Document:

EX-10.17

 Exhibit 10.17 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 LICENSE AGREEMENT 

BETWEEN 
 H. LUNDBECK A/S

 AND 
 OVID
THERAPEUTICS INC. 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 List of Schedules
	  	 	3	 
			
	 1.
	 	 DEFINITIONS
	  	 	4	 
			
	 2.
	 	 LICENSE GRANT AND RETENTION OF RIGHTS
	  	 	15	 
			
	 3.
	 	 DOCUMENTS; TECHNOLOGY TRANSFER
	  	 	17	 
			
	 4.
	 	 FINANCIAL PROVISIONS
	  	 	17	 
			
	 5.
	 	 DEVELOPMENT
	  	 	24	 
			
	 6.
	 	 COMMERCIALISATION
	  	 	26	 
			
	 7.
	 	 INTELLECTUAL PROPERTY
	  	 	26	 
			
	 8.
	 	 MAINTENANCE, PROSECUTION AND DEFENCE OF PATENT RIGHTS
	  	 	27	 
			
	 9.
	 	 NON-COMPETE
	  	 	30	 
			
	 10.
	 	 CONFIDENTIALITY AND NON-DISCLOSE
	  	 	31	 
			
	 11.
	 	 WARRANTIES AND UNDERTAKINGS
	  	 	33	 
			
	 12.
	 	 INDEMNIFICATION
	  	 	35	 
			
	 13.
	 	 LIABILITY
	  	 	36	 
			
	 14.
	 	 TERM AND TERMINATION
	  	 	36	 
			
	 15.
	 	 CONSEQUENCES OF TERMINATION
	  	 	37	 
			
	 16.
	 	 ACCRUED RIGHTS AND OBLIGATIONS; SURVIVAL
	  	 	38	 
			
	 17.
	 	 FORCE MAJEURE
	  	 	38	 
			
	 18.
	 	 ASSIGNMENT
	  	 	39	 
			
	 19.
	 	 GOVERNING LAW AND JURISDICTION
	  	 	40	 
			
	 20.
	 	 CODE OF CONDUCT
	  	 	40	 
			
	 21.
	 	 NOTICES
	  	 	40	 
			
	 22.
	 	 RELATIONSHIP OF THE PARTIES
	  	 	41	 
			
	 23.
	 	 ENTIRE AGREEMENT AND SEVERABILITY
	  	 	41	 
			
	 24.
	 	 AMENDMENT
	  	 	42	 
			
	 25.
	 	 WAIVER AND NON-EXCLUSION OF
REMEDIES
	  	 	42	 
			
	 26.
	 	 NO BENEFIT TO THIRD PARTIES
	  	 	42	 
			
	 27.
	 	 FURTHER ASSURANCE
	  	 	42	 
			
	 28.
	 	 COMPLIANCE WITH LAWS
	  	 	42	 
			
	 29.
	 	 EXPENSES
	  	 	43	 
			
	 30.
	 	 COUNTERPARTS
	  	 	43	 

  
 Page 2 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Table of Contents 

(continued) 

Page 

LIST OF SCHEDULES 
  

					
	 A: Lundbeck Current Patent Rights
	  			
		
	 B: Description of Compound
	  			
		
	 C: Third Party Agreements
	  			
		
	 D: Form of Joint Press Release
	  			
		
	 E: Definition of Fully Burdened Cost
	  			
		
	 F: Compound Specification
	  			
		
	 G: List of Document Types to be Disclosed by Lundbeck
	  			
		
	 H: Knowledge People
	  			

  
 Page 3 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 LICENSE AGREEMENT 

This License Agreement is made as of the 25th day of March, 2015 (the “Effective Date”), by and between H. Lundbeck A/S, a
corporation organized and existing under the laws of Denmark and having its principal place of business at Ottiliavej 9, DK 2500 Valby, Denmark (hereinafter referred to as “Lundbeck”), and Ovid Therapeutics Inc., a Delaware
corporation having its principal place of business at 205 East 42nd Street, Suite 15-048, New York, New York 10017, United States of America (hereinafter
referred to as “Ovid”). Lundbeck and Ovid may also be referred to herein individually as a “Party” and collectively as the “Parties.” 

WHEREAS, Lundbeck has performed research and development activities relating to Gaboxadol for which Lundbeck has obtained certain patents and
know how; and 
 WHEREAS, Ovid desires to obtain a license from Lundbeck to further develop and to commercialise Gaboxadol, subject to the
terms and conditions set forth in this Agreement. 
 NOW THEREFORE, in consideration of the covenants and obligations expressed
herein, and intending to be legally bound, the Parties hereby agree as follows: 
  

	1.	DEFINITIONS 

 In this Agreement the following definitions shall apply unless the context requires
otherwise: 
  

	1.1	“Affiliate” - any Person which controls, is controlled by or is under common control with either Party. For the purposes of this definition only, “control” refers to any of the following:
(a) the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through ownership of voting securities, by contract or otherwise; (b) ownership of fifty percent (50%) or more of the
voting securities entitled to vote for the election of directors in the case of a corporation, or of fifty percent (50%) or more of the equity interest in the case of any other type of legal entity; (c) status as a general partner in any
partnership, or any other arrangement whereby a Party controls or has the right to control the board of directors or equivalent governing body of a corporation or other entity. 

 

	1.2	“Agreement” - this document, including any and all Schedules, appendices and other addenda to it as may be added and/or amended from time to time in accordance with the provisions of this document.

  

	1.3	“Applicable Law” - any law, regulation, directive, guideline instruction, direction or rule of any Competent Authority or Regulatory Authority, including any amendment, extension or replacement thereof,
which is from time to time in force during the Term and applicable to a particular activity hereunder. 

  

	1.4	“Asian Major Markets” - China, Japan and South Korea. 

  

	1.5	“Business Day” - 9.00am to 5.00pm local time on a day other than a Saturday, Sunday or bank or other public holiday in New York, New York or Copenhagen, Denmark. 

 

	1.6	“Calendar Year” - a period of twelve (12) consecutive months commencing on 1 January and ending on 31 December. 

  
 Page 4 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	1.7	“Change of Control” - a transaction or a series of related transactions in which any of the following events occurs with respect to a Party: (a) a Third Party (or a group of Third Parties acting in
concert) becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the total voting power of the stock then outstanding of such Party normally entitled to vote in elections of directors; (b) such Party
consolidates with or merges into a Third Party or any Third Party consolidates with or merges into such Party, in either event pursuant to a transaction in which more than fifty percent (50%) of the total voting power of the stock outstanding of the
surviving entity normally entitled to vote in elections of directors is not held by the Persons holding at least fifty percent (50%) of the total outstanding shares of such Party preceding such consolidation or merger; provided, that a Change of
Control shall not include a bona fide equity financing, even if a Party’s current investors’ interests are diluted to the extent that such investors have less than a fifty percent (50%) interest after the close of that round of financing.

  

	1.8	“Clinical Study” - any human clinical trial on a Product including, without limitation, any study carried out in order to obtain a Regulatory Approval, any study carried out in order to obtain a label
expansion or other new Regulatory Approval for a Product, and any study carried out with the intention that the results will be used for marketing purposes. 

  

	1.9	“Combination Product” - any pharmaceutical product containing the Compound as an active pharmaceutical ingredient in combination with one or more other therapeutically active ingredients, in any and all
forms, presentations, dosages, and formulations. 

  

	1.10	“Commercialisation”, “Commercialising”, or “Commercialise” - all activities relating to manufacturing, importing, exporting, advertising, promoting and other marketing,
pricing and reimbursement, detailing, distributing, storing, handling, packaging, offering for sale and selling, customer service and support, post-marketing authorisation Clinical Studies, and regulatory activities of a Product. 

 

	1.11	“Competent Authority” - any national or local agency, authority, Regulatory Authority, department, inspectorate, minister, ministry official, parliament or public or statutory person (whether autonomous
or not) of any government of any country having jurisdiction over any of the activities contemplated by this Agreement or the Parties. 

  

	1.12	“Competing Product” – any pharmaceutical product, [*], containing [*] or [*] or [*] or [*] and [*]. For clarity, Product that is Developed and/or Commercialized by Ovid under this Agreement is not
a Competing Product. 

  

	1.13	“Compound” - the compound known as Gaboxadol (INN) with the chemical name, structural formula and CAS Registry Number set forth in Schedule B. 

 

	1.14	 “Confidential Information” - the following information exchanged in connection with this
Agreement, subject to the exceptions set forth in Section 10.2: (a) the terms and conditions of this Agreement, for which each Party will be considered a Disclosing Party; (b) Know How Controlled by either Party (including non-public Clinical Study data) for which the Party disclosing such Know How will be considered the Disclosing Party; and (c) any other non-public information, whether or
not patentable, disclosed or provided by one Party to the other Party in connection with this Agreement, including, without limitation, information regarding such Party’s objectives, research, technology, products and business information,
including any non-public data relating to Development or Commercialisation of any Product and other information of the type 

  
 Page 5 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
that is customarily considered to be confidential information by parties engaged in activities that are substantially similar to the activities being engaged in by the Parties under this
Agreement, for which the Party making such disclosure will be considered the Disclosing Party. 

  

	1.15	“Control” or “Controlled” - with respect to any Know How or Patent Rights, possession of the right, whether directly or indirectly, and whether by ownership, license or otherwise, to
assign, or grant a license, sub-license or other right to or under such Know How or Patent as provided for herein without violating the terms of any agreement or other arrangement with any Third Party. When
used as a verb, “Controlled” shall mean to exercise Control. 

  

	1.16	“Co-promotion Partnership” – means, on a country-by-country basis in the
Territory, the engagement of a Third Party sales force by Ovid to co-promote the Product with Ovid. For clarity, a Co-Promotion Partnership shall not include
(i) any license or sublicense grant to a Third Party, other than to sell or have sold Product or to Ovid’s trademarks, provided that Ovid is engaging such Third Party’s sales force or (ii) the recognition of Product sales by a
Third Party. 

  

	1.17	“Current Compound Inventory” – the kilograms of Compound that Lundbeck as of the Effective Date holds in inventory. 

 

	1.18	“Development” or “Develop” - all preclinical development activities and all clinical drug development and regulatory activities regarding Compound or Product. Development shall include,
without limitation, all preclinical testing, test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, qualification and validation, quality
assurance/quality control, Clinical Studies, manufacturing clinical supplies, regulatory affairs, statistical analysis and report writing. When used as a verb, “Develop” shall mean to engage in Development. 

 

	1.19	“DMF” - the Drug Master File(s) filed (or to be filed) by Lundbeck with the FDA for Compound, as amended from time to time. 

 

	1.20	“Documents” - analyses, books, CD-ROMs, charts, comments, computations, designs, discs, diskettes, files, graphs, ledgers, notebooks, papers, photographs, plans,
records, recordings, reports, memoranda, research notes, tapes and any other graphic or written data or other media on which Know How is permanently stored and other computer information storage means, and advertising and promotional materials of
any nature whatsoever including preparatory materials for the same. 

  

	1.21	“EMA” - European Medicines Agency and any successor agency thereto. 

  

	1.22	“European Union” or “EU” – all countries that are officially recognized as member states of the European Union at any particular time during the Term. 

 

	1.23	“Exclusivity Period” - the period [*]. 

  

	1.24	“FDA” - the United States Food and Drug Administration and any successor agency thereto. 

  

	1.25	“Field” - all human therapeutic diseases. 

  
 Page 6 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	1.26	“First Commercial Sale” - with respect to any Product, the first sale for which revenue has been invoiced by Ovid or its sublicensees, respectively, for use or consumption by the general public of such
Product in any country in the Territory after all required Regulatory Approvals have been granted in such country. For clarity: Compound sold under a compassionate use program or similar shall not constitute a First Commercial Sale.

  

	1.27	“Force Majeure” - in relation to either Party, any event or circumstance which is beyond the reasonable control of that Party that results in or causes the failure of that Party to perform any or all of
its obligations under this Agreement, including acts of God, lightning, fire, storm, flood, earthquake, accumulation of snow or ice, lack of water arising from weather or environmental problems, strike, lockout or other industrial or student
disturbance, act of the public enemy, war declared or undeclared, threat of war, terrorist act, blockade, revolution, riot, insurrection, civil commotion, public demonstration, sabotage, act of vandalism, prevention from or hindrance in obtaining in
any way materials, energy or other supplies, explosion, fault or failure of plant or machinery (which could not have been prevented by good industry practice), or Applicable Law governing either Party, provided that lack of funds shall not be
interpreted as a cause beyond the reasonable control of that Party. 

  

	1.28	“Generic Product” - as to any Product which has received Regulatory Approval by or on behalf of Ovid in the applicable country, a version of that Product with the same active pharmaceutical ingredient,
or any other pharmaceutical product, approved under an Abbreviated New Drug Application, or ANDA, in the United States, under Section 505(b)(2) of the Food Drug and Cosmetic Act, or similar regulatory pathways outside of the U.S., in any case, with
the Product as the reference product. 

  

	1.29	“Generic Product Competition” - with respect to a Product, on a country-by-country basis, Generic Product Competition
shall exist if during any [*] in such country there are one or more Generic Products Commercialized by one or more Third Parties being sold in such country and the sales of such Generic Product(s) account for [*] or more of the sales revenue of the
Product and its Generic Product(s) in the given country during such [*] as determined by reference to applicable sales data obtained from IMS Health, Verispan or from such other reasonable source for such sales data as may be used and relied upon by
Ovid from time to time, provided however if sale of such Generic Product(s) falls below [*] of the sales revenue of the Product and its Generic Products for more than [*], Generic Product Competition shall be deemed no longer to exist.

  

	1.30	“Good Manufacturing Practice” or “GMP” - manufacture in accordance with: 

  

	 	1.30.1	the rules governing medicinal products in the European Union, volume 4 EU Guidelines to Good Manufacturing Practice medicinal Products for human and veterinary use including all annexes; 

 

	 	1.30.2	the current good manufacturing standards, practices and procedures promulgated or endorsed by the FDA relating to manufacturing and set forth in 21 C.F.R. Parts 210 and 211, and all analogous guidelines promulgated by
any Regulatory Authority (including the EMA and under the ICH); and 

  

	 	1.30.3	the equivalent Applicable Law in any country in which Compound and/or Product is manufactured. 

  

	1.31	“Gulf Major Markets” – collectively Kuwait, Saudi Arabia and the United Arab Emirates. 

  
 Page 7 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	1.32	“Headline Results” – with respect to any Phase III Clinical Trial, following study database release for such Clinical Study as set forth in the statistical analysis plan, a presentation consisting
of the principal results of such Clinical Study, including the following information: (a) demographics, disposition and baseline characteristics; (b) whether the Clinical Study met its primary endpoints or secondary endpoints as set forth
in the protocol for the Clinical Study; and (c) safety parameters. 

  

	1.33	“ICH” – the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use or any successor organisation thereto. 

 

	1.34	“IND” - any investigational new drug application filed with the FDA pursuant to Part 312 of Title 21 of the U.S. Code of Federal Regulations prior to beginning clinical trials in humans in the United
States or any comparable application filed with any Regulatory Authority outside of the United States. 

  

	1.35	“Invention” - any improvement, enhancement or modification of Product and/or Compound by a Party or their respective Affiliates or subcontractors, whether patentable or not. 

 

	1.36	“Insolvency Event” - in relation to either Party, means any one of the following: 

  

	 	1.36.1	a notice shall have been issued to convene a meeting for the purpose of passing a resolution to wind up that Party, or such a resolution shall have been passed other than a resolution for the solvent reconstruction or
reorganisation of that Party; 

  

	 	1.36.2	a resolution shall have been passed by that Party’s directors to seek a winding up or a petition for a winding up shall have been presented against that Party which, in the case of a petition presented against a
Party, shall not have been appealed within seven (7) days of having been lodged or such an order shall have been made and shall not have been dismissed within thirty (30) days thereafter; 

 

	 	1.36.3	a receiver, administrative receiver, receiver and manager, interim receiver, custodian, sequestrator or similar officer is appointed in respect of that Party or an encumbrancer takes steps to enforce or enforces its
security against such Party which shall not have been dismissed by a court of competent jurisdiction within thirty (30) days thereafter; 

  

	 	1.36.4	(a) a resolution shall have been passed by that Party or that Party’s directors to make an application for an administration order or to appoint an administrator, or (b) an application for an administration
order shall have been made to the court or a notice of appointment of an administrator shall have been filed at the court in respect of that Party, which in the case of such an application made to the court or notice filed with the court, shall not
have been appealed within seven (7) days of having been made or filed or such an order or appointment shall have been dismissed within thirty (30) days thereafter; 

 

	 	1.36.5	any other step or event shall have been taken or arisen in the jurisdiction in which a Party shall be incorporated or organized, in respect of such Party, which is similar or analogous to any of the steps or events set
forth in Subsections 1.36.1 through 1.36.4 above (including under the relevant laws of Copenhagen, Denmark or the State of Delaware, as applicable) which, in the case of a filing made against a party, shall not have been appealed within seven
(7) days of having been lodged or such an order shall have been made and dismissed within thirty (30) days thereafter; or 

  
 Page 8 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	1.36.6	that Party proposes or makes any general assignment, composition or arrangement with or for the benefit of all or some of that Party’s creditors or makes or suspends or threatens to suspend making payments to all
or some of that Party’s creditors or the Party submits to any similar type of voluntary arrangement with its creditors. 

  

	1.37	“International Financial Reporting Standards” or “IFRS” - the International Financial Reporting Standards established by the International Accounting Standards Board, as amended from to
time. 

  

	1.38	“Know How” - proprietary information, within the Field, of a Party, relating to Compound and/or Product, which is not in the public domain, including information comprising or relating to concepts,
discoveries, data, designs, formulae, ideas, Inventions, methods, models, assays, reagents, research plans, procedures, designs for experiments and tests, results of experimentation and testing (including results of research or development),
processes (including manufacturing processes, specifications and techniques), laboratory records, chemical, pharmacological, toxicological, clinical, analytical and quality control data, clinical and
non-clinical trial data, case report forms, data analyses, reports, manufacturing data or summaries and information contained in submissions to and information from ethical committees and Regulatory
Authorities. Know How includes Documents containing Know How, including but not limited to any rights including trade secrets, copyright, database or design rights protecting such Know How. The fact that an item is known to the public shall not be
taken to preclude the possibility that a compilation including the item, and/or a development relating to the item, is not known to the public. 

  

	1.39	“Knowledge” - with respect to the Party to which such term is attributed, the actual knowledge of the persons listed in Schedule H and employed by such Party as of the Effective Date.

  

	1.40	“Licensed IP” - (a) Lundbeck Current Know How, (b) Lundbeck Current Patent Rights, (c) Lundbeck Future Patent Rights, (d) Lundbeck Future Know How and (e) and Lundbeck Non Exclusive
Patent Rights and Know How. 

  

	1.41	“Litigable Matter” – a Dispute to the extent relating to (a) the validity or enforceability of Patent Rights, or (b) the non-disclosure, non-use and maintenance of Confidential Information. 

  

	1.42	“Losses” - any and all liabilities, damages, losses and expenses (including reasonable lawyers’ fees and disbursements). In calculating “Losses”, the duty to mitigate on the part of the
Party suffering the Losses shall be taken into account. 

  

	1.43	“Lundbeck Current Know How” - the Know How Controlled by Lundbeck or its Affiliates as of the Effective Date relating to Compound and/or Product and which is necessary to Develop or Commercialise
Compound and/or Product. 

  

	1.44	“Lundbeck Current Patent Rights” - any Patent Rights Controlled by Lundbeck or its Affiliates as of the Effective Date that claim or cover the researching, Developing, making, having made, using, having
used, Commercialising and having Commercialised Compound and/or Product in the Field set out in Schedule A. 

  
 Page 9 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	1.45	“Lundbeck Future Know How” - Know How that, subject to Section 7.2.1, becomes Controlled by Lundbeck or its Affiliates during the Term relating to Compound and/or Product. 

 

	1.46	“Lundbeck Future Patent Rights” – any Patent Rights that, subject to Section 7.2.1, become Controlled by Lundbeck or its Affiliates during the Term that claim or cover the researching,
Developing, making, using and Commercialising Compound and/or Product. 

  

	1.47	“MAA” - regulatory application filed with the EMA seeking to obtain Regulatory Approval for a pharmaceutical product (including all additions, supplements, extensions and modifications thereto).

  

	1.48	“Major Markets” – collectively, the Asian Major Markets, South American Major Markets, the EU, Russia, Australia, the Gulf Major Markets, Turkey and North America. 

 

	1.49	“Major Market” – any of the Major Markets, as applicable. 

  

	1.50	“Manufacturing Information” – Know How proprietary to Lundbeck relating to manufacturing of Compound. 

  

	1.51	“NDA” - a new drug application filed with the FDA pursuant to Part 314 of Title 21 of the U.S. Code of Federal Regulations seeking to obtain Regulatory Approval for Compound and/or Product (including
all additions, supplements, extensions, and modifications thereto), or any equivalent new drug license under Applicable Law in any other country in the Territory where Compound and/or Product is Commercialised. 

 

	1.52	“Net Sales” - with respect to any Compound or Product, the gross invoiced sales price of such Compound or Product sold by Ovid, its Affiliates or Sub-licensees
(the “Selling Party”), in bulk form or finished product form in arm’s-length transactions to Third Parties, less deductions allowed to the Third Party customer by the Selling Party, to
the extent actually taken by such Third Party customer, on such sales for: 

  

	 	1.52.1	transportation charges relating to Product to the extent actually invoiced to Ovid’s customers, including handling charges and insurance premiums relating thereto; 

 

	 	1.52.2	sales taxes, excise taxes, use taxes, VAT and duties paid by the Selling Party in relation to Product and any other equivalent governmental charges imposed on the importation, use or sale of Product; 

 

	 	1.52.3	government-mandated and other rebates (such as those in respect of any state or federal Medicare, Medicaid or similar programs) or fees; 

 

	 	1.52.4	customary trade, quantity and cash discounts allowed on Product; 

  

	 	1.52.5	allowances or credits to customers on account of retrospective price reductions affecting Product; 

  

	 	1.52.6	customary rebates and charge-backs, including those granted to managed care or similar organizations; 

  

	 	1.52.7	uncollectible amounts on previously sold products, provided that Ovid shall use Reasonable Best Efforts to collect such amounts before they are deductible under this Section 1.52.7; and 

 

	 	1.52.8	the portion of any fees payable by Ovid or its Affiliates pursuant to the Affordable Care Act as a result of the sale of Product. 

  
 Page 10 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 The transfer of Product by Ovid or one of its Affiliates to another Affiliate shall not be
considered a sale unless the Affiliate is a bona fide purchaser at fair market value for resale (e.g., if the Affiliate is a wholesaler). If the Affiliate is not an end user, Net Sales shall be determined based on the invoiced sale price by the
Affiliate to the first Third Party trade purchaser, less the deductions allowed under this Subsection. Disposal of Product for or use of Product in Clinical Studies or as free samples in quantities common in the industry for this sort of Product
shall not give rise to any deemed sale under this definition. 
 Net Sales shall be calculated and accounted for in accordance with U.S.
GAAP; provided, that if Ovid or its Affiliates change accounting standards during the Term (e.g., from U.S. GAAP to IFRS), then Net Sales hereunder may be calculated and accounted for in accordance with such different set of accounting standards,
consistently applied, following such change; provided, further, that Ovid shall promptly notify Lundbeck of any such change to Ovid’s accounting standards. 

If Product is sold for other than cash payment Net Sales of Product shall be deemed to be cash value of such other payment. 

If Product is sold as part of a Combination Product, Net Sales of such Product shall be deemed to be an amount equal to the following: 

(X divided by Y) multiplied by Z, 

where “X” is the average sales price during the applicable reporting period achieved for the relevant Product in the country
in which such sale occurred when the Product contains only Compound and no other active pharmaceutical ingredient; 
 “Y”
is the sum of the average sales price as a single entity during the applicable reporting period achieved in that country (as applicable) of each product included in the Combination Product when such product is sold as a separate product and not as
part of a Combination Product; and 
 “Z” is the single price at which the relevant Combination Product was actually sold.

 In the event that no separate sale of either (a) Product comprising the Compound as the sole active pharmaceutical ingredient, or
(b) a product containing the other active pharmaceutical ingredient(s) included in the Combination Product, are made during the accounting period in which the sale was made or if the price for a particular therapeutically active ingredient
cannot otherwise be determined for an accounting period, Net Sales allocable to the Product shall be determined by mutual agreement of the Parties prior to the end of the accounting period in question based on an equitable method of determining the
same that takes into account, in the Territory, variations in potency, the relative contribution of each therapeutically active ingredient in the Combination Product, and relative value to the end user of each therapeutically active ingredient;
provided, that if the Parties cannot reach mutual agreement prior to the end of the applicable accounting period, such matter shall be resolved in accordance with Section 19. For clarity: Ovid shall only pay royalties on its sale of Product
either in bulk or as finished product, whichever is sold in a Third Party transaction, but not on both. 
  

	1.53	“North America” – the U.S., Canada and Mexico. 

  
 Page 11 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	1.54	“Ovid IP” or “Ovid Intellectual Property” - Ovid Know How and Ovid Patent Rights. 

  

	1.55	“Ovid Know How” – the Know How that is Controlled by Ovid or its Affiliates during the Term relating to Compound and/or Product and which is necessary to Develop or Commercialise Compound and/or
Product. 

  

	1.56	“Ovid Patent Rights” - any Patent Rights that become Controlled by Ovid or its Affiliates during the Term that claim or cover the researching, Developing, making, having made, using, having used,
Commercialising and having Commercialised Compound and/or Product. 

  

	1.57	“Patent Right(s)” – (a) patent applications and patents in any country or supranational jurisdiction in the Territory, and (b) with respect to such patent applications and patents, any utility
certificates, improvement patents and models, certificates of addition, divisional applications, refilings, renewals, re-examinations, continuations, continuations-in-part, patents of addition, extensions (including patent term extensions), reissues, substitutions, confirmations, registrations, revalidations, pipeline and administrative protections and
additions, supplementary protection certificates and equivalent protection rights (e.g., in relation to paediatric extensions), and any equivalents of the foregoing. 

 

	1.58	“Partner” - a Third Party with which Ovid has entered into a Partnership. 

  

	1.59	“Partnership” - any Development or Commercialisation relationship with a Third Party where such Third Party is not a subcontractor, assignee or successor in business (i.e., where such Third Party
obtains a license, sublicense or similar rights from Ovid to Develop or Commercialise Compound or Product). 

  

	1.60	“Person” - any individual, partnership, joint venture, limited liability company, corporation, firm, trust, association, unincorporated organization, Competent Authority or any other entity not
specifically listed herein. 

  

	1.61	“Phase III Clinical Trial” - a human clinical trial of Compound or Product for an indication on a sufficient number of subjects that is designed to establish that Compound or Product is safe and
efficacious for its intended use, and to determine warnings, precautions and adverse reactions that are associated with Compound or Product in the dosage range to be prescribed, and to support Regulatory Approval to market such Compound or Product
in patients having the indication being studied, as more fully defined in 21 C.F.R. §312.21(c) or its successor regulation, or the equivalent in any foreign country. 

 

	1.62	“Product(s)” - any pharmaceutical product in which the Compound is an active pharmaceutical ingredient, alone or in combination with one or more other active pharmaceutical ingredients, in any and all
forms, presentations, dosages and formulations. 

  

	1.63	“Quarter” - a period of three (3) consecutive months ending on 31 March, 30 June, 30 September or 31 December and “Quarterly” shall be construed accordingly.

  

	1.64	 “Reasonable Best Efforts” - means commercially reasonable efforts and resources as commonly used
by a similar size pharmaceutical company to Develop and Commercialise a product Controlled by such a company or to which it has exclusive rights, which product is at a similar stage in its development or product life and is of

  
 Page 12 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
similar market potential taking into account efficacy, safety, approved and/or anticipated labelling, the competitiveness of alternative products sold by Third Parties in the marketplace, the
patent and other proprietary position of the product, the likelihood of regulatory approval given the regulatory structure involved, the profitability of the product including the royalties payable to licensors of patent or other intellectual
property rights, and other relevant factors, including technical, legal, scientific and/or medical factors. Reasonable Best Efforts shall be determined on a
country-by-country and indication-by-indication basis for a particular Product, and it is
anticipated that the level of effort will change over time, reflecting changes in the status of the Product and the country(s) involved. 

  

	1.65	“Regulatory Approval” - all approvals (including, without limitation, where applicable, orphan drug designation, Product and/or establishment licenses, registrations or authorizations of any Regulatory
Authority) necessary for the Development, manufacture, use or Commercialisation of Product in the applicable jurisdiction, including any label expansions of any of the above. 

 

	1.66	“Regulatory Authority” - any national, supranational, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity in any jurisdiction involved in the
granting of regulatory marketing authorisation, including the EMA and the FDA. 

  

	1.67	“South American Major Markets” – Argentina, Brazil, Chile and Venezuela. 

  

	1.68	“Specifications” – shall mean the Compound specifications set out in Schedule F. 

  

	1.69	“Stock Purchase Agreement” - the agreement entered into by the Parties simultaneously with this Agreement under which Lundbeck receives Ovid shares. 

 

	1.70	“Strategic Acquisition” - with regard to a Party, any consolidation with or merger into, or acquisition of all of the stock or assets of, a Person having a portfolio of two (2) or more
pharmaceutical products in clinical development or under Commercialisation. 

  

	1.71	“Sub-licensee” – a Third Party to whom Ovid has granted a sublicense under the Licensed IP. 

 

	1.72	“[*]” – with respect to the [*], (a) the [*] for such [*], and/or (b) the [*] and [*] of the [*]. Provided, however, if [*] but [*], this will not be [*]. 

 

	1.73	“Territory” - all countries in the world. 

  

	1.74	“Third Party” - a party other than either of the Parties or any of their respective Affiliates. 

  

	1.75	“Third Party License” - any license or other agreement between a Third Party and Ovid or its Affiliate, pursuant to which Ovid or its Affiliate, as applicable, is granted a license to Patent Rights or
Know How Controlled by a Third Party, where such license is required for the Development or Commercialisation of Compound or Products due to infringement by the Licensed IP of Third Party rights. 

 

	1.76	“United States” or “U.S.” - the United States of America, including its territories and possessions. 

  
 Page 13 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	1.77	“USD” - the legal tender of the U.S. 

  

	1.78	“U.S. GAAP” - United States generally accepted accounting principles. 

  

	1.79	“Valid Claim” - with respect to any country, a claim of an issued and unexpired patent in such country which has not been revoked, held unenforceable, unpatentable or invalid by an administrative
agency, court or other governmental agency of a competent jurisdiction in a final and non-appealable decision (or such decision is unappealed within the time allowed for appeal), and which has not been
admitted to be invalid or unenforceable through reissue, disclaimer or otherwise. 

  

	1.80	“VAT” - the tax imposed by Council Directive 2006/112/EC of the European Community and any national legislation implementing that directive together with legislation supplemental thereto and in
particular, in relation to the United Kingdom, the tax imposed by the Value Added Tax Act of 1994 or other tax of a similar nature imposed elsewhere instead of or in addition to value added tax. 

 

	1.81	Each of the following definitions is set forth in the section of the Agreement indicated below, all of which are highlighted in brackets and in capital first letters “...”: 

 

			
	 Defined Term
	  	Section
	 Affected Party
	  	17.1
	 CEO(s)
	  	19.2
	 Defaulting Party
	  	14.2
	 Development Milestone Amount
	  	4.2
	 Development Milestone Event
	  	4.2
	 Development Plan
	  	5.5
	 Development Report
	  	5.4
	 Disbursing Party
	  	4.31
	 Disclosing Party
	  	10.1
	 Dispute
	  	19.2
	 DMF Preparation Fee
	  	4.21
	 Effective Date
	  	Preamble
	 Exercise Notice
	  	2.4
	 Financial Arbitrator
	  	4.29
	 Financial Report
	  	4.24
	 Fully Burdened Cost
	  	Schedule E
	 Indemnitee
	  	12.4
	 Infringement
	  	8.4
	 Initial Price
	  	5.12
	 Initial Royalty Term
	  	4.18
	 Joint IP
	  	7.3
	 License
	  	2.1
	 Lundbeck
	  	Preamble
	 Lundbeck Non-exclusive Patent Rights and Know How
	  	7.2.2
	 Manufacturing Re-establishment Costs
	  	4.23
	 Manufacturing Royalty Term
	  	4.18
	 Negotiation Period
	  	2.4
	 Non-Affected Party
	  	17.1
	 Ovid
	  	Preamble
	 Ovid’s Negotiation Notice
	  	2.4
	 Paragraph IV Notice
	  	8.9

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

			
	 Defined Term
	  	Section
	 Parties
	  	Preamble
	 Party
	  	Preamble
	 Receiving Party
	  	10.1
	 Regulatory Milestone Amount
	  	4.5
	 Regulatory Milestone Event
	  	4.5
	 Right of First Negotiation
	  	2.4
	 Initial Royalty Term
	  	4.18
	 Sales Milestone Amount
	  	4.9
	 Sales Milestone Event
	  	4.9
	 Selling Party
	  	1.49
	 Supply Agreement
	  	5.10
	 System Maintenance Fee
	  	4.22
	 Term
	  	14.1
	 Terminating Party
	  	14.2
	 Third Party Claim
	  	12.1
	 Withholding Taxes
	  	4.31

  

	1.82	In this Agreement: 

  

	 	1.82.1	unless the context otherwise requires, all references to a particular Section, paragraph or Schedule shall be a reference to that Section, paragraph or Schedule in or to this Agreement as it may be amended from time to
time; 

  

	 	1.82.2	the table of contents and headings are inserted for convenience only and shall not affect the interpretation of any provision of this Agreement; 

 

	 	1.82.3	unless the contrary intention appears, words importing the masculine gender shall include the feminine and vice versa and words in the singular include the plural and vice versa; 

 

	 	1.82.4	reference to the words “include” or “including” are to be construed without the limitation to the generality of the preceding words; and 

 

	 	1.82.5	reference to any statute or regulation includes any modification or reenactment of that statute or regulation. 

  

	2.	LICENSE GRANT AND RETENTION OF RIGHTS 

 License Grant 

 

	2.1	Subject to the terms and conditions of this Agreement, Lundbeck hereby grants to Ovid an exclusive (even as to Lundbeck), royalty-bearing, perpetual, sub-licensable (through
multiple tiers) licence under the Licensed IP to research, have researched, Develop, have Developed, use, have used, make and have made (subject to Section 5.10), Commercialise and have Commercialised Compound and/or Product in the Field in the
Territory (the “License”). 

 Retained Rights 

 

	2.2	 Lundbeck retains the right for itself to (a) manufacture Compound under this Agreement and the Supply
Agreement in accordance with the terms herein and 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
therein, (b) perform non-commercial research activities related to Compound and manufacture Compound in relation to such research activities and
(c) exploit Licensed IP outside the Field. Lundbeck’s Retained Rights and any activities carried out in relation to Lundbeck’s Retained Rights are subject to Section 9. Lundbeck may designate Third Parties to exercise its rights
under this Section 2.2; provided that the designation is made in writing and the Third Party permit Lundbeck to comply with its obligations under Section 9. Further, neither Lundbeck nor its Affiliates or any Third Parties, are entitled to
file any patents relating to Compound in the exercise of Lundbeck’s Retained Rights, which will prevent Ovid from researching, Developing, manufacturing and/or Commercialising Compound and/or Product without a license or other rights from
Lundbeck, its Affiliates or any Third Party. 

  

	2.3	As of the Effective Date and to the Knowledge of Lundbeck, the License granted in Section 2.1 is subject only to the rights granted to Third Parties under the agreements sets forth on Schedule C and no other
rights have been granted to Third Parties. Further, the rights granted to Third Parties do not include any rights to Commercialise Compounds or Products. Lundbeck covenants that no agreements set forth on Schedule C shall
be amended, modified or altered, in any way, that may adversely affect Ovid without Ovid’s prior written consent. 

Right of First Negotiation 
  

	2.4	Ovid hereby grants Lundbeck a right of first negotiation, [*] to enter into an agreement to Develop and/or Commercialise Compound and/or Product in [*] (the “Right of First Negotiation”). If Ovid
intends to enter into a Partnership to Develop and/or Commercialise Compound and/or Product in [*], Ovid shall notify Lundbeck in writing of Ovid’s intention, including a brief description of the intended Partnership and the [*]
(“Ovid’s Negotiation Notice”). Lundbeck shall have [*] following the date of Ovid’s Negotiation Notice to notify Ovid in writing that Lundbeck wishes to exercise its Right of First Negotiation (the “Exercise
Notice”). If Ovid’s Negotiation Notice pertains to [*], then the Exercise Notice shall specify [*] Lundbeck wishes to exercise its Right of First Negotiation. If Lundbeck delivers the Exercise Notice within such [*] period, then the
Parties shall engage in exclusive good faith negotiations for a period of up to [*] to enter into definitive agreements for the proposed agreement (the “Negotiation Period”). 

 

	2.5	Ovid is not entitled to negotiate with Third Parties regarding a Partnership subject to the Right of First Negotiation prior to delivery of Ovid’s Negotiation Notice. 

 

	2.6	If Lundbeck does not deliver the Exercise Notice within the required [*] period, or if the Parties are unable to enter into definitive agreements for the proposed Partnership before the expiration of the Negotiation
Period, then Ovid shall have the right to enter into a Partnership with a Third Party for [*] that was the subject of Ovid’s Negotiation Notice; provided, that [*]. 

 

	2.7	If Ovid has not entered into a definitive agreement with a Third Party for the Partnership proposed by Ovid’s Negotiation Notice within [*] after the date of Ovid’s Negotiation Notice, then Lundbeck’s
Right of First Negotiation shall reset solely with respect to the rights set forth in Ovid’s Negotiation Notice. 

  

	2.8	If the proposed partnership is solely a Co-Promotion Partnership then Lundbeck shall deliver the Exercise Notice within [*] following Ovid’s Negotiation Notice and the
Negotiation Period shall be [*]. 

  
 Page 16 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	3.	DOCUMENTS; TECHNOLOGY TRANSFER 

  

	3.1	Lundbeck hereby agrees to provide to Ovid, as soon as reasonably practicable following the Effective Date, a list of (a) all material Documents forming part of the Lundbeck Current Know How that are in the Control
and possession of Lundbeck or otherwise reasonably available to Lundbeck at such time, excluding Compound Manufacturing Information, and (b) any other material Documents relating to Compound and/or Products, including copies of submissions to
and correspondence with Regulatory Authorities and data relating to Compound formulations. At the request of Ovid, and at no additional expense to Ovid, Lundbeck shall by 1 May 2015 provide to Ovid electronic copies of any of the Documents on
such list; provided, however, that solely the types of Documents listed in Schedule G, shall be supplied to Ovid under this Agreement. 

  

	3.2	From time to time during the Term, and at no additional cost to Ovid, Lundbeck shall provide to Ovid access to any other material Documents relating to Lundbeck Current Know How and Lundbeck Future Know How, solely
relating to Compound and /or Product, reasonably requested by Ovid and necessary for Ovid’s Development and Commercialisation of Compound and/or Product; provided, however, that solely the types of Documents listed in Schedule G, shall
be supplied to Ovid under this Agreement. 

  

	3.3	Subject to Sections 5.10 and 5.11, Ovid shall have the right to request that Lundbeck commences a manufacturing technology transfer to Ovid or Third Party of any manufacturing technology Controlled by Lundbeck that is
reasonably necessary for the Development and Commercialisation of Compound and/or Product. Ovid shall reimburse Lundbeck all out of pocket costs and reasonable, internal cost related to such technology transfer. 

 

	3.4	The Parties acknowledge the significant contribution and experience of Lundbeck and Lundbeck employees to the research and Development of Compound prior to the Effective Date and that these contributions and experience
may be valuable to Ovid. Accordingly, Ovid is entitled to meet with employees of Lundbeck who hold significant experience or expertise in the Development or manufacture of Compound [*]. The Venue for the meetings shall be Lundbeck’s premises in
Valby, Copenhagen or via electronic media. Ovid shall provide reasonable notice to Lundbeck requesting such a meeting and Lundbeck’s approval of date and agenda of meeting shall not be unreasonably withheld. Each Party shall bear their own cost
in relation to such meetings. 

  

	4.	FINANCIAL PROVISIONS 

 Share Transfer 

 

	4.1	No later than ten (10) days following the Effective Date Ovid shall transfer to Lundbeck shares representing [*] of Ovid’s common stock in accordance with the terms and conditions set forth in the Stock
Purchase Agreement. 

 Development Milestone 
  

	4.2	Upon Successful Completion of the first Phase III Clinical Trial for Product (the “Development Milestone Event”), Ovid shall pay to Lundbeck Ten Million Dollars (USD 10,000,000) (the
“Development Milestone Amount”). 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	4.3	Payment of the Development Milestone Amount is due [*] after [*]. The Development Milestone Amount shall only be payable once no matter how many times the Development Milestone Event occurs and no more than Ten Million
Dollars (USD 10,000,000) shall be payable under Sections 4.2 and 4.4. 

  

	4.4	The Parties agree that if [*], then Ovid shall pay to Lundbeck the Development Milestone Amount within [*]. 

Regulatory Milestones 
  

	4.5	Ovid shall make each of the milestone payments set forth below (each, a “Regulatory Milestone Amount”) upon the first occurrence of the corresponding regulatory milestone event after the Effective Date
with respect to Product (each, a “Regulatory Milestone Event”): 

  

			
	 Event
	  	Amount
	 [*]
	  	[*]

  

	4.6	Each of the above Regulatory Milestone Amounts shall only be payable once no matter how many times each Regulatory Milestone Event occurs and no more than [*] shall be payable under Section 4.5. 

 

	4.7	For clarity, Ovid shall pay to Lundbeck each Regulatory Milestone Amount the first time that the corresponding Regulatory Milestone Event occurs even if multiple Regulatory Milestone Events occur during the same
Calendar Year. 

  

	4.8	Ovid shall report the occurrence of each Regulatory Milestone Event to Lundbeck no later than [*] after its occurrence. Lundbeck is then entitled to issue an invoice payable by Ovid within [*] after receipt of said
invoice. Notwithstanding the foregoing, payment of the Regulatory Milestone Amount for the first Regulatory Milestone Event [*] is due no later than [*] after such Regulatory Milestone Event has occurred. 

Sales Milestones 
  

	4.9	Ovid shall make each of the milestone payments set forth below (each, a “Sales Milestone Amount”) upon the first occurrence of the corresponding sales milestone event (each, a “Sales Milestone
Event”): 

  

			
	 Event
	  	Amount
	 First time aggregate Net Sales of all Products in the Territory in a Calendar Year exceed
[*]
	  	[*]
		
	 First time aggregate Net Sales of all Products in the Territory in a Calendar Year exceed
[*]
	  	[*]
		
	 First time aggregate Net Sales of all Products in the Territory in a Calendar Year exceed
[*]
	  	[*]
		
	 First time aggregate Net Sales of all Products in the Territory in a Calendar Year exceed
[*]
	  	[*]

  

	4.10	Each of the above Sales Milestone Amounts shall only be payable once no matter how many times each Sales Milestone Event occurs and no more than [*] shall be payable under Section 4.9. 

  
 Page 18 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	4.11	For clarity, Ovid shall pay to Lundbeck each Sales Milestone Amount the first time that the corresponding Sales Milestone Event occurs even if multiple Sales Milestone Events occur during the same Calendar Year, so that
multiple sales milestones may be owed in any Calendar Year. 

  

	4.12	Ovid shall report the occurrence of each Sales Milestone Event to Lundbeck in the Financial Report. Lundbeck is then entitled to issue an invoice payable by Ovid within [*] after receipt of said invoice.

 Royalties outside Asian Major Markets 
  

	4.13	For all countries in the Territory, except for the Asian Major Markets, Ovid shall pay to Lundbeck the following tiered royalties based on accumulated Net Sales for all Products in in a Calendar Year as set forth below:

  

			
	 Annual Net Sales
	  	Royalty Percentage
	 The portion of Net Sales for all Products in a Calendar Year up to and including USD [*]
	  	[*]%
		
	 The portion of Net Sales for all Products in a Calendar Year including or exceeding [*] but less
than or equal to [*]
	  	[*]%
		
	 The portion of Net Sales for all Products in a Calendar Year including or exceeding [*]
	  	[*]%

 Royalties in Asian Major Markets 

 

	4.14	If Ovid Commercialises a Product in any of the Asian Major Markets with a Partner other than Lundbeck, Ovid shall pay to Lundbeck (a) [*] of that portion of royalties (any share of Net Sales, supply price less Fully
Burdened Cost of goods) or on Net Sales of Products in the Asian Major Markets payable by the Partner to Ovid or its Affiliates, and (b) [*] of other payments payable by the Partner to Ovid or its Affiliates attributable to the Development or
Commercialisation of Compound and/or Product in any of the Major Asian Markets. For purposes of this Section 4.14, “other payments” shall include milestone payments, lump sums, any up-front
payment, etc., but shall not include royalties under Section 4.14(a). 

  

	4.15	Ovid shall be entitled to set off from any amounts payable under Section 4.14 up to [*] of its actual and reasonable out-of-pocket
costs incurred in order to conduct Development activities for Compound and/or Products in any Asian Major Market. Ovid’s right to set off under this Section 4.15 shall only apply to the extent that the costs in question have not been
reimbursed or paid by the Partner or by any other Third Party. 

  

	4.16	Ovid is obliged to disclose to Lundbeck all material financial terms and other relevant terms, in any agreement subject to Section 4.14 to the extent necessary for Lundbeck to ensure compliance with this Agreement.

  

	4.17	If Ovid chooses to Develop and/or Commercialise Product in any of the Asian Major Markets without a Partner, the royalties and milestones in Section 4.5, 4.9 and 4.13 as well as the
off-set in 4.15 shall apply. 

  
 Page 19 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Royalty Term 
  

	4.18	Ovid’s obligation to pay royalties under Section 4.13 and to make payments under Section 4.14 shall commence upon the First Commercial Sale,
country-by-country, of such Product and shall expire on a country-by-country and Product-by-Product basis on the expiration of the last Valid Claim of the Licensed IP (other than the Joint IP) or ten (10) years after First Commercial Sale of a
Product, whichever is period is the longest (the “Initial Royalty Term”). After expiry of the Initial Royalty Term if, and for as long as, Lundbeck manufactures Compound for Ovid, Ovid shall in addition to Fully Burdened Cost of
such manufactured Compound, pay to Lundbeck a royalty percentage of [*] of Annual Net Sales of the Product manufactured by Lundbeck (the “Manufacturing Royalty Term”). 

Royalties in Case of Generic Product Competition 
  

	4.19	If at any time Generic Product Competition exists in a given country with respect to a Product, then the royalty rate with respect to sales of such Product in such country shall be reduced (prior to giving effect to any
reductions set forth in Sections 4.15 and 4.20) to [*]. For clarity, if Generic Product Competition ceases to exist then the royalty rates shall no longer be reduced. 

Royalties in Case of Third Party Licenses 
  

	4.20	Subject to 8.5, Ovid shall pay all documented amounts due under Third Party Licenses; provided, that Ovid shall be entitled to a credit against the royalties otherwise due to Lundbeck under Sections 4.13 and 4.14 by an
amount equal to [*] of the total royalties paid by Ovid or its Affiliate to a Third Party with respect to such Product under any Third Party Licenses. Notwithstanding the foregoing, such credit shall not cause the royalty rate payable to Lundbeck,
after giving effect to any other reductions contemplated by this Section 4, to be reduced to less than [*] of the amounts that would otherwise be payable by Ovid to Lundbeck under this Section 4; provided, further, that Ovid shall have the
right to carry forward for application against royalties payable with respect to such Product in future periods any uncredited amount, until such time when the foregoing limitation would not apply. 

DMF Preparation Fee 
  

	4.21	Ovid will pay to Lundbeck a lump sum payment of [*] for the preparation of the DMF and preparation for pre-approval inspection (the “DMF Preparation Fee”). Upon
initiation of a Phase III Clinical Trial, Lundbeck is entitled to issue an invoice for the DMF Preparation Fee payable by Ovid within [*] after receipt of said invoice. Should the preparation of the DMF require significant additional work (e.g., a
DMF re-write), then Ovid will pay to Lundbeck the cost of this additional work at a FTE rate of [*] up until further [*]. The DMF Preparation Fee cannot exceed [*]. 

System Maintenance Fee 
  

	4.22	 Ovid will pay to Lundbeck [*] per Calendar Year for maintenance of systems necessary for analysis and release of
Compound (the “System Maintenance Fee”). Ovid’s obligation to pay the System Maintenance Fee shall commence upon Regulatory Approval of the first Product and shall terminate in the event that Lundbeck is no longer supplying
Ovid with Compound under Section 5 or the Supply Agreement. The first and last System Maintenance Fee shall be pro-rated based on (i) the remaining

  
 Page 20 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
portion of the Calendar Year during which Regulatory Approval of the first Product was granted or (ii) the portion of the Calendar Year during which Lundbeck is supplying Ovid with Compound.
Upon Regulatory Approval of the first Product, Lundbeck is entitled to issue an invoice for the first System Maintenance Fee payable by Ovid within [*] after receipt of said invoice. Thereafter, Ovid shall pay the System Maintenance Fee for each
Calendar Year on [*]. 

 Manufacturing Re-establishment Costs 

 

	4.23	The Parties acknowledge that Lundbeck’s time and expertise is needed to manufacture Compound to permit Ovid to Develop Product; therefore, Ovid will pay to Lundbeck all reasonable, documented costs for re-establishment of the Compound manufacturing to the extent such re-establishment is required to supply Compound to Ovid under Section 5 and the Supply Agreement (the
“Manufacturing Re-establishment Costs”). For clarity, the Manufacturing Re-establishment Costs shall not include costs attributable to the manufacturing
of products, compounds or active pharmaceutical ingredients other than Compound. Lundbeck is entitled to issue an invoice for the Manufacturing Reestablishment Costs payable by Ovid within [*] after receipt of said invoice. Lundbeck shall, at the
request of Ovid, permit an internationally recognized independent accountant selected by Ovid to have access during ordinary business hours upon reasonable notice, to such books and records as may be necessary to determine the basis of any
Manufacturing Re-establishment Costs. Ovid shall be responsible for expenses for the independent certified public accountant, except that Lundbeck shall reimburse Ovid in full thereof if the independent
accountant determines that Ovid overpaid Manufacturing Re-establishment Costs by [*] or more over the period being audited, in which case documented and reasonable audit fees for such examination shall be paid
by Lundbeck. 

 Timing of Payments; Financial Report 

 

	4.24	Except as otherwise stipulated, Ovid shall make payments due to Lundbeck under Section 4 at Quarterly intervals. Within [*] of the end of each Quarter, Ovid shall provide Lundbeck with a report summarising the Net
Sales of each Product (including the various elements of the Net Sales calculation) during the relevant Quarter, the currency conversion rate, if applicable, the taxes withheld, if any, and the total royalties and other payments due under Sections
4.9, 4.13 and 4.14 (the “Financial Report”). As part of the Financial Report summarising Net Sales of each Product delivered at the end of the fourth (4th) Quarter of each Calendar Year, Ovid shall include a report showing the total
Net Sales of each Product for the Calendar Year in question and the royalties payable thereon calculated in accordance with Section 4. Concurrent with the delivery of each Financial Report, Ovid shall make the payments due to Lundbeck for the
Calendar Quarter covered by such Financial Report. 

  

	4.25	Net Sales and amounts due hereunder shall be expressed in USD and the Parties shall make all payments in USD, except where otherwise specifically stipulated. Whenever for the purpose of calculating royalties conversion
from any foreign currency shall be required, such conversion shall be made as follows: when calculating the Net Sales, the amount of such sales in foreign currencies shall be converted into USD using the rate of exchange for such currencies at the
time published by the European Central Bank in Frankfurt (e.g., on Reuters Screen <ECB37>), on the last day of the relevant Quarter in accordance with Ovid’s then current standard practices. 

  
 Page 21 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	4.26	All payments made to Lundbeck under this Agreement shall be made by wire transfer to the account of Lundbeck [*] or any other bank account that may be notified by Lundbeck to Ovid from time to time. All payments made to
Ovid under this Agreement shall be made by wire transfer to a bank account designated by Ovid in writing ten (10) days before the payment is due. Ovid may not, without the prior written consent of Lundbeck, make any payments to Lundbeck from a
jurisdiction outside the U.S. 

  

	4.27	If a Party fails to make any payment on the due date for payment and the payment is not in dispute between the Parties, without prejudice to any other right or remedy available to a Party, then such Party shall be
entitled to charge the other Party interest (both before and after judgement) on the amount owed and unpaid at the annual rate of London Interbank Offered Rate (LIBOR) or Euro Interbank Offered Rate (EURIBOR) plus [*], calculated on a daily basis
until payment in full is made. 

 Audits 
  

	4.28	Ovid and its Affiliates shall keep and shall require its Sub-licensees to keep, full, true and accurate records and books of account containing all particulars that may be
necessary for the purpose of calculating all royalties and other amounts payable to Lundbeck under Sections 4.9, 4.13, 4.14, 4.15 and 4.19 for a minimum period of [*]. Upon timely request by Lundbeck, Lundbeck shall have the right to instruct an
independent, internationally recognised, accounting firm to perform an audit, conducted so far as appropriate in accordance with U.S. GAAP, for the period or periods requested by Lundbeck on the following basis: 

 

	 	4.28.1	such firm of accountants shall be given access to and shall be permitted to examine such books and records upon [*] notice to Ovid, and at all reasonable times on Business Days and for no longer than [*], for the
purpose of certifying to Lundbeck whether the Net Sales and other sums calculated and reported by Ovid or its Affiliates during any Calendar Year were calculated correctly in accordance with this Agreement (and if such certification cannot be given
specifying the reasons why which will enable the Parties to recalculate the relevant sums). Ovid shall during these [*] and to a reasonable extent after these [*] make available personnel to answer queries on all books and records required for the
purpose of that certification; 

  

	 	4.28.2	prior to any such examination taking place, such firm of accountants shall undertake to Ovid that they shall keep all information and data contained in such books and records strictly confidential and shall not disclose
such information or copies of such books and records to any Third Party or Lundbeck, but shall only use the same for the purpose of the reviews and/or calculations which they need to perform in order to issue the certificate to Lundbeck which this
Section 4.28 envisages; 

  

	 	4.28.3	any such access examination and certification shall occur no more frequently than [*] and will not go back over records more than [*] old; and 

 

	 	4.28.4	 if the certification is in disagreement with the Net Sales and other sums calculated by Ovid, Ovid shall notify
Lundbeck within [*] whether or not Ovid agrees with the certification. If Ovid notifies its agreement with the certification within the [*] period or fails to give any notification within that period, the sums included in the certification shall be
used for purposes 

  
 Page 22 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
of calculating any monies owed. The cost of the audit shall be the responsibility of Lundbeck unless the recalculation shows that Ovid’s previous figures supplied to Lundbeck are inaccurate
by more than [*], in which case the reasonable and documented cost of the audit shall be the responsibility of Ovid. 

  

	4.29	If within [*] after Lundbeck receives notice from Ovid of its disagreement with the certification Ovid and Lundbeck have not resolved the disagreement, either Party may refer the items in dispute to a partner of at
least ten (10) years qualified experience at an independent, internationally recognised, public accounting firm agreed by the Parties in writing for attempted resolution (the “Financial Arbitrator”). The Financial Arbitrator
appointed shall act on the following basis: 

  

	 	4.29.1	the Financial Arbitrator shall act as an arbitrator to the extent that both Parties agree that the Financial Arbitrator is capable and qualified of settling the matter; 

 

	 	4.29.2	the Financial Arbitrator’s terms of reference shall be to determine the matters in dispute within [*] of his appointment; 

  

	 	4.29.3	the Parties shall each provide the Financial Arbitrator with all information relating to the items in dispute which the Financial Arbitrator reasonably requires and such person shall be entitled (to the extent he
considers appropriate) to base his determination on such information; 

  

	 	4.29.4	the decision of the Financial Arbitrator is final and binding on the Parties. 

  

	 	4.29.5	the Financial Arbitrator’s costs shall be paid by Ovid and Lundbeck as the Financial Arbitrator may determine, taking into consideration the extent to which each Party has succeeded in its claim; and

  

	 	4.29.6	should a Party reasonably object to the use of a Financial Arbitrator in relation to solving a dispute, the matter will be solved according to Section 19. Such objection could be based on the fact that a dispute
will demand legal interpretation rather than financial capabilities. An objection must be raised prior to the decision of the Financial Arbitrator or within [*] after appointment of the Financial Arbitrator, which ever time comes first.

 Taxes 
  

	4.30	The parties do not expect any VAT to be payable under this Agreement, however all payments to Lundbeck under this Agreement are expressed to be exclusive of value added tax howsoever arising and Ovid shall pay to
Lundbeck in addition to those payments all value added tax for which Lundbeck is liable to account to any Competent Authority in relation to any supply made or deemed to be made for value added tax purposes to this Agreement on receipt of a tax
invoice or invoices from Lundbeck. Without limiting the foregoing, it is expected that any goods or services purchased or sold under this Agreement shall have a zero rating (for tax purposes) under Applicable Law. 

 

	4.31	 Each Party will be responsible for any and all income or other taxes owed by it and required by Applicable Law to
be withheld or deducted from any of the payments made by or on behalf of the other Party (“Disbursing Party”) to it hereunder (“Withholding Taxes”) and the Disbursing Party may deduct from any amounts that the
Disbursing 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
Party is required to pay hereunder an amount equal to such Withholding Taxes. Any amounts withheld shall be deemed as paid by the Disbursing Party to the other Party for all purposes under this
Agreement. Each Party will provide the other Party with (a) reasonable advance notice of tax withholding obligations to which it reasonably believes that it is subject, and (b) any reasonable information available to it that is necessary
to determine the Withholding Taxes. The Disbursing Party will pay such Withholding Taxes to the proper taxing authority for the other Party’s account and evidence of such payment will be secured and sent by the Disbursing Party to the other
Party within one (1) month of such payment. The Parties will do all such lawful acts and things and sign all such lawful deeds and documents as either Party may reasonably request from the other Party to enable each Party or its Affiliates to
(i) take advantage of any applicable legal provision or any treaty provisions with the object of paying the sums due to such Party hereunder with the lowest legal amount of Withholding Taxes, and (ii) comply with its tax withholding
obligations. 

  

	4.32	The Parties shall reasonably co-operate to minimise any deduction or withholding in relation to any payments pursuant to this Agreement. 

 

	5.	DEVELOPMENT 

 Diligence 

 

	5.1	Ovid shall use Reasonable Best Efforts to Develop Product at its own cost and risk. 

  

	5.2	Ovid shall ensure that Development activities are carried out in accordance with Applicable Law. 

Records 
  

	5.3	Ovid shall keep or cause to be kept detailed written records and reports of the progress of Development activities in sufficient detail and in good scientific manner appropriate for all purposes, including obtaining and
maintaining Regulatory Approval and making patent filings. These written records and reports shall properly reflect all the material work done and the material results achieved in carrying out Development activities. 

Development Reports; Development Plans 
  

	5.4	Ovid shall, once yearly, until the First Commercial Sale in the United States of a Product, provide to Lundbeck a written report describing Development activities undertaken by Ovid or on its behalf during the preceding
Calendar Year with regards to Compound and/or Products, including submissions sent to Regulatory Authorities regarding the Products and the results of any pre-clinical trials or Clinical Studies (the
“Development Report”). Such report shall be submitted within thirty (30) days of the end of each Calendar Year and shall be considered the Confidential Information of Ovid. 

 

	5.5	Ovid shall, once yearly until the First Commercial Sale in the United States of a Product, provide to Lundbeck a written plan describing the efforts that Ovid plans to use in the following Calendar Year with regards to
Development of Compound and/or Products (the “Development Plan”). Such plan shall be submitted within thirty (30) days of the end of each Calendar Year and shall be considered the Confidential Information of Ovid. The first
Development Plan shall be submitted to Lundbeck one hundred and twenty days (120) after the Effective Date. 

  
 Page 24 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	5.6	Ovid shall furthermore provide Lundbeck with reasonable supplementary information relating to Development of Compound and/or Product requested by Lundbeck solely to the extent necessary for Lundbeck to determine
Ovid’s compliance with this Agreement. 

 Regulatory Filings 

 

	5.7	Ovid shall use Reasonable Best Efforts for the preparation, submission, prosecution and maintenance of all filings and applications with Regulatory Authorities required to obtain all necessary Regulatory Approvals to
Develop or Commercialise Products and shall maintain all Regulatory Approvals that have been granted. Ovid shall as soon as practicably possible inform Lundbeck in writing of each MAA or NDA filing made or Regulatory Approval obtained by Ovid, its
Affiliate, Sub-licensee or Partner in relation to Product. Lundbeck shall be responsible for the preparation, submission, prosecution and maintenance of the DMF; provided, that Lundbeck shall discuss with Ovid the general and specific strategy for
material steps to be taken with regard to the preparation, submission, prosecution and maintenance of the DMF; provided, further, that Lundbeck shall incorporate in good faith Ovid’s reasonable comments to the DMF before submission to the
appropriate Regulatory Authorities. 

  

	5.8	Lundbeck shall use Reasonable Best Efforts to transfer Lundbeck’s IND for Compound to Ovid at Ovid’s cost within six (6) months of the Effective Date and Ovid shall collaborate with Lundbeck regarding the
transfer. 

  

	5.9	Until the Current Compound Inventory is depleted or for as long as Lundbeck manufactures Compound (whichever is longer), Lundbeck shall have the responsibility to provide data, information and other documentation
related to its manufacture of Compound as is necessary to prepare its DMF. Ovid will be solely responsible for the preparation of all other regulatory documentation required to obtain Regulatory Approval for Products throughout the Territory. Ovid
shall be entitled to cross-reference Lundbeck’s DMF for the Compound in regulatory filings for Products. 

 Supply of
Compound 
  

	5.10	Until the Current Compound Inventory is depleted, Ovid shall purchase its entire requirement of Compound for the Development and Commercialisation of Products from Lundbeck, and Lundbeck shall deliver Compound to Ovid.
The Parties will within ninety (90) days after the Effective Date enter into a supply agreement relating to the supply of Compound from the Current Compound Inventory on commercially reasonable terms that are materially consistent with the
terms set forth in this Section 5 (the “Supply Agreement”). Such negotiations will be conducted in good faith. 

  

	5.11	Following depletion of the Current Compound Inventory Ovid is free to purchase its Compound requirement from a Third Party and/or from Lundbeck, provided however that Lundbeck shall not be obligated to manufacture
Compound to Ovid once the Current Compound Inventory is depleted. If Ovid and Lundbeck agree on a continued supply of Compound, Lundbeck shall sell Compound to Ovid at the Fully Burdened Cost plus a manufacturing royalty subject to
Section 4.18. 

  
 Page 25 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Compound Supply Price 

 

	5.12	The Supply Agreement shall provide that with respect to the Current Compound Inventory, Ovid will pay to Lundbeck [*] of Compound (the “Initial Price”). 

 

	5.13	The Supply Agreement shall provide that the minimum order size shall be [*] of Compound. 

  

	5.14	Following the Effective Date and to minimize risk of supply failure, Lundbeck will store the Current Compound Inventory on two (2) different sites. 

Manufacture of Finished Goods 
  

	5.15	Ovid is solely responsible for the manufacturing and supply of Products incorporating Compound, including tablets and other finished goods. 

 

	6.	COMMERCIALISATION 

  

	6.1	Ovid shall use Reasonable Best Efforts to Commercialise Product at its own cost and risk and, in support of those efforts, shall provide the financial reports required under Section 4.23. 

 

	6.2	Ovid hereby agrees at its own cost and expense that it shall comply at all times with Applicable Law pertaining to the Commercialisation of each Product in each country in which that Product is sold and shall be
responsible for obtaining all necessary permissions, consents and licences (in addition to Regulatory Approvals) required to Commercialise each Product under Applicable Law, including any import approvals and wholesale dealer’s licenses.

  

	7.	INTELLECTUAL PROPERTY 

 Ownership of Inventions 

 

	7.1	Any rights in Patent Rights and Know How covering inventions discovered, developed, identified, made, conceived or reduced to practice under this Agreement solely by or on behalf of Ovid shall be owned by Ovid. Ovid
shall use Reasonable Best Efforts to obtain Control over Know How generated by Ovid’s sublicensees, CMOs or other Third Party’s acting by or on behalf of Ovid. 

 

	7.2	Patent Rights and Know How covering inventions discovered, developed, identified, made, conceived or reduced to practice following the Effective Date under this Agreement solely by or on behalf of Lundbeck shall be
owned by Lundbeck and: 

  

	 	7.2.1	to the extent solely relating to Compound and/or Product shall be deemed to be Lundbeck Future Patent Rights or Lundbeck Future Know How; or 

 

	 	7.2.2	to the extent relating to Compound and/or Product, but not constituting Lundbeck Future Patent Rights or Lundbeck Future Know How, [*] such Lundbeck Patent Rights or Lundbeck Know How in the Licensed IP on a non-exclusive basis (“Lundbeck Non-exclusive Patent Rights and Know How”). For clarity: Lundbeck retains the full rights to Develop and/or Commercialise said
Lundbeck Non-exclusive Patent Rights and Know How for purposes other than Compound and/or Product. Further, to the extent [*] said Patent Rights and Know How in the Licensed IP, then [*] such Patent Rights and
Know How. 

  
 Page 26 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	7.3	Any rights in Patent Rights and Know How covering inventions discovered, developed, identified, made, conceived or reduced to practice under this Agreement jointly by or on behalf of the Parties relating to Compound
and/or Product shall be jointly owned by the Parties (the “Joint IP”). 

 Assignment of Licensed IP and
Joint IP to Ovid 
  

	7.4	When Ovid obtains Regulatory Approval of a Product in the United States, Lundbeck will, on a country-by-country and Product-by-Product basis, assign to Ovid without further remuneration all the Licensed IP and Lundbeck’s interest in Joint IP in such country solely relating to Product
or Compound, except Lundbeck Non-exclusive Patent Rights and Know How. Ovid shall reimburse Lundbeck all out-of-pocket costs for
said assignment. 

 Manufacturing Patent Rights 

 

	7.5	Lundbeck has filed a [*] patent application (reference no. [*]) relating to the manufacture of Compound and Lundbeck will timely submit a Patent Cooperation Treaty application for said patent application, and such
patent applications and any Patent Rights relating thereto shall be Lundbeck Future Patent Rights. Lundbeck shall use Reasonable Best Efforts to pursue the grant of Patent Rights relating to the manufacture of Compound in the [*]. Ovid may request
that further countries be added at Ovid’s cost. For clarity: Lundbeck will assign said manufacturing patent application in accordance with Section 7.4 above. 

No Other Rights 
  

	7.6	Any rights of a Party not expressly granted to the other Party under the provisions of this Agreement shall be retained by the first Party. No implied right or license in any intellectual property right, whether by
implication, estoppel or otherwise, is granted under this Agreement by either Party to the other. 

  

	8.	MAINTENANCE, PROSECUTION AND DEFENCE OF PATENT RIGHTS 

 Filing, Maintenance and
Prosecution of Patent Rights 
  

	8.1	Lundbeck shall have the first right to file, prosecute and maintain, at its cost, the Lundbeck Current Patent Rights and the Lundbeck Future Patent Rights, including the conduct of any claims or proceedings relating to
them (including but not limited to any interference, reissue or re-examination or opposition or revocation proceedings). If, during the Term, Lundbeck (a) intends to allow any Lundbeck Current Patent
Rights, the manufacturing patent mentioned in Section 7.5 or Lundbeck Future Patent Rights to expire or intends to otherwise abandon any such Patent Rights, or (b) decides not to prepare or file patent applications forming part of the
Lundbeck Current Patent Rights or the Lundbeck Future Patent Rights in the Territory, Lundbeck shall notify Ovid of such intention or decision at least thirty (30) days prior to any filing or payment due date or any other date that requires
action in connection with such Patent Rights, and Ovid shall thereupon have the right, but not the obligation, to assume responsibility for the preparation, filing, prosecution or maintenance thereof in the Territory at its sole cost and expense, in
the name of Ovid. 

  
 Page 27 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	8.2	If Ovid elects, after assignment of such IP, not to file, maintain or prosecute any of the IP transferred or assigned under this Agreement Lundbeck shall have the right, but not the obligation, to assume, at its own
cost and expense, the prosecution, maintenance and filing of any of Ovid’s Patents intended to be abandoned or not to be filed then such Patent Rights shall be assigned to Lundbeck. In the event of such election being made by such Ovid all of
Ovid’s rights in such Patent Rights shall cease except to the extent necessary to exercise the rights granted under this Agreement. 

  

	8.3	Ovid shall be responsible at its own cost and expense for the filing, prosecution and maintenance in its own name of Ovid Patent Rights and the Patent Rights forming part of the Joint IP. 

Third Party Infringement of Licensed IP or Joint IP 
  

	8.4	Where an infringement of Licensed IP or Joint IP by a Third Party occurs, or might reasonably occur (an “Infringement”), Ovid shall have the first right, but not the obligation, to enforce the same in
accordance with the following: 

  

	 	8.4.1	Ten (10) days prior to the commencement of proceedings, Ovid shall notify Lundbeck of the Infringement and shall consult with Lundbeck concerning the same, but thereafter Ovid shall have sole conduct of the
dispute. Lundbeck may choose in its own discretion and at its own cost to participate in proceedings relating to the Infringement. Lundbeck shall provide all reasonably necessary assistance to Ovid in relation to such proceedings. 

 

	 	8.4.2	Any settlement in Lundbeck’s name must be approved by Lundbeck in writing prior to settling. 

  

	 	8.4.3	If Ovid succeeds in any such Infringement proceedings whether at trial or by way of settlement, any recoveries shall first be paid to Ovid for costs and expenses incurred by Ovid to initiate such proceedings. Where the
recoveries exceed the costs incurred by Ovid, Ovid shall be entitled to retain the balance which shall be treated as Net Sales subject to the payment of royalties to Lundbeck under Section 4. 

 

	 	8.4.4	If Ovid fails to initiate any proceedings relating to the Infringement, Lundbeck may give Ovid notice requesting Ovid to initiate such proceedings within [*], of the date of notice and if Ovid decides not to do so,
Lundbeck shall be entitled to do so at its own cost and expense in which case it shall have sole conduct of any claim or proceedings, including any counterclaim for invalidity or unenforceability or any declaratory judgment action, and including the
right to settle provided that such a settlement does not include any decision of invalidity or otherwise impact upon the validity of Ovid IP. Ovid shall provide all reasonably necessary assistance to Lundbeck in relation to such proceedings and
Lundbeck shall on demand by Ovid indemnify Ovid against the costs of such activity, unless Ovid elects to be separately represented (which shall be at Ovid’s discretion), in which case such separate representation shall be at Ovid’s cost
and expense. If Lundbeck succeeds in any such proceedings it shall be entitled to retain the whole of any award of costs and damages made or settlement sum paid. 

  
 Page 28 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Infringement Claims by Third Parties 

 

	8.5	If a Product becomes the subject of a Third Party’s claim or assertion that the Product infringes the intellectual property rights of a Third Party, the Party first having notice of the claim or assertion shall
promptly notify the other Party. 

  

	8.6	If the Infringement claim mentioned in Section 8.5 is not related to the Licensed IP Ovid shall have sole conduct of the dispute and Lundbeck shall reasonably assist Ovid and cooperate in any such litigation at
Ovid’s request and expense. Ovid shall have the right to settle any such claim not related to the Licensed IP or assertion and enter into a Third Party License; provided, that Ovid shall not have the right to enter into any settlement that
would bind Lundbeck without Lundbeck’s prior written consent. 

  

	8.7	If the Infringement claim or assertion mentioned in Section 8.5 is related to the Licensed IP then Lundbeck shall have the first right, but not the obligation, to challenge the claim or assertion and Lundbeck shall
have sole conduct of the dispute. If Lundbeck fails to initiate any proceedings relating to the Infringement claim, Ovid may give Lundbeck notice requesting Lundbeck to initiate such proceedings within [*], of the date of notice and if Lundbeck
decides not to do so, Ovid shall be entitled to do so at its own cost and expense in which case it shall have sole conduct of any claim or proceedings, including any counterclaim for invalidity or unenforceability or any declaratory judgment action,
and including the right to settle provided that such a settlement does not include any decision of invalidity or otherwise impact upon the validity of Lundbeck IP and Ovid shall not have the right to enter into any settlement that would bind
Lundbeck without Lundbeck’s prior written consent, such consent not to be unreasonably withheld. Lundbeck shall provide reasonably necessary assistance to Ovid in relation to such proceedings. 

 

	8.8	If the Infringement claim or assertion mentioned in Section 8.5 relates to the Licensed IP and the claimant is seeking injunction or a similar remedy then Ovid is entitled then the notice period mentioned in
Section 8.7 is ten (10) days, or earlier if necessary. 

 Paragraph IV Notices 

 

	8.9	 If either Party receives a notice under 21 U.S.C. §355(b)(2)(A)(iv) or 355(j)(2)(A)(vii)(IV) or a similar
notice in another country concerning a Product covered by Ovid IP or Joint IP (a “Paragraph IV Notice”), then it shall provide a copy of such notice to the other Party within [*] after its receipt thereof. Ovid shall have the first
right, but not the obligation, to initiate patent infringement litigation based on a Paragraph IV Notice concerning a Product at its own expense. Upon request of Ovid, Lundbeck agrees to timely join as party-plaintiff in any such litigation to
cooperate with Ovid in connection with such infringement action, including timely filing such action in Lundbeck’ name if required. Ovid shall notify Lundbeck of its intention not to initiate such patent infringement litigation based on a
Paragraph IV Notice, in no event later than [*] after receipt of the Paragraph IV Notice, Lundbeck shall have the right, but not the obligation, to bring such infringement action. If the only Patent Right that is the subject of a Paragraph IV Notice
is a Lundbeck Non-exclusive Patent Rights and Know How rights Lundbeck shall notify Ovid of its intention to initiate patent infringement litigation, at Lundbeck’ expense, based on a Paragraph IV Notice
in no event later than [*] after receipt of the Paragraph IV Notice. If Lundbeck elects not to initiate patent infringement litigation for a Lundbeck Non-exclusive Patent Right and Know How rights, Ovid may
elect to bring such patent infringement litigation based on the Paragraph IV Notice at Ovid’s expense. Upon request of Ovid, Lundbeck agrees to 

  
 Page 29 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
timely join as party-plaintiff in any such litigation, and in any event to cooperate with Ovid in connection with such infringement action, including timely filing such action in Lundbeck’
name if required. If a Paragraph IV Notice relates to both Lundbeck Patent Rights and Joint IP and Lundbeck has the right to allow Ovid to enforce such Lundbeck Non-exclusive Patent Rights and Know How rights,
then Ovid shall have the first right, but not the obligation, to initiate patent litigation based on such Paragraph IV Notice. If a Paragraph IV Notice relates to both Lundbeck Non-exclusive Patent Rights and
Know How and Joint IP and Lundbeck does not have the right to allow Ovid to enforce such Lundbeck Non-exclusive Patent Rights and Know How right the Parties shall meet promptly following the receipt of such a
Paragraph IV Notice to discuss, in good faith, alternative arrangements for the enforcement of the Lundbeck Non-exclusive Patent Rights and Know How rights. 

Lundbeck efforts 
  

	8.10	Lundbeck shall on an annual basis assist Ovid with any reasonable patent work with up to [*] free of charge, provided however Ovid shall reimburse Lundbeck all out of pocket costs in connection with such assistance.
Should Ovid require more than [*] of assistance within a calendar year, then Ovid shall pay to Lundbeck the cost of such additional work at a FTE rate of [*]. 

Trademarks 
  

	8.11	Ovid shall own all rights in any and all trademarks for Product(s) Commercialised by or on behalf of Ovid hereunder and shall at its own cost and expense have the exclusive right and responsibility for the selection,
clearance, registration, maintenance and defence of said Trademarks. 

  

	8.12	Ovid shall have the exclusive right to register the trademark(s) as domain names, including all internet domain names under all existing top level domains. This includes as examples Generic Product top level domains
such as .com, .net, .info and country code top level domains such as .co, .uk and .dk. 

  

	8.13	Lundbeck acknowledges that Ovid may apply for registration in Ovid’s name, use, and own any trademarks obtained. 

  

	8.14	For clarity, under this Agreement Lundbeck does not grant Ovid any rights whatsoever to current or future Lundbeck trademarks. 

  

	9.	NON-COMPETE 

  

	9.1	Both Parties shall be prohibited from Developing and Commercialising a Competing Product during the Exclusivity Period. For clarity: Lundbeck is not allowed to Commercialise a Product unless as a sublicensee of Ovid.

  

	9.2	If a Party, as a result of a Strategic Acquisition, acquires a Competing Product, then such Party shall not be deemed to be in non-compliance with the non-compete obligations in Section 9.1 of this agreement. However, Ovid shall in such case employ a separate sales force to promote such Competing Product and ensure that the compensation and incentives
available to be earned by members of the sales force with respect to the applicable Product will be no less than the level of compensation and incentives available to be earned by members of the separate sales force with respect to the Competing
Product so not as to disadvantage Commercialisation of Product. 

  
 Page 30 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	9.3	If a Party acquires or otherwise Controls a Competing Product such Party shall either cease Development and/or Commercialisation of such Competing Product, alternatively divest the Competing Product within a reasonable
timeframe. Provided that the Party complies with this Section 9.3, such Party shall not be deemed in breach of this Agreement. For clarity a Party will not be in breach this Section if such Party is acquired by a Third Party with a Competing
Product in its portfolio. 

  

	10.	CONFIDENTIALITY AND NON-DISCLOSE 

 Treatment
of Confidential Information 
  

	10.1	Except to the extent expressly authorised by this Agreement or otherwise agreed in writing, each Party in possession of Confidential Information (“Receiving Party”) of the other Party
(“Disclosing Party”) shall maintain such Confidential Information as confidential and use it only for the purposes of this Agreement in accordance with this Section 10. The term of maintaining confidentiality of Confidential
Information and the limitations on use shall be for a period equal to the longer of (a) [*] after the date of expiration or termination of this Agreement; and (b) for so long as the exceptions set out below in the next subsequent paragraph do
not apply to the relevant Confidential Information. Each Party shall guard such Confidential Information using the same degree of care as it normally uses to guard its own confidential, proprietary information of like importance, but in any event no
less than reasonable care. 

  

	10.2	Notwithstanding the foregoing, the Receiving Party shall be relieved of the confidentiality and limited use obligations of this Agreement to the extent that the Receiving Party establishes by written evidence that:

  

	 	10.2.1	the Confidential Information was previously known to the Receiving Party from sources other than the Disclosing Party at the time of disclosure and other than under an obligation of confidentiality; 

 

	 	10.2.2	the Confidential Information was generally available to the public or otherwise part of the public domain at the time of its disclosure; 

 

	 	10.2.3	the Confidential Information became generally available to the public or otherwise part of the public domain after its disclosure to the Receiving Party other than through any act or omission of the Receiving Party in
breach of this Agreement; 

  

	 	10.2.4	the Confidential Information is acquired in good faith in the future by the Receiving Party from a Third Party who has a lawful right to disclose such information and who is not under an obligation of confidence to the
Disclosing Party with respect to such information; or 

  

	 	10.2.5	the Confidential Information is subsequently developed by or on behalf of the Receiving Party without use of the Disclosing Party’s Confidential Information. 

  
 Page 31 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Permitted Uses of Information 

 

	10.3	Notwithstanding the above obligations of confidentiality and non-use, a Receiving Party may: 

 

	 	10.3.1	disclose Confidential Information to a Regulatory Authority as reasonably necessary to obtain Regulatory Approval in a particular jurisdiction to the extent consistent with the licenses granted under this Agreement;

  

	 	10.3.2	disclose Confidential Information: (a) to the extent such disclosure is reasonably necessary to comply with the order of a court; or (b) to the extent such disclosure is required to comply with Applicable Law,
including to the extent such disclosure is required in publicly filed financial statements or other public statements under stock exchange rules; provided, that to the extent possible such Party shall provide the other Party with a copy of the
proposed text of such statements or disclosure ten (10) Business Days in advance of the date on which the disclosure is to be made to review and provide comments, unless a shorter review time is agreed. If the compliance with the disclosure
requirements of a securities exchange or its regulatory body requires filing of this Agreement, the filing Party shall seek confidential treatment of portions of this Agreement from the securities exchange or body and shall provide the other Party
with a copy of the proposed filings at least ten (10) Business Days prior to filing for the other Party to review any such proposed filing. Each Party agrees that it will obtain its own legal advice with regard to its compliance with securities
laws and regulations, and will not rely on any statements made by the other Party relating to such securities laws and regulations; 

  

	 	10.3.3	disclose Confidential Information by filing or prosecuting Patent Rights, the filing or prosecution of which is contemplated by this Agreement; it being understood that publication of such filings occurs in some
jurisdictions within eighteen (18) months of filing; 

  

	 	10.3.4	disclose Confidential Information to such Receiving Party’s employees, Affiliates, licensees, agents, consultants, clinical investigators, collaborators or contractors as such Receiving Party reasonably determines
is necessary to receive the benefits of the licenses to it under this Agreement or to fulfil its obligations pursuant to this Agreement; provided, that any such persons must be obligated to substantially the same extent as set forth in this
Section 10 to hold in confidence and not make use of such Confidential Information for any purpose other than those permitted by this Agreement; 

  

	 	10.3.5	disclose Confidential Information as reasonably necessary: (a) to its actual or potential investment bankers and to lenders for the purpose of obtaining financing for its business; (b) to potential investors
in connection with an offering or placement of securities for purposes of obtaining financing for its business; and (c) to a bona fide potential acquirer or merger Partner for the purposes of evaluating entering into a merger or acquisition,
provided, that any such persons must be obligated to substantially the same extent as set forth in this Section 10 to hold in confidence and not make use of such Confidential Information for any purpose other than those permitted by this
Agreement; and 

  

	 	10.3.6	 nothing in this Section 10 restricts either Party from using or disclosing any of its own Confidential
Information for any purpose whatsoever; provided, 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
that to the extent Know How is exclusively licensed by one Party to the other, the licensor may not continue to use and disclose such Know How in a manner not consistent with the exclusivity of
the license granted. 

 Public Announcements 
  

	10.4	Save as permitted in this Section 10, neither Party shall make any public announcement or statement to the public containing Confidential Information without the prior consent of the other. All such public
announcements or statements shall not be made without the prior review and consent of an appropriate individual designated for the purpose by the other Party. 

  

	10.5	On or promptly after the Effective Date, the Parties shall issue a joint public announcement, or either Party may issue its own public announcement, regarding the execution of this Agreement with information
substantially consistent with the information contained in the form of press release attached hereto as Schedule D. Any other publication, news release or other public announcement relating to this Agreement or to the Parties’
performance hereunder shall first be reviewed and approved by both Parties, subject to Section 10.3. 

  

	11.	WARRANTIES AND UNDERTAKINGS 

 Mutual Warranties 

 

	11.1	Each Party warrants to the other Party that: 

  

	 	11.1.1	it has legal power, authority and right to enter into this Agreement and to perform its respective obligations in this Agreement; 

  

	 	11.1.2	it is not at the Effective Date a party to any agreement, arrangement or understanding with any Third Party which in any significant way prevents it from fulfilling any of its material obligations under the terms of
this Agreement; and 

  

	 	11.1.3	it has disclosed to the other Party all information that is material to the decision of the other Party to enter into this Agreement. 

Lundbeck Warranties 
  

	11.2	Lundbeck warrants to Ovid that: 

  

	 	11.2.1	Lundbeck Controls the Lundbeck Current Patent Rights and has the right to grant the License under the Licensed IP specified herein free and clear of any liens or encumbrances which would prevent or impair the grant of
such rights; 

  

	 	11.2.2	Lundbeck Controls, to its Knowledge, the Lundbeck Current Know How and has, to its Knowledge, the right to grant the License under the Licensed IP specified herein free and clear of any liens or encumbrances which would
prevent or impair the grant of such rights; 

  

	 	11.2.3	Lundbeck has to its Knowledge not and will not enter into any agreement that is or would be inconsistent with the obligations, rights and licenses granted to Ovid in this Agreement; 

  
 Page 33 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	11.2.4	Schedule A sets forth a complete and accurate list of the Lundbeck Current Patent Rights as of the Effective Date; 

  

	 	11.2.5	Lundbeck has to its Knowledge disclosed to Ovid all material information received by Lundbeck concerning the institution of any interference, opposition, re-examination, reissue,
revocation, nullification or any official proceeding involving any Lundbeck Current Patent Rights in the Territory; 

  

	 	11.2.6	Lundbeck’s Retained Rights will not limit Ovid in relation to Developing or Commercializing Compound or Product under the Licensed IP; 

 

	 	11.2.7	Lundbeck has no present Knowledge that any settled, pending or threatened claim, lawsuit or legal proceeding of a Third Party against Lundbeck alleges that the Licensed IP misappropriates or infringes, in part or in
whole, the intellectual property or intellectual property rights of such Third Party; 

  

	 	11.2.8	Compound supplied to Ovid under this Agreement will be clean and free of any liens, and manufactured in accordance with GMP, Specifications and Applicable Law in the country of manufacture; and 

 

	 	11.2.9	Lundbeck Controls, to its Knowledge all Know How relating to the manufacturing process of Compound described in the DMF existing as of the Effective Date and has, to its Knowledge, the right to transfer all such
tangible Know How as required under Section 5.9. 

  

	11.3	Lundbeck makes no other warranties to Ovid in relation to the rights granted under this Agreement. 

Ovid Warranties 
  

	11.4	Ovid warrants to Lundbeck that: 

  

	 	11.4.1	Ovid will use Reasonable Best Efforts to Develop and Commercialise Compound and/or Product in compliance with Applicable Law; and 

  

	 	11.4.2	it has to its Knowledge not and will not enter into any agreement that is or would be inconsistent with the obligations, rights and licenses granted under this Agreement. 

Disclaimer 
  

	11.5	EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS SECTION 11 OF THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS AND GRANTS NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE
OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS, STATUTORY OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR
ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

  
 Page 34 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	12.	INDEMNIFICATION 

 By Ovid 

 

	12.1	Ovid warrants to indemnify and save, defend and hold Lundbeck, its Affiliates, and their respective directors, agents and employees harmless from and against any and all Losses arising in connection with any and all
charges, complaints, actions, suits, proceedings, hearings, investigations, claims, demands, judgments, orders, decrees, stipulations or injunctions by any Third Party (each, a “Third Party Claim”) based upon (a) any breach by
Ovid or its Affiliates of any of its representations, warranties or covenants pursuant to this Agreement, (b) any Withholding Taxes with respect to amounts paid or payable by Ovid to Lundbeck under this Agreement, and (c) the gross
negligence or wilful misconduct by Ovid or its Affiliates or their respective officers, directors, employees, agents, consultants or sublicensees in performing any of its obligations under this Agreement, or (d) the research, Development,
manufacturing and Commercialisation activities conducted by or on behalf of Ovid with respect to Compound and Product; except, in each case, to the extent that Lundbeck is obligated to indemnify Ovid for such Third Party Claim under
Section 12.2. 

 By Lundbeck 
  

	12.2	Lundbeck warrants to indemnify and save, defend and hold Ovid, its Affiliates, and their respective directors, agents and employees harmless from and against any and all Losses arising in connection with any Third Party
Claim, other than from shareholders or investors in Ovid, resulting from (a) any breach by Lundbeck or its Affiliates of any of its representations, warranties or covenants pursuant to this Agreement, (b) any Withholding Taxes with respect
to amounts paid or payable by Lundbeck to Ovid under this Agreement, (c) the wilful misconduct by Lundbeck or its Affiliates or their respective officers, directors, employees, agents, consultants or sublicensees in performing any of its
obligations under this Agreement, (d) any claims regarding Compound and Product to the extent relating to activities conducted by or on behalf of Lundbeck prior to the Effective Date; except, in each case, to the extent that Ovid is obligated
to indemnify Lundbeck for such Third Party Claim under Section 12.1. 

  

	12.3	[*] obligation to indemnify [*] in case of a breach of Section [*] is limited to a total amount of [*] in the aggregate; provided that in relation to any indemnification by [*] under this Section 12 [*] may, [*],
require [*] to (i) [*] and/or [*] under this Agreement and/or (ii) [*] and [*] until such time when [*]. For clarity, [*] shall [*] for a breach of Section [*]. 

Indemnification Procedures 
  

	12.4	 In the event that any Person (an “Indemnitee”) entitled to indemnification under
Section 12.1 or Section 12.2 is seeking such indemnification, such Indemnitee shall (a) inform the indemnifying Party in writing of the Third Party Claim as soon as reasonably practicable after such Indemnitee receives notice of such
Third Party Claim, (b) permit the indemnifying Party to assume direction and control of the defence of the Claim (provided, that the indemnifying Party may not settle the Third Party Claim without the prior consent of the Indemnitee, not to be
unreasonably withheld), (c) cooperate as reasonably requested (at the expense of the indemnifying Party) in the defence of the Third Party Claim, and (d) undertake all reasonable steps to mitigate any loss, damage or expense with respect to the
Third Party Claim(s). Without limiting the foregoing, any Indemnitee will be entitled to participate in the defence of a Third Party Claim for which it has sought indemnification hereunder and to employ counsel of its choice for such purpose;
provided, that such employment will be at the Indemnitee’s own expense unless (i) the employment thereof has been specifically authorized by the Indemnifying 

  
 Page 35 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
Party in writing, or (ii) the indemnifying Party has failed to assume the defence (or continue to defend such Third Party Claim in good faith) and employ counsel in accordance with this
Section 12.3, in which case the indemnified Party will be allowed to control the defence. 

  

	13.	LIABILITY 

  

	13.1	The Parties shall be responsible towards each other and towards Third Parties for their performance under this Agreement and for any acts or omissions in accordance with the ordinary provisions of Swedish law.

  

	13.2	EXCEPT FOR A BREACH OF SECTION 9 OR FOR ACTS OF WILFUL MISCONDUCT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE FOR ANY LOSS, DAMAGE, COSTS OR
EXPENSES OF AN INDIRECT OR CONSEQUENTIAL OR PUNITIVE NATURE, INCLUDING ANY INDIRECT OR CONSEQUENTIAL ECONOMIC LOSS OR OTHER INDIRECT OR CONSEQUENTIAL LOSS OF TURNOVER, PROFITS, LOSS OF ENTERPRISE VALUE, BUSINESS OR GOODWILL OR OTHERWISE,
IRRESPECTIVE OF WHETHER SUCH PARTY OR ANY REPRESENTATIVE OF SUCH PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE; PROVIDED, THAT THIS LIMITATION WILL NOT LIMIT THE INDEMNIFICATION OBLIGATION
OF A PARTY UNDER THE PROVISIONS OF SECTION 12 FOR SUCH DAMAGES CLAIMED BY A THIRD PARTY. 

  

	14.	TERM AND TERMINATION 

 Term 

 

	14.1	Subject to the other provisions of this Section 14, this Agreement shall come into force on the Effective Date and, unless terminated pursuant to the other provisions of this Section 14, shall expire on a Product-by-Product and country-by-country basis on the date of the expiration of the Initial
Royalty Term or Manufacturing Royalty Term, whichever is the longest, under Section 4 of this Agreement (the “Term”). Upon the expiration of the Term, on a
Product-by-Product and country-by-country basis, the License shall be fully paid-up and non-terminable. 

 Termination for
Cause 
  

	14.2	Each Party (the “Terminating Party”) shall have the right to terminate this Agreement for cause with immediate effect upon giving written notice of termination to the other Party (the
“Defaulting Party”) upon the occurrence of any of the following events at any time during this Agreement: 

  

	 	14.2.1	the Defaulting Party commits a material breach of this Agreement, including where applicable the failure of either Party to expend the efforts required to perform its obligations under this Agreement, which material
breach, if capable of remedy shall not have been remedied within [*] of the receipt by it of a written notice from the other Party identifying the breach and requiring its remedy; or 

 

	 	14.2.2	if an Insolvency Event occurs in relation to the Defaulting Party. 

  
 Page 36 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 In any event when a Party first becomes aware of the likely occurrence of any Insolvency Event
in regard to that Party, it shall promptly so notify the other Party in sufficient time to give the other Party sufficient notice to protect its interests under this Agreement. 

Termination for Convenience 
  

	14.3	On a country-by-country basis, prior to first Regulatory Approval of a Product in any country, Ovid shall have the right to give [*] notice
of termination of this Agreement in writing to Lundbeck the reason being specified in the notice. This Agreement shall terminate upon expiration of such [*] notice period. 

 

	15.	CONSEQUENCES OF TERMINATION 

 Upon Termination by Ovid for Convenience or by Lundbeck
for Cause 
  

	15.1	Upon a termination of this Agreement (a) by Ovid pursuant to Section 14.3, or (b) by Lundbeck pursuant to Section 14.2: 

 

	 	15.1.1	all rights and licenses granted to Ovid under this Agreement shall terminate and Ovid shall immediately cease all Development and/or Commercialisation of Products; 

 

	 	15.1.2	Ovid shall offer to transfer any ongoing Clinical Study for Compound or Products to Lundbeck without any cost or claim for remuneration, and if Lundbeck decides not to have the Clinical Study transferred, Ovid will at
its own cost terminate the Clinical Study; 

  

	 	15.1.3	Ovid shall grant and hereby grants to Lundbeck an exclusive (even as to Ovid), royalty-bearing, perpetual, sub-licensable (through multiple tiers) licence under (a) the Ovid
IP, (b) Ovid’s interest in the Joint IP, and (b) any Licensed IP and Joint IP assigned to Ovid under Section 7.4, to research, have researched, Develop, have Developed, use, have used, make and have made, Commercialise and have
Commercialised Compound and/or Product in the Field in the Territory; 

  

	 	15.1.4	Ovid will assign to Lundbeck without remuneration any such rights mentioned in Section 15.1.3 which solely relates to Compound and/or Product; and 

Provided that Ovid has filed an NDA and solely in such case, then Lundbeck shall pay to Ovid the following tiered royalties based on
accumulated Net Sales for all Products containing Ovid IP in a Calendar Year as set forth below: 
  

			
	 Annual Net Sales
	  	Royalty
Percentage
	 The portion of Net Sales for all Products in a Calendar Year up to and including USD [*]
	  	[*]%
		
	 The portion of Net Sales for all Products in a Calendar Year including or exceeding USD [*] but
less than or equal to USD [*]
	  	[*]%
		
	 The portion of Net Sales for all Products in a Calendar Year including or exceeding USD
[*]
	  	[*]%

 Lundbeck’s obligation to pay royalties under this Section 15.1.4 shall commence upon [*] and shall
expire on [*]. 

  
 Page 37 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Upon Termination by Ovid for Cause 

 

	15.2	Upon the termination of this Agreement by Ovid pursuant to Section 14.2: 

  

	 	15.2.1	all rights and licenses granted to Lundbeck under this Agreement shall terminate; 

  

	 	15.2.2	Lundbeck shall grant and hereby grants to Ovid an exclusive (even as to Lundbeck) royalty-bearing, perpetual, sub-licensable (through multiple tiers) licence under the Licensed IP
to research, have researched, Develop, have Developed, use, have used, make and have made, Commercialise and have Commercialised Compound and/or Product in the Field in the Territory; 

 

	 	15.2.3	Ovid shall pay royalties and other payments to Lundbeck in accordance with Sections 4.13 and 4.14, subject to Sections 4.15, 4.17, 4.18 and 4.19; 

 

	 	15.2.4	Ovid shall have the right to terminate the Supply Agreement, and if Ovid terminates the Supply Agreement, Lundbeck shall undertake the technology transfer contemplated by Section 3.3. 

 

	15.3	For the avoidance of doubt, subject to Section 15.2, this Section 15 is not intended to limit either Party’s remedies for a breach of this Agreement. 

 

	16.	ACCRUED RIGHTS AND OBLIGATIONS; SURVIVAL 

  

	16.1	Termination or expiration of this Agreement shall not relieve the Parties of any obligation or liability accruing prior to such termination or expiration. Any accrued obligation or liability and the provisions of this
Section 16 as well as Sections 10 (Confidentiality), 12 (Indemnification), 13 (Liability), 15 (Consequences of Termination), 17 (Force Majeure), 19 (Governing Law and Jurisdiction), 23 (Entire Agreement and Severability), 25 (Waiver and Non-Exclusion of Remedies), 27 (Further Assurance), 28 (Compliance with Laws), and 29 (Expenses) (as well as other Sections which by intent or nature should reasonably do so) shall survive termination or expiration
of this Agreement. Upon termination of this Agreement, each Party shall either return or destroy, upon the request of the other Party, all Confidential Information received from the other Party, retaining only one copy of written or electronic
confidential information for archival purposes. 

  

	17.	FORCE MAJEURE 

  

	17.1	If a Party (the “Affected Party”) is unable to carry out any of its obligations under this Agreement due to Force Majeure, this Agreement shall remain in effect but the Affected Party’s relevant
obligations under this Agreement and the corresponding obligations of the other Party (“Non-Affected Party”) under this Agreement shall be suspended for a period equal to the circumstance of
Force Majeure; provided that: 

  

	 	17.1.1	the suspension of performance is of no greater scope than is required by the Force Majeure; 

  
 Page 38 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	17.1.2	the Affected Party immediately gives the Non-Affected Party prompt written notice describing the circumstance of Force Majeure, including the nature of the occurrence and its
expected duration, and continues to furnish regular reports during the period of Force Majeure and notifies the Non-Affected Party immediately of the cessation of the Force Majeure; 

 

	 	17.1.3	the Affected Party uses all reasonable efforts to remedy its inability to perform and to mitigate the effects of the circumstance of Force Majeure; and 

 

	 	17.1.4	as soon as practicable after the event which constitutes Force Majeure the Parties discuss how best to continue their operations as far as possible in accordance with this Agreement. 

 

	18.	ASSIGNMENT 

  

	18.1	Ovid is entitled to subcontract its rights and obligations to Commercialize and/or Develop under this Agreement to any third party subcontractor; provided, however, that Ovid shall remain responsible for and be
guarantor of the performance by its Affiliates or subcontractors and shall cause its Affiliates and permitted subcontractors to comply with the provisions of this Agreement in connection with such performance. Ovid hereby expressly waives any
requirement that Lundbeck exhaust any right, power or remedy, or proceed against an Affiliate or permitted subcontractor, for any obligation or performance hereunder prior to proceeding directly against Ovid. Wherever in this Agreement Ovid
delegates responsibility to its Affiliate or permitted subcontractor, Ovid agrees that such entities may not make decisions inconsistent with this Agreement, amend the terms of this Agreement or act contrary to its terms in any way.

  

	18.2	Either Party may assign this Agreement or any part of its rights and obligations hereunder to an Affiliate or to any company with which such Party may merge or consolidate, or to which it may transfer all or
substantially all of its assets to which this Agreement relates, without obtaining the consent of the other Party provided always that such Affiliate or company undertakes in writing to the other Party to be bound by the terms of this Agreement.

  

	18.3	In case of a Change of Control in Lundbeck so that a party being a direct competitor of Ovid would control Lundbeck, the obligation of Ovid to provide information under this Agreement to Lundbeck will automatically be
changed so that such information provided by Ovid shall not contain any market sensitive or strategic information. Should such information be important to evaluate Lundbeck’s rights or Ovid’s obligations hereunder, Lundbeck shall have the
right appoint an independent certified auditor to whom Ovid shall provide all necessary information in order to be able to assess the Parties compliancy under this Agreement. In order to apply this Section, Ovid shall give a prior written notice to
Lundbeck with justifications as to why such Third Party controlling Lundbeck would be deemed to be a competitor of Ovid. Such notice shall not be given unreasonably and without weighty reasons by Ovid. 

  
 Page 39 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	19.	GOVERNING LAW AND JURISDICTION 

  

	19.1	The interpretation and construction of this Agreement shall be governed by the laws of [*] excluding any conflicts or choice of law rules or principle that might otherwise refer construction or interpretation of this
Agreement to the substantive law of another jurisdiction. 

  

	19.2	In the event of any controversy, claim or other dispute based on, arising out of or relating to any provision of this Agreement or the interpretation, enforceability, performance, breach, termination or validity hereof
(a “Dispute”), and prior to seeking the dispute settled by arbitration such Dispute shall first be presented to the Parties’ senior officers in charge of either research and Development or commercial operations depending on
whether the Dispute concerns Development or Commercialisation. If the Parties cannot agree on the senior officer level, the Dispute will be escalated to the Parties’ Chief Executive Officers (“CEOs” and each, a
“CEO”). A Dispute shall be referred to such senior officers or CEOs upon either Party providing the other Party with written notice of such referral, and such senior officers and/or CEOs shall thereafter attempt to resolve such
Dispute through good faith discussions. 

  

	19.3	If a Dispute is not resolved by the Parties’ CEOs within thirty (30) days of such other Party’s receipt of such written notice (or such longer period as the CEOs may agree upon), then, unless such Dispute
concerns a Litigable Matter (in which case either Party may pursue such remedies as it may deem necessary or appropriate), either Party may invoke the binding arbitration provisions of Section 19.4. 

 

	19.4	All Disputes between the Parties which cannot be resolved amicably between the Parties or the CEOs, shall be submitted to binding arbitration, to be held in [*], in accordance with the Arbitration Rules of the [*]. The
arbitral tribunal shall consist of one (1) arbitrator appointed in accordance with said rules and the language of the proceedings shall be English. 

  

	20.	CODE OF CONDUCT 

  

	20.1	To the extent applicable to the performance of Ovid’s obligations under this Agreement and consistent with the laws of the U.S., Ovid warrants to adhere to the principles of Lundbeck’s Code of Conduct as
stated on the following website; 

 http://lundbeck.com/upload/global/files/pdf/corporate- 

responsibility/Lundbeck_Third_Party_obligations_ed.1.pdf 

Ovid will only be obligated to adhere to any changes made to Lundbeck’s Code of Conduct if Lundbeck provides Ovid with at least ninety
(90) days prior written notice of any changes to the Code of Conduct following the Effective Date. 
  

	21.	NOTICES 

  

	21.1	 Any notice, request, demand, waiver, consent, approval or other communication permitted or required under this
Agreement shall be in writing and shall be deemed given only if sent by facsimile transmission (with transmission confirmed) or by a postal delivery service that maintains records of delivery, addressed to the Parties at their respective addresses
specified in Section 21.2 or to such other address as the Party to 

  
 Page 40 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
whom notice is to be given may have provided to the other Party in accordance with this Section 21. Such notice shall be deemed to have been given as of the date transmitted by facsimile
(with transmission confirmed). This Section 21 is not intended to govern the day-to-day business communications necessary between the Parties in performing their
obligations under the terms of this Agreement. 

  

	21.2	Address for Notice 

  

			
	For:	  	H. Lundbeck A/S
	Address:	  	 Ottiliavej 9
 DK 2500 Valby

Denmark

	Fax number:	  	+ 45 36 43 82 75
	For the attention of:	  	VP, Corporate Business Development & Strategy
	With a copy to:	  	VP, Corporate Legal
	Fax no.	  	+ 45 36 43 82 49
		
	For:	  	Ovid Therapeutics Inc.
	Address:	  	 205 East 42nd Street

Suite 15-048
 New York, NY
10017
 United States of America

	Fax number:	  	+
	For the attention of:	  	Chief Executive Officer
	With a copy to:	  	 Laura Berezin and Asher Rubin
 c/o Hogan
Lovells US LLP
 100 International Drive
 Suite 2000

Baltimore, MD 21202

	Fax no.	  	+ 410 659 2701

  

	22.	RELATIONSHIP OF THE PARTIES 

  

	22.1	The status of a Party under this Agreement shall be that of an independent contractor. Nothing contained in this Agreement shall be construed as creating a Partnership, joint venture or agency relationship between the
Parties or, except as otherwise expressly provided in this Agreement, as granting either Party the authority to bind or contract any obligation in the name of or on the account of the other Party or to make any statements, representations,
warranties or commitments on behalf of the other Party. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and
expense of such Party. 

  

	23.	ENTIRE AGREEMENT AND SEVERABILITY 

  

	23.1	 This Agreement, including the Schedules attached hereto, constitutes the entire agreement between the Parties
with respect to the subject matter of this Agreement. This Agreement supersedes all prior agreements, whether written or oral, with respect to the subject matter of this Agreement. Each Party confirms that it is not relying on any representations,
warranties or covenants of the other Party except as specifically set out in this Agreement. Nothing in this Agreement is intended to limit or exclude any liability for fraud. All Schedules referred to in this Agreement are intended to be and

  
 Page 41 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	 	
are hereby specifically incorporated into and made a part of this Agreement. In the event of any inconsistency between any such Schedules and this Agreement, the terms of this Agreement shall
govern. 

  

	23.2	If any provision of this Agreement is held to be invalid, illegal or unenforceable, in any respect, then, to the fullest extent permitted by Applicable Law and if the rights or obligations of any Party will not be
materially and adversely affected: (a) such provision will be given no effect by the Parties and shall not form part of this Agreement; (b) all other provisions of this Agreement shall remain in full force and effect; and (c) the
Parties shall use their best efforts to negotiate a provision in replacement of the provision held invalid, illegal or unenforceable that is consistent with Applicable Law and achieves, as nearly as possible, the original intention of the Parties.
To the fullest extent permitted by Applicable Law, the Parties waive any provision of Applicable Law that would render any provision in this Agreement invalid, illegal or unenforceable in any respect. 

 

	24.	AMENDMENT 

  

	24.1	Any amendment or modification of this Agreement must be in writing and signed by authorised representatives of both Parties. 

  

	25.	WAIVER AND NON-EXCLUSION OF REMEDIES 

  

	25.1	A Party’s failure to enforce, at any time or for any period of time, any provision of this Agreement, or to exercise any right or remedy shall not constitute a waiver of that provision, right or remedy or prevent
such Party from enforcing any or all provisions of this Agreement and exercising any rights or remedies. To be effective any waiver must be in writing. All rights and remedies are cumulative and do not exclude any other right or remedy provided by
Applicable Law or otherwise available. 

  

	26.	NO BENEFIT TO THIRD PARTIES 

  

	26.1	The provisions of this Agreement are for the sole benefit of the Parties and their successors and permitted assigns, and they shall not be construed as conferring any rights in any Third Party except as otherwise
expressly provided. Except as expressly provided herein, no person who is not a party to this Agreement (including any employee, officer, agent, representative or subcontractor of either Party) shall have the right to enforce any term of this
Agreement which expressly or by implication confers a benefit on that person without the express prior agreement in writing of the Parties, which agreement must refer to this Section 26. 

 

	27.	FURTHER ASSURANCE 

  

	27.1	Each Party shall perform all further acts and things and execute and deliver such further documents as may be necessary, or as the other Party may reasonably require to implement or give effect to this Agreement.

  

	28.	COMPLIANCE WITH LAWS 

  

	28.1	In the implementation of and performance under this Agreement, each Party shall comply with any and all Applicable Laws. Such compliance shall be the sole responsibility of such Party requiring no supervision,
direction, responsibility or liability on behalf of the other Party. 

  
 Page 42 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	29.	EXPENSES 

  

	29.1	Except as otherwise expressly provided in this Agreement, each Party shall pay the fees and expenses of its respective lawyers and other experts and all other expenses and costs incurred by such Party incidental to the
negotiation, preparation, execution and delivery of this Agreement. 

  

	30.	COUNTERPARTS 

  

	30.1	This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall be deemed to constitute one and the same instrument. An executed signature
page of this Agreement delivered by facsimile transmission or by .pdf through electronic mail shall be as effective as an original executed signature page. 

[Signature page to follow] 

  
 Page 43 of 54 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 on this      day of          2015

 Copenhagen, Denmark 
  

													
	H. Lundbeck A/S	 		 	Ovid Therapeutics Inc.	 	
							
	Name:	 	/s/ Anders Gersel Pedersen	 	Anders Götzsche	 		 	Name:	 	/s/ Matthew During	 	Matthew J. During
		 	  
	 		 		 	  

	Title:	 	EVP R&D	 	CFO	 		 	Title:	 	President	 	
		 	  
	 		 		 	  

		 	Anders Gersel Pedersen	 	Anders Götzsche	 		 		 		 	

 [Signature Page to License Agreement] 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE A 

LUNDBECK CURRENT PATENT RIGHTS 
  

							
	 Case
 Reference
	 	Internal Title	 	Current Status	 	Date
	 [*]
	 	[*]	 	[*]	 	[*]

  
 [*] = Two pages of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE B 

DESCRIPTION OF COMPOUND 
  

			
	INN:	  	Gaboxadol
		
	Chemical Name (IUPAC):	  	4,5,6,7-Tetrahydroisoxazolo[5,4-c]pyridin-3(2H)-one
		
	Structural formula:	  	

  
 

 
 CAS Registry Number: 64603-91-4 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE C 

THIRD PARTY AGREEMENTS 
 [*] 

  
 [*] = One page of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE D 

FORM OF JOINT PRESS RELEASE 

Lundbeck and Ovid Therapeutics Announce Exclusive Worldwide Licensing 

Agreement for Gaboxadol 
  

	•	 	Ovid plans to commence Phase 2b trials in two orphan neurological indications, Angelman Syndrome and Fragile X Syndrome, in 2016 

Copenhagen and New York, March XX, 2015 – H. Lundbeck A/S (Lundbeck; LUN.CO, LUN DC, HLUYY), a global pharmaceutical company specialized in
brain diseases, and privately-held Ovid Therapeutics Inc., (Ovid) a biopharmaceutical company focused on developing therapies for rare neurological diseases, announced today that they have entered into an exclusive worldwide license agreement for
gaboxadol, the first oral medicine which holds the potential to treat patients with Angelman Syndrome and Fragile X Syndrome. Gaboxadol is a small molecule, highly selective extrasynaptic GABA(A) receptor agonist (SEGA). 

Under the terms of the agreement, Ovid obtained worldwide development and commercialization rights for all indications of gaboxadol (now designated as OV101).
Lundbeck will receive royalties on sales, certain milestone payments and become a minority shareholder in Ovid. All future development costs will be carried by Ovid. Additional financial terms were not disclosed. 

Ovid plans to pursue the development of OV101 in Angelman Syndrome and Fragile X Syndrome, two orphan neurological disease indications with no available
treatment options, and expects to commence a Phase 2b trial for the first indication in 2016, followed by a Phase 2b trial in the second indication. 
 The
selection of these diseases as initial indications is based upon a highly favorable benefit-to-risk assessment for gaboxadol. The clinical and preclinical evidence to
date strongly support gaboxadol’s anti-epileptic motor improvement and cognitive enhancement effects. Gaboxadol is the first, and only therapy that has been shown to correct the motor deficit, a cause of major morbidity in patients, in a mouse
genetic model for Angelman Syndrome. A highly favorable tolerability profile has also been demonstrated to date in 3,000 patients; further, lower doses are required to improve function in Angelman Syndrome model than are required to induce sedation.

 Jeremy Levin, D. Phil, MB BChir, Chairman of Ovid stated, “We are delighted to announce this agreement with Lundbeck, and are proud to have Lundbeck
as a stakeholder in Ovid.” Dr. Levin added, “We are simultaneously experiencing a revolution in the understanding of the genetics and molecular basis of neurological diseases and in the understanding of the molecular pharmacology of
existing drugs. This nexus of new knowledge creates an unprecedented opportunity for us to match the right molecule to the right indication. Gaboxadol is the first of such molecules. We are actively taking advantage of this approach to identify and
add late-stage orphan neurological disease products to our growing pipeline.” 
 Anders Gersel Pedersen, Executive Vice President and Head of R&D
at Lundbeck, says: “We are happy with this agreement allowing development of gaboxadol as a potential 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
treatment for patients who have no medical options available today. If successful, these development programs can change the lives of these patients. We look forward to following Ovid in their
pursuit of realizing gaboxadol’s potential in these indications”, says Anders Gersel Pedersen, Executive Vice President and Head of R&D at Lundbeck.” 

Matthew During, M.D., D.Sc., President and Chief Scientific Officer of Ovid commented “OV101 is the only SEGA characterized to date, and through
enhancing tonic inhibition at low doses, it has shown promising functional improvement in models of Angelman Syndrome, Fragile X Syndrome, as well as genetic epilepsy models. It is fitting that on the 50 year anniversary of Harry Angelman’s
first description of the syndrome, the development of a new therapeutic option is underway,” Dr. During continued: “There is a critical need for therapies to address rare neurological diseases such as Angelman Syndrome and Fragile X
Syndrome, and we look forward to working with the Food and Drug Administration, key thought leaders as well as patients, families and the disease foundations, including Foundation for Angelman Syndrome Therapeutics, the Angelman Syndrome Foundation
and Fragile X Foundation, to advance gaboxadol through the clinic,” 
 About Angelman Syndrome and Fragile X Syndrome 

Angelman Syndrome is a rare genetic neurological disorder characterized by profound developmental delays, intellectual disability, problems with motor
coordination and balance, seizures, sleep disturbances, and severe speech impairment. According to the Foundation for Angelman Syndrome Therapeutics (FAST), approximately 1 in 15,000 live births have Angelman Syndrome, with an estimated 4,000
patients in the United States. There are no therapeutic agents approved to treat Angelman Syndrome. 
 Fragile X syndrome is a genetic neurological disorder
that causes intellectual disability, behavioral and learning challenges and various physical characteristics. According to the Centers for Disease Control and Fragile X Foundation, approximately 100,000 have Fragile X Syndrome in the United
States. There are no therapeutic agents approved to treat Fragile X Syndrome. 
 About Ovid Therapeutics Inc. 

Ovid Therapeutics Inc. is a privately-held, New York based, biopharmaceutical company committed to transforming the lives of patients with rare neurological
diseases and few, if any, treatment options – patients who would otherwise have no hope of cure of improvement. By focusing on patients and their needs and by leveraging the significant operational, product development and business development
experience of its management team, Ovid aims to become one of the world’s premier neurology companies, with multiple marketed products and a deep diversified pipeline. 

Geller Biopharm and Hogan Lovells represented Ovid in its negotiations. 

For more information on Ovid, please visit TBI. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 About Lundbeck 

H. Lundbeck A/S (LUN.CO, LUN DC, HLUYY) is a global pharmaceutical company specialized in brain diseases. For more than 70 years, we have been at the forefront
of research within neuroscience. Our key areas of focus are alcohol dependence, Alzheimer’s disease, bipolar disorder, depression/anxiety, epilepsy, Huntington’s disease, Parkinson’s disease, schizophrenia and symptomatic neurogenic
orthostatic hypotension (NOH). 
 In 2015, Lundbeck celebrates its 100th anniversary. During the past century, millions of people have been treated with our
therapies. It is complex and challenging to develop improved treatments for brain disease, but we keep our focus: There is still so much we need to achieve in the next 100 years to ensure a better life for people living with brain disease. 

Our approximately 6,000 employees in 57 countries are engaged in the entire value chain throughout research, development, production, marketing and sales. Our
pipeline consists of several late-stage development programmes and our products are available in more than 100 countries. We have research centres in China, Denmark and the United States and production facilities in China, Denmark, France and Italy.
Lundbeck generated core revenue of DKK 13.5 billion in 2014 (EUR 1.8 billion; USD 2.4 billion). 
 For additional information, we encourage you to
visit our corporate www.lundbeck.com 
 CONTACTS: 
 For
further information please contact 
 Ovid Therapeutics Inc. 

Dr. Anna Kazanchyan, SVP Product Development 

Justin Jackson, Burns McClellan 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE E 

DEFINITION OF FULLY BURDENED COST 

“Fully Burdened Cost” - Lundbeck’s and/or its Affiliates’ fully allocated cost attributable to the standard
manufacturing of Compound (including, for clarity, the cost of manufacturing Compound contained therein) including costs of storing, analyzing, testing, formulating, inspecting and preparing for shipment of Compound and all direct and indirect costs
of raw materials, packaging materials and labor (including indirect hourly, salaried personnel, employee benefits and overtime) utilized in such manufacturing of Compound (including, production supervision, purchasing, storing, shipping &
receiving), plus, to the extent allocated to such Compound: [*]. The [*] allocation [*] will be based [*] and shall not include [*]. Examples of [*] are [*]. For clarity, and except for [*], the costs set forth in (i) through (vi) above shall
only be allocated to Fully Burdened Cost based on [*] as compared to [*]. For example, if [*] the manufacture of Compound [*] and [*], then the costs [*] allocated to Fully Burdened Cost shall be [*] (for clarity the cost in (iv) above
allocated to [*] manufacture of Compound for Development shall be calculated in accordance with the example above). For [*] manufacturing Compound (or the Compound contained therein) for Commercialization, the costs set forth in (iv) above
shall be allocated to Fully Burdened Cost based on [*]; provided, however, if [*], then [*]. Furthermore, with respect to [*], Fully Burdened Cost will not include any [*]. Notwithstanding the foregoing, Fully Burdened Cost shall not include any
[*]. For clarity, (a) [*] is included in Fully Burdened Cost and (b) costs included in Fully Burdened Cost shall not be counted twice in any other calculation of costs described herein. Fully Burdened Cost shall be computed by Lundbeck (and/or
its Affiliates) in a manner that is consistent with [*] and [*], consistent with GAAP (Generally Accepted Accounting Principles) or IFRS. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE F 

COMPOUND SPECIFICATION 
 Specification

  

					
	 	 	 
	Product name	  	Product code No.	  	Material No.
	
Gaboxadol Hydrat LULUM
  
	  	 Lu 02-030-X

 
	  	 103881

 

					
			
	Test:	  	Acceptance criteria:	  	Method:
	 [*]
	  	[*]	  	[*]

  
 [*] = One page of
certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE G 

LIST OF DOCUMENT TYPES TO BE DISCLOSED BY LUNDBECK 

[*] 

  
 [*] = One page of
certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE H 

KNOWLEDGE PEOPLE 

Lundbeck Knowledge people 

[*] 
 Ovid Knowledge people

 [*] 

  
 [*] = One page of
certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.EX-10.18

 Exhibit 10.18 

Execution Version 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
  

LICENSE AND COLLABORATION AGREEMENT 

BY AND BETWEEN 
 TAKEDA
PHARMACEUTICAL COMPANY LIMITED 
 AND 

OVID THERAPEUTICS INC. 

JANUARY 6, 2017 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 – DEFINITIONS
	  	 	1	 
		
	 ARTICLE 2 – OVERVIEW; MANAGEMENT
	  	 	19	 
			
	 2.1
	 	 Collaboration Governance Board
	  	 	19	 
	 2.2
	 	 Joint Development Committee
	  	 	20	 
	 2.3
	 	 Joint Commercialization Committee
	  	 	20	 
	 2.4
	 	 Joint Manufacturing Committee
	  	 	21	 
	 2.5
	 	 Committee Membership and Procedures
	  	 	22	 
	 2.6
	 	 Decisions
	  	 	23	 
	 2.7
	 	 Withdrawal from Committees
	  	 	24	 
	 2.8
	 	 Alliance Managers
	  	 	24	 
	 2.9
	 	 Finance Working Group
	  	 	25	 
	 2.10
	 	 Authority
	  	 	25	 
		
	 ARTICLE 3 – LICENSES
	  	 	25	 
			
	 3.1
	 	 Licenses from Takeda to Ovid
	  	 	25	 
	 3.2
	 	 Takeda Reservation of Rights
	  	 	25	 
	 3.3
	 	 Licenses from Ovid to Takeda
	  	 	26	 
	 3.4
	 	 Ovid Reservation of Rights
	  	 	26	 
	 3.5
	 	 Sublicensing
	  	 	26	 
	 3.6
	 	 Takeda Divestiture
	  	 	26	 
	 3.7
	 	 No Implied Licenses
	  	 	27	 
		
	 ARTICLE 4 – DEVELOPMENT
	  	 	27	 
			
	 4.1
	 	 Overview of Product Development
	  	 	27	 
	 4.2
	 	 Development Plan
	  	 	27	 
	 4.3
	 	 Ovid Development
	  	 	27	 
	 4.4
	 	 Manufacturing Development
	  	 	27	 
	 4.5
	 	 Compound Development Outside of the Field
	  	 	27	 
	 4.6
	 	 Development Activities
	  	 	28	 
	 4.7
	 	 Exchange of Know-How
	  	 	28	 
	 4.8
	 	 Records; Disclosure of Data and Results
	  	 	29	 
	 4.9
	 	 Additional Indications
	  	 	29	 
		
	 ARTICLE 5 – REGULATORY
	  	 	29	 
			
	 5.1
	 	 Preparation of Regulatory Materials
	  	 	29	 
	 5.2
	 	 Regulatory Activities in the Territory
	  	 	30	 
	 5.3
	 	 Cooperation, Consultation and Review
	  	 	31	 

  
 i 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

							
	 5.4
	 	 Regulatory Costs and Expenses
	  	 	31	 
	 5.5
	 	 Rights of Reference to Regulatory Materials
	  	 	31	 
	 5.6
	 	 Labeling Information Exchange
	  	 	31	 
	 5.7
	 	 Adverse Event Reporting and Safety Data Exchange
	  	 	31	 
	 5.8
	 	 Regulatory Authority Communications Received by a Party
	  	 	32	 
	 5.9
	 	 Audit/Inspection
	  	 	33	 
	 5.10
	 	 Recalls and Voluntary Withdrawals
	  	 	33	 
		
	 ARTICLE 6 – COMMERCIALIZATION
	  	 	34	 
			
	 6.1
	 	 Commercialization in the Territory
	  	 	34	 
	 6.2
	 	 Commercialization Plans
	  	 	36	 
	 6.3
	 	 Commercialization Activities
	  	 	36	 
	 6.4
	 	 Trademarks
	  	 	38	 
		
	 ARTICLE 7 – MANUFACTURING
	  	 	39	 
			
	 7.1
	 	 API
	  	 	39	 
	 7.2
	 	 Finished Manufacture and Packaging
	  	 	39	 
	 7.3
	 	 Manufacturing Plan
	  	 	39	 
	 7.4
	 	 Manufacturing Responsibilities
	  	 	39	 
	 7.5
	 	 Manufacturing Standards of Conduct
	  	 	40	 
	 7.6
	 	 Manufacturing Records and Reports
	  	 	40	 
	 7.7
	 	 Subcontracts; Affiliates
	  	 	40	 
	 7.8
	 	 Clinical Supply Terms
	  	 	41	 
	 7.9
	 	 Commercial Supply Terms
	  	 	41	 
		
	 ARTICLE 8 – PAYMENT
	  	 	41	 
			
	 8.1
	 	 Initial Payment and Milestone Payments
	  	 	41	 
	 8.2
	 	 Sharing and Reconciliation of Expenses
	  	 	43	 
	 8.3
	 	 Sharing of Operating Profits and Operating Losses Following Commercial Launch of the
Product
	  	 	44	 
	 8.4
	 	 Additional Indication Opt-Out; Opt-In; Changes to Contribution Allocation
	  	 	44	 
	 8.5
	 	 Reconciliation and Settlement
	  	 	45	 
	 8.6
	 	 Consistency with Accounting Treatment
	  	 	46	 
	 8.7
	 	 Payment for Third Party Licenses
	  	 	46	 
	 8.8
	 	 Exchange Rate
	  	 	47	 
	 8.9
	 	 Taxes
	  	 	47	 
	 8.10
	 	 Corrections to Calculations
	  	 	48	 
	 8.11
	 	 Audit
	  	 	48	 
	 8.12
	 	 Manner of Payment, Late Payment
	  	 	48	 
	 8.13
	 	 Finance and Accounting Working Group
	  	 	48	 

  
 ii 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

							
	 ARTICLE 9 – INTELLECTUAL PROPERTY MATTERS
	  	 	49	 
			
	 9.1
	 	 Ownership of Inventions
	  	 	49	 
	 9.2
	 	 Disclosure of Inventions
	  	 	49	 
	 9.3
	 	 Prosecution of Patents
	  	 	49	 
	 9.4
	 	 Patent Term Extensions
	  	 	51	 
	 9.5
	 	 Orange Book Listing
	  	 	51	 
	 9.6
	 	 Infringement of Patents by Third Parties
	  	 	51	 
	 9.7
	 	 Infringement of Third Party Rights in the Territory
	  	 	53	 
	 9.8
	 	 Patent Oppositions and Other Proceedings
	  	 	54	 
		
	 ARTICLE 10 – REPRESENTATIONS AND WARRANTIES; COVENANTS
	  	 	55	 
			
	 10.1
	 	 Mutual Representations and Warranties
	  	 	55	 
	 10.2
	 	 Additional Representations and Warranties of Takeda
	  	 	55	 
	 10.3
	 	 Additional Representations and Warranties of Ovid
	  	 	57	 
	 10.4
	 	 Additional Representations, Warranties and Covenants of Both Parties
	  	 	57	 
	 10.5
	 	 NO OTHER REPRESENTATIONS OR WARRANTIES
	  	 	58	 
		
	 ARTICLE 11 – CONFIDENTIALITY
	  	 	59	 
			
	 11.1
	 	 Nondisclosure
	  	 	59	 
	 11.2
	 	 Exceptions
	  	 	59	 
	 11.3
	 	 Authorized Disclosure
	  	 	59	 
	 11.4
	 	 Terms of this Agreement
	  	 	60	 
	 11.5
	 	 Publicity
	  	 	60	 
	 11.6
	 	 Securities Filings
	  	 	61	 
	 11.7
	 	 Relationship to Confidentiality Agreement
	  	 	61	 
	 11.8
	 	 Equitable Relief
	  	 	61	 
	 11.9
	 	 Publications
	  	 	62	 
		
	 ARTICLE 12 – TERM AND TERMINATION
	  	 	62	 
			
	 12.1
	 	 Term
	  	 	62	 
	 12.2
	 	 Termination for Material Breach
	  	 	62	 
	 12.3
	 	 Termination for Convenience
	  	 	63	 
	 12.4
	 	 Suspension and Termination for Safety Reasons
	  	 	63	 
	 12.5
	 	 Termination for Patent Challenge
	  	 	63	 
	 12.6
	 	 Termination for Insolvency
	  	 	63	 
	 12.7
	 	 Effects of Termination
	  	 	64	 
	 12.8
	 	 Remedies
	  	 	67	 
	 12.9
	 	 Survival
	  	 	67	 

  
 iii 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

							
	 ARTICLE 13 – DISPUTE RESOLUTION
	  	 	68	 
			
	 13.1
	 	 Exclusive Dispute Resolution Mechanism
	  	 	68	 
	 13.2
	 	 Resolution by Executive Officers
	  	 	68	 
	 13.3
	 	 Litigation
	  	 	68	 
	 13.4
	 	 Preliminary Injunctions
	  	 	69	 
	 13.5
	 	 Payment Tolling
	  	 	69	 
	 13.6
	 	 WAIVER OF RIGHT TO JURY TRIAL
	  	 	69	 
		
	 ARTICLE 14 – INDEMNIFICATION
	  	 	69	 
			
	 14.1
	 	 Indemnification by Ovid
	  	 	69	 
	 14.2
	 	 Indemnification by Takeda
	  	 	69	 
	 14.3
	 	 Indemnification Procedures
	  	 	70	 
	 14.4
	 	 Insurance
	  	 	71	 
	 14.5
	 	 LIMITATION OF LIABILITY
	  	 	71	 
		
	 ARTICLE 15 – MISCELLANEOUS
	  	 	71	 
			
	 15.1
	 	 Exports and Restrictions on Competition
	  	 	71	 
	 15.2
	 	 Notice
	  	 	72	 
	 15.3
	 	 Designation of Affiliates
	  	 	72	 
	 15.4
	 	 Force Majeure
	  	 	73	 
	 15.5
	 	 Assignment
	  	 	73	 
	 15.6
	 	 Effect of Triggering Acquisition
	  	 	73	 
	 15.7
	 	 Severability
	  	 	74	 
	 15.8
	 	 English Language
	  	 	74	 
	 15.9
	 	 Waiver and Non-Exclusion of Remedies
	  	 	74	 
	 15.10
	 	 Further Assurance
	  	 	74	 
	 15.11
	 	 Relationship of the Parties
	  	 	74	 
	 15.12
	 	 Counterparts
	  	 	74	 
	 15.13
	 	 Construction
	  	 	75	 
	 15.14
	 	 Governing Laws
	  	 	75	 
	 15.15
	 	 Entire Agreement
	  	 	75	 
	 15.16
	 	 Headings
	  	 	75	 

  
 iv 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 LICENSE AND COLLABORATION AGREEMENT 

This License and Collaboration Agreement (this “Agreement”) is made effective as of January 6, 2017 (the
“Effective Date”) by and between Takeda Pharmaceutical Company Limited, a company incorporated under the laws of Japan having its principal place of business at 1-1, Doshomachi 4-chome, Chuo-ku, Osaka 540-8645, Japan (“Takeda”) and Ovid Therapeutics Inc., a company incorporated under the laws of the State of Delaware having its
principal place of business at 1460 Broadway, New York, NY 10036, U.S.A. (“Ovid”). Ovid and Takeda are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

RECITALS 
 WHEREAS,
Takeda is a pharmaceutical company engaged in the research, development and commercialization of products useful in the amelioration, treatment or prevention of human diseases and conditions; 

WHEREAS, Ovid is a biopharmaceutical company engaged in the research, development and commercialization of products to treat and/or
cure orphan and rare diseases of the brain; 
 WHEREAS, the Parties desire to participate in a
co-exclusive collaboration to develop and commercialize the Compound (as defined below) for the treatment (including prevention and diagnosis) of Orphan CNS Diseases (as defined below); and 

WHEREAS, in connection with such collaboration, Ovid wishes to be granted, and Takeda desires to grant, a license under certain
patents, patent applications, know-how, trademarks and other proprietary information related to the Products (as defined below). 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth below, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1 – DEFINITIONS 

1.1    “Accounting Standards” means (a) with respect to Ovid, GAAP, consistently applied by Ovid,
and (b) with respect to Takeda, IFRS, consistently applied by Takeda. 
 1.2    “Acquisition”
means, with respect to a Party: (a) either (x) any Third Party or group acting in concert acquires the voting securities of such Party, or (y) the percentage ownership of a Third Party or group acting in concert in the
voting securities of such Party is increased through stock redemption, cancellation or other recapitalization, and, in either case ((x) or (y)) immediately after such acquisition or increase, such Third Party or group is directly or
indirectly the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended) of, voting securities representing more than
fifty percent (50%) of the total voting power of all of the then-outstanding voting securities of such Party; (b) the consummation of a merger, consolidation, recapitalization, or reorganization of such Party or an Affiliate of such Party, that
would result in stockholders or equity holders of such Party, or an 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Affiliate of such Party, immediately prior to such transaction owning less than fifty percent (50%) of the outstanding securities of the surviving entity (or its direct or indirect parent entity)
immediately following such transaction; (c) the stockholders or equity holders of such Party approve a plan of complete liquidation of such Party, or an agreement for the sale or disposition by such Party of all or substantially all of such
Party’s assets, other than pursuant to the transaction as described above or to an Affiliate; or (d) the sale or other transfer to a Third Party of all or substantially all of such Party’s assets that relate to this Agreement or the
Field; provided that neither of the following shall constitute an Acquisition: (i) a transaction or series of transactions in which a majority of the Board of Directors of such Party and a majority of the management of such Party remain
at the company following the transaction or series of transactions; or (ii) a public offering of equity securities of such Party or any Affiliate of such Party pursuant to an effective registration statement under the Securities Act of 1933.

 1.3    “Additional Indication” has the meaning set forth in Section 4.9.

 1.4    “Additional Indication Development Expenses” has the meaning set forth in Section
8.4(a). 
 1.5    “Additional Indication Opt-Out” means an Opt-Out by a Party pursuant to Section 8.4. 

1.6    “Affiliate” means, with respect to a particular Party, a person, corporation, partnership, or
other entity that controls, is controlled by or is under common control with such Party. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled by” or “under the
common control with”) 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 entity, whether by the ownership of fifty percent (50%) or
more of the voting stock of such entity, or by contract or otherwise. For clarity, once a Person ceases to be an Affiliate of a Party, then, without any further action, such Person shall cease to have any rights, including license and sublicense
rights, under this Agreement by reason of being an Affiliate of such Party. 
 1.7    “Agreement” has
the meaning set forth in the preamble. 
 1.8    “Alliance Manager” means the employee appointed by
each Party to coordinate and facilitate the communication, interaction and cooperation of the Parties pursuant to this Agreement. 

1.9    “Ancillary Agreement” means the Stock Purchase Agreement, the Quality Agreement, the PVA and the
Commercial Supply Agreement. 
 1.10    “API” means unformulated Compound in bulk form. 

1.11    “Applicable Laws” means all applicable statutes, ordinances, regulations, rules, or orders of any
kind whatsoever of any Governmental Authority, including the Federal Food, Drug and Cosmetic Act, (21 U.S.C. § 301 et seq.) (the “FFDCA”), U.S. Patent Act (35 U.S.C. § 1 et seq.),

  
 2 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Federal Civil False Claims Act (31 U.S.C. § 3729 et seq.), the Anti-Kickback Statute (42 U.S.C. § 1320a-7b et seq.)
(and all applicable statutory exceptions and safe harbors), the Physician Payment Sunshine Act (42 U.S.C. § 1320a-7h), and the Foreign Corrupt Practices Act of 1977 (15 U.S.C. §§ 78dd-1, et seq.), all as amended from time to time, together with any rules, regulations, and compliance guidance promulgated thereunder. 

1.12    “Back-Up Compound” has the meaning set forth in
Section 4.6(c). 
 1.13    “Bankruptcy Laws” has the meaning set forth in Section
12.6(b). 
 1.14    “Bayh-Doyle Act” means the Patent and Trademark Law Amendments Act of 1980, as
amended, codified at 35 U.S.C. §§ 200-212, as well as any regulations promulgated pursuant thereto, including 37 C.F.R. Part 401, and any successor statutes or regulations. 

1.15    “Breaching Party” has the meaning set forth in Section 12.2(a). 

1.16    “Business Day” means a day other than Saturday, Sunday or any other day on which commercial banks
located in the State of New York, U.S., or Japan, are authorized or obligated by Applicable Laws to close. 

1.17    “Calendar Quarter” means the respective periods of three (3) consecutive calendar months
ending on March 31, June 30, September 30 and December 31; provided that: (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first complete Calendar Quarter thereafter;
and (b) the last Calendar Quarter of the Term shall end upon the expiration or termination of this Agreement. 

1.18    “Calendar Year” means each twelve (12) month period ending on December 31;
provided that: (a) the first Calendar Year of the Term shall begin on the Effective Date and end on December 31, 2017; and (b) the last Calendar Year of the Term shall end on the date of expiration or termination of this
Agreement. 
 1.19    “CGB” has the meaning set forth in Section 2.1. 

1.20    “Claim” has the meaning set forth in Section 14.1. 

1.21    “Clinical Trial” means any human clinical study or trial of a pharmaceutical product in the Field
in the Territory. 
 1.22    “Collaboration Year” means each twelve (12) month period ending on
December 31; provided that: (a) the first Collaboration Year of the Term shall begin on the Effective Date and end on December 31, 2017; and (b) the last Collaboration Year of the Term shall end on the date of expiration
or termination of this Agreement. 
 1.23    “Commercial Supply Agreement” has the meaning set forth in
Section 7.9. 
 1.24    “Commercialize” or
“Commercialization” means all activities undertaken in support of the promotion, marketing, sale and distribution (including importing, exporting, 

  
 3 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
transporting, customs clearance, warehousing, invoicing, handling and delivering the Products to customers, as well as pharmacovigilance) of the Products in the Field in the Territory, including
sales force efforts, detailing, advertising, marketing, the creation and approval of Promotional Materials, sales and distribution, pricing, customer and government contracting, and medical affairs, including medical education, medical information,
clinical science liaison activities, and health economics and outcomes research, but excluding publications and investigator-initiated research studies. “Commercialize” means to engage in Commercialization activities, and
“Commercial” means relating to Commercialization. 
 1.25    “Commercialization
Budget” means the detailed budget for Commercialization Expenses estimated by the Parties for all Commercialization activities proposed for the following [*], or for such longer period as the JCC may determine, and that is included within
the Commercialization Plan, as such budget may be amended or updated from time to time in accordance with Article 2. For clarity, only the [*] of a Commercialization Budget, once approved by the JCC or CGB, will be deemed
to be binding, and the [*] shall only be a good faith estimate of expected Commercialization Expenses, except as set forth in Section 2.6(a). 

1.26    “Commercialization Expenses” means those Third Party Expenses incurred by a Party, or for its
account, after the Effective Date and expenses of FTEs, calculated at the FTE Rate, to the extent directly and reasonably allocable to the Commercialization of Products (whether incurred prior to or after receipt of Marketing Approval) and that are
consistent with the Commercialization Budget (subject to Section 8.2(c)), including [*]. Commercialization Expenses include [*], but do not include [*]. Notwithstanding the foregoing, Commercialization Expenses do not include (a) [*],
(b) [*], (c) [*], (d) [*], and (e) [*]. The determination of each Party’s Commercialization Expenses shall be in accordance with the applicable Accounting Standard. 

1.27    “Commercialization Plan” means a plan prepared by the Parties pursuant to Section 6.1(c)
containing an overview of the general strategy for the Commercialization of the Products in the Field in the Territory. 

1.28    “Commercially Reasonable Efforts” means, with respect to the efforts to be expended, or
considerations to be undertaken, by a Party or its Affiliate with respect to any objective, activity or decision to be undertaken hereunder, [*] to accomplish such objective, activity or decision [*] accomplish a similar objective, activity or
decision under similar circumstances, it being understood and agreed that with respect to the Development, Manufacture, seeking and obtaining Regulatory Approval, or Commercialization of Compounds or Products, [*], which compound or product, as
applicable, [*] taking into account: (a) [*]; (b) [*]; (c) [*]; and (d) [*]. In determining Commercially Reasonable Efforts, each Party shall consider in good faith the Parties’ desire to (i) [*]; and (ii) [*].

 1.29    “Committee” has the meaning set forth in Section 2.1(e). 

1.30    “Competing Product” means a product or compound or combination of compounds and products directed
against the Program Target as its primary, intended mode of action. 

  
 4 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.31    “Compound” means the chemical compound known as TAK-935, which is understood as of the effective date to be a modulator of the Program Target (the “Lead Compound”), and [*]. For clarity, “Compound” includes any chemical compound
with the chemical structure attached hereto as Exhibit A[*]. 
 1.32    “Confidential
Information” means all non-public or proprietary Information disclosed by a Party to the other Party under this Agreement, which may include ideas, inventions, discoveries, concepts, compounds,
compositions, formulations, formulas, practices, procedures, processes, methods, knowledge, know-how, trade secrets, technology, inventories, machines, techniques, development, designs, drawings, computer
programs, skill, experience, documents, apparatus, results, clinical and regulatory strategies, regulatory documentation, information and submissions pertaining to, or made in association with, filings with any Regulatory Authority, data, including
pharmacological, toxicological and clinical data, analytical and quality control data, manufacturing data and descriptions, patent and legal data, market data, financial data or descriptions, devices, assays, chemical formulations, specifications,
material, product samples and other samples, physical, chemical and biological materials and compounds, and the like, without regard as to whether any of the foregoing is marked “confidential” or “proprietary,” or disclosed in
oral, written, graphic, or electronic form. Without limiting the foregoing, Confidential Information shall include: (a) the terms and conditions of this Agreement; and (b) Confidential Information disclosed by either Party pursuant to the
Confidentiality Agreement. 
 1.33    “Confidentiality Agreement” means the confidentiality agreement
between Ovid and Takeda’s Affiliate, Takeda Development Center Americas, Inc., dated June 23, 2015 (as amended). 

1.34    “Contribution Allocation” means, with respect to each Party as of the end of a given Calendar
Quarter and with respect to the aggregate Operating Profit (or Loss) in the Territory, the ratio (expressed as a percentage) for such Party calculated by the formula [*], where: 

(a)    “[*]” means [*]; 

(b)    “[*]” means [*]; 

(c)    “[*]” means [*]; and 

(d)    “[*]” means [*]. 

1.35    “Control” means, with respect to any Information, Patent, trademark or other intellectual
property right, ownership or possession by a Party, including its Affiliates, of the ability (without taking into account any rights granted by one Party to the other Party under the terms of this Agreement) to grant access, a license or a
sublicense (on the terms set forth herein) to such Information, Patent, trademark or other intellectual property right without violating the terms of any agreement or other arrangement with, or necessitating the consent of, any Third Party, at such
time that the Party would be first required under this Agreement to grant the other Party such access, license or sublicense. 

  
 5 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.36    “Core Orphan Territories” means the United States,
Canada, the European Union and Israel. 
 1.37    “Covered Acquirer” means a Third Party Acquirer that
had gross revenues in excess of [*] during the prior Calendar Year and that is engaged materially in the commercialization of products for the treatment or prevention of [*]; provided, however, that “Covered Acquirer”
shall in no event include any Third Party Acquirer that derives [*]. 
 1.38    “Development” means all
non-clinical and clinical drug development activities, including toxicology, pharmacology, and other non-clinical efforts, statistical analysis, the performance of
Clinical Trials, including the Manufacturing of the Products for use in the Clinical Trials, Manufacturing Development, or other activities reasonably necessary in order to obtain or maintain, Regulatory Approval of Products in the Field in the
Territory, as detailed in a Development Plan for the Products. “Development” shall exclude all Commercialization activities. When used as a verb, “Develop” means to engage in Development activities. 

1.39    “Development Budget” means the detailed budget for Development Expenses estimated by the Parties
for all Development activities proposed for the following [*], or for such longer period as the JDC may determine, and that is included within the Development Plan, as such budget may be amended or updated from time to time in accordance with
Article 2. For clarity, only the [*] of a Development Budget will be deemed to be binding, once approved by the JDC or CGB, and the [*] shall only be a good faith estimate of expected Development Expenses, except as set
forth in Section 2.6(a). 
 1.40    “Development Expenses” means all Third Party Expenses
incurred for the Territory by the Parties after the Effective Date and reasonably allocable to the Parties’ activities under and in conformance with the Development Plan and the Development Budget (subject to Section 8.2(c)), including:
(a) [*], but excluding [*]; (b) [*]; (c) [*]; (d) other expenses approved as part of the Development Plans by the CGB; (e) [*]; and (f) [*]; plus expenses for FTEs, calculated at the FTE Rate, to the
extent incurred directly and reasonably allocable to a Party’s performance of the Development activities for which it is responsible under the Development Plan. 

1.41    “Development Plan” means a detailed written plan prepared and mutually agreed by the Parties that
identifies the Development objectives, timeline and activities to be conducted pursuant to this Agreement with respect to the Products in each of the three Initial Indications, and each Additional Indication, if any. 

1.42    “Direct Expenses” means those material and labor and services expenses [*]. Direct labor expenses
include [*]. Direct service expenses include [*]. 
 1.43    “Disclosing Party” has the meaning set
forth in Section 11.1. 

  
 6 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.44    “Dispute” has the meaning set forth in
Section 13.1. 
 1.45    “Distributor” means a Third Party distributor of the
Product in the Territory. 
 1.46    “Drug Product” means a Product that has been manufactured into a
final pharmaceutical product, including drug substance (e.g., tablets or granules) for administration to humans in accordance with Applicable Laws, but has not been Packaged for use in Clinical Trials or Commercialization. 

1.47    “Effective Date” has the meaning set forth in the preamble. 

1.48    “EMA” means the European Medicines Agency, or any successor agency thereto. 

1.49    “European Union” or “EU” means the European Union member states (including the
United Kingdom) as of the Effective Date, and Iceland, Liechtenstein, Norway and Switzerland. 

1.50    “Executive Officers” means, with respect to Takeda, the head or chief officer of the department
at Takeda handling the applicable matter, and, with respect to Ovid, the Chief Executive Officer. 

1.51    “Exploit” or “Exploitation” means to research, make, have made, import, export,
distribute, use, have used, sell, have sold, or offer for sale, including to Develop, Commercialize, register, modify, enhance, improve or otherwise dispose of. 

1.52    “Extended Ovid Territory” has the meaning set forth in Section 6.1(a)(ii). 

1.53    “Extended Takeda Territory” has the meaning set forth in Section 6.1(b)(ii). 

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

1.55    “Filing Party” has the meaning set forth in Section 5.2(a). 

1.56    “Field” means the treatment (including prevention and diagnosis) of Orphan CNS Diseases,
including, without limitation, the Initial Indications. 
 1.57    “Finance Officers” has the meaning
set forth in Section 8.5(a). 
 1.58    “Finished Manufacture” means all activities related to
the formulation and filling of API (but excluding any Packaging activities) into Drug Product form suitable for use in Clinical Trials or Commercialization (i.e., bottles or blisters), in accordance with Applicable Laws. 

1.59    “Finished Product” means Drug Product that has been Packaged into form suitable for use in
clinical trials or for commercial purposes (i.e., bottles or blisters), including samples, in accordance with Applicable Laws. 

  
 7 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.60    “First Dosing” has the meaning set forth in
Section 1.147. 
 1.61    “Force Majeure” means any event beyond the
reasonable control of the affected Party including, but not limited to, embargoes; war or acts of war, including terrorism; insurrections, riots, or civil unrest; strikes, lockouts or other labor disturbances; epidemics, fire, floods, earthquakes or
other acts of nature; or acts, omissions or delays in acting by any governmental authority (including, but not limited to, the refusal of the competent government agencies to issue required Regulatory Approvals due to reasons other than the affected
Party’s negligence or willful misconduct or any other cause within the reasonable control of the affected Party), and failure of plant or machinery (provided that such failure could not have been prevented by the exercise of skill,
diligence, and prudence that would be reasonably and ordinarily expected from a skilled and experienced person engaged in the same type of undertaking under the same or similar circumstances). 

1.62    “FTE” means the equivalent of a full-time employee’s work time actually spent on the
performance of activities under this Agreement over a twelve (12) month period (including normal vacations, sick days and holidays) based on one thousand eight hundred (1,800) hours worked per twelve (12)-month period. Each employee
utilized by a Party in connection with its performance under this Agreement may be less than or greater than one FTE based on the hours actually worked by such employee. For the avoidance of doubt, FTE only applies to employees of a Party, and does
not apply to contractors of a Party. 
 1.63    “FTE Rate” means [*] per FTE. The FTE Rate shall be
deemed to include costs of salaries, benefits, supplies, other employee costs, facility costs, depreciation and supporting general and administration allocations. The FTE Rate will be increased by [*] of the then-current FTE Rate on January 1,
2018 and each subsequent Calendar Year. 
 1.64    “Funding Party” has the meaning set forth in
Section 8.2(a)(ii). 
 1.65    “GAAP” means generally accepted accounting principles current in
the U.S. at the time in question. 
 1.66    “Good Clinical Practices,” “GCP” or
“cGCP” means the then-current standards, practices and procedures promulgated or endorsed by the FDA, including those set forth in the guidelines titled “Guidance for Industry, E6 Good Clinical Practice: Consolidated
Guidance,” and related regulatory requirements imposed by the FDA and comparable Applicable Laws related to clinical practices and pharmaceutical materials and as they may be updated from time to time. 

1.67    “Good Laboratory Practices,” “GLP,” or “cGLP” means the
then-current standards, practices and procedures promulgated or endorsed by the FDA, including those set forth in 21 C.F.R. Part 58, and related regulatory requirements imposed by the FDA and comparable Applicable Laws related to laboratory
practices and pharmaceutical materials and as they may be updated from time to time. 

  
 8 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.68    “Good Manufacturing Practices,”
“GMP,” or “cGMP” means the then-current good manufacturing practices required by the FDA, including those set forth in the FFDCA, as amended, and the regulations promulgated thereunder, for the manufacture and
testing of pharmaceutical materials, and comparable Applicable Laws related to the manufacture and testing of pharmaceutical materials and as they may be updated from time to time. 

1.69    “Governmental Authority” means any multi-national, federal, state, local, municipal or other
government authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, court or other tribunal). 

1.70    “IFRS” means the International Financial Reporting Standards as promulgated by the International
Standards Accounting Board and as they may be updated for time to time. 
 1.71    “IISR” has the
meaning set forth in Section 6.3(d). 
 1.72    “IND” means an Investigational New Drug
application as defined in the FFDCA, as amended, and applicable regulations promulgated hereunder by the FDA, or a clinical trial authorization application for a product filed with a Regulatory Authority in any other regulatory jurisdiction outside
the U.S., the filing of which is necessary to commence or conduct clinical testing of a pharmaceutical product in humans in such jurisdiction. 

1.73    “Indemnifying Party” has the meaning set forth in Section 14.3(a). 

1.74    “Indemnitee” has the meaning set forth in Section 14.3(a). 

1.75    “Information” means information; Inventions; discoveries; compounds; compositions; formulations;
formulas; practices; procedures; processes; methods; knowledge; trade secrets; technology; techniques; designs; drawings; correspondence; computer programs; documents; apparatus; results; strategies; regulatory documentation; information and
submissions pertaining to, or made in association with, filings with any Regulatory Authority or patent office; data, including pharmacological, toxicological, non-clinical and clinical data, analytical and
quality control data, manufacturing data and descriptions, market data, financial data and descriptions; devices; assays; chemical formulations; specifications; material, product samples and other samples; physical, chemical and biological materials
and compounds; and the like, in written, electronic, oral or other tangible or intangible form, now known or hereafter developed, whether or not patentable. 

1.76    “Initial Indications” means, as to the Compound: (a) Dravet Syndrome (DS); (b) Tuberous
Sclerosis (TSC); and (c) Lennox-Gastaut Syndrome (LGS). 
 1.77    “Initial Milestone Payment” has
the meaning set forth in Section 8.1(b)(i). 
 1.78    “Inventions” means any and all
inventions, discoveries and developments, whether or not patentable, made, conceived or reduced to practice in the course of performance of this Agreement that are necessary or useful in the Exploitation of the Compound or a Product, whether made,
conceived or reduced to practice solely by, or on behalf of, Takeda, Ovid, the Parties jointly, or any Affiliate of the same. 

  
 9 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.79    “JCC” has the meaning set forth in
Section 2.3. 
 1.80    “JDC” has the meaning set forth in
Section 2.2. 
 1.81    “JMC” has the meaning set forth in
Section 2.4. 
 1.82    “Joint Indication” has the meaning set forth in
Section 6.1(b)(iii). 
 1.83    “Joint Inventions” has the meaning set forth in
Section 9.1. 
 1.84    “Joint Patent” has the meaning set forth in
Section 9.1. 
 1.85    “Joint Territory” has the meaning set forth in
Section 6.1(b)(iii). 
 1.86    “Knowledge” means, as applied to a Party, that such Party shall
be deemed to have knowledge of a particular fact or other matter to the extent that a person holding a position listed in Exhibit B knew of such fact or other matter. 

1.87    “Labeling” means the healthcare professional information or patient information used in the
Territory that is part of the Product NDA, including the package insert, medication guides, company core safety information (CCSI) and company core data sheet (CCDS). 

1.88    “Lead Compound” has the meaning set forth in the definition of “Compound”. 

1.89    “Listed Patents” means the Patents set forth on Exhibit C. 

1.90    “Losses” has the meaning set forth in Section 14.1. 

1.91    “Manufacture” means all activities related to the manufacturing of Drug Product, including the
manufacture of any ingredient used therein (including API), for Development or Commercialization in the Territory, in-process and Drug Product testing, validation, release of Drug Product or any component or
ingredient thereof, quality assurance activities related to manufacturing and release of Drug Product, ongoing stability tests and regulatory activities related to any of the foregoing. For the avoidance of doubt, Manufacturing shall include
Finished Manufacturing of Drug Product, but shall not include the Packaging of Drug Product into Finished Product for use in Clinical Trials or Commercialization. 

1.92    “Manufacturing Development” means any of the following with respect to the Compound or a Product:
manufacturing process development, process improvements and any analytical development or validation associated with such development or improvements. 

1.93    “Manufacturing Expenses” means: (a) with respect to a Compound or a Product that is
Manufactured or Packaged by a Third Party, the actual purchase price paid by a Party or its Affiliate to such Third Party for such Compound or Product; and (b) with respect to a 

  
 10 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Compound or a Product that is Manufactured or Packaged directly by a Party or its Affiliate, the Direct Expenses incurred in connection with the Manufacture or Packaging of the Compound or the
Product, facility expenses including [*]. Manufacturing Expenses shall not include any: (i) [*]; (ii) [*]; (iii) [*], or (iv) [*]. 

1.94    “Manufacturing Plan” has the meaning set forth in Section 7.3. 

1.95    “Marketing Approval” means with respect to a country, all Regulatory Approvals required to market
and sell the Product in such country as granted by the relevant Regulatory Authority, including and any such pricing, labeling or reimbursement approvals, as applicable. 

1.96    “Milestone Shares” means: (a) unregistered shares of the series of Ovid’s preferred
stock most recently issued by Ovid if Ovid’s common stock is not listed for trading on a national securities exchange at the time of issuance of the Milestone Shares (Ovid being in such case, a “Private Company”); or
(b) unregistered shares of Ovid’s common stock if Ovid’s common stock is listed for trading on a national securities exchange at the time of the issuance of the Milestone Shares (Ovid being in such case, a “Publicly Traded
Company”). 
 1.97    “Milestone Shares Price” means: (a) if Ovid is a Private Company,
the purchase price per share of the series of Ovid’s preferred stock most recently issued by Ovid in a private placement with a principal purpose of capital raising; or (b) if Ovid is a Publicly Traded Company, the closing bid price of
Ovid’s common stock as reported on the applicable securities exchange on the date of the issuance of the Milestone Shares (provided that, if there is more than one such securities exchange, Ovid shall designate the appropriate securities
exchange for purposes of determining the Milestone Shares Price). 
 1.98    “NDA” means a New Drug
Application or supplemental New Drug Application as contemplated by Section 505(b) of the FFDCA, as amended, and the regulations promulgated thereunder, submitted to the FDA pursuant to Part 314 of Title 21 of the U.S. Code of
Federal Regulations, including any amendments thereto or an application for Regulatory Approval of a product filed with a Regulatory Authority in any jurisdiction outside the U.S. 

1.99    “Net Sales” means, with respect to any Product, the gross amounts invoiced by a Party, its
Affiliates and its respective sublicensees for sales of such Product to unaffiliated Third Parties, less the following deductions (to the extent not already included by such Party in Commercialization Expenses or Manufacturing Expenses), to the
extent reasonable and customary, provided to unaffiliated entities and actually allowed and taken with respect to such sales: 

(a)    cash, trade or quantity discounts, charge-back payments, and rebates actually granted to trade customers, managed
health care organizations, pharmaceutical benefit managers, group purchasing organizations and national, state, or local government; 

(b)    credits, rebates or allowances actually allowed upon prompt payment or on account of claims, damaged goods,
rejections or returns of such Product, including in connection with recalls, and the actual amount of any write-offs for bad debt up to [*] of gross invoiced amounts in any period (provided that any amount subsequently recovered will be
treated as Net Sales), and retroactive price reductions; 

  
 11 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    packaging, freight, postage, shipping, transportation, warehousing,
handling and insurance charges, in each case actually allowed or paid for delivery of such Product, and any customary payments with respect to the Product actually made to wholesalers or other distributors (including any specialty pharmacies), in
each case actually allowed or paid for distribution and delivery of Product, to the extent billed or recognized; 

(d)    taxes (other than income taxes), duties, tariffs, mandated contribution or other governmental charges levied on the
sale of such Product, including VAT, excise taxes, sales taxes and that portion of the annual fee on prescription drug manufacturers imposed by the Patient Protection and Affordable Care Act, Pub. L.
No. 111-148 (as amended), that Party, its Affiliates or (sub)licensees, as applicable, allocate to sales of such Product in accordance with the Party’s, its Affiliates’ or (sub)licensees’
standard policies and procedures consistently applied across its products, as applicable; and 
 (e)    any sales,
credits or allowances given or made with respect to Products for wastage replacement, indigent patient, Clinical Trial and any unpaid compassionate or named patient, charitable or humanitarian programs. 

Notwithstanding the foregoing, amounts invoiced by the Party, its Affiliates, or its respective sublicensees for the sale of such Product
among the Party, its Affiliates or its respective sublicensees for resale shall not be included in the computation of Net Sales hereunder. In any event, any amounts invoiced by the Party, its Affiliates, or its sublicensees shall be accounted for
only once. For purposes of determining Net Sales, a Product shall be deemed to be sold when recorded as a sale by the Party, its Affiliates and its sublicensees in accordance with the applicable Accounting Standard. For clarity, a particular
deduction may only be accounted for once in the calculation of Net Sales. Net Sales shall exclude any samples of Product transferred or disposed of at no expense for promotional or educational purposes. For the avoidance of doubt, and for all
purposes under this Agreement, Net Sales shall be accounted for in accordance with standard accounting practices, as practiced by the Party, its Affiliates and its sublicensees in the relevant country in the Territory, but in any event in accordance
with the applicable Accounting Standard, as consistently applied in such country in the Territory. 
 The Net Sales of any combination
Product: 
 (x)    for which the original Product and the other active ingredient(s) of such combination Product which
are not included in the single active original Product, are each sold separately by the Party, or any of its Affiliates or sublicensees, in such country, then Net Sales for such combination Product in such country shall be calculated by multiplying
actual Net Sales of such combination Product in such country by the fraction A/(A+B), where A is the average Net Sales price of the original Product containing the single active ingredient(s) as sold separately by the Party or any of its Affiliates
or sublicensees in such country, and B is the average net sales (calculated in a manner analogous to the manner in which Net Sales are calculated as set forth above) price of the other active ingredient(s) in the combination Product as sold
separately by the Party or any of its Affiliates or sublicensees in such country; 

  
 12 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (y)    for which (i) the single active ingredient of the original
Product of such combination Product is/are sold separately by the Party or any of its Affiliates or sublicensees in such country and (ii) the other active ingredient(s) in the combination Product is/are not sold separately by the Party or any
of its Affiliates or sublicensees in such country, then Net Sales for such combination Product in such country shall be calculated by multiplying actual Net Sales of such combination Product in such country by the fraction A/D, where A is the
average Net Sales price of the original Product containing the single active ingredient of the Product as the only active ingredient(s), as sold separately by the Party or any of its Affiliates or sublicensees in such country, and D is the average
Net Sales price of the combination Product as sold separately by the Party or any of its Affiliates or sublicensees in such country; and 

(z)    for which neither clause (x) nor clause (y) above is applicable, the Parties shall determine Net Sales
for such combination Product in such country by mutual agreement based on the relative contribution of the single active ingredient in the original Product and the other active ingredient(s) in the combination Product. 

1.100    “Non-Breaching Party” has the meaning set forth in
Section 12.2(a). 
 1.101    “Non-Filing Party” has the
meaning set forth in Section 5.2(a). 
 1.102    “Oceania” means the islands of the tropical
Pacific Ocean, including Australia, New Zealand, Micronesia, the Malay Archipelago, Melanesia and Polynesia. 

1.103    “Operating Profit (or Loss)” means, for a given period of time, Net Sales of Products during
such period, less the Commercialization Expenses incurred by both Parties and their Affiliates that are reasonably and directly allocable to the Commercialization of the Product in accordance with Accounting Standards. For sake of clarity, Operating
Profit (or Loss) shall be determined prior to application of any income taxes, and if such terms are used individually, “Operating Profit” shall mean a positive Operating Profit (or Loss), and “Operating Loss” shall
mean a negative Operating Profit (or Loss). 

1.104    “Opt-In” means the election by a Party, following that
Party’s exercise of an Additional Indication Opt-Out, to resume full participation in the Development of the applicable Additional Indication, together with such Party’s payment of all Additional
Indication Development Expenses and the premium relating to such Additional Indication, all in accordance with Section 8.4. 

1.105    “Opt-Out” means the election by a Party, in accordance
with the terms hereof, not to participate in certain Development and/or Commercialization activities hereunder, and not to bear certain Development Expenses and Commercialization Expenses related to such activities. An
Opt-Out may be either an Additional Indication Opt-Out or a Territory Opt-Out. 

  
 13 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.106    “Orphan CNS Diseases” means a CNS or neurological
disease or disorder that affects fewer than two hundred thousand (200,000) people in the U.S. 

1.107    “Orphan CNS Indication” means the prevention, diagnosis and/or treatment of one or more Orphan
CNS Diseases. 
 1.108    “Ovid” has the meaning set forth in the preamble. 

1.109    “Ovid House Marks” means the Ovid name and logo in all forms. 

1.110    “Ovid Indemnitee” has the meaning set forth in Section 14.2. 

1.111    “Ovid Intellectual Property” means, collectively, Ovid
Know-How, Ovid Patents, Ovid House Marks and Ovid’s interest in any Product Trademarks. 

1.112    “Ovid Inventions” has the meaning set forth in Section 9.1. 

1.113    “Ovid Know-How” means all Information that: (a) is
Controlled by Ovid during the Term; and (b) either (i) is reasonably necessary to Exploit the Compound or a Product in the Field in the Territory or (ii) is used by Ovid during the Term in the Exploitation of a Compound or a Product
in the Field. 
 1.114    “Ovid Patents” means all Patents that: (a) are Controlled by Ovid during
the Term; and (b) are reasonably necessary to Exploit the Compound or a Product in the Field in the Territory. 

1.115    “Ovid Infringement” has the meaning set forth in Section 9.6(b)(iii). 

1.116    “Ovid Territory” means the Core Orphan Territories and, if applicable pursuant to Section
6.1(a)(ii), those countries in the ROW Territory that comprise the Extended Ovid Territory. 

1.117    “Packaging” means all activities related to the packaging and application of the approved
Labeling for Finished Product. 
 1.118    “Packaged” means that Drug Product has been subject to
complete Packaging. 
 1.119    “Party” has the meaning set forth in the preamble. 

1.120    “Patents” means all patents in any jurisdiction, including any utility or design patent, and all
applications thereof, including any provisional application; any other patent or patent application claiming priority directly or indirectly to: (a) any such specified patent or patent application; or (b) any patent or patent application
from which such specified patent or patent application claim direct or indirect priority; and (c) all divisionals, continuations, continuations-in-part,
registrations, reissues, re-examinations, renewals, supplemental protection certificates, or extensions of (a) or (b). 

  
 14 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.121    “Patent Term Extension” means any term extensions,
supplementary protection certificates and equivalents thereof offering patent protection beyond the initial term with respect to any issued Patents. 

1.122    “Person” means an individual, sole proprietorship, partnership, limited partnership, limited
liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision, department or
agency of a government. 
 1.123    “Phase III Trial” means a study in humans of the efficacy and
safety of the Product, that is prospectively designed to demonstrate statistically whether the Product is effective and safe for use in a particular indication in a manner sufficient to file for Marketing Approval, or otherwise consistent with the
requirements of U.S. 21 C.F.R. §312.21(c). 
 1.124    “Phase IV Trial” means a clinical
trial of a Product, including pharmacokinetic studies, that: (a) is not required in order to obtain Regulatory Approval of an indication; and (b) either: (i) is required by the Regulatory Authority to be conducted on or after the
Regulatory Approval of an indication; or (ii) is conducted voluntarily to enhance marketing or scientific knowledge of the product (e.g., providing additional drug profile, safety data or marketing support information, or supporting expansion
of product labeling). 
 1.125    “POM” means the demonstration, with respect to a given drug: (i) [*],
(ii) [*], (iii) [*], and (iv) [*], in each case as further defined in the Development Plan. 

1.126    “POM Study” means a Clinical Trial of the Compound intended to demonstrate POM of such Compound
in a given Orphan CNS Indication. 
 1.127    “Post-Termination Royalty Rate” means
(a) [*] if termination hereunder occurs before [*]; (b) [*] if such termination occurs after [*] but on or before [*]; and (c) [*] if such termination occurs at any time thereafter; provided that (i) if the
Agreement is terminated [*], the foregoing percentages shall be [*]; and (ii) if a Product is subject to generic competition in a country, then, beginning with the calendar month following the [*] period during which the volume (based on unit
sales) of all generic products exceeds [*] of the total sales volume of a Product and such generic products in such country, the Post-Termination Royalty Rate shall be reduced to [*] in such country. 

1.128    “Private Company” has the meaning set forth in the definition of “Milestone Shares.”

 1.129    “Product” means any pharmaceutical product comprising (a) the Lead Compound, or any
other Compound, as the therapeutically active agent, either alone or in combination with other therapeutically active ingredients, in any formulation or mode of administration; and (b) the applicable delivery device that is intended to deliver
such Compound, if any. 

  
 15 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.130    “Product Complaint” means all data that comes to
the attention of either Party, its Affiliates or its sublicensees, concerning any dissatisfaction regarding a Product of such a nature and magnitude that it is required under Applicable Laws to be collected, maintained and reported to a Regulatory
Authority, including reports of actual or suspected product tampering, contamination, mislabeling or inclusion of improper ingredients. 

1.131    “Product IND” means any IND filed in the Territory related to a Product, whether in existence as
of the Effective Date or filed with a Regulatory Authority during the Term, including any supplements or amendments thereto. The Product INDs as of the Effective Date are set forth on Exhibit D. 

1.132    “Product Infringement” has the meaning set forth in Section 9.6(b)(vi). 

1.133    “Product Liabilities” means all losses, damages, fees, costs and other liabilities incurred by a
Party, its Affiliate or its sublicensee and resulting from or relating to the any use of a Compound and/or a Product in a human (including in Clinical Trials and/or pursuant to Commercialization) in the Territory, other than any losses, damages,
fees, costs and other liabilities that are a result of a Party’s, its Affiliates’ or its sublicensee’s negligence, willful misconduct or breach of such Party’s representations and warranties made hereunder. For the avoidance of
doubt, Product Liabilities include reasonable attorneys’ and experts’ fees and costs relating to any claim or potential claim against a Party, its Affiliate, or its sublicensee. Product Liabilities shall not include liabilities associated
with recalls and/or the voluntary or involuntary withdrawal of the Compound and/or a Product. 

1.134    “Product NDA” means any NDA filed in the Territory seeking Marketing Approval for a Product in
the Field or any indication in the Field, filed with a Regulatory Authority during the Term, including any supplements or amendments thereto. 

1.135    “Product Trademarks” mean, collectively, all trademarks used in connection with the
Commercialization of a Product that are Controlled either by Takeda or Ovid as of the Effective Date or during the Term. 

1.136    “Program Target” means Cholesterol 24-hydroxylase
(CH24H)[*]. 
 1.137    “Promotional Materials” means all written, printed, graphic, electronic, audio
or video presentations of information, including journal advertisements, sales visual aids, formulary binders, reprints, direct mail, direct-to-consumer advertising,
disease awareness materials, internet postings, broadcast advertisements and sales reminder aides (for example, note pads, pens and other such items, if appropriate) intended for use or used by or on behalf of a Party, its Affiliates or its
sublicensees in connection with the Commercialization of a Product in the Territory. 
 1.138    “Publicly
Traded Company” has the meaning set forth in the definition of “Milestone Shares.” 

1.139    “PVA” has the meaning set forth in Section 5.7(a). 

  
 16 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.140    “Quality Agreement” has the meaning set forth in
Section 7.8. 
 1.141    “Receiving Party” has the meaning set forth in
Section 11.1. 
 1.142    “Region” means (a) the United States,
(b) Japan, (c) the European Union, (d) Canada, (e) Brazil, (f) Latin America, other than Brazil, (g) Central America, (h) Israel, (i) MENA (Middle East and North Africa), other than Israel, (i) Africa,
other than MENA, (j) China, (k) South Korea, (l) India, (m) Oceania, and (n) Asia, other than Japan, China, South Korea, India and Oceania. 

1.143    “Regulatory Approval” means any approval or authorization, including pricing and reimbursement
approvals, of any Regulatory Authority that is necessary for the manufacture, use, storage, import, transport and/or sale of a Product in accordance with Applicable Laws. 

1.144    “Regulatory Authority” means any applicable Governmental Authority involved in granting
Regulatory Approval, including in the U.S., the FDA and any other applicable Governmental Authority in the U.S. having jurisdiction over a Product; in the EU, the EMA or any competent Government Authority in the EU, and in Israel, the Israeli
Ministry of Health or any competent Government Authority in Israel. 
 1.145    “Regulatory Materials”
means regulatory applications, submissions, notifications, registrations, Regulatory Approvals or other submissions, including any written correspondence or meeting minutes, made to, made with, or received from the FDA that are necessary or
reasonably desirable in order to Develop, Manufacture, market, sell or otherwise Commercialize a Product in the Territory. Regulatory Materials include the Product INDs and the Product NDAs, and amendments and supplements thereto. 

1.146    “ROW Territory” means those countries in the Territory other than Japan and the Core Orphan
Territory countries. For clarity, once a country becomes a country within the Extended Takeda Territory or the Extended Ovid Territory it shall cease to be a country within the ROW Territory. 

1.147     “Safety Issue” has the meaning set forth in Section 12.4. 

1.148    “SEC” means the Securities and Exchange Commission. 

1.149    “Stock Purchase Agreement” means the stock purchase agreement, by and between the Parties, dated
as of the Effective Date. 
 1.150    “Suspension” has the meaning set forth in
Section 12.4. 
 1.151    “Take the Lead” means, with respect to a particular
Party, that such Party is primarily responsible for, and has the authority to make, all day-to-day operational decisions, in accordance with the Development Plan and
Commercialization Plan; provided that the Parties shall consult with each other with respect to any matters as requested by either Party. For the avoidance of doubt, if a decision made or to be made by the Party responsible for Taking the
Lead is challenged by the other Party, the Parties will discuss the issue in good faith and any dispute will be referred to the appropriate Committee for resolution in accordance with Section 2.6. 

  
 17 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.152    “Takeda” has the meaning set forth in the preamble.

 1.153    “Takeda Divestiture Notice” has the meaning set forth in
Section 3.6. 
 1.154    “Takeda House Marks” means the Takeda name and logo
in all forms. 
 1.155    “Takeda Indemnitee” has the meaning set forth in
Section 14.1. 
 1.156    “Takeda Intellectual Property” means, collectively,
Takeda Know-How, Takeda Patents, Takeda House Marks and Takeda’s interest in any Product Trademarks. 

1.157    “Takeda Inventions” has the meaning set forth in Section 9.1. 

1.158    “Takeda Know-How” means all Information as of the
Effective Date or during the Term that (a) is Controlled by Takeda; and (b) either (i) is reasonably necessary to Exploit the Compound or a Product in the Field in the Territory or (ii) is (or was) used by Takeda during the Term
or prior to the Effective Date in the Exploitation of a Compound or a Product. 
 1.159    “Takeda
Patents” means all Patents in the Territory Controlled by Takeda as of the Effective Date or during the Term that: (a) claim the composition of matter of, or the method of making or using, a Product; or (b) are otherwise
reasonably necessary to Exploit the Compound or a Product in the Field in the Territory. The Takeda Patents as of the Effective Date are set forth on Exhibit C. 

1.160    “Takeda Infringement” has the meaning set forth in Section 9.7(b)(i). 

1.161    “Takeda Territory” means Japan and, if applicable pursuant to Section 6.1(b)(ii), those
countries in the ROW Territory that comprise the Extended Takeda Territory. 
 1.162    “Term” has the
meaning set forth in Section 12.1. 
 1.163    “Territory” means worldwide.

 1.164    “Territory Opt-Out” has the meaning set forth in
Section 6.1(c). 
 1.165    “Territory Party” has the meaning set forth in Section
6.1(c). 
 1.166    “Territory Royalty” means a percentage to be determined by the CGB prior to the
first Commercial Sale of the Product in an Additional Indication in such country. 
 1.167    “Third
Party” means a Person other than Takeda and Ovid and their respective Affiliates. 
 1.168    “Third
Party Acquirer” has the meaning set forth in Section 15.6. 

  
 18 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 1.169    “Third Party Expenses” means net payments made to a
Third Party for services and/or goods provided in connection with the activities contemplated under the Development Plan or the Commercialization Plan. The Parties agree that deductions from payments, such as rebates, credits or discounts, that are
not otherwise allocated to Commercialization Expenses and Development Expenses relating to Compounds or Products will be allocated to the Compounds or Products in a systematic and reasonable manner in accordance with the applicable Party’s
customary accounting practices. 
 1.170    “Triggering Acquisition” has the meaning set forth in
Section 15.6(c). 
 1.171    “Withdrawal Notice” has the meaning set forth in
Section 2.7. 
 1.172    “Withdrawing Party” has the meaning set forth in
Section 2.7. 
 ARTICLE 2 – OVERVIEW; MANAGEMENT 

2.1    Collaboration Governance Board. In accordance with Section 2.5(c)(i), the
Parties shall promptly establish and convene a Collaboration Governance Board (the “CGB”) for the overall coordination and oversight of the Parties’ activities under this Agreement. The CGB shall consist of representatives of
each Party, and shall operate by procedures, as set forth in Section 2.5. Each Party’s representatives to the CGB shall be responsible for providing the relevant individuals or governance bodies of such Party with
updates regarding the Parties’ activities under the Agreement. Except as otherwise provided herein, the role of the CGB shall be: 

(a)    to set the overall strategic direction relating to the Development of the Compounds and Commercialization of the
Products; 
 (b)    to review, discuss and approve the Development Plan (including: (i) [*]; (ii) [*];
(iii) [*]; and (iv) any proposed amendments or revisions to the Development Plan); 
 (c)    to review and
approve the Commercialization Plan in the Territory, and any proposed amendments or revisions to the Commercialization Plan; 

(d)    to review and approve the general strategy related to [*]; 

(e)    to establish and oversee any committee, working group or subcommittee (each, a “Committee”), as
needed to further the purposes of this Agreement; 
 (f)    to resolve any disputes arising within the Committees,
including those disputes escalated from the JDC and JCC as provided herein; 
 (g)    to review and approve [*]; 

(h)    to review and approve [*]; 

(i)    to review [*]; 

  
 19 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (j)    to review and approve the Manufacturing Plan; and 

(k)    to approve or decide such other matters as expressly provided herein. 

2.2    Joint Development Committee. In accordance with Section 2.5(c)(ii), the Parties shall
promptly establish and convene a joint development Committee (the “JDC”) for the overall coordination and oversight of the Parties’ Development of the Product in the Field under this Agreement as provided in the Development
Plan. The JDC shall consist of representatives of each Party, and shall operate by procedures, as set forth in Section 2.5. The role of the JDC shall be: 

(a)    to facilitate the exchange of information between the Parties under this Agreement with respect to their
Development-related activities thereunder, including, and to the extent necessary, for each Party to perform its obligations under this Agreement; 

(b)    to review and discuss the Development Plan, including the corresponding Development Budget, and all amendments and
updates thereto, and to recommend such plan to the CGB for approval; 
 (c)    to review and discuss regulatory
activities and strategy, so that both Parties are fully informed of and involved in review of Regulatory Materials (including Labeling) in advance of submission to any Regulatory Authority; 

(d)    to review [*]; 

(e)    to monitor, review, coordinate, discuss and provide the CGB with update and other information regarding the overall
progress of Development under this Agreement (including the status of clinical trials, each Party’s capabilities and funding resources); and 

(f)    to establish, subject to authority provided by the CGB, such working teams or subcommittees and to perform such
other functions as are appropriate to further the purposes of this Agreement (including a team of regulatory representatives from each Party to manage regulatory matters hereunder in accordance with Article 5, and a team of
intellectual property representatives from each Party to set intellectual property strategy subject to Article 9), as determined by the Parties in writing. 

2.3    Joint Commercialization Committee. In accordance with Section 2.5(c)(iii), the Parties
shall promptly establish and convene a joint commercialization Committee (the “JCC”) for the overall coordination and oversight of the Parties’ Commercialization of the Product in the Field under this Agreement. The JCC shall
consist of representatives of each Party, and shall operate by procedures, as set forth in Section 2.5. The role of the JCC shall be: 

(a)    to establish the overall commercial strategy (including the pricing strategy) for the Product in the Field in the
Initial Indications, and any Additional Indications throughout the Territory; 

  
 20 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    to review and comment on the Commercialization Plan, including the
corresponding Commercialization Budget, and all updates thereto (including market research and other commercial data), and to recommend such plan to the CGB for approval; 

(c)    to monitor, review, coordinate, discuss and provide the CGB with updates and other information regarding the
overall progress of Commercialization under this Agreement; 
 (d)    to discuss [*]. 

(e)    to discuss [*]; 

(f)    to review and evaluate safety issues raised by the safety or pharmacovigilance teams of either Party, or any safety
or pharmacovigilance working group created hereunder; and 
 (g)    to establish, subject to authority provided by the
CGB, such working teams or subcommittees and to perform such other functions as are appropriate to further the purposes of this Agreement, as determined by the Parties in writing. 

2.4    Joint Manufacturing Committee. In accordance with Section 2.5(c)(iv), the Parties shall
promptly establish and convene a joint Manufacturing Committee (the “JMC”) for the overall coordination and oversight of the Manufacturing of clinical and commercial supplies of the Product under this Agreement as provided in the
Manufacturing Plan (including the Manufacture of API, Drug Product and Finished Product). The JMC shall consist of representatives of each Party, and shall operate by procedures, as set forth in Section 2.5. The role of the
JMC shall be: 
 (a)    to discuss, prepare and approve for submission to the CGB all Manufacturing Plan for Products in
the Territory, and all amendments thereto; 
 (b)    to oversee implementation of the Manufacturing Plan; 

(c)    to determine [*], in conjunction with the JDC; 

(d)    to coordinate Manufacturing activities of the Parties under this Agreement with respect to Products in the
Territory; 
 (e)    to create, implement and review the overall strategy with respect to CMC activities in the
Territory; 
 (f)    to allocate primary responsibility between the Parties for tasks relating to Finished Manufacturing
of Drug Product and Packaging of Drug Product into Finished Product in a manner consistent with Section 7.2, or as otherwise agreed by the JMC; and 

(g)    to develop and adopt guidelines to be followed by the Parties in selecting, and entering into agreements with,
Third Party contract manufacturers to ensure appropriate selection and best contracting practices, and consult regarding the planned selection of such Third Parties. 

  
 21 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.5    Committee Membership and Procedures. 

(a)    Membership. Takeda and Ovid shall each designate an equal number of representatives to serve on the CGB, JDC,
JCC, JMC and any other Committee by written notice to the other Party. Promptly after the Effective Date, each Party shall designate two (2) such representatives for the CGB, JDC, JMC and JCC. Each Committee may elect to vary the number of
representatives from time to time during the Term; provided that each Committee shall maintain an equal number of representatives from each Party. Each representative shall have the appropriate level of experience in the subject area of the
Committee, and at least one (1) representative shall have sufficient seniority within the applicable Party’s organization to have the necessary decision-making authority in order for the Committee to fulfill its responsibilities. Either
Party may designate substitutes for its Committee representatives if one (1) or more of such Party’s designated representatives is unable to be present at a meeting. From time to time each Party may replace its Committee representatives by
written notice to the other Party specifying the prior representative(s) and their replacement(s). 

(b)    Chairperson. Each Committee will have a chairperson. The chairperson shall be responsible for calling and
convening meetings, but shall have no special authority over the other members of the Committee, and shall have no additional voting rights. The chairperson (or his or her designate) shall: (i) prepare and circulate an agenda reasonably in
advance of each upcoming meeting; and (ii) prepare and issue minutes of each Committee meeting within [*] thereafter. Such minutes shall not be finalized until each Committee representative reviews and approves such minutes in writing;
provided that any minutes shall be deemed approved unless a member of such Committee objects to the accuracy of such minutes within [*] after the circulation of the minutes. Takeda shall appoint [*]. Ovid shall appoint [*]. On [*] of each
year following the first anniversary of the Effective Date, the Parties shall rotate [*]. 
 (c)    Meetings.

 (i)    CGB Meetings. The CGB shall meet at least [*], unless otherwise agreed by the Parties; provided
that the CGB will hold an in-person meeting to establish the CGB’s operating procedures no less than [*] after the Effective Date. Additional meetings of the CGB may be held with the consent of each Party
(such consent not to be unreasonably withheld, conditioned or delayed), as required under this Agreement. In the case of any dispute referred to the CGB, such meeting shall be held within [*] following referral to the CGB, or as soon as reasonably
possible. In the case of a new Orphan CNS Indication recommended by the JDC, such meeting shall be held [*] following recommendation to the CGB, or as soon as reasonably possible. 

(ii)    JDC Meetings. Until the first Regulatory Approval is obtained in the U.S. or EU, the JDC shall meet
at least [*]; provided that the JDC will hold an in-person meeting to establish the JDC’s operating procedures no less than [*] after the Effective Date. Thereafter, unless otherwise agreed by the
Parties, the JDC shall meet no less than [*]. Additional meetings of the JDC may be held with the consent of each Party (such consent not to be unreasonably withheld, conditioned or delayed), or as required under this Agreement. 

  
 22 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (iii)    JCC Meetings. During the first year after the Effective
Date, the JCC shall meet at least once; provided that the JCC will hold an in-person meeting to establish the JCC’s operating procedures no less than [*] after the Effective Date. Thereafter,
unless otherwise agreed by the Parties, the JCC shall meet no less than [*], provided that [*] prior to the anticipated First Dosing, the JCC shall meet no less than [*]. Additional meetings of the JCC may be held with the consent of each
Party (such consent not to be unreasonably withheld, conditioned or delayed), or as required under this Agreement. 

(iv)    JMC Meetings. Until the first Marketing Approval is obtained in the U.S. or EU, the JMC shall meet at
least [*]; provided that the JMC will hold an in-person meeting to establish the JMC’s operating procedures no less than [*] after the Effective Date. Additional meetings of the JMC may be held
with the consent of each Party (such consent not to be unreasonably withheld, conditioned or delayed), or as required under this Agreement. 

(v)    General Requirements. Meetings of a Committee shall be effective only if a majority of representatives of
each Party are present or participating. Other than the initial meeting, a Committee may meet either: (A) in person at either Party’s facilities or at such locations as the Parties may otherwise agree; or (B) by audio or video
teleconference. Additional non-members of a Committee having relevant experience may from time to time be invited to participate in a Committee meeting, provided that such participants shall have no
voting rights or powers. Non-member participants who are not employees of a Party or its Affiliates shall only be allowed to attend if: (1) the other Party’s representatives have consented to the
attendance (such consent not to be unreasonably withheld, conditioned or delayed); and (2) such non-member participant is subject to confidentiality and non-use
obligations at least as restrictive as those set forth in this Agreement. Each Party shall be responsible for all of its own expenses incurred in connection with participating in the Committees. 

2.6    Decisions. 

(a)    Committee Decisions. Except as set forth in Section 2.6(b), all decisions of each
Committee within the scope of its oversight shall be: made only with unanimous approval, with each Party having one (1) vote. If the JCC, JDC or JMC fails to reach agreement on an issue within its area of oversight [*] after submission of the
issue to such Committee, the matter will be referred to the CGB for resolution. If the CGB fails to reach unanimous agreement on a matter before it for decision for a period in excess of [*] from the date first presented to the CGB in writing, then
either Party may submit such matter for resolution in accordance with Section 13.2(a) and (if applicable) Section 13.2(b), except that failure by the CGB to reach unanimous agreement on any matter properly before it arising under
Section 2.1(b), Section 2.1(c) or Section 2.1(g), in each case, shall not be subject to dispute resolution under Section 13.2(b) and instead [*]. Notwithstanding the foregoing, in the event that the CGB is unable to reach
unanimous agreement on [*], then [*] thereof shall be deemed to be [*], unless and until the Parties are able to reach unanimous agreement on [*]. 

  
 23 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    Final Decision-Making Authority. Each Party shall have final decision-making authority with respect to the issues described in this Section 2.6(b)); provided that such Party shall consider in good faith the input and recommendations provided
by the other Party through the applicable Committee prior to making such decision. Decisions made by a Party pursuant to this Section 2.6(b) are not subject to dispute resolution in accordance with
Section 13.2(b), but shall be made only after a failure of the CGB to reach resolution on such issue, and failure of the Executive Officers to resolve such issue pursuant to Section 13.2(a). For the avoidance of
doubt, the right of a Party to make final decisions with respect to any issue shall not otherwise diminish or eliminate such Party’s obligations under this Agreement, including its obligation to exercise Commercially Reasonable Efforts where
required herein. 
 (i)    Ovid shall have final decision-making authority with respect to: (x) [*]; and
(y) [*], and (z) [*]. 
 (ii)    Takeda shall have final decision-making authority with respect to:
(w) [*]; (x) [*]; (y) [*]; (z) [*]. In addition, following an election by Takeda to Take the Lead on any activities hereunder pursuant to Section 15.6(c), [*]. 

2.7    Withdrawal from Committees. At any time during the Term and for any reason, either Party (the
“Withdrawing Party”) shall have the right to withdraw from participation in the Committees upon written notice to the other Party, which notice shall be effective immediately upon receipt (the “Withdrawal Notice”).
Following the issuance of a Withdrawal Notice and subject to this Section 2.7, such Withdrawing Party’s representatives to the Committees shall not participate in any meetings of the Committees, nor shall the
Withdrawing Party have any right to vote on decisions within the authority of the Committees. If, at any time following [*] of a Withdrawal Notice, the Withdrawing Party wishes to resume participating in the Committees, it shall provide the other
Party with [*] prior written notice and, following such notice period, the Withdrawing Party’s representatives to the Committees shall be entitled to attend any subsequent meeting of the Committees and to participate in the activities of, and
decision-making by, the Committees as provided in this Article 2 as if a Withdrawal Notice had not been issued by such Party pursuant to this Section 2.7. Following the Withdrawing Party’s
issuance of a Withdrawal Notice pursuant to this Section 2.7, unless and until the Withdrawing Party resumes participation in the Committees in accordance with this Section 2.7: (a) all
meetings of the Committees shall be held at the other Party’s facilities; (b) [*]; and (c) [*]. For clarity, the withdrawal by the Withdrawing Party from a Committee under this Section 2.7 shall only limit
the Withdrawing Party’s rights, authority and obligations under this Article 2 with respect to participation in such Committee and shall not limit any other of the Withdrawing Party’s rights, authority or
obligations set forth in this Agreement. 
 2.8    Alliance Managers. Promptly following the Effective Date, each
Party shall designate in writing an Alliance Manager to assist in coordinating interactions between the Parties regarding all collaboration and transition activities contemplated under this Agreement. The Alliance Managers shall be the primary day-to-day, operational contacts between the Parties with respect to the activities conducted pursuant to this Agreement, and they shall be allowed to attend Committee
meetings as non-voting observers. 

  
 24 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 2.9    Finance Working Group. Following the Effective Date, the CGB
shall establish a finance working group, consisting of an equal number of representatives from each Party, including such Party’s Finance Officer. Such working group shall act as a forum for the discussion and exchange of information between
the Parties relating to Development Expenses, Development Budgets, Commercialization Expenses and Commercialization Budgets, Manufacturing Expenses, and Operating Profits (or Losses). The finance working group shall meet with such frequency as it
determines appropriate depending on the level of activity under this Agreement, and shall have no decision-making authority unless expressly delegated such authority by the CGB. 

2.10    Authority. The Parties agree that, in voting on matters as described in this
Article 2, it shall be conclusively presumed that unless otherwise explicitly stated, each voting member of the CGB or other Committee has the authority and approval of such member’s respective senior management in
casting his or her vote. Each Committee shall have only the powers assigned expressly to it in this Article 2 and elsewhere in this Agreement, and shall not have any power to amend, modify or waive compliance with this
Agreement and any such amendment, modification or waiver (including any overall increase in the Development Budget or Commercialization Budget) shall require a written amendment of this Agreement duly executed by both Parties. 

ARTICLE 3 – LICENSES 

3.1    Licenses from Takeda to Ovid. 

(a)    Subject to the terms and conditions of this Agreement, Takeda hereby grants to Ovid: (i) an exclusive (except
as provided in Section 3.2), nontransferable (except as provided in Section 15.5) license in the Field, with the right to grant sublicenses solely in accordance with
Section 3.5, under the Takeda Intellectual Property, to Commercialize the Product during the Term, in the Ovid Territory; and (ii) a co-exclusive (with Takeda), nontransferable
(except as provided in Section 15.5) right and license in the Field, with the right to grant sublicenses solely in accordance with Section 3.5, under the Takeda Intellectual Property, to Exploit
(but excluding the right to Commercialize) the Product in the Territory during the Term. 
 (b)    Subject to the terms
and conditions of this Agreement, Takeda hereby grants to Ovid a non-exclusive, perpetual, nontransferable (except as provided in Section 15.5) license, with the right to grant
sublicenses solely in accordance with Section 3.5, under any Takeda Intellectual Property that constitutes an improvement to the Ovid Intellectual Property, to Exploit any compound (excluding the Compound). 

3.2    Takeda Reservation of Rights. Takeda reserves the right, under the Takeda Intellectual Property, to Exploit
the Product during the Term in the Field in the Takeda Territory, and, as and to the extent it exercises its option pursuant to Section 6.1(b)(iii), the Extended Takeda Territory; subject to and in accordance with the terms hereof. Takeda
shall own and retain all right, title and interest in the Takeda Intellectual Property, subject to the licenses and other rights expressly granted hereunder. 

  
 25 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 3.3    Licenses from Ovid to Takeda. 

(a)    Subject to the terms and conditions of this Agreement, Ovid hereby grants to Takeda: (i) an exclusive (except
as provided in Section 3.4), nontransferable (except as provided in Section 15.5) license in the Field, with the right to grant sublicenses solely in accordance with
Section 3.5, under the Ovid Intellectual Property, to Commercialize the Product, during the Term, in the Takeda Territory; (ii) a co-exclusive (with Ovid), nontransferable
(except as provided in Section 15.5) license in the Field, under the Ovid Intellectual Property, to Commercialize the Product, during the Term, in the Joint Territory; and (iii) a
co-exclusive (with Ovid), nontransferable (except as provided in Section 15.5) right and license in the Field, with the right to grant sublicenses solely in accordance with
Section 3.5, under the Ovid Intellectual Property, to Exploit (but excluding the right to Commercialize) the Product in the Territory during the Term. 

(b)    Subject to the terms and conditions of this Agreement, Ovid hereby grants to Takeda a non-exclusive, perpetual, nontransferable (except as provided in Section 15.5) license, with the right to grant sublicenses solely in accordance with Section 3.5,
under any Ovid Intellectual Property that constitutes an improvement to the Takeda Intellectual Property, to Exploit any compound (excluding the Compound). 

3.4    Ovid Reservation of Rights. Ovid reserves the right, under the Ovid Intellectual Property, to Exploit one or
more Products during the Term in the Field in the Territory; subject to and in accordance with the terms hereof. Ovid shall own and retain all right, title and interest in the Ovid Intellectual Property subject to the licenses and other rights
granted hereunder. 
 3.5    Sublicensing. Each Party shall have the right to grant sublicenses, through multiple
tiers, of the rights granted (or reserved) to such Party under Sections 3.1, 3.2, 3.3 or 3.4 to its Affiliates and to Third Parties; provided, that neither Party may grant a sublicense of the rights granted to it
under Article 3 to a Third Party (other than a Distributor (subject to Section 6.1(a)(ii), or subcontractor for a Development activity, including a contract laboratory or contract research
organization) without the prior written consent of the other Party, which shall not be unreasonably withheld, conditioned or delayed. Each sublicense shall refer to and be subordinate to this Agreement and, except to the extent the Parties otherwise
agree in writing, any sublicense must be consistent in all material respects with the terms and conditions of this Agreement. Each Party shall remain responsible for the performance of this Agreement and the performance of its sublicensees
hereunder. 
 3.6    Takeda Divestiture. In the event that Takeda intends to assign (or otherwise transfer) its
rights and obligations under this Agreement to a Third Party as permitted under Section 15.5, Takeda shall provide Ovid with written notice thereof prior to engaging in negotiations with any potential assignee (or
transferee) with respect to such assignment (or transfer) (the “Takeda Divestiture Notice”), and Ovid shall, upon written notice provided to Takeda within [*] after receipt of the Takeda Divestiture Notice, have the exclusive right
for a period of [*] to negotiate with Takeda with respect to the transfer of all of Takeda’s rights and obligations under this Agreement to Ovid. Following the expiration of such period of exclusivity, Takeda shall have the right to assign (or
otherwise transfer) its rights and obligations under this Agreement to a Third Party as permitted under Section 15.5. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 3.7    No Implied Licenses. No license or other right is or shall be
created or granted hereunder by implication, estoppel, or otherwise. All licenses and rights are or shall be granted only as expressly provided in this Agreement. All rights not expressly granted by a Party under this Agreement are reserved by the
Party and may not be used by the other Party for any purpose. 
 ARTICLE 4 – DEVELOPMENT 

4.1    Overview of Product Development. The Parties desire and intend to collaborate with respect to the
Development of the Products in the Field for the Territory, to the extent set forth in this Agreement. 

4.2    Development Plan. An initial version of the Development Plan and Development Budget for the Lead Compound
are attached hereto as Exhibit E. Following the Effective Date, on at least [*] (but in any event, no later than [*]), the JDC shall update and amend, as appropriate, the then-current Development Plan and shall submit such updates and/or
amendments for review, comment and approval by the CGB. As Ovid and Takeda are both developing the Products in the Territory, the Development Plan shall identify resources and activities provided by each Party. 

4.3    Ovid Development. Except as provided in Section 4.2,
Article 5 and Article 7, or as otherwise agreed by the JDC, Ovid shall be responsible to Take the Lead in all activities related to the Development of the Products in the Field. To that end, the
Parties shall agree upon a plan for the transition of the conduct of all Development activities (including those in the planning stage such as the Phase 1b/2a clinical trial) contemplated under the Development Plan (but not Regulatory activities, or
Development activities that may be assigned to Takeda pursuant to the Development Plan) from Takeda to Ovid within [*] of the Effective Date, which plan Takeda and Ovid each shall use Commercially Reasonable Efforts to implement within [*] of the
Effective Date. For clarity, the Development Plan shall include that Takeda will complete Development activities ongoing as of the Effective Date and shall continue to provide certain specialized functions, for example pharmacovigilance (in
accordance with Article 5) and pharmacometrics. In addition, Takeda will provide reasonable assistance and cooperation in order to ensure a smooth transition of such Development activities to Ovid. 

4.4    Manufacturing Development. All Manufacturing Development of the Products that incorporate the Lead Compound
shall be handled as further set forth in Article 7. 
 4.5    Compound Development Outside
of the Field. Notwithstanding Section 4.6(a) if Takeda nonetheless desires to pursue Development of the Compound outside the Field, Takeda shall notify the CGB of such interest, and present to the CGB its scientific rationale and proposed
development and commercialization plans[*]. Ovid shall have the right to approve any such development, in writing, such approval not to be unreasonably withheld or delayed, except that for any Clinical Trials, Ovid shall have the right to approve
any such development in its sole discretion. For clarity, Takeda shall have the right to develop any compound (that is not the 

  
 27 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Lead Compound or any other Compound) outside the Field, without Ovid’s consent, including any compounds directed against the Program Target (that are not the Compounds). In the event that
Ovid consents to such development and Takeda elects to pursue such development of a Compound outside the Field, then Takeda shall provide regular updates regarding safety to the CGB in a manner consistent with its safety reporting obligations with
respect to a Compound in the Field. 
 4.6    Development Activities. 

(a)    General. The Parties agree that the Compound shall be developed only in the Field, unless otherwise mutually
agreed by the Parties. Each Party shall use Commercially Reasonable Efforts to execute and perform its responsibilities under the Development Plan. Each Party shall conduct its activities under this Agreement in good scientific manner and in
compliance in all material respects with all Applicable Laws, including, GCP, GLP, and GMP. 
 (b)    Clinical Trial
Registry. 
 (i)    Takeda shall be responsible for registering any Clinical Trial performed under a Takeda Product
IND in the appropriate clinical trial registry (e.g., clinicaltrials.gov) and posting the results of such Clinical Trials, to the extent required by Applicable Laws. 

(ii)    Ovid shall be responsible for registering any Clinical Trial performed under a Ovid Product IND in the
appropriate clinical trial registry (e.g., clinicaltrials.gov) and posting the results of such Clinical Trials, to the extent required by Applicable Laws. 

(iii)    The posting of any results to a clinical trial registry by either Party in accordance with this Section
4.6(b) shall be considered a “publication” and subject to the Parties’ obligations set forth in Section 11.9. 

(c)    Back-Up Compound. If the Lead Compound fails to demonstrate POM in a
POM Study in one or more of the Initial Indications, or otherwise in response to safety or efficacy data and JDC recommendation, the Parties shall discuss in good faith and may mutually agree upon a program for the Development of one or more other
compounds directed against the Program Target and with utility in Orphan CNS Diseases as a potential back-up to the Compound (each a “Back-Up
Compound”). In the event that the Parties agree upon a program for the Development of a Back-Up Compound, references in this Agreement to “Compound” shall be deemed to include any
such Back-Up Compound. 
 4.7    Exchange of
Know-How. Takeda shall provide to Ovid, promptly following the Effective Date, and promptly during the Term upon such Takeda Know-How being obtained or generated by
Takeda, at no additional cost or expense to Ovid, an electronic copy of all Takeda Know-How as is necessary to enable Ovid to perform its obligations under this Agreement and exercise its rights under this
Agreement, to the extent such Takeda Know-How has not previously been provided hereunder. Ovid shall provide to Takeda, promptly during the Term, 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
upon Ovid Know-How being obtained or generated by Ovid, at no additional cost or expense to Takeda, all such Ovid
Know-How as is necessary to enable Takeda to perform its obligations and exercise its rights under this Agreement. Notwithstanding the foregoing and the definitions of Takeda
Know-How and Ovid Know-How, neither Party shall have any obligation under this Section 4.7 or otherwise under this Agreement to transfer any
Information of a Third Party Acquirer (or any its affiliates) to the other Party. Additionally, neither Party shall have any obligation under this Section 4.7 or otherwise under this Agreement to transfer any Information
for use by the other Party that would obligate the transferring Party to pay any royalties, milestones or other consideration for use of such Information by the other Party unless and until the receiving Party agrees to pay such consideration. 

4.8    Records; Disclosure of Data and Results. In conformity with standard pharmaceutical industry practices and
the terms and conditions of this Agreement, each Party shall prepare and maintain, or shall cause to be prepared and maintained, complete and accurate written records, accounts, notes, reports and data with respect to activities conducted pursuant
to the Development Plan for a minimum of [*] following the end of the Calendar Year to which they pertain and, upon the other Party’s written request, shall send legible copies of the aforesaid to the other Party throughout the Term and for a
minimum of [*] following the Term. Upon reasonable advance notice, at the request of the CGB, each Party agrees to make its employees and consultants reasonably available at their respective places of employment to consult with the other Party on
issues arising in connection with the Development Plan. In accordance with the reporting format and schedule approved by the CGB, each Party shall promptly and fully disclose to the other Party in writing all data, including preclinical data,
Clinical Trial data, formulation data and manufacturing data generated by or on behalf of such Party with respect to the Products in the Field (as well as with respect to Takeda, safety data outside the Field, as necessary). 

4.9    Additional Indications. At any time during the Term, each Party has the right to submit a development and
commercialization proposal for the Compound in a potential new Orphan CNS Indication (other than the Initial Indications or any then-existing Additional Indications) for review by the JDC and approval or rejection by the CGB in accordance with
Article 2. If approved by the CGB, such new Orphan CNS Indication shall be an “Additional Indication”. Additionally, after such approval by the CGB, if a Party does not wish to finance the Development of
the Product in such Additional Indication, such Party may reduce its allocated share of such funding pursuant to Section 8.4. 

ARTICLE 5 – REGULATORY 

5.1    Preparation of Regulatory Materials. 

(a)    Subject to Section 2.1(h), Takeda shall have the responsibility to Take the Lead, and shall exercise
Commercially Reasonable Efforts, to prepare, obtain, and maintain, as applicable, the Regulatory Materials, including the Product INDs, the Product NDAs, and other submissions, and to conduct communications with the Regulatory Authority, for the
Products in the Field in the Territory (other than Israel); provided that within [*] following each Regulatory Approval in the Core Orphan Territory (other than Israel), Takeda shall timely transfer to Ovid

  
 29 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
copies of all Regulatory Materials (in electronic or other format) in its possession related to the use of the Products in the Field in such Core Orphan Territory and which support the Product
INDs and the Product NDAs. Promptly after such transfer, Takeda shall take all steps necessary to transfer ownership of all such Product INDs and Product NDAs in such in such jurisdiction of the Core Orphan Territory to Ovid, including submitting to
the Regulatory Authorities a letter or other necessary documentation (with a copy to Ovid) notifying the Regulatory Authorities of the transfer of such ownership. The date of such transfer shall be the “Transfer Date” with respect
to such Product in the applicable jurisdiction. 
 (b)    Subject to Section 2.1(h), Ovid shall Take the Lead,
and shall exercise Commercially Reasonable Efforts, to prepare, obtain, and maintain, as applicable, the Regulatory Materials, including the Product INDs, the Product NDAs, and other submissions, and to conduct communications with the Regulatory
Authority, for the Products in the Field in: (i) Israel; (ii) each Core Orphan Territory (other than Israel), following the applicable Transfer Date; and (iii) any other jurisdiction in the ROW Territory mutually agreed by the
Parties. 
 (c)    Notwithstanding anything contained in the foregoing to the contrary, the Party responsible for the
Manufacture of the Product shall be responsible for preparing the CMC Module 3 (or its non-U.S. equivalent) for the Product in a manner suitable for filing with the FDA and EMA. 

5.2    Regulatory Activities in the Territory. 

(a)    Each Party (the “Filing Party”) shall provide the other Party (the “Non-Filing Party”) with an opportunity to review and comment on all material Regulatory Materials submitted by the Filing Party to any applicable Regulatory Authority, in each case reasonably in
advance of when the Filing Party intends to submit such Regulatory Materials to the Regulatory Authority. The Non-Filing Party shall provide its comments within [*], or such other period of time mutually
agreed to by the Parties, but in no event shall any such review delay any such submission beyond the deadline therefore. The Filing Party shall consider in good faith any such comments of the Non-Filing Party.
The Filing Party shall provide the Non-Filing Party with a copy in electronic form of all material Regulatory Materials filed with the Regulatory Authority related to the use of the Products in the Field. 

(b)    In the Core Orphan Territory and Japan, the Filing Party shall notify the
Non-Filing Party within no less than [*] of any request for a meeting or substantive telephone conference call with a Regulatory Authority with respect to any Product IND or Regulatory Approval. Upon the Non-Filing Party’s request, the Filing Party shall request that the Regulatory Authority permit at least [*] Non-Filing Party employees to participate in any such
meeting or conference call as an observer and in preparatory meetings prior to any such meeting or conference call. To the extent permitted by the Regulatory Authority, the Non-Filing Party shall have the
right to participate in any such meeting or conference call as an observer. The foregoing rights and obligations apply with respect to meetings or conferences initiated by the Filing Party or by the Regulatory Authority. The Filing Party shall
promptly furnish the Non-Filing Party with copies of all material correspondence related to a Product the Filing Party has had with the Regulatory Authority, including (i) documents related to regulatory
milestones 

  
 30 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
and dates (e.g., submission, validations, agency review questions, etc.); (ii) IND annual reports and cover letters of key agency submissions; and (iii) contact reports concerning
conversations or minutes from any substantive meetings with the Regulatory Authority, in each case, related to a Product. 

5.3    Cooperation, Consultation and Review. The Parties shall cooperate with each other to achieve the regulatory
objectives contemplated herein in a timely, accurate and responsive manner and shall assist the other Party as reasonably requested in connection with the preparation and filing of Regulatory Materials in the Field. Each Party shall assist the other
Party, as is reasonably necessary, in order for such Party to obtain and maintain the Product INDs and the Product NDAs, including in connection with the preparation and filing of Regulatory Materials necessary to maintain such Product INDs and
Product NDAs. 
 5.4    Regulatory Costs and Expenses. Costs and expenses incurred related to the preparation,
maintenance, formatting and filing of the Regulatory Materials and the content of all other regulatory affairs under this Article 5 shall be included in Development Expenses and Commercialization Expenses as provided
therein, and shall be shared in accordance with Article 8. 
 5.5    Rights of Reference to
Regulatory Materials. Each Party hereby grants to the other Party a worldwide right of reference to all Regulatory Materials Controlled by such Party, including any data relied on in support of such Regulatory Materials, solely for the purpose
of seeking, obtaining and maintaining Regulatory Approvals for the Products in the Field, consistent with the roles of the Parties set forth in this Agreement. 

5.6    Labeling Information Exchange. The Parties, through the JDC, shall cooperate to develop methods and/or
procedures for planning for and sharing information related to Labeling. 
 5.7    Adverse Event Reporting and Safety
Data Exchange. 
 (a)    Safety Information Exchange; Pharmacovigilance Agreement. 

(i)    The Parties shall cooperate to develop methods and/or procedures for sharing information relating to the clinical
experiences in accordance with safety reporting requirements of the respective Regulatory Authorities and as necessary for each Party to comply with Applicable Laws. Specific details regarding the management of safety information including adverse
events reports related to the development and the commercialization of the Products will be delineated in a separate global pharmacovigilance agreement (the “PVA”) that shall be agreed to by the Parties as soon as practicable after
the Effective Date but not later than [*] prior to the first patient enrolled for a study initiated under this collaboration. The Party responsible for regulatory activities in a jurisdiction pursuant to Section 5.1 shall
be responsible for the compliance and filing of all required safety reports to the Regulatory Authorities in such jurisdiction, including annual safety reports, throughout the Term. 

  
 31 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (ii)    The PVA shall provide as follows: 

(A)    As of the applicable Transfer Date for a Product, Ovid will assume responsibility for the monitoring of all
clinical experiences, safety monitoring, pharmacovigilance surveillance for such Product in the applicable jurisdiction, excluding any Clinical Trials conducted by Takeda under a Takeda Product IND; 

(B)    Each Party shall timely report to the other Party all clinical experiences, safety monitoring, and
pharmacovigilance surveillance observed in the Territory (it being understood that the Party maintaining the global safety database for the Products may satisfy this reporting obligation by providing the other Party with access to such database);
and 
 (C)    Each Party shall prepare and provide to the other Party on a timely basis safety updates in order for
such other Party to meet the safety report submission requirements necessary to maintain the Product INDs and the Product NDAs held by it. 

(b)    Regulatory Reporting of Safety Information. The Parties shall work together to achieve consensus with
respect to safety issues related to the Products, including urgent safety information, and to report said opinion to safety boards, investigators, and to applicable Regulatory Authorities. In the event that, after reasonable medical and scientific
consultation, the Parties cannot achieve consensus with respect to safety issues to be reported to any applicable Regulatory Authority, the Party holding the applicable IND, NDA or other Marketing Approval shall have final decision-making authority
with respect to such issue. Notwithstanding anything to the contrary in this Agreement, either Party may report safety matters to the Regulatory Authority that it reasonably determines are necessary to report prior to the conclusion of the dispute
resolution procedure. 
 (c)    Global Safety Database. Takeda shall maintain the global safety database for the
Products until the transfer to Ovid of both the first FDA approval of an NDA for a Product in the United States and the first Regulatory Approval constituting a marketing authorization in the European Union for the same Product, in accordance with
Section 5.1(a); thereafter Ovid shall maintain the global safety database. 
 5.8    Regulatory Authority
Communications Received by a Party. Each Party shall inform the other Party in a timely manner, not to exceed [*], of the notification of any action by, or notification or other information which it receives (directly or indirectly) from any
Regulatory Authority which: (a) raises any material concerns regarding the safety or efficacy of a Product; (b) indicates or suggests a potential material liability of either Party to Third Parties in connection with a Product; (c) is
reasonably likely to lead to a recall or market withdrawal of a Product; or (d) relates to expedited reports of adverse events with respect to a Product, or Product Complaints, and which may have a material impact on obtaining or maintaining
Regulatory Approval or the continued Commercialization of a Product, as then conducted. The other Party will fully cooperate with and assist such Party in complying with regulatory obligations and communications, including by providing to such
Party, in a timely manner after a request, such information and documentation in the other Party’s possession as may be necessary or helpful for the Party to prepare a response to an inquiry from a Regulatory Authority. Each Party will provide
the other Party in a timely manner with a copy of all correspondence received from a Regulatory Authority specifically regarding the matters referred to above. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 5.9    Audit/Inspection. If a Regulatory Authority desires to conduct
an inspection or audit of a Party’s facility or a facility under contract with such Party with regard to a Product in the Territory, then the audited Party shall notify the other Party as soon as practicably possible after receipt of such
notification of such audit or inspection and provide copies of any materials provided to it by the applicable Regulatory Authority; provided that the audited Party shall not be required to notify the other Party of audits or inspections that
are of a routine nature or that do not relate to a Product, except where such audits result in communications or actions of such Regulatory Authority which have a direct impact upon a Product. In addition, if a Regulatory Authority conducts an
unannounced inspection or audit of a Party’s facility or a facility under contract with such Party with regard to a Product in the Territory, then the audited Party shall notify the other Party within [*] of commencement of such audit or
inspection. The audited Party shall cooperate, and shall use reasonable efforts to cause the contract facility to cooperate, with such Regulatory Authority and the other Party during such inspection or audit. Following receipt of the inspection or
audit observations of such Regulatory Authority (a copy of which the audited Party will immediately provide to the other Party), the audited Party will also provide the other Party with copies of any written communications received from Regulatory
Authorities with respect to such facilities in a timely manner after receipt, to the extent such written communications relate directly to a Product or the Manufacture thereof, and will prepare the response to any such observations. The audited
Party will provide the other Party with a copy of any proposed response to such communications and will consider in good faith such other Party’s reasonable comments with respect to such proposed response. The audited Party agrees to conform
its activities under this Agreement to any commitments made in such a response. 
 5.10    Recalls and Voluntary
Withdrawals. The Party responsible for regulatory activities in a jurisdiction pursuant to Section 5.1 shall notify the other Party promptly but in no event later than [*] following its determination that any event,
incident, or circumstance has occurred that may result in the need for a recall, market suspension, or market withdrawal of a Product in such jurisdiction, and shall include in such notice the reasoning behind such determination, and any supporting
facts. Ovid, in the Ovid Territory, and Takeda, in the Takeda Territory, shall have the sole right and responsibility to make the final determination whether to voluntarily implement any such recall, market suspension, or market withdrawal in such
jurisdiction; provided that prior to any implementation of such a recall, market suspension, or market withdrawal, the responsible Party shall, to the extent practical, consult with the other Party and shall consider the other Party’s
comments in good faith. For all recalls, market suspensions or market withdrawals undertaken pursuant to this Section 5.10, the responsible Party shall be solely responsible for the execution thereof in such jurisdiction,
and the other Party shall reasonably cooperate in all such recall efforts. Subject to Article 14, the responsible Party shall be responsible for all costs of any such recall, market suspension, or market withdrawal;
provided that, the other Party shall be responsible for the costs of any recall, market suspension, or market withdrawal with respect to a Product in such jurisdiction to the extent such recall, market suspension, or market withdrawal is
attributable to such Party’s breach of its obligations hereunder or its negligence, recklessness or willful misconduct. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ARTICLE 6 – COMMERCIALIZATION 

6.1    Commercialization in the Territory. 

(a)    Ovid Rights and Obligations. 

(i)    Following applicable Regulatory Approval with respect to a given indication, and in accordance with the
Commercialization Plan and this Article 6, Ovid shall use Commercially Reasonable Efforts to (A) Commercialize the Products in the Core Orphan Territory for use in the Initial Indications, and for use in any Additional
Indication that was jointly funded by the Parties in accordance with Section 8.4, and (B) Commercialize the Products in the Initial Indications and such Additional Indications in the Extended Ovid Territory. 

(ii)    If Takeda does not exercise its right to Commercialize the Products in a given country in the ROW Territory
pursuant to Section 6.1(b)(ii), Ovid shall have the right, but not the obligation, to Commercialize the Products in such country(ies) on a
country-by-country basis exercisable upon written notice within [*] from the date of receipt of notice from Takeda of its election not to Commercialize the Products in
such country. If Ovid exercises such right, those countries in the ROW Territory that Ovid has so elected shall be deemed the “Extended Ovid Territory.” For clarity, once Ovid exercises such right, such country shall not be subject
to any rights of Takeda to Commercialize the Product in such country thereafter, unless and to the extent expressly agreed by Ovid in writing and except as otherwise provided in Section 6.1(b)(ii). If Ovid does not exercise
such right, the Parties shall discuss (through the JCC and CGB) options for using Third Parties to undertake Commercialization of such Initial Indications and/or Additional Indications in such countries in the ROW Territory. 

(iii)    On [*], and no later than [*], Ovid shall present a written report to the JCC summarizing Ovid’s overall
Commercialization activities undertaken during the previous [*] with respect to the Products in the Ovid Territory (including in any Ovid Extended Territory). 

(b)    Takeda Rights and Obligations. 

(i)    Following applicable Regulatory Approval with respect to a particular indication, and in accordance with the
Commercialization Plan and this Article 6, Takeda shall use Commercially Reasonable Efforts to (A) Commercialize the Products in Japan for use in the Initial Indications, and for use in any Additional Indication which
was jointly funded by the Parties in accordance with Section 8.4, and (B) Commercialize the Products in the Initial Indications and such Additional Indications in the Extended Takeda Territory. 

(ii)    Takeda shall have the first right, but not the obligation, to Commercialize the Products in each country in the
ROW Territory, on a country-by-country basis, exercisable upon written notice from time to time following the date of acceptance for filing of the NDA in the
U.S. If Takeda exercises such right such countries in the ROW Territory that Takeda has so elected shall be deemed the “Extended Takeda Territory.” If, at any time after the end of the [*] period following the date of
acceptance for filing of the NDA in the U.S., 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Ovid wishes to Commercialize the Products in any country in the ROW Territory that Takeda has not previously elected to make part of the Extended Takeda Territory, then Ovid shall provide Takeda
with written notice thereof. Takeda shall then have the right, by written notice to Ovid at any time within [*] after its receipt of Ovid’s notice, to elect to include the country or countries covered by such notice in the Extended Takeda
Territory. If Takeda fails to give any such notice (or notifies Ovid that it does not elect to include any such country or countries in the Extended Takeda Territory), then such country or countries shall thereafter be deemed part of the Ovid
Extended Territory for all purposes hereof, provided that Ovid begins to Commercialize the Products in such country or countries within [*] after the date of Takeda’s notice or the expiration of such [*]. If Ovid fails to do so, then
such country or countries shall, following receipt of written notice from Takeda, cease to be part of the Ovid Extended Territory and shall thereafter be deemed part of the ROW Territory for all purposes hereof. Following any such reversion, Ovid
shall not have the right to notify Takeda, under this Section 6.1(a)(ii), of its desire to Commercialize the Products in any such country or countries for a period of [*] after the date of such reversion. For clarity,
(x) Takeda shall not sublicense its right to Commercialize the Products in any country in the ROW Territory without first providing Ovid with an opportunity to elect to exercise its rights to Commercialize the Products in such country in
accordance with Section 6.1(a)(ii), and (y) once Takeda exercises its right to include a country in the ROW Territory in the Extended Takeda Territory, such country shall not be subject to any rights of Ovid under
Section 6.1(a)(ii) to Commercialize the Product in such country thereafter, unless and to the extent expressly agreed by Takeda in writing. 

(iii)    In addition, with respect to any Additional Indication which was jointly funded by the Parties in accordance
with Section 8.4, Takeda (itself or through one or more of its Affiliates) shall have the right, to the extent practicable, to: (x) work in the field with clinicians (detailing); (y) assist in medical affairs and
act as a medical liaison; and (z) participate in patient support programs, in each case with Ovid, in the Commercialization of the Products in each such Additional Indication, in the United States and/or European Union with Ovid, all as
determined by the JCC; provided that Takeda must provide Ovid with written notice of Takeda’s election to exercise its right to jointly Commercialize the Products in such Additional Indication (each a “Joint Indication”)
in any such jurisdiction (such countries as to which Takeda so elects, the “Joint Territory”) [*] and [*]. Takeda may use one or more Third Parties to conduct on its behalf the forgoing activities, subject to Ovid’s prior
written consent (not to be unreasonably withheld, conditioned or delayed). Each Party agrees to use Commercially Reasonable Efforts to jointly Commercialize the Joint Indications in the applicable Joint Territory in a manner coordinated by the JCC
that presents a united approach to patients, providers and payers across all Initial Indications and Additional Indications for such Product. 

(iv)    On [*], and no later than [*], Takeda shall present a written report to the JCC summarizing Takeda’s overall
Commercialization activities undertaken during the previous [*] with respect to the Products in the Takeda Territory. 

(c)    Territory Opt-Out. 

(i)    If the Parties, through the JDC, determine to pursue Development (to the extent separate Clinical Trials or other
studies are needed for Marketing Approval in such 

  
 35 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
country) and Commercialization of the Product in a country in the ROW Territory, Takeda shall have the first right, as set forth in Section 6.1(b)(ii) to Take the Lead
with respect thereto, and if Takeda elects not to do so, Ovid shall then have the right, as set forth in Section 6.1(a)(ii) to Take the Lead. In either case, the Party not Taking the Lead shall have the right to Opt-Out with respect to such country (“Territory Opt-Out”), exercisable by written notice to the other Party during the [*] period following determination at
the JDC (or the CGB, as the case may be) to pursue Development and Commercialization activities in such country. The Territory Opt-Out shall be effective as of the date of such notice. 

(ii)    Following a Territory Opt-Out, 

(A)    the Party that pursues such Development and Commercialization activities in such country (the “Territory
Party”) shall: (1) have the right to exercise any and all other rights hereunder to Develop and Commercialize Products for the Initial Indications and all Additional Indications in such country; (2) [*]; and (3) in lieu of
the other Party participating in the Net Profits or Net Losses in such country, pay a Territory Royalty on the Territory Party’s Net Sales on payment, reporting and audit terms substantially the same as those set forth in
Article 8, mutatis mutandis; 
 (B)    all other payment obligations with regard to
the Initial Indications and the Additional Indications in such country shall terminate (including any inclusion of Development Expenses and Commercialization Expenses incurred by the Territory Party in connection with such country in the cost
sharing obligations set forth in Article 8, or in the calculation of Contribution Allocation); and 

(C)    all governance and Information-sharing processes and obligations hereunder shall continue to apply to the
Development of the Initial Indications and Additional Indications in such country, except that the Territory Party shall have sole decision-making authority for the Initial Indications and Additional
Indications in such country with respect to any and all Development, regulatory, Commercialization and other matters hereunder in such country. 

6.2    Commercialization Plans. The Parties shall submit a Commercialization Plan to the JCC for review and
discussion no later than [*] prior to the date of the anticipated First Commercial Sale of the Product. Thereafter, the Parties shall submit an updated Commercialization Plan to the JCC for review and discussion at least [*]. 

6.3    Commercialization Activities. 

(a)    General. Except as otherwise provided herein, as of the Effective Date, each of Takeda and Ovid shall assume
responsibility for all aspects of the Commercialization of the Products in the Takeda Territory and the Ovid Territory, respectively, including: (i) marketing and promotion (including Labeling and Promotional Materials); (ii) booking sales
and distribution and performance of related services; (iii) handling all aspects of order processing, invoicing and collection, inventory and receivables; (iv) providing customer support, including handling medical queries, and performing
other related functions; and (v) conforming its practices and procedures in all material respects to Applicable Laws relating to the marketing, detailing and promotion of the Products. 

  
 36 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    Sales and Distribution. As of the Effective Date, each of
Takeda and Ovid shall have the sole right and responsibility for handling all sales and commercial distribution activities, including returns, order processing, invoicing and collection, distribution, and inventory and receivables for the Products
in the Takeda Territory and Ovid Territory, respectively. As of the Effective Date, each of Takeda and Ovid shall have the sole right and responsibility for: (i) negotiating, establishing or modifying the terms and conditions regarding the sale
of the Products, including any terms and conditions relating to or affecting: (A) the price at which the Products shall be sold; (B) discounts available to any Third Party payers (including managed care providers, indemnity plans, unions,
self-insured entities, and government payer, insurance or contracting programs such as Medicare, Medicaid, or the U.S. Department of Veterans Affairs); (C) discounts attributable to payments on receivables; (D) distribution of the
Products; and (E) credits, price adjustments, or other discounts and allowances to be granted or refused; and (ii) all activities relating to government price reporting, in each case, with respect to the Products in the Takeda Territory
and Ovid Territory, respectively. 
 (c)    Booking Sales and Setting Pricing. 

(i)    As of the Effective Date, each of Takeda and Ovid shall have the right to book sales and determine all pricing of
the Products in the Takeda Territory and Ovid Territory, respectively; provided that only [*]. 
 (ii)    As of
the Effective Date, each of Takeda and Ovid shall have the right to determine the reimbursement strategy for Products in the Takeda Territory and Ovid Territory, respectively; provided that each Party hereby agrees that it will not, nor, to
the extent permitted under Applicable Laws, shall it allow its Affiliates to, provide a discount on a Product [*] that: (i) [*]; or (ii) [*]. 

(d)    Investigator-Initiated Sponsored Research Program. The Parties shall establish a joint working group to
review and approve each Investigator-Initiated Sponsored Research (an “IISR”) request in the Field in the Territory. The IISR working group shall review each such IISR request based on the technical merit of the IISR request and in
light of the Parties’ planned Development and Commercialization in the Field and Takeda’s planned development and commercialization outside of the Field. Both Parties must consent to the grant of each IISR request. The decision of a Party
not to grant an IISR request shall be final and shall not be subject to dispute resolution in accordance with Article 13. 

(e)    Takeda Assistance. Upon request by Ovid, Takeda agrees, through the JCC, to discuss with Ovid its
operational needs with respect to the Commercialization of Products in the Ovid Territory, and ways in which Takeda’s existing commercial resources in the Ovid Territory may be made available to Ovid to either supplement Ovid’s existing
resources or in place of one or more Third Parties providing such resources 

  
 37 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 6.4    Trademarks. 

(a)    Ownership. Takeda shall continue to own, throughout the world, all Takeda House Marks. Ovid will not at any
time do or cause to be done any act or thing contesting or in any way impairing or tending to impair any part of Takeda’s right, title or interest in the Takeda House Marks. Ovid shall continue to own, throughout the world, all Ovid House
Marks. Takeda will not at any time do or cause to be done any act or thing contesting or in any way impairing or tending to impair any part of Ovid’s right, title or interest in the Ovid House Marks. Ovid shall own, throughout the world, all
Product Trademarks (except in the event that Takeda elects to use a different Product Trademark in the Takeda Territory (in which case Takeda shall own, throughout the world, any such Product Trademark selected by it for use in the Takeda
Territory). 
 (b)    License; Use. Ovid hereby grants to Takeda a
non-exclusive, non-transferable license under the Product Trademarks to Commercialize the Products in the Field in the Territory. Takeda shall use the Product Trademarks
solely in connection with the Commercialization of the Products in the Field in the Territory. All Products sold or distributed by or on behalf of either Party under this Agreement shall bear the relevant Product Trademark. Neither Party shall use
any of the Product Trademarks, Ovid House Marks or Takeda House Marks in a manner reasonably likely to disparage or misrepresent the other Party. Neither Party shall, during the term of this Agreement or thereafter, adopt, register or use any
trademark, trade name, brand name, symbol or logo that is identical, or confusingly similar, to the Product Trademarks or, in the case of Ovid, the Takeda House Marks and, in the case of Takeda, the Ovid House Marks. To the extent allowable by
Applicable Laws in the Territory, Product packaging, Promotional Materials and Labeling for use in the Territory shall carry, in a conspicuous location, the Ovid House Marks and the Takeda House Marks, subject to space permitting and Ovid’s
reasonable approval of the size, position and location thereof. 
 (c)    Quality. Ovid’s use of the Takeda
House Marks shall be at standards of quality consistent with the standards of quality heretofore observed by Takeda. Takeda’s use of the Ovid House Marks shall be at standards of quality consistent with the standards of quality heretofore
observed by Ovid. Each Party has the right to supervise the other Party’s use of its House Marks with respect to the nature and quality of such goods. Each Party shall have reasonable rights to inspect the same for compliance with the
provisions of this Agreement. Should a Party have reason to believe that the standards of quality required by this Agreement have not been maintained by the other Party then, at the request of such Party, the other Party shall furnish or permit
inspection of representative samples of all materials bearing on or used in connection with its House Marks for the purpose of ensuring that the other Party is complying with such standards of quality. Such Party shall cease and discontinue use of
any materials bearing the other Party’s House Marks not in compliance with the requirements of this paragraph. 

(d)    Filing; Maintenance. Takeda shall solely be responsible for the prosecution, maintenance, enforcement and
defense of each Product Trademark (unless Ovid has adopted the same Product Trademark) and Takeda House Mark in the Territory. Takeda shall bear all costs associated with the Takeda House Marks. Ovid shall solely be responsible for the

  
 38 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
prosecution, maintenance, enforcement and defense of each Product Trademark (unless Takeda has adopted a different Product Trademark in the Takeda Territory) and Ovid House Mark in the Territory.
Ovid shall bear all costs associated with the Ovid House Marks. All costs associated with the Product Trademarks shall be shared Commercialization Expenses. 

ARTICLE 7 – MANUFACTURING 

7.1    API. During the Term, Takeda shall have the initial right and obligation to Take the Lead with respect to
Manufacturing of API for use in the creation of Drug Product for the Development and Commercialization of the Product in the Territory under the oversight of the JMC and, with respect to Commercialization in the Ovid Territory, pursuant to the
Commercial Supply Agreement. If, during the Term, Takeda elects to transition Manufacturing of API to a Third Party contract manufacturer, then Takeda shall notify Ovid of such intent through the JMC and, should Ovid request to Take the Lead with
respect thereto, Takeda shall consider in good faith allowing Ovid to Take the Lead with respect to Manufacturing of such API for the purposes of Development and Commercialization in the Ovid Territory. 

7.2    Finished Manufacture and Packaging. Takeda shall be responsible for Finished Manufacture and Packaging of
Drug Product for use in the Takeda Territory and Ovid shall be responsible for Finished Manufacture and Packaging of Drug Product for use in the Ovid Territory, in each case, under the oversight of the JMC, and pursuant to the Manufacturing Plan.

 7.3    Manufacturing Plan. Following the Effective Date, the JMC shall prepare, for approval by the CGB, a
plan for the Manufacturing of API, Finished Manufacturing of Drug Product, and Packaging of Drug Product into Finished Product in the Territory consistent with the provisions of this Article 7 (the “Manufacturing
Plan”). Following its approval by the CGB, on at least [*] (but in any event, no later than [*]), the JMC shall update and amend, as appropriate, the then-current Manufacturing Plan and shall submit such updates and/or amendments for
review, comment and approval by the CGB. The Manufacturing Plan shall set forth (a) strategies for (i) Manufacturing activities necessary to supply the Parties’ needs for ongoing or anticipated Clinical Trials that are designed to
support receipt of Regulatory Approval of the Product in the Territory; (ii) Manufacturing activities designed to explore alternative formulations of Products; and (iii) Manufacturing activities necessary to establish capacity for and to
support ongoing or anticipated Commercialization of such Products in each of the Ovid Territory and the Takeda Territory; (b) the respective roles and responsibilities of the Parties in the conduct of such tasks (consistent with this
Article 7); and (c) the agreed-upon budget for such tasks. 
 7.4    Manufacturing
Responsibilities. 
 (a)    Manufacturing Development. The Manufacturing Plan shall allocate to Takeda and
Ovid those aspects of Manufacturing and Packaging as are set forth in the Manufacturing Plan. 
 (b)    Clinical
Supply. Unless otherwise determined by the JMC or set forth in the Manufacturing Plan, with respect to all clinical supply necessary to support receipt of Marketing Approval of the Product in the Territory, Takeda shall Take the Lead for the
Manufacturing of Drug Product and Packaging of Drug Product into Finished Product. 

  
 39 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    Commercial Supply. Subject to
Section 7.1, with respect to commercial supply of Product, Takeda shall Take the Lead with respect to: (i) the Manufacturing of API in the Territory; and (ii) with respect to the Finished Manufacturing of Drug
Product and Packaging of Drug Product into Finished Product for the Takeda Territory and the Extended Takeda Territory, and Ovid shall Take the Lead with respect to the Finished Manufacturing of Drug Product and Packaging of Drug Product into
Finished Product for the Ovid Territory and the Extended Ovid Territory. To the extent practicable and as agreed by the JMC, each Party would serve as the secondary source of commercial Product for the other Party, as set forth in the Manufacturing
Plan. 
 7.5    Manufacturing Standards of Conduct. The Parties shall use Commercially Reasonable Efforts to
carry out the tasks assigned to them under the Manufacturing Plan in a timely manner. The Parties shall conduct their activities under the Manufacturing Plan in a good scientific manner and in compliance in all material respects with all Applicable
Law. 
 7.6    Manufacturing Records and Reports. Each Party shall maintain complete and accurate records (in the
form of technical notebooks and/or electronic files where appropriate) of all work conducted by it under the Manufacturing Plan and all Information resulting from such work. Such records shall fully and properly reflect all work done and results
achieved in the performance of the Manufacturing Plan in sufficient detail and in good scientific manner appropriate for regulatory purposes. Each Party shall have the right to receive copies of such records maintained by the other Party, including
in electronic format, at reasonable times to the extent reasonably necessary to perform obligations and exercise rights under this Agreement, and to obtain access to originals to the extent needed for patent or regulatory purposes. 

7.7    Subcontracts; Affiliates. 

(a)    Each Party may perform any of its Manufacturing and supply obligations under the Manufacturing Plan through one or
more Third Party manufacturers, provided that (i) such Party remains responsible for the work allocated to, and payment to, such Third Party manufacturer to the same extent it would if it had done such work itself; (ii) the Third
Party manufacturer undertakes in writing commercially reasonable obligations of confidentiality and non-use regarding Confidential Information that are no less restrictive than those undertaken by the Parties
with respect to Confidential Information pursuant to Article 11 hereof, except that the term of such obligations may be for as long a duration as can reasonably be negotiated with the Third Party manufacturer, but in any
case such term shall have a duration that is commercially reasonable under the circumstances; (iii) the Third Party manufacturer agrees in writing to assign or license back (with the right to sublicense) all intellectual property with respect
to Compounds or Products developed in the course of performing any such Manufacturing to the Party retaining such Third Party manufacturer (except that such Party shall have the right to agree to commercially reasonable terms permitting the Third
Party manufacturer to retain intellectual property generally applicable to its business or the Manufacture of products). A Party may also subcontract Manufacturing work on terms other than those set forth in this
Section 7.7(a), with the prior approval of the JMC. 

  
 40 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    Each Party may perform any of its manufacturing and supply obligations
under the Manufacturing Plan through one or more Affiliates, provided that [*] shall not be included in calculating “Manufacturing Expenses” as defined in Article 1, and only [*] shall be so included. 

7.8    Clinical Supply Terms. The terms under which Takeda shall supply clinical Drug Product and Finished Product
to Ovid shall be set forth in the Manufacturing Plan and a quality agreement to be entered into between the Parties within [*] after the approval of the Manufacturing Plan (the “Quality Agreement”). Such quality agreement shall
contain terms and conditions that are consistent with this Agreement and are reasonable given the terms of this collaboration. 

7.9    Commercial Supply Terms. From time to time, sufficiently in advance of any anticipated Regulatory Approval
that each Party will be able reasonably to expect adequate supply of Product from and after such Regulatory Approval, the Parties shall negotiate in good faith and enter into one or more commercial supply agreements (collectively, the
“Commercial Supply Agreement”), on terms that are consistent with the terms hereof and that otherwise set forth the terms (including binding and informational forecasts; orders; delivery and shipping; representations and warranties
specific to the applicable Manufacturing; acceptance and rejection, and the like) on which one Party shall supply API, Drug Product or Finished Product, as applicable, to the other Party. 

ARTICLE 8 – PAYMENT 

8.1    Initial Payment and Milestone Payments. 

(a)    Initial Issuance of Equity Interests. Upon the Effective Date, and in consideration for Ovid’s rights in
and to the Takeda Intellectual Property licensed hereunder, Ovid shall issue to Takeda, or Takeda’s designated Affiliate, the equity interests in Ovid contemplated by the terms set forth in the Stock Purchase Agreement attached hereto as
Exhibit F. Takeda’s obligations under this Agreement shall be subject to the condition precedent that Ovid shall have duly executed such Stock Purchase Agreement in accordance with the terms hereof and shall have
consummated the Closing (as defined in the Stock Purchase Agreement). 
 (b)    Milestone Payments. Ovid shall
pay Takeda (or if equity is being issued as payment, at Takeda’s request to Takeda’s designated Affiliate), the following [*] milestone payments within [*] following the first occurrence of each event set forth below (or if Ovid is
Publicly Traded at the time, is issuing Milestone Shares to satisfy such payment obligation and is required by the applicable stock exchange on which its shares are listed or by law to obtain stockholder approval prior to making such issuance, such
longer period of time as required to obtain such stockholder approval; provided that Ovid shall use its reasonable efforts to obtain 

  
 41 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
such stockholder approval as promptly as reasonably possible (including by way of calling a special meeting to obtain such approval)): 

(i)    Upon the first patient enrollment in the first Phase III Trial for the first of the Initial Indications (in
accordance with the Development Plan): Ovid shall issue Takeda (or Takeda’s designated Affiliate) the number of Milestone Shares equal to the lesser of: (A) eight percent (8%) of Ovid’s outstanding capital stock (with capital stock
for purposes of this sentence meaning Ovid’s preferred stock on an as-converted basis, together with Ovid’s common stock) on the date the corresponding milestone is achieved (and adjusted for any
issuances of Ovid’s capital stock by Ovid after the milestone date and on or before the payment date, but such adjustment to exclude any common stock issued upon the exercise of option grants); or (B) $US50 million divided by the
Milestone Shares Price (the “Initial Milestone Payment”) provided, however, that if an Acquisition of Ovid occurs prior to Ovid’s payment of the Initial Milestone Payment, or if payment of the Initial Milestone
Payment shall cause Takeda to beneficially own more than 19.99% of Ovid’s capital stock outstanding, then “Initial Milestone Payment” shall instead mean $US50 million in cash. 

(ii)    Upon [*]: Ovid shall pay or issue, at Ovid’s sole discretion, either: (A) $[*] in cash; or (B) the
number of Milestone Shares equal to $[*] divided by [*]. 
 (iii)    Upon [*]: Ovid shall pay or issue, at Ovid’s
sole discretion, either: (A) $[*] in cash; or (B) the number of Milestone Shares equal to $[*] divided by [*]. 

(iv)    Upon [*]: Ovid shall pay or issue, at Ovid’s sole discretion, either: (A) $[*] in cash; or (B) the
number of Milestone Shares equal to $[*] divided by [*]. 
 (v)    Upon [*]: Ovid shall pay or issue, at Ovid’s
sole discretion, either: (A) $[*] in cash; or (B) the number of Milestone Shares equal to $[*] divided by [*]. 

(vi)    Upon [*]: Ovid shall pay or issue, at Ovid’s sole discretion, either: (A) $[*] in cash; or (B) the
number of Milestone Shares equal to $[*]. 
 provided, however, that, if applicable, in no event shall fractional shares be issued in
connection with the foregoing and the number of shares of capital stock to be issued shall be rounded down to the nearest whole share (with the value of such fractional share paid to Takeda in cash); provided further, that if an Acquisition
of Ovid occurs prior to Ovid’s payment of the milestone payments described in Sections 8.1(b)(ii) through Section 8.1(b)(vi) or if payment of the Initial Milestone Payment shall cause Takeda to beneficially own
more than 19.99% of Ovid’s capital stock outstanding, then such applicable milestone payment due as a result of the occurrence of the applicable event described in Sections 8.1(b)(ii) through Section 8.1(b)(vi)
shall be paid in cash and not equity; provided further that if any issuance of Milestone Shares contemplated by Sections 8.1(b)(i) through Sections 8.1(b)(vi) is delayed by more than
[*] after the date of the corresponding milestone, then from and after such date Takeda shall have the right to elect to receive such milestone payment in cash rather than Milestone Shares and no later than [*] after the date Takeda notifies Ovid in
writing that it has elected to receive such a milestone payment in cash, Ovid shall pay such milestone payment to Takeda in cash by wire transfer of immediately available funds to an account specified in writing by Takeda. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    Ovid shall not enter into any agreements or include any provisions in
its Certificate of Incorporation, By-laws or other organizational documents that would conflict with, or impair its ability to promptly comply with, its obligations under this
Section 8.1. 
 8.2    Sharing and Reconciliation of Expenses. 

(a)    Sharing of and Allocation of Development Expenses. 

(i)    Subject to Section 6.1(c), each Party shall be responsible for fifty percent (50%) of the Development
Expenses for the Product in each Initial Indication, in each of those countries of the Takeda Territory and Ovid Territory that Takeda, or Ovid, as the case may be, determines, through the use of Commercially Reasonable Efforts, to seek such
Marketing Approval (unless the CGB decides to cease Development in such Initial Indication prior to such time pursuant to Section 2.1). 

(ii)    Subject to Section 6.1(c), each Party shall be responsible for fifty percent (50%) of the Development
Expenses for the Product in each Additional Indication unless and until either Party makes an Additional Indication Opt-Out pursuant to Section 8.4 (or until the CGB decides to cease
Development in such Additional Indication prior to such time pursuant to Section 8.4). Where a Party makes an Additional Indication Opt-Out, then so long as it has not exercised an Opt-In with respect to such Additional Indication, such Party’s obligation to share in Additional Indication Development Expenses (in the manner provided in Section 8.4) shall be
reduced pursuant to Section 8.4. Following such Additional Indication Opt-Out, the Party that continues funding of such Additional Indication (the “Funding Party”)
shall bear all Additional Indication Development Expenses for which the Party making such Opt-Out is no longer responsible, for so long as such Funding Party elects to continue to pursue such Development of
the Product for such Additional Indication. 
 (b)    Sharing and Allocation of Commercial Expenses. 

(i)    Each Party shall be responsible for fifty percent (50%) of the Commercialization Expenses incurred prior to the
initial commercial launch of a Product in a given country. 
 (ii)    After the initial commercial launch of a Product
in a given country, each Party shall share in the funding of Commercialization Expenses in such country through the sharing of Operating Profit (or Loss) in accordance with Section 8.3. 

(c)    Expenses Exceeding Budget. Each Party agrees to use its Commercially Reasonable Efforts to complete the
activities contemplated by a Development Plan or a Commercialization Plan and to do so within the amounts budgeted in their associated Development Budget and Commercialization Budget. If a Party’s Development Expenses or Commercialization
Expenses, in each case, in the aggregate exceed [*] of the amount budgeted in a Development Budget or Commercialization Budget, as applicable, for any Calendar Year, the JDC, in the case of the Development Budget, or the JCC, in the case of the
Commercialization Budget, shall determine if such excess amount, or any portion thereof, is 

  
 43 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
reasonable under the circumstances. Subject to Section 2.6, if the JDC or JCC, as applicable, determines such excess amounts are reasonable, such amounts shall be deemed
Development Expenses or Commercialization Expenses, as applicable; otherwise, the excess shall be the sole responsibility of such Party. If the JDC or JCC, as applicable, cannot reach a consensus regarding the reasonableness of such excess expenses,
such dispute shall be referred to the CGB for resolution. For the avoidance of doubt, (i) neither Party shall have final decision-making authority with respect to whether an excess Development Expense or
Commercialization Expense was reasonable; and (ii) nothing herein shall be interpreted as limiting a Party’s ability to incur costs in excess of any budget should it elect to do so. 

8.3    Sharing of Operating Profits and Operating Losses Following Commercial Launch of the Product. For so long as
the Product is being sold in the Territory, Takeda and Ovid shall share all Operating Profits and all Operating Losses (as applicable) for the Product in the Territory, excluding any countries for which a Party has made a Territory Opt-Out, on the basis of their respective Contribution Allocations. The Parties acknowledge that, in the event the Product is Developed for an Additional Indication for which Marketing Approval is obtained and for
which a Party had made an Additional Indication Opt-Out, the Parties’ respective Contribution Allocations will change in accordance with Section 8.4, and as calculated pursuant
to the definition of “Contribution Allocation,” and that such Contribution Allocations may change further in the event that a Party thereafter makes an Opt-In. An example of the calculation of the
Parties’ Contribution Allocations resulting from an Additional Indication Opt-Out and an Opt-In is set forth in Schedule 8.3. 

8.4    Additional Indication Opt-Out;
Opt-In; Changes to Contribution Allocation. 
 (a)    Right to Make
Additional Indication Opt-Out. On an Additional Indication-by-Additional Indication basis, if the Parties, through the JDC,
determine to pursue further Development activities with respect to an Additional Indication (which may or may not include, as a first step, the conduct of a POM Study in such Additional Indication), each Party shall have the one-time right to make an Additional Indication Opt-Out for such Additional Indication, exercisable [*], by written notice to the other Party, either (i) during the [*]
period following the determination at the JDC (or the CGB, as the case may be) that a proposed indication be deemed an Additional Indication and [*], or (ii) if not exercised under clause (i), during the [*] period following [*], but in
any event no later than [*] after [*]; provided however that no exercise of the Additional Indication Opt-Out may be made after the date of [*]. Such notice shall specify that such Party is
exercising an Additional Indication Opt-Out with respect to such Additional Indication, and whether such Party elects to reduce its share of funding of Development Expenses for the Product in the Additional
Indication (the “Additional Indication Development Expenses”) from the original [*] to either (x) [*]; or (y) [*]. The Additional Indication Opt-Out shall be effective as of the
date of such notice, except that such Party’s reduced percentage of Additional Indication Development Expenses shall, with respect to Development Expenses relating to a Clinical Trial, only apply to such Development Expenses if the first dosing
of a patient in such Clinical Trial occurs at least [*] after the date of such notice. 

  
 44 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    Effects of Additional Indication
Opt-Out. During the period that an Additional Indication Opt-Out is in effect with respect to a given Additional Indication: 

(i)    the Funding Party shall have the right to exercise any and all other rights hereunder to Develop and Commercialize
Products for such Additional Indication in its territory (but not in the other Party’s territory); 
 (ii)    the
Party that made such Additional Indication Opt-Out shall be required to continue to Take the Lead in its territory as to all Development, Regulatory, Commercialization and other matters for which it was
designated to Take the Lead immediately before the effectiveness of such Opt-Out[*]; 

(iii)    all governance and Information-sharing processes and obligations hereunder shall continue to apply to the
Development of such Additional Indication, except that the Funding Party shall have [*] for such Additional Indication with respect to any and all Development, regulatory, Commercialization and other matters hereunder in the Territory; 

(iv)    the Funding Party shall [*] with respect to the Development or Commercialization of such Product in such
Additional Indication hereunder. 
 (c)    Opt-In. If a Party makes an
Additional Indication Opt-Out, then such Party shall thereafter have the right to exercise an Opt-In for such Additional Indication, exercisable [*] by written notice to
the other Party during the [*] period following [*], but in any event no later than [*] after [*]; provided however that no exercise of an Opt-In for such Additional Indication may be made after the
date of [*]. For clarity, a Party shall have the right to exercise its Opt-In right following [*]. Such notice shall specify that such Party is exercising an Opt-In with
respect to such Additional Indication. The Opt-In shall be effective as of the date (after such notice) on which such Party pays in full to the Funding Party an amount (the “Opt-In Payment”) equal to the sum of: (i) [*] or [*], as the case may be (depending on whether such Party had reduced its funding to [*] or to [*]) of all Additional Indication Development Expenses
that the Funding Party incurred through the date of such payment and as to which the Party exercising such Opt-In had not previously paid [*] thereof (the “Funding Deficiency”), plus
(ii) a premium equal to [*] of such Funding Deficiency. Such Opt-In Payment shall be due and payable no later than [*] following delivery of notice of such
Opt-In[*]. For clarity, (x) upon such Party’s payment of such Opt-In Payment to the Funding Party, such Party’s Contribution Allocation shall be adjusted,
as of the last day of the Calendar Quarter in which such payment is made, to reflect its payment of the Funding Deficiency, and (y) no Opt-In shall be effective until the Party exercising such Opt-In has given appropriate notice as contemplated hereby and has paid the full amount of the Opt-In Payment. From and after the effective date of such Opt-In, the provisions of Section 8.5(b) shall be of no further force or effect with respect to such Additional Indication[*]. 

8.5    Reconciliation and Settlement. 

(a)    Within [*] after the end of each calendar month, each Party shall provide a good faith estimate of its Development
Expenses, Commercialization Expenses and Net Sales for 

  
 45 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
the current month in the form of a written report to a finance officer designated by Takeda and a finance officer designated by Ovid (the “Finance Officers”), to satisfy each
Party’s financial reporting requirements. Within [*] after the end of each Calendar Quarter during the Term, each Party shall provide a written report to the other Party’s Finance Officer setting forth the Development Expenses (including
where jointly funded, all Additional Indication Development Expenses) and Commercialization Expenses it incurred in such Calendar Quarter with respect to the Product, and its Net Sales of the Product (each, a “Quarterly Report”).
Each Quarterly Report shall specify in reasonable detail all Development Expenses, Commercialization Expenses and Net Sales of the applicable Party, and, if requested by the other Party, any invoices or other supporting documentation for any
payments to a Third Party that individually exceed [*] or with respect to which documentation is otherwise reasonably requested. 

(b)    Within [*] after receipt of each Quarterly Report, the Finance Officers shall confer and agree in writing on
whether a net settlement payment is due from Takeda to Ovid or Ovid to Takeda, and if so, the amount of such net settlement payment, so that Takeda and Ovid share (x) all Development Expenses in accordance with Section 8.2(a),
(y) all Commercialization Expenses in accordance with Section 8.2(b)(i) or 8.2(b)(ii), as the case may be, and (z) all Operating Profit (or Loss) in accordance with Section 8.3. 

(c)    The Party obligated to pay such net settlement payment under Section 8.5(b) shall make
such payment to the other Party within [*] after the end of such [*] conferral period; provided, however, that in the event of any disagreement with respect to the calculation of such net settlement payment, any undisputed portion of
such net settlement payment shall be paid in accordance with the foregoing timetable and the remaining, disputed portion shall be paid within [*] after the date on which Takeda and Ovid, using good faith efforts, resolve the dispute or, if not so
resolved within [*], within [*] after such dispute is resolved pursuant to Section 13.2. In addition, following the Effective Date, each Party shall consider in good faith other reasonable procedures proposed by the other
Party for sharing financial information in order to permit each Party to close its books periodically in a timely manner. 

(d)    For the avoidance of doubt, no cost or expense shall be counted more than once in calculating Development Expenses,
Commercialization Expenses or Net Sales, even if such cost or expense falls into more than one of the cost categories included in Development Expenses, Commercialization Expenses or Net Sales. 

8.6    Consistency with Accounting Treatment. All calculations of Development Expenses, Commercialization Expenses
and Net Sales hereunder shall be made in accordance with Accounting Standards, including the provisions thereof regarding expense and revenue recognition, as applied by Takeda and Ovid consistently with their application in their respective external
financial reporting. 
 8.7    Payment for Third Party Licenses. The Parties shall share, in accordance with
their applicable Contribution Allocation, any payments associated with any royalties owed to any Third Party for intellectual property that the Parties have mutually agreed is necessary or useful for the Exploitation of a Product in the Field in the
Territory, including in connection with any actions under Section 9.8. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 8.8    Exchange Rate. The rate of exchange to be used in computing the
amount of currency equivalent in U.S. Dollars owed to a Party under this Agreement shall be the monthly average exchange rate between each currency of origin and U.S. Dollars as reported by Bloomberg, Oanda or an equivalent resource as
agreed by the Parties. 
 8.9    Taxes. 

(a)    Cooperation and Coordination. The Parties acknowledge and agree that it is their mutual objective and intent
to appropriately calculate, to the extent feasible and legal, taxes payable with respect to their collaborative efforts under this Agreement and that they shall use all Commercially Reasonable Efforts to cooperate and coordinate with each other to
achieve such objective. 
 (b)    Payment of Tax. A Party receiving a payment pursuant to this
Article 8 shall pay any and all taxes levied on such payment. A Party making a payment pursuant to this Article 8 shall make a reasonable effort to obtain the lowest tax rate under Applicable Laws
for taxes required to be deducted and withheld. If Applicable Laws require that taxes be deducted and withheld from a payment made pursuant to this Article 8, after a Party making a payment makes a reasonable effort to
obtain the lowest tax rate, the remitting Party shall: (i) deduct those taxes from the payment; (ii) pay the taxes to the proper taxing authority; and (iii) send evidence of the obligation together with proof of payment to the other
Party within [*] following that payment. 
 (c)    Tax Residence Certificate. A Party receiving a payment
pursuant to this Article 8 shall provide the remitting Party appropriate certification from relevant revenue authorities that such Party is a tax resident of that jurisdiction, if such receiving Party wishes to claim the
benefits of an income tax treaty to which that jurisdiction is a party. Upon the receipt thereof, any deduction and withholding of taxes shall be made at the appropriate treaty tax rate. 

(d)    Assessment. Either Party may, at its own expense, protest any assessment, proposed assessment, or other
claim by any Governmental Authority for any additional amount of taxes, interest or penalties or seek a refund of such amounts paid if permitted to do so by Applicable Laws. The Parties shall cooperate with each other, at the expense of the Party
making the protest, in any protest by providing records and such additional information as may reasonably be necessary for a Party to pursue such protest. 

(e)    Credit. Each Party shall cooperate with the other Party in seeking any tax exemption or credits that may be
available to such Party with respect to the Compound, including the tax credit available under Section 45C of the Internal Revenue Code by reason of such Party’s research and development expenditures contributing to the Compound being
granted Orphan Drug status by the FDA, or foreign equivalent statutes or regulations. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 8.10    Corrections to Calculations. In the event either Party
discovers a need for correction in calculating the amount of Development Expenses or Commercialization Expenses incurred by such Party, or Net Sales made by such Party, during any previous Calendar Quarter, it shall promptly notify the other Party
of such discovery. The Parties shall then discuss the validity and appropriateness of the correction. If the Parties agree that such correction should be made and collectively verify the amount to be corrected (or if correction is identified by an
auditor pursuant to any audit contemplated by Section 8.10, then such amounts shall be included in the following Quarterly Report of such Party; provided that only corrections for expenses that have occurred in the
previous [*] prior to the date of the notice described in the first sentence of this Section 8.10 shall be eligible for correction. If the Parties do not agree on the validity or appropriateness of the requested correction,
such dispute shall be referred to the CGB for resolution. For the avoidance of doubt, neither Party shall have final decision-making authority with respect to the validity or appropriateness of the requested
correction. 
 8.11    Audit. Each Party will maintain complete and accurate records in sufficient detail to
permit the other Party to confirm the accuracy of the calculation of payments under this Agreement. Upon reasonable prior notice, such records shall be available during regular business hours for a period of [*] from the end of the Calendar Year to
which they pertain for examination at the expense of the requesting Party, and not more often than [*] each Calendar Year, by an independent certified public accountant selected by the requesting Party and reasonably acceptable to the other Party,
for the sole purpose of verifying the accuracy of the financial reports furnished by the other Party pursuant to this Agreement. Any such auditor shall not disclose the other Party’s Confidential Information, except to the extent such
disclosure is necessary to verify the accuracy of the financial reports furnished by the other Party or the amount of payments due by the other Party under this Agreement during the prior [*]. Any amounts shown to be owed but unpaid shall be paid
within [*] from the accountant’s report, plus interest (as set forth in Section 8.12) from the original due date. Any amounts shown to have been overpaid shall be refunded within [*] from the accountant’s report.
The requesting Party shall bear the full cost of such audit unless such audit discloses an underpayment by other Party of more than [*] of the amount due, in which case the other Party shall bear the full cost of such audit. 

8.12    Manner of Payment, Late Payment. All payments due to a Party hereunder shall be made in U.S. Dollars
by wire transfer of immediately available funds into an account designated by such Party. If a Party does not receive payment of any sum due to it on or before the due date, simple interest shall thereafter accrue on the sum due to such Party until
the date of payment at the per annum rate of [*] over the then-current U.S. Prime Rate (PRIME:IND) quoted by Bloomberg or the maximum rate allowable by Applicable Laws, whichever is lower. 

8.13    Finance and Accounting Working Group. The Parties shall cooperate with each other to achieve the finance
and accounting objectives contemplated herein in a timely, accurate and responsive manner. The Parties shall establish a finance and accounting working group to manage financial and accounting affairs related to the Products, which, for at least [*]
after the Effective Date, shall meet [*] unless otherwise agreed upon by the Parties. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ARTICLE 9 – INTELLECTUAL PROPERTY MATTERS 

9.1    Ownership of Inventions. Subject to the licenses set forth in Article 3 and the
rights set forth in this Article 9, Ovid shall retain ownership of the Ovid Intellectual Property and Takeda shall retain ownership of the Takeda Intellectual Property. As between the Parties all right, title and interest
to Inventions conceived and reduced to practice, or otherwise created, (i) by or under the authority of Ovid or its Affiliates or sublicensees, independently of Takeda and its Affiliates, shall be owned by Ovid (“Ovid
Inventions”); (ii) by or under the authority of Takeda or its Affiliates or sublicensees, independently of Ovid and its Affiliates, shall be owned by Takeda (“Takeda Inventions”); and (iii) by personnel of Ovid or
its Affiliates and Takeda or its Affiliates shall be jointly owned by Ovid and Takeda (“Joint Inventions”). Any Patent application claiming a Joint Invention, which is filed by a Party or its Affiliate after the Effective Date,
together with any resulting Patent, shall be referred to herein as a “Joint Patent”. Ovid’s interest in any Inventions shall be automatically included in the Ovid Intellectual Property (to the extent applicable). Takeda’s
interest in any Inventions shall be automatically included in the Takeda Intellectual Property (to the extent applicable). Except as expressly provided otherwise in this Agreement, neither Party shall have any obligation to obtain any approval of
the other Party for, nor pay the other Party any share of the proceeds from or otherwise account to the other Party for, the practice, enforcement, licensing, assignment or other exploitation of Joint Inventions, or any Joint Patents or other
intellectual property rights therein, and each Party hereby waives any right it may have under the laws of any country to require such approval, sharing or accounting, to the extent such practice, enforcement or licensing relates to products other
than the Compound or any Product, and relates to any indications outside the Field. 
 9.2    Disclosure of
Inventions. Each Party shall promptly disclose to the other Party any invention disclosures, or other similar documents, submitted to it by its employees, agents or independent contractors describing the Inventions, and all Information relating
to such Inventions, to the extent necessary for the use of such invention in the Exploitation of a Product in the Field. 

9.3    Prosecution of Patents. 

(a)    Takeda Patents and Joint Patents. Except as otherwise provided in this
Section 9.3(a), as between the Parties, Takeda shall have the first right and authority to prepare, file, prosecute and maintain the Takeda Patents and Joint Patents in the Territory. [*] all costs of preparation, filing,
prosecution and maintenance of the Takeda Patents and Joint Patents in the Territory [*]. Takeda, upon Ovid’s request, shall provide Ovid a reasonable opportunity to review and comment on material communications from any patent authority
regarding such Takeda Patents and Joint Patents and drafts of any material filings or responses to be made to such patent authorities in advance of submitting such filings or responses. Takeda shall consider Ovid’s comments regarding such
communications and drafts in good faith. If Takeda determines in its sole discretion to abandon or not maintain any Takeda Patent(s) or Joint Patent(s) that is or are being prosecuted or maintained by Takeda in the Territory, then Takeda shall
provide Ovid with written notice of such determination within a period of time reasonably necessary to allow Ovid to determine, in its sole discretion, its interest in such Takeda Patent(s) or Joint Patent(s) (which notice by Takeda shall be given
no later than [*] prior to the final deadline for any 

  
 49 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
pending action or response that may be due with respect to such Takeda Patent(s) or Joint Patent(s) with the applicable patent authority). In the event Ovid provides written notice expressing its
interest in obtaining such Takeda Patent(s) or Joint Patent(s), Takeda shall transfer to Ovid[*] responsibility for the preparation, filing, prosecution and maintenance of such Takeda Patent(s) and Joint Patent(s), and such Takeda Patent(s) and
Joint Patent(s) shall thereafter constitute Ovid Patents. For clarity, all costs of preparation, filing, prosecution and maintenance of such transferred Takeda Patent(s) and Joint Patent(s) shall be [*]. 

(b)    Ovid Patents. Except as otherwise provided in this Section 9.3(b), as between the
Parties, Ovid shall have the first right and authority to prepare, file, prosecute and maintain the Ovid Patents in the Territory. [*] all costs of preparation, filing, prosecution and maintenance of the Ovid Patents in the Territory [*]. Ovid, upon
Takeda’s request, shall provide Takeda a reasonable opportunity to review and comment on material communications from any patent authority regarding such Ovid Patents and drafts of any material filings or responses to be made to such patent
authorities in advance of submitting such filings or responses. Ovid shall consider Takeda’s comments regarding such communications and drafts in good faith. If Ovid determines in its sole discretion to abandon or not maintain any Ovid
Patent(s) that is or are being prosecuted or maintained by Ovid in the Territory, then Ovid shall provide Takeda with written notice of such determination within a period of time reasonably necessary to allow Takeda to determine, in its sole
discretion, its interest in such Ovid Patent(s) (which notice by Ovid shall be given no later than [*] prior to the final deadline for any pending action or response that may be due with respect to such Ovid Patent(s) with the applicable patent
authority). In the event Takeda provides written notice expressing its interest in obtaining such Ovid Patent(s), Ovid shall transfer to Takeda[*] responsibility for the preparation, filing, prosecution and maintenance of such Ovid Patent(s) and
thereafter such Ovid Patent(s) shall constitute Takeda Patents. For clarity, all costs of preparation, filing, prosecution and maintenance of such Ovid Patent(s) shall be [*]. 

(c)    Cooperation in Prosecution. Each Party shall provide the other Party all reasonable assistance and
cooperation in the Patent prosecution efforts provided above in this Section 9.3, including providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution, as well
as further actions as set forth below. 
 (i)    The Parties shall respectively prepare, file, maintain and prosecute
the Takeda Patents, Ovid Patents and Joint Patents as set forth in this Section 9.3. As used herein, “prosecution” of such Patents shall include all communication and other interaction with any patent office or
patent authority having jurisdiction over a patent application in connection with pre-grant proceedings. 

(ii)    All communications between the Parties relating to the preparation, filing, prosecution or maintenance of the
Takeda Patents, Ovid Patents and Joint Patents, including copies of any draft or final documents or any communications received from or sent to patent offices or patenting authorities with respect to such Patents, shall be considered Confidential
Information and subject to the confidentiality provisions of Article 11. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 9.4    Patent Term Extensions. The CGB will discuss and approve for
which, if any, of the Patents within the Takeda Patents, Ovid Patents and Joint Patents in the Territory the Parties should seek Patent Term Extensions in the Territory. Takeda, in the case of the Takeda Patents and Joint Patents, and Ovid in the
case of the Ovid Patents, shall act with reasonable promptness in light of the development stage of the Products to apply for any such Patent Term Extensions, in accordance with the CGB’s decision. The Party that does not apply for an extension
hereunder will cooperate fully with the other Party in making such filings or actions, including making available all required Regulatory Materials (including underlying data) and Information and executing any required authorizations to apply for
such Patent Term Extension. All expenses incurred in connection with activities of each Party with respect to the Patent(s) for which such Party seeks Patent Term Extensions pursuant to this Section 9.4 shall be shared by
the Parties in accordance with Section 8.3. 
 9.5    Orange Book Listing. Takeda shall
be solely responsible for maintaining the Takeda Patents and the Joint Patents on the Orange Book. Ovid shall be solely responsible for maintaining the Ovid Patents on the Orange Book. 

9.6    Infringement of Patents by Third Parties. 

(a)    Notification. Each Party shall promptly notify the other Party in writing of any existing, alleged or
threatened infringement of the Takeda Patents, Ovid Patents or Joint Patents in the Field in the Territory of which it becomes aware, and shall provide all information in such Party’s possession or control demonstrating such infringement. 

(b)    Infringement Actions. 

(i)    Takeda shall have the first right, but not the obligation, to bring an appropriate suit or other action against any
Third Party engaged in any existing, alleged or threatened infringement of the Takeda Patents or the Joint Patents related to the making, using, importing, offering for sale or selling a Product in the Field in the Territory (a “Takeda
Infringement”), subject to Section 9.6(b)(ii), and Section 9.6(b)(v) and Section 9.6(b)(vi) below. Takeda shall consult with Ovid regarding any possible Takeda
Infringement suit or other action and shall consider in good faith Ovid’s input with respect thereto. 

(ii)    Takeda shall notify Ovid of its election to take any action in accordance with
Section 9.6(b)(i) within [*] before any time limit set forth in an Applicable Laws or regulation, including the time limits set forth under Hatch-Waxman 21 U.S.C. § 355. If Takeda elects to bring suit or take
action against the Takeda Infringement, then Ovid shall have the right, prior to commencement of the trial, suit or action, to join any such suit or action[*]. Any such expenses of Ovid shall be [*]. If Takeda does not elect to bring suit or take
action against the Takeda Infringement, then Ovid shall have the right to bring suit or take action against the Takeda Infringement. Ovid shall consult with Takeda regarding any such Takeda Infringement suit or other action and shall consider in
good faith Takeda’s input with respect thereto. If Ovid elects to bring suit or take action against such Takeda Infringement, then Takeda shall have the right, prior to commencement of the trial, suit or action, to join any such suit or
action[*]. Any such expenses of Takeda shall be [*]. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (iii)    Ovid shall have the first right, but not the obligation, to bring
an appropriate suit or other action against any Third Party engaged in any existing, alleged or threatened infringement of the Ovid Patents related to the making, using, importing, offering for sale or selling a Product in the Field in the Territory
(an “Ovid Infringement”), subject to Section 9.6(b)(iv), Section 9.6(b)(v) and Section 9.6(b)(vi) below. Ovid shall consult with Takeda regarding any
possible Ovid Infringement suit or other action and shall consider in good faith Takeda’s input with respect thereto. 

(iv)    Ovid shall notify Takeda of its election to take any action in accordance with
Section 9.6(b)(iii) within [*] before any time limit set forth in an Applicable Laws or regulation, including the time limits set forth under Hatch-Waxman (21 U.S.C. § 355). If Ovid elects to bring suit or
take action against the Ovid Infringement, then Takeda shall have the right, prior to commencement of the trial, suit or action, to join any such suit or action[*]. Any such expenses of Takeda shall be [*]. If Ovid does not elect to bring suit or
take action against the Ovid Infringement, then Takeda shall have the right to bring suit or take action against the Ovid Infringement. Takeda shall consult with Ovid regarding any such Ovid Infringement suit or other action and shall consider in
good faith Ovid’s input with respect thereto. If Takeda elects to bring suit or take action against such Ovid Infringement, then Ovid shall have the right, prior to commencement of the trial, suit or action, to join any such suit or action[*].
Any such expenses of Ovid shall be [*]. 
 (v)    Each Party shall provide to the Party enforcing any such rights under
this Section 9.6(b) reasonable assistance in such enforcement, including joining such action as a party plaintiff if required by Applicable Laws to pursue such action. The enforcing Party shall keep the other Party
regularly informed of the status and progress of such enforcement efforts, shall reasonably consider the other Party’s comments on any such efforts, and shall seek consent of the other Party in any important aspects of such enforcement,
including determination of litigation strategy, filing of important papers to the competent court, which consent shall not be unreasonably withheld, conditioned or delayed. All expenses of such enforcement shall be shared as Commercialization
Expenses in accordance with Article 8. 
 (vi)    Subject to this
Section 9.6(b)(vi), [*] all costs and expenses arising from a suit or action against a Takeda Infringement or an Ovid Infringement (collectively, a “Product Infringement”) [*]. For the avoidance of doubt,
[*] the other Party’s internal costs (e.g., FTEs) incurred as a result of the other Party’s cooperation with the enforcement action as provided in Section 9.6(b)(v). The Party not bringing an action with respect
to Product Infringement in the Territory under this Section 9.6(b) shall be entitled to separate representation in such matter by counsel of its own choice [*], but such Party shall at all times cooperate fully with the
Party bringing such action. 
 (c)    Settlement. The enforcing Party shall have the sole right to settle any
claim, suit or action that it brought under this Section 9.6; provided that (i) the enforcing Party shall consider the other Party’s input on any proposed settlement in good faith, and (ii) no
settlement shall admit to the invalidity or unenforceability of any Patent, incur any financial liability on the part of the other Party or require an admission of liability, wrongdoing or fault on the part of the other Party, in each case, without
the other Party’s prior written consent. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (d)    Allocation of Proceeds. If either Party recovers monetary
damages from any Third Party in a suit or action brought under Sections 9.6(b), 9.6(c), or 9.8(b) or any royalties from a license agreement with a Third Party related to any alleged Product Infringement,
whether such damages or royalties result from the infringement of Takeda Patents, Ovid Patents or Joint Patents, such recovery shall be allocated first to the reimbursement of any expenses incurred by the Parties in such litigation, action or
license [*], and any remaining amounts shall be [*]. 
 9.7    Infringement of Third Party Rights in the
Territory. 
 (a)    Notice. If any Product used or sold by either Party, its Affiliates, licensors or
sublicensees becomes the subject of a Third Party’s claim or assertion of infringement of a Patent owned or controlled by such Third Party, the Party first having notice of the claim or assertion shall promptly notify the other Party, the
Parties shall agree on and enter into an “identity of interest agreement” wherein such Parties agree to their shared, mutual interest in the outcome of such potential dispute, and thereafter, the Parties shall promptly meet to
consider the claim or assertion and the appropriate course of action. 
 (b)    Defense. Takeda shall have the
first right, but not the obligation, to defend any such Third Party claim or assertion of infringement of a Patent as described in Section 9.7(a) in the Takeda Territory and the ROW Territory. If Takeda does not elect to
defend such Third Party claim or assertion of infringement, then Ovid shall have the right to defend such Third Party claim or assertion of infringement. Ovid shall consult with Takeda regarding the defense of such Third Party claim or assertion of
infringement and shall consider in good faith Takeda’s input with respect thereto. Ovid shall have the first right, but not the obligation, to defend any such Third Party claim or assertion of infringement of a Patent as described in
Section 9.7(a) in the Ovid Territory. If Ovid does not elect to defend such Third Party claim or assertion of infringement, then Takeda shall have the right to defend such Third Party claim or assertion of infringement.
Takeda shall consult with Ovid regarding the defense of such Third Party claim or assertion of infringement and shall consider in good faith Ovid’s input with respect thereto. The expense of such action to defend such claim shall be [*]. The
defending Party shall consult with the non-defending Party regarding any possible actions to defend such claim and shall consider in good faith such Party’s input with respect thereto. The non-defending Party shall reasonably cooperate with the Party conducting the defense of the claim or assertion, including if required to conduct such defense, furnishing a power of attorney. 

(c)    Settlement; Licenses. Neither Party shall enter into any settlement of any claim described in this
Section 9.7 that incurs any financial liability on the part of the other Party or requires an admission of liability, wrongdoing or fault on the part of the other Party, in each case, without the other Party’s prior
written consent. Each Party shall have the right to decline to defend or to tender defense of any such claim to the other Party upon reasonable notice, including if the other Party fails to agree to a settlement that such Party proposes. In the
event that it is determined by any court of competent jurisdiction that the Exploitation of a Product in the Field in the Territory, conducted in accordance with the terms and conditions of this Agreement, infringes, or the CGB determines that such
activities are likely to infringe, any Patent, copyright, trademark, data exclusivity right or trade secret right arising under Applicable 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Laws of any Third Party, the Parties shall use Commercially Reasonable Efforts to: (i) procure a license from such Third Party authorizing the Parties to continue to conduct such activities;
or (ii) modify such activities so as to render them non-infringing. 

9.8    Patent Oppositions and Other Proceedings. 

(a)    Third-Party Patent Rights. If either Party desires to bring an opposition, action for declaratory judgment,
nullity action, interference, declaration for non-infringement, re-examination or other attack upon the validity, title or enforceability of a Patent owned or controlled
by a Third Party and having one or more claims that cover, or allegedly cover, a Product, or the use, sale, offer for sale or importation of a Product (except insofar as such action is a counterclaim to or defense of, or accompanies a defense of, a
Third Party’s claim or assertion of infringement under Section 9.7, in which case the provisions of Section 9.7 shall govern), such Party shall so notify the other Party and the Parties shall
promptly confer to determine whether to bring such action or the manner in which to settle such action. Takeda shall have the first right, but not the obligation, to bring such action in the Takeda Territory and the ROW Territory. Ovid shall be
entitled to separate representation in such proceeding by counsel of its own choice [*], and shall cooperate fully with Takeda bringing such action. Ovid shall have the first right, but not the obligation, to bring such action in the Ovid Territory.
Takeda shall be entitled to separate representation in such proceeding by counsel of its own choice [*], and shall cooperate fully with Ovid bringing such action. The expenses of the Party bringing any such action shall, to the extent [*], and
otherwise shall [*]. Each Party shall have the right to bring such action and transfer the right to do so to the other Party upon reasonable notice. 

(b)    Parties’ Patent Rights. If any Takeda Patent, Ovid Patent or Joint Patent becomes the
subject of any proceeding commenced by a Third Party within the Territory in connection with an opposition, reexamination request, action for declaratory judgment, nullity action, interference or other attack upon the validity, title or
enforceability thereof (except insofar as such action is a counterclaim to or defense of, or accompanies a defense of, an action for infringement against a Third Party under Section 9.7, in which case the provisions of
Section 9.7 shall govern), then the Party responsible for filing, preparing, prosecuting and maintaining such Patent as set forth in Section 9.3 hereof, shall control such defense. All expenses of
such defense shall be [*]. The controlling Party shall consult with non-controlling Party regarding the proceeding and shall consider in good faith the non-controlling
Party’s input with respect thereto. The controlling Party shall permit the non-controlling Party to participate in the proceeding to the extent permissible under Applicable Laws, and to be represented by
its own counsel in such proceeding[*]. If either Party decides that it does not wish to defend against such action, then the other Party shall have a backup right to assume defense of such Third-Party action, and all expenses of such defense shall
be [*]. Any awards or amounts received in defending any such Third-Party action shall be allocated between the Parties as provided in Section 9.6(d). 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ARTICLE 10 – REPRESENTATIONS AND WARRANTIES; COVENANTS 

10.1    Mutual Representations and Warranties. Each of the Parties hereby represents and warrants to the other
Party as of the Effective Date that: 
 (a)    Organization. It is a corporation duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform this Agreement. 

(b)    Binding Agreement. This Agreement is a legal and valid obligation binding upon such Party and enforceable in
accordance with its terms, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general
principles of equity (whether enforceability is considered in a proceeding at law or in equity). 

(c)    Authorization. The execution, delivery, and performance of this Agreement by such Party have been duly
authorized by all necessary corporate action and do not conflict with any agreement, instrument, or understanding, oral or written, to which it is a party or by which it is bound, nor violate any Applicable Laws or any order, writ, judgment,
injunction, decree, determination, or award of any court or governmental body, or administrative or other agency presently in effect applicable to such Party. 

(d)    No Further Approval. No government authorization, consent, approval, license, exemption of or filing or
registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, under any Applicable Laws, currently in effect, necessary for, or in connection with, the transactions contemplated by
this Agreement or any other agreement or instrument executed in connection herewith, or for the performance by it of its obligations under this Agreement and such other agreements (save for Regulatory Approvals and similar authorizations from
Regulatory Authorities necessary for the Exploitation of the Compounds and the Products as contemplated hereunder). 

(e)    No Inconsistent Obligations. Neither Party is under any obligation, contractual or otherwise, to any Person
that conflicts with or is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder. 

10.2    Additional Representations and Warranties of Takeda. Takeda represents and warrants as of the Effective
Date to Ovid that: 
 (a)    Takeda has all rights necessary to grant the licenses under the Takeda Intellectual
Property and rights of cross-reference under Regulatory Materials, in each case, existing as of the Effective Date that it grants to Ovid in this Agreement. 

(b)    As of the Effective Date, the Patents set forth in Exhibit C represent all Patents that Takeda or any of its
Affiliates owns or Controls that claim or disclose any Invention necessary or useful for the Exploitation of the Lead Compound or the Products in the Field in the Territory. Takeda is the sole and exclusive owner of the entire right, title and
interest in the Takeda Patents, free of any encumbrance, lien, or claim of ownership by any Third Party. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (c)    To Takeda’s Knowledge, there is no actual or threatened
infringement or misappropriation of the Takeda Intellectual Property by any Person in the Territory. 
 (d)    The
Takeda Patents are being prosecuted in the Territory in accordance with Applicable Laws and Takeda’s customary procedures. To Takeda’s Knowledge, the Takeda Patents have been filed and maintained properly and correctly and all applicable
fees have been paid on or before the due date for payment. 
 (e)    To Takeda’s Knowledge, each of the Takeda
Patents properly identifies each and every inventor of the claims thereof as determined in accordance with Applicable Laws of the jurisdiction in which such Takeda Patent is issued or such application is pending. 

(f)    To Takeda’s Knowledge, the Takeda Know-How has been kept confidential
or has been disclosed to Third Parties only under terms of confidentiality. To the Knowledge of Takeda, no breach of such confidentiality has been committed by any Third Party. 

(g)    To the extent permissible under Applicable Laws, all employees of Takeda or its Affiliates performing activities
under this Agreement are under an obligation to assign all right, title and interest in and to their inventions and other Takeda Know-How, whether or not patentable, and intellectual property rights therein,
to Takeda or its Affiliate(s) as the sole owner thereof, and no obligation exists to remunerate any inventor employed as of or prior to the Effective Date by Takeda or any of its Affiliates in respect of any such inventions or other Takeda Know-How, except for obligations that Takeda and its Affiliates will pay in full. 

(h)    The inventions claimed or disclosed by the Takeda Patents: (i) were not conceived, discovered, developed, or
otherwise made in connection with any research activities funded, in whole or in part, by the federal government of the U.S. or any agency thereof; (ii) are not a “subject invention” as that term is described in 35 U.S.C.
§201(f); and (iii) are not otherwise subject to the provisions of the Bayh-Dole Act. 
 (i)    To
Takeda’s Knowledge, no claim or litigation in the Territory has been brought or threatened by any Person alleging, and Takeda has no Knowledge of any claim, whether or not asserted: (i) that any of the Takeda Patents is invalid or
unenforceable; (ii) that the Regulatory Materials, the Takeda Intellectual Property, or the disclosing, copying, making, assigning, practicing, or licensing of the Regulatory Materials or the Takeda Intellectual Property, violates, infringes,
or otherwise conflicts or interferes with, or would violate, infringe; or otherwise conflict or interfere with, any intellectual property or proprietary right of any Person; or (iii) related to the development or commercialization of the
Products, including any claims of Product Liability, or Patent infringement as of the Effective Date. 
 (j)    To
Takeda’s Knowledge, all Products: (i) have been Manufactured, tested, released, stored, supplied and otherwise handled in material compliance with Applicable Laws (including all FDA regulatory requirements and cGMPs), and the Product NDAs;
(ii) have been Manufactured in facilities that are in material compliance with Applicable Laws; and (iii) while in Takeda’s Control, have not been adulterated or misbranded within the meaning of the FFDCA. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (k)    To Takeda’s Knowledge, Takeda and its Affiliates have provided or
made available to Ovid prior to the Effective Date, true, complete, and correct copies (as of the Effective Date) of all material information known to Takeda with respect to the safety and efficacy of the Lead Compound, and all of the foregoing
information and documents provided are true, correct, and complete in all material respects. 
 10.3    Additional
Representations and Warranties of Ovid. Ovid represents and warrants as of the Effective Date to Takeda that: 

(a)    Neither Ovid nor its Affiliates own or Control any Patents or other intellectual property rights that cover the
composition of matter or any method of use of the Lead Compound. 
 (b)    To the extent permissible under Applicable
Laws, all employees of Ovid or its Affiliates performing activities under this Agreement are under an obligation to assign all right, title and interest in and to their inventions and other Ovid Know-How,
whether or not patentable, and intellectual property rights therein, to Ovid or its Affiliate(s) as the sole owner thereof. 

10.4    Additional Representations, Warranties and Covenants of Both Parties. 

(a)    Transparency Reporting. Each Party shall be responsible for tracking and reporting transfers of value
initiated and controlled by its and its Affiliates’ employees, contractors, and agents pursuant to the requirements of the marketing reporting laws of any Government Authority in the Territory, including Section 6002 of the Patient
Protection and Affordable Care Act, commonly referred to as the “Sunshine Act.” 
 (b)    No Diminution of
Intellectual Property Rights. For the duration of the Term, neither Party shall, and neither Party shall permit its Affiliates to, grant to any Third Party rights in the Field in the Territory that encumber, diminish or conflict with the rights
granted to the other Party hereunder with respect to the Takeda Intellectual Property or Ovid Intellectual Property, as the case may be, or any Regulatory Materials. 

(c)    Invention Assignments. To the extent permissible under Applicable Laws, all employees of each Party or its
Affiliates performing activities under this Agreement shall be under an obligation to assign all right, title and interest in and to their inventions and other Ovid Know-How or Takeda Know-How, as applicable, whether or not patentable, and intellectual property rights therein, to such Party or its Affiliate(s) as the sole owner thereof. Neither Party shall have any obligation to contribute to any
remuneration of any inventor employed or previously employed by the other Party or any of its Affiliates in respect of any such inventions, Ovid Know-How, Takeda
Know-How and discoveries and intellectual property rights therein that are so assigned to such other Party or its Affiliate(s). Each Party will pay all such remuneration due to such inventors with respect to
such inventions and other Ovid Know-How or Takeda Know-How, and intellectual property rights therein. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (d)    Debarment. Each Party represents and warrants as of the
Effective Date, and covenants during the Term as to any provision of this subsection (d) that speaks after the Effective Date, that (i) neither it nor any of its Affiliates has been debarred by the FDA, is not subject to any similar
sanction of other Regulatory Authorities in the Territory, and neither such Party nor any of its Affiliates has used, or will engage, in any capacity, in connection with this Agreement or any Ancillary Agreements, any Person who either has been
debarred by such a Regulatory Authority, or is the subject of a conviction described in Section 306 of the FFDCA;(ii) such Party shall inform the other Party in writing promptly if it or any Person engaged by it or any of its Affiliates who is
performing services under this Agreement or any Ancillary Agreements is debarred or is the subject of a conviction described in Section 306 of the FFDCA, or if any action, suit, claim, investigation or legal or administrative proceeding is
pending or, to such Party’s Knowledge, is threatened, relating to the debarment or conviction of such Party, any of its Affiliates or any such Person performing services hereunder or thereunder; and (iii) neither such Party, nor any of its
Affiliates, has made an untrue statement of a material fact or fraudulent statement to the FDA or other Governmental Authority or Regulatory Authority, failed to disclose a material fact required to be disclosed to the FDA or any other Governmental
Authority or Regulatory Authority, or committed any act, made any statement, or failed to make any statement that, at the time such disclosure was made, could reasonably be expected to provide a basis for the FDA or any other Governmental Authority
or Regulatory Authority to invoke its policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” set forth in 56 Fed. Reg. 46191 (September 10, 1991) or any similar policy. 

(e)    Compliance with Laws. In performing its obligations under this Agreement or any Ancillary Agreement, each
Party shall, and shall cause its Affiliates to, comply with all Applicable Laws. 
 (f)    Non-Solicitation. Neither Party, without the prior written consent of the other Party, during the Term, will solicit, induce, encourage, or participate in soliciting, inducing, or encouraging any employee of the
other Party, or any of its Affiliates, to become an employee of such Party, it being understood that an offer of employment that results directly from unsolicited responses to general advertisements for employment will not be deemed to be in
violation of this provision. 
 10.5    NO OTHER REPRESENTATIONS OR WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN
THIS ARTICLE 10, THE PARTIES MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY
SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, INCLUDING ANY EXPRESS OR IMPLIED WARRANTY OF QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR WARRANTY OF NON-INFRINGEMENT OR AS TO THE VALIDITY OF
ANY PATENTS IN THE TERRITORY. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ARTICLE 11 – CONFIDENTIALITY 

11.1    Nondisclosure. Each Party agrees that, during the Term and for a period of [*] thereafter, a Party (the
“Receiving Party”) receiving Confidential Information of the other Party (the “Disclosing Party”) shall: (a) maintain in confidence such Confidential Information using not less than the efforts such Receiving
Party uses to maintain in confidence its own confidential or proprietary information of similar kind and value; (b) not disclose such Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except
for disclosures expressly permitted below; and (c) not use such Confidential Information for any purpose except those permitted by this Agreement (it being understood that this Section 11.1 shall not create or imply
any rights or licenses not expressly granted under this Agreement). Notwithstanding anything to the contrary in the foregoing, the obligations of confidentiality and non-use with respect to any trade secret
within such Confidential Information that has been identified as a trade secret shall survive such [*] period for so long as such Confidential Information remains protected as a trade secret under Applicable Laws. 

11.2    Exceptions. The obligations in Section 11.1 shall not apply with respect to any
portion of the Confidential Information that the Receiving Party can show by competent evidence: 
 (a)    is publicly
disclosed by the Disclosing Party, either before or after it is disclosed to the Receiving Party hereunder; 
 (b)    is
known to the Receiving Party or any of its Affiliates, without any obligation to keep it confidential or any restriction on its use, prior to disclosure by the Disclosing Party; 

(c)    is subsequently disclosed to the Receiving Party or any of its Affiliates on a
non-confidential basis by a Third Party that, to the Receiving Party’s knowledge, is not bound by a similar duty of confidentiality or restriction on its use; 

(d)    is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party or any of its
Affiliates, generally known or available, either before or after it is disclosed to the Receiving Party; 
 (e)    is
independently discovered or developed by or on behalf of the Receiving Party or any of its Affiliates without the use of or access to Confidential Information belonging to the Disclosing Party; or 

(f)    is the subject of written permission to disclose provided by the Disclosing Party. 

11.3    Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the
Disclosing Party only to the extent such disclosure is reasonably necessary in the following instances: 
 (a)    filing
or prosecuting patents as permitted by this Agreement; 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    filing Regulatory Materials in order to obtain or maintain Regulatory
Approvals; 
 (c)    prosecuting or defending litigation, including responding to a subpoena in a Third Party
litigation; 
 (d)    complying with Applicable Laws or regulations or court or administrative orders; or 

(e)    to its Affiliates, sublicensees or prospective sublicensees, subcontractors or prospective subcontractors, payors,
consultants, agents and advisors on a “need-to-know” basis in order for the Receiving Party to exercise its rights or fulfill its obligations under this
Agreement and to (i) consultants, attorneys, accountants, and banks, in each case, engaged or working on behalf of the Receiving Party; and (ii) acquirers or potential acquirers, and investors or potential investors, in each case, of the
Receiving Party (excluding, in the case of this clause (ii), disclosure of any Confidential Information (other than the terms of this Agreement) specific to or provided by the Disclosing Party), each of whom prior to disclosure must be bound by
obligations of confidentiality and restrictions on use of such Confidential Information that are no less restrictive than those set forth in this Article 11; provided that, in each of the above situations, the
Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information pursuant to this Section 11.3(e) to treat such Confidential Information as required under this
Article 11. 
 (f)    if and whenever any Confidential Information is disclosed in accordance
with this Section 11.3, such disclosure shall not cause any such information to cease to be Confidential Information except to the extent that such disclosure results in a public disclosure of such information (other than
by breach of this Agreement). Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to clauses (a) through (d) of this
Section 11.3, it will, except where impracticable or not permitted by Applicable Law, give reasonable advance notice to the other Party of such disclosure and use not less than the same efforts to secure confidential
treatment of such information as it would to protect its own confidential information from disclosure and shall be jointly and severally liable for any breach of this Article 11 by such Person. 

11.4    Terms of this Agreement. The Parties acknowledge that this Agreement and all of the respective terms of
this Agreement shall be treated as Confidential Information of both Parties. For clarity, either Party shall be permitted to disclose the terms of this Agreement in accordance with Section 11.3(e). 

11.5    Publicity. The Parties shall make a joint public announcement of the execution of this Agreement in the
form attached as Exhibit G, which shall be issued at a time to be mutually agreed by the Parties. Unless required by law or the rules of any securities exchange, each Party agrees not to issue any other press release or other public statement
or file any document with the SEC disclosing information relating to this Agreement or the transactions 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
contemplated hereby that contains information not previously publicly disclosed in accordance with this Section 11.5 without the prior written consent of the other
Party, not to be unreasonably withheld, conditioned or delayed. Once any statement is approved for disclosure by the Parties or information is otherwise made public in accordance with this Section 11.5, either Party may
make a subsequent public disclosure of the contents of such statement without further approval of the other Party provided such information remains accurate as of such time. Notwithstanding anything herein to the contrary, either Party may inform
its customers, suppliers and business contacts of the licensing of the Products hereunder in the ordinary course of business. Additionally, Ovid shall be permitted from time to time to disclose, in the normal course of providing updates on its
status to investors and the general public, including without limitation, on its website, the then-current Development status of the Product (which disclosure shall be subject to review in a manner consistent with
Section 11.6). 
 11.6    Securities Filings. Notwithstanding anything to the contrary
in this Article 11, in the event either Party proposes to file with the SEC or the securities regulators of any state or other jurisdiction or any securities exchange a registration statement or any other disclosure
document that describes or refers to the terms and conditions of this Agreement or any related agreements between the Parties not previously disclosed, such Party shall notify the other Party of such intention and shall provide the other Party with
a copy of relevant portions of the proposed filing at least [*] prior to such filing other than a Current Report on Form 8-K which shall be provided [*] prior to such filing (and any material revisions to
such portions of the proposed filing a reasonable time prior to the filing thereof), including any exhibits thereto that refer to the other Party or the terms and conditions of this Agreement or any related agreements between the Parties or that
file this Agreement or any related agreements between the Parties. The Party making such filing shall cooperate in good faith with the other Party to obtain confidential treatment with respect to portions of this Agreement or any related agreements
between the Parties that the other Party reasonably requests to be kept confidential and shall only disclose the terms and conditions of this Agreement or any related agreements between the Parties or any Confidential Information that it is
reasonably advised by counsel is legally required to be disclosed. No such notice shall be required if the description of or reference to this Agreement or a related agreement between the Parties contained in, or attached as an exhibit to, the
proposed filing has been included in any previous filing made by either Party in accordance with this Section 11.6 or otherwise approved by the other Party. 

11.7    Relationship to Confidentiality Agreement. This Agreement supersedes the Confidentiality Agreement;
provided that all “Confidential Information” disclosed or received by the Parties thereunder shall be deemed Confidential Information hereunder and shall be subject to the terms and conditions of this Agreement. 

11.8    Equitable Relief. Given the nature of the Confidential Information and the competitive damage that could
result to a Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages may not be a sufficient remedy for any breach of this Article 11.
In addition to all other remedies, a Party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Article 11. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 11.9    Publications. Each Party recognizes that the publication of
papers regarding the results of Clinical Trials and other information regarding the activities under this Agreement, including oral presentations and abstracts, may be beneficial to both Parties provided such publications are subject to reasonable
controls to protect Confidential Information. Accordingly, the CGB shall develop procedures for review and approval of publications (or any other public disclosures regarding a Product) with respect to data generated from the Development of Products
in the Field and/or including Confidential Information and neither Party shall permit any publication in violation of such procedures. Such procedures shall be in accordance with the terms and conditions of this Agreement and shall ensure the
publication of any such summaries of the Clinical Trials data and results as required under Applicable Law, including any publication on an applicable clinical trial registry. 

ARTICLE 12 – TERM AND TERMINATION 

12.1    Term. This Agreement shall become effective as of the Effective Date and shall continue in full force and
effect until neither Ovid nor Takeda any longer Commercializes a Product in the Field in the Territory, unless earlier terminated pursuant to this Article 12 (the “Term”). 

12.2    Termination for Material Breach. 

(a)    Breach. Either Party (the “Non-Breaching Party”) may
terminate this Agreement in its entirety in the event the other Party (the “Breaching Party”) has materially breached this Agreement, and such material breach has not been cured within [*] after receipt of written notice of such
breach by the Breaching Party from the Non-Breaching Party (the “Cure Period”). The written notice describing the alleged material breach shall provide sufficient detail to put the Breaching
Party on notice of such material breach. Any termination of this Agreement pursuant to this Section 12.2(a) shall become effective at the end of the Cure Period, unless the Breaching Party has cured any such material breach prior to the
expiration of such Cure Period. The right of either Party to terminate this Agreement as provided in this Section 12.2(a) shall not be affected in any way by such Party’s waiver of or failure to take action with respect to any previous
breach under this Agreement. Notwithstanding the foregoing, in the event of a material breach of this Agreement by the Breaching Party that is specific to and limited to a particular Region or Regions in the Territory, the Non-Breaching Party’s right to terminate in accordance with this Section 12.2 shall be limited to such Region(s). 

(b)    Disputed Breach. If the alleged Breaching Party disputes in good faith the existence or materiality of a
breach specified in a notice provided by the other Party in accordance with Section 12.2(a), and such alleged Breaching Party provides the other Party notice of such dispute within [*] of receipt of such notice, then the Non-Breaching Party shall not have the right to terminate this Agreement under Section 12.2(a) unless and a determination has been made in accordance with Section 13.2(b) that the
alleged Breaching Party has materially breached the Agreement, and such Party fails to cure such breach within [*] following such determination (except to the extent such breach involves the failure to make a payment when due, which breach must be
cured within [*] following such determination). It is understood and agreed that during the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 12.3    Termination for Convenience. At any time after completion of
the first POM Study for the first Initial Indication, either Party shall have the right to terminate this entire Agreement at any time upon providing [*] prior written notice to the other Party ([*] if the Product is then being Commercialized
anywhere in the Territory). 
 12.4    Suspension and Termination for Safety Reasons. Each Party shall have the
right, at any time, to suspend the continued Development and/or Commercialization of the Products in the Field in the Territory for a period of [*] (the “Suspension”), upon providing written notice to the other Party, if such Party
reasonably determines that the Compound or any Product caused or is likely to cause [*] (“Safety Issue”). If the CGB does not come to a consensus with regard to such Safety Issue during the Suspension, either Party may terminate the
Agreement (with the understanding that the other Party shall have the continuing right to Develop and Commercialize the Product, as provided in Section 12.7) with immediate effect, upon written notice if: (i) the
Executive Officers meet (in person or otherwise) within [*] to resolve the dispute in good faith; and (ii) such Executive Officers are unable to resolve the dispute. 

12.5    Termination for Patent Challenge. Takeda may terminate this entire Agreement at any time upon [*] prior
written notice to Ovid, if Ovid, or any of Ovid’s Affiliates or sublicensees, directly, or indirectly through assistance granted to a Third Party, commences any interference or opposition proceeding, challenges the validity or enforceability
of, or opposes any extension of or the grant of a supplementary protection certificate with respect to any Takeda Patent or any other Patent owned or controlled by Takeda that claims or discloses the composition of matter or the method of making or
using a Product (a “Patent Challenge”); provided that with respect to a Patent Challenge involving Listed Patents, Takeda shall have the right to terminate the Agreement immediately; provided further that with respect
to any such Patent Challenge by any non-Affiliate sublicensee, Takeda will not have the right to terminate this Agreement under this Section 12.3 if, within [*] of Takeda’s
notice to Ovid under this Section 12.3, Ovid causes such Patent Challenge to be terminated or dismissed. 

12.6    Termination for Insolvency. 

(a)    Either Party may terminate this Agreement in its entirety upon providing written notice to the other Party on or
after the time that such other Party makes a general assignment for the benefit of creditors, files a petition for relief in bankruptcy, petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or
conserve its business or any substantial part of its assets, commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar
proceeding for the release of financially distressed debtors, or becomes the involuntary subject of any proceeding or action of the type described above and such proceeding or action remains un-dismissed or un-stayed for a period of more than [*]. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (b)    All rights and licenses granted under or pursuant to this Agreement
are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any other jurisdiction outside of the Territory (collectively, the “Bankruptcy
Laws”), licenses of rights to “intellectual property” as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then, unless and until this Agreement is rejected as
provided pursuant to such Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession) and its successors and assigns (including a Title 11
trustee) shall perform all of the obligations in this Agreement intended to be performed by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws, this Agreement is rejected as provided for under the
Bankruptcy Laws, and the non-bankrupt Party elects to retain its rights hereunder as provided for under the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy Laws (in any capacity,
including debtor-in-possession) and its successors and assigns (including a Title 11 trustee), shall provide to the
non-bankrupt Party copies of all Patents and Information necessary for the non-bankrupt Party to prosecute, maintain and enjoy its rights under the terms of this
Agreement. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and not in substitution for any and all other rights, powers and remedies now or hereafter existing at
law or in equity (including the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. In particular, it is the intention and understanding of the Parties to this Agreement that the rights
granted to the Parties under this Section 12.6 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate remedy. 

12.7    Effects of Termination. All of the following effects of termination are in addition to the other rights and
remedies that may be available to either of the Parties under this Agreement and shall not be construed to limit any such rights or remedies. 

(a)    Takeda Continuation. Upon the termination of this Agreement by Takeda in accordance with
Section 12.2 (material breach by Ovid), Section 12.3 (patent challenge by Ovid) or Section 12.6 (Ovid insolvency) or by Ovid in accordance with
Section 12.3 (termination for convenience) or Section 12.4 (termination for safety reasons), the following consequences shall apply: 

(i)    Notwithstanding anything contained in this Agreement to the contrary, all rights and licenses granted herein to
Ovid shall terminate, and Ovid shall cease any and all Development and Commercialization activities with respect to the Products; 

(ii)    Except as set forth in Section 12.7(a)(iii), all payment obligations hereunder shall
terminate, other than those that are accrued and unpaid as of the effective date of such termination; 

(iii)    Subject to the payment of a royalty, at the Post-Termination Royalty Rate, on Takeda’s Net Sales after the
effective date of such termination, on payment, reporting and audit terms substantially the same as the terms for sharing of Net Sales set forth in Article 8 (provided that such reporting and payment shall be made
[*] after the end of a Calendar Quarter and Takeda shall be entitled to take a credit against such royalty in the amount of all 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
undisputed amounts payable by Ovid to Takeda hereunder which are outstanding as of the date of such termination), Ovid hereby grants to Takeda, effective as of the effective date of such
termination and subject to the restrictions and obligations regarding trademarks set forth in Section 6.4, an exclusive (even as to Ovid), transferable, fully paid-up, royalty-free,
sublicenseable license in the Field in the Territory, under the Ovid Intellectual Property (including the Ovid House Marks solely for the sale of inventory of any Product on hand at the time of such termination) to Exploit any Product in the Field
and in the Territory; 
 (iv)    The other obligations of each Party to the other Party hereunder, shall terminate,
except as provided in Section 12.8 and Section 12.9; 

(v)    Takeda shall thereafter have all rights, on a fully paid-up and
royalty-free basis, previously licensed by Takeda to Ovid hereunder, itself or with a Third Party or through a Third Party sublicensee, to Develop, Manufacture and Commercialize any Product at Takeda’s sole discretion; 

(vi)    The CGB shall coordinate the wind-down of Ovid’s efforts under this Agreement, and Ovid, as soon as
reasonably practical after the effective date of such termination, shall provide to Takeda, as applicable and to the extent permitted under any applicable Third Party contract, (1) any Information, including copies of all Clinical Trial data
and results, and the like developed by or for the benefit of Ovid relating to a Product; and (2) other documents to the extent relating to the Products that are necessary in the continued Development, Commercialization and Manufacture of a
Product (including material documents and agreements relating to the sourcing and Manufacture of a Product for sale, promotion, distribution, or use of a Product) throughout the Territory. Ovid will cooperate with Takeda to provide a transfer of
such material Information and documents. At Takeda’s request, Ovid shall assign to Takeda any and all agreements to which Ovid, or its Affiliate, and a Third Party are parties, and that cover or govern the Development, Commercialization and
Manufacturing activities conducted in connection with a Product prior to such termination, or if such assignment is not permitted under the relevant agreement, (A) grant to Takeda other rights to provide to Takeda the benefit of such non-assignable agreement, at Takeda’s expense, to the extent permitted under the terms of such non-assignable agreement; or (B) to the extent not permitted under the
terms of such non-assignable agreement, the Parties shall discuss in good faith an alternative solution to enable Takeda to receive, at Takeda’s expense, the benefit of the terms of such non-assignable agreement. In addition to the actions contemplated in this Section 12.7(a)(vi), Ovid shall take such other actions and execute such other instruments, assignments and
documents as may be necessary to effect the transfer of rights to such Product(s) hereunder to Takeda; 

(vii)    Except for termination under Section 12.2, Ovid shall have the right to sell or
otherwise dispose of any inventory of any Product on hand at the time of such termination or in the process of Manufacturing in the Ovid Territory; provided that Ovid shall, at Takeda’s election, either destroy or return to Takeda any
Product that has not been sold or used within [*] following such termination; 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 (viii)    Ovid shall transfer to Takeda any and all Regulatory Materials
directly and solely related to a Product, including any Product INDs and Product NDAs and, upon Takeda’s request, shall make available to Takeda any other relevant information reasonably related to such Regulatory Materials; 

(ix)    Any sublicense granted by Ovid to a Third Party shall continue and be transferred to Takeda; and 

(x)    Takeda shall have no further obligation to use Commercially Reasonable Efforts with respect to its obligations
hereunder. 
 (b)    Ovid Continuation. Upon the termination of this Agreement by Ovid in accordance with
Section 12.2 (material breach by Takeda) or Section 12.6 (Takeda insolvency) or by Takeda in accordance with Section 12.3 (termination for convenience) or
Section 12.4 (termination for safety reasons), the following consequences shall apply: 

(i)    Notwithstanding anything contained in this Agreement to the contrary, all rights and licenses granted herein to
Takeda shall terminate, and Takeda shall cease any and all Development and Commercialization activities with respect to the Products; 

(ii)    Except as set forth in Section 12.7(b)(iii), all payment obligations hereunder shall
terminate, other than those that are accrued and unpaid as of the effective date of such termination; 

(iii)    Subject to the payment of a royalty, at the Post-Termination Royalty Rate, on Ovid’s Net Sales after the
effective date of such termination, on payment, reporting and audit terms substantially the same as the terms for sharing of Net Sales set forth in Article 8; (provided that such reporting and payment shall be
made [*] after the end of a Calendar Quarter and Ovid shall be entitled to take a credit against such royalty in the amount of all undisputed amounts payable by Takeda to Ovid hereunder which are outstanding as of the date of such termination),
Takeda hereby grants to Ovid, effective as of the effective date of such termination and subject to the restrictions and obligations regarding trademarks set forth in Section 6.4, an exclusive, non-transferable, sublicenseable license in the Field in the Territory, under the Takeda Intellectual Property (including the Takeda House Marks solely for the sale of inventory of any Product on hand at the time of
such termination) to Exploit any Product; 
 (iv)    The other obligations of each Party to the other Party hereunder,
should terminate, except as provided in Section 12.8 and Section 12.9; 

(v)    The CGB shall coordinate the wind-down of Takeda’s efforts under this Agreement, and Takeda, as soon as
reasonably practical after the effective date of such termination, shall provide to Ovid, as applicable and to the extent permitted under any applicable Third Party contract, (1) any Information, including copies of all Clinical Trial data and
results, and the like developed by or for the benefit of Takeda relating to a Product; and (2) other documents to the extent relating to the Products that are necessary in the continued Development, Commercialization and Manufacture of any
Product (including material 

  
 66 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
documents and agreements relating to the sourcing and Manufacture of a Product for sale, promotion, distribution, or use of a Product) throughout the Territory. Takeda will cooperate with Ovid to
provide a transfer of such material Information and documents. At Ovid’s request, Takeda shall assign to Ovid all agreements to which Takeda, or its Affiliate, and a Third Party are parties, and that govern the Development, Commercialization
and Manufacturing activities conducted in connection with a Product prior to such termination, or if such assignment is not permitted under the relevant agreement, (A) grant to Ovid other rights to provide to Ovid the benefit of such non-assignable agreement, at Ovid’s expense, to the extent permitted under the terms of such non-assignable agreement; or (B) to the extent not permitted under the
terms of such non-assignable agreement, the Parties shall discuss in good faith an alternative solution to enable Ovid to receive, at Ovid’s expense, the benefit of the terms of such non-assignable agreement. In addition to the actions contemplated in this Section 12.7(b)(v), Takeda shall take such other actions and execute such other instruments, assignments and
documents as may be necessary to effect the transfer of rights to such Product(s) hereunder to Ovid; 
 (vi)    Takeda
shall have the right to sell or otherwise dispose of any inventory of any Product on hand at the time of such termination or in the process of Manufacturing in the Takeda Territory; provided that Takeda shall, at Ovid’s election, either
destroy or return to Ovid any Product that has not been sold or used within [*] following such termination; 

(vii)    Takeda shall transfer to Ovid any and all Regulatory Materials directly and solely related to a Product,
including any Product INDs and Product NDAs and, upon Ovid’s request, shall make available to Ovid any other relevant information reasonably related to such Regulatory Materials; and 

(viii)    Any license or sublicense granted by Takeda to a Third Party shall continue and be transferred to Ovid; and

 (ix)    Ovid shall have no further obligation to use Commercially Reasonable Efforts with respect to its obligations
hereunder. 
 12.8    Remedies. Notwithstanding anything to the contrary in this Agreement, except as otherwise
set forth in this Agreement, termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration, nor prejudice either
Party’s right to obtain performance of any obligation. Each Party shall be free, pursuant to Article 13, to seek, without restriction as to the number of times it may seek, damages, costs and remedies that may be
available to it under Applicable Laws or in equity and shall be entitled to offset the amount of any damages and costs obtained against the other Party in a final determination under Section 13.3, against any amounts
otherwise due to such other Party under this Agreement. 
 12.9    Survival. The following provisions shall
survive any expiration or termination of this Agreement for the period of time specified therein (or, if no such period is specified, indefinitely): Articles 1, 13 (excluding 13.2(b)) and 14, and Sections 3.1(b), 3.2 (second sentence only), 3.3(b),
3.4 (second sentence only), 3.7, 4.8, 6.4(a) (first, third and fifth sentences only), 8.11, 9.1, 10.5, 11.1 through 11.4 (inclusive), 11.6, 11.8, 12.7, 12.8, 15.2 through 15.5 (inclusive), and 15.7 through 15.16 (inclusive), and this
Section 12.9. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ARTICLE 13 – DISPUTE RESOLUTION 

13.1    Exclusive Dispute Resolution Mechanism. The Parties agree that the procedures set forth in this
Article 13 shall be the exclusive mechanism for resolving any dispute, controversy, or claim between the Parties that may arise from time to time pursuant to this Agreement relating to either Party’s rights or
obligations hereunder (each, a “Dispute,” and collectively, the “Disputes”) that is not resolved through good faith negotiation between the Parties. 

13.2    Resolution by Executive Officers. 

(a)    Except as otherwise provided in this Section 13.2, in the event of any Dispute, including
any Dispute arising with the CGB, the Parties shall first attempt in good faith to resolve such Dispute by negotiation and consultation between themselves. In the event that such Dispute is not resolved on an informal basis within [*] after receipt
of writing notice of such Dispute by a Party, either Party may, by written notice to the other Party, refer the Dispute to the Executive Officer (or his/her delegate) of the other Party for attempted resolution by good faith negotiation. 

(b)    If no resolution can be reached within [*] after such notice is received, and the dispute relates to a business
disagreement and not the Parties’ exercise or performance of their rights and obligations hereunder, then the Parties shall resolve the disagreement as described in this Section 13.2(b). Each Party shall prepare a concise written
proposal for resolution of the disagreement and the reasons such proposed resolution should be adopted, and shall then submit such document to a mutually agreed-upon independent, disinterested and impartial Third Party who is knowledgeable in the
field relevant to such disagreement and who is not a lawyer, and to each other. Such Third Party shall, based solely on such documents, determine which one, in its entirety, should be adopted, and shall notify the Parties thereof within [*] of such
proposals being submitted to him or her. Such Third Party’s determination shall be the final and binding determination of such disagreement. Unless otherwise agreed to by the Parties in writing, the fees and expenses of such Third Party shall
be shared equally by the Parties. Each Party may, in its sole discretion, seek resolution of any and all other Disputes that are not resolved under this Section 13.2 in accordance with
Section 13.3. For clarity, notwithstanding any failure of the respective Executive Officers of each Party to reach an agreement, and until such disagreement is finally resolved by the Parties, the provisions of this
Agreement shall continue to be in full force and effect and the Parties shall be obligated to perform their respective obligations and be entitled to their respective rights under the Agreement. 

13.3    Litigation. Any unresolved Dispute which was subject to Section 13.2, shall be
brought exclusively in a court of competent jurisdiction, federal or state, located in Cook County, Illinois, and in no other jurisdiction. Each Party hereby consents to personal jurisdiction and venue in, and agrees to service of process issued or
authorized by, such court. 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 13.4    Preliminary Injunctions. Notwithstanding anything in this
Agreement to the contrary, a Party may seek a temporary restraining order or a preliminary injunction from any court of competent jurisdiction in order to prevent immediate and irreparable injury, loss, or damage on a provisional basis, pending the
decision of the arbitrator(s) on the ultimate merits of any Dispute. 
 13.5    Payment Tolling. During the
pendency of any dispute resolution proceeding between the Parties under this Article 13, the obligation to make any disputed portion of a payment under this Agreement from one Party to the other Party shall be tolled until
the final outcome of such Dispute has been established. 
 13.6    WAIVER OF RIGHT TO JURY TRIAL. IN CONNECTION
WITH THE PARTIES’ RIGHTS UNDER SECTION 13.3, EACH PARTY, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR OTHER LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT AND THE TRANSACTIONS IT CONTEMPLATES. THIS WAIVER APPLIES TO ANY ACTION OR LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. 

ARTICLE 14 – INDEMNIFICATION 

14.1    Indemnification by Ovid. Ovid hereby agrees to defend, indemnify and hold harmless Takeda and its
Affiliates, and each of their respective directors, officers, employees, agents and representatives (each, a “Takeda Indemnitee”) from and against any and all claims, suits, actions, demands, liabilities, expenses and/or loss,
including reasonable legal expense and attorneys’ fees (collectively, the “Losses”), to which any Takeda Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party (each, a
“Claim”) to the extent such Claim alleges Losses arising directly or indirectly out of: (i) the use, handling, storage, sale or other disposition of the Compound or a Product by Ovid, its Affiliates or its sublicensees
(including Product Liability Claims); (ii) the practice by Ovid or its Affiliates or its sublicensees of any license granted to it under Article 3 to Develop or Commercialize the Compound or Product pursuant to the
terms of this Agreement; (iii) the breach by Ovid of any warranty, representation, covenant or agreement made by Ovid in this Agreement or any Ancillary Agreement; (iv) the negligence, gross negligence or willful misconduct (including to
the extent such negligence, gross negligence or willful misconduct gives rise to Product Liabilities Claims under any legal theory) of Ovid, its Affiliate or its sublicensee, or any officer, director, employee, agent or representative thereof;
except, with respect to each of subsections (i) through (iv) above, to the extent such Losses arise directly or indirectly from any of the acts or omissions described in clauses (i) through (iv) in
Section 14.2. 
 14.2    Indemnification by Takeda. Takeda hereby agrees to defend,
indemnify and hold harmless Ovid and its Affiliates, and each of their respective directors, officers, employees, agents and representatives (each, an “Ovid Indemnitee”) from and against any and all Losses to which any Ovid
Indemnitee may become subject as a result of any Claim to the extent such Claim alleges Losses arising directly or indirectly out of: (i) the manufacture, use, handling, 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
storage, sale or other disposition of the Compound or a Product by Takeda or its Affiliates or its licensees (other than Ovid or its Affiliates or sublicensees) (including Product Liability
Claims); (ii) the practice by Takeda or its Affiliates or its licensees of any license or sublicense right under Article 3 to Develop or Commercialize the Compound or Product pursuant to the terms of this Agreement;
(iii) the breach by Takeda of any warranty, representation, covenant or agreement made by Takeda in this Agreement or any Ancillary Agreement; (iv) the negligence, gross negligence or willful misconduct (including to the extent such
negligence, gross negligence or willful misconduct gives rise to Product Liability Claims under any legal theory) of Takeda, its Affiliate or its licensee (other than Ovid or its Affiliate), or any officer, director, employee, agent or
representative thereof; except, with respect to each of subsections (i) through (iv) above, to the extent such Losses arise directly or indirectly from any of the acts or omissions described in clauses (i) through (iv) in
Section 14.1. 
 14.3    Indemnification Procedures. 

(a)    Notice. Promptly after a Takeda Indemnitee or a Ovid Indemnitee (each, an “Indemnitee”)
receives notice of a pending or threatened Claim, such Indemnitee shall give written notice of the Claim to the Party from whom the Indemnitee is entitled to receive indemnification pursuant to Sections 14.1 or 14.2, as applicable (the
“Indemnifying Party”). However, an Indemnitee’s delay in providing or failure to provide such notice will not relieve the Indemnifying Party of its indemnification obligations, except to the extent it can demonstrate prejudice
due to the delay or lack of notice. 
 (b)    Defense. Upon receipt of notice under
Section 14.3 from the Indemnitee, the Indemnifying Party will have the duty to either compromise or defend such Claim, at its own expense and by counsel reasonably satisfactory to Indemnitee. The Indemnifying Party will
promptly (and in any event not more than [*] after receipt of the Indemnitee’s original notice) notify the Indemnitee in writing that it acknowledges its obligation to indemnify the Indemnitee with respect to the Claim pursuant to this
Article 14 and of its intention either to compromise or defend such Claim. Once the Indemnifying Party gives such notice to the Indemnitee, the Indemnifying Party is not liable to the Indemnitee for the fees of other
counsel or any other expenses subsequently incurred by the Indemnitee in connection with such defense, other than the Indemnitee’s reasonable costs of investigation and cooperation. However, the Indemnitee will have the right to employ separate
counsel and to participate in the defense of a Claim at its own expense. 
 (c)    Cooperation. The Indemnitee
will cooperate fully with the Indemnifying Party and its legal representatives in the investigation and defense of any Claim. The Indemnifying Party will keep the Indemnitee informed on a reasonable and timely basis as to the status of such Claim
(to the extent the Indemnitee is not participating in the defense of such Claim) and conduct the defense of such Claim in a prudent manner. 

(d)    Settlement. If an Indemnifying Party assumes the defense of a Claim, no compromise or settlement of such
Claim may be effected by the Indemnifying Party without the Indemnitee’s written consent (which consent will not be unreasonably withheld, conditioned or delayed), unless: (i) there is no finding or admission of any violation of law or any
violation of 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
the rights of any Person and no effect on any other claims that may be made against the Indemnitee; (ii) the sole relief provided is monetary damages that are paid in full by the
Indemnifying Party; and (iii) the Indemnitee’s rights under this Agreement are not adversely affected. If the Indemnifying Party fails to assume defense of a Claim within a reasonable time, the Indemnitee may settle such Claim on such
terms as it deems appropriate with the consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed), and the Indemnifying Party will be obligated to indemnify the Indemnitee for such settlement as
provided in this Article 14. 
 14.4    Insurance. Each Party shall, at its own
expense, procure and maintain during the Term and for a period of [*] thereafter, insurance policy/policies, including product liability insurance, adequate to cover its obligations hereunder and which are consistent with normal business practices
of prudent companies similarly situated (including reasonable self-insurance retentions). Such insurance shall not be construed to create a limit of a Party’s liability with respect to its indemnification
obligations under this Article 14. Ovid shall provide Takeda with written evidence of such insurance or self-insurance upon request. Ovid shall provide Takeda with prompt written notice of cancellation, non-renewal or material change in such insurance or self-insurance that could materially adversely affect the rights of Takeda hereunder, and shall provide such notice within [*] after any such cancellation, non-renewal or material change. 
 14.5    LIMITATION OF LIABILITY. EXCEPT FOR
A PARTY’S OBLIGATIONS SET FORTH IN THIS ARTICLE 14, AND ANY BREACH OF ARTICLE 11 (CONFIDENTIALITY), OR SECTION 15.1(B) (NON-COMPETITION),
IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY (OR THE OTHER PARTY’S AFFILIATES OR SUBLICENSEES) IN CONNECTION WITH THIS AGREEMENT FOR LOST REVENUE, LOST PROFITS (EXCEPT TO THE EXTENT OPERATING PROFITS ARE DUE AND OWING SUCH PARTY
HEREUNDER), LOST SAVINGS, LOSS OF USE, DAMAGE TO GOODWILL, OR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR INDIRECT DAMAGES UNDER ANY THEORY, INCLUDING CONTRACT, NEGLIGENCE, OR STRICT LIABILITY, EVEN IF THAT PARTY HAS BEEN PLACED
ON NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. 
 ARTICLE 15 – MISCELLANEOUS 

15.1    Exports and Restrictions on Competition. 

(a)    Exports. Except as provided in this Agreement, Ovid shall not, and shall cause its Affiliates and
sublicensees not to, whether directly or indirectly through a Third Party, export, distribute or sell a Product outside the Ovid Territory. Except as provided in this Agreement, Takeda shall not, and shall cause its Affiliates and sublicensees not
to, whether directly or indirectly through a Third Party, export, distribute or sell a Product outside the Takeda Domain. 

(b)    Non-Competition. During the Term, each Party shall not, and shall
cause its Affiliates not to, whether directly or indirectly through a Third Party (including any sublicensee), commercialize a Competing Product in the Field in the Territory. Neither Party 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
shall be in breach of this Section 15.1(b) by acquiring, merging or consolidating with a Third Party that commercializes a Competing Product in the Field;
provided that if a Party acquires a Competing Product then being commercialized in the Field or such Third Party, such Party shall, unless the Parties agree to the contrary, within [*] of such acquisition, either divest such Competing Product
then being commercialized in the Field to a Third Party or discontinue the commercialization of such Competing Product in the Field. 

15.2    Notice. Any notice, request, or other communication permitted or required under this Agreement shall be in
writing, shall refer specifically to this Agreement and shall be hand delivered or sent by a recognized overnight delivery service, costs prepaid, or by facsimile (with transmission confirmed), to the following addresses or to such other addresses
as a Party may designate by written notice in accordance with this Section 15.2: 
 If to Takeda: 

Takeda Pharmaceutical Company Limited 

1-1, Doshomachi 4-chome, 

Chuo-ku, Osaka 540-8645 

Attention: General Counsel, Legal Department 

Facsimile: (+81) 6-6204-2055 

Copy to: 
 Takeda
Pharmaceuticals U.S.A., Inc. 
 One Takeda Parkway 

Deerfield, IL 60015 
 Attention:
General Counsel, Legal Department 
 Facsimile: 224-554-7831

 If to Ovid: 
 Ovid
Therapeutics 
 1460 Broadway, Suite 15021 

New York, NY 10036 
 Attention:
Chief Business and Financial Officer 
 Copy to: 

Ovid Therapeutics 
 1460 Broadway,
Suite 15021 
 New York, NY 10036 

Attention: General and/or Patent Counsel 

15.3    Designation of Affiliates. Each Party may discharge any obligations and exercise any rights hereunder
through delegation of its obligations or rights to any of its Affiliates. Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the
provisions of this Agreement in connection with such performance. Any breach by a Party’s Affiliate of any 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any obligation to first proceed
against such Party’s Affiliate. 
 15.4    Force Majeure. Both Parties shall be excused from the performance
of their obligations under this Agreement to the extent that such performance is prevented by Force Majeure and the nonperforming Party promptly provides notice of the prevention to the other Party. Such excuse shall be continued so long as the
condition constituting Force Majeure continues and the nonperforming Party takes reasonable efforts to remove the condition. Notwithstanding the foregoing, a Party shall not be excused from making payments owed hereunder because of a Force Majeure
affecting such Party. If a Force Majeure persists for more than [*], then the Parties will discuss in good faith the modification of the Parties’ obligations under this Agreement in order to mitigate the delays caused by such Force Majeure.

 15.5    Assignment. Neither Party may assign or transfer this Agreement or any rights or obligations hereunder
without the prior written consent of the other. Any successor or assignee of rights and/or obligations permitted hereunder shall, in writing to the other Party, expressly assume performance of such rights and/or obligations. Notwithstanding the
foregoing, either Party may assign this Agreement and its rights and obligations hereunder without the other Party’s consent in connection with any transfer of this Agreement or any rights hereunder to any Affiliate of such Party or in
connection with the transfer or sale, through whatever means, of all or substantially all of its assets or the business of such Party to which this Agreement relates (whether by assignment, conveyance, reorganization, merger, assumption, purchase
and sale, by contract or by operation of law or at equity). Any permitted assignment shall be binding on the successors of the assigning Party. Any assignment or attempted assignment by either Party in violation of the terms of this
Section 15.5 shall be null, void and of no legal effect. 
 15.6    Effect of Triggering
Acquisition. 
 (a)    In the event of an Acquisition of either Party, intellectual property rights of the acquiring
party (together with any entities that were affiliates of such Third Party immediately prior to such Acquisition, a “Third Party Acquirer”) shall not be included in the technology licensed hereunder or otherwise subject to this
Agreement. 
 (b)    In the event of an Acquisition of Ovid by a Covered Acquirer that occurs prior to the final dosing
of a human patient in the first Phase III Trial for the Product in the Territory (a “Triggering Acquisition”), Ovid shall provide notice to Takeda of such Triggering Acquisition within [*] after the date upon which the Acquisition
closes or otherwise becomes effective. Public disclosure of such Acquisition shall be deemed to be sufficient notice to Takeda under this Section 15.6(b). 

(c)    On or before the date that is [*] after the date Takeda receives or is deemed to have received notice of such
Triggering Acquisition, Takeda shall have a [*], upon written notice to Ovid, to elect to Take the Lead on any or all current and future activities hereunder in the Territory [*], with all cost sharing and profit/loss sharing rights and obligations
(as well as any royalty payments, to the extent applicable) remaining in full force and effect; 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
provided that upon such election by Takeda, [*]. For clarity, Ovid (or its successor) would continue to be obligated to share all Development Expenses, Commercialization Expenses and
Operating Losses, and would have the right to share in all Operating Profits, otherwise expressly provided hereunder, even though the Takeda would have the right to exercise any and all other rights hereunder to Develop and Commercialize Products in
the Field in the Territory. 
 15.7    Severability. If any one or more of the provisions of this Agreement is
held to be invalid or unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The
Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized. 

15.8    English Language. This Agreement shall be written and executed in, and all other communications under or in
connection with this Agreement, shall be in the English language. Any translation into any other language shall not be an official version thereof, and in the event of any conflict in interpretation between the English version and such translation,
the English version shall control. 
 15.9    Waiver and Non-Exclusion of
Remedies. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the
Party waiving such term or condition. The waiver by either Party hereto of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure
by such other Party whether of a similar nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by Applicable Laws or otherwise available except as expressly set forth
herein. 
 15.10    Further Assurance. Each Party shall duly execute and deliver, or cause to be duly executed
and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary or as the other Party may reasonably request in
connection with this Agreement or to carry out more effectively the provisions and purposes hereof. 

15.11    Relationship of the Parties. It is expressly agreed that Takeda, on the one hand, and Ovid, on the other
hand, shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency. Neither Takeda nor Ovid shall have the authority to make any statements, representations or
commitments of any kind, or to take any action which shall be binding on the other, without the prior written consent of the other Party to do so. All persons employed by a Party shall be employees of that Party and not of the other Party and all
costs and obligations incurred by reason of such employment shall be for the account and expense of such Party. 

15.12    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the 

  
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[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
same instrument. This Agreement may be executed by facsimile,.pdf or other electronically transmitted signatures and such signatures shall be deemed to bind each Party hereto as if they were the
original signatures. 
 15.13    Construction. Except where the context otherwise requires, wherever used, the
singular shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. Whenever this Agreement refers to a number of days, such number refers to calendar days. The captions of this Agreement are for
the convenience of reference only and in no way define, describe, extend, or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The terms “including,” “include,”
or “includes” as used herein shall mean “including, but not limited to,” and shall not limit the generality of any description preceding such term. The language of this Agreement shall be deemed to be the language
mutually chosen by the Parties and no rule of strict construction shall be applied against either Party hereto. Each Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has
participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption will apply against the Party which drafted such terms and provision. 

15.14    Governing Laws. This Agreement was prepared in the English language, which language shall govern the
interpretation of, and any dispute regarding, the terms of this Agreement. This Agreement and all disputes arising out of or related to this Agreement or any breach hereof shall be governed by and construed under the laws of the State of New York,
without giving effect to any choice of law principles that would require the application of the laws of a different state. 

15.15    Entire Agreement. This Agreement, the Ancillary Agreements, including all Exhibits hereto and thereto, set
forth the complete, final and exclusive agreement and all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto with respect to the subject matter hereof and supersedes, as of the
Effective Date, all prior agreements and understandings between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties, representations, conditions or understandings, either oral or written,
between the Parties other than as are set forth herein and therein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each
Party. In the event of any inconsistency between the body of this Agreement and the Exhibits to this Agreement or any Ancillary Agreement, unless otherwise expressly stated to the contrary in such Exhibit or Ancillary Agreement, with express
reference to the terms of this Agreement to be superseded, the terms contained in this Agreement shall control. 

15.16    Headings. The headings of each Article and Section in this Agreement have been inserted for convenience of
reference only and are not intended to limit or expand on the meaning of the language contained in the particular Article or Section. 

  
 75 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SIGNATURE PAGE FOLLOWS 

  
 76 

[*] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 The Parties have caused this Agreement to be executed by their respective officers thereunto duly
authorized, in each case as of the date first written above. 
  

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	By:	 	 /s/ Misako Hamamura

		 	Name:	 	Misako Hamamura
		 	Title:	 	Vice President, Business Development and Strategy, Japan Business Unit
	
	OVID THERAPEUTICS INC.
		
	By:	 	 /s/ Jeremy Levin

		 	Name:	 	Jeremy Levin
		 	Title:	 	Chief Executive Officer

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Schedule 8.3 

This example is for informational purposes only. In the event of any inconsistency between this example and the terms of the Agreement, the terms of the
Agreement shall govern and control. 
 [*] 

  
 [*] = Three pages of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT A 

CHEMICAL COMPOUND 
 [*]

  
 [*] = One page of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT B 

KNOWLEDGE 
  

	•	 	[*] 

  
 [*] = One page of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT C 

TAKEDA PATENTS 
 [*] 

  
 [*] = One page of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT D 

PRODUCT INDS 
 [*] 

  
 [*] = One page of certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT E 

DEVELOPMENT PLAN 
 [*]

  
 [*] = Six pages of
certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT F 

STOCK PURCHASE AGREEMENT 
 Please see
Exhibit 10.19 filed with the Company’s Registration Statement on Form S-1 (File No. 377-01486), as filed with the Securities and Exchange Commission on
March 20, 2017. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT G 

PRESS RELEASE 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

			
	

	  	

 Takeda and Ovid Therapeutics Announce Innovative Clinical Development and Commercialization Collaboration
for TAK-935 in Rare Pediatric Epilepsies 
 Collaboration Between Big Pharma and Small Biotech
Underscores Potential for New Approaches to Partnering 
 Ovid and Takeda Will Share Equally in Building on the Discovery from the
Laboratories of Takeda, Bringing Together Capabilities of Both Companies in Development, Regulatory and Commercialization Activities 
 Osaka,
Japan & New York, NY. — January X, 2017 – Takeda Pharmaceutical Company Limited (TSE: 4502) and Ovid Therapeutics Inc., a privately-held biopharmaceutical company committed to developing medicines that transform
the lives of people with rare neurological diseases, today announced the formation of a global collaboration focused on the clinical development and commercialization of Takeda’s investigational new drug
TAK-935, a novel, potent and highly selective CH24H inhibitor, in rare pediatric epilepsies. TAK-935 has successfully completed Phase 1 clinical development under
Takeda’s leadership and will be moving into Phase 1b/2a clinical studies in rare epileptic encephalopathies where patients continue to suffer from significant unmet medical needs. 

Innovative Structure and Terms of Collaboration 
 Under
the terms of the agreement, Takeda received equity in Ovid and may be eligible to receive certain milestone payments based on the advancement of TAK-935. The companies will share in the development and
commercialization costs on a 50/50 basis and, if successful, the companies will share in the profits on a 50/50 basis. Takeda will lead commercialization in Japan, and has the option to lead in Asia and other selected geographies. Ovid will lead
clinical development activities and commercialization of TAK-935 in the United States, Europe, Canada and Israel. 

All activities of the collaboration regarding TAK-935 will be guided by the Takeda/Ovid “One Team” concept,
an integrated and interdisciplinary team from both companies devoted to the successful advancement of TAK-935 across rare epilepsy syndromes. If mutually agreed, additional orphan central nervous system
indications may also be pursued. Additional financial details were not disclosed. 
 “Ovid’s agility, exclusive focus on developing therapies for
rare neurological diseases and specialized capabilities in central nervous system drug development are highly differentiated and well suited to this important program,” said Emiliangelo Ratti, head of the central nervous system therapeutic area
for Takeda Pharmaceuticals. “Takeda is driven by the urgent need to provide novel medicines for people with psychiatric, neurological and rare central nervous system disorders for whom there are no treatments available. This agreement is a
prime example of our commitment to partnering select development programs with prominent companies that will enable us to remain at the leading edge of innovation.” 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Clinical Development Strategy 

The companies expect to initiate a Phase 1b/2a study in 2017 in patients with rare epileptic encephalopathies including Dravet syndrome, Lennox-Gastaut
syndrome and Tuberous Sclerosis Complex. These rare epilepsies often present in infancy and cause significant morbidities on patients and their families throughout their lives. Despite the availability of medicines for epilepsy, there are few
treatment options for these specific disorders, creating a significant medical need for the development of novel therapies. 
 “Working together with
Takeda we believe we can build on the strengths and interests of both companies. This is a creative alliance between a biotechnology and pharmaceutical company where not only do we both share the passion and commitment to develop meaningful
medicines that may improve the lives of patients worldwide but also we are able to unlock value in both companies’ pipelines and talent,” said Jeremy Levin, DPhil, MB BChir, chairman and chief executive officer of Ovid Therapeutics.
“This alliance advances our strategy to become a leader in the rare neurological disorders field. Building on our work with OV101 in Angelman and Fragile X syndromes, the collaboration in rare epilepsies extends our ability to help patient
communities who face neurological conditions with limited to no therapeutic options.” 
 About TAK-935

 TAK-935, which is being studied in rare pediatric epilepsies, is a potent, highly-selective, first- in-class inhibitor of the enzyme cholesterol 24-hydroxylase (CH24H). CH24H is predominantly expressed in the brain, where it plays a central role in cholesterol homeostasis.
CH24H converts cholesterol to 24-S-hydroxycholesterol (24HC) which then exits the brain into the blood plasma circulation.i Glutamate is one of the main
neurotransmitters in the brain and has been shown to play a role in the initiation and spread of seizure activity.ii Recent literature indicates CH24H is involved in over-activation of the glutamatergic pathway through modulation of the NMDA
channel,iii implying its potential role in CNS diseases such as epilepsy. To our knowledge, TAK- 935 is the only molecule with this mechanism of action in clinical development. 

TAK-935 has been tested in preclinical models to provide data to support the advancement of the drug into human
clinical studies in patients suffering from rare epilepsy syndromes. A novel proprietary PET ligand, developed by Takeda and Molecular Neuroimaging, LLC (MNI), has been used to determine target occupancy of
TAK-935 in the brain.iv In addition, TAK-935’s effect in the brain has been measured from the change in the plasma concentration of 24HC. 

TAK-935 has completed four Phase 1 clinical studiesv,vi,vii,viii which have assessed tolerability and target
engagement at doses which are believed to be therapeutically relevant. 
 About Takeda Pharmaceutical Company 

Takeda Pharmaceutical Company Limited is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter
future to patients by translating science into life-changing medicines. Takeda focuses its R&D efforts on oncology, gastroenterology and central nervous system therapeutic areas plus vaccines. Takeda conducts R&D both internally and with
partners to stay at the leading edge of innovation. New innovative products, especially in oncology and gastroenterology, as well as Takeda’s presence in Emerging Markets, are currently fueling the growth of Takeda. More than 30,000 Takeda
employees are committed to improving quality of life for patients, working with Takeda’s partners in health care in more than 70 countries. For more information, visit http://www.takeda.com/news. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 About Ovid Therapeutics 

Ovid Therapeutics Inc. is a privately-held, New York-based, biopharmaceutical company using its BoldMedicineTM approach to develop therapies that transform the
lives of patients with rare neurological diseases. Ovid’s lead product candidate, OV101, is currently in development for the treatment of symptoms of Angelman syndrome and Fragile X syndrome. 

For more information, visit http://www.ovidrx.com/. 

Takeda’s Forward-Looking Statements 
 This press
release contains “forward-looking statements.” Forward-looking statements include all statements other than statements of historical fact, including plans, strategies and expectations for the future, statements regarding the expected
timing of filings and approvals relating to the transaction, the expected timing of the completion of the transaction, the ability to complete the transaction or to satisfy the various closing conditions, future revenues and profitability from or
growth or any assumptions underlying any of the foregoing. Statements made in the future tense, and words such as “anticipate,” “expect,” “project,” “continue,” “believe,” “plan,”
“estimate,” “pro forma,” “intend,” “potential,” “target,” “forecast,” “guidance,” “outlook,” “seek,” “assume,” “will,” “may,”
“should,” and similar expressions are intended to qualify as forward- looking statements. Forward-looking statements are based on estimates and assumptions made by management that are believed to be reasonable, though they are inherently
uncertain and difficult to predict. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements. 

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied
by the forward-looking statements. Some of these risks and uncertainties include, but are not limited to: required regulatory approvals for the transaction may not be obtained in a timely manner, if at all; the conditions to closing of the
transaction may not be satisfied; competitive pressures and developments; applicable laws and regulations; the success or failure of product development programs; actions of regulatory authorities and the timing thereof; changes in exchange rates;
and claims or concerns regarding the safety or efficacy of marketed products or product candidates in development. 
 The forward-looking statements
contained in this press release speak only as of the date of this press release, and neither Ovid nor Takeda undertake any obligation to revise or update any forward-looking statements to reflect new information, future events or circumstances after
the date of the forward-looking statement. If one or more of these statements is updated or corrected, investors and others should not conclude that additional updates or corrections will be made. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Ovid’s Cautionary Note on Forward-Looking Statements 

This press release contains forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements
regarding the potential use of TAK-935 to treat epilepsy and various central nervous system indications, the scope and timing of the clinical development of TAK-935 and
Ovid’s potential payment of milestone payments. Words such as “may,” “believe,” “will,” “expect” and similar expressions (as well as other words or expressions referencing future events, conditions or
circumstances) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and involve a number of unknown risks, assumptions, uncertainties and factors that are beyond Ovid’s
control. All forward-looking statements are based on Ovid’s expectations and assumptions as of the date of this press release. Actual results may differ materially from these forward-looking statements. Except as required by law, Ovid expressly
disclaims any responsibility to update any forward-looking statement contained herein, whether as a result of new information, future events or otherwise. 

### 
 Ovid Contacts: 

Investors: 
 Burns McClellan 

Steve Klass 
 Sklass@burnsmc.com 

+1-212-213-0006 

Media: 
 Pure Communications, Inc. 

Katie Engleman 
 katie@purecommunicationsinc.com 

+1-910-509-3977 

Takeda Contacts:  
 Tsuyoshi Tada – Japan 

tsuyoshi.tada@takeda.com 

+81-3-3278-2417 

Julia Ellwanger – USA 
 julia.ellwanger@takeda.com

 +1-224-554-7681 

 
  

	i 	Russell DW, Halford RW, Ramirez DMO, Shah R, Kotti T. Cholesterol 24-Hydroxylase: An Enzyme of Cholesterol Turnover in the Brain. Annu Rev Biochem. 2009; 78: 1017–1040.

	ii 	Mehta A, Prabhakar M, Kumar P, Deshmukh R, Sharma PL. Excitotoxicity: bridge to various triggers in neurodegenerative disorders. Eur J Pharmacol
2013;698(1-3):6-18. 

	iii 	Paul SM, Doherty JJ, Robichaud AJ, Belfort GM, Chow BY, Hammond RS, et al. The major brain cholesterol metabolite 24(S)-hydroxycholesterol is a potent allosteric modulator of N-methyl-D-aspartate receptors. J Neurosci 2013;33(44):17290-300. 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

	iv 	https://www.clinicaltrials.gov/ct2/show/NCT02497235?term=TAK-935&rank=1 

	v 	https://www.clinicaltrials.gov/ct2/show/NCT02497235?term=TAK-935&rank=1 

	vi 	https://www.clinicaltrials.gov/ct2/show/NCT02906813?term=TAK-935&rank=2 

	vii	https://www.clinicaltrials.gov/ct2/show/NCT02201056?term=TAK-935&rank=3 

	viii 	https://www.clinicaltrials.gov/ct2/show/NCT02539134?term=TAK-935&rank=4 

  
 [*] = Certain confidential
information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

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