENANT’S ESTOPPEL CERTIFICATE 

The undersigned as Tenant under that certain Lease (the “Lease”) made and entered into as of
                        , 
 20
            by and between                          as Landlord, and
the undersigned as Tenant, for Premises consisting of a portion of the building located at                         , California,
certifies as follows: 
 1. Attached hereto as Exhibit A is a true and correct copy of the Lease and all amendments and
modifications thereto. The documents contained in Exhibit A represent the entire agreement between the parties as to the Premises. 

2. The undersigned currently occupies the Premises described in the Lease, the Lease Term commenced on
                    , and the Lease Term expires on
                    , and the undersigned has no option to terminate or cancel the Lease or to purchase all or any part of the Premises, the Building
and/or the Project, except as expressly set forth in the Lease. 
 3. Base Rent became payable on
                        . 

4. The Lease is in full force and effect and has not been modified, supplemented or amended in any way except as provided in
Exhibit A. 
 5. Tenant has not transferred, assigned, or sublet any portion of the Premises nor entered
into any license or concession agreements with respect thereto except as follows: 
 6. Tenant shall not modify the documents contained in
Exhibit A without the prior written consent of Landlord’s mortgagee. 
 7. All monthly installments
of Base Rent, all Additional Rent and all monthly installments of estimated Additional Rent have been paid when due through                     . The
current monthly installment of Base Rent is $                        . 

8. To Tenant’s actual knowledge, without inquiry, all conditions of the Lease to be performed by Landlord necessary to the enforceability
of the Lease have been satisfied and Landlord is not in default thereunder. In addition, the undersigned has not delivered any notice to Landlord regarding a default by Landlord thereunder. The Lease does not require Landlord to provide any rental
concessions or to pay any leasing brokerage commissions except as expressly set forth therein. 
 9. No rental has been paid more than
thirty (30) days in advance and no security has been deposited with Landlord except as provided in the Lease. Neither Landlord, nor its successors or assigns, shall in any event be liable or responsible for, or with respect to, the retention,
application and/or return to Tenant of any security deposit paid to any prior landlord of the Premises, whether or not still held by any such prior landlord, unless and until the party from whom the security deposit is being sought, whether it be a
lender, or any of its successors or assigns, has actually received for its own account, as landlord, the full amount of such security deposit. 

10. To Tenant’s actual knowledge, without inquiry, as of the date hereof, there are no existing defenses or offsets, or, to the
undersigned’s knowledge, claims or any basis for a claim, that the undersigned has against Landlord. 
 11. If Tenant is a corporation
or partnership, Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in California and that Tenant has full right and authority to execute and deliver this Estoppel Certificate and that each
person signing on behalf of Tenant is authorized to do so. 

  
 EXHIBIT D 

1 

 12. There are no actions pending against the undersigned under the bankruptcy or similar laws of
the United States or any state. 
 13. Tenant is in full compliance with all federal, state and local laws, ordinances, rules and
regulations affecting its use of the Premises, including, but not limited to, those laws, ordinances, rules or regulations relating to hazardous or toxic materials. Tenant has never permitted its agents, employees or contractors to engage in the
generation, manufacture, treatment, use, storage, disposal or discharge of any hazardous, toxic or dangerous waste, substance or material in, on, under or about the Project or the Premises or any adjacent premises or property in violation of any
federal, state or local law, ordinance, rule or regulation. 
 14. To the undersigned’s knowledge, all tenant improvement work to be
performed by Landlord under the Lease has been completed in accordance with the Lease and has been accepted by the undersigned and all reimbursements and allowances due to the undersigned under the Lease in connection with any tenant improvement
work have been paid in full. All work (if any) in the common areas required by the Lease to be completed by Landlord has been completed and all parking spaces required by the Lease have been furnished and/or all parking ratios required by the Lease
have been met. 
 The undersigned acknowledges that this Estoppel Certificate may be delivered to Landlord or to a prospective mortgagee or
prospective purchaser, and acknowledges that said prospective mortgagee or prospective purchaser will be relying upon the statements contained herein in making the loan or acquiring the property of which the Premises are a part and that receipt by
it of this certificate is a condition of making such loan or acquiring such property. 
 Executed at
                                 on the day of
                        , 20        . 

 

	
	 “Tenant”:

	
                  
                                         
                         

	
a                  
                                         
                       

	
	
By:                  
                                         
                   

	
      Its:            
                                         
                   

	
	
By:                  
                                         
                   

	
      Its:            
                                         
                   

  
 EXHIBIT D 

2 

 EXHIBIT E 

ENVIRONMENTAL QUESTIONNAIRE 

ENVIRONMENTAL QUESTIONNAIRE 

FOR COMMERCIAL AND INDUSTRIAL PROPERTIES 

Property Name:
                                        
                                         
                                         
                                         
              
 Property Address:
                                         
                                         
                                         
                                         
            
 Instructions: The following questionnaire is to be
completed by the Lessee representative with knowledge of the planned operations for the specified building/location. Please print clearly and attach additional sheets as necessary. 

 

	1.0	PROCESS INFORMATION 

 Describe planned use, and include brief description of manufacturing
processes employed. 
  
  

 
  
  

 
  

	2.0	HAZARDOUS MATERIALS 

 Are hazardous materials used or stored? If so, continue with the next
question. If not, go to Section 3.0. 
  

	2.1	Are any of the following materials handled on the Property?     Yes ☐ No ☐ 

(A material is handled if it is used, generated, processed, produced, packaged, treated, stored, emitted, discharged, or disposed.) If so,
complete this section. If this question is not applicable, skip this section and go on to Section 5.0. 
  

					
	 ☐ Explosives
	  	☐ Fuels	  	☐ Oils
	 ☐ Solvents
	  	☐ Oxidizers	  	☐ Organics/Inorganics
	 ☐ Acids
	  	☐ Bases	  	☐ Pesticides
	 ☐ Gases
	  	☐ PCBs	  	☐ Radioactive Materials
	 ☐ Other (please specify)
	  		  	

  

	2-2.	If any of the groups of materials checked in Section 2.1, please list the specific material(s), use(s), and quantity of each chemical used or stored on the site in the Table below. If convenient, you may substitute
a chemical inventory and list the uses of each of the chemicals in each category separately. 

  

											
	 Material
	  	 Physical State (Solid, Liquid, or Gas)
	  	Usage	  	Container Size	  	Number of Containers	  	Total Quantity

  

	2-3.	Describe the planned storage area location(s) for these materials. Please include site maps and drawings as appropriate. 

  

 
  

 
  

 

  
 EXHIBIT E 

1 

	3.0	HAZARDOUS WASTES 

 Are hazardous wastes generated?
                                         
                                         
                                         
             Yes ☐ No ☐ 
 If yes, continue with the next question. If not, skip
this section and go to section 4.0. 
  

	3.1	Are any of the following wastes generated, handled, or disposed of (where applicable) on the Property? 

  

			
	 ☐ Hazardous wastes
	  	☐ Industrial Wastewater
	 ☐ Waste oils
	  	☐ PCBs
	 ☐ Air emissions
	  	☐ Sludges
	 ☐ Regulated Wastes
	  	☐ Other (please specify)

  

	3-2.	List and quantify the materials identified in Question 3-1 of this section. 

  

											
	 WASTE

GENERATED
	  	RCRA listed
Waste?	  	SOURCE	  	APPROXIMATE MONTHLY
QUANTITY	  	WASTE
CHARACTERIZATION	  	DISPOSITION

  

	3-3.	Please include name, location, and permit number (e.g. EPA ID No.) for transporter and disposal facility, if applicable). Attach separate pages as necessary. 

 

							
	 Transporter/Disposal Facility Name
	 	 Facility Location
	 	
Transporter (I) or Disposal (D) Facility
	  	 Permit Number

 

	3-4.	Are pollution controls or monitoring employed in the process to prevent or minimize the release of wastes into the environment? Yes ☐ No ☐ 

 

	3-5.	If so, please describe. 

  
  

 
  

 
  

	4.0	USTS/ASTS 

  

	4.1	Are underground storage tanks (USTs), aboveground storage tanks (ASTs), or associated pipelines used for the storage of petroleum products, chemicals, or liquid wastes present on site (lease renewals) or required for
planned operations (new tenants)? Yes ☐ No ☐ 

 If not, continue with section 5.0. If yes, please describe
capacity, contents, age, type of the USTs or ASTs, as well any associated leak detection/spill prevention measures. Please attach additional pages if necessary. 
  

									
	 Capacity
	 	 Contents
	 	 Year Installed
	 	 Type (Steel, Fiberglass, etc)
	 	 Associated Leak Detection /
Spill Prevention
Measures*

  

	*	Note: The following are examples of leak detection / spill prevention measures: 

  

					
	 Integrity testing
	  	Inventory reconciliation	  	Leak detection system
	 Overfill spill protection
	  	Secondary containment	  	Cathodic protection

  
 EXHIBIT E 

2 

	4-2.	Please provide copies of written tank integrity test results and/or monitoring documentation, if available. 

  

	4-3.	Is the UST/AST registered and permitted with the appropriate regulatory agencies? If so, please attach a copy of the required permits.
                                         
                                         
                                         
                                         
    Yes ☐ No ☐ 

  

	4-4.	If this Questionnaire is being completed for a lease renewal, and if any of the USTs/ASTs have leaked, please state the substance released, the media(s) impacted (e.g., soil, water, asphalt, etc.), the actions taken,
and all remedial responses to the incident. 

  
  

 
  
  

 
  

	4-5.	If this Questionnaire is being completed for a lease renewal, have USTs/ASTs been removed from the Property?     Yes ☐ No ☐ 

If yes, please provide any official closure letters or reports and supporting documentation (e.g., analytical test results, remediation report
results, etc.). 
  

	4-6.	For Lease renewals, are there any above or below ground pipelines on site used to transfer chemicals or wastes?     Yes ☐ No ☐ 

For new tenants, are installations of this type required for the planned operations? 

Yes ☐ No ☐ 
 If yes to either
question, please describe. 
  
  

 
  
  

 
  

	5.0	ASBESTOS CONTAINING BUILDING MATERIALS 

 Please be advised that an asbestos survey may have been
performed at the Property. If provided, please review the information that identifies the locations of known asbestos containing material or presumed asbestos containing material. All personnel and appropriate subcontractors should be notified of
the presence of these materials, and informed not to disturb these materials. Any activity that involves the disturbance or removal of these materials must be done by an appropriately trained individual/contractor. 

 

	6.0	REGULATORY 

  

	6-1.	Does the operation have or require a National Pollutant Discharge Elimination System (NPDES) or 

equivalent permit?
                                         
                                         
                                         
                     Yes ☐ No ☐ 

If so, please attach a copy of this permit. 
  

	6-2.	Has a Hazardous Materials Business Plan been developed for the site?
                                         
                    Yes ☐ No ☐ 

If so, please attach a copy. 

  
 EXHIBIT E 

3 

 CERTIFICATION 

I am familiar with the real property described in this questionnaire. By signing below, I represent and warrant that the answers to the above questions are
complete and accurate to the best of my knowledge. I also understand that 
 Lessor will rely on the completeness and accuracy of my answers in assessing any
environmental liability risks associated with the property. 
  

			
	Signature:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

		
	Telephone:	 	  

  
 EXHIBIT E 

4 

 EXHIBIT F 

TENANT’S PROPERTY 
 The
following items, to the extent not purchased with the Tenant Improvement Allowance or Additional Improvement Allowance, shall be deemed “Tenant’s Property”: 
  

	 	1.	All moveable furniture and equipment that is not “built-in”. 

  

	 	2.	Moveable lab casework (other than “built-in” lab casework), including moveable lab benches. 

 

	 	3.	Servers, server racks and back-up batteries. 

  

	 	4.	Furniture. 

  
 EXHIBIT F 

1 

 EXHIBIT G 

FORM OF AGREEMENT FOR ADDITIONAL MONTHLY BASE RENT 

FIRST AMENDMENT TO LEASE 
 This
FIRST AMENDMENT TO LEASE (“Amendment”) is made and entered into as of                         , 2015, by and
between HCP OYSTER POINT III LLC, a Delaware limited partner (“Landlord”), and DENALI THERAPEUTICS INC., a Delaware corporation (“Tenant”). 

R E C I T A L S : 

A. Landlord and Tenant are parties to that certain Lease dated August     , 2015, (the “Lease”), pursuant
to which Tenant leases the second floor (the “Premises”) containing approximately 37,945 rentable square feet of space in the building located at 151 Oyster Point Boulevard, South San Francisco, California (the
“Building”). 
 B. Landlord and Tenant desire to amend the Lease on the terms and conditions set forth in this Amendment.

 A G R E E M E N T : 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Terms.
All capitalized terms when used herein shall have the same respective meanings as are given such terms in the Lease unless expressly provided otherwise in this Amendment. 

2. Additional TI Allowance. Pursuant to the terms of Section 4 of the Tenant Work Letter attached to the
Lease as Exhibit B, Tenant was entitled to an Additional TI Allowance of up to $1,897.250.00 (the “Additional TI Allowance”). Notwithstanding any provision to the contrary contained in the Lease, Landlord and Tenant
hereby acknowledge and agree that Tenant has utilized                          and       /100
Dollars ($                .            ) of the Additional TI Allowance (the “Utilized Additional TI
Allowance”). 
 3. Additional Monthly Base Rent. As a result of Tenant’s use of the Utilized Additional TI Allowance,
Tenant is required to pay Additional Monthly Base Rent calculated as provided in Section 4 of the Tenant Work Letter, which Additional Monthly Base Rent shall be equal to
$                     per month, payable on or before the first (1st) day of each month
commencing as of                     , and continuing through the expiration of the initial Lease Term. 

4. No Further Modification. Except as specifically set forth in this Amendment, all of the terms and provisions of the Lease shall
remain unmodified and in full force and effect. 

  
 EXHIBIT G 

1 

 IN WITNESS WHEREOF, this Amendment has been executed as of the day and year first above written.

  

							
	LANDLORD:	  	  TENANT:
		
	HCP OYSTER POINT III LLC, a Delaware limited	  	  DENALI THERAPEUTICS INC.,
	liability company	  	  a Delaware corporation
				
	By:	 	HCP-Pointe Granted, Incorporated	  		  	By
                                         
                                         
      
		 	Its general partner	  		  	
		 		  		  	      Name
                                         
                                   
				
	By:	 	                                      
                                         
         	  		  	      Its
                                         
                                       
	Jonathan M. Bergschneider	  		  	
	Executive Vice President	  		  	By:
                                         
                                         
      
				
		 		  		  	      Name:
                                         
                                   
				
		 		  		  	      Its:
                                         
                                       

  
 EXHIBIT G 

2 

 EXHIBIT H 

FORM OF LETTER OF CREDIT 

(Letterhead of a money center bank 

acceptable to the Landlord) 
  

			
	FAX NO. [(            )          -             ]	  	[Insert Bank Name And Address]
	SWIFT: [Insert No., if any]	  	
		  	DATE OF ISSUE:
                                         
                           
		
	 BENEFICIARY:
 [Insert Beneficiary Name And
Address]
	  	 APPLICANT:
 [Insert Applicant Name And
Address]

		
		  	LETTER OF CREDIT NO.
                                         
           
		
	 EXPIRATION DATE:

                         AT OUR
COUNTERS
	  	 AMOUNT AVAILABLE:
 USD[Insert Dollar Amount]

(U.S. DOLLARS [Insert Dollar Amount])

 LADIES AND GENTLEMEN: 
 WE HEREBY
ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.                     IN YOUR FAVOR FOR THE ACCOUNT OF [Insert Tenant’s Name], A [Insert
Entity Type], UP TO THE AGGREGATE AMOUNT OF USD[Insert Dollar Amount] ([Insert Dollar Amount] U.S. DOLLARS) EFFECTIVE IMMEDIATELY AND EXPIRING ON (Expiration Date) AVAILABLE BY PAYMENT UPON PRESENTATION OF YOUR DRAFT AT SIGHT DRAWN ON [Insert
Bank Name] WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT(S): 
 1. THE ORIGINAL OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT AND
AMENDMENT(S), IF ANY. 
 2. BENEFICIARY’S SIGNED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF [Insert
Landlord’s Name], A [Insert Entity Type] (“LANDLORD”) STATING THE FOLLOWING: 
 “THE UNDERSIGNED HEREBY CERTIFIES
THAT THE LANDLORD, EITHER (A) UNDER THE LEASE (DEFINED BELOW), OR (B) AS A RESULT OF THE TERMINATION OF SUCH LEASE, HAS THE RIGHT TO DRAW DOWN THE AMOUNT OF USD
                            IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN OFFICE LEASE DATED [Insert Lease
Date], AS AMENDED (COLLECTIVELY, THE “LEASE”), OR SUCH AMOUNT CONSTITUTES DAMAGES OWING BY THE TENANT TO BENEFICIARY RESULTING FROM THE BREACH OF SUCH LEASE BY THE TENANT THEREUNDER, OR THE TERMINATION OF SUCH LEASE, AND SUCH AMOUNT
REMAINS UNPAID AT THE TIME OF THIS DRAWING.” 
 OR 

“THE UNDERSIGNED HEREBY CERTIFIES THAT WE HAVE RECEIVED A WRITTEN NOTICE OF [Insert Bank Name]’S ELECTION NOT TO EXTEND ITS STANDBY
LETTER OF CREDIT NO.                              AND HAVE NOT RECEIVED A REPLACEMENT LETTER OF CREDIT WITHIN
AT LEAST THIRTY (30) DAYS PRIOR TO THE PRESENT EXPIRATION DATE.” 

  
 EXHIBIT H 

1 

 OR 

“THE UNDERSIGNED HEREBY CERTIFIES THAT BENEFICIARY IS ENTITLED TO DRAW DOWN THE FULL AMOUNT OF LETTER OF CREDIT NO.
                        AS THE RESULT OF THE FILING OF A VOLUNTARY PETITION UNDER THE U.S. BANKRUPTCY CODE OR A STATE BANKRUPTCY
CODE BY THE TENANT UNDER THAT CERTAIN OFFICE LEASE DATED [Insert Lease Date], AS AMENDED (COLLECTIVELY, THE “LEASE”), WHICH FILING HAS NOT BEEN DISMISSED AT THE TIME OF THIS DRAWING.” 

OR 
 “THE UNDERSIGNED HEREBY CERTIFIES THAT
BENEFICIARY IS ENTITLED TO DRAW DOWN THE FULL AMOUNT OF LETTER OF CREDIT NO.                          AS THE RESULT OF AN
INVOLUNTARY PETITION HAVING BEEN FILED UNDER THE U.S. BANKRUPTCY CODE OR A STATE BANKRUPTCY CODE AGAINST THE TENANT UNDER THAT CERTAIN OFFICE LEASE DATED [Insert Lease Date], AS AMENDED (COLLECTIVELY, THE “LEASE”), WHICH FILING HAS NOT
BEEN DISMISSED AT THE TIME OF THIS DRAWING.” 
 OR 

“THE UNDERSIGNED HEREBY CERTIFIES THAT BENEFICIARY IS ENTITLED TO DRAW DOWN THE FULL AMOUNT OF LETTER OF CREDIT NO.
                         AS THE RESULT OF THE REJECTION, OR DEEMED REJECTION, OF THAT CERTAIN OFFICE LEASE DATED [Insert Lease
Date], AS AMENDED, UNDER SECTION 365 OF THE U.S. BANKRUPTCY CODE.” 
 SPECIAL CONDITIONS: 

PARTIAL DRAWINGS AND MULTIPLE PRESENTATIONS MAY BE MADE UNDER THIS STANDBY LETTER OF CREDIT, PROVIDED, HOWEVER, THAT EACH SUCH DEMAND THAT IS PAID BY US SHALL
REDUCE THE AMOUNT AVAILABLE UNDER THIS STANDBY LETTER OF CREDIT. 
 ALL INFORMATION REQUIRED WHETHER INDICATED BY BLANKS, BRACKETS OR OTHERWISE, MUST BE
COMPLETED AT THE TIME OF DRAWING. [Please Provide The Required Forms For Review, And Attach As Schedules To The Letter Of Credit.] 
 ALL SIGNATURES MUST BE
MANUALLY EXECUTED IN ORIGINALS. 
 ALL BANKING CHARGES ARE FOR THE APPLICANT’S ACCOUNT. 

IT IS A CONDITION OF THIS STANDBY LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR A PERIOD OF ONE YEAR FROM THE PRESENT
OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO THE EXPIRATION DATE WE SEND YOU NOTICE BY NATIONALLY RECOGNIZED OVERNIGHT COURIER SERVICE THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD.
SAID NOTICE WILL BE SENT TO THE ADDRESS INDICATED ABOVE, UNLESS A CHANGE OF ADDRESS IS OTHERWISE NOTIFIED BY YOU TO US IN WRITING BY RECEIPTED MAIL OR COURIER. ANY NOTICE TO US WILL BE DEEMED EFFECTIVE ONLY UPON ACTUAL RECEIPT BY US AT OUR
DESIGNATED OFFICE. IN NO EVENT, AND WITHOUT FURTHER NOTICE FROM OURSELVES, SHALL THE EXPIRATION DATE BE EXTENDED BEYOND A FINAL EXPIRATION DATE OF ___ (120 days from the Lease Expiration Date). 

THIS LETTER OF CREDIT MAY BE TRANSFERRED SUCCESSIVELY IN WHOLE OR IN PART ONLY UP TO THE THEN AVAILABLE AMOUNT IN FAVOR OF A NOMINATED TRANSFEREE
(“TRANSFEREE”), ASSUMING SUCH TRANSFER TO SUCH TRANSFEREE IS IN COMPLIANCE WITH ALL APPLICABLE U.S. LAWS AND REGULATIONS. AT THE TIME OF TRANSFER, THE ORIGINAL LETTER OF CREDIT 

  
 2 

 
AND ORIGINAL AMENDMENT(S) IF ANY, MUST BE SURRENDERED TO US TOGETHER WITH OUR TRANSFER FORM (AVAILABLE UPON REQUEST) AND PAYMENT OF OUR CUSTOMARY TRANSFER FEES, WHICH FEES SHALL BE PAYABLE BY
APPLICANT (PROVIDED THAT BENEFICIARY MAY, BUT SHALL NOT BE OBLIGATED TO, PAY SUCH FEES TO US ON BEHALF OF APPLICANT, AND SEEK REIMBURSEMENT THEREOF FROM APPLICANT). IN CASE OF ANY TRANSFER UNDER THIS LETTER OF CREDIT, THE DRAFT AND ANY REQUIRED
STATEMENT MUST BE EXECUTED BY THE TRANSFEREE AND WHERE THE BENEFICIARY’S NAME APPEARS WITHIN THIS STANDBY LETTER OF CREDIT, THE TRANSFEREE’S NAME IS AUTOMATICALLY SUBSTITUTED THEREFOR. 

ALL DRAFTS REQUIRED UNDER THIS STANDBY LETTER OF CREDIT MUST BE MARKED: “DRAWN 

UNDER [Insert Bank Name] STANDBY LETTER OF CREDIT NO.
                        .” 

WE HEREBY AGREE WITH YOU THAT IF DRAFTS ARE PRESENTED TO [Insert Bank Name] UNDER THIS LETTER OF CREDIT AT OR PRIOR TO [Insert Time – (e.g., 11:00
AM)], ON A BUSINESS DAY, AND PROVIDED THAT SUCH DRAFTS PRESENTED CONFORM TO THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, PAYMENT SHALL BE INITIATED BY US IN IMMEDIATELY AVAILABLE FUNDS BY OUR CLOSE OF BUSINESS ON THE SUCCEEDING BUSINESS DAY.
IF DRAFTS ARE PRESENTED TO [Insert Bank Name] UNDER THIS LETTER OF CREDIT AFTER [Insert Time – (e.g., 11:00 AM)], ON A BUSINESS DAY, AND PROVIDED THAT SUCH DRAFTS CONFORM WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, PAYMENT
SHALL BE INITIATED BY US IN IMMEDIATELY AVAILABLE FUNDS BY OUR CLOSE OF BUSINESS ON THE SECOND SUCCEEDING BUSINESS DAY. AS USED IN THIS LETTER OF CREDIT, “BUSINESS DAY” SHALL MEAN ANY DAY OTHER THAN A SATURDAY, SUNDAY OR A DAY ON WHICH
BANKING INSTITUTIONS IN THE STATE OF CALIFORNIA ARE AUTHORIZED OR REQUIRED BY LAW TO CLOSE. IF THE EXPIRATION DATE FOR THIS LETTER OF CREDIT SHALL EVER FALL ON A DAY WHICH IS NOT A BUSINESS DAY THEN SUCH EXPIRATION DATE SHALL AUTOMATICALLY BE
EXTENDED TO THE DATE WHICH IS THE NEXT BUSINESS DAY. 
 PRESENTATION OF A DRAWING UNDER THIS LETTER OF CREDIT MAY BE MADE ON OR PRIOR TO THE THEN CURRENT
EXPIRATION DATE HEREOF BY HAND DELIVERY, COURIER SERVICE, OVERNIGHT MAIL, OR FACSIMILE. PRESENTATION BY FACSIMILE TRANSMISSION SHALL BE BY TRANSMISSION OF THE ABOVE REQUIRED SIGHT DRAFT DRAWN ON US TOGETHER WITH THIS LETTER OF CREDIT TO OUR
FACSIMILE NUMBER, [Insert Fax Number – (                )         -
                    ], ATTENTION: [Insert Appropriate Recipient], WITH TELEPHONIC CONFIRMATION OF OUR RECEIPT OF SUCH FACSIMILE TRANSMISSION
AT OUR TELEPHONE NUMBER [Insert Telephone Number – (        )             - ] OR TO SUCH OTHER FACSIMILE OR TELEPHONE NUMBERS, AS TO
WHICH YOU HAVE RECEIVED WRITTEN NOTICE FROM US AS BEING THE APPLICABLE SUCH NUMBER. WE AGREE TO NOTIFY YOU IN WRITING, BY NATIONALLY RECOGNIZED OVERNIGHT COURIER SERVICE, OF ANY CHANGE IN SUCH DIRECTION. ANY FACSIMILE PRESENTATION PURSUANT TO THIS
PARAGRAPH SHALL ALSO STATE THEREON THAT THE ORIGINAL OF SUCH SIGHT DRAFT AND LETTER OF CREDIT ARE BEING REMITTED, FOR DELIVERY ON THE NEXT BUSINESS DAY, TO [Insert Bank Name] AT THE APPLICABLE ADDRESS FOR PRESENTMENT PURSUANT TO THE PARAGRAPH
FOLLOWING THIS ONE. 
 WE HEREBY ENGAGE WITH YOU THAT ALL DOCUMENT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS STANDBY LETTER OF CREDIT WILL BE
DULY HONORED IF DRAWN AND PRESENTED FOR PAYMENT AT OUR OFFICE LOCATED AT [Insert Bank Name], [Insert Bank Address], ATTN: [Insert Appropriate Recipient], ON OR BEFORE THE EXPIRATION DATE OF THIS CREDIT, (Expiration Date) 

IN THE EVENT THAT THE ORIGINAL OF THIS STANDBY LETTER OF CREDIT IS LOST, STOLEN, MUTILATED, OR OTHERWISE DESTROYED, WE HEREBY AGREE TO ISSUE A DUPLICATE
ORIGINAL HEREOF UPON RECEIPT OF A WRITTEN REQUEST FROM YOU AND A CERTIFICATION BY YOU (PURPORTEDLY SIGNED BY YOUR AUTHORIZED REPRESENTATIVE) OF THE LOSS, THEFT, MUTILATION, OR OTHER DESTRUCTION OF THE ORIGINAL HEREOF. 

  
 3 

 EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS STANDBY LETTER OF CREDIT IS SUBJECT TO THE
“INTERNATIONAL STANDBY PRACTICES” (ISP 98) INTERNATIONAL CHAMBER OF COMMERCE (PUBLICATION NO. 590). 
  

			
	Very truly yours,
	
	(Name of Issuing Bank)
		
	By:	 	  

  

  
 4EX-10.10

 Exhibit 10.10 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***]. 

EXCLUSIVE LICENSE AGREEMENT 

BETWEEN 

GENENTECH, INC. 

AND 

DENALI THERAPEUTICS INC. 

AS OF JUNE 17, 2016 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
			
	 1.1
	 	“ACCOUNTING STANDARD”	  	 	1	 
	 1.2
	 	“AFFILIATE”	  	 	1	 
	 1.3
	 	“ALLIANCE MANAGER”	  	 	2	 
	 1.4
	 	“APPLICABLE LAWS”	  	 	2	 
	 1.5
	 	“BUSINESS DAY(S)”	  	 	2	 
	 1.6
	 	“CLINICAL TRIAL”	  	 	2	 
	 1.7
	 	“COMMERCIALLY REASONABLE EFFORTS”	  	 	2	 
	 1.8
	 	“COMPANY COMPOUND”	  	 	2	 
	 1.9
	 	“COMPANY PRODUCT”	  	 	2	 
	 1.10
	 	“COMPOUND”	  	 	2	 
	 1.11
	 	“CONFIDENTIAL INFORMATION”	  	 	3	 
	 1.12
	 	“CONTROL(S)” OR “CONTROLLED”	  	 	3	 
	 1.13
	 	“COVERS” OR “COVERED BY”	  	 	3	 
	 1.14
	 	“DATA PACKAGE”	  	 	3	 
	 1.15
	 	“DENALI CONFIDENTIAL INFORMATION”	  	 	3	 
	 1.16
	 	“DENALI IP”	  	 	3	 
	 1.17
	 	“DENALI MARKS”	  	 	3	 
	 1.18
	 	“DEVELOPMENT REPORTS”	  	 	3	 
	 1.19
	 	“DISPUTE”	  	 	3	 
	 1.20
	 	“EMA”	  	 	4	 
	 1.21
	 	“EU”	  	 	4	 
	 1.22
	 	“FDA”	  	 	4	 
	 1.23
	 	“FIELD”	  	 	4	 
	 1.24
	 	“FILING” OR “FILED”	  	 	4	 
	 1.25
	 	“FIRST COMMERCIAL SALE”	  	 	4	 
	 1.26
	 	“FIRST MILESTONE”	  	 	4	 
	 1.27
	 	“GENENTECH COMPOUND”	  	 	4	 
	 1.28
	 	“GENENTECH CONFIDENTIAL INFORMATION”	  	 	4	 
	 1.29
	 	“GENENTECH PRODUCT”	  	 	4	 
	 1.30
	 	“GLP TOXICOLOGY STUDY”	  	 	4	 
	 1.31
	 	“IND”	  	 	4	 
	 1.32
	 	“KNOW-HOW”	  	 	4	 
	 1.33
	 	“LICENSED IP”	  	 	4	 
	 1.34
	 	“LICENSED KNOW-HOW”	  	 	5	 
	 1.35
	 	“LICENSED PATENT RIGHTS”	  	 	5	 
	 1.36
	 	“LICENSED PRODUCT(S)”	  	 	5	 
	 1.37
	 	“LOSSES” HAS THE MEANING SET FORTH IN SECTION 9.1.	  	 	5	 
	 1.38
	 	“LRRK2”	  	 	5	 
	 1.39
	 	[***]	  	 	5	 

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
 i 

							
	 1.40
	 	[***]	  	 	5	 
	 1.41
	 	“MARKETING APPROVAL”	  	 	5	 
	 1.42
	 	“MILESTONE EVENT”	  	 	5	 
	 1.43
	 	“NET SALES”	  	 	5	 
	 1.44
	 	“PARKINSON’S DISEASE”	  	 	5	 
	 1.45
	 	“PATENT(S)”	  	 	5	 
	 1.46
	 	“PATENT RIGHTS”	  	 	5	 
	 1.47
	 	“PERSON”	  	 	5	 
	 1.48
	 	“PHASE I CLINICAL TRIAL”	  	 	6	 
	 1.49
	 	“PHASE II CLINICAL TRIAL”	  	 	6	 
	 1.50
	 	“PHASE III CLINICAL TRIAL”	  	 	6	 
	 1.51
	 	“PROFILED”	  	 	6	 
	 1.52
	 	“REGULATORY AUTHORITY”	  	 	6	 
	 1.53
	 	“REVERSION TECHNOLOGY”	  	 	6	 
	 1.54
	 	“RFN”	  	 	6	 
	 1.55
	 	[***]	  	 	6	 
	 1.56
	 	[***]	  	 	6	 
	 1.57
	 	“SUBLICENSEE”	  	 	6	 
	 1.58
	 	“TERRITORY”	  	 	6	 
	 1.59
	 	“THIRD PARTY”	  	 	6	 
	 1.60
	 	“TECHNOLOGY TRANSFER PLAN”	  	 	7	 
	 1.61
	 	“TECHNOLOGY TRANSFER TERM”	  	 	7	 
	 1.62
	 	“TERM”	  	 	7	 
	 1.63
	 	“UNITED STATES”	  	 	7	 
	 1.64
	 	“VALID CLAIM PRODUCT”	  	 	7	 
	 1.65
	 	“VALID PATENT CLAIM”	  	 	7	 
		
	 ARTICLE 2 RESEARCH, DEVELOPMENT AND COMMERCIALIZATION EFFORTS
	  	 	7	 
			
	 2.1
	 	EXCLUSIVE DENALI RIGHT	  	 	7	 
	 2.2
	 	DENALI DILIGENCE	  	 	7	 
	 2.3
	 	TECHNOLOGY TRANSFER	  	 	7	 
	 2.4
	 	ALLIANCE MANAGEMENT	  	 	8	 
	 2.5
	 	MANUFACTURING AND SUPPLY	  	 	8	 
	 2.6
	 	GOVERNANCE	  	 	8	 
		
	 ARTICLE 3 LICENSE GRANTS
	  	 	8	 
			
	 3.1
	 	DENALI PATENT LICENSE	  	 	8	 
	 3.2
	 	DENALI KNOW-HOW LICENSE	  	 	8	 
	 3.3
	 	GENENTECH RETAINED RIGHTS	  	 	9	 
	 3.4
	 	NO IMPLIED LICENSES	  	 	9	 
	 3.5
	 	SUBLICENSE RIGHT	  	 	9	 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
 ii 

							
		
	 ARTICLE 4 PAYMENTS BY DENALI TO GENENTECH
	  	 	10	 
			
	 4.1
	 	UP-FRONT PAYMENT	  	 	10	 
	 4.2
	 	TECHNOLOGY TRANSFER FEE AND COST	  	 	10	 
	 4.3
	 	MILESTONE PAYMENTS FOR LICENSED PRODUCTS	  	 	10	 
	 4.4
	 	MILESTONES FOR COMPANY COMPOUND	  	 	11	 
	 4.5
	 	SINGLE MILESTONE PAYMENT	  	 	11	 
	 4.6
	 	MAXIMUM PAYMENT FOR CLINICAL TRIALS	  	 	12	 
	 4.7
	 	TRUE-UP [***]	  	 	12	 
	 4.8
	 	RETROACTIVE MILESTONE PAYMENTS	  	 	12	 
	 4.9
	 	ROYALTIES FOR VALID CLAIM GENENTECH PRODUCTS	  	 	12	 
	 4.10
	 	ROYALTIES FOR VALID CLAIM COMPANY PRODUCTS	  	 	13	 
	 4.11
	 	ROYALTIES FOR NON-VALID CLAIM, ACQUIRED COMPANY COMPOUND
PRODUCTS	  	 	13	 
	 4.12
	 	ROYALTIES FOR NON-VALID CLAIM, DENALI-GENERATED COMPANY
COMPOUND PRODUCTS	  	 	13	 
	 4.13
	 	ROYALTIES FOR NON-VALID CLAIM GENENTECH PRODUCTS	  	 	14	 
	 4.14
	 	KNOW-HOW ROYALTIES FOR GENENTECH PRODUCTS ACHIEVING ORPHAN
DRUG EXCLUSIVITY (“ORPHAN GENENTECH PRODUCTS”)	  	 	14	 
	 4.15
	 	MILESTONE AND ROYALTY OFFSETS	  	 	14	 
	 4.16
	 	TIMING OF ROYALTY PAYMENTS	  	 	15	 
	 4.17
	 	NO DEDUCTIONS FROM PAYMENTS	  	 	15	 
	 4.18
	 	SINGLE ROYALTY	  	 	15	 
	 4.19
	 	ROYALTY TERM	  	 	15	 
		
	 ARTICLE 5 REPORTS, AUDITS, AND FINANCIAL TERMS
	  	 	16	 
			
	 5.1
	 	NET SALES DEFINITION	  	 	16	 
	 5.2
	 	REPORTS	  	 	17	 
	 5.3
	 	ADDITIONAL FINANCIAL TERMS	  	 	17	 
	 5.4
	 	ACCOUNTS AND AUDIT	  	 	18	 
		
	ARTICLE 6 INTELLECTUAL PROPERTY; PATENT PROSECUTION, MAINTENANCE AND ENFORCEMENT	  	 	19	 
			
	 6.1
	 	PROSECUTION, MAINTENANCE AND ENFORCEMENT	  	 	19	 
	 6.2
	 	TRADEMARKS	  	 	21	 
	 6.3
	 	[***]	  	 	21	 
		
	 ARTICLE 7 TERM AND TERMINATION
	  	 	21	 
			
	 7.1
	 	TERM	  	 	21	 
	 7.2
	 	TERMINATION	  	 	21	 
	 7.3
	 	EFFECT OF TERMINATION OR EXPIRATION; EFFECT OF TERMINATION PRIOR TO
PAYMENT OF FIRST MILESTONE	  	 	22	 
	 7.4
	 	EFFECT OF TERMINATION UNDER SECTION 7.2.1 OR 7.2.2 AFTER PAYMENT OF FIRST
MILESTONE	  	 	23	 
	 7.5
	 	CONTINUING OBLIGATIONS	  	 	25	 

  

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
 iii 

							
	7.6	  	SURVIVAL	  	 	25	 
		
	 ARTICLE 8 REPRESENTATIONS AND WARRANTIES
	  	 	25	 
			
	8.1	  	GENENTECH REPRESENTATIONS	  	 	25	 
	8.2	  	DENALI REPRESENTATIONS	  	 	26	 
	8.3	  	EXCLUSIONS	  	 	27	 
	8.4	  	DISCLAIMER	  	 	27	 
		
	 ARTICLE 9 INDEMNIFICATION
	  	 	27	 
			
	9.1	  	INDEMNIFICATION BY DENALI	  	 	27	 
	9.2	  	INDEMNIFICATION BY GENENTECH	  	 	28	 
	9.3	  	PROCEDURE	  	 	28	 
	9.4	  	INSURANCE	  	 	28	 
	9.5	  	LIMITATION ON DAMAGES	  	 	29	 
		
	 ARTICLE 10 CONFIDENTIALITY
	  	 	30	 
			
	10.1	  	CONFIDENTIAL INFORMATION	  	 	30	 
	10.2	  	EXCEPTIONS	  	 	30	 
	10.3	  	DISCLOSURES AND PUBLIC ANNOUNCEMENTS	  	 	31	 
	10.4	  	TERMINATION	  	 	32	 
	10.5	  	TERMINATION OF PRIOR AGREEMENTS	  	 	32	 
	10.6	  	PUBLICATION	  	 	32	 
		
	 ARTICLE 11 DISPUTE RESOLUTION
	  	 	32	 
			
	11.1	  	INTERNAL RESOLUTION	  	 	32	 
	11.2	  	ARBITRATION	  	 	33	 
	11.3	  	SUBJECT MATTER EXCLUSIONS	  	 	34	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	35	 
			
	12.1	  	ASSIGNMENT AND DELEGATION	  	 	35	 
	12.2	  	ENTIRE AGREEMENT	  	 	35	 
	12.3	  	AMENDMENTS	  	 	35	 
	12.4	  	APPLICABLE LAW	  	 	35	 
	12.5	  	FORCE MAJEURE	  	 	35	 
	12.6	  	SEVERABILITY	  	 	35	 
	12.7	  	NOTICES	  	 	36	 
	12.8	  	USE OF NAMES	  	 	36	 
	12.9	  	INDEPENDENT CONTRACTOR	  	 	36	 
	12.10	  	WAIVER	  	 	36	 
	12.11	  	INTERPRETATION	  	 	37	 
	12.12	  	COUNTERPARTS 	  	 	37	 

  
 Confidential 

iv 

			
	EXHIBITS	  	 
		
	Exhibit A	  	Genentech Compounds
		
	Exhibit B	  	Licensed Patent Rights
		
	Exhibit C	  	Technology Transfer Plan
		
	Exhibit D	  	Definition of Parkinson’s Disease
		
	Exhibit E	  	LRRK2 Binding Assay
		
	Exhibit F	  	Agreements Related to the Materials and Reports in Exhibit C

  
 Confidential 

v 

 EXCLUSIVE LICENSE AGREEMENT 

This Exclusive License Agreement (“Agreement”) is made and entered into as of the 17th
day of June, 2016 (the “Effective Date”) by and between Denali Therapeutics Inc., a Delaware corporation with a principal place of business at 201 Gateway Blvd., South San Francisco, CA 94080 (“Denali”) and
Genentech, Inc., a Delaware corporation, with offices located at 1 DNA Way, South San Francisco, CA 94080 (“Genentech”). Denali and Genentech are each referred to herein individually as a “Party” and collectively as
the “Parties.” 
 RECITALS 

WHEREAS, Genentech possesses certain expertise and technologies related to proprietary small molecule compounds which bind to and inhibit Leucine-Rich Repeat
Kinase 2 (LRRK2); 
 WHEREAS, Denali is a biotechnology company with expertise and capability in developing human therapeutics; and 

WHEREAS, Genentech and Denali wish to enter into an exclusive licensing arrangement whereby Denali will have exclusive rights to research, develop and
commercialize certain Genentech compounds in the treatment of neurological disorders in exchange for upfront, milestone and royalty payments. 
 NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the amount and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 “Accounting Standard” means the International Financial Reporting Standards or the United States
generally accepted accounting principles, actually in use by Denali and consistently applied. 
 1.2 “Affiliate”
means any Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with a Party. For purposes of this Section 1.2, “control” means (i) the direct or
indirect ownership of fifty percent (50%) or more of the voting stock or other voting interests or interest in the profits of the Party, or (ii) the ability to otherwise control or direct the decisions of board of directors or equivalent
governing body thereof. Notwithstanding the foregoing, for purposes of this Agreement, Chugai Pharmaceutical Co., Ltd (for purposes of this definition, “Chugai”) and FMI Medicine, Inc. (for purposes of this
definition, “FMI”), and all business entities controlled by Chugai or FMI, shall not be considered Genentech Affiliates, unless and until Genentech elects to include one or more of such business entities as a Genentech Affiliate, by
providing written notice to Denali of such election. 

  
 Confidential 

 
 1 

 1.3 “Alliance Manager” has the meaning set forth in Section 2.4.

 1.4 “Applicable Laws” means all applicable statutes, ordinances, regulations, rules, or orders of any kind
whatsoever of any government or regulatory authority, or court of competent jurisdiction. 
 1.5 “Business Day(s)”
means any day, other than a Saturday, Sunday or a day on which commercial banks located in San Francisco are authorized or required by law or regulation to close. 

1.6 “Clinical Trial” means either a Phase I Clinical Trial, a Phase II Clinical Trial, or Phase III Clinical Trial.

 1.7 “Commercially Reasonable Efforts” means, with respect to research, development and commercialization of a
product, Denali’s use of those efforts and resources, consistent with the exercise of prudent scientific and business judgment, as are applied by Denali to other pharmaceutical products of comparable commercial potential, stage of
medical/scientific development, probability of technical success, technical and regulatory profile, market and data exclusivity and patent protection, in a particular geographic locale. 

1.8 “Company Compound”  

means a compound that is either: 
  

	 	(i)	Covered by the Licensed Patent Rights during the Term (other than a Compound that is also a Genentech Compound); 

  

	 	(ii)	Controlled or owned by Denali [***] and was first synthesized and Profiled by or on behalf of Denali [***]; 

  

	 	(iii)	acquired or licensed by Denali from a Third Party [***]; or 

  

	 	(iv)	developed by Denali during [***] using Genentech Compounds or Genentech Know-How, and was first synthesized and Profiled by Denali [***]; 

provided that in the case of each of (ii), (iii), and (iv), such compound has a molecular weight equal to or less than [***] and (a) binds to and
inhibits LRRK2 with a potency of [***] in the LRRK2 [***] Assay (attached hereto as Exhibit E), the result of which is independently determined by a Third Party and (b) was not first acquired, licensed or synthesized and Profiled
in association with a target other than LRRK2. 
 1.9 “Company Product” means a Licensed Product incorporating a
Company Compound. 
 1.10 “Compound” means either a Company Compound or a Genentech Compound.

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
 2

 1.11 “Confidential Information” means
(i) all information and materials (of whatever kind and in whatever form or medium) disclosed by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement, including any Licensed Know-How, during the Term and whether provided orally, electronically, visually, or in writing; (ii) all copies of the information and materials described in (i) above; and (iii) the existence and
each of the terms and conditions of this Agreement. Confidential Information shall not include, to the extent a Party can demonstrate, through its contemporaneous written records, information and materials (a) known to the receiving Party, or
in the public domain, at the time of its receipt by a Party, or which thereafter becomes part of the public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality under this Agreement; (b) received
without an obligation of confidentiality from a Third Party having the right to disclose without restrictions such information; (c) independently developed by the receiving Party without use of or reference to Confidential Information disclosed
by the other Party as evidenced by written records; and (d) released from the restrictions set forth in this Agreement by the express prior written consent of the disclosing Party. 

1.12 “Control(s)” or “Controlled” means the possession by a Party, as of the Effective Date or during
the Term, of (i) with respect to materials, data or information, physical possession or the right to such physical possession of those items, with the right to provide them to Third Parties or to the other Party; and (ii) with respect to
intellectual property rights, rights sufficient to grant the applicable license(s) or sublicense(s) under this Agreement, without violating the terms of any agreement with any Third Party or incurring any payment obligations to a Third Party.

 1.13 “Covers” or “Covered by” or the like, with reference to a particular Compound or
Licensed Product means that the making, using, selling, offering for sale, or importing of such Compound or Licensed Product would, but for ownership of, or a license granted under this Agreement to, the relevant Patent infringe a Valid Patent Claim
within the Licensed Patent Rights in the country in which the activity occurs. 
 1.14 “Data Package” has the
meaning set forth in Section 7.4.2. 
 1.15 “Denali Confidential Information” means Confidential
Information disclosed or provided by, or on behalf of, Denali to Genentech or Genentech’s designees. 
 1.16 “Denali
IP” means any Patents or Know-How developed by or on behalf of Denali hereunder and necessary or useful to make, use, sell, offer for sale or import Licensed Products. 

1.17 “Denali Marks” has the meaning set forth in Section 6.2. 

1.18 “Development Reports” has the meaning set forth in Section 2.6. 

1.19 “Dispute” means any controversy, claim or legal proceeding between the Parties arising out of or relating to this
Agreement, including, without limitation, any breach, termination, or invalidity thereof. 

  
 Confidential 

 
 3 

 1.20 “EMA” means the European Medicines Agency, or any successor
thereto. 
 1.21 “EU” means the European Union or any successor organization, including any of its member
countries. 
 1.22 “FDA” means the U.S. Food and Drug Administration or corresponding governmental authority
in another country, or any successor thereto. 
 1.23 “Field” means all uses. 

1.24 “Filing” or “Filed” with respect to an application for Marketing Approval means that such
application has been filed with the appropriate Regulatory Authority and, consistent with the current practices of the FDA or such other Regulatory Authority, such Regulatory Authority has made a determination that the application for Marketing
Approval is sufficiently complete to permit a substantive review. 
 1.25 “First Commercial Sale” means, with
respect to a particular Licensed Product in a given country, the first bona fide arm’s length commercial sale of such Licensed Product following Marketing Approval in such country by or under authority of Denali to a Third Party. 

1.26 “First Milestone” means the first milestone event to occur under Section 4.3. 

1.27 “Genentech Compound” means a compound that is listed on Exhibit A. 

1.28 “Genentech Confidential Information” means Confidential Information disclosed or provided by, or on behalf of,
Genentech to Denali or its designees. 
 1.29 “Genentech Product” means a Licensed Product
incorporating a Genentech Compound. 
 1.30 “GLP Toxicology Study” means a toxicology study conducted in
accordance with the then current FDA regulations and guidelines for “Good Laboratory Practice,” as promulgated by the FDA under 21 CFR Part 58, as amended from time to time, or any foreign equivalents thereto in the country
in which laboratory studies are conducted. 
 1.31 “IND” means an “Investigational New Drug
Application” Filed by or on behalf of Denali with the FDA pursuant to 21 C.F.R. 312.23 before commencing clinical trials with a Licensed Product, or any comparable Filing with a relevant Regulatory Authority in a country other than the
United States, together with any additions, deletions and supplements thereto. 
 1.32
“Know-How” means scientific or other technical information, including, without limitation, chemical structures, crystal structures, draft publications, data, assays, sequences, protocols,
methods, processes, techniques, models, designs and databases. Know-How shall not include any Patents. 

1.33 “Licensed IP” means the Licensed Patent Rights and the Licensed
Know-How. 

  
 Confidential 

 
 4 

 1.34 “Licensed Know-How” means
the Know-How listed on Exhibit C, as may be amended pursuant to Section 3.2. 

1.35 “Licensed Patent Rights” means (i) Patents described in Exhibit B, (ii) any patent(s) issuing
anywhere in the world from any application (including, but not limited to, divisionals, continuations, continuations-in-part and renewals) that claims priority (directly
or indirectly) to, or common priority with, the patent or patent application of (i); (iii) any patents that are reissues, reexaminations, extensions, or foreign counterparts of any of the foregoing; and (iv) any application from which any of
the foregoing patents issue. 
 1.36 “Licensed Product(s)” means any product incorporating a Compound.

 1.37 “Losses” has the meaning set forth in Section 9.1. 

1.38 “LRRK2” means a naturally occurring Leucine-rich repeat kinase 2 protein, including human and non-human versions thereof and wild-type and mutants (variants) thereof, as well as domain truncations thereof; full-length or domain truncated LRRK2 in the presence of ligands; full-length or domain truncated LRRK2
having additional tags and tag locations; and full-length or domain truncated LRRK2 reconstituted under different solubilization conditions. For clarity, LRRK2 mutants include, [***]. 

1.39 [***] 
 1.40 [***]

 1.41 “Marketing Approval” means all approvals (including pricing approvals), licenses, registrations or
authorizations of any Regulatory Authority, necessary for the manufacturing, use, storage, import, transport, marketing and sale of Licensed Products in a country or regulatory jurisdiction. 

1.42 “Milestone Event” means a milestone event set forth in Section 4.3. 

1.43 “Net Sales” has the meaning set forth in Section 5.1. 

1.44 “Parkinson’s Disease” means the disease described on Exhibit D. 

1.45 “Patent(s)” means a patent or a patent application, including any divisions, continuations, continuations-in-part, invention certificates, substitutions, reissues, reexaminations, extensions, registrations, patent term extensions, supplementary protection
certificates and renewals of any of the above. 
 1.46 “Patent Rights” has the meaning set forth in
Section 6.3. 
 1.47 “Person” means any person or entity, including any individual, trustee, corporation,
partnership, trust, unincorporated organization, limited liability company, business association, firm, joint venture or governmental agency or authority. 

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
 5

 1.48 “Phase I Clinical Trial” means, as to a specific Licensed Product, a
controlled and lawful study in humans designed with the principal purpose of determining the safety, dosing, metabolism, and/or pharmacologic actions of such Licensed Product in normal volunteer subjects or patients for the indication(s) being
studied, as further defined in 21 C.F.R. § 312.21(a); or similar clinical study in a country other than the United States; or dosing or treatment of any human(s) by, for, or enabled by Denali under an IND, an academic grant or through any other
source of funding. 
 1.49 “Phase II Clinical Trial” means, as to a specific Licensed Product, a controlled
and lawful study in humans designed with the principal purpose of determining initial efficacy of such Licensed Product in patients for the indication(s) being studied, as further defined in 21 C.F.R. § 312.21(b); or similar clinical study in a
country other than the United States. 
 1.50 “Phase III Clinical Trial” means, as to a specific Licensed
Product, a controlled and lawful study in humans of the efficacy and safety of such Licensed Product, which is prospectively designed to demonstrate statistically whether such Licensed Product is effective and safe for use in a particular indication
and at the time of initiation the primary intention is to be sufficient to obtain Marketing Approval to market and sell that Licensed Product in the United States or another country for the indication being investigated by the study, as further
defined in 21 C.F.R. § 312.21(c); or a similar clinical study in a country other than the United States. 
 1.51
“Profiled” means the physical characterization of a Compound using at least one biological or chemical assay related to LRRK2. 

1.52 “Regulatory Authority” means any national (e.g., the FDA), supra-national (e.g., the EMA), regional, state or
local regulatory agency, department, bureau, commission, council or other governmental entity, in any jurisdiction of the world that grants Marketing Approval. 

1.53 “Reversion Technology” has the meaning set forth in Section 7.4.3. 

1.54 “RFN” has the meaning set forth in Section 7.4. 

1.55 [***] 
 1.56 [***]

 1.57 “Sublicensee” means any Third Party which enters into an agreement with Denali involving the grant to
such Third Party of any rights under the licenses granted to Denali under this Agreement, in accordance with Section 3.5. 

1.58 “Territory” means the entire world. 

1.59 “Third Party” means a Person other than Genentech and Denali and their respective Affiliates. 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
 6

 1.60 “Technology Transfer Plan” means the plan attached as Exhibit
C as of the Effective Date. 
 1.61 “Technology Transfer Term” means the period commencing on the
Effective Date and expiring [***] following the Effective Date. 
 1.62 “Term” has the meaning set forth in
Section 7.1. 
 1.63 “United States” means the United States of America, its territories and possessions
as of the Effective Date, including the Commonwealth of Puerto Rico. 
 1.64 “Valid Claim Product” means, with
respect to a particular country, a Licensed Product for which either (a) the sale in, manufacture in or importation to that country would, but for the license granted by Genentech to Denali, infringe a Valid Patent Claim in the Licensed IP in
such country, or (b) there exists a Valid Patent Claim in the Licensed IP in such country that claims a use of the Licensed Product for which Denali has obtained Marketing Approval in such country and such use would, but for the license granted
by Genentech to Denali, infringe such Valid Patent Claim in the Licensed IP in such country. 
 1.65 “Valid Patent
Claim” means a claim of an issued and unexpired patent in the Licensed IP that has not been (i) disclaimed, (ii) dedicated to the public, (iii) abandoned or (iv) declared invalid, unenforceable or revoked by a court or
other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise. 

ARTICLE 2 
 RESEARCH,
DEVELOPMENT AND COMMERCIALIZATION EFFORTS 
 2.1 Exclusive Denali Right. Denali has the sole right and responsibility for,
and control over, all research, development, manufacturing and commercialization activities, including all regulatory activities, with respect to Licensed Products. 

2.2 Denali Diligence. For a period of three (3) years from the Effective Date, Denali shall use Commercially Reasonable
Efforts to research, develop, and commercialize at least one Licensed Product. 
 2.3 Technology Transfer. During the
Technology Transfer Term, Genentech and Denali shall perform the obligations and roles of each Party as outlined in the Technology Transfer Plan attached hereto as Exhibit C with the intent of completing such obligations by the expiration of
the Technology Transfer Term. During the Technology Transfer Term, Genentech shall appoint a project team leader (PTL) who shall serve as the single point of contact for Denali. Such PTL shall be made available by telephone as reasonably requested
and during normal Genentech business hours for no more than [***], with the purpose of completing the 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
 7

 
activities required under the Technology Transfer Plan. Following the Technology Transfer Term for a period of [***], if Denali requires more than [***] of time from Genentech’s PTL in any
particular month, Genentech shall have the right to charge Denali at an hourly rate of [***]. After the aforementioned [***], any requests by Denali for Genentech’s time shall be at Genentech’s sole discretion. 

2.4 Alliance Management. 

2.4.1. Establishment. Promptly following the Effective Date, each Party shall designate an individual to act throughout the Term
as the primary contact for such Party for the business relationship and for the resolution of non-technical matters related to this Agreement (each, such Party’s “Alliance Manager”). 

2.4.2. Responsibilities and Decision-making. The Alliance Managers shall facilitate the business interactions between the Parties
and assist in the resolution of all issues in a timely manner. 
 2.4.3. Replacement. A Party may replace its Alliance Manager
at any time by informing the other Party’s Alliance Manager in writing (including by email). 
 2.5 Manufacturing and Supply.
Denali shall be responsible for manufacturing Licensed Products for clinical use and commercial sale, using due care and commercially sound approaches. 

2.6 Governance. Denali shall provide to Genentech [***] written reports due every [***] following the Effective Date and
continuing until receipt of the first Marketing Approval for a Licensed Product summarizing Denali’s research, development, manufacturing and commercialization activities for Licensed Product(s) (“Development Reports”) in the
time since the last such [***] report was provided to Genentech. The foregoing Development Reports will also include a forecast of any anticipated Milestone Events. Each Development Report will be Denali’s Confidential Information. 

ARTICLE 3 
 LICENSE
GRANTS 
 3.1 Denali Patent License. Subject to the research rights already granted by Genentech to Third Parties
(referenced in Section 8.1.8) prior to the Effective Date, and subject to Section 3.3, Genentech hereby grants to Denali an exclusive, sublicensable, royalty-bearing license, under the Licensed Patent Rights, to make, have made, use, sell,
offer for sale, and import the Compounds and Licensed Products in the Field in the Territory. 
 3.2 Denali Know-How License. Genentech hereby grants to Denali a non-exclusive, sublicensable, royalty-bearing license, under the Licensed
Know-How, to make, have made, use, sell, offer for sale, and import the Compounds and Licensed Products in the Field in the Territory. [***], Exhibit C shall be amended by Denali’s request,
provided, however, that Genentech will have the right to verify that any additions to Exhibit C: 

  
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 (a) must be reasonably necessary for development of a Licensed Product; 

(b) must be Controlled by Genentech; 

(c) must have been developed for the purposes of Genentech’s LRRK2 program; and 

(d) must not include information or materials relating to Genentech’s: i) business information; ii) development and commercialization
strategies; iii) internal processes; iv) diagnostic strategy; or v) manufacturing strategy. 
 Any amendment to Exhibit C is solely for the purposes
of securing Denali’s rights under the Know-How License, and shall not be considered part of the Technology Transfer Plan for purposes of Denali’s payment obligations under Section 4.2. 

3.3 Genentech Retained Rights. Notwithstanding the license rights granted in Sections 3.1 and 3.2 above, it is understood and
agreed that Genentech (and its Affiliates) shall retain the right to use the Compounds and practice the Licensed IP solely for internal research purposes (including the right to have any of the foregoing conducted by or with a Third Party), but not
in connection with commercial efforts targeting LRRK2 and expressly excluding any development or commercialization of a Genentech Compound. 

3.4 No Implied Licenses. Denali acknowledges that the licenses granted under this Article 3 are limited to the scope expressly
granted, and all other rights under all Patents, Know-How and all other intellectual property rights owned or Controlled by Genentech are expressly reserved. Where a license granted by one Party to the other
Party under this Article 3 is for a particular purpose or with respect to a particular product, the granting Party retains all of its rights with respect to those intellectual property rights for those purposes not expressly licensed under this
Agreement. 
 3.5 Sublicense Right. Denali may sublicense the rights under the licenses granted in Sections 3.1 and
3.2, and any rights under such sublicense may be further sublicensed to multiple tiers of sublicensees (each, a “Sublicense Agreement”). With respect to any Sublicense Agreement: (a) Denali shall be responsible for the payment
of all amounts provided for hereunder, regardless of whether the terms of any Sublicense Agreement provide for such amount to be paid by the Sublicensee directly to Genentech, (b) the Sublicensee shall agree in writing to be subject to, and
bound by, terms and conditions substantially similar to the corresponding terms and conditions of this Agreement; (c) Denali shall remain responsible to Genentech for all acts performed by the Sublicensee pursuant to any such Sublicense
Agreement and shall ensure compliance with the obligations of Sublicensee hereunder, (d) Denali shall notify Genentech in writing prior to the grant of any such Sublicense Agreement including in such notice the name and address of the
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 Field and the part(s) of the Territory covered by the Sublicense Agreement, and (e) shall notify Genentech
in writing promptly if Denali becomes aware of Sublicensee activities that are inconsistent with the rights and obligations granted hereunder, and such activities have not been corrected within sixty (60) days of Denali’s awareness of such
activities. Upon termination of this Agreement, Denali shall provide Genentech with copies of all Sublicense Agreements under this Agreement; Genentech agrees that on request from any Sublicensee it will grant to such Sublicensee a license on the
same terms as set out in this Agreement (including all milestone and royalty payments) in relation to any Genentech rights previously licensed to such Sublicensee. Unless otherwise explicitly agreed in writing, Genentech shall not agree to vary or
amend the terms of the licenses granted hereunder or take on any additional or further obligations or burdens. 
 ARTICLE 4 

PAYMENTS BY DENALI TO GENENTECH 

4.1 Up-Front Payment. In consideration for the access to Licensed IP Controlled by
Genentech as of the Effective Date, Denali shall pay to Genentech within ten (10) Business Days following the Effective Date, a one-time payment of eight million five hundred thousand dollars (U.S.
$8,500,000). 
 4.2 Technology Transfer Fee and Cost. Denali shall pay to Genentech within fifteen (15) days
following receipt of an invoice and notice of the completion of the Technology Transfer Plan from Genentech, a one-time payment of one million five hundred thousand dollars (U.S. $1,500,000). 

4.3 Milestone Payments for Licensed Products. Subject to Sections 4.4 through 4.8 below, once a payment has been made under any
particular Milestone Event for a Licensed Product, achievement of that same Milestone Event for a different Licensed Product shall not trigger an additional payment obligation. With respect to each milestone achieved under this Agreement, and as set
forth below, within thirty (30) days of the receipt of invoice from Genentech for the first occurrence that each such milestone is achieved, Denali shall pay Genentech the following: 

4.3.1. Upon the dosing of a first patient in a first Phase I Clinical Trial, Denali shall notify Genentech to invoice a milestone
payment of two million five hundred thousand dollars (US $2,500,000) within thirty (30) days of the first occurrence that such milestone is achieved. 

4.3.2. Denali shall owe milestone payments to Genentech for the achievement of Milestone Events as set forth in the table below. Denali
shall notify Genentech within thirty (30) days following achievement of a Milestone Event and Genentech shall provide an invoice to Denali. 
  

  
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	 Milestone Event
	  	[***]	 	[***]
	 	  	(US$MM)	 	(US$MM)
	 (a) [***]
	  	[***]	 	[***]
	 (b) [***]
	  	[***]	 	[***]
	 (c) [***]
	  	[***]	 	[***]
	 (d) [***]
	  	[***]	 	[***]
	 (e) [***]
	  	[***]	 	[***]

 With respect to the Milestone Events (a) and (b) above, the milestone payment due is dependent on whether
[***] was a [***] or a [***]. With respect to Milestone Events (c) through (e), the milestone payment due is dependent on whether the [***]; if the [***] shall be considered to be for a [***]. Additionally, with respect to Milestone Events
(c) through (e), if [***] initially includes [***], that inclusion shall not trigger the additional payment obligation for a [***]. 

4.3.3. Sales Milestones. Denali shall pay to Genentech a one-time milestone payment upon
the first occurrence of the events listed in (a) through (c) below: 
  

	 	(a)	[***] upon the first time that the total annual worldwide Net Sales of Licensed Product(s) reach [***]; 

  

	 	(b)	[***] upon the first time that the total annual worldwide Net Sales of Licensed Product(s) reach [***]; 

  

	 	(c)	[***] upon the first time that the total annual worldwide Net Sales of Licensed Product(s) reach [***]. 

Denali shall notify Genentech within thirty (30) days following the end of the calendar quarter in which one of the occurrences set forth
above is achieved and Genentech shall provide an invoice to Denali. 
 4.4 Milestones for Company Compound. Each of the
milestone payments under Sections 4.3.2 and 4.3.3 shall be [***] if, at the time of such event, the only Compound(s) contained within the applicable Licensed Product is a Company Compound or Company Compounds. 

4.5 Single Milestone Payment. 

4.5.1. With respect to the Milestone Events set forth in Section 4.3.2 (a) and (b), only one payment shall ever be due and payable
with respect to the occurrence of each milestone for the first [***] that achieves such milestone, provided, however, that such milestone payments shall be due subject to the maximum payment provision of Section 4.6, and the true-up provision of Section 4.7. 

  
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 4.5.2. With respect to the Milestone Events set forth in Sections 4.3.2 (c), (d), and (e),
for each Licensed Product, a milestone payment shall be due for [***] as set forth in Sections 4.3.2 (c), (d), and (e). Such payment shall be non-refundable and shall not be creditable against any other amount
due to Genentech pursuant to this Agreement. For clarity, a payment under any particular Milestone Event in Sections 4.3.2 (c), (d), or (e) for [***] does not relieve Denali of the obligation to pay that milestone payment for [***], and vice
versa, and as such, Denali shall pay each milestone for each [***]. 
 4.6 Maximum Payment for Clinical Trials. For the
milestone events of Sections 4.3.2 (a) and (b), regardless of the number of Clinical Trials conducted, the maximum payment due for each Milestone Event shall not exceed the amount due for the [***]. For clarity, the maximum amount due under
Section 4.3.2(a) is $[***]; the maximum amount due under Section 4.3.2(b) is $[***]. Amounts paid under Section 4.3.2(a) are not creditable against amounts due under Section 4.3.2(b) and vice versa. 

4.7 True-up [***]. For each Licensed Product, if a milestone payment has been made under
Sections 4.3.2 (a) or (b) for a [***], and during the course of enrollment for such Clinical Trial [***] are enrolled to meet the criteria for a [***], the study shall be considered a Clinical Trial for a [***], and the milestone payment amount
for the [***] (either $[***] or $[***], as applicable) shall be due and Denali shall make up the difference in the payment amount accordingly (the “True-Up Payment”). Denali shall pay to Genentech
such True-Up Payment within thirty (30) days after Denali reasonably believes that [***], but in any event, no later than database lock. For example: [***]. 

4.8 Retroactive Milestone Payments. For each Licensed Product, if Denali achieves a Milestone Event [***], or a [***], without
having achieved the Milestone Event(s) of any [***], Denali shall owe the milestone payment(s) due retroactively at the time of achieving the subsequent Milestone Event(s) (the “Retroactive Payment”). Any Retroactive Payment due
shall correspond to the [***] for which a subsequent Milestone Event has been achieved. For example, [***]. 
 4.9 Royalties for Valid
Claim Genentech Products. In consideration for the rights granted hereunder, in each calendar quarter during the Term and in each applicable country in which Denali records Net Sales of a Valid Claim Product that incorporates a Genentech
Compound (each a “Valid Claim Genentech Product”) in such country, and subject to and in accordance with the terms and conditions of this Agreement, Denali shall pay to Genentech on a Licensed Product-by-Licensed Product and country-by-country basis an amount equal to: 

 

	 	(a)	[***] of annual Net Sales of such Valid Claim Genentech Product sold in such countries for portion of such sales up to or equal to the first [***]; and 

  
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	 	(b)	[***] of annual Net Sales of such Valid Claim Genentech Product sold in such countries for portion of such sales greater than [***]. 

4.10 Royalties for Valid Claim Company Products. In consideration for the rights granted hereunder, in each calendar quarter
during the Term and in each applicable country in which Denali records Net Sales of a Valid Claim Product that incorporates a Company Compound (each a “Valid Claim Company Product”) in such country, and subject to and in accordance
with the terms and conditions of this Agreement, Denali shall pay to Genentech on a Licensed Product-by-Licensed Product and country-by-country basis an amount equal to [***] of annual Net Sales of such Valid Claim Company Product sold in such countries. 

4.11 Royalties for Non-Valid Claim, Acquired Company Compound Products. In consideration
for the rights granted hereunder, in each calendar quarter during the Term in which Denali records Net Sales of Company Products not covered by a Valid Patent Claim which incorporate a Company Compound that was licensed or acquired by Denali as
described in Section 1.8(iii) (each an “Acquired Company Compound Product”), and subject to and in accordance with the terms and conditions of this Agreement, Denali shall pay to Genentech on a Licensed Product-by-Licensed Product and country-by-country basis an amount as a percentage of annual
worldwide Net Sales equal to (a) [***] of annual Net Sales of such Acquired Company Compound Product if the applicable Company Compound was acquired or licensed by Denali [***], and (b) [***] of annual Net Sales of such Acquired Company Compound
Product if the applicable Company Compound was acquired or licensed by Denali [***]. 
  

					
		  	Prior to [***]	  	After [***]
	 Acquired Company Compound Product
	  	[***]	  	[***]

 4.12 Royalties for Non-Valid Claim, Denali-Generated Company
Compound Products. In consideration for the rights granted hereunder, in each calendar quarter during the Term in which Denali records Net Sales of Company Products not covered by a Valid Patent Claim which incorporate a Company Compound as
described in Sections 1.8 (ii) or (iv) (each a “Denali-Generated Company Compound Product”) and subject to and in accordance with the terms and conditions of this Agreement, Denali shall pay to Genentech on a Licensed Product-by-Licensed Product and country-by-country basis an amount as a percentage of annual
worldwide Net Sales equal to (a) [***] of annual Net Sales of such Denali-Generated Company Compound Product if the applicable Company Compound was first discovered, derived or optimized by Denali [***], and (b) [***] of annual Net Sales of such
Denali-Generated Company Compound Product if the applicable Company Compound was Controlled or owned by Denali [***]. 

  
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		  	 Controlled or owned by

Denali [***]
	  	 Discovered, derived, or optimized

by Denali [***]

	 Denali-Generated Company Compound Product
	  	[***]	  	[***]

 4.13 Royalties for Non-Valid Claim Genentech Products. In
consideration for the rights granted hereunder, in each calendar quarter during the Term in which Denali records Net Sales of Genentech Products not covered by a Valid Patent Claim, and subject to and in accordance with the terms and conditions of
this Agreement, Denali shall pay to Genentech on a Licensed Product-by-Licensed Product and
country-by-country basis an amount equal to [***] of annual worldwide Net Sales of Genentech Products not Covered by a Valid Patent Claim. 

4.14 Know-How Royalties for Genentech Products achieving Orphan Drug Exclusivity (“Orphan
Genentech Products”). In consideration for the rights granted hereunder, in each calendar quarter during the period of orphan drug exclusivity as defined in 21 C.F.R. § 316.31 (or, with respect to any country other than the United
States, is substantially similar under equivalent applicable law in such country) in a particular country in which Denali records Net Sales of an Orphan Genentech Product that has achieved orphan drug exclusivity in such country, but is not a Valid
Claim Genentech Product in such country, and subject to and in accordance with the terms and conditions of this Agreement, Denali shall pay to Genentech on a Licensed
Product-by-Licensed Product and country-by-country basis an amount equal to: 

 

	 	(a)	[***] of annual Net Sales of Orphan Genentech Product in such countries for portion of such sales up to or equal to the first [***]; and 

 

	 	(b)	[***] of annual Net Sales of Orphan Genentech Product in such countries for portion of such sales greater than [***], 

provided, however, that no Third Party is selling a product that is “clinically superior” to a Licensed Product that is an Orphan Genentech Product,
applying the definition of “clinically superior” set forth in 21 C.F.R. § 316.3(b)(3) (or, with respect to any country other than the United States, is substantially similar under equivalent applicable law in such country) in each
case, in a particular country. 
 4.15 Milestone and Royalty Offsets. 

4.15.1. In the event that Denali reasonably requires and obtains a license under a Third Party Patent(s) which Covers the Compound
included in a Licensed Product(s), Denali may offset the milestone and royalty payments due and payable by Denali to Genentech under Sections 4.3-4.14 in any calendar quarter with respect to such Licensed
Product(s) by [***] of the amounts paid by Denali to such Third Party in the same calendar quarter for the rights to such Third Party Patent(s); provided however, in no event shall the milestone and royalty payments otherwise due and payable under
Sections 4.3-4.14 to Genentech with respect to such Licensed Product(s) be reduced by more than fifty percent (50%) of what would otherwise be due on the sale of such Licensed Product(s). 

  
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 4.15.2. If one or more Third Parties, without a license from Denali, sells a product in a
country that contains a compound that (i) is the same as a Licensed Product sold by Denali, (ii) is “therapeutically equivalent” to such Licensed Product, applying the definition of “therapeutically equivalent” set
forth in the preface to the FDA’s Orange Book (or, with respect to any country other than the United States, is similarly substitutable under equivalent applicable law in such country), or (iii) is “clinically superior” to a
Licensed Product that is an Orphan Genentech Product or an Orphan Company Product, applying the definition of “clinically superior” set forth in 21 C.F.R. § 316.3(b)(3) (or, with respect to any country other than the United States, is
substantially similar under equivalent applicable law in such country) in each case, in a particular country (for purposes of this Section, each such product, a “Non Licensed Product”), and the aggregate sales of units of all Non
Licensed Products in such country [***] of the number of units sold of the applicable Licensed Product for a particular calendar quarter in such country, then the royalty rate for such Licensed Product in such country shall be [***] for that
calendar quarter. 
 4.16 Timing of Royalty Payments. All royalty payments due under this Article 4 shall be paid in quarterly
installments and be paid within sixty (60) days following the end of each calendar quarter. 
 4.17 No Deductions from
Payments. Except for the royalty adjustments set forth in Sections 4.15, as between the Parties, Denali is solely responsible for payment of any fee, royalty or other payment due to any Third Party in connection with the research,
development, manufacture, distribution, use, sale, import or export of a Licensed Product, and Denali shall not have the right to offset any amounts paid to such Third Party, including fee, royalty or other payment, against any amount payable to
Genentech hereunder. 
 4.18 Single Royalty. Notwithstanding anything herein to the contrary, with respect to any Licensed
Product only a single royalty payment shall be due and payable, regardless if such Licensed Product is Covered by more than one Valid Patent Claim. If an applicable sale of a Licensed Product in a country would fall within one or more of the royalty
provisions set forth in Sections 4.9-4.14, then only a single royalty payment shall be due and payable for such sale, at the highest applicable royalty rate. 

4.19 Royalty Term. The term of the royalty obligations set forth in this Article 4 shall begin upon the First Commercial Sale of
a Licensed Product and will continue on a Licensed Product-by-Licensed Product basis and on a
country-by-country basis, until the later of (i) ten (10) years after the First Commercial Sale in a country or (ii) the date of expiration of the last Valid
Patent Claim within the Licensed IP Covering the Valid Claim Product in a country. In the case of Orphan Genentech Products under Section 4.14, the term of royalty obligations set forth in this Article 4 shall be for the duration of such orphan
drug exclusivity period on a Licensed 

  
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Product-by-Licensed Product basis and on a
country-by-country basis. At the end of such term, the license grants under Sections 3.1 and 3.2 will become perpetual, royalty-free and fully paid-up for such Licensed Product in such country. For clarity, any subsequent iteration of a Licensed Product as a result of a change to the formulation, dosage strength, form or method of delivery shall be deemed
to be the same Licensed Product as the original iteration for purposes of the royalty term of this Section 4.19. 
 ARTICLE 5

 REPORTS, AUDITS, AND FINANCIAL TERMS 

5.1 Net Sales Definition. 

5.1.1. Net Sales means the gross amounts invoiced for sales of Licensed Products by Denali (in final form for end use, but exclusive of
inter-company transfers), less the following deductions: 
 (a) A lump sum deduction of [***] of such sales amount in lieu of those
deductions that are not accounted for within Denali on a Licensed Product-by-Licensed Product basis that account for freight, postage charges, transportation insurance,
packing materials for dispatch of goods and custom duties; 
 (b) credits or allowances granted for damaged, outdated, returned, rejected or
recalled Licensed Products, and uncollectible amounts on previously sold Licensed Products and retroactive price reductions, and credit card charges (including processing fees); 

(c) normal and customary trade, cash and quantity discounts; 

(d) sales and excise taxes (including value added taxes (VAT)) paid or allowed by a selling party and any other governmental charges imposed
upon the manufacture or sale of a Licensed Product, for clarity, including government mandated fees and taxes (including any excise tax under the Affordable Care Act); and 

(e) chargebacks and rebates, including those granted to managed health care organizations, wholesalers, buying groups, retailers or to
federal, state/provincial, local and other governments, their agencies and purchasers and reimbursers. 
 Except as may otherwise be set
forth herein, Net Sales shall be calculated on an accrual basis in accordance with Accounting Standard. 
 5.1.2. Licensed Products
Sold in Combinations. 
 (a) In the event that a Licensed Product is sold in combination with one or more other active ingredients that are
not the subject of this Agreement (a “Combination”), the gross amount invoiced for such Licensed Product shall be calculated by multiplying the gross amount invoiced for such Combination by the fraction A/(A+B), where “A”
is the gross amount invoiced for such Licensed Product sold separately and “B” is the gross amount invoiced for such other active ingredient(s) sold separately. 

  
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 (b) In the event that such other active ingredient(s) are not sold separately (but such Licensed
Product is), the gross amount invoiced for such Licensed Product shall be calculated by multiplying the gross amount invoiced for such Combination by the fraction A/C, where “A” is the gross amount invoiced for such Licensed Product, and
“C” is the gross amount invoiced for the Combination. 
 (c) In the event that such Licensed Product is not sold separately, the
allocation of Net Sales for royalty calculations shall be determined by the Parties together in good faith. 
 5.2 Reports.

 5.2.1. Royalty Reports. Within sixty (60) days after the end of each calendar quarter in which a royalty payment under
Article 4 is required to be made, Denali shall send to Genentech a report of Net Sales of the Licensed Products for which a royalty is due, which report sets forth for such calendar quarter the following information: (i) total Net Sales of all
Licensed Products sold in the Territory during such calendar quarter, (ii) Net Sales on a country-by-country basis, (iii) the exchange rate used to convert Net
Sales from the currency in which they are earned to United States dollars; (iv) the total royalty payments due; and (v) deductions in accordance with Section 5.1.1(d) as an aggregate worldwide number (collectively, the
“Quarterly Report”). Each Quarterly Report shall be Denali’s Confidential Information. 
 5.3 Additional
Financial Terms. 
 5.3.1. Currency. All payments to be made under this Agreement shall be made in United States
dollars or such other currency mutually agreed upon by the Parties. Amounts invoiced in a currency other than dollars must be expressed in the United States dollar equivalent as well as any local currency. Net Sales outside of the United States
shall be first determined in the currency in which they are earned and shall then be converted into an amount in United States dollars. All currency conversions shall use the conversion rate reported by Reuters, Ltd. on the last Business Day of the
calendar quarter for which such payment is being determined, or such other rate as the Parties may agree. 
 5.3.2. Payment
Type. Amounts paid by one Party to the other under this Agreement shall be paid in U.S. dollars, in immediately available funds, by means of wire transfer to an account identified by the payee. 

5.3.3. Withholding of Taxes. Each Party may withhold from payments due to the other Party amounts for payment of any withholding
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to the other Party all relevant documents and correspondence, and shall also provide to the Party from whose payment that tax was withheld any other cooperation or assistance on a reasonable
basis as may be necessary to enable that Party subject to withholding to claim exemption from such withholding taxes and to receive a full refund of such withholding tax or claim a foreign tax credit. The Party withholding the tax shall give proper
evidence from time to time as to the payment of such tax. The Parties shall cooperate with each other in seeking deductions under any double taxation or other similar treaty or agreement from time to time in force. 

5.3.4. Late Payments. Any amounts not paid within sixty (60) days after the date due under this Agreement are subject to
interest from the date due through and including the date upon which payment is received. Interest is calculated, over the period between the date due and the date paid, at a rate equal to [***], or the maximum amount allowed by law if less. 

5.4 Accounts and Audit. 

5.4.1. Records. Denali shall keep full, true and accurate books of account containing the particulars of Net Sales and the
calculation of royalties. Denali shall keep such books of account and the supporting data and other records at its principal place of business. Such books and records must be maintained and available for examination in accordance with this Section
for [***] after the end of the calendar year to which they pertain, and otherwise as reasonably required to comply with Accounting Standard. 

5.4.2. Appointment of Auditor. Genentech may appoint a recognized accounting firm reasonably acceptable to Denali to inspect the
relevant books of account of Denali to verify any reports or statements provided, or amounts paid or invoiced (as appropriate), by Denali. The accounting firm (and any individuals, if applicable) appointed to perform the examination under this
Agreement must execute a confidential disclosure agreement with Denali, or otherwise be subject to terms governing non-use and non-disclosure of information that Denali
has agreed in writing are acceptable. 
 5.4.3. Procedures for Audit. Denali is required to make its records available for
inspection no more than one (1) time in any calendar year, only during regular business hours, only at such place or places where such records are customarily kept, and only upon receipt of at least thirty (30) days written advance notice
from Genentech. Denali is only required to make any particular records available one (1) time, such that Genentech may not audit any records that it previously audited. 

5.4.4. Audit Report. The independent accountant will be instructed to provide to Genentech an audit report containing its
conclusions regarding the audit, and specifying whether the amounts paid were correct, and, if incorrect, the amount of any underpayment or overpayment. The independent auditor shall provide to Denali a preliminary copy of its audit report, and
shall discuss with Denali any issues or discrepancies that Denali identifies, prior to submission to Genentech. 

  
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 5.4.5. Underpayment and Overpayment. After review of the auditor’s report:
(i) if there is an uncontested underpayment by Denali for the period in question, then Denali shall pay to Genentech the full amount of that uncontested underpayment, and (ii) if there is an uncontested overpayment by Denali for the period
in question, then Genentech shall provide to Denali a credit against future payments (such credit equal to the full amount of that overpayment), or, if either (a) Denali is not obligated to make any future payments, or (b) the anticipated
future payments by Denali could reasonably be less than the overpayment, then Genentech shall pay to Denali the full amount of that overpayment. Contested amounts are subject to dispute resolution under Article 11. If the total amount of any
underpayment (as agreed to by Denali or as determined under Article 11) exceeds [***] of the amount previously paid by Denali for the period subject to audit, then Denali shall pay the reasonable costs for the audit. The full amount of any
underpayment by Denali determined to be payable to Genentech pursuant to this Section 5.4.5 shall accrue interest calculated in accordance with Section 5.3.4. 

ARTICLE 6 
 INTELLECTUAL
PROPERTY; PATENT PROSECUTION, MAINTENANCE AND ENFORCEMENT 
 6.1 Prosecution, Maintenance and Enforcement. 

6.1.1. Prosecution and Maintenance of Patents. 

(a) Genentech Rights to Patent Prosecution and Maintenance of Licensed Patent Rights. As between the Parties, Genentech, at its sole
discretion, shall be solely responsible for the preparation, filing, prosecution and maintenance of Patents within Licensed Patent Rights under Exhibit B using outside patent counsel mutually acceptable to both Parties. Denali will have an
opportunity to review and comment on patent application drafts and correspondence with the patent offices, and Genentech will consider Denali’s reasonable comments. Denali will provide to outside patent counsel all information reasonably
necessary to prosecute the Patents, including, at Denali’s sole discretion, the chemical structures of Compounds within the scope of the genus of the Licensed Patents as filed. All costs (including outside counsel, annuities and other official
fees) of preparing, filing, prosecuting and maintaining such Patents shall be borne solely by Genentech, unless otherwise provided in this Section 6.1. 

(b) Transfer of Prosecution and Maintenance. If Genentech elects not to Prosecute and/or Maintain any Patents within the Licensed
Patent Rights, in any country, Genentech shall provide at least sixty (60) days written notice to Denali. Thereafter, Denali may, but is not required to, undertake, at its sole expense and in its sole discretion, the
Prosecution and Maintenance of such Patents. Genentech shall have the opportunity to review and comment on correspondence with the patent offices. For purposes of this Agreement, such Patents continue to be included in the Licensed Patent Rights.

  
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 (c) Right of the Non-Prosecuting Party. If any
time the party then responsible for prosecuting and maintaining a Patent within the Licensed Patent Rights pursuant to (a) or (b) above (the “Prosecuting Party”) decides not to prosecute and/or maintain a Patent within Licensed
Patent Rights, in any country, then such Prosecuting Party shall provide written notice to the other party (the “Non-Prosecuting Party”) of such decision and the
Non-Prosecuting Party may, within sixty (60) days of receipt of such notice assume responsibility for the prosecution and maintenance of such Patent at its sole expense. For purposes of this Agreement,
such Patents continue to be included in the Licensed Patent Rights. 
 (d) Denali Rights to Patent Prosecution, Maintenance and
Enforcement of Denali IP. Denali, at its sole expense, shall be solely responsible (but not obligated), using in-house counsel or outside patent counsel reasonably selected by Denali, to prepare, file,
prosecute, maintain and enforce Patents under Denali IP. 
 6.1.2. Enforcement of Patents. Each Party shall promptly notify the
other in the event it becomes aware of any actual or probable infringement of any Patent within the Licensed Patent Rights. 
 (a) Right
to Enforce Licensed Patent Rights. As between the Parties, Denali shall have the first right, at its sole expense, to take action against any alleged infringer of, or in defense of any Third Party claim regarding the enforceability or validity
of, or any interference, post grant review, inter partes review or other opposition (each an “Opposition”) filed against, any Patent within the Licensed Patent Rights. Genentech shall have the right, but not the obligation, to
participate in any Opposition at its sole expense. In the event that Denali declines within six (6) months of notification of such alleged infringement to either (i) take action against such alleged infringement (e.g., by settlement) or
(ii) initiate and thereafter maintain legal proceedings against the alleged infringer, Genentech may, at its option, initiate such proceedings at its sole expense. Denali may not settle or consent to any judgment which affects the scope,
validity or enforcement of any Licensed Patent Right without the express written consent of Genentech (such consent not to be unreasonably withheld or delayed). Any recovery obtained by either Party as the result of such legal proceedings shall be
allocated as follows: (i) first, as reimbursement of all otherwise unreimbursed legal fees and expenses incurred by either Genentech or Denali in accordance with this Section 6.1.2, and then (ii) second, any amounts remaining will be
[***]. 
 6.1.3. Cooperation. Each Party shall fully cooperate with, and supply all reasonable assistance requested by, the
other, at the other’s expense, in the prosecution, maintenance, procurement of patent term extensions, supplementary protection certificates and the like, and defense and enforcement of any Patent within the Licensed Patent Rights as provided
hereunder, including, if necessary, by being joined as a party to the conflict. For 

  
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procurement of a patent term extension, Denali shall have the right to select the patent for which a patent term extension applies if the Licensed Product is a Company Product, and Genentech
shall have the right to select the patent for which a patent term extension applies if the Licensed Product is a Genentech Product. In the case of any opposition action, the Party that is controlling the action shall provide the other Party with an
opportunity to review and comment on any filings or correspondence. 
 6.2 Trademarks. Denali shall be responsible for the
selection, registration, maintenance, enforcement and defense of all trademarks for use in connection with the sale or marketing of Licensed Products in the Field in the Territory (the “Denali Marks”), as well as all expenses
associated therewith. Denali shall not, without Genentech’s prior written consent, use any trademarks or house marks of Genentech (including the Genentech corporate name), or marks confusingly similar thereto, in connection with Denali’s
commercialization of Licensed Products under this Agreement. Denali shall own all Denali Marks. 
 6.3 [***]. 

6.3.1. [***] 
 6.3.2.
The Parties acknowledge and agree that Genentech may terminate the Agreement at Genentech’s sole and absolute discretion, in the event Denali challenges, or directs or supports a Third Party that challenges the validity, enforceability
and/or scope of any claim within the Licensed Patent Rights in a court or patent office or other governmental agency (collectively, “Denali Challenge”). [***] 

ARTICLE 7 
 TERM AND
TERMINATION 
 7.1 Term. The term of this Agreement (the “Term”) shall commence on the
Effective Date and, unless sooner terminated by mutual agreement or pursuant to any other provision of this Agreement, shall terminate on the date on which all obligations under this Agreement between the Parties with respect to the payment of
milestones or royalties with respect to Licensed Products have passed or expired. 
 7.2 Termination. 

7.2.1. Material Breach. Either Party may terminate this Agreement for any material breach by the other Party, provided that the
terminating Party gives the breaching Party written notice of such breach and if the Party receiving notice of breach fails to cure, or fails to dispute, that breach within sixty (60) days, then the Party originally delivering the notice of
breach may terminate this Agreement on written notice of termination. If the allegedly breaching Party in good faith disputes such material breach or disputes the failure to cure or remedy such material breach and provides written notice of that
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 the above time periods, then the matter will be addressed under the dispute resolution provisions in Article 11,
and the notifying Party may not terminate this Agreement until it has been determined under Article 11 that the allegedly breaching Party is in material breach of this Agreement, and such breaching Party further fails to cure such breach within
thirty (30) days after the conclusion of that dispute resolution procedure. Notwithstanding anything to the contrary in this Section 7.2.1, in the event that Denali fails to timely submit payment of the upfront payment referenced in
Section 4.1 within the ten (10) Business Days following the Effective Date, such failure shall be deemed a material breach of this Agreement and not subject to the cure period set forth herein above. 

7.2.2. Bankruptcy. Genentech shall have the right to terminate this Agreement upon written notice to Denali, in the event that
Denali seeks protection of any bankruptcy or insolvency law, a proceeding in bankruptcy or insolvency is filed by or against Denali (and is not dismissed within ninety (90) days), or there is an adjudication by a court of competent jurisdiction
that Denali is bankrupt or insolvent. 
 7.3 Effect of Termination or Expiration; Effect of Termination Prior to Payment of First
Milestone. 
 7.3.1. Upon any termination of this Agreement by either Party under Section 7.2.1, or 7.2.2, or by
Genentech pursuant to 6.3.2, rights and licenses granted to Denali under Article 3 shall immediately terminate and Denali shall promptly destroy all materials provided under the Technology Transfer Plan. 

7.3.2. Upon termination of this Agreement by Genentech for (i) Denali’s material breach under Section 7.2.1, (ii) due to
Denali’s insolvency or bankruptcy under Section 7.2.2, or (iii) pursuant to Section 6.3.2 and in each of (i) through (iii), prior to payment of a First Milestone under Section 4.3: 

(a) Each Party shall promptly destroy all relevant records and materials in its possession or control containing or comprising the other
Party’s Confidential Information, and to which the Party does not retain rights hereunder, except that each Party may retain one copy of such records for archival purposes. 

(b) Denali shall discontinue making any representation regarding its status as a licensee of Genentech for all Licensed Products. Denali shall
cease conducting any activities with respect to the marketing, promotion, sale or distribution of Genentech Products or Licensed Products Covered by the Licensed Patent Rights. With respect to all other Licensed Products, nothing in this
Section 7.3 shall be interpreted to limit the rights and obligations as described in Section 11.2.3 (b); such Licensed Products shall remain subject to all payment obligations under this Agreement. 

(c) All rights granted under this Agreement by Genentech to Denali shall revert to Genentech. 

 

  
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 7.4 Effect of Termination Under Section 7.2.1 or 7.2.2 After Payment of First
Milestone. Upon termination of this Agreement by Genentech for Denali’s material breach under Section 7.2.1 or due to Denali’s insolvency or bankruptcy under Section 7.2.2, and in each case after payment of a First
Milestone under Section 4.3, Denali shall grant to Genentech an exclusive right of first negotiation for a license under the Reversion Technology, (as defined below) (the “RFN”). Genentech shall have [***] following the effective date
of such termination, to notify Denali in writing as to whether Genentech elects to exercise its RFN. 
 7.4.1. If written
notice is given that Genentech does not want to exercise such right to negotiate, or written notice is not given by Genentech to Denali within said [***], the rights to discuss and/or negotiate granted to Genentech under this Section 7.4,
including without limitation any dispute as to Denali’s election to grant or not grant Genentech any rights under the Reversion Technology, including the scope and/or terms thereof, shall expire at the end of such [***] and shall not be subject
to arbitration. 
 7.4.2. If Denali receives written notice from Genentech within such thirty (30) day period that Genentech
elects to exercise such RFN, 
 (a) Denali shall, within forty-five (45) days following the date of such Genentech notice, provide
copies to Genentech [***], (collectively, the “Data Package”). Denali is not required to generate additional data or prepare additional reports to comply with the foregoing obligation; 

(b) Genentech will have the exclusive right for [***] (or such longer period as mutually agreed) following the delivery of the Data Package to
Genentech to negotiate in good faith with Denali the commercially reasonable terms under which Denali may grant to Genentech a worldwide, sublicensable license under the Reversion Technology to make, have made, use, sell, offer for sale and import
Genentech Products. 
 (c) With respect to any license granted by Denali to Genentech under this Section 7.4, Genentech shall be
responsible for manufacturing the products thereunder for clinical use and commercial sale; and 
 (d) If the Parties are unable to agree on
the term of the license under Section 7.4.2(b) within such period, Genentech may submit such dispute to arbitration for resolution as provided in Section 11.2, as modified by Section 7.4.4 below; provided, however, that [***]. 

7.4.3. Certain Terms. In this Section 7.4.3: 

(a) “Reversion Technology” means the Denali Patents, Denali Know-How, Denali
Regulatory Information and Denali Background Patents, in each case that (a) are owned and Controlled by Denali as of the effective date of termination of this Agreement, and (b) are specifically directed towards a Genentech Product; 

  
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 (b) “Denali Patents” means those Patents, filed by or on behalf of Denali
before the Effective Date or during the Term of this Agreement, having claims or disclosure therein directed to a Genentech Compound [***], method of using a Genentech Compound for the treatment or prevention of Parkinson’s Disease, or a
method of synthesizing a Genentech Compound; 
 (c) “Denali Know-How” means Know-How derived by Denali as a direct result of the research or development of a Genentech Product under this Agreement after the Effective Date. Denali Know-How does not
include Denali Patents; 
 (d) “Denali Regulatory Information” means documents filed with the Regulatory Authorities by
Denali in conjunction with and during the clinical development of a Genentech Product under this Agreement after the Effective Date; and 

(e) “Denali Background Patents” means those Patents (other than Denali Patents), filed by or on behalf of Denali after the
Effective Date and which are necessary for the manufacture, use, sale, offer for sale, or import of a Genentech Product. 
 7.4.4.
Baseball Arbitration. With respect to any dispute under Section 7.4.2(d), which dispute is submitted by Genentech to arbitration for resolution as provided in Section 11.2, such arbitration shall be modified by as follows: 

(a) within ten (10) calendar days following the final selection of the arbitrators, the Parties, in consultation with the arbitrators,
shall set a date for the arbitration, which date shall be no more than sixty (60) calendar days after the date the arbitration is demanded under Section 11.2; 

(b) the arbitration shall be “baseball” style arbitration; accordingly, notwithstanding the Rules, and at least fourteen
(14) calendar days prior to the arbitration, each Party shall provide the arbitrators with a brief outlining its position. Briefs may be no more than [***], and must clearly provide and identify the Party’s position with respect to the
disputed matter; 
 (c) after receiving both Parties’ opening briefs, the arbitrators will distribute each Party’s brief to the
other Party. Seven (7) calendar days in advance of the arbitration, the Parties shall submit and exchange response briefs of [***]. The Parties’ briefs may include or attach relevant exhibits in the form of documentary evidence, any other
material voluntarily disclosed to the other Party in advance, or publicly available information. The Parties’ briefs may also include or attach demonstratives and/or expert opinion based on the permitted documentary evidence; 

(d) the arbitration shall consist of [***], such time to be split equally between the Parties, in the form of presentations by counsel and/or
employees and officers of the Parties.    No live witnesses shall be permitted except expert witnesses whose opinions were provided with the Parties’ briefs; and 

  
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 (e) no later than ten (10) calendar days following the arbitration, the arbitrators shall
issue their written decision. The arbitrators shall select one Party’s proposed positions as their decision, and shall not have the authority to render any substantive decision other than to select the proposal submitted by either Denali or
Genentech. The arbitrators shall have no discretion or authority with respect to modifying the positions of the Parties. The arbitrators’ decision shall be final and binding on the Parties and may be enforced in any court of competent
jurisdiction. Each Party shall bear its own costs and expenses in connection with such arbitration, and shall share equally the arbitrators’ fees and expenses. 

7.5 Continuing Obligations. Termination or expiration of this Agreement through any means and for any reason shall not relieve
the Parties of any obligation accruing prior thereto, including the payment of all sums due and payable, and shall be without prejudice to the rights and remedies of either Party with respect to any antecedent breach of any of the provisions of this
Agreement. 
 7.6 Survival. In addition to as set forth in Article 7 and otherwise explicitly as set forth in this Agreement,
Article 1, Article 9, Article 10, Article 11, Article 12 and Section 8.4, and, as applicable, Article 5 shall survive expiration or termination of this Agreement for any reason. 

ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 

8.1 Genentech Representations. Genentech hereby represents, warrants and covenants to Denali that: 

8.1.1. Genentech has the full right, power and authority, and has obtained all approvals, permits or consents necessary, to enter into
this Agreement and to perform all of its obligations hereunder and to grant the licenses provided hereunder. 
 8.1.2. To
Genentech’s knowledge, Genentech has not, prior to the Effective Date, entered into any agreement and has not granted any now existing, or agreed to grant any future license, right or privilege which agreement, license, right or privilege
conflicts in any way with the licenses granted to Denali hereunder. 
 8.1.3. Genentech is the sole and exclusive owner of or
Controls the Licensed IP existing as of the Effective Date and, to Genentech’s knowledge, such Licensed IP is free and clear of any liens or encumbrances. 

  
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 8.1.4. To Genentech’s knowledge, the Licensed IP constitutes all Patents and Know-How that are owned or Controlled by Genentech and that Genentech believes, as of the Effective Date, are necessary for making, using, selling, offering for sale or importing a Genentech Compound. 

8.1.5. No claims of infringement, misappropriation or other conflict with any intellectual property rights or other rights owned or
controlled by any Third Party have been made or, to Genentech’s knowledge, threatened with respect to the Licensed IP existing as of the Effective Date. 

8.1.6. None of the Licensed IP existing as of the Effective Date is subject to any outstanding injunction, judgment, order, ruling, or
charge, and no claim or action is pending or, to Genentech’s knowledge, threatened which challenges the legality, validity, enforceability, use, or ownership of any such Licensed IP. As of the Effective Date, no loss or expiration of any of the
Licensed IP is threatened, pending, or reasonably foreseeable, except for patents expiring at the end of their statutory terms (and not as a result of any act or omission by Genentech, including a failure to pay any required maintenance fees). 

8.1.7. Genentech is not aware (without having made any specific inquiry) of any infringement or misappropriation of the Licensed IP for
human therapeutic use existing as of the Effective Date by any Third Party. 
 8.1.8. To the best of its knowledge, with respect to
any agreements related to the materials and reports in Exhibit C, Genentech has provided such agreements (either in redacted or unredacted form) and/or a list of such agreements is set forth in the table attached as Exhibit F. 

As used in this Section 8, “knowledge” means that Genentech has knowledge based on a reasonable investigation into the applicable matter. 

8.2 Denali Representations. Denali hereby represents and warrants the following to Genentech: 

8.2.1. Denali has the full right, power and authority, and has obtained all approvals, permits or consents necessary, to enter into this
Agreement and to perform all of its obligations hereunder. 
 8.2.2. Denali covenants and agrees that in conducting activities
contemplated under this Agreement, it shall use its best efforts to comply with all applicable laws and regulations including those related to the manufacture, use, labeling, importation and marketing of Licensed Products. 

8.2.3. Denali has not, prior to the Effective Date, entered into any agreement that conflicts in any way with this Agreement or
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 8.3 Exclusions. Nothing in this Agreement is or shall be construed as: 

8.3.1. A warranty or representation by Genentech as to the validity or scope of any claim or patent or patent application within the
Licensed Patent Rights; 
 8.3.2. A warranty or representation by Genentech that anything made, used, sold, or otherwise disposed of
under any license granted in this Agreement is or will be free from infringement of any patent rights or other intellectual property right of any Third Party; and 

8.3.3. A grant by Genentech, whether by implication, estoppel, or otherwise, of any licenses or rights other than that expressly granted
under Sections 3.1 and 3.2. 
 8.4 DISCLAIMER. EXCEPT AS SET FORTH IN THIS ARTICLE 8, NO WARRANTY IS GIVEN WITH RESPECT TO THE
LICENSED IP, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND THE PARTIES SPECIFICALLY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF THE LICENSED IP,
OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY OR OTHER RIGHTS OF ANY THIRD PARTY. THE WARRANTIES SET FORTH IN THIS ARTICLE 8 ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT
LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, NON-INFRINGEMENT AND ALL SUCH OTHER WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED. 

ARTICLE 9 

INDEMNIFICATION 
 9.1
Indemnification by Denali. Denali shall defend, indemnify and hold harmless Genentech and their respective officers, directors, shareholders, employees and agents from and against any and all Third Party liabilities, claims, suits, and
expenses, including reasonable attorneys’ fees (collectively, “Losses”), arising out of or in any way attributable to (i) the inaccuracy or breach of any representation, warranty, or covenant made by Denali under this
Agreement, (ii) the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution, promotion, marketing or sale of Licensed Products by or on behalf of Denali, (iii) the
negligence or willful misconduct of Denali or its respective officers, directors, employees or agents, or (iv) Denali’s failure to comply with Applicable Law with respect to the manufacture, use, labeling, importation or marketing of
Licensed Products; in each case except to the extent that such Losses are attributable to (a) Genentech’s breach of any representation, warranty, or covenant made by Genentech under this Agreement, (b) Genentech’s breach of its
obligations under this Agreement, and/or (c) the negligence or willful misconduct of Genentech, its Affiliates or their respective officers, directors, employees, or agents. 

 

  
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 9.2 Indemnification by Genentech. Genentech shall defend, indemnify and hold
harmless Denali and its respective officers, directors, employees and agents from and against any and all Losses arising out of or in any way attributable to (i) the inaccuracy or breach of any representation, warranty, or covenant made by
Genentech under this Agreement, or (ii) the negligence or willful misconduct of Genentech, its Affiliates, or their respective officers, directors, employees, or agents; in each case except to the extent that such Losses are attributable to
(a) Denali’s breach of any representation, warranty, or covenant made by Denali under this Agreement, (b) Denali’s breach of its obligations under this Agreement, and/or (c) the negligence or willful misconduct of Denali or
its respective officers, directors, employees or agents. 
 9.3 Procedure. The indemnities set forth in this Article 9 are
subject to the condition that the Party seeking the indemnity shall forthwith notify the indemnifying Party on being notified or otherwise made aware of a liability, claim, suit, action or expense (provided, however, that failure to provide such
notice shall not relieve an indemnifying Party from its liability or obligation hereunder, except to the extent of any material prejudice as a direct result of such failure) and that the indemnifying Party defend and control any proceedings with the
other Party being permitted to participate at its own expense (unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the indemnifying Party shall pay for the other Party’s counsel);
provided, that, the indemnifying Party may not (a) settle the liability, claim, suit, action or expense, or consent to any judgment, without the written consent of the other Party (such consent not to be unreasonably withheld) in
the event such settlement adversely impacts the indemnified Party’s rights or obligations, or (b) admit fault of the other Party. 

9.4 Insurance. 

9.4.1. Coverage. Denali shall maintain, at its own cost, the following insurance coverages: 

(a) Within no later than thirty (30) days after the Effective Date, Denali shall have and maintain Commercial General Liability
insurance, including contractual liability, in the minimum amount of [***] per occurrence, and [***] for bodily injury and property damage liability. 

(b) Denali shall maintain statutory Workers’ Compensation limits and Employers Liability limits shall be at a minimum amount of [***].

 (c) Denali shall have and maintain Clinical Trial Liability insurance covering the development, manufacture and use of a Licensed Product
in the minimum amount of [***] for any period during which Denali is conducting a Clinical Trial. Prior to commercial sale of a Licensed Product, Denali shall have and maintain Product Liability insurance covering the development, manufacture, use
and sale of Licensed Product in the minimum amount of [***]. 

  
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 (d) Denali shall have and maintain Auto Liability insurance with limits not less than [***] each
accident; and the policy definition of automobile shall include owned autos, hired or non-owned autos. 

(e) All policy limits set forth in this Section 9.4.1 may be met with a combination of primary, umbrella or excess insurance, and may
include a policy that combines Product Liability insurance with Clinical Trial Liability insurance. 
 (f) Denali or a Sublicensee may
self-insure in lieu of meeting the insurance requirements of this Section 9.4, provided that Denali or such Sublicensee must have a market capitalization of no less than [***]. 

9.4.2. Additional Requirements. 

(a) All such insurance coverage shall be primary insurance with respect to Denali’s own participation under this Agreement, and shall be
maintained with an insurance company or companies having an A.M. Best’s rating of A-VII or better. 

(b) Denali shall name Genentech as an additional insured by endorsement under its Commercial General Liability and Products Liability
insurance policies. 
 (c) Denali’s insurance policies stated in Section 9.4.1 shall be primary and
non-contributory. 
 (d) Denali shall be required to maintain the coverages set forth in
Section 9.4.1 until the discontinuation of the development and commercialization of all Licensed Products, except in case of claims-made policies as described in the following sentence. The insurance policies shall be under an occurrence form,
but if only a claims-made form is reasonably available to Denali, then in such a case, Denali shall maintain the insurance coverage for at least [***] following discontinuation of the development and commercialization of all Licensed Products or
completing performance of its obligations under this Agreement. 
 (e) Upon thirty (30) days of signing this Agreement, Denali shall
provide to Genentech its certificates of insurance evidencing the insurance coverage set forth in this Section 9.4. Denali shall provide to Genentech written notice of any cancellation, non-renewal or
material change in accordance with policy provisions. Denali shall, upon receipt of a reasonable written request from Genentech, provide renewal certificates to Genentech for as long as Denali is required to maintain insurance coverage hereunder.

 9.5 LIMITATION ON DAMAGES. NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL EITHER
PARTY BE LIABLE FOR ANY SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES (INCLUDING LOSS OF PROFITS) WHETHER BASED UPON BREACH OF WARRANTY, BREACH OF CONTRACT, NEGLIGENCE, STRICT TORT OR ANY OTHER LEGAL THEORY. 

  
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 ARTICLE 10 

CONFIDENTIALITY 
 10.1
Confidential Information. During the Term of this Agreement and either (a) for [***] after the Term, or (b) for [***] after a termination of this Agreement under Section 6.3.2, 7.2.1 or Section 7.2.2, in either case,
such termination occurring [***] after the Effective Date: (i) Genentech shall not use, for any purpose other than the purpose of this Agreement, or reveal or disclose Denali Confidential Information to any Third Party; (ii) Denali shall
not use, for any purpose other than the purpose of this Agreement, or reveal or disclose Genentech Confidential Information to any Third Party; and (iii) each Party shall (A) treat such Confidential Information as it would its own
proprietary information which in no event shall be less than a reasonable standard of care, and (B) take reasonable precautions to prevent the disclosure of such Confidential Information to a Third Party without written consent of the other
Party. The Parties shall take reasonable measures to assure that no unauthorized use or disclosure is made by others to whom access to such information is granted. Notwithstanding the foregoing, if termination occurs prior to the payment of the
first milestone under Section 4.3, then after such termination Denali cannot reveal or disclose Genentech Confidential Information to any Third Party, subject to Section 10.2. 

10.2 Exceptions. Notwithstanding the foregoing, a Party may use and disclose Confidential Information (including any Denali
Confidential Information or Genentech Confidential Information) as follows: 
 (a) if required by applicable law, rule, regulation,
government requirement and/or court order, provided, that the disclosing Party promptly notifies the other Party of its notice of any such requirement and provides the other Party a reasonable opportunity to seek a protective order or other
appropriate remedy and/or to waive compliance with the provisions of this Agreement; 
 (b) to the extent such use and disclosure is
necessary for the filing or publication of any patent application or patent on inventions and written permission from the other Party is obtained, such permission not to be unreasonably withheld; 

(c) as necessary or desirable for securing any Marketing Approvals, including pricing approvals, for any Licensed Products, provided, that,
the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential Information outside such regulatory agency and to otherwise maintain the confidentiality of the Confidential Information; 

 

  
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 (d) to take any lawful action that it deems necessary to protect its interest under, or to
enforce compliance with the terms and conditions of, this Agreement; 
 (e) to the extent necessary, to its directors, officers, employees,
consultants, vendors and clinicians under written agreements of confidentiality similar to those set forth in this Agreement, who have a need to know such information in connection with such Party performing its obligations or exercising its rights
under this Agreement; and 
 (f) in the case of Denali as discloser, to its actual and prospective investors, collaborators, Sublicensees
and acquirers under written agreements of confidentiality similar to those set forth in this Agreement. 
 10.3 Disclosures and Public
Announcements. Neither Party shall issue any press release or other publicity materials, or make any public presentation with respect to the existence of, or any of the terms or conditions of, this Agreement or the programs or efforts being
conducted by the other Party hereunder, in each case without the prior written consent of such Party, except as expressly permitted by Section 10.2 or this Section 10.3. 

10.3.1. After the Effective Date, Denali may publicly disclose the existence of this Agreement (including through a press release). The
content of such disclosure shall be subject to Genentech’s approval. 
 10.3.2. A Party may not withhold consent to releases that
either Party may determine, based on advice of counsel, are reasonably necessary to comply with applicable law (including disclosure requirements of the U.S. Securities and Exchange Commission (“SEC”)) or with the requirements of
any stock exchange on which securities issued by a Party or its Affiliates are traded. In the event of a required public announcement, to the extent practicable under the circumstances, the Party making such announcement shall provide the other
Party with a copy of the proposed text of such announcement sufficiently in advance of the scheduled release to afford such other Party a reasonable opportunity to review and comment upon the proposed text. 

10.3.3. The Parties shall coordinate in advance with each other in connection with the filing of this Agreement (including redaction of
certain provisions of this Agreement) with the SEC or other governmental agency or any stock exchange on which securities issued by a Party or its Affiliate are traded, and each Party shall seek confidential treatment for the terms proposed to be
redacted; provided that each Party shall retain ultimate discretion to disclose such information to the SEC or any stock exchange or other governmental agency (as the case may be) as such Party determines, based on advice of legal counsel, is
required to be so disclosed. Other than such obligation, neither Party shall be obligated to consult with or obtain approval from the other Party with respect to any filings with the SEC or any stock exchange or other governmental agency where such
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 10.4 Termination. Upon termination, but not expiration, of this Agreement and upon
the request of the disclosing Party, the receiving Party shall promptly return to the disclosing Party or destroy all copies of Confidential Information received from such Party, and shall return or destroy, and document the destruction of, all
summaries, abstracts, extracts, or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be permitted to retain a copy (or copies, as necessary) of such Confidential Information for
archival purposes or as required by any law or regulation, and the foregoing shall not require a party to purge any documents stored electronically as a result of its standard back-up procedures. 

10.5 Termination of Prior Agreements. As of the Effective Date, this Agreement supersedes the
Non-Disclosure Agreement between Genentech and Denali effective as of January 20, 2016. All “Information” (as defined in such confidentiality agreement) exchanged between the Parties thereunder
that relates to the subject matter of this Agreement shall be deemed Confidential Information hereunder and shall be subject to the provisions of Article 10. 

10.6 Publication. 

10.6.1. Denali shall have the right to publish information (including presentations) relating to Denali’s use of Licensed Products.
To the extent such publication includes the work of a Genentech employee, Genentech shall have the right to have such employee named as a co-author or otherwise include an appropriate acknowledgment. 

10.6.2. During the period between the Effective Date and the time of payment of a milestone under Section 4.3.2(b), prior to
submission of a proposed publication to a Third Party, the publishing Party shall first submit the proposed publication to the other Party and permit the other Party the opportunity to review the proposed publication for [***] to identify any
patentable subject matter belonging to the other Party, remove any Confidential Information from the proposed publication and comment on the proposed publication. If the other Party notifies the publishing Party that the publication includes its
patentable subject matter within such [***] period, the publishing Party shall delay publication an additional [***] to permit the other Party the opportunity to make appropriate patent filings. After payment of a milestone under Section 4.3.2,
Denali shall have an unrestricted right to publish Confidential Information that is specifically related to a Licensed Product. 
 ARTICLE
11 
 DISPUTE RESOLUTION 

11.1 Internal Resolution. Except as otherwise expressly provided in this Agreement (including under Section 11.3), any
Disputes shall be first referred to a Senior Vice President of Genentech and the Chief Executive Officer of Denali (or their respective designees) for resolution, prior to proceeding under the other provisions of this Article 11. A Dispute shall be

  

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 referred to such executives upon one Party providing the other Party with written notice that such Dispute
exists, and such executives, or their designees, shall attempt to resolve such Dispute through good faith discussions. In the event that such Dispute is not resolved within thirty (30) days of such other Party’s receipt of such written
notice, subject to Section 11.3, either Party may initiate the Dispute resolution procedures set forth in Section 11.2. The Parties agree that any discussions between such executives, or their designees, regarding such Dispute do not
constitute settlement discussions, unless the Parties agree otherwise in writing. 
 11.2 Arbitration. 

11.2.1. Rules. Except as otherwise expressly provided in this Agreement, the Parties agree that any Dispute not resolved
internally by the Parties pursuant to Section 3.1 shall be resolved through binding arbitration conducted by the American Arbitration Association in accordance with the then prevailing Commercial Arbitration Rules of the American Arbitration
Association (for purposes of this Article 11, the “Rules”), except as modified in this Agreement, applying the substantive law specified in Section 12.4. 

11.2.2. Arbitrators; Location. Each Party shall select one (1) arbitrator, and the two (2) arbitrators so selected
shall choose a third arbitrator. All three (3) arbitrators shall serve as neutrals and have at least ten (10) years of (i) dispute resolution experience (including judicial experience) or (ii) legal or business experience in the
biotech or pharmaceutical industry. In any event, at least one (1) arbitrator shall satisfy the foregoing experience requirement under clause (ii). If a Party fails to nominate its arbitrator, or if the Parties’ arbitrators cannot agree on
the third arbitrator, the necessary appointments shall be made in accordance with the Rules. Once appointed by a Party, such Party shall have no ex parte communication with its appointed arbitrator. The arbitration proceedings shall be conducted in
San Francisco, California. The arbitrators shall not have authority to award damages or grant relief inconsistent with the provisions of this Agreement, including Section 9.5. 

11.2.3. Procedures; Awards. 
  

	 	(a)	Each Party agrees to use reasonable efforts to make all of its current employees available, if reasonably needed, and agrees that the arbitrators may deem any party as “necessary.” The arbitrators shall be
instructed and required to render a written, binding, non appealable resolution and award on each issue that clearly states the basis upon which such resolution and award is made. The written resolution and award shall be delivered to the Parties as
expeditiously as possible, but in no event more than ninety (90) days after conclusion of the hearing, unless otherwise agreed by the Parties. Judgment upon such award may be entered in any competent court or application may be made to any
competent court for judicial acceptance of such an award and order for enforcement. Each Party agrees that, notwithstanding any provision of applicable law or of this Agreement, it will not request, and the arbitrators shall have no authority to
award, punitive or exemplary damages against any Party. 

  
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	 	(b)	If the subject matter of the arbitration is with respect to a dispute under Section 7.3.2, the Parties explicitly agree that the arbitrator shall award [***]. 

 

	 	(c)	If the subject matter of the arbitration is with respect to the ownership or inventorship of a Denali Patent or any Patent filed by Denali Covering a Company Compound, [***]. If the arbitrators find that such Denali
Patent or Patent filed by Denali Covering a Company Compound is properly owned by or co-owned with Genentech, [***]. 

11.2.4. Costs. The “prevailing” Party, as determined by the arbitrators, shall be entitled to (i) its share of
fees and expenses of the arbitrators and (ii) its attorneys’ fees and associated costs and expenses. In determining which Party “prevailed,” the arbitrators shall consider (i) the significance, including the financial
impact, of the claims prevailed upon and (ii) the scope of claims prevailed upon, in comparison to the total scope of the claims at issue. If the arbitrators determine that, given the scope of the arbitration, neither Party
“prevailed,” the arbitrators shall order that the Parties (i) share equally the fees and expenses of the arbitrators and (ii) bear their own attorneys’ fees and associated costs and expenses. 

11.2.5. Interim Equitable Relief. Notwithstanding anything to the contrary in this Section 11.2, in the event that a Party
reasonably requires relief on a more expedited basis than would be possible pursuant to the procedure set forth in this Article 11, such Party may seek a temporary injunction or other interim equitable relief in a court of competent jurisdiction
pending the ability of the arbitrators to review the decision under this Section 11.2. Such court shall have no jurisdiction or ability to resolve Disputes beyond the specific issue of temporary injunction or other interim equitable relief.

 11.2.6. Protective Orders; Arbitrability. At the request of either Party, the arbitrators shall enter an appropriate
protective order to maintain the confidentiality of information produced or exchanged in the course of the arbitration proceedings. The arbitrators shall have the power to decide all questions of arbitrability. 

11.3 Subject Matter Exclusions. Notwithstanding the provisions of Section 11.2, any Dispute not resolved internally by the
Parties pursuant to Section 11.1 that involves the validity or infringement of a Patent within the Licensed Patent Right (a) that is issued in the United States shall be subject to actions before the United States Patent and Trademark
Office and/or submitted exclusively to the federal court located in the jurisdiction of the district where any of the defendants resides; and (b) that is issued in any other country shall be brought before an appropriate regulatory or
administrative body or court in that country, and the Parties hereby consent to the jurisdiction and venue of such courts and bodies. 
  

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 ARTICLE 12 

MISCELLANEOUS 
 12.1
Assignment and Delegation. Neither this Agreement nor any right or obligation hereunder shall be assignable in whole or in part, whether by operation of law, or otherwise by either Party without the prior written consent of the other
Party. Notwithstanding the foregoing, either Party may assign or transfer its rights and obligations under this Agreement to a Person that succeeds to all or substantially all of that Party’s business or assets related to this Agreement whether
by sale, merger, operation of law or otherwise and either Party may assign to an Affiliate. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted
assignees. Any transfer or assignment of this Agreement in violation of this Section 12.1 shall be null and void. 
 12.2 Entire
Agreement. This Agreement contains the entire agreement between the Parties relating to the subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this Agreement. 

12.3 Amendments. Changes and additional provisions to this Agreement shall be binding on the Parties only if agreed upon, laid
down in writing and signed effectively by the Parties. 
 12.4 Applicable Law. This Agreement shall be construed and
interpreted in accordance with the laws of the state of California and all rights and remedies shall be governed by such laws without regard to principles of conflicts of law. 

12.5 Force Majeure. If the performance of this Agreement or any obligations hereunder is prevented, restricted or interfered with
by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts of God, war, or a similar occurrence or condition beyond the reasonable control of the Parties, the Party so affected shall, upon giving prompt
notice to the other Parties, be excused from such performance during such prevention, restriction or interference, and any failure or delay resulting therefrom shall not be considered a breach of this Agreement. 

12.6 Severability. The Parties do not intend to violate any public policy or statutory common law. However, if any sentence,
paragraph, clause or combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause or combination of the same shall be deleted and the remainder of this Agreement shall remain
binding, provided that such deletion does not alter the basic purpose and structure of this Agreement. 

  
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 12.7 Notices. All notices, requests, demands, and other communications relating to
this Agreement shall be in writing in the English language and shall be delivered in person or by mail, international courier or facsimile transmission (with a confirmation copy forwarded by courier or mail). Notices sent by mail shall be sent by
first class mail or the equivalent, registered or certified, postage prepaid, and shall be deemed to have been given on the date actually received. Notices sent by international courier shall be sent using a service which provides traceability of
packages. Notices shall be sent as follows: 
  

			
	 Notices to Genentech:

Genentech, Inc.
 1 DNA
Way
 South San Francisco, CA 94080

Attention: Corporate Secretary

Telephone: (650) 225-1000

Facsimile: (650) 467-9146
	  	 with a copy to:
 Genentech, Inc.

1 DNA Way
 South San Francisco, CA 94080

Attention: Vice President, Genentech Partnering
 Telephone: (650) 225-1000
 Facsimile: (650) 225-3009

		
	 Notices to Denali:

Denali Therapeutics Inc.

201 Gateway Blvd.
 South
San Francisco, CA 94080
 Attention: Alex Schuth

Telephone: (650) 866-8555

Email: schuth@dnli.com
	  	 with a copy to:
 Fenwick &
West
 555 California Street
 San Francisco, CA 94104

Attention: Jake Handy
 Telephone: (415) 875-2449
 Email: jhandy@fenwick.com

 12.8 Use of Names. Except as otherwise expressly provided in this Agreement, no right, express or
implied, is granted by the Agreement to use in any manner the name of “Denali” “Genentech,” or any other trade name or trademark of the other Party in connection with the performance of this Agreement. 

12.9 Independent Contractor. Nothing herein shall create any association, partnership, joint venture, fiduciary duty or the
relation of principal and agent between the Parties hereto, it being understood that each Party is acting as an independent contractor, and neither Party shall have the authority to bind the other or the other’s representatives in any way. 

12.10 Waiver. No delay on the part of either Party hereto in exercising any power or right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any other power or right. No waiver of this Agreement or any provision hereof shall be enforceable
against any Party hereto unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the one event. 

  
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 12.11 Interpretation. This Agreement has been prepared jointly and no rule of
strict construction shall be applied against either Party. In this Agreement, the singular shall include the plural and vice versa and the word “including” shall be deemed to be followed by the phrase “without limitation.” The
section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 

12.12 Counterparts. This Agreement may be executed in counterparts, each of which together shall constitute one and the same
Agreement. For purposes of executing this agreement, a facsimile copy of this Agreement, including the signature pages, will be deemed an original. 

*    *    *    *    * 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement by their duly authorized representatives. 

 

									
	Denali Therapeutics Inc.	 		 	Genentech, Inc.
					
	By:	 	 /s/ Ryan Watts
	 		 	By:	 	 /s/ Robert Wong

	Name:	 	Ryan Watts	 		 	Name:	 	Robert Wong
	Title:	 	CEO	 		 	Title:	 	Director

  
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 EXHIBIT A 

GENENTECH COMPOUNDS 
 [***]

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 EXHIBIT B 

LICENSED PATENT RIGHTS 

[***] 

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 EXHIBIT C 

TECHNOLOGY TRANSFER PLAN 

[***] 

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 EXHIBIT D 

DEFINITION OF PARKINSON’S DISEASE 

[***] 

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 EXHIBIT E 

LRRK2 BINDING ASSAY 
 [***]

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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 EXHIBIT F 

AGREEMENTS RELATED TO THE MATERIALS AND REPORTS IN EXHIBIT C 

[***] 

  
 Confidential 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 
  
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