Document:

EX-4.12

 Exhibit 4.12 

FMSA Holdings Inc. 

2014 LONG TERM INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	 1.
	  	 Purpose
	  	 	1	  
			
	 2.
	  	 Definitions
	  	 	1	  
			
	 3.
	  	 Administration
	  	 	4	  
		  	(a)	  	Authority of the Committee	  	 	4	  
		  	(b)	  	Manner of Exercise of Committee Authority	  	 	5	  
		  	(c)	  	Limitation of Liability	  	 	6	  
			
	 4.
	  	 Stock Subject to Plan
	  	 	6	  
		  	(a)	  	Overall Number of Shares Available for Delivery	  	 	6	  
		  	(b)	  	Application of Limitation to Grants of Awards	  	 	7	  
		  	(c)	  	Availability of Shares Not Issued under Awards	  	 	7	  
		  	(d)	  	Stock Offered	  	 	7	  
			
	 5.
	  	 Eligibility; Per Person Award Limitations
	  	 	7	  
			
	 6.
	  	 Specific Terms of Awards
	  	 	7	  
		  	(a)	  	General	  	 	7	  
		  	(b)	  	Options	  	 	8	  
		  	(c)	  	Stock Appreciation Rights	  	 	9	  
		  	(d)	  	Restricted Stock	  	 	10	  
		  	(e)	  	Restricted Stock Units	  	 	11	  
		  	(f)	  	Bonus Stock and Awards in Lieu of Obligations	  	 	11	  
		  	(g)	  	Dividend Equivalents	  	 	11	  
		  	(h)	  	Other Awards	  	 	12	  
			
	 7.
	  	 Certain Provisions Applicable to Awards
	  	 	12	  
		  	(a)	  	Termination of Employment	  	 	12	  
		  	(b)	  	Stand-Alone, Additional, Tandem, and Substitute Awards	  	 	12	  
		  	(c)	  	Term of Awards	  	 	12	  
		  	(d)	  	Form and Timing of Payment under Awards; Deferrals	  	 	12	  
		  	(e)	  	Exemptions from Section 16(b) Liability	  	 	13	  
		  	(f)	  	Non-Competition Agreement	  	 	13	  
			
	 8.
	  	 Performance and Annual Incentive Awards
	  	 	13	  
		  	(a)	  	Performance Conditions	  	 	13	  
		  	(b)	  	Performance Awards Granted to Designated Covered Employees	  	 	14	  
		  	(c)	  	Annual Incentive Awards Granted to Designated Covered Employees	  	 	16	  
		  	(d)	  	Written Determinations	  	 	17	  
		  	(e)	  	Status of Section 8(b) and Section 8(c) Awards under Section 162(m) of the Code	  	 	17	  

  
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	 9.
	  	Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization	  	 	18	  
		  	(a)	  	Existence of Plans and Awards	  	 	18	  
		  	(b)	  	Subdivision or Consolidation of Shares	  	 	18	  
		  	(c)	  	Corporate Recapitalization	  	 	19	  
		  	(d)	  	Additional Issuances	  	 	19	  
		  	(e)	  	Change in Control	  	 	19	  
		  	(f)	  	Change in Control Price	  	 	20	  
		  	(g)	  	Impact of Corporate Events on Awards Generally	  	 	20	  
			
	 10.
	  	General Provisions	  	 	21	  
		  	(a)	  	Transferability	  	 	21	  
		  	(b)	  	Taxes	  	 	22	  
		  	(c)	  	Changes to this Plan and Awards	  	 	22	  
		  	(d)	  	Limitation on Rights Conferred under Plan	  	 	23	  
		  	(e)	  	Unfunded Status of Awards	  	 	23	  
		  	(f)	  	Nonexclusivity of this Plan	  	 	23	  
		  	(g)	  	Fractional Shares	  	 	23	  
		  	(h)	  	Severability	  	 	23	  
		  	(i)	  	Governing Law	  	 	24	  
		  	(j)	  	Conditions to Delivery of Stock	  	 	24	  
		  	(k)	  	Section 409A of the Code	  	 	24	  
		  	(l)	  	Clawback	  	 	24	  
		  	(m)	  	Plan Effective Date and Term	  	 	25	  

  
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 FMSA Holdings Inc. 

2014 Long Term Incentive Plan 

1. Purpose. The purpose of the FMSA Holdings Inc. 2014 Long Term Incentive Plan (the “Plan”) is to provide a means through
which FMSA Holdings Inc., a Delaware corporation (the “Company”), and its Subsidiaries may attract and retain able persons as employees, directors and consultants of the Company, and its Subsidiaries, and to provide a means whereby those
persons upon whom the responsibilities of the successful administration and management of the Company, and its Subsidiaries, rest, and whose present and potential contributions to the welfare of the Company, and its Subsidiaries, are of importance,
can acquire and maintain stock ownership, or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the welfare of the Company, and its Subsidiaries, and their desire to remain employed. A
further purpose of this Plan is to provide such employees, directors and consultants with additional incentive and reward opportunities designed to enhance the profitable growth of the Company. Accordingly, this Plan primarily provides for the
granting of Incentive Stock Options, options which do not constitute Incentive Stock Options, Restricted Stock Awards, Restricted Stock Units, Stock Appreciation Rights, Dividend Equivalents, Bonus Stock, Other Stock-Based Awards, Annual Incentive
Awards, Performance Awards, or any combination of the foregoing, as is best suited to the circumstances of the particular individual as provided herein. 

2. Definitions. For purposes of this Plan, the following terms shall be defined as set forth below, in addition to such terms
defined in Section 1 hereof: 
 (a) “Annual Incentive Award” means a conditional right granted to an Eligible Person
under Section 8(c) hereof to receive a cash payment, Stock or other Award, unless otherwise determined by the Committee, after the end of a specified year. 

(b) “Award” means any Option, SAR, Restricted Stock Award, Restricted Stock Unit, Bonus Stock, Dividend Equivalent, Other Stock-Based
Award, Performance Award or Annual Incentive Award, together with any other right or interest granted to a Participant under this Plan. 

(c) “Beneficiary” means one or more persons, trusts or other entities which have been designated by a Participant, in his or her most
recent written beneficiary designation filed with the Committee, to receive the benefits specified under this Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the extent permitted under
Section 10(b) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the persons, trusts or other entities entitled by will or the laws of descent and
distribution to receive such benefits. 
 (d) “Board” means the Company’s Board of Directors. 

(e) “Bonus Stock” means Stock granted as a bonus pursuant to Section 6(f). 

  
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 (f) “Change in Control” means any Person or “group” (within the meaning of
Rules 13d-3 and 13d-5 under the Exchange Act) other than the Permitted Investors (as defined in the Credit Agreement) (i) (A) shall have acquired beneficial ownership or control of 35.0% or more on a fully diluted basis of the voting
interests in the Equity Interests (as defined in the Credit Agreement) of the Company or (B) shall have acquired beneficial ownership or control of voting interests in the Equity Interests of the Company in excess of those interests owned and
controlled by the Permitted Investors at such time or (ii) shall have obtained the power (whether or not exercised) to elect a majority of the members of the Board. For purposes of this Section 2(f), the provisions of section 318(a) of the
Code regarding the constructive ownership of stock will apply to determine ownership of Equity Interests, to the extent applicable. In addition, for purposes of this Section 2(f) and except as otherwise provided in an Award agreement,
“Company” includes (x) the Company, and (y) the entity for whom a Participant performs the services for which an Award is granted. Notwithstanding the foregoing, for purposes of an Award that provides for a deferral of
compensation under the Nonqualified Deferred Compensation Rules, to the extent the impact of a Change in Control on such Award would subject a Participant to additional taxes under the Nonqualified Deferred Compensation Rules, a Change in Control
for purposes of such Award will mean both a Change in Control and a “change in the ownership of a corporation,” “change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a
corporation’s assets” within the meaning of the Nonqualified Deferred Compensation Rules. 
 (g) “Code” means the
Internal Revenue Code of 1986, as amended from time to time, including regulations thereunder and successor provisions and regulations thereto. 

(h) “Committee” means the Compensation Committee of the Board. 

(i) “Covered Employee” means an Eligible Person who is a Covered Employee as specified in Section 8(e) of this Plan. 

(j) “Credit Agreement” means the Second Amended and Restated Credit and Guaranty Agreement, dated as of September 5, 2013, by
and among Fairmount Santrol, Inc., Fairmount Minerals Holdings, Inc., Barclays Bank PLC and certain other parties thereto, as amended, restated or otherwise modified as of the Effective Date. 

(k) “Dividend Equivalent” means a right, granted to an Eligible Person under Section 6(g), to receive cash, Stock, other Awards
or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. 
 (l)
“Effective Date” means the date occurring immediately prior to the effective date of the Qualifying Public Offering of Stock by the Company. 

(m) “Eligible Person” means all officers and employees of the Company or of any of its Subsidiaries, and other persons who provide
services to the Company or any of its Subsidiaries, including directors of the Company. 
 (n) “Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto. 

  
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 (o) “Fair Market Value” means, as of any specified date, (i) if the Stock is
listed on a national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on that date, on the last preceding date on which such sales of the Stock are so
reported); (ii) if the Stock is not traded on a national securities exchange but is traded over the counter at the time a determination of its fair market value is required to be made under the Plan, the average between the reported high and
low bid and asked prices of Stock on the most recent date on which Stock was publicly traded; (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined
by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate including, without limitation, the Nonqualified Deferred Compensation Rules; or (iv) on the date of a
Qualifying Public Offering of Stock, the offering price under such Qualifying Public Offering. 
 (p) “Incentive Stock Option” or
“ISO” means any Option intended to be and designated as an incentive stock option within the meaning of section 422 of the Code or any successor provision thereto. 

(q) “Incumbent Board” means the portion of the Board constituted of the individuals who are members of the Board as of the Effective
Date and any other individual who becomes a director of the Company after the Effective Date and whose election or appointment by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board. 

(r) “Nonqualified Deferred Compensation Rules” means the limitations or requirements of section 409A of the Code and the guidance and
regulations promulgated thereunder. 
 (s) “Option” means a right, granted to an Eligible Person under Section 6(b) hereof, to
purchase Stock or other Awards at a specified price during specified time periods. 
 (t) “Other Stock-Based Awards” means Awards
granted to an Eligible Person under Section 6(i) hereof. 
 (u) “Participant” means a person who has been granted an Award
under this Plan which remains outstanding, including a person who is no longer an Eligible Person. 
 (v) “Performance Award” means
a right, granted to an Eligible Person under Section 8 hereof, to receive Awards based upon performance criteria specified by the Committee. 

  
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 (w) “Person” means any person or entity of any nature whatsoever, specifically
including an individual, a firm, a company, a corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s Affiliates and Associates (as those terms are defined in Rule 12b-2 under the
Exchange Act, provided that “registrant” as used in Rule 12b-2 shall mean the Company), and any Persons acting as a partnership, limited partnership, joint venture, association, syndicate or other group (whether or not formally organized),
or otherwise acting jointly or in concert or in a coordinated or consciously parallel manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting or disposing of securities of the Company with such
Person, shall be deemed a single “Person.” 
 (x) “Qualifying Public Offering” means the initial firm commitment
underwritten public offering of Stock for cash where the shares of Stock registered under the Securities Act are listed on a national securities exchange. 

(y) “Qualified Member” means a member of the Committee who is a “nonemployee director” within the meaning of Rule
16b-3(b)(3) and an “outside director” within the meaning of Treasury Regulation 1.162-27 under section 162(m) of the Code. 
 (z)
“Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) hereof, that is subject to certain restrictions and to a risk of forfeiture. 

(aa) “Restricted Stock Unit” means a right, granted to an Eligible Person under Section 6(e) hereof, to receive Stock, cash or a
combination thereof at the end of a specified deferral period. 
 (bb) “Rule 16b-3” means Rule 16b-3, promulgated by the Securities
and Exchange Commission under section 16 of the Exchange Act, as from time to time in effect and applicable to this Plan and Participants. 

(cc) “Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder, or any successor law, as
it may be amended from time to time. 
 (dd) “Stock” means the Company’s Common Stock, par value $0.01 per share, and such
other securities as may be substituted (or resubstituted) for Stock pursuant to Section 9. 
 (ee) “Stock Appreciation Rights”
or “SAR” means a right granted to an Eligible Person under Section 6(c) hereof. 
 (ff) “Subsidiary” means with
respect to the Company, any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by the Company. 

3. Administration.  

(a) Authority of the Committee. This Plan shall be administered by the Committee except to the extent the Board elects to administer
this Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express provisions of the Plan and Rule 16b-3, the Committee shall have the authority, in its sole
and absolute discretion, to (i) adopt, amend, and rescind administrative and interpretive rules and 

  
 4 

 
regulations relating to the Plan; (ii) determine the Eligible Persons to whom, and the time or times at which, Awards shall be granted; (iii) determine the amount of cash and/or the
number of shares of Stock, as applicable Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Dividend Equivalents, Bonus Stock, Other Stock-Based Awards, Annual Incentive Awards, Performance Awards, or any combination
thereof, that shall be the subject of each Award; (iv) determine the terms and provisions of each Award agreement (which need not be identical), including provisions defining or otherwise relating to (A) the term and the period or periods
and extent of exercisability of the Options, (B) the extent to which the transferability of shares of Stock issued or transferred pursuant to any Award is restricted, (C) except as otherwise provided herein, the effect of termination of
employment, or the service relationship with the Company, of a Participant on the Award, and (D) the effect of approved leaves of absence (consistent with any applicable regulations of the Internal Revenue Service); (v) accelerate the time
of vesting or exercisability of any Award that has been granted; (vi) construe the respective Award agreements and the Plan; (vii) make determinations of the Fair Market Value of the Stock pursuant to the Plan; (viii) delegate its
duties under the Plan (including, but not limited to, the authority to grant Awards) to such agents as it may appoint from time to time, provided that the Committee may not delegate its duties where such delegation would violate state corporate law,
or with respect to making Awards to, or otherwise with respect to Awards granted to, Eligible Persons who are subject to section 16(b) of the Exchange Act or who are Covered Employees receiving Awards that are intended to constitute
“performance-based compensation” within the meaning of section 162(m) of the Code; (ix) subject to Section 10(f), terminate, modify or amend the Plan; and (x) make all other determinations, perform all other acts, and
exercise all other powers and authority necessary or advisable for administering the Plan, including the delegation of those ministerial acts and responsibilities as the Committee deems appropriate. Subject to Rule 16b-3 and section 162(m) of the
Code, the Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan, in any Award, or in any Award agreement in the manner and to the extent it deems necessary or desirable to carry the Plan into effect, and
the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in this Section 3(a) shall be final and conclusive. 

(b) Manner of Exercise of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action of the
Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to section 16 of the Exchange Act in respect of the Company where such action is not taken by the full Board, or relating to an Award intended by the
Committee to qualify as “performance-based compensation” within the meaning of section 162(m) of the Code and regulations thereunder, may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or
more Qualified Members, or (ii) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that, upon such abstention or recusal, the
Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes
of this Plan. Any action of the Committee shall be final, conclusive and binding on all Persons, including the Company, its Subsidiaries, stockholders, Participants, Beneficiaries, and transferees under Section 10(b) hereof or other persons
claiming rights from or through a Participant. The express grant of any specific power to the Committee, and the taking of any 

  
 5 

 
action by the Committee, shall not be construed as limiting any power or authority of the Committee. The Committee may delegate to officers or managers of the Company or any of its Subsidiaries,
or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative functions, as the Committee may determine, to the extent that such delegation will not result in the
loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to section 16 of the Exchange Act in respect of the Company and will not cause Awards intended to qualify as “performance-based compensation” under
section 162(m) of the Code to fail to so qualify. The Committee may appoint agents to assist it in administering the Plan. 
 (c)
Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company or any of its Subsidiaries,
the Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of this Plan. Members of the Committee and any officer or employee of the Company or any of its Subsidiaries acting at the
direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the
Company with respect to any such action or determination. 
 (d) Participants in Non-U.S. Jurisdictions. Notwithstanding any provision
of the Plan to the contrary, to comply with applicable laws in countries other than the United States in which the Company operates or has employees, directors or other service providers from time to time, or to ensure that the Company complies with
any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of its affiliates shall be covered by the Plan; (ii) determine which Eligible
Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign laws or listing requirements
of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as
appendices), provided, however, that no such sub-plans and/or modifications shall increase the share limitations contained in Section 4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply
with any applicable governmental regulatory exemptions or approval or listing requirements of any such foreign securities exchange. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that
would violate any applicable law. For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction other than the United States or a
political subdivision thereof. 
 4. Stock Subject to Plan.  

(a) Overall Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with any adjustment made pursuant to
Section 9, the total number of shares of Stock reserved and available for issuance in connection with Awards under this Plan shall not exceed 17,000,000 shares, and such total will be available for the issuance of Incentive Stock Options. 

  
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 (b) Application of Limitation to Grants of Awards. Subject to Section 4(e), no Award
may be granted if the number of shares of Stock to be delivered in connection with such Award exceeds the number of shares of Stock remaining available under this Plan minus the number of shares of Stock issuable in settlement of or relating to
then-outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock
actually delivered differs from the number of shares previously counted in connection with an Award. 
 (c) Availability of Shares Not
Issued under Awards. Shares of Stock subject to an Award under this Plan that expire or are canceled, forfeited, exchanged, settled in cash or otherwise terminated without the actual delivery of shares (Awards of Restricted Stock shall not be
considered “delivered shares” for this purpose), will again be available for Awards under this Plan, except that if any such shares could not again be available for Awards to a particular Participant under any applicable law or regulation,
such shares shall be available exclusively for Awards to Participants who are not subject to such limitation. Notwithstanding the foregoing, (i) the number of shares tendered or withheld in payment of any exercise or purchase price of an Award
or taxes relating to an Award, (ii) shares that were subject to an Option or an SAR but were not issued or delivered as a result of the net settlement or net exercise of such Option or SAR and (iii) shares repurchased on the open market
with the proceeds of an Option’s exercise price, will not, in each case, be available for Awards under this Plan. 
 (d) Stock
Offered. The shares to be delivered under the Plan shall be made available from (i) authorized but unissued shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by
the Company, including shares purchased on the open market. 
 5. Eligibility; Per Person Award Limitations. Awards may be
granted under this Plan only to Persons who are Eligible Persons at the time of grant thereof. In each calendar year, during any part of which this Plan is in effect, a Covered Employee may not be granted (a) Awards (other than Awards
designated to be paid only in cash or the settlement of which is not based on a number of shares of Stock) relating to more than 1,700,000 shares of Stock, subject to adjustment in a manner consistent with any adjustment made pursuant to
Section 9 and (b) Awards designated to be paid only in cash, or the settlement of which is not based on a number of shares of Stock, having a value determined on the date of grant in excess of $30,000,000. 

6. Specific Terms of Awards.  

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose
on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10(f)), such additional terms and conditions, not inconsistent with the provisions of this Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment by the Participant, or termination of the Participant’s service relationship with the Company, and terms permitting a 

  
 7 

 
Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award
that is not mandatory under this Plan; provided, however, that the Committee shall not have any discretion to accelerate, waive or modify any term or condition of an Award that is intended to qualify as “performance-based
compensation” for purposes of section 162(m) of the Code if such discretion would cause the Award to not so qualify or to accelerate the terms of payment of any Award that provides for a deferral of compensation under the Nonqualified Deferred
Compensation Rules if such acceleration would subject a Participant to additional taxes under the Nonqualified Deferred Compensation Rules. 

(b) Options. The Committee is authorized to grant Options to Eligible Persons on the following terms and conditions: 

(i) Exercise Price. Each Option agreement shall state the exercise price per share of Stock (the “Exercise Price”);
provided, however, that the Exercise Price per share of Stock subject to an ISO shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of
the date of grant of the Option (or in the case of an individual who owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or its parent or any subsidiary, 110% of the Fair Market Value
per share of the Stock on the date of grant). 
 (ii) Time and Method of Exercise. The Committee shall determine the time or times at
which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the methods by which such Exercise Price may be paid or deemed to be
paid, the form of such payment, including without limitation cash, Stock, other Awards or awards granted under other plans of the Company or any Subsidiary, or other property (including notes or other contractual obligations of Participants to make
payment on a deferred basis), and the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including, but not limited to, the delivery of Restricted Stock subject to Section 6(d). In the case of an
exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued as of the date of exercise. 
 (iii) ISOs. The
terms of any ISO granted under this Plan shall comply in all respects with the provisions of section 422 of the Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or Subsidiary corporation of
the Company. Except as otherwise provided in Section 9, no term of this Plan relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under this Plan be
exercised, so as to disqualify either this Plan or any ISO under section 422 of the Code, unless the Participant has first requested the change that will result in such disqualification. ISOs shall not be granted more than ten years after the
earlier of the adoption of this Plan or the approval of this Plan by the Company’s stockholders. Notwithstanding the foregoing, the Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of
any parent or subsidiary corporation (within the meaning of sections 424(e) and (f) of the Code) subject to any other ISO (within the meaning of section 422 of the Code)) of the Company or a parent or subsidiary corporation (within the meaning
of sections 424(e) and (f) of the Code) that first 

  
 8 

 
becomes purchasable by a Participant in any calendar year may not (with respect to that Participant) exceed $100,000, or such other amount as may be prescribed under section 422 of the Code or
applicable regulations or rulings from time to time. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISOs are granted. Failure to comply with this provision shall not impair the enforceability or
exercisability of any Option, but shall cause the excess amount of shares to be reclassified in accordance with the Code. 
 (c) Stock
Appreciation Rights. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions: 
 (i)
Right to Payment. An SAR shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price
of the SAR as determined by the Committee. 
 (ii) Rights Related to Options. An SAR granted pursuant to an Option shall entitle a
Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 6(c)(ii)(B). That Option shall then cease to be exercisable to the extent
surrendered. SARs granted in connection with an Option shall be subject to the terms of the Award agreement governing the Option, which shall comply with the following provisions in addition to those applicable to Options: 

(A) An SAR granted in connection with an Option shall be exercisable only at such time or times and only to the extent that the related Option
is exercisable and shall not be transferable except to the extent that the related Option is transferable. 
 (B) Upon the exercise of an
SAR related to an Option, a Participant shall be entitled to receive payment from the Company of an amount determined by multiplying: 
 (1)
the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by 

(2) the number of shares as to which that SAR has been exercised. 

(iii) Right Without Option. An SAR granted independent of an Option shall be exercisable as determined by the Committee and set forth
in the Award agreement governing the SAR, which Award agreement shall comply with the following provisions: 
 (A) Each Award agreement
shall state the total number of shares of Stock to which the SAR relates. 
 (B) Each Award agreement shall state the time or periods in
which the right to exercise the SAR or a portion thereof shall vest and the number of shares of Stock for which the right to exercise the SAR shall vest at each such time or period. 

  
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 (C) Each Award agreement shall state the date at which the SARs shall expire if not previously
exercised. 
 (D) Each SAR shall entitle a Participant, upon exercise thereof, to receive payment of an amount determined by multiplying:

 (1) the difference obtained by subtracting the Fair Market Value of a share of Stock on the date of grant of the SAR from the Fair Market
Value of a share of Stock on the date of exercise of that SAR, by 
 (2) the number of shares as to which the SAR has been exercised. 

(iv) Terms. Except as otherwise provided herein, the Committee shall determine at the date of grant or thereafter, the time or times at
which and the circumstances under which an SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, method of settlement, form of consideration payable
in settlement, method by or forms in which Stock will be delivered or deemed to be delivered to Participants, whether or not an SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR. SARs may be
either freestanding or in tandem with other Awards. 
 (d) Restricted Stock. The Committee is authorized to grant Restricted Stock to
Eligible Persons on the following terms and conditions: 
 (i) Grant and Restrictions. Restricted Stock shall be subject to such
restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of
performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. During the restricted period applicable to the Restricted Stock, the Restricted Stock may
not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant. 
 (ii) Certificates for Stock.
Restricted Stock granted under this Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates
bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company,
endorsed in blank, relating to the Restricted Stock. 
 (iii) Dividends and Splits. As a condition to the grant of an Award of
Restricted Stock, the Committee may require or permit a Participant to elect that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional
Awards under this Plan or deferred without interest to the date of vesting of the associated Award of Restricted Stock; provided, that, to the extent applicable, any such election shall comply with the Nonqualified Deferred

  
 10 

 
Compensation Rules. Unless otherwise determined by the Committee and specified in the applicable Award agreement, Stock distributed in connection with a Stock split or Stock dividend, and other
property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 

(e) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units, which are rights to receive Stock or cash (or a
combination thereof) at the end of a specified deferral period (which may or may not be coterminous with the vesting schedule of the Award), to Eligible Persons, subject to the following terms and conditions: 

(i) Award and Restrictions. Settlement of an Award of Restricted Stock Units shall occur upon expiration of the deferral period
specified for such Restricted Stock Unit by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as the
Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination,
in installments or otherwise, as the Committee may determine. Restricted Stock Units shall be satisfied by the delivery of cash or Stock in the amount equal to the Fair Market Value of the specified number of shares of Stock covered by the
Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 
 (ii) Dividend
Equivalents. Unless otherwise determined by the Committee at date of grant and specified in the applicable Award agreement, Dividend Equivalents granted with respect to an Award of Restricted Stock Units shall be subject to restrictions and a
risk of forfeiture to the same extent as the Restricted Stock Unit with respect to which the dividends accrue. 
 (f) Bonus Stock and
Awards in Lieu of Obligations. The Committee is authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu of obligations to pay cash or deliver other property under this Plan or under other plans or compensatory
arrangements, provided that, in the case of Participants subject to section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Stock or other Awards
are exempt from liability under section 16(b) of the Exchange Act. Stock or Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee. In the case of any grant of Stock to an officer of the Company or any
of its Subsidiaries in lieu of salary or other cash compensation, the number of shares granted in place of such compensation shall be reasonable, as determined by the Committee. 

(g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to a Participant, entitling the Participant to
receive cash, Stock, other Awards, or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection
with another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Stock, Awards, or other investment vehicles, and subject to such restrictions
on transferability and risks of forfeiture, as the Committee may specify. 

  
 11 

 (h) Other Awards. The Committee is authorized, subject to limitations under applicable
law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of this
Plan, including without limitation convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance of the Company or any other
factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of or the performance of specified Subsidiaries of the Company. The Committee shall determine the terms and conditions of such
other Stock-Based Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including,
without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under this Plan, may also be granted pursuant to this Section 6(h). 

7. Certain Provisions Applicable to Awards.  

(a) Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or any other
service relationship by and between a Participant and the Company or any Subsidiary shall be specified in the agreement controlling such Award. 

(b) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under this Plan may, in the discretion of the Committee, be
granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, or any of its Subsidiaries, or of any business entity to be acquired by the Company
or any of its Subsidiaries, or any other right of an Eligible Person to receive payment from the Company or any of its Subsidiaries. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in
substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under this Plan may be granted in lieu of cash compensation, including in lieu of cash
amounts payable under other plans of the Company or any of its Subsidiaries. 
 (c) Term of Awards. Except as specified herein, the
term of each Award shall be for such period as may be determined by the Committee; provided, that in no event shall the term of any Option or SAR exceed a period of ten years (or such shorter term as may be required in respect of an ISO under
section 422 of the Code). 
 (d) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of this Plan and any
applicable Award agreement, payments to be made by the Company or any of its Subsidiaries upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including without

  
 12 

 
limitation cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis; provided, however, that any such
deferred payment will be set forth in the agreement evidencing such Award and/or otherwise made in a manner that will not result in additional taxes under the Nonqualified Deferred Compensation Rules. Except as otherwise provided herein, the
settlement of any Award may be accelerated, and cash paid in lieu of Stock in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Installment or
deferred payments may be required by the Committee (subject to Section 10(f) of this Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or
permitted at the election of the Participant on terms and conditions established by the Committee and in compliance with the Nonqualified Deferred Compensation Rules. Payments may include, without limitation, provisions for the payment or crediting
of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. Any deferral shall only be allowed as is provided in a
separate deferred compensation plan adopted by the Company and shall be made pursuant to the Nonqualified Deferred Compensation Rules. This Plan shall not constitute an “employee benefit plan” for purposes of section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended. 
 (e) Exemptions from Section 16(b) Liability. It is the intent of the
Company that the grant of any Awards to or other transaction by a Participant who is subject to section 16 of the Exchange Act shall be exempt from such section pursuant to an applicable exemption (except for transactions acknowledged in writing to
be non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be construed or deemed amended
to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under section 16(b) of the Exchange Act. 

(f) Non-Competition Agreement. Each Participant to whom an Award is granted under this Plan may be required to agree in writing as a
condition to the granting of such Award not to engage in conduct in competition with the Company or any of its Subsidiaries for a period after the termination of such Participant’s employment with the Company and its Subsidiaries as determined
by the Committee (a “Non-Competition Agreement”); provided, however, to the extent a legally binding right to an Award within the meaning of the Nonqualified Deferred Compensation Rules is created with respect to a Participant, the
Non-Competition Agreement must be entered into by such Participant within 30 days following the creation of such legally binding right. 

8. Performance and Annual Incentive Awards.  

(a) Performance Conditions. The right of an Eligible Person to receive a grant, and the right of a Participant to exercise or receive a
grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate
in establishing any performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions, except as limited under Sections 8(b) and 8(c) hereof in the case of a
Performance Award or Annual Incentive Award intended to qualify under section 162(m) of the Code. 

  
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 (b) Performance Awards Granted to Designated Covered Employees. If the Committee
determines that a Performance Award to be granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of section 162(m) of the Code,
the grant, exercise and/or settlement of such Performance Award shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 8(b). 

(i) Performance Goals Generally. The performance goals for such Performance Awards shall consist of one or more business criteria or
individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 8(b). Performance goals shall be objective and shall otherwise meet
the requirements of section 162(m) of the Code and regulations thereunder (including Treasury Regulation §1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the Committee
result in the achievement of performance goals being “substantially uncertain” at the time the Committee actually establishes the performance goal or goals. The Committee may determine that such Performance Awards shall be granted,
exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise and/or settlement of such Performance Awards. Performance goals may differ for
Performance Awards granted to any one Participant or to different Participants. If the Committee notes that it will exclude the impact of any or all of the following events or occurrences at the time it establishes the performance goals for the
relevant performance period, then the following events may be appropriately excluded, as applicable: (a) asset write-downs; (b) litigation, claims, judgments or settlements; (c) the effect of changes in tax law or other such laws or
regulations affecting reported results; (d) accruals for reorganization and restructuring programs; (e) any extraordinary, unusual or nonrecurring items as described in the Accounting Standards Codification Topic 225, as the same may be
amended or superseded from time to time; (f) any change in accounting principles as defined in the Accounting Standards Codification Topic 250, as the same may be amended or superseded from time to time; (g) any loss from a discontinued
operation as described in the Accounting Standards Codification Topic 360, as the same may be amended or superseded from time to time; (h) goodwill impairment charges; (i) operating results for any business acquired during the calendar
year; and (j) third party expenses associated with any acquisition by the Company or any Subsidiary. 
 (ii) Business and Individual
Performance Criteria 
 (A) Business Criteria. One or more of the following business criteria for the Company, on a consolidated
basis, and/or for specified Subsidiaries or business or geographical units of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for
such Performance Awards: (1) earnings per share; (2) revenues; (3) cash flow; (4) cash flow from operations; (5) cash flow return; (6) return on net assets; (7) return on assets; (8) return on

  
 14 

 
investment; (9) return on capital; (10) return on invested capital; (11) return on equity; (12) economic value added; (13) operating margin; (14) contribution
margin; (15) net income; (16) net income per share; (17) pretax earnings; (18) pretax earnings before interest, depreciation and amortization; (19) pretax operating earnings after interest expense and before incentives,
service fees, and extraordinary or special items; (20) total stockholder return; (21) debt reduction; (22) market share; (23) change in the Fair Market Value of the Stock; (24) operating income; (25) Sustainable
Development objectives, (26) elimination of earnings from discontinued operations and (27) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed
applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of comparable companies. One or more of the foregoing business criteria shall also be exclusively used in establishing
performance goals for Annual Incentive Awards granted to a Covered Employee under Section 8(c) hereof that are intended to qualify as “performance-based compensation” under section 162(m) of the Code. 

(B) Individual Performance Criteria. The grant, exercise and/or settlement of Performance Awards may also be contingent upon individual
performance goals established by the Committee. If required for compliance with section 162(m) of the Code, such criteria shall be approved by the stockholders of the Company. 

(iii) Performance Period; Timing for Establishing Performance Goals. Achievement of performance goals in respect of such Performance
Awards shall be measured over a performance period of up to ten years, as specified by the Committee. Performance goals shall be established not later than 90 days after the beginning of any performance period applicable to such Performance Awards,
or at such other date as may be required or permitted for “performance-based compensation” under section 162(m) of the Code. 

(iv) Performance Award Pool. The Committee may establish a Performance Award pool, which shall be an unfunded pool, for purposes of
measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of a performance goal or goals based on one or more of the criteria set forth in
Section 8(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with Section 8(b)(iii) hereof. The Committee may specify the amount of the Performance Award pool as a percentage of any of such
criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such criteria. 

(v) Settlement of Performance Awards; Other Terms. After the end of each performance period, the Committee shall determine the amount,
if any, of (A) the Performance Award pool, and the maximum amount of the potential Performance Award payable to each Participant in the Performance Award pool, or (B) the amount of the potential Performance Award otherwise payable to each
Participant. Settlement of such Performance Awards shall be in cash, Stock, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement otherwise to be made in
connection with such Performance Awards, but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Section 8(b). The Committee shall specify the circumstances in
which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance Awards. 

  
 15 

 (c) Annual Incentive Awards Granted to Designated Covered Employees. If the Committee
determines that an Annual Incentive Award to be granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of section 162(m) of the
Code, the grant, exercise and/or settlement of such Annual Incentive Award shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 8(c). For purposes of clarity, the Committee shall
also have the discretion to grant fully discretionary cash bonuses and cash awards to Eligible Persons that are not contingent upon the achievement of any preestablished performance goals, whether or not such individuals are likely to be classified
as Covered Employees, so long as the award granted is not intended to qualify as “performance-based compensation” for purposes of section 162(m) of the Code. 

(i) Potential Annual Incentive Awards. Not later than the end of the 90th day of
each applicable year, or at such other date as may be required or permitted in the case of Awards intended to be “performance-based compensation” under section 162(m) of the Code, the Committee shall determine the Eligible Persons who will
potentially receive Annual Incentive Awards, and the amounts potentially payable thereunder, for that fiscal year, either out of an Annual Incentive Award pool established by such date under Section 8(c)(i) hereof or as individual Annual
Incentive Awards. The amount potentially payable, with respect to Annual Incentive Awards, shall be based upon the achievement of a performance goal or goals based on one or more of the business criteria set forth in Section 8(b)(ii) hereof in
the given performance year, as specified by the Committee. 
 (ii) Annual Incentive Award Pool. The Committee may establish an Annual
Incentive Award pool, which shall be an unfunded pool, for purposes of measuring performance of the Company in connection with Annual Incentive Awards. The amount of such Annual Incentive Award pool shall be based upon the achievement of a
performance goal or goals based on one or more of the business criteria set forth in Section 8(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with Section 8(b)(iii) hereof. The Committee may
specify the amount of the Annual Incentive Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such
business criteria. 
 (iii) Payout of Annual Incentive Awards. After the end of each applicable year, the Committee shall determine
the amount, if any, of (A) the Annual Incentive Award pool, and the maximum amount of the potential Annual Incentive Award payable to each Participant in the Annual Incentive Award pool, or (A) the amount of the potential Annual Incentive
Award otherwise payable to each Participant. The Committee may, in its discretion, determine that the amount payable to any Participant as a final Annual Incentive Award shall be reduced from the amount of his or her potential Annual Incentive
Award, including a determination to make no final Award whatsoever, but may not exercise discretion to increase any such amount in the case of an Annual Incentive Award intended to qualify under section 162(m) of the Code. The Committee shall
specify the circumstances in which an Annual Incentive Award shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of the applicable year or settlement of such Annual Incentive Award. 

  
 16 

 (d) Written Determinations. All determinations by the Committee as to the establishment of
performance goals, the amount of any Performance Award pool or potential individual Performance Awards, the achievement of performance goals relating to and final settlement of Performance Awards under Section 8(b), the amount of any Annual
Incentive Award pool or potential individual Annual Incentive Awards, the achievement of performance goals relating to and final settlement of Annual Incentive Awards under Section 8(c) shall be made in writing in the case of any Award intended
to qualify under section 162(m) of the Code. The Committee may not delegate any responsibility relating to such Performance Awards or Annual Incentive Awards. 

(e) Status of Section 8(b) and Section 8(c) Awards under Section 162(m) of the Code. It is the intent of the Company that
Performance Awards and Annual Incentive Awards under Sections 8(b) and 8(c) hereof granted to Persons who are designated by the Committee as likely to be Covered Employees within the meaning of section 162(m) of the Code and the regulations
thereunder (including Treasury Regulation §1.162-27 and successor regulations thereto) shall, if so designated by the Committee, constitute “performance-based compensation” within the meaning of section 162(m) of the Code and
regulations thereunder. Accordingly, the terms of Sections 8(b), (c), (d) and (e), including the definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with section 162(m) of the Code and
regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given Eligible Person will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term Covered
Employee as used herein shall mean only a Person designated by the Committee, at the time of grant of a Performance Award or an Annual Incentive Award, who is likely to be a Covered Employee with respect to that fiscal year. If any provision of this
Plan as in effect on the date of adoption of any agreements relating to Performance Awards or Annual Incentive Awards that are designated as intended to comply with section 162(m) of the Code does not comply or is inconsistent with the requirements
of section 162(m) of the Code or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. Notwithstanding anything to the contrary in this Section 8(e) or elsewhere in
this Plan, the Company intends to rely on the transition relief set forth in Treasury Regulation § 1.162-27(f), and hence the deduction limitation imposed by section 162(m) of the Code will not be applicable to the Company until the
earliest to occur of (i) the material modification of the Plan within the meaning of Treasury Regulation § 1.162-27(h)(1)(iii); (ii) the issuance of the number of shares of Stock set forth in Section 4(a); or (iii) the first
meeting of shareholders of the Company at which directors are to be elected that occurs after December 31, 2017 (the “Transition Period”), and during the Transition Period, Awards to Covered Employees shall only be required to comply
with the limitations in Section 5 and the transition relief described in this Section 8(e). 

  
 17 

 9. Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.
 
 (a) Existence of Plans and Awards. The existence of this Plan and the Awards granted hereunder shall not affect in any way
the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the
Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any
other corporate act or proceeding. In no event will any action taken by the Committee pursuant to this Section 9 result in the creation of deferred compensation within the meaning of section 409A of the Code and the regulations and other
guidance promulgated thereunder. 
 (b) Subdivision or Consolidation of Shares. The terms of an Award and the number of shares of
Stock authorized pursuant to Section 4 for issuance under the Plan shall be subject to adjustment by the Committee from time to time, in accordance with the following provisions: 

(i) If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a
distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock, then (A) the maximum number of shares of Stock available for the Plan or in connection with Awards as
provided in Sections 4 and 5 shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that
may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be
reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(ii) If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, (A) the maximum number of shares of Stock for the Plan or available in connection with Awards as provided in Sections 4 and 5 shall be decreased
proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award
shall be decreased proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the
aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (iii) Whenever the number
of shares of Stock subject to outstanding Awards and the price for each share of Stock subject to outstanding Awards are required to be adjusted as provided in this Section 9(b), the Committee shall promptly prepare a notice setting forth, in
reasonable detail, the event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the change in price and the number of shares of Stock, other securities, cash, or property purchasable subject
to each Award after giving effect to the adjustments. The Committee shall promptly provide each affected Participant with such notice. 

  
 18 

 (iv) Adjustments under Sections 9(b)(i) and (ii) shall be made by the Committee, and its
determination as to what adjustments shall be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 

(c) Corporate Recapitalization. If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure
(a “recapitalization”) without the occurrence of a Change in Control, the number and class of shares of Stock covered by an Option or an SAR theretofore granted shall be adjusted so that such Option or SAR shall thereafter cover the number
and class of shares of stock and securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of the number of shares of
Stock then covered by such Option or SAR and the share limitations provided in Sections 4 and 5 shall be adjusted in a manner consistent with the recapitalization. 

(d) Additional Issuances. Except as hereinbefore expressly provided, the issuance by the Company of shares of stock of any class or
securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible
into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the
purchase price per share, if applicable. 
 (e) Change in Control. Upon a Change in Control the Committee, acting in its sole
discretion without the consent or approval of any holder, shall affect one or more of the following alternatives, which may vary among individual holders and which may vary among Options or SARs (collectively “Grants”) or other Awards held
by any individual holder: (i) accelerate the time at which Grants then outstanding may be exercised so that such Grants may be exercised in full for a limited period of time on or before a specified date (before or after such Change in Control)
fixed by the Committee, after which specified date all unexercised Grants and all rights of holders thereunder shall terminate; (ii) require the mandatory surrender to the Company by selected holders of some or all of the outstanding Awards
held by such holders (irrespective of whether such Awards are then vested or exercisable under the provisions of this Plan) as of a date, before or after such Change in Control, specified by the Committee, in which event the Committee shall
thereupon cancel such Awards (with respect to shares both for which the Awards are exercisable and/or vested and not exercisable and/or vested) and pay (A) to each holder of a vested and/or exercisable Option or SAR, an amount of cash per share
equal to the excess, if any, of the amount calculated in Section 9(f) (the “Change in Control Price”) for the shares subject to such Grants, over the Exercise Price(s) under such Grants for such shares (except that to the extent the
Exercise Price under any such Grant is equal to or exceeds the Change in Control Price, in which case no amount shall be payable with respect to such Grant), (B) to each holder of a vested Restricted Share or a vested Restricted Stock Unit, an
amount of cash per share equal to the Change in Control Price, or (C) to each holder of any unvested and/or 

  
 19 

 
unexercisable Award, no amount of cash or any other consideration; (iii) provide for the assumption or substitution or continuation of Awards by the successor company or a parent or
subsidiary of the successor company; or (iv) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control; provided, however, that the Committee may determine in its sole
discretion that no adjustment is necessary to Awards then outstanding. 
 (f) Change in Control Price. The “Change in Control
Price” shall equal the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or consolidation, (ii) the per
share Fair Market Value of the Stock immediately before the Change in Control without regard to assets sold in the Change in Control and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets,
(iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control takes place, or (v) if such Change in
Control occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 9(f), the Fair Market Value per share of the Stock that may otherwise be obtained with respect to such Awards or to which
such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to stockholders of the Company in any transaction
described in this Section 9(f) or in Section 9(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash and such determination
shall be binding on all affected Participants to the extent applicable to Awards held by such Participants. 
 (g) Impact of Corporate
Events on Awards Generally. In the event of a Change in Control or changes in the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization
occurring after the date of the grant of any Award and not otherwise provided for by this Section 9, any outstanding Awards and any Award agreements evidencing such Awards shall be subject to adjustment by the Committee at its discretion, which
adjustment may, in the Committee’s discretion, be described in the Award agreement and may include, but not be limited to, adjustments as to the number and price of shares of Stock or other consideration subject to such Awards, accelerated
vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the securities or other interests of any successor Person, or the cash settlement of such Awards in exchange for the cancellation thereof, or the
cancelation of Awards either with or without consideration. In the event of any such change in the outstanding Stock, the aggregate number of shares of Stock available under this Plan may be appropriately adjusted by the Committee, whose
determination shall be conclusive. 
 (h) Joinder Agreement. Notwithstanding anything to the contrary contained herein or in an
applicable Award agreement, in the event of a Change in Control or other change in the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization
occurring after the date of the grant of an Award that, pursuant to the terms and conditions of the Award, causes an acceleration of vesting or lapse of restrictions of such Award or otherwise causes accelerated settlement of such Award, the
Participant shall be required to execute a joinder or other similar agreement to the definitive agreement that causes such treatment to the extent such definitive agreement requires such Participant to execute such an agreement. 

  
 20 

 10. General Provisions.  

(a) Transferability. 
 (i)
Permitted Transferees. The Committee may, in its discretion, permit a Participant to transfer all or any portion of an Option or SAR, or authorize all or a portion of an Option or SAR to be granted to an Eligible Person to be on terms which
permit transfer by such Participant; provided that, in either case the transferee or transferees must be any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, in each case with respect to the Participant, an individual sharing the Participant’s household (other than a tenant or employee of
the Company), a trust in which any of the foregoing individuals have more than fifty percent of the beneficial interest, a foundation in which any of the foregoing individuals (or the Participant) control the management of assets, and any other
entity in which any of the foregoing individuals (or the Participant) own more than fifty percent of the voting interests (collectively, “Permitted Transferees”); provided further that, (X) there may be no consideration for any
such transfer and (Y) subsequent transfers of Options or SARs transferred as provided above shall be prohibited except subsequent transfers back to the original holder of the Option or SAR and transfers to other Permitted Transferees of the
original holder. Agreements evidencing Options or SARs with respect to which such transferability is authorized at the time of grant must be approved by the Committee, and must expressly provide for transferability in a manner consistent with this
Section 10(b)(i). 
 (ii) Qualified Domestic Relations Orders. An Option, Stock Appreciation Right, Restricted Stock Unit Award,
Restricted Stock Award or other Award may be transferred, to a Permitted Transferee, pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon delivery to the Company of written notice of such transfer and
a certified copy of such order. 
 (iii) Other Transfers. Except as expressly permitted by Sections 10(b)(i) and 10(b)(ii), Awards
shall not be transferable other than by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 10, an Incentive Stock Option shall not be transferable other than by will or the laws of descent and
distribution. 
 (iv) Effect of Transfer. Following the transfer of any Award as contemplated by Sections 10(b)(i), 10(b)(ii) and
10(b)(iii), (A) such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that the term “Participant” shall be deemed to refer to the Permitted Transferee, the
recipient under a qualified domestic relations order, or the estate or heirs of a deceased Participant or other transferee, as applicable, to the extent appropriate to enable the Participant to exercise the transferred Award in accordance with the
terms of this Plan and applicable law and (B) the provisions of the Award relating to exercisability shall continue to be applied with respect to the original Participant and, following the occurrence of any applicable events described therein
the Awards shall be exercisable by the Permitted Transferee, the recipient under a qualified domestic relations order, or the estate or heirs of a deceased Participant, as applicable, only to the extent and for the periods that would have been
applicable in the absence of the transfer. 

  
 21 

 (v) Procedures and Restrictions. Any Participant desiring to transfer an Award as
permitted under Sections 10(b)(i), 10(b)(ii) or 10(b)(iii) shall make application therefor in the manner and time specified by the Committee and shall comply with such other requirements as the Committee may require to assure compliance with all
applicable securities laws. The Committee shall not give permission for such a transfer if (A) it would give rise to short swing liability under section 16(b) of the Exchange Act or (B) it may not be made in compliance with all applicable
federal, state and foreign securities laws. 
 (vi) Registration. To the extent the issuance to any Permitted Transferee of any
shares of Stock issuable pursuant to Awards transferred as permitted in this Section 10(b) is not registered pursuant to the effective registration statement of the Company generally covering the shares to be issued pursuant to this Plan to
initial holders of Awards, the Company shall not have any obligation to register the issuance of any such shares of Stock to any such transferee. 

(b) Taxes. The Company and any of its Subsidiaries are authorized to withhold from any Award granted, or any payment relating to an
Award under this Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable
to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or other property and to make
cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or elective basis in the discretion of the Committee. 

(c) Changes to this Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate this Plan or the Committee’s
authority to grant Awards under this Plan without the consent of stockholders or Participants, except that any amendment or alteration to this Plan, including any increase in any share limitation, shall be subject to the approval of the
Company’s stockholders not later than the annual meeting next following such Board action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on
which the Stock may then be listed or quoted, and the Board may otherwise, in its discretion, determine to submit other such changes to this Plan to stockholders for approval; provided, that, without the consent of an affected Participant, no
such Board action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any
Award theretofore granted and any Award agreement relating thereto, except as otherwise provided in this Plan; provided, however, that, without the consent of an affected Participant, no such Committee action may materially and
adversely affect the rights of such Participant under such Award. For purposes of clarity, any adjustments made to Awards pursuant to Section 9 will be deemed not to materially and adversely affect the rights of any Participant under any
previously granted and outstanding Award and therefore may be made without the consent of affected Participants. 

  
 22 

 (d) Limitation on Rights Conferred under Plan. Neither this Plan nor any action taken
hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any of its Subsidiaries, (ii) interfering in any way
with the right of the Company or any of its Subsidiaries to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any
Award under this Plan or to be treated uniformly with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is
duly issued or transferred shares of Stock in accordance with the terms of an Award. 
 (e) Unfunded Status of Awards. This Plan is
intended to constitute an “unfunded” plan for certain incentive awards. 
 (f) Nonexclusivity of this Plan. Neither the
adoption of this Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it
may deem desirable, including incentive arrangements and awards which do not qualify under section 162(m) of the Code. Nothing contained in this Plan shall be construed to prevent the Company or any of its Subsidiaries from taking any corporate
action which is deemed by the Company or such Subsidiary to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award made under this Plan. No employee, beneficiary or other person
shall have any claim against the Company or any of its Subsidiaries as a result of any such action. 
 (g) Fractional Shares. No
fractional shares of Stock shall be issued or delivered pursuant to this Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such
fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (h) Severability. If any provision of this Plan
is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid
provision had never been included herein. If any of the terms or provisions of this Plan or any Award agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to section
16(b) of the Exchange Act) or section 422 of the Code (with respect to Incentive Stock Options), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the
Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3) or section 422 of the Code. With respect to Incentive Stock Options, if this Plan does not contain any provision required
to be included herein under section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein; provided, further, that, to the extent any
Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to that extent) shall be deemed an Option not subject to section 422 of the Code for all purposes of the Plan. 

  
 23 

 (i) Governing Law. All questions arising with respect to the provisions of the Plan and
Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal law. The obligation of the Company to sell and
deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. 

(j) Conditions to Delivery of Stock. Nothing herein or in any Award granted hereunder or any Award agreement shall require the Company
to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable statute or
regulation, or the rules of any applicable securities exchange or securities association, as then in effect. At the time of any exercise of an Option or Stock Appreciation Right, or at the time of any grant of a Restricted Stock Award, Restricted
Stock Unit, or other Award the Company may, as a condition precedent to the exercise of such Option or Stock Appreciation Right or settlement of any Restricted Stock Award, Restricted Stock Unit or other Award, require from the Participant (or in
the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the shares of Stock being
acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the
event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable state or federal statute
or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. No Option or Stock Appreciation Right shall be exercisable and no settlement of any Restricted Stock Award or Restricted Stock Unit shall
occur with respect to a Participant unless and until the holder thereof shall have paid cash or property to, or performed services for, the Company or any of its Subsidiaries that the Committee believes is equal to or greater in value than the par
value of the Stock subject to such Award. 
 (k) Section 409A of the Code. In the event that any Award granted pursuant to this
Plan provides for a deferral of compensation within the meaning of the Nonqualified Deferred Compensation Rules, it is the general intention, but not the obligation, of the Company to design such Award to comply with the Nonqualified Deferred
Compensation Rules and such Award should be interpreted accordingly. Neither this Section 10(k) nor any other provision of the Plan is or contains a representation to any Participant regarding the tax consequences of the grant, vesting, or sale
of any Award (or the Stock underlying such Award) granted hereunder, and should not be interpreted as such. 
 (l) Clawback. This Plan
is subject to any written clawback policies that the Company, with the approval of the Board, may adopt. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards under this Plan to reduction,
cancelation, forfeiture or recoupment if certain specified events or wrongful conduct 

  
 24 

 
occur, including but not limited to an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified
in any such clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission and that the Company determines should apply to this
Plan. 
 (m) Plan Effective Date and Term. No Awards may be granted under this Plan on and after the tenth anniversary of the
Effective Date. 

  
 25EX-10.1

 Exhibit 10.1 

Execution Copy 
 Portions of the exhibit,
indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. 
  
  

LICENSE AND CLINICAL SUPPLY AGREEMENT 

by and between 
 PARI
PHARMA GMBH 
 and 

ProQR THERAPEUTICS N.V. 

OCTOBER 8, 2014 
  

 

 Execution Copy 

Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission
pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

LICENSE AND CLINICAL SUPPLY AGREEMENT 

THIS LICENSE AND CLINICAL SUPPLY
AGREEMENT (“Agreement”) is effective as of October 8, 2014 (the “Effective Date”), and is by and between PARI PHARMA GMBH, a German
corporation having its principal place of business at Moosstrasse 3, D-82319 Starnberg, Germany (“PARI”) and PROQR THERAPEUTICS N.V., a company organized under the laws of the Netherlands, having
its corporate seat at Leiden and its offices at Darwinweg 24, 2333 CR Leiden, the Netherlands (“ProQR”). PARI and ProQR are individually a “Party” or collectively “Parties.” 

RECITALS 

WHEREAS, PARI is the owner of all right, title and interest in or otherwise has the right to license
certain Patents and Information (including Know-How) related to the Device and any Accessory (each as hereinafter defined); 

WHEREAS, ProQR is engaged in the development and subsequent commercialization of its proprietary
antisense oligonucleotide QR-010 a treatment for cystic fibrosis; and 
 WHEREAS, PARI desires to
grant, and ProQR desires to accept, the License (as hereinafter defined) to develop and commercialize the Drug Product for delivery via the Device in the Field in the Territory on the terms and conditions set forth herein. 

AGREEMENT 

NOW, THEREFORE, for and in consideration of the above-described recitals, the mutual
covenants of the Parties hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the Parties, the Parties hereto, intending to be legally bound, enter into the agreements
contained herein. 
  

	1.	DEFINITIONS 

 For purposes of this Agreement, the following terms shall have the meanings
set forth below: 
 “Accessor(y)(ies)” shall mean any accessory as set forth on Schedule D and subsequently
designated by PARI and agreed to in writing by ProQR that is provided to patients separately from, but intended to be utilized with, the Device. 

“Accessory Patent(s)” shall mean any Patent which is owned, licensed or otherwise controlled by PARI or any of its Affiliates
as of the Effective Date or during the Term and is necessary or useful to Exploit any Accessory. 
 “Accessory Know-How”
shall mean any Know-How related to the Accessories or Accessory Patents which is necessary or useful to Exploit any Accessory in the Territory and owned, licensed or otherwise controlled by PARI or any of its Affiliates as of the Effective Date or
during the Term, including the PARI Technology, if any. 
 “Action” shall have the meaning as set forth in
Section 9.3. 
 “Additional Specifications” shall have the meaning set forth in Section 8.5. 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 “Affiliate” means, with respect to either Party, any person or entity which,
directly or indirectly, controls, is controlled by, or is under common control with, the specified Party. For the purposes of this definition, the term “control”, as applied to any person or entity, means the actual power, either
directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entities, whether by ownership of more than fifty percent (50%) of the voting stock of such entity, or by
contract or otherwise. 
 “Annual Minimum Royalties” shall have the meaning set forth in Section 4.3. 

“Claim” means any charge, allegation, notice, civil, criminal or administrative claim, demand, complaint, cause of action, or
Proceeding. 
 “Combination Product” shall mean a product comprising Drug Product and Device which is approved by a
Regulatory Authority in a single application (i.e. the Device will not be separately approved or cleared, as the case may be, by the respective Regulatory Authority but as part of the Drug Product application for Regulatory Approval). 

“Combined Product Kit” shall mean any product which is comprised of any bundled combination of the Drug Product and the
Device, or the Drug Product and a replacement Handset, including any Accessory, as provided to the patient. 
 “Commercially
Reasonable Efforts” means that level of effort as is customary in the medical device or pharmaceutical industry for carrying out in a sustained manner a particular task or obligation to develop and commercialize medical devices or
pharmaceutical products, as the case may be as to the Device or the Drug Product, and, in any event, not less than the same efforts expended by a Party to develop and commercialize a medical device, pharmaceutical product, or a combination thereof,
with comparable perceived market potential, comparable regulatory pathways and cost of development. 
 “Confidential
Information” means all confidential and/or proprietary Information of a Party that is disclosed to or becomes known to the other Party under this Agreement or through activities carried out under this Agreement, which may include without
limitation specifications, Know-How, trade secrets, legal information, technical information, drawings, designs, models, prices and pricing policies, marketing practices, customer lists, business information, regulatory strategies, inventions,
discoveries, methods, procedures, source code, object code, databases, data structures, pseudocode, protocols, techniques, data, and unpublished patent applications, whether disclosed in oral, written, graphic, or electronic form. 

“Device” shall mean PARI’s eFlow Technology Nebulizer, and any changes and Improvements thereto arising pursuant to the
terms and conditions of this Agreement, including, without limitation, Sections 3, 5 and 6, that is customized and intended for use in administering the Drug Product. The specifications of the Device, as of the Effective Date, are as
set forth on Schedule A attached hereto and incorporated by reference herein. The Parties acknowledge and agree that the Device is intended (i) to be used solely with the Drug Product, and (ii) to have a filling specification for the
manufacture thereof greater than 0.50 ml. 
 “Device Price” shall have the meaning set forth in Section 8.3.1.

 “Dispute” shall have the meaning set forth in Section 12.1. 

“Drug Product” means ProQR’s proprietary oligonucleotide QR-010 or any other oligonucleotide targeting a nucleic acid
coding a dF508 mutated CFTR activity in a pharmaceutical composition for inhalation. For the avoidance of doubt, only one Drug Product will be developed under this Agreement (subject to Section 2.6). 

  
 2 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 “Effective Date” shall have the meaning set forth in the introduction. 

“eFlow Technology Nebulizer” shall mean a Nebulizer proprietary to PARI or its Affiliates with an open reservoir that is
based on a perforated vibrating membrane technology and includes a mixing chamber and valve system. 
 “Encumbrance” means
in the Field within the Territory any lien, pledge, security interest, right of first refusal, option, title defect, Claim, license, restriction, or other adverse claim or interest or encumbrance of any kind or nature whatsoever, whether or not
perfected, including any restriction on use, transfer, receipt of income or exercise of any other attribute of ownership. 

“Europe” means all countries that are members of the European Union during the Term plus Iceland, Liechtenstein, Norway,
Switzerland and Turkey. 
 “Exclusive” means that (i), subject to the terms and conditions of this Agreement and during the
Royalty Term, neither PARI nor any of its Affiliates shall itself Exploit or license or grant rights to or otherwise affirmatively facilitate any third party to Exploit, directly or indirectly, the Device for use with the Drug Product in the Field
in the Territory, provided, however, that nothing shall prevent PARI from researching, developing, manufacturing or commercializing medical devices, including existing devices, as a stand-alone device (i.e., independent of any particular drug
product) that are not intended by PARI for use within the Field. 
 “Exploit,” “Exploiting” or
“Exploitation” means to use, sell, have sold, offer for sale, market, promote, import, export, display, distribute, perform or otherwise commercialize or dispose of. 

“FDA” means the U.S. Food and Drug Administration of the U.S. Department of Health and Human Services and any successor
agencies. 
 “Field” means any pulmonary delivery of the Drug Product exclusively via the Device. 

“First Commercial Sale” means on a country-by-country basis the date of the first commercial sale of the Drug Product, after
Regulatory Approval has been obtained in the respective country by ProQR, any of its Affiliates, or Permitted Sublicensees for end use or consumption. 

“GAAP” means (i) with respect to ProQR and calculations to be performed by ProQR, generally accepted accounting
principles in the Netherlands or the International Accounting Standard, (ii) with respect to PARI and calculations to be performed by PARI, generally accepted accounting principles in Germany or the International Accounting Standard, and
(iii) with respect to a Permitted Sublicensee and calculations to be performed by such Permitted Sublicensee, generally accepted accounting principles in the country where such Permitted Sublicensee has its principal place of business or the
International Accounting Standard, in each case of (i), (ii) and (iii) consistently applied by such Party throughout its enterprise. 

“Handset” means that individual component of the Device consisting of the handset with aerosol head, including but not
limited to all outer packaging and instructions for use accompanying the Handset and any other elements necessary for delivery to the patient. 

“Handset Price” shall have the meaning set forth in Section 8.3.2. 

  
 3 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 “ICC” shall have the meaning set forth in Section 12.2. 

“Improvements” means any improvements, discoveries, inventions, developments, enhancements, derivative works, technology,
Know-How and other intellectual property, whether or not patentable or protectable. 
 “IND” means Investigational New Drug
Application as defined under the Act, or an equivalent application under any successor law or regulations. 
 “Information”
means information of any type whatsoever, in any tangible or intangible form, including, without limitation, Know-How (including PARI Know-How, Accessory Know-How, and ProQR Know-How, as the case may be), trade secrets, specifications, instructions,
or compositions of matter of any type or kind (whether patentable or not patentable), software, algorithms, marketing reports, test data (including without limitation preclinical and clinical test data), analytical and quality control data, other
study data, and procedures, in all cases that is owned or controlled by a Party. For the avoidance of doubt, Information includes a Party’s Confidential Information. 

“Indemnifying Party” shall have the meaning set forth in Section 9.3. 

“Indemnitee” shall have the meaning set forth in Section 9.3. 

“Joint Advisory Committee” or “JAC” shall have the meaning set forth in Section 3.2.1. 

“Know-How” means any and all technology, know-how, copyrights, trade secrets, trade dress, discoveries, unpatented
inventions, practices, expertise, developments, improvements, techniques, methods, test methods, processes, instructions, formulae, drawings and specifications, that are not in the public domain (provided, however, that if it has entered in the
public domain as a result of a breach of this Agreement by ProQR, any of its Affiliates or Permitted Sublicensees, or by another third party as a result of a breach its confidentiality obligations to PARI, then it shall still be deemed not to be in
the public domain) and whether or not patentable or protectable. 
 “Law” means any federal, state or local law, statute or
ordinance, or any rule, regulation, or published guidelines promulgated by any Regulatory Authority. 
 “License” means the
licensed rights as set forth in Sections 2.1, 2.3 and 2.4 of this Agreement. 
 “Licensed Intellectual
Property” means the PARI Patents, Accessory Patents, PARI Know-How, Accessory Know-How, any PARI Information, and PARI Technology which is necessary or useful to Exploit the Drug Product for exclusive use with the Device in the Field in the
Territory, as contemplated by this Agreement. 
 “MAA” means a marketing authorization application with the European
Medicines Agency. 
 “Major Countries” means Germany, Great Britain, France, Italy, Spain and the United States. 

“NDA” means a New Drug Application as defined under the United States Food, Drug and Cosmetic Act and applicable regulations
promulgated thereunder, as amended or supplemented from time to time, or an equivalent application under any successor law or regulations. 

“Nebulizer” means any nebulizer or other device that delivers a formulation in the form of droplets to the airways, such as
an eFlow Technology Nebulizer. For the avoidance of doubt, the term “Nebulizer” shall not include any device that delivers a formulation solely or primarily into or via the nose. 

  
 4 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 “Net Sales” means the gross amount received by ProQR, its Affiliates, or any
Permitted Sublicensees for sales of the Drug Product for use with Device in the Field in a country in the Territory during the Royalty Term, less the following: (i) normal and customary trade, quantity and/or cash discounts, returns or credits
(pertaining to rejections, defects, or recalls of the Drug Product or because of rebates or retroactive price adjustments), allowances, rebates and charge-backs, to the extent actually incurred; (ii) sales taxes, value-added taxes, excise or
use taxes, tariffs, duties and customs fees and other taxes, duties or other governmental charges imposed with respect to sales of the Drug Product which are actually paid; and (iii) freight, postage, shipping, insurance and other
transportation expenses associated with the Drug Product which are actually paid. All calculations shall be made in accordance with GAAP. 

With respect to sales of any Combined Product Kits, Royalties due on Net Sales shall be calculated based on the price of the Combined Product
Kit less the Device Price or Handset Price, whichever is bundled in the Combined Product Kit, unless a WAC for the Drug Product exists in a country, in which case Net Sales in that country shall not be less than the WAC of the Drug Product alone.

 “Option Drug Product” means any oligonucleotide targeting a nucleic acid coding for CFTR for the treatment of cystic
fibrosis patients other than the Drug Product. 
 “Original Competitors” shall have the meaning set forth in Schedule
C. 
 “PARI Competitor” shall have the meaning set forth in Section 2.3. 

“PARI Know-How” means any Know-How, other than the Accessory Know-How, which is necessary or useful to Exploit the Device for
exclusive use with the Drug Product in the Field in the Territory and that is owned, licensed or otherwise controlled by PARI or any of its Affiliates as of the Effective Date or during the Term, including the PARI Technology, if any. 

“PARI Patent(s)” means any Patent, other than the Accessory Patents, which is owned, licensed or otherwise controlled by PARI
or any of its Affiliates as of the Effective Date or during the Term and is necessary or useful to Exploit the Device (for exclusive use with the Drug Product) in the Field in the Territory, including the Patents listed on Schedule B and any
Patents covering PARI Technology, if any. 
 “PARI Technology” shall have the meaning set forth in
Section 3.4.1(a). 
 “Patent(s)” means: 

(a) patents or patent applications; and 

(b) any divisionals, continuations, substitutions, continuations-in-part, extensions, renewals, supplementary protection certificates,
re-examinations or reissues of such patents or applications, as applicable. 
 “Permitted Sublicensee” means any third
party, that is not a PARI Competitor, with whom ProQR enters into an agreement consistent with this Agreement (including without limitation Section 2.3 hereof) whereby such third party obtains a sublicense to any or all of the rights
granted by PARI to ProQR pursuant to this Agreement for the exclusive delivery of the Drug Product with the Device. 

  
 5 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 “Phase 3 Clinical Trial” shall be defined as a human clinical trial of the
Drug Product delivered in the Device performed after evidence suggesting effectiveness of the Drug Product delivered in the Device has been obtained pursuant to one or more Phase 2 clinical trials, to be included in that portion of a FDA or
Regulatory Authority submission and regulatory approval process that provides for the continued clinical trials of the Drug Product and Device in sufficient numbers of human patients to confirm with statistical significance the safety and efficacy
of the Drug Product delivered in the Device sufficient to support a regulatory approval for the proposed indication, as more fully described in 21 C.F.R. 312.21(c) or similar Law in an applicable jurisdiction. 

“Proceeding” means any action, arbitration, audit (to the knowledge of such Party), hearing, investigation (to the knowledge
of such Party), litigation or suit (whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving any governmental entity or arbitrator. 

“Product” shall mean (i) the Drug Product; (ii) the Device; (iii) any Accessory; and (iv) any Improvement
to the Drug Product, the Device, or any Accessory during the Term. 
 “Product-Specific Infringement” shall have the
meaning set forth in Section 5.2.1. 
 “Proof of Concept Clinical Trial” shall mean a clinical trial conducted
in patients designed to primarily evaluate the efficacy of the Drug Product. 
 “ProQR Data” shall have the meaning set
forth in Section 3.4.1(c)(iii). 
 “ProQR Representatives” shall have the meaning set forth in
Section 8.8(b). 
 “ProQR Technology” shall have the meaning set forth in Section 3.4.1(b). 

“Regulatory Activities” means any and all actions reasonably necessary or required to obtain or maintain the Regulatory
Approvals, including, without limitation, the design and conduct of clinical trials as necessary. 
 “Regulatory Approval”
means with respect to the Device, any Accessory, the Drug Product or any Improvements to the foregoing, any approval required by a Regulatory Authority in the Territory to Exploit such Device, Accessory, Drug Product or Improvements to the
foregoing. 
 “Regulatory Authority” shall mean any governmental authority, administrative agency or commission of any
country, state, county, city or other political subdivision in the Territory. 
 “Royalty” shall have the meaning set forth
in Section 4.2. 
 “Royalty Term” means, on a country-by-country basis in the Territory, the period of time
from the Effective Date through the later of (i) the date of the expiration of the last Valid Claim included in the PARI Patents claiming a part of the Device; or (ii) in the absence of a Valid Claim in a country, fifteen
(15) years after the First Commercial Sale of such Drug Product in such country, provided, and only for as long as, the Device is protected by PARI Know-How. 

“Study Protocol” shall have the meaning set forth in Section 8.8(d). 

“Sublicense” shall have the meaning set forth in Section 2.3. 

  
 6 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 “Supply Agreement” shall have the meaning set forth in
Section 8.1. 
 “Term” shall have the meaning set forth in Section 10.1. 

“Territory” means all countries of the world. 

“TTP/PARI Agreement” shall mean that agreement entered into between The Technology Partnership plc and PARI dated
March 22, 1999, as amended. 
 “Trademarks” means the trademarks or service marks of PARI, ProQR or a Permitted
Sublicensee, as applicable, appropriate for use on or in connection with the Device which are owned, licensed or otherwise controlled by PARI, ProQR or a Permitted Sublicensee, as applicable, or any of their Affiliates as of the Effective Date or
during the Term, which trademarks or service marks shall be agreed to, identified and set forth in the license thereto contained in the Supply Agreement. 

“TTP” means The Technology Partnership plc. 

“Valid Claim” means an issued claim of an unexpired Patent that shall not have been held invalid or unenforceable by a court
of competent jurisdiction in an unappealed or unappealable decision; or a claim of a pending Patent application, on a country-by-country basis, that shall not have been withdrawn, canceled or disclaimed. On a country-by-country basis, a Patent
application pending for more than five (5) years shall not be considered to have any Valid Claim for the purposes of this Agreement unless thereafter a Patent with respect to such Patent application issues with such claim; provided,
however, that if in such five (5) year period the applicable governmental agencies have not completed their review of the claims of the pending Patent application, then such five (5) year period shall be extended for a further two
(2) year period and if after seven (7) years such Patent application is still pending then such Patent application shall not be considered to have any Valid Claim for the purposes of this Agreement unless thereafter a Patent with respect
to such Patent application issues with such claim. 
 “Wholesale Acquisition Cost (WAC)” means the manufacturer’s
published catalogue or list price for a drug product to wholesalers. 
 “Year of Sales” means any calendar year, commencing
with the first year in which the First Commercial Sale occurs. 
 Unless the context of this Agreement otherwise requires: (a) words of
any gender include each other gender; (b) words using the singular or plural number also include the plural or singular number, respectively; (c) the terms “hereof,” “herein,” “hereby,” and derivative or
similar words refer to this entire Agreement; (d) the terms “Section” or “Schedule” refer to the specified Section or Schedule of this Agreement; (e) the term “or” has, except where otherwise indicated, the
inclusive meaning represented by the phrase, “and/or”; (f) the term “including” means “including, without limitation”; and (g) “days” refers to calendar days. All accounting terms used but not
otherwise defined herein shall have the meanings ascribed to such terms under GAAP. All payments due hereunder shall be made in Euros unless otherwise specified. 

  
 7 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

	2.	GRANT OF RIGHTS 

 2.1 License. Subject to the terms and conditions of this
Agreement and compliance with the foregoing: 
 2.1.1 PARI hereby grants to ProQR an Exclusive, sublicensable (in accordance
with Sections 2.2 and Section 2.3), transferable (other than to a PARI Competitor and otherwise in accordance with Sections 13.4 and 13.10), Royalty-bearing license under the Licensed Intellectual Property to Exploit the
Device (for exclusive use with the Drug Product) in the Field in the Territory; provided, however, that neither ProQR nor any third party acting on ProQR’s behalf (including without limitation a third party manufacturer) that is
not approved by PARI in writing shall have the right to develop, copy, make or have made, make derivative works of, or seek Regulatory Approvals for the Device or any component of any of the foregoing, except as set forth in the Supply Agreement,
unless the Drug Product and Device will be regulated as a Combination Product, in which case ProQR will have the right to and be responsible for seeking Regulatory Approvals for both the Drug Product and Device for that relevant country or territory
pursuant to Sections 3.1.1(c) and (d). 
 2.1.2 PARI hereby grants to ProQR a non-exclusive, sublicensable (in
accordance with Section 2.2 and Section 2.3), transferable (other than to a PARI Competitor and otherwise in accordance with Sections 13.4 and 13.10), Royalty-free license under the Licensed Intellectual Property to
Exploit any Accessory for use exclusively with the Device and the Drug Product in the Field in the Territory, provided, however, that neither ProQR nor any third party acting on ProQR’s behalf (including without limitation a third
party manufacturer) that is not approved by PARI in writing shall have the right to develop, copy, make or have made, make derivative works of, or seek Regulatory Approvals for any Accessory, or any component of any of the foregoing, except as set
forth in the Supply Agreement. 
 2.1.3 The foregoing licenses shall be rendered non-exclusive, irrevocable, fully paid-up
and royalty-free upon the expiration of the Royalty Term, on a country-by-country basis. 
 2.2 TTP/PARI Agreement and Novartis Patent
Rights. During the Term, PARI hereby grants to ProQR, on a non-sublicensable and non-transferable basis, (i) an Exclusive sublicense under the TTP/PARI Agreement, and (ii) a non-exclusive sublicense under the Novartis patent rights
identified and set forth on Schedule B attached hereto and referred to therein as the “Vibrational Isolation Patent” (“Novartis Patent Rights”), in each case to Exploit the Device for exclusive use with the Drug
Product in the Field in the Territory, provided, however, that ProQR shall not have the right to develop, copy, make or have made, make derivative works of, or seek Regulatory Approvals for the Device, any Accessory, or any component of any of the
foregoing, except as set forth in the Supply Agreement, unless the Drug Product and Device will be regulated as a Combination Product, in which case ProQR will have the right to and be responsible for seeking Regulatory Approvals for both the Drug
Product and Device for that relevant country or territory pursuant to Sections 3.1.1(c) and (d). In the event ProQR transfers or Sublicenses the License granted in Section 2.1 to a third party, PARI shall upon ProQR’s
request directly grant a Sublicense of PARI’s rights under such TTP/PARI Agreement and Novartis Patent Rights to the transferee or Permitted Sublicensee for no additional consideration other than that already due to PARI under this Agreement.
Such additional grant, transfer or Sublicense shall be subject to the terms and conditions of this Agreement. 
 2.3 Right to
Sublicense. Subject to the terms and conditions of this Agreement, including Section 2.2 above, and compliance therewith, ProQR shall have the right to grant sublicenses (individually, a “Sublicense”) under the
License to third parties; provided that such Sublicenses shall (i) comply and be consistent, in all respects with all the terms of this Agreement, (ii) be for the Drug Product for exclusive use with the Device, (iii) impose on the
Permitted Sublicensee the same obligations and restrictions as are imposed on ProQR under this Agreement appropriate for the territory sublicensed, 

  
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as stipulated elsewhere in this Agreement, and (iv) not impose any obligations on PARI that are more stringent or different from those obligations on PARI set forth in this Agreement. ProQR
shall promptly provide PARI with a copy of any proposed agreement relating to any Sublicense to be granted by ProQR prior to its execution. Each Sublicense and all Sublicense agreements shall require the prior written approval of PARI, such approval
not to be unreasonably withheld, conditioned or delayed. In addition, (i) PARI will be named a third party beneficiary under the Sublicense agreements, (ii) this Agreement will be referenced in and attached as an Exhibit to all Sublicense
agreements, and (iii) each Sublicense agreement will contain provisions that (a) in the event of a Sublicense becomes a direct license agreement pursuant to Section 10.5.6 and there is a conflict or ambiguity between the
provisions of the Sublicense agreement and this Agreement, the provisions of this Agreement shall govern and be binding on the Permitted Sublicensee, (b) PARI shall have the right to enforce the terms and conditions of the Sublicense,
(c) the Permitted Sublicensee shall not be permitted to sublicense, transfer or assign the Sublicense, any part thereof or any Sublicense agreement without the prior written consent of PARI, and (d) in the event this Agreement is
terminated pursuant to Sections 10.2, 10.3.1, 10.3.2, 10.3.3, 10.3.4 or 10.4 the Sublicense agreement shall automatically terminate. Any Sublicense agreement that does not comply with the provisions of this Section 2.3
shall not be binding on PARI and shall not convert to a direct license under Section 10.5.6. ProQR shall deliver to PARI a copy of any and all executed sublicense agreements promptly after their execution. Any Sublicense shall not
relieve ProQR of its obligations to PARI under this Agreement and ProQR shall remain fully responsible for performance of this Agreement notwithstanding any Sublicenses granted by ProQR, and shall cause any Permitted Sublicensees to comply with the
applicable terms and conditions of this Agreement. In the event of any breach of the Sublicense, ProQR shall promptly notify PARI of such breach as well as ProQR’s intended response thereto. ProQR shall take all steps, at its own expense, to
enforce the terms of such Sublicense against the Permitted Sublicensee, including termination if such breach is not cured within thirty (30) days. If the action taken by ProQR in response to such breach is not satisfactory to PARI, then PARI
has the right to take action against the Permitted Sublicensee directly, including, without limitation, immediate termination of the Sublicense, in addition to any rights PARI may otherwise have against ProQR. Notwithstanding anything to the
contrary contained in this Agreement, ProQR shall not grant such Sublicense to a PARI Competitor without PARI’s prior written consent. For such purposes a “PARI Competitor” shall mean an entity identified in Schedule C
attached hereto. In addition, the provisions of Section 13.10 shall apply. 
 2.4 Trademark Licenses. PARI agrees to
grant ProQR and Permitted Sublicensees a license to certain Trademarks controlled by PARI and related to the Device for no additional consideration as agreed to by the Parties and set forth in the Supply Agreement. ProQR agrees and shall cause its
Permitted Sublicensee, in each case if required by any Regulatory Authority or by applicable Law, to grant PARI and its Affiliates a license to certain Trademarks controlled by such parties for no additional consideration as agreed to by the Parties
and set forth in the Supply Agreement. 
 2.5 Right of Reference.  

2.5.1 ProQR and its Permitted Sublicensees shall have the right to reference PARI’s relevant or applicable 510(k)
applications and other related or corresponding filings with Regulatory Authorities pertaining to the Device or any Accessory, as filed by PARI or its Affiliates with Regulatory Authorities from time to time, as well as obtain from PARI, at
ProQR’s or its Permitted Sublicensees’ reasonable written request, extracts of the foregoing, but at all times subject to Section 6 of this Agreement, to the extent necessary for ProQR and/or its Permitted Sublicensees to obtain
Regulatory Approval for the Drug Product for use with the Device in the Field in the Territory. PARI may choose to make information available to the FDA or applicable Regulatory Authorities directly (e.g. via a master file for devices) and ProQR
shall have the right to reference such documentation for the Exploitation of the Drug Product via the 

  
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Device. Notwithstanding anything to the contrary contained in this Section 2.5, PARI shall at no time be required to provide any Information or access to ProQR, its Affiliates, and
its Permitted Sublicensees that may violate PARI’s confidentiality obligations with third parties or that would disclose to ProQR, its Affiliates and Permitted Sublicensees any proprietary or Confidential Information of such third party. 

2.5.2 PARI and its Affiliates shall have the right to reference ProQR’s, its Affiliates’ and its Permitted
Sublicensees’ IND and NDA and other related or corresponding filings with Regulatory Authorities pertaining to the Drug Product, as filed by ProQR, its Affiliates or its Permitted Sublicensees with Regulatory Authorities from time to time, to
the extent necessary for PARI and/or its Affiliates to obtain Regulatory Approval for the Device for exclusive use with the Drug Product in the Field in the Territory solely on ProQR’s, its Affiliates’ or its Permitted Sublicensees’
behalf. ProQR, its Affiliates and its Permitted Sublicensees shall provide PARI and its Affiliates with reasonable access to the IND and NDA files and shall, from time to time make available to PARI and its Affiliates copies of such selected
portions of such IND and NDA files as they may request (such request may not be unreasonably denied), in each case to the extent necessary for PARI and/or its Affiliates to obtain Regulatory Approval for the Device for exclusive use with the Drug
Product in the Field in the Territory. 
 2.6 Option for Additional Drug Products in the Field. 

(a) Subject at all times to ProQR’s compliance with the terms of this Agreement, PARI hereby grants to ProQR (but not to
any Permitted Sublicensee), during the Royalty Term, an option to negotiate in good faith an Exclusive, sublicensable (in accordance with Section 2.2 and Section 2.3), transferable (other than to a PARI Competitor and
otherwise in accordance with Sections 13.4 and 13.10), Royalty-bearing license under the Licensed Intellectual Property to Exploit one or more Option Drug Products for use exclusively with the Device in the Field in the Territory. In the
event that ProQR wishes to exercise its option pursuant to this Section 2.6, then ProQR shall provide written notice thereof to PARI, and the Parties agree to promptly execute an amendment to this Agreement in order to incorporate such
Option Drug Product in the definition of Drug Product, or should ProQR so wish, promptly execute a separate agreement identical in all respects to this agreement except for the definition of Drug Product which shall be replaced by the definition of
the Option Drug Product in line with the current definition of Drug Product. All other provisions of this Agreement shall remain in full force and effect and apply to the exercised Option Drug Product. 

(b) In the event a third party contacts PARI, or if PARI desires to grant to a third party an Exclusive license to Exploit one
or more of the Option Drug Products (the “Third Party Option Drug Product License”), PARI shall offer the Third Party Option Drug Product License, on the same terms and conditions as offered by or to such third party, to ProQR (the
“Right of First Refusal”). If ProQR notifies PARI in writing within thirty (30) days of its receipt of PARI’s notice that ProQR accepts such terms, the Parties shall enter into an agreement on such terms within thirty
(30) days after ProQR’s exercise of the Right of First Refusal. If ProQR does not notify PARI in writing within such thirty (30)-day period that ProQR accepts such terms and exercises the Right of First Refusal, then PARI shall be free to
grant the particular Third Party Option Drug Product License on the same terms to such third party, and ProQR shall have no further rights with respect to the particular Option Drug Product, except upon termination or expiration of such Third Party
Option Drug Product License, in which case ProQR’s rights in respect of such Option Drug Product shall revive. 

  
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separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

	3.	DEVELOPMENT AND COMMERCIALIZATION MATTERS 

 3.1 General Development and
Commercialization Responsibilities. 
 3.1.1 Development, Manufacturing, and Regulatory Responsibilities. 

(a) With respect to the Drug Product, ProQR shall control all Regulatory Activities in accordance with this
Section 3.1 and Section 3.3, provided that ProQR shall (i) consult with PARI with respect to the regulatory strategy related to any Device component or any Accessory component and otherwise keep PARI reasonably
involved in good faith discussions with respect to such activities, (ii) upon PARI’s request and ProQR’s consent (such consent not to be unreasonably withheld, conditioned or delayed), provide PARI with copies of correspondence
received from and to be provided to, Regulatory Authorities to the extent it concerns any Device component or any Accessory component, (iii) consider in good faith all reasonable suggestions and comments provided by PARI with respect to such
correspondence and other communications with Regulatory Authorities, and specifically, use Commercially Reasonable Efforts to allow PARI reasonable advance opportunity to comment on those portions of the initial submissions and subsequent amendments
with respect to the Regulatory Approvals to the extent related to any Device component or Accessory component, and (iv) use Commercially Reasonable Efforts to respond to all requests for information received from Regulatory Authorities to the
extent it concerns any Device component or any Accessory component in a timely and complete manner. 
 (b) Subject to
Sections 3.1.1(c) and (d), PARI shall control all Regulatory Activities relating to the Device or any Accessory as such and shall own all Regulatory Approvals relating to the forgoing, provided that PARI shall (i) consult
with ProQR with respect to the regulatory strategy related to any Device component or any Accessory component to the extent it could influence ProQR’s Regulatory Activities with respect to the Drug Product or Combination Product and otherwise
keep ProQR reasonably informed about good faith discussions with respect to such activities in such instances, (ii) upon ProQR’s request and PARI’s consent (such consent not to be unreasonably withheld, conditioned or delayed),
provide ProQR with copies of correspondence received from and to be provided to, Regulatory Authorities to the extent it concerns any Device component or any Accessory component to the extent it may influence ProQR’s Regulatory Activities with
respect to the Drug Product or Combination Product, (iii) consider in good faith all reasonable suggestions and comments provided by ProQR with respect to such correspondence and other communications with Regulatory Authorities, and
specifically, use Commercially Reasonable Efforts to allow ProQR reasonable advance opportunity to comment on those portions of the initial submissions and subsequent amendments with respect to the Regulatory Approvals, but in each case only to the
extent related to any Device component or Accessory component which may influence ProQR’s Regulatory Activities with respect to the Drug Product or Combination Product, (iv) use Commercially Reasonable Efforts to respond to all requests
for information received from Regulatory Authorities to the extent it concerns any Device component or any Accessory component, to the extent it may influence ProQR’s Regulatory Activities with respect to the Drug Product or Combination Product
in a timely and complete manner. 
 (c) The Parties anticipate that the Parties will submit a single application for a
Combination Product with the FDA and in such case agree that ProQR shall be responsible for the submission and correspondence with the FDA and managing the regulatory filings and the Regulatory Activities with respect to such single application for
a Combination Product, subject to the requirements in Section 3.1.1 (a)(i)-(iv) and provided that PARI shall at all times 

  
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control the marking, labeling, CE conformity declaration and technical documentation with respect to the Device. In light of ProQR’s taking the lead in FDA correspondence for a Combination
Product, PARI will be allowed to attend (part of the) meetings with Regulatory Authorities if the Device will be the subject matter at such (part of the) meeting. 

(d) Notwithstanding the foregoing, if a Regulatory Authority requests the filing of a Combination Product: (i) ProQR will
support PARI in accommodating such requirement; (ii) PARI will support ProQR in making and prosecuting such filing, including with respect to the preparation, provision and filing of all necessary Device documentation, (iii) PARI will have
the right to review, comment upon, and approve (such approval not to be unreasonably withheld) any portion of such filings bearing on the Device prior to such filing; and (iv) the Parties will work in good faith to allow for PARI to implement
any necessary changes to the Device or any Accessory accordingly. 
 (e) PARI shall control all manufacturing activities
relating to the Device or any Accessory; provided that PARI shall (i) keep ProQR reasonably informed with respect to such activities, and (ii) not take any action or fail to take any action which would be reasonably likely to have a
material adverse effect on the development of the Product and manufacture thereof. 
 3.1.2 New Features and Design
Improvements. 
 (a) General. Subject to Section 3.4, if PARI develops or obtains rights to an
incremental (minor) Improvement to the Device or any Accessory, then PARI shall only incorporate such Improvement therein if (i) PARI is not contractually prohibited from doing so by the agreement under which such Improvement was developed,
(ii) PARI generally incorporates such Improvement into the eFlow Technology Nebulizer and/or the Accessory, as applicable, for use in the Field, (iii) it is consistent with the specifications agreed to by the Parties and the applicable
regulatory requirements, (iv) it is consistent with the terms of the Supply Agreement, including but not limited to any acceptance criteria contained therein and (v) it does not interfere with ProQR’s regulatory pathway as has been
communicated to PARI from time to time prior to any such incorporation. If an Improvement is not an incremental Improvement (e.g., a major Improvement), then PARI shall provide ProQR with an opportunity (to the extent PARI is not contractually
prohibited from doing so) to review such Improvement for a period of ninety (90) days from receipt of a detailed description of such Improvement and a plan for development of such Improvement and possible incorporation into the Device or any
Accessory for ProQR to determine whether it wishes to have such Improvement incorporated in the Device or Accessory, as applicable, and thereby be incorporated into the Licenses granted pursuant to Section 2.1.1 (with respect to any
Improvement to the Device) or Section 2.1.2 (with respect to any improvement to an Accessory), as applicable, and shall be included in the PARI Patents, and as such shall extend the Royalty Term accordingly. If ProQR determines (by
giving written notice to PARI) within such ninety (90) day period that it desires to benefit from the Improvement and include the Improvement in the Device or any Accessory, such Improvement shall be automatically included in PARI Know-How and
PARI Patents, as applicable, and with respect to any such Improvement to an Accessory, such Accessory shall be automatically included in the Accessory Know-How and Accessory Patents. If ProQR does not give written notice to PARI within the ninety
(90) day period of its desire to benefit from the Improvement, ProQR shall be deemed to have rejected the Improvement and PARI shall have no obligation to include the Improvement in the Device or Accessory, as applicable. For the avoidance of
doubt, PARI shall incorporate major Improvements only if ProQR shall not have objected in writing to such incorporation on reasonable grounds. 

  
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 (b) Device Development. The Parties will work together in good faith
to customize the Device, if required, for clinical trials and commercialization in accordance with this Agreement. Notwithstanding anything to the contrary contained herein, PARI shall exclusively own and be responsible for the design, development,
testing, tooling and manufacturing related to the Device. ProQR may from time to time submit to PARI a written request for modification(s) to the Device or any Accessory. PARI shall consider in good faith such request and respond to ProQR based on
the costs involved, contractual obligations and other business factors. Any such requested modification(s) shall be subject to mutual written agreement of the Parties ( “Statement of Work”) and be in accordance with this Agreement.
For clarity, costs for the optimization of the Device and all project management and technical support, at the hourly rate of [***] per billable hour, shall be covered by ProQR. Without limiting the foregoing sentence, ProQR will cover all costs for
any drug- or patient population specific adaptation or testing, including, but not limited to, human factor and usability testing, aerosol characterization experiments with the Drug Product and the Device, and Device customizations or other services
requested by ProQR in writing. PARI shall use Commercially Reasonable Efforts to complete such agreed-upon services in accordance with the timeline(s) set forth in the applicable Statement of Work. 

(c) ProQR will reimburse PARI for project management and technical support to support the collaboration and other services
requested by ProQR at an hourly rate of [***] pursuant to Statements of Work to be established by the Parties promptly after the Effective Date 

(d) ProQR shall pay PARI for all services on a time and materials basis. ProQR shall make payment of such service fees and
costs to PARI within thirty (30) days of receipt from PARI of a reasonably detailed invoice summarizing the work performed and expenses incurred. Any undisputed payments or portions thereof due under this Section 3.1.2, which are
not paid when due, shall bear interest equal to the base interest rate as reported by the German Federal Bank (Bundesbank; www.bundesbank.de), on the date such payment is due, plus an additional eight percent (8%) per year, calculated on
the number of days such payment is delinquent. If such unpaid, undisputed payment is a material default, taking into account the total amounts paid or to be paid over all of the Statements of Work, then PARI may request reasonable assurances that
ProQR shall continue to pay ongoing fees and if not received, PARI may suspend further performance of such Statements of Work until such assurances are received or such default is paid. This Section shall not limit other remedies available to PARI
under this Agreement. In the event of any conflict between the terms of this Agreement and a Statement of Work, the terms of this Agreement shall control except (i) in the case of pricing, in which case the Statement of Work shall control, or
(ii) if the Statement of Work explicitly states that it is modifying a particular provision of this Agreement and such Statement of Work is executed by the Chief Executive Officer of ProQR and the President of PARI. 

3.2 Management  

3.2.1 Joint Advisory Committee. Promptly after the Effective Date, ProQR and PARI will establish a joint advisory
committee (the “Joint Advisory Committee” or “JAC”), comprising an equal number of members chosen by each Party, to oversee, review and coordinate the activities of the Parties under this Agreement, including the
development and manufacture of the Product. The JAC shall be responsible for: (a) overseeing the activities of the Parties related to development, regulatory and commercialization matters that would benefit of each other’s input;
(b) resolving disputes and disagreements under this Agreement; and (c) undertaking or approving such other matters as are specifically provided for the JAC under this Agreement. JAC 

  
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may develop a full charter for the Joint Advisory Committee, and obtain written approvals from the CEO or President of the Parties. JAC meetings shall be held as often as the Parties mutually
agree are necessary but not less than twice a year and may be by conference call, video conferencing or face-to-face. Written minutes of all meetings will be provided within ten (10) business days of the meeting/teleconference to the members of
the JAC. 
 3.2.2 Decision Making. Decisions that benefit of the input from both parties shall be made through the
Joint Advisory Committee. Such decisions shall be made by the members in accordance with the charter referred to in the previous section. As a guiding principle, matters concerning Drug Product or Combination Product (excluding the Device component
thereof) shall be decided by ProQR members alone. Matters concerning the Device will be decided by PARI members. Voting members shall be present in person or by other means (e.g., teleconference) at any meeting, with at least one representative from
each Party participating in such vote. In the event that the JAC is unable to reach a decision with respect to a particular matter, then either Party may, by written notice to the other, have such matter referred to the President or Chief Executive
Officer of each of the Parties, who shall discuss and attempt to resolve such matters to the Parties’ mutual satisfaction within thirty (30) days thereafter. If the Parties are unable to resolve such dispute in accordance with this
Section 3.2.2, Section 12.2 of this Agreement shall apply. 
 3.2.3 Reserved Rights.
Notwithstanding the foregoing, however, in the event either Party reasonably determined that a final decision of the JAC pursuant to Section 3.2 will result in a hazardous or unsafe Device or Drug Product, or infringement of a third
party’s patent rights, then that first Party shall provide the JAC with information supporting its belief. Upon delivery of such information, and discussion with the second Party at the JAC, the first Party shall have the right to refrain from
implementing such decision in its performance of this Agreement, provided that if the second Party in good faith disagrees with the basis of such determination, the Parties shall resolve the disagreement in accordance with Section 3.2.2.
Notwithstanding the foregoing, nothing in this Section 3.2 shall be deemed to require either Party to take any action that it believes is unlawful. 

3.2.4 Limited Authority. The decisions of the JAC, whether under this Section 3.2 or under any other section
of this Agreement, shall not have the power to amend or contradict the terms of this Agreement or the agreed Statements of Work, nor substitute for either Party’s ability to exercise any right, nor excuse the performance of any obligation, set
forth in this Agreement. 
 3.2.5 Conduct of the Project. Subject to the terms and conditions of this Agreement, each
Party shall use Commercially Reasonable Efforts to perform the activities assigned to it under a Statement of Work in accordance with the specifications, timelines and budgets set forth therein, under the supervision of the JAC. Each Party shall
keep the JAC informed as to its progress under a Statement of Work. 

  
 14 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 3.3 Specific Development Matters.  

3.3.1 Subject to Section 3.1.1, ProQR shall, at its own expense, exclusively own and be solely responsible for
conducting all development activities (including Regulatory Activities) in the Territory for the Drug Product and the Combination Product (but only the drug formulation component thereof and not as to the Device component, which will require
consultation input and control by PARI), including formulation optimization, manufacturing, and pre-clinical studies. 

3.3.2 Subject to Section 3.1.1, and without limiting the generality of Section 3.4.1(b) (Improvements)
below, ProQR shall, at its own expense, own and be solely responsible in the Territory for obtaining and maintaining all Regulatory Approvals and interactions, and all IND, NDA, and other similar foreign regulatory filings, related to the Drug
Product, and in the case of a Combination Product, to the extent governed by the applicable drug Regulatory Authority (CDER in the United States), related to both the Drug Product and the Device, and such Regulatory Approvals and filings shall be
submitted and obtained solely in the name of, and exclusively owned by, ProQR. 
 3.3.3 Subject to Section 3.1.1,
and without limiting the generality of Section 3.4.1(b) below, ProQR shall exclusively own all clinical and non-clinical data generated and collected relating to the development and commercialization of the Drug Product or a Combination
Product (but only the drug formulation component thereof) during the Term of this Agreement. Notwithstanding anything in this Agreement to the contrary, other than for Regulatory Activities PARI shall not have the right to reference any data
generated or collected by or for ProQR related to the Drug Product. 
 3.4 Improvements.  

3.4.1 The Parties acknowledge that ProQR and PARI have collaborated and intend to continue to collaborate in the development of
the Drug Product (including any manufacturing processes) for use with the Device, and that such collaboration may generate Improvements whether or not patentable in accordance with Section 3.1.2(a). In order to permit and encourage a
successful collaboration and protect the key business interests of both Parties, the Parties agree that: 
 (a) PARI shall
exclusively own all rights and interest in and to the eFlow Technology Nebulizer, the Device, any Accessory and all Improvements relating to the eFlow Technology Nebulizer, the Device and/or any Accessory developed by ProQR, its Affiliates or
Permitted Sublicensees or by PARI or its Affiliates, in each case, made pursuant to activities conducted under this Agreement or any Statement of Work (the “PARI Technology”). 

(b) Other than the Improvements made part of the PARI Technology, ProQR shall exclusively own all Improvements developed or
created by ProQR or its Affiliates or by PARI or its Affiliates pursuant to activities conducted under this Agreement or any Statement of Work, including, without limitation, that relate to the Drug Product or the ProQR Data (the “ProQR
Technology”). ProQR Technology shall include: 
 (i) all Improvements specifically related to the Drug Product;

  
 15 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 (ii) all Improvements and other intellectual property related to, or derived
from, the ProQR Data referred to in clause (c)(i) below, excluding any Improvements set forth in clause (a) above. 

(c) ProQR shall exclusively own: 

(i) all clinical and non-clinical data generated in connection with the Drug Product, including but not limited to any
in-vitro and/or in-vivo studies conducted using the Drug Product or Combination Product (but only the drug formulation component thereof) during the Term; 

(ii) any and all INDs, NDAs, and other similar Regulatory Approvals filed or awarded in any jurisdiction in the Territory and
related to the Drug Product or Combination Product (but only the drug formulation component thereof); and 
 (iii) any
Confidential Information of ProQR (in accordance with Section 6). The data, Regulatory Approvals and Confidential Information described in clauses (i), (ii) and (iii) are referred to herein as the “ProQR Data.”

 3.4.2 PARI shall, and shall cause its Affiliates and third party contractors to, promptly disclose to ProQR any ProQR
Technology generated by PARI, its Affiliates and/or third party contractors in connection with its performance of this Agreement, including under any Statement of Work, and all such ProQR Technology shall be deemed to the fullest extent possible to
be works made for hire exclusively for ProQR, with ProQR having sole ownership of such ProQR Technology and the sole right to obtain and to hold in its own name patents, copyrights, or such other protection as ProQR may deem appropriate to the
subject matter, and any extensions or renewals thereof (though ProQR is under no obligation to file any patent application, secure or maintain any patent or register any copyright). To the extent PARI nonetheless maintains any rights in and to any
ProQR Technology, PARI hereby assigns, cedes and grants to ProQR all rights to possession of, and all right, title, and interest, including all patents and copyrights and the right to prepare and exploit derivative works, in such ProQR Technology.
To the extent PARI’s Affiliates or third party contractors nonetheless maintain any rights in and to any ProQR Technology, PARI shall use best efforts to cause such Affiliates or third party contractors to assign, cede and grant to ProQR all
rights to possession of, and all right, title, and interest, including all patents and copyrights and the right to prepare and exploit derivative works, in such ProQR Technology. PARI agrees to give ProQR or any person designated by ProQR at
ProQR’s expense, all assistance reasonably required to perfect the rights hereinabove defined, including the execution of documents and assistance or cooperation in legal proceedings. For the avoidance of doubt, PARI and ProQR acknowledge and
agree that each Party shall have the right to protect, whether by way of a patent filing or other intellectual property filing, any other work conducted by such Party and kept separate from the work performed under or in connection with this
Agreement. 
 3.4.3 ProQR shall, and shall cause its Affiliates and its Permitted Sublicensees to, promptly disclose to PARI
any PARI Technology generated by ProQR, its Affiliates and/or Permitted Sublicensees if any, in connection with its performance of this Agreement, including under any Statement of Works; and all such PARI Technology shall be owned exclusively by
PARI, and PARI shall have the sole right to obtain and to hold in its own name patents, copyrights, or such other protection therefore as PARI may deem appropriate, and any extensions or renewals thereof (though PARI is under no obligation to file
any patent application, secure or maintain any patent or register any copyright). To the extent 

  
 16 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
ProQR or its Affiliates nonetheless maintain any rights in and to any PARI Technology, ProQR and its Affiliates hereby assign, cede and grant to PARI all rights to possession of, and all right,
title, and interest, including all patents and copyrights and the right to prepare and exploit derivative works, in such PARI Technology. To the extent ProQR’s Permitted Sublicensees nonetheless maintain any rights in and to any PARI
Technology, ProQR shall cause such Permitted Sublicensee to assign, cede and grant to PARI all rights to possession of, and all right, title, and interest, including all patents and copyrights and the right to prepare and exploit derivative works,
in such PARI Technology. ProQR agrees to give PARI or any person designated by PARI at PARI’s expense, all assistance reasonably required to perfect the rights hereinabove defined, including the execution of documents and assistance or
cooperation in legal proceedings. 
 3.4.4 In order to achieve the assignments of ProQR Technology to ProQR as set forth in
Section 3.4.2 or PARI Technology to PARI as set forth in Section 3.4.3, each Party shall assume all rights, and shall cause its Affiliates, Permitted Sublicensees and third party contractors to assume all rights, to employee inventions in
accordance with the German Act on Employee Inventions (Arbeitnehmererfindungsgesetz) or any other applicable Laws relating to employee inventions, and shall ensure that only those of its (and its Affiliates’, Permitted Sublicensees’ and
third party contractors’) employees and other personnel will be involved in development activities under this Agreement who are bound by a contractual obligation to promptly notify such Party or its relevant Affiliate, Permitted Sublicensee or
third party contractor, as applicable, of any item of ProQR Technology or PARI Technology, respectively, conceived, developed or acquired, whether or not patentable, and to assign all of its rights in such ProQR Technology or PARI Technology to such
Party or its relevant Affiliate, Permitted Sublicensee or third party contractor. Each Party shall be solely responsible for paying to its (and its Affiliates’, Permitted Sublicensees’ and third party contractors’) respective
employees any remuneration due under the German Act on Employee Inventions or pursuant to any other applicable Laws on employee inventions in connection with the performance of development activities under this Agreement; provided that if a Patent
arising from an employee invention made by employees of one Party (or its Affiliates, Permitted Sublicensees or third party contractors) is (i) assigned to the other Party under Section 3.4.2 or 3.4.3 or (ii) included in the License
granted under Section 2.1, the other Party shall reimburse such Party for any such remuneration payable under the applicable law and actually paid to the relevant employees. 

3.5 Specific Commercial Matters. Subject to the provisions of Section 3.1, ProQR shall, at its own expense, be solely
responsible for conducting all commercialization activities for the Territory relating to the Products, including any activities relating to the Sublicense of the Products, as well as the Exploitation of the Products. 

3.6 License Back. ProQR hereby grants to PARI and its Affiliates a perpetual, worldwide, non-exclusive, transferable, sublicensable,
and royalty-free license under any patent applications and patents issuing from such applications filed by ProQR, its Affiliates and/or Permitted Sublicensees for ProQR Technology, as follows: 

(a) during the Term of this Agreement, the foregoing license is granted (x) solely for use with the Device, the eFlow
Technology Nebulizer or any other PARI Nebulizer or any Accessory thereto, and (y) with respect to Drug Product, to support PARI’s obligations under this Agreement; 

  
 17 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 (b) during the Term of this Agreement and after expiration or termination of
this Agreement, the foregoing license is granted for products other than Drug Product for use with the Device, the eFlow Technology Nebulizer or any other PARI Nebulizer or any Accessory. 

3.7 Diligence Obligations. 

3.7.1 Commercially Reasonable Efforts. ProQR shall, and shall cause its Permitted Sublicensees to, use Commercially
Reasonable Efforts, at a minimum in the United States and one other of the Major Countries, (i) to pursue the development of a Drug Product, (ii) to obtain Regulatory Approval for a Drug Product or Combination Product, and (iii) to
commercialize a Drug Product or Combination Product, in all cases for exclusive use with the Device. ProQR’s achievement, by itself or through its Affiliates or Permitted Sublicensees, of the following diligence milestones with respect to the
Drug Product or Combination Product shall be deemed sufficient to satisfy the requirement to use Commercially Reasonable Efforts under (i) and (ii) above in the respective regions: 

(a) Complete a Phase 1 Clinical Trial by [***], 

(b) Complete a Proof of Concept Clinical Trial by [***]; 

(c) Initiate a Clinical Phase 3 Trial by [***]; 

(d) Filing an NDA with the FDA by [***]; 

(e) Filing a MAA with the European Medicines Agency by [***]; and 

(f) First Commercial Sale of the Drug Product or Combination Product by [***]. 

The timelines set forth in this Sections 3.7.1 shall be extended by mutual agreement of the Parties in writing if any
delay in meeting a diligence milestone is caused by a Regulatory Authority and is beyond the control of ProQR. All Sublicense agreements shall contain diligence obligations consistent with the terms and conditions of this Agreement applicable to the
countries and/or territories covered by such Sublicense, including diligence milestone obligations appropriate for such country or territory, and, with respect to any Sublicense of ProQR’s rights in the United States and Europe, such Sublicense
agreement shall contain diligence milestones set forth in this Section 3.7.1. 
 For the avoidance of doubt and
notwithstanding the diligence obligations stated herein, ProQR shall at any time be permitted to develop and commercialize the Drug Product for use with a device other than the Device. If ProQR decides to develop or commercialize the Drug Product
for use with a device other than the Device, ProQR shall give PARI written notice thereof within ten (10) business days of such decision to use such other device and the provisions of Sections 4.9, 10.3.1, 10.4(a) and
10.5.6 shall apply. 
 3.7.2 Reports. ProQR shall provide PARI at least quarterly with status reports and
general oversights of the progress of its development of the Drug Product, including interactions with Regulatory Authorities and intentions for the development and commercialization of the Drug Product in the upcoming quarter and year. 

  
 18 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 3.7.3 Permitted Sublicensees, Successors and Assigns. For clarity, it
is understood that the obligation to use Commercially Reasonable Efforts as set forth in this Section 3.7 shall apply to any Permitted Sublicensees of ProQR, and ProQR shall obtain status reports and general oversights and intentions from
such Permitted Sublicensees with respect thereto and ProQR shall share such status reports and intentions with PARI at least quarterly in the same manner as for status reports and intentions of its own development. This Section 3.7 shall
also apply to any permitted successors or assigns of ProQR under this Agreement. 
 3.7.4 Notice and Cure. In the
event PARI, acting in good faith, makes a reasonable case that ProQR or a Permitted Sublicensee, as applicable, has failed to use such Commercially Reasonable Efforts, PARI shall notify ProQR. ProQR shall have a period of ninety (90) days
thereafter to resume, or cause the Permitted Sublicensee to resume, using such Commercially Reasonable Efforts. 
  

	4.	PAYMENTS 

 4.1 Up-Front Payment. ProQR shall pay to PARI a non-refundable
up-front payment of [***] within thirty (30) days after the Effective Date. 
 4.2 Royalties. In consideration of the License
granted under this Agreement and subject to the terms and conditions of this Agreement, until the expiration of the Royalty Term, ProQR (or its Permitted Sublicensees pursuant to Section 10.5.6, if applicable) shall pay to PARI a royalty
(“Royalty”) on Net Sales of the Drug Product sold for use with the Device, subject to reduction as set forth in Section 4.4, as set forth below: 
  

			
	Net Sales	  	Royalty Rate
	Annual Net Sales of less than or equal to Euro [***]	  	[***]
	Annual Net Sales in excess of Euro [***] and up to Euro [***]	  	[***]
	Annual Net Sales in excess of Euro [***]	  	[***]

 For clarification purposes, Royalties are payable on an incremental basis, i.e., if the annual Net Sales
amount to [***], [***] are payable on [***] and [***] are payable on [***]. 
 4.3 Annual Minimum Royalties. During the Royalty Term,
ProQR shall pay to PARI annual minimum royalties in Euros (the “Annual Minimum Royalties”) in accordance with the below: 
  

			
	 Year of Sales
	  	Annual Minimum Royalty
	 1st
	  	[***]
	 2nd
	  	[***]
	 3rd
	  	[***]
	 4th
	  	[***]
	 5th and thereafter
	  	[***]

  
 19 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 4.4 Permitted Reductions in Royalty. 

(a) If ProQR is required to pay third party royalties for sales of the Drug Product based on intellectual property licenses
ProQR has to enter into with such third parties after the Effective Date, but only for as long as ProQR or its Affiliates or Permitted Sublicensees, as applicable, exclusively use the Device with the Drug Product, the following applies. If the total
amount of royalties, thus the Royalty under this Agreement and such third party royalties, exceed [***] of the Net Sales of the Drug Product, ProQR will cover [***] of the royalties in excess of [***] and the other [***] will be shared, by lowering
the applicable royalties, including the Royalty, on a pro rata basis, based on their respective percentages, among all licensors, including PARI. However, such deduction shall never lead to a Royalty which is lower than [***] of the amount that it
would have been without the deduction, including any deductions pursuant to paragraph (b) below. The applicable third party royalties shall be those that accrue in the same reporting period of the royalty reports with respect to the same Net
Sales as the Royalty and shall be calculated as provided in the relevant third party license agreement(s). 
 By means of
example, if ProQR has to pay third party royalties for sales of the Drug Product to three other licensors in addition to PARI in the amount of [***] each, for total royalties to all four licensors (including PARI) of [***] in the aggregate, then the
Royalty shall be as follows: [***] less [***] = [***], of which [***] will be absorbed by ProQR and the other [***] will be shared by all four licensors on a pro rata basis, i.e. [***] each, resulting in the Royalty being [***] - [***] = [***].
 ProQR represents and warrants that, as of the
Effective Date, the third party royalties plus the Royalty ProQR, its Affiliates and sublicensees, will contractually or otherwise be required to pay related to sales of the Drug Product, amount to less than 5% in the aggregate. In addition, ProQR
has no knowledge of any requirement or desire, and has no current intent, to pay any additional third party royalties related to sales of the Drug Product. 

(b) If ProQR is required to and actually incurs any expenses or makes any payments pursuant to the second to last sentence of
Section 7.3.6, then the Royalty shall be reduced, up to [***] but subject to the provisions of paragraph (c) below, in order for ProQR to recover its paid expenses and upon its recovery thereof, any such Royalty reduction shall
immediately cease to be in effect. 
 (c) Notwithstanding anything to the contrary in this Agreement, in no event shall the
reductions in the Royalty pursuant to paragraphs (a) and (b) above, in the aggregate, be more than [***] of the original Royalty set forth in Section 4.2. 

4.5 Payment and Reports. Within forty-five (45) days after the end of each calendar quarter in which Net Sales have occurred,
ProQR shall submit to PARI a written report setting forth for such preceding calendar quarter the Net Sales received and the calculation of the Royalty payable to PARI pursuant to Section 4.2. Such report shall be accompanied by the
total Royalty due, if any, to PARI pursuant to Section 4.2 and be broken down by country or territory and by Drug Product, including allowed deductions. If the Royalty paid for any Year of Sales set forth in the table in
Section 4.3 is less than the applicable Annual Minimum Royalty, for such Year of Sales, then forty-five (45) days after the 

  
 20 

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separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
end of such Year of Sales, ProQR shall pay to PARI the difference between the applicable Annual Minimum Royalty and the actual Royalties previously paid for such Year of Sales. All payments shall
be made in Euros. Sales made in currencies other than Euros shall be converted to Euros on the basis of the average exchange rate for the calendar quarter in which such sales were made. Such calendar average exchange rate shall be calculated by
averaging monthly exchange rates published by The Financial Times. 
 4.6 Record Keeping. ProQR shall keep, and shall cause its
Affiliates and Permitted Sublicensees to keep, complete and accurate books of accounts of record in connection with the use, sublicensing and sale of Products to permit verification of payments made hereunder. Such records shall be maintained for a
period of at least five (5) years from the date on which they were generated. 
 4.7 Audit Rights. PARI shall have the right to
have an independent third party nationally-recognized accounting firm reasonably acceptable to ProQR access the books and records of ProQR, its Affiliates and Permitted Sublicensees solely to the extent necessary to verify the accuracy of the
reports and payments made hereunder. Such access shall be conducted upon reasonable written notice to ProQR, its Affiliates and Permitted Sublicensees and during such parties’ normal business hours. Such access shall not be more frequent than
once per calendar year and may occur only with respect to the immediately preceding thirty-six (36) months. The auditing Party shall be required to sign a confidentiality agreement for the benefit of ProQR. If any audit discloses that the
payments by ProQR to PARI are incorrect in ProQR’s favor, then ProQR shall pay any amount due to PARI within ten (10) days after receipt of the necessary documentation of the amount owed. If any audit discloses that the payments by ProQR
to PARI are incorrect in PARI’s favor, then ProQR shall have the right to credit the amount of the overpayment against each subsequent quarterly payment due to PARI until the overpayment has been fully applied. If the overpayment is not fully
applied prior to the final quarterly payment of Royalties due hereunder, PARI shall promptly refund an amount equal to any such remaining overpayment. If PARI’s audit demonstrates an underpayment of more than five percent (5%) for the
payment due to PARI during the audited period, ProQR shall be liable for PARI’s reasonable cost of the audit that discovered such underpayment. Otherwise, PARI shall bear the costs of such audits. ProQR shall have the right to dispute any such
audit results in accordance with Section 12. 
 4.8 Withholding Taxes. Where required to do so by applicable Law or order
of a governmental body, ProQR shall withhold taxes required to be paid to a taxing authority in connection with any payments to PARI hereunder, and, upon request of PARI, ProQR shall furnish PARI with satisfactory evidence of such withholding and
payment. ProQR shall, and shall cause its Affiliates and its Permitted Sublicensees to, cooperate with PARI before or after the payment of such tax in obtaining exemption from withholding taxes where available under applicable Law and/or receiving a
full refund of such withholding tax or claim a foreign tax credit. 
 4.9 Late Payments. Any Royalties, Annual Minimum Royalties or
other payments due PARI under this Agreement or any portion thereof which are not paid when due, shall bear interest equal to the base interest rate as reported by the German Federal Bank (Bundesbank; www.bundesbank.de), on the date such
payment is due, plus an additional eight percent (8%) per year, calculated on the number of days such payment is delinquent. This Section 4.9 shall not limit other remedies available to PARI under this Agreement. 

4.10 Alternative Device. In the event ProQR, following its receipt of a first marketing approval for the sale of the Drug Product in a
Major Country, decides to no longer exclusively use the Device but instead uses an alternative device, either alone or in addition to the Device, then, in ProQR’s discretion, ProQR shall either (x) continue to pay Royalties and Annual
Minimum Royalties, or (y) terminate this Agreement and the License pursuant to Section 10.4(a) and pay to PARI within three (3) business days the amount of [***] (the “Compensatory Payment Amount”); provided,
however, that if the 

  
 21 

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separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
payment of the Compensatory Payment Amount is due after the fifth Year of Sales, then the Compensatory Payment Amount shall be [***] for each Year of Sales thereafter so that the Compensatory
Payment Amount shall be [***] if payment is due after the ninth (9th) Year of Sales. 
  

	5.	PATENT RIGHTS 

 5.1 Patent Prosecution and Maintenance. PARI shall have the
exclusive right and obligation to control prosecution, maintenance, challenges against validity and unenforceability or patentability with respect to the Device, any Accessory and the Licensed Intellectual Property, and ProQR will assist PARI, at
PARI’s request and expense, in any such activities and ProQR shall have the exclusive right and obligation to control prosecution, maintenance, challenges against validity and unenforceability or patentability with respect to the ProQR
Technology and the Drug Product and Combination Product (but only the drug formulation component thereof), and PARI will assist ProQR, at ProQR’s request and expense, in any such activities. 

5.2 Enforcement. 

5.2.1 If either Party should become aware of any infringement or misappropriation or threatened infringement or
misappropriation of the other Party’s intellectual property rights, including Know-How, contemplated herein by a third party that could reasonably be expected to adversely affect the Drug Product or Combination Product (“Product-Specific
Infringement”), it shall promptly notify the other Party in writing and provide any information available to that Party relating to such alleged Product-Specific Infringement. 

5.2.2 PARI shall have the initial right (but not the obligation) to bring and/or control any enforcement action directed to an
asserted Product-Specific Infringement pertaining primarily to the Device, the eFlow Technology Nebulizer, any Accessory and any PARI intellectual property, including Know- How, and any Improvements to any of the forgoing. ProQR shall have the
initial right (but not the obligation) to bring and/or control any enforcement action directed to an asserted Product-Specific Infringement pertaining primarily to the Drug Product, Combination Product (but only the drug formulation component
thereof) and any ProQR intellectual property, including Know-How. The Party controlling the enforcement action shall keep the other Party reasonably informed of the progress thereof. 

5.2.3 If the Exploitation of the Products results in a claim alleging patent infringement against either Party (or its
Affiliates or Permitted Sublicensees), such Party shall promptly notify the other Party hereto in writing. ProQR shall have the initial right to defend and control the defense of any infringement claim pertaining primarily to the Drug Product,
Combination Product (but only the drug formulation component thereof) and ProQR intellectual property, including Know-How, and PARI shall have the initial right to defend and control the defense of any infringement claim pertaining primarily to the
Device and any PARI intellectual property, including Know-How, including any Improvements to the foregoing. Each Party (i) may use counsel of its own choice as applicable, and (ii) keep the other Party informed of all material developments
in connection with any such claim. 
 5.2.4 Licensed Intellectual Property not Owned by PARI. To the extent that any
Licensed Intellectual Property is licensed by PARI from a third party, PARI shall comply with the above provisions to the fullest extent permissible under such licenses. 

5.3 Settlements Affecting PARI’s Rights. Notwithstanding anything to the contrary contained in this Agreement, the Parties
acknowledge and agree that ProQR shall not have the right to 

  
 22 

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separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
enter into any license, settlement or other disposition of a Product-Specific Infringement that affects PARI’s rights in the Licensed Intellectual Property and/or any payments due to PARI
pursuant to this Agreement. 
  

	6.	CONFIDENTIAL INFORMATION 

 6.1 Non-use and Non-disclosure Obligations. Each of
PARI and ProQR shall, and ProQR shall cause its Permitted Sublicensees to, use any Confidential Information received by it from the other Party solely in connection with exercise of their respective rights and/or performance of their respective
obligations under this Agreement and the Supply Agreement, and shall not disclose such Confidential Information to any third party, without the prior written consent of the other Party. These obligations shall survive the expiration or termination
of this Agreement for a period of ten (10) years. These obligations shall not apply to information that: 
 6.1.1 is
known by the receiving Party at the time of receipt and not through a prior disclosure by the disclosing Party; 
 6.1.2 is
at the time of disclosure or thereafter becomes published or otherwise part of the public domain through no breach of this Agreement by the receiving Party; 

6.1.3 is subsequently disclosed to the receiving Party without restriction by a third party having the right to make such a
disclosure; or 
 6.1.4 is developed by the receiving Party independently of information received by it from the disclosing
Party hereunder. 
 6.2 Required Disclosure. In order to provide the disclosing Party an opportunity to seek a protective order or
the like with respect to certain Confidential Information of the disclosing Party, the receiving Party may disclose Confidential Information to the extent that it is required by Law or order of any governmental authority or agency, including the
Securities and Exchange Commission, to be disclosed by a Party; provided that the receiving Party shall apply for confidential treatment of this Agreement to the fullest extent permitted by law, shall provide the other Party a copy of the
confidential treatment request far enough in advance of its filing, if reasonably practical, to give the other Party a meaningful opportunity to comment thereon, and shall use reasonable efforts to incorporate in such confidential treatment request
any reasonable comments of the other Party. 
 6.3 Permitted Disclosure. Notwithstanding Section 6.1, Confidential
Information provided under this Agreement by a disclosing Party may be disclosed to employees, agents, board members, Affiliates or suppliers of the receiving Party, but only to the extent permitted or required to accomplish the purposes of this
Agreement; provided that such employees, agents, board members, Affiliates or suppliers shall also agree to confidentiality and non-use provisions at least as strict as those contained in this Agreement. The receiving Party shall be responsible for
any breaches of this Agreement by its employees, agents, board members, Affiliates or suppliers. In addition, a Party may disclose Confidential Information provided under this Agreement by the other Party to any governmental authority in order to
prosecute or maintain, in case of PARI, any Licensed Intellectual Property and, in case of ProQR, intellectual property rights, including Know-How with respect to the Drug Product, Combination Product (but only the drug formulation component
thereof), ProQR Technology or ProQR Data, or any Regulatory Authority to obtain approval to market a Product, but such disclosure may be made only (i) after the other Party has been provided written notice of such intended disclosure at least
five (5) business days in advance of such disclosure, unless otherwise prevented from providing such notice pursuant to Applicable Law, and (ii) to the extent necessary to pursue such prosecution or maintenance or to obtain such approval,
in all cases to the extent permitted or required to accomplish the purposes of this Agreement. 

  
 23 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 6.4 Return. Upon the termination of this Agreement, all Confidential Information of
the disclosing Party in the receiving Party’s possession will be returned to the disclosing Party (or destroyed by the receiving Party, with written confirmation of such destruction), and the receiving Party will make no further use thereof.
Notwithstanding the foregoing, the receiving Party may retain one copy of the Confidential Information of the disclosing Party solely for archival purposes to ensure compliance with the provisions of this Section 6 or with the
requirements of Regulatory Authorities. 
 6.5 Publicity. Except as required by Law or court order, all publicity, press releases and
other announcements or disclosures relating to the existence and terms of this Agreement or the transactions contemplated hereby shall be reviewed in advance by, and shall be subject to the written approval of, both Parties; provided that such
publicity, press releases and other announcements shall not disclose any Confidential Information of the other Party hereunder and shall give appropriate attribution to the Product(s) and the other Party’s role(s) in the project contemplated
herein. Each Party shall provide the other Party an opportunity to review and comment on the language of such attribution prior to first use thereof in a press release or other public disclosure. PARI’s contribution to the Product shall be
acknowledged in all press releases and any presentations and publications of ProQR, its Affiliates and Permitted Sublicensees. Either Party may disclose the existence of this Agreement and the terms and conditions hereof, without the prior written
consent of the other Party, as may be required by applicable Law, in which case the Party seeking to disclose such terms and conditions shall give the other Party reasonable advance notice and review of any such disclosure and shall seek
confidential treatment of such information to the extent possible under applicable Law. 
 6.6 Permitted Sublicensees. The provisions
of this Section 6 shall apply to all Permitted Sublicensees and ProQR shall cause the Permitted Sublicensees to comply with the provisions of this Section 6 and incorporate the provisions of this Section 6 in each
Sublicense. ProQR shall be responsible for any breach of this Section 6 by any of its Permitted Sublicensees. 
 6.7 Deemed
Confidential Information. For purposes of this Agreement, all Improvements relating to the eFlow Technology Nebulizer, the Device or any Accessory developed by ProQR, its Affiliates or Permitted Sublicensees pursuant to activities conducted
under this Agreement or any Statement of Work shall be deemed to be and shall be treated as the Confidential Information of PARI, as the disclosing Party, and the provisions of this Section 6 shall apply thereto. For purposes of this
Agreement, all Improvements relating to the Drug Product developed by PARI or its Affiliates shall be deemed to be and shall be treated as the Confidential Information of ProQR, as the disclosing Party, and the provisions of this
Section 6 shall apply thereto. 
  

	7.	REPRESENTATIONS, WARRANTIES AND COVENANTS 

 7.1 Corporate Existence and Power. As
of the Effective Date, each Party hereto represents and warrants to the other Party that (a) it is a corporation duly organized, validly existing and in good standing under the laws of the state or jurisdiction in which it is incorporated or
organized; and (b) it has full power and authority and the legal right to own or license and operate its property and assets and to carry on its business as it is now being conducted and as contemplated in this Agreement. 

7.2 Authority. As of the Effective Date, each Party hereto represents and warrants to the other Party that (a) it has the power
and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (b) it has taken all necessary action on its part required to authorize the execution and delivery of this Agreement and the performance of
its obligations hereunder; (c) this 

  
 24 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid and binding obligation of such Party and is enforceable against it in accordance with its
terms; (d) all necessary consents, approvals and authorizations of all governmental authorities and other persons or entities required to be obtained by such Party in connection with entry into this Agreement have been obtained; and
(e) the execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (i) do not conflict with or violate any requirement of applicable Law or any provisions of such Party’s charter documents
in any material way, and (ii) do not conflict with, violate or breach or constitute a default or require any consent under, any contractual obligation, agreement, license, or any written instrument with any third party or court or
administrative order by which such Party is bound. 
 7.3 Intellectual Property. 

7.3.1 PARI represents and warrants that, to its knowledge, Schedule B sets forth a true, correct and complete list of all PARI
Patents comprising the Licensed Intellectual Property that are necessary or useful to Exploit the Device in the Territory. 

7.3.2 As of the Effective Date, PARI represents and warrants that the Licensed Intellectual Property is free and clear of all
Encumbrances. 
 7.3.3 As of the Effective Date, PARI represents and warrants that all registrations with and applications to
governmental or regulatory bodies in respect of the Licensed Intellectual Property in the Territory required to be made by PARI, or made at its direction and under its control, are in full force and effect and PARI has taken all commercially
reasonable actions required to maintain their validity and effectiveness. 
 7.3.4 PARI has not received any notice that it
is, in default (or with the giving of notice or lapse of time or both, would be in default) under any license with respect to the Licensed Intellectual Property. 

7.3.5 To the knowledge of PARI, as of the Effective Date, in the Field in the Territory, no third party device infringes upon,
or misappropriates the Licensed Intellectual Property rights. 
 7.3.6 PARI represents that it has not received any currently
outstanding or unresolved written notice from third parties that its Device or any other aspect of the Licensed Intellectual Property (i) infringes any third party Patents; (ii) misappropriates any Know-How belonging to a third party, or
(iii) makes unauthorized use of any confidential information belonging to a third party. In the event of an actual or threatened infringement action relating to the Device or the Licensed Intellectual Property incorporated in the Device, which
causes, or could reasonably be expected to cause, ProQR’s use of the Device in accordance with the terms of this Agreement to be disrupted, where and to the extent possible, PARI shall, at its option and on a country-by-country basis,
(x) provide ProQR with access to components or entire Nebulizers which are functionally equivalent to the Device whilst still meeting the specifications agreed to by the Parties, without additional charge to ProQR; or (y) modify the
infringing portions of the Device so that such portions are non-infringing whilst still meeting the specifications agreed to by the Parties, or (z) obtain a license of intellectual property due to the actual infringement or misappropriation by
the Device at PARI’s cost and expense. For the avoidance of doubt, any measure taken by PARI on ProQR’s behalf in accordance with subsection (x) – (z) above shall not add to the license cost or the total royalty burden
incurred by ProQR. In case PARI fails to take action in accordance to this section resulting in ProQR being prohibited to sell the Device or 

  
 25 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
the Combination Product (i.e., as a result of a court imposed injunction), then ProQR shall be permitted to take such actions it reasonably believes, acting in good faith, to avoid such an
injunction, provided, however, that ProQR shall not enter into any license agreement or any other settlement agreement with the third party alleging infringement without PARI’s prior written consent, such consent not to be unreasonably
withheld, delayed or conditioned. If ProQR takes any of these measures it shall be fully reimbursed by PARI, including for any additional license costs or royalty burden going forward as set forth in Sections 4.4(b) and (c) above. 

 

	8.	SUPPLY 

 8.1 Supply Agreement. PARI shall control and be responsible for all
manufacturing pertaining to the Device and Accessories. The Parties shall enter into a definitive commercial supply agreement (the “Supply Agreement”) providing for the supply of Devices, Handsets, and Accessories from PARI or its
contract manufacturer to, at ProQR’s election, ProQR, its Affiliates, or its Permitted Sublicensees, and shall use Commercially Reasonable Efforts to execute such Supply Agreement as soon as reasonably practicable and in any event prior to the
initiation of the earliest Phase 3 Clinical Trial for the Drug Product unless otherwise mutually agreed to by the Parties. The Parties shall negotiate with one another in good faith with respect to the Supply Agreement. The Supply Agreement shall
remain in full force and effect through the Royalty Term and thereafter as long as ProQR and its Permitted Sublicensees in the aggregate will annually order a minimum number of [***] handsets per year on a global basis at a price of [***] per
handset plus the rate of price increase in Germany between the Effective Date and the year in which such minimum amount is to be purchased (published by the Statistisches Bundesamt under
www.destatis.de/EN/FactsFigures/Indicators/ShortTermIndicators/Prices/pre110.html). For the avoidance of doubt, the Supply Agreement shall only terminate if, after having been notified by PARI of ProQR’s failure to order the [***]
minimum amount of handsets, ProQR fails to order such minimum amount within a period of 90 days following receipt of such notification. The Supply Agreement shall incorporate the terms set forth in Schedule E, the terms set forth below and
other customary terms for a supply relationship of this nature, and shall include additional provisions sufficient to protect ProQR in the event of a shortfall of Devices, Accessories or any components thereof and contain provisions related to time
of delivery of sufficient quantities of Devices and Accessories. 
 8.2 Clinical Development. PARI shall use Commercially Reasonable
Efforts to manufacture and supply the Device, Handsets, and Accessories to ProQR, its Affiliates, or its Permitted Sublicensees for use during clinical trials of the Drug Product by, or on behalf of, ProQR for a price of (i) [***] per Handset,
and (ii) [***] per Device, in each case excluding any shipping or storage costs. The foregoing prices are for Devices without any monitoring capability. PARI shall use Commercially Reasonable Efforts to provide one hundred percent
(100%) of ProQR’s, its Affiliates’, or its Permitted Sublicensees’ requirements for such clinical trials. 
 8.3
Commercial.  
 8.3.1 Manufacture and Supply of the Device. The Parties agree that PARI shall manufacture and supply
to ProQR (or its designee) the Device for commercial use with the Drug Product at the price (“Device Price”) of [***] per eBase Starter Kit (including eBase controller, nebulizer connection cable, batteries, mains adapter, Easycare
membrane cleaning aid (but excluding Handset)). The Device Price is ex works Incoterms 2010 (“EXW”) PARI’s manufacturing or distribution dock (i.e. does not include distribution costs). 

8.3.2 Manufacture and Supply of Handsets. The Parties agree that PARI shall manufacture and supply to ProQR (or its designee)
replacement Handsets intended for commercial use with the Drug Product (as an inclusion in the monthly Drug Product Package) at the price (“Handset Price”) of [***] per Handset. 

  
 26 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 8.4 Forecasts. ProQR shall submit rolling quarterly forecasts of its anticipated
requirements of Devices and Handsets for the next 12 months. 
 8.5 Commercial Specifications. The Supply Agreement shall set forth
any final product specifications for the Device as determined in accordance with this Agreement. The Supply Agreement may also set forth any additional Device specifications and other characteristics and materials for the Device (“Additional
Specifications”), as mutually agreed to by the Parties. Any changes in such Additional Specifications that could have a material adverse effect on the development of the Product and manufacture of the Device, including the quality,
reliability, robustness or user interface of the Device, or which would otherwise have an adverse effect on the Drug Product when used with the Device, shall require the prior written approval of ProQR as shall be described in more detail in the
Supply Agreement. 
 8.6 Other Supply Terms. Other customary supply terms shall include quality, acceptance, invoicing and payment,
inspection and optimization, repair, product recalls, adulteration, misbranding, product warranties, notice and cure periods, trademark license and usage guidelines, co-branding rights, representations and warranties (including with respect to the
final design of the Device), indemnities (including product liability indemnity from PARI for the Device), remedies, force majeure, termination provisions and provisions with respect to an appropriate back-up plan to provide reasonable assurances of
continuity of supply of the Devices, all as mutually agreed to by the Parties. 
 8.7 Adverse Event Reporting. This
Section 8.7 shall only apply with respect to the conduct by, or on behalf of, ProQR of clinical trials with respect to the Products. Adverse event reporting with respect to the Products shall otherwise be conducted in accordance with the
terms set forth in the Supply Agreement or in a safety data exchange agreement in which the Parties may enter into for the commercialization of the Products. Unexpected serious adverse events that are made known to either Party (or to a Permitted
Sublicensee) and that are considered to be related to the Drug Product or the Device, shall be reported to the other Party on an expedited basis, and at least within two (2) business days of such Party (or a Permitted Sublicensee) becoming
aware of the unexpected serious adverse event as a result of notification from an institutional review board (IRB), Regulatory Authority or participating investigators. An unexpected serious adverse experience is defined as any adverse drug
experience, the specificity or severity of which is not consistent with the current Investigator Brochure for a clinical trial, or, if an Investigator Brochure is not required or available, the specificity or severity of which is not consistent with
the risk information described in the general investigational plan or elsewhere in the current application, as amended. Unexpected, as used in this definition, refers to an adverse drug experience that has not been previously observed (e.g.,
included in the Investigator Brochure) rather than from the perspective of such experience not being anticipated from the pharmacological properties of the pharmaceutical product. In the case of a clinical trial, an unexpected serious adverse event
would, for example, be as assessed by the investigator and or the sponsor or authorized person without breaking the blind and would qualify for expedited reporting. An unexpected serious adverse event shall be reported by ProQR to the appropriate
institutional review board, Regulatory Authority, investigator and PARI. 
 8.8 Restrictions on Use. The following provisions in this
Section 8.8 shall only apply from the Effective Date until the First Commercial Sale for the first Drug Product. From such First Commercial Sale and thereafter, the provisions set forth in the Supply Agreement shall govern the Parties
accordingly. 
 (a) PARI represents and warrants that the manufacturing of the Device complies at all times with all
applicable Laws and standards valid in the Territory. 

  
 27 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
Notwithstanding PARI’s obligations pursuant to the previous sentence, ProQR, its Affiliates and Permitted Sublicensees will use the Device in compliance with all applicable Laws and
standards valid in the country where the Device is used. ProQR, its Affiliates and Permitted Sublicensees intend to conduct clinical trials utilizing the Device, including, for example, those relating to research involving the use of humans or
animals and will not engage in any such clinical trials without first obtaining necessary approval from its relevant ethics committee(s) such as, but not limited to, the Institutional Review Board. The Device shall not be used by ProQR, its
Affiliates and Permitted Sublicensees directly or indirectly for any purpose other than the clinical trials. 
 (b) ProQR,
its Affiliates and Permitted Sublicensees shall retain control of the Device and shall not distribute or release the Device to any person or entity other than ProQR’s, its Affiliates’ and Permitted Sublicensees’ or the clinical trial
site’s employees, consultants or contractors (“ProQR Representatives”) and individuals who will be participating in the clinical trials who have a need to access the Device in connection with use of the Device for the clinical
trials and who have been advised of ProQR’s obligations with respect to such Device. ProQR shall not allow its Affiliates, its Permitted Sublicensees or ProQR Representatives to keep or disburse the Device to any other person or other location,
unless ProQR first obtains PARI’s written permission. ProQR shall be liable for the use of the Device by its Affiliates, its Permitted Sublicensees or ProQR Representatives in violation of this Section 8.8(b). 

(c) The Device is to be used in accordance with the terms and conditions of this Agreement only by ProQR, its Affiliates, its
Permitted Sublicensees or ProQR Representatives or patients participating in the clinical trials under ProQR’s control, at the clinical trial sites listed in the applicable purchase order for such Devices accepted by PARI. 

(d) ProQR, its Affiliates and Permitted Sublicensees shall conduct the clinical trials pursuant to a written protocol (the
“Study Protocol”). ProQR shall provide a synopsis of the Study Protocol to PARI prior to the commencement of the applicable clinical trials. Following the completion of the clinical trial studies, ProQR shall retrieve the Devices at
ProQR’s expense and the Devices shall be stored or destroyed and discarded by ProQR which destruction and disposal is confirmed to PARI by ProQR in writing. 

(e) ProQR shall not, and shall cause its Affiliates and Permitted Sublicensees not to, subject to analysis or have subjected to
analysis the Devices and/or components constituting Devices received from PARI for the purpose of reverse engineering or in a manner that would reveal material composition or internal design or operation of such sample and/or component or its method
of manufacture. ProQR shall be responsible for any breaches of this Section 8.8 by any of its Affiliates and/or Permitted Sublicensees. 
  

	9.	INDEMNIFICATION 

 9.1 Indemnification by PARI. PARI shall indemnify, defend and
hold harmless ProQR and its Affiliates and each of their respective employees, officers, directors and agents from and against any and all third party (including a Permitted Sublicensee) Claims, liability, loss, damage, cost and expense (including
reasonable attorneys’ fees) resulting from or in connection with (i) the material breach by PARI of any representation, warranty or covenant contained in this Agreement; (ii) any product liability Claim by a third party directly
arising from the design or function of the Device, except to the extent attributable to ProQR’s, its Affiliates’ or Permitted Sublicensees’ breach of this Agreement or the Supply Agreement; or (iii) Claim of infringement or
misappropriation of the patent rights, trade secrets, 

  
 28 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
Know-How or other intellectual property rights of any third party by PARI or its Affiliates or the Device or uses and Exploitation thereof to the extent such Claim relates to the Device or the
Licensed Intellectual Property in the Field; provided, however, that such indemnification right shall not apply to any Claims, liability, loss, damage, cost and expense (a) to the extent directly attributable to the negligence, reckless
misconduct, or intentional misconduct of a party seeking indemnification under this Section 9.1, or (b) for which ProQR is obligated to indemnify PARI under Section 9.2(i) through (iv) (Indemnification by ProQR).

 9.2 Indemnification by ProQR. ProQR shall indemnify, defend and hold harmless PARI and its Affiliates and each of their respective
employees, officers, directors and agents from and against any and all third party Claims, liability, loss, damage, cost and expense (including reasonable attorneys’ fees) resulting from or in connection with (i) the material breach by
ProQR, its Affiliates and/or Permitted Sublicensees of any representation, warranty or covenant contained in this Agreement; (ii) Claim of infringement or misappropriation of the patent rights, trade secrets, Know-How or other intellectual
property rights of any third party by ProQR or its Affiliates or the Drug Product or use thereof to the extent such Claim relates to the Drug Product; (iii) the Exploitation of the Device by ProQR, its Affiliates or Permitted Sublicensees; or
(iv) any product liability Claim by a third party arising from the Drug Product; provided, however, that such indemnification right shall not apply to any Claims, liability, loss, damage, cost and expense (a) to the extent directly
attributable to the negligence, reckless misconduct, or intentional misconduct of a party seeking indemnification under this Section 9.2, or (b) for which PARI is obligated to indemnify ProQR under Section 9.1(i) through
(iii). 
 9.3 Indemnification Procedures. Subject to the provisions of Section 5.2.5, promptly after receipt by a
Party seeking indemnification under this Section 9 (an “Indemnitee”) of notice of any pending or threatened claim against it (an “Action”), such Indemnitee shall give written notice to the Party from
whom the Indemnitee is entitled to seek indemnification pursuant to this Section 9 (the “Indemnifying Party”) of the commencement thereof; provided that the failure so to notify the Indemnifying Party shall not relieve
it of any liability that it may have to any Indemnitee hereunder, except to the extent the Indemnifying Party demonstrates that it is materially prejudiced thereby. Any Action that is subject to indemnification under this Section 9 shall
be brought against an Indemnitee and it shall give written notice to the Indemnifying Party of the commencement thereof, the Indemnifying Party shall assume the defense thereof with counsel reasonably satisfactory to such Indemnitee and, the
Indemnifying Party shall not be liable to such Indemnitee under this Section 9 for any fees of other counsel or any other expenses, in each case subsequently incurred by such Indemnitee in connection with the defense thereof. No
compromise or settlement of any Action may be effected by the Indemnifying Party without the Indemnitee’s written consent, which consent shall not be unreasonably withheld or delayed, unless (A) there is no finding or admission of any
violation of Law or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee and (B) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party. 

9.4 Insurance. Each of PARI and ProQR shall have and maintain such type and amounts of liability insurance covering its activities
under this Agreement as is normal and customary in the medical device and pharmaceutical industries generally for Parties similarly situated. Each Party shall, upon request of the other Party, provide the requesting Party with extracts or copies, as
permitted under each policy, of the foregoing policies of insurance, along with any amendments and revisions thereto. 

  
 29 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

	10.	TERM AND TERMINATION 

 10.1 Term. The term of this Agreement shall begin upon the
Effective Date and shall continue in full force and effect on a country-by-country basis until the expiration of the Royalty Term, or unless earlier terminated as hereinafter provided in this Section 10 (the “Term”).

 10.2 Termination of Agreement for Breach. Subject to the provisions of Section 10.3.1, either Party may terminate this
Agreement and the License for breach by giving thirty (30) days’ written notice to the breaching Party (specifying in reasonable detail the basis for such termination) and such breaching Party has not cured such breach within such thirty
(90)-day period. 
 10.3 Termination of Agreement by PARI. Notwithstanding anything to the contrary contained in this Agreement, PARI
may terminate this Agreement and the License upon the occurrence of one or more of the following: 
 10.3.1 immediately upon
written notice to ProQR in the event ProQR notifies PARI of its election to completely switch (meaning to discontinue all use of the Device) to an alternative device pursuant to Section 4.10; 

10.3.2 immediately upon written notice to ProQR in the event that ProQR (or a Permitted Sublicensee) is in breach of its
obligation to use Commercially Reasonable Efforts pursuant to Section 3.7.1 and such breach is not cured within ninety (90) days of ProQR’s receipt of written notice from PARI specifying in reasonable detail the nature of such breach
(provided, however, that the time period set forth in Section 3.7.4 shall be deemed to be included in such ninety (90) day period and not in addition thereto); 

10.3.3 immediately, upon written notice, if ProQR applies for an order or an order is made declaring ProQR bankrupt or granting
ProQR suspension of payments, or a liquidator is appointed for ProQR; or 
 10.3.4 immediately, upon written notice, if ProQR
is dissolved, liquidated or ceases to carry on all or a substantial part of its business or a decision is taken to that effect. 
 10.4
Termination of Agreement by ProQR. ProQR may terminate this Agreement upon the occurrence of one or more of the following: 

(a) immediately, upon written notice to PARI, (i) if ProQR (or its Permitted Sublicensee) after obtaining first marketing
approval for the sale of the Drug Product in a Major Country elects in accordance with Section 4.10(y) to terminate this Agreement and the License and to pay to PARI within three (3) business days of the notice, the Compensatory
Payment Amount, or (ii) in case the Device is rejected by a Regulatory Authority for use with the Drug Product and all appeals against such rejection have been exhausted. For the avoidance of doubt, no compensation is due by ProQR in case of
(ii). 
 (b) to the extent permitted by law, immediately, upon written notice to PARI, if PARI applies for an order or an
order is made declaring PARI bankrupt or granting PARI suspension of payments, or a liquidator is appointed for PARI, or any similar event occurs with respect to PARI or any substantial part of its assets in the jurisdiction where PARI is
established; 

  
 30 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 (c) to the extent permitted by law, immediately, upon written notice to PARI,
if PARI is dissolved, liquidated or ceases to carry on its business or a decision is taken to that effect. 
 10.5 Effect of Termination.
 
 10.5.1 Termination shall not relieve either Party of any obligations (including payment obligations) which have
accrued prior to the effective date of such termination. 
 10.5.2 In the case of any breach of the terms of the License, a
decision not to terminate does not reduce or eliminate any recourse otherwise available to either Party. 
 10.5.3 Upon any
termination of this Agreement other than by ProQR under Section 10.2 (Termination of Agreement for Breach), all rights under the License shall automatically terminate and revert to PARI. 

10.5.4 Upon termination by ProQR under Section 10.2 (Termination of Agreement for Breach), at ProQR’s option the
License shall survive, subject to compliance by ProQR with all applicable provisions of this Agreement (including payment of Royalties, Annual Minimum Royalties and the Compensatory Payment Amount (if and when applicable)). 

10.5.5 Subject to the foregoing, upon termination of this Agreement and assuming that a First Commercial Sale has occurred,
ProQR shall have the right to sell off Devices and Accessories that are solely in ProQR’s, its Affiliates or Permitted Sublicensees’ possession for a period not to exceed (i) six (6) months if ProQR terminates this Agreement
pursuant to Section 10.2 and (ii) three (3) months if either PARI terminates this Agreement pursuant to Sections 10.2, 10.3.1 or 10.3.2, or if ProQR terminates this Agreement pursuant to Section 10.4, in each case from the date
of termination, subject to payment of any applicable Royalty obligations, Annual Minimum Royalties and the Compensatory Payment Amount (if and when applicable), and compliance with the provisions of Section 8.8 of this Agreement and the Supply
Agreement. 
 10.5.6 Upon the termination of this Agreement for any reason, other than termination by (a) ProQR under
Section 10.4 (Termination of Agreement by ProQR), (b) PARI pursuant to Section10.3.1 or (c) PARI pursuant to Sections 10.3.2, or 10.3.3, or 10.3.4 unless the applicable Permitted Sublicensee is pursuing
Commercially Reasonable Efforts for the Drug Product for use with the Device in a specific territory pursuant to Section 3.7.1, any Sublicense granted by ProQR hereunder shall survive such termination and automatically convert to a direct
license between PARI and the Permitted Sublicensee provided such Sublicense: (i) received the prior written approval from PARI, (ii) complies with all of the provisions of Section 2.3 and is consistent with all of, and not in conflict
with, any of the terms of this Agreement, (iii) includes financial and payment terms, including Royalty, Annual Minimum Royalties and the Compensatory Payment Amount obligations in this Agreement, (iv) imposes no obligations on PARI more
stringent or different from those set forth in this Agreement and (v) imposes on the Permitted Sublicensee the same obligations and restrictions as are imposed on ProQR under this Agreement. The Device and Handset supply terms shall be
consistent with this Agreement. If (i) this Agreement is terminated by ProQR pursuant to Section 10.4 or by PARI pursuant to Sections 10.3.1, 10.3.2, 10.3.3 or 10.3.4 (as conditioned above) or (ii) a Sublicense agreement does not
conform to the provisions of this Agreement, including, but not limited to Section 2.3 and this Section 10.5.6, then in the case of (i) above in this sentence all Sublicenses and in the case of (ii) above in this sentence the
non-conforming 

  
 31 

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separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
Sublicense only, shall immediately terminate. Any Sublicense shall not relieve ProQR of its obligations to PARI under this Agreement and ProQR shall remain fully responsible for performance of
this Agreement notwithstanding any Sublicenses granted by ProQR, and shall cause any Permitted Sublicensee to comply with the applicable terms and conditions of this Agreement. 

10.6 Survival. Except as expressly provided herein, Sections 1, 2.1.3, 3.4, 3.6, 4.6, 4.7, 4.8, 4.9, 4.10 and
12.3; and Sections 5, 6, 9, 10, 11, and 13 and any accrued rights as to payments due shall survive any expiration or early termination of this Agreement. 
  

	11.	LIMITATION OF LIABILITY 

 EXCEPT FOR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, NEITHER PARTY SHALL BE
LIABLE TO THE OTHER PARTY UNDER ANY CIRCUMSTANCES OR ANY LEGAL OR EQUITABLE THEORY, WHETHER IN CONTRACT, STRICT LIABILITY OR OTHERWISE, FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR DAMAGES FOR LOST PROFITS ARISING OUT OF OR RELATED TO
THE LICENSED INTELLECTUAL PROPERTY OR TO THIS AGREEMENT, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL LIMIT OR EXCLUDE EITHER PARTY’S MANDATORY STATUTORY LIABILITY AND/OR
LIABILITY FOR DEATH OR PERSONAL INJURY SUFFERED BY THE OTHER PARTY CAUSED BY NEGLIGENCE OR FOR FRAUD OR FRAUDULENT MISREPRESENTATION. 
  

	12.	DISPUTE RESOLUTION 

 12.1 Informal Resolution. Subject to
Section 13.6, in the event of any controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation, performance, or alleged breach of this Agreement (the “Dispute”), prior to
instituting any arbitration on account of such Dispute, the Parties shall attempt in good faith to settle such Dispute first by negotiation and consultation between themselves, including referral of such Dispute to the Chief Executive Officer of
ProQR and the President of PARI. In the event said executives are unable to resolve such Dispute or agree upon a mechanism to resolve such Dispute within thirty (30) days of the first written request for dispute resolution under this
Section 12.1, then the Parties shall resolve all such Disputes in accordance with Section 12.2. 
 12.2
Arbitration. If any Dispute has not been resolved by good faith negotiations between the Parties pursuant to Section 12.1 above, then the Parties shall endeavor to settle the Dispute by submitting the matter to binding arbitration
by the International Chamber of Commerce (“ICC”) in Brussels, Belgium. Such arbitration may be conducted under the commercial rules then in effect for the ICC except as provided herein. All such proceedings shall be held in English
and a transcribed record prepared in English. Each Party shall choose one (1) arbitrator within thirty (30) days of receipt of notice of the intent to arbitrate. Such arbitrators shall thereafter choose a third arbitrator within thirty
(30) days of their appointment. If no arbitrator is appointed within the times herein provided or any extension of time which is mutually agreed upon, the ICC shall make such appointment of the first two (2) arbitrators within thirty
(30) days of such failure who shall thereafter pick the third as set forth herein. Each Party in any arbitration proceeding commenced hereunder shall bear such Party’s own costs and expenses (including expert witness and attorneys’
fees) of investigating, preparing and pursuing such arbitration claim. Nothing in this Agreement shall be deemed as preventing either Party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the
Parties and the subject matter of the Dispute as necessary to protect either Party’s name, intellectual property or Confidential Information. If the Dispute involves scientific or technical matters, any arbitrator chosen hereunder shall

  
 32 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 
have educational training and/or experience sufficient to demonstrate a reasonable level of knowledge in the field of intellectual property in the pharmaceutical and medical device sector. The
award rendered by the arbitrators shall be written, final and non-appealable, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

12.3 Governing Law. This Agreement shall be governed by the laws of Germany, notwithstanding any conflict of laws provisions. 

 

	13.	MISCELLANEOUS 

 13.1 Unenforceability. Both Parties hereby expressly state that it is the
intention of neither Party to violate any Law. If any of the provisions of this Agreement are held to be void or unenforceable, the validity and force of the remainder of this Agreement shall not be affected thereby and such void or unenforceable
provisions shall be replaced by valid and enforceable provisions which will achieve as far as possible the economic business intentions of the Parties. 

13.2 No Waiver. The failure by either Party to take any action or assert any right hereunder shall in no way be construed to be a
waiver of such right, nor in any way be deemed to affect the validity of this Agreement or any part hereof, or the right of a Party to thereafter enforce each and every provision of this Agreement. 

13.3 Drafting. This Agreement shall not be construed more strictly against one Party than the other because it may have been drafted by
one of the Parties or its counsel, each Party having contributed through its counsel substantially and materially to the negotiation and drafting thereof. 

13.4 Assignment. This Agreement and the Parties’ rights and obligations hereunder shall not be assignable except with the prior
written consent of the other Party, not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, either Party shall have the right to assign this Agreement or its rights or obligations under this Agreement to any of its
Affiliates, successors in interest or acquirers of all or substantially all of its assets relating to in case of PARI, any Licensed Intellectual Property or the Device and, in case of ProQR, intellectual property rights, including Know-How, with
respect to the Drug Product, Combination Product, ProQR Technology or ProQR Data; provided that such Affiliate, successor in interest or acquirer (i) in case of ProQR is not a PARI Competitor, and (ii) in any case assumes all of such
Party’s obligations under this Agreement. In addition, the provisions of Section 13.10 shall apply. 
 13.5 Relationship
of the Parties. In making and performing this Agreement, the Parties are acting, and intend to be treated, as independent entities and nothing contained in this Agreement shall be construed or implied to create an agency, partnership, joint
venture, or employer and employee relationship between or among any of the Parties. Except as otherwise provided herein, no Party may make any representation, warranty or commitment, whether express or implied, on behalf of or incur any charges or
expenses for or in the name of any other Party. No Party shall be liable for the act of any other Party unless such act is expressly authorized in writing by such Party. 

13.6 Injunctive Relief. Each of the Parties agrees that if certain material obligations under this Agreement are not performed in
accordance with their specific terms or are otherwise breached, (a) severe and irreparable damage would occur, (b) no adequate remedy at law would exist and (c) damages would be difficult to determine. Each of the Parties agrees that,
in such case, the injured Party or Parties shall be authorized and entitled to obtain from any court of competent jurisdiction injunctive relief, whether preliminary or permanent, as well as any other relief permitted by applicable law, and the
breaching Party shall waive any requirement that such Party or Parties post bond as a condition for obtaining any such relief. 

  
 33 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 13.7 Notices. Every notice, election, demand, consent, request, approval, report,
offer, acceptance, certificate, or other communication required or permitted under this Agreement or by applicable Law shall be in writing and shall be deemed to have been delivered and received (a) when personally delivered, (b) on the
seventh (7th) business day after which sent by registered or certified mail, postage prepaid, return receipt requested, (c) on the date on which transmitted by electronic mail (e-mail)
(provided that, on that same date, a copy of such notice is sent by registered or certified mail, postage prepaid, return receipt requested), or (d) on the third (3rd) business day after
the business day on which deposited with a regulated public carrier (e.g., Federal Express) for overnight delivery (receipt verified), freight prepaid, addressed to the Party for whom intended at the mailing address or e-mail address set forth
below, or such other mailing address, notice of which is given in a manner permitted by this Section 13.7. 
 For PARI:

 PARI Pharma GmbH 

Moosstrasse 3 
 D-82319 Starnberg,
Germany 
 Attn: Dr. Martin Knoch, President 

E-mail: [***] 
 With a copy to:

 McGuireWoods LLP 
 901 E.
Cary Street 
 One James Center 

Richmond, Virginia 23219-4030 

Attn: Patrick A. De Ridder, Esq. 

E-mail: [***] 
 For ProQR:

 ProQR Therapeutics N.V. 

Darwinweg 24 
 2333 CR Leiden 

The Netherlands 
 Attn: Daniel A.
de Boer 
 E-mail: [***] 
 With
a copy to: 
 ProQR Therapeutics N.V. 

Darwinweg 24 
 2333 CR Leiden 

The Netherlands 
 Attn: Reindert
K. Beukema 
 E-mail: [***] 

  
 34 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 13.8 Entire Agreement. This Agreement and the Schedules to this Agreement, together
with the Material Transfer Agreement dated as of December 3, 2013 between the Parties, as amended, contain the entire understanding between the Parties relating to the subject matter hereof and supersedes any and all prior agreements,
understandings and arrangements, whether written or oral, between the Parties hereto. No amendments, changes, modifications, waivers or alterations of the terms and conditions of this Agreement shall be binding upon either Party hereto unless in
writing and signed by both Parties. 
 13.9 Headings. The captions to the Sections hereof are not a part of this Agreement, but are
merely guides or labels to assist in locating and reading the several Sections hereof. 
 13.10 Novartis. In the event ProQR desires
for Novartis AG, or any entity related to Novartis AG that is covered by any of the two paragraphs set forth in Schedule C to this Agreement (collectively, a “Novartis Entity”), to become a Permitted Sublicensee pursuant to
Section 2.3 or a permitted assignee pursuant to Section 13.4, then prior to any such business arrangement with any such Novartis Entity and continuing thereafter (x) PARI shall not be required to provide any access to or
share with such third party or any other Novartis Entity any of PARI’s Confidential Information and/or Licensed Intellectual Property, and (y) ProQR shall ensure (and shall cause its Affiliates, Permitted Sublicensees and permitted
assignees to ensure) that no PARI Confidential Information and/or Licensed Intellectual Property is shared with or is otherwise granted access to any Novartis Entity. A breach of this Section 13.10 shall be deemed a material breach of
this Agreement. 
 13.11 Legal Counsel. Each party hereby represents and acknowledges that it has had the opportunity to seek
independent tax and legal advice from attorneys of such party’s choice with respect to the advisability of executing this Agreement. The rule of construction that a written agreement is construed against the party preparing or drafting the
agreement shall specifically not be applicable to the interpretation of this Agreement. 
 13.12 Counterparts. This Agreement may be
executed in counterparts and each such counterpart shall be deemed an original hereof. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or by email in portable document form (.pdf) shall constitute delivery of a
manually executed counterpart of this Agreement. 

  
 35 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 IN WITNESS WHEREOF, the
Parties hereto have executed this License Agreement as of the Effective Date. 
  

			
	PARI PHARMA GMBH
		
	By:	 	 /s/ Martin Knoch

		 	Name: Dr. Martin Knoch
		 	Title:   President
	
	PROQR THERAPEUTICS N.V.
		
	By:	 	 /s/ Daniel A. de Boer

		 	Name: Daniel A. de Boer
		 	Title:   CEO

  
 36 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 SCHEDULE A 

DEVICE SPECIFICATIONS 
  

	 	•	 	MMD ( measured with laser diffraction instrument using isotonic saline, Mie model, at 20 L/min, 50%±5% rH, 23±1°C): 2.9 to 3.8 μm 

 

	 	•	 	Total Output Rate (measured with isotonic saline): > 250 mg/min 

  

	 	•	 	Fill volume of the medication reservoir: 0.5ml to 4.0 ml (without a residual volume which remains in the medication reservoir) 

  

	 	•	 	Mixing chamber size L 

  
 37 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 SCHEDULE B 

PARI PATENTS AND PATENT APPLICATIONS 

PARI PHARMA GMBH PATENTS AND PATENT APPLICATIONS

 For each patent family is named the internal and external title, the priority date and its Equivalents, which shall include all US and foreign
patents and patent applications that are equivalents, provisionals, divisionals, continuations, continuations-in-part, reissues, re-examinations, renewals, extensions and term restorations of the listed patents or patent applications. 

Device Patents and Patent Applications 

Mixing Chamber: entitled “Inhalation nebulizer”, priority date: 5 November 1999. 

 

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	DE 19953317	  	DE 19953317	  	5 Nov 1999	  	DE 19953317(**)	  	1 Feb 2001
	PCT/US 00/29541	  	WO 01/34232	  	27 Oct 2000	  	n/a	  	n/a
	EP 00973 900.4	  	EP 1227856	  	27 Oct 2000	  	EP 1227856 (*)	  	17 Jul 2008
	AU 20010012348	  	WO 01/34232	  	27 Oct 2000	  	AU 781911	  	6 Oct 2005
	CA 2,389,936	  	CA 2,389,936	  	27 Oct 2000	  	CA 2,389,936	  	10 Apr 2007
	JP 2001-536227	  	JP 2006122692	  	27 Oct 2000	  	n/a	  	abandoned
	JP 2005-343334	  	JP 2007-294049	  	27 Oct 2000	  	JP 4589862	  	17 Sep 2010
	NZ 518782	  	NZ 518 782	  	27 Oct 2000	  	NZ 518 782(**)	  	9 Feb 2004
	US 10/129,498	  	WO 01/34232	  	27 Oct 2000	  	US 6,962,151	  	8 Nov 2005
	US 11/269,763	  	US 2006/0054166	  	27 Oct 2000	  	n/a	  	abandoned

  

	(*) 	In force in BE; CH/LI; DE; ES; FR; GB; IE; IT; NL; SE  

	(**) 	Lapsed in DE and NZ 

 Negative Pressure Reservoir: entitled “Aerosol generator”,
priority date: 23 January 2001. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	DE 10102846	  	DE 10102846	  	23 Jan 2001	  	n/a	  	abandoned
	PCT/EP 02/00648	  	WO 02/064265	  	23 Jan 2002	  	n/a	  	n/a
	EP 02719714.	  	EP 1353759	  	23 Jan 2002	  	EP 1353759 (*)	  	20 Dec 2007
	JP 2002-564050	  	JP 2004-523294	  	23 Jan 2002	  	JP 4187528	  	19 Sep 2008
	US 10/466,929	  	US 2004/089295	  	23 Jan 2002	  	US 6,983,747	  	10 Jan 2006

  

	(*) 	In force in BE; CH/LI; DE; FR; GB; IE; IT; NL 

 Microcontroller: entitled “Vorrichtung zur
Erzeugung von Flüssigkeitströpchen mit einer in Schwingung versetzten Membran” (Translation: Apparatus for generation of fluid aerosol with a vibrating membrane), priority date: 7 May 2001. 

 

									
	 Application number
	  	 Publication number
	  	 Filing date
	  	 Patent number
	  	 Issue date

	 DE 10122065
	  	DE 10122065	  	7 May 2001	  	DE 10122065	  	4 Oct 2007

  
 38 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 Membrane Signal Transmitter: entitled “Device for inhalation therapy”, priority date:
18 October 2001. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 EP 01124294.8
	  	EP 1304130	  	18 Oct 2001	  	EP 1304130(*)	  	23 Jun 2004
	 PCT/EP 02/11706
	  	WO 03/035153	  	18 Oct 2002	  	n/a	  	n/a
	 US 10/810,098
	  	US 2005/0056274	  	26 Mar 2004	  	US 7,252,085	  	7 Aug 2007

  

	(*) 	In force in DE, GB 

 Spring Spokes: entitled “Fluid droplet production apparatus and
method”, priority date: 2 August 2002. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 EP 02016972.8
	  	EP 1386672	  	2 Aug 2002	  	EP 1386672(*)	  	11 Mar 2010
	 PCT/EP 03/08482
	  	WO 2004/014569	  	31 Jul 2003	  	n/a	  	n/a
	 US 10/522,344
	  	US 2006/0097068	  	31 Jul 2003	  	US 7,931,212	  	26 Apr 2011
	 US 13/042,908
	  	US 2011155768	  	8 Mar 2011	  	US8,511,581	  	20 Aug 2013

  

	(*) 	In force in CH/LI, DE, FR, GB, IE, IT, NL 

 Fluid-Presence-Sensor: entitled “Inhalation
Therapy Device”, priority date: October 30, 2002. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 DE 10250625
	  	DE 10250625	  	30 Oct 2002	  		  	
	 PCT/EP 03/12076
	  	WO 2004/039442	  	30 Oct 2003	  	n/a	  	n/a
	 EP 03 809 748
	  	EP 1558315	  	30 Oct 2003	  	EP 1558315(*)	  	30 Dec 2009
	 US 10/533,430
	  	US 2006/0102172	  	30 Oct 2003	  	US 7,458,372	  	2 Dec 2008

  

	(*) 	In force in BE, DE, FR, GB, IT, NL 

 Slip-lock Contact: entitled “Inhalation therapy
device”, priority date: 7 November 2002. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 DE 10251864.5
	  	DE 10251864	  	7 Nov 2002	  	DE 10251864	  	24 Jun 2004
	 PCT/EP 2003/012401
	  	WO 2004041335	  	6 Nov 2003	  	n/a	  	n/a

 Inhalation Valve (2-Parts): entitled “Inhalation Therapy Device”, priority date: December 9,
2002. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 DE 10257381
	  	DE 10257381	  	9 Dec 2002	  	DE 10257381	  	13 Apr 2006
	 PCT/EP 03/13959
	  	WO 04/052436	  	9 Dec 2003	  	n/a	  	n/a
	 EP 03 782 349
	  	EP 1569710	  	9 Dec 2003	  	EP 1569710(*)	  	27 May 2009
	 US 10/538,515
	  	US 2008/060640	  	9 Dec 2003	  		  	

  

	(*) 	In force in DE, FR, GB, IT 

  
 39 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 Membrane Welding: entitled „Membrane nebulizer und device for welding a membrane with a
medium during production of a membrane nebulizer”, priority date: 2 June 2009. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 DE 102009026636.4
	  	DE 102009026636	  	2 Jun 2009	  	DE 102009026636	  	14 Apr 2011
	 PCT/EP2010/057718
	  	WO 2010/139730	  	2 Jun 2010	  	n/a	  	n/a
	 US 13/375,818
	  	US 20120167877	  	2 Jun 2010	  		  	
	 EP 10724069.9
	  	EP 2437896	  	2 Jun 2010	  		  	

 FluPS II (Fluid-Presence-Sensor): entitled “Aerosol Delivery Device and Method of Operating the Aerosol
Delivery Device”; priority date: 16 December 2013. 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 EP 13197391.9
	  	EP	  	16 Dec 2013	  		  	
	 PCT/EP2014/ (*)
	  	WO	  	Dec 2014	  	n/a.	  	n/a.

  

	(*)	Further extensions planed 

  
 40 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 Patents licensed from The Technology Partnership, plc (TTP): 

Further (II) TTP Patent: entitled “Liquid Supply Apparatus”, priority date: 13 February 1996 

 

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 GB 9602969
	  	GB 9602969	  	13 Feb 1996	  	GB 9602969(*)	  	28 Jun 2000
	 PCT/GB 97/00372
	  	WO 97/29851	  	10 Feb 1997	  	n/a	  	n/a
	 EP 97904519.2
	  	EP 0879095	  	10 Feb 1997	  	EP 0879095(**)	  	28 Jun 2000
	 CA 2246334
	  	WO 97/29851	  	10 Feb 1997	  	CA 2,246,334(*)	  	2 May 2006
	 DE 69702384
	  	WO 97/29851	  	10 Feb 1997	  	DE 69702384	  	2 Aug 2000
	 PCT/GB 97/00372
	  	WO 97/29851	  	10 Feb 1997	  	US 6,113,001	  	5 Sep 2000

  

	(*) 	Lapsed in GB and CA  

	(**)	In force in DE; GB; FR 

 Electro-Polishing Step
(TTP): entitled “Forming a Perforate Membrane by Laser Drilling and a Subsequent Electro-Polishing Step”, priority date: 24 September 2001 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 EP 01308106
	  	EP 1295647	  	24 Sep 2001	  	n/a	  	abandoned
	 PCT/GB 02/04093
	  	WO 03/026832	  	6 Sep 2002	  	n/a	  	n/a
	 EP 02758577.7
	  	EP 1429888	  	6 Sep 2002	  	EP 1429888(*)	  	15 Apr 2002
	 JP 2-303307
	  	JP 2005503266	  	6 Sep 2002	  	JP 4176016	  	5 Nov 2008
	 10/489,327
	  	US 2005/0006359	  	6 Sep 2002	  	US 7,316,067	  	8 Jan 2008

  

	(*)	In force in DE; GB 

  
 41 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 Cross licence from Bespak, plc including Aerogen/Novartis patents: 

Forward Taper Patent: entitled “Liquid Dispensing Apparatus Having a Vibrating Perforate Member”, priority date: 12 December 1989
(GB 8928086) and 10 August 1990 (GB 9017563) 
  

									
	 Application number
	  	 Publication number
	  	 Filing date
	  	 Patent number
	  	 Issue date

	 US 907,519
	  	CIP from US 5,152,456	  	6 Jul 1992	  	US 5,261,601(*)	  	16 Nov 1993

 Patent family lapsed in all countries 
  

	(*) 	Cross licence from Bespak plc: Including any claims of patents owned by Aerogen/Novartis that read on subject matter disclosed in or supported by US Patent No. 5,261,601. Examples of claims of such
Aerogen/Novartis-owned patents that are disclosed in US Patent No. 5,261,601 are claims 20 to 27 of US Patent No. 6,629,646 that is filed on 7 Dec 1993 (CIP from US Patent No. 5,164,740 filed on 24 Apr. 1991).

 Patents licensed from Novartis (non-exclusive): 

Vibrational Isolation Patent: entitled “Base isolated nebulizing device and methods”(1, 2, 3), priority date: 2 May 2001 (1, 2,
3) 
  

									
	 Application number
	  	 Publication number
	  	Filing date	  	Patent number	  	Issue date
	 CA 2,449,070
	  	CA 2449070	  	1 May 2002	  	CA 2,449,070	  	26 Mar 2013
	 DE 20222021.4
	  	DE 20222021	  	1 Apr 2011	  	DE 20222021(**)	  	2 Aug 2011
	 EP 2002725932.4
	  	EP 1390150	  	1 May 2002	  	EP 1390150(*)	  	4 Jan 2012
	 EP 20110194362
	  	EP 2436450	  	19 Dec 2011	  	n/a	  	abandoned
	 US 09/848,104 (1)
	  	US 2003/0047620	  	2 May 2001	  	US 6,732,944	  	11 May 2004
	 US 10/821,444 (2)
	  	US 2004/0188534	  	9 Apr 2004	  	US 6,978,941	  	27 Dec 2005
	 US 11/246,028 (3)
	  	US 2006/0086819	  	6 Oct 2005	  	US 7,104,463	  	12 Sep 2006

  

	(*)	Designated contracting states: AT, BE, CH, CY, DE, DK, ES, FI, FR, GB, GR, IE, IT, LI, LU, MC, NL, PT, SE, TR 

	(**) 	Design patent or utility model publication 

  
 42 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 SCHEDULE C 

PARI COMPETITORS 

[***] 
 In the event of a merger, consolidation,
sale of all or substantially all of the assets or business or other change of control involving the above entities (the “Original Competitors”), such Original Competitor listed above shall be replaced with the successor thereof that
is continuing to engage in the business of developing and/or commercializing nebulizers. However, if the merger or acquisition partner had separate lines of business, divisions or operations prior to such change of control, whether or not relating
to nebulizers, the merger or acquisition partner shall be deemed a PARI Competitor only to the extent it is continuing the business of the Original Competitor, and not with respect to any such separate lines of business, divisions or operations.

 In addition, PARI Competitors shall include any subsidiary that is formed by the Original Competitors, but shall not include any subsidiaries acquired by
the Original Competitors if such subsidiaries had separate lines of business, divisions or operations prior to such acquisition, whether or not relating to nebulizers. However, PARI Competitors shall include such subsidiaries to the extent such
subsidiaries continue the lines of business, divisions or operations of the Original Competitors relating to nebulizers. 

  
 43 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 SCHEDULE D 

ACCESSOR(Y)IES 
  

	 	•	 	Nebulizer connection cord 

  

	 	•	 	AC power supply 

  

	 	•	 	Carrying case 

  
 44 

 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

 SCHEDULE E 

TERM SHEET SUPPLY AGREEMENT 

 

					
	Products for Supply	  	Device and any related Accessories
		
	100% Requirements	  	During the Royalty Term, PARI shall use commercially reasonable efforts to supply 100% of ProQR’s, its Affiliates’ and Permitted Sublicensees’ volume requirements for the Device and related Accessories
and ProQR, its Affiliates and Permitted Sublicensees shall purchase 100% of their volume requirements for the Device and related Accessories from PARI.
		
	Specifications	  	The Supply Agreement shall set forth final product specifications for the Device as determined in accordance with the License Agreement, including without limitation any additional manufacturing and process related
specifications and other characteristics and materials for the Device (“Final Specs”), as mutually agreed to in writing by the Parties. In addition, any changes proposed to such Final Specs that: (i) affect the Regulatory Approval of the
Device as used with the Drug Product; or (ii) have a material adverse effect on the development of the Device, or the manufacture thereof, including without limitation the quality, reliability, robustness or user interface of the Device, or which
would otherwise have a material adverse effect on the Drug Product when used with the Device, shall require the prior written approval of both Parties, not to be unreasonably withheld, conditioned or delayed. If Regulatory Authorities require the
Device to be included under the MAA, (i) ProQR will support PARI in accommodating such requirement; and (ii) the Parties will work in good faith to allow for PARI to implement any necessary changes to the Device accordingly, including any changes
necessary as a result of the requirements of manufacturing scale-up, corrective and preventative actions (CAPAs), and market feedback during the commercial phase.
		
	Supply Shortage	  	In the event of any supply interruption or inadequate quantities of the Device available to fulfill ProQR’s requirements, PARI shall provide to ProQR not less than ProQR’s pro rata portion of all available
quantities of devices based on then-pending forecasts of all PARI customers.
		
	Manufacture	  	PARI has to manufacture the Device in accordance with all applicable laws and regulations, including without limitation cGMP, and the Final Specs. PARI shall bear responsibility for product liability and quality
assurance for the Device in accordance with a quality agreement to be entered into by the Parties prior to commercialization of the Drug Product with the Device.
		
	Back Up Plan	  	The Parties shall agree upon an appropriate back up plan to provide reasonable assurance of continuity of supply of the Device. Such back up plan may include safety stock of finished Devices, components and material
as well as a contingency plan for critical manufacturing processes and equipment.

  
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 Portions of the exhibit, indicated by the mark “[***],” were omitted and have been filed
separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 

					
	Other Terms	  	Other customary supply terms shall include retail sales option(s), quality, acceptance, invoicing and payment, inspection and optimization, repair, supply of replacement parts, product recalls, adulteration,
misbranding, product warranties, notice and cure periods, trademark license and usage guidelines, co-branding rights, representations and warranties (including with respect to the final design of the Device), indemnities, remedies, force majeure,
termination provisions, all as mutually agreed to by the Parties.

  
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