Document:

EX-10.1

 Exhibit 10.1 

RESEARCH, LICENSE AND OPTION AGREEMENT 

This research, license and option agreement (the “Agreement”) is entered into as of
May 5th, 2016 (the “Effective Date”), by and between Pfizer Inc., a corporation organized and existing under the laws of Delaware and having a principal place of business at
235 East 42nd Street, New York, NY 10017 (“Pfizer”) and WAVE Life Sciences Ltd., a Singapore corporation having a principal place of business at 733 Concord Avenue, Cambridge, MA 02138 (“Wave”). Pfizer and
Wave may each be referred to herein individually as a “Party” and collectively as the “Parties.” 
 RECITALS: 

WHEREAS Wave has developed and is developing a technology platform that enables the stereoselective synthesis of phosphorothioate modifications of
oligonucleotides, useful as oligonucleotide therapeutics; and 
 WHEREAS Pfizer has expertise in the research, discovery, development and
commercialization of biopharmaceuticals as therapeutic products for metabolic and other indications, and know-how and patent rights relating to its technology pertaining to its proprietary hepatic-specific targeting ligand (Pfizer’s
[***] Ligand); and 
 WHEREAS each of Wave and Pfizer desires to research and potentially commercialize oligonucleotide therapeutics that
include either or both of the Wave’s stereoselective synthesis and Pfizer’s [***] Ligand technologies. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements provided herein, Wave and Pfizer hereby agree as follows: 
  

	1.	Definitions. 

  

	 	1.1.	“Additional Programs” has the meaning ascribed to it in Section 4.1 

  

	 	1.2.	“Affiliate” means, with respect to a Party, any Person that controls, is controlled by, or is under common control with that Party. For the purpose of this definition, “control” shall
refer to: (a) the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through the ownership of voting securities, by contract or otherwise, or (b) the ownership, directly or
indirectly, of fifty percent (50%) or more of the voting securities of such entity. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  

	 	1.3.	“Alternate Target” has the meaning ascribed to it in Section 4.1.5. 

  

	 	1.4.	“Antisense Oligonucleotide” means a technology that utilizes [***]. 

  

	 	1.5.	“Applicable Law” means any statute, law, treaty, rule, code, ordinance, regulation, permit, interpretation, certificate or order of a governmental authority, or any judgment, decision, decree,
injunction, writ, order, subpoena, or like action of any court, arbitrator or other government entity, as are promulgated and applied as of the Effective Date and at all times thereafter. 

 

	 	1.6.	“Back-Up Candidate” has the meaning ascribed to it in Section 4.1.4. 

  

	 	1.7.	“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks located in New York, New York are authorized or required by Applicable Law to remain closed.

  

	 	1.8.	“Calendar Quarter” means the three (3) month period commencing as of the Effective Date and each successive three (3) month period thereafter. 

 

	 	1.9.	“Calendar Year” means the twelve (12) month period commencing as of the Effective Date and each successive twelve (12) month period thereafter. 

 

	 	1.10.	“CAN Package” has the meaning ascribed to it in Section 4.1.3. 

  

	 	1.11.	“CAN Stage” means the achievement by a Stereochemically Pure ssRNAi or Antisense Oligonucleotide drug candidate of the candidate criteria outlined in Table 1 of the Research Plan. 

 

	 	1.12.	“Commercialize” or “Commercialization” means to manufacture for sale, market, promote, distribute, and sell. 

 

	 	1.13.	“Commercially Reasonable Efforts” means, [***]. 

  

	 	1.14.	“Confidential Information” has the meaning ascribed to it in Section 8.1. 

  

	 	1.15.	“Control” or “Controlled” means, with respect to any Pfizer Patent Rights or Wave Patent Rights, the legal authority or right (whether by ownership, license or otherwise) of a Party to
grant a license or a sublicense of or under such Pfizer Patent Rights or Wave Patent Rights (as the case may be) to the other Party without breaching the terms of any agreement with a Third Party. 

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

  
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	 	1.16.	“Coordinated Patent Rights” has the meaning ascribed to it in Section 5.1.6. 

  

	 	1.17.	“Develop” or “Development” means to conduct any and all research and development, including preclinical, clinical and regulatory activities necessary to obtain a Regulatory Approval.

  

	 	1.18.	“Disclosing Party” has the meaning ascribed to it in Section 7.1. 

  

	 	1.19.	“DRP1 Milestone Payment” has the meaning ascribed to it in Section 7.2.2. 

  

	 	1.20.	“Effective Date” has the meaning ascribed to it in the opening paragraph of this Agreement. 

  

	 	1.21.	“First Commercial Sale” means the first sale for use or consumption by the general public of the Product following receipt of Regulatory Approval for such Product in a country in the Territory.

  

	 	1.22.	“GAAP” means the generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board. 

  

	 	1.23.	“Infringement Claim” has the meaning ascribed to it in Section 5.1.13. 

  

	 	1.24.	“Initial Programs” has the meaning ascribed to it in Section 4.1. 

  

	 	1.25.	“Intellectual Property Rights” means all copyrights, trade secrets, trademarks, moral rights, Patent Rights, Know-How and any and all other intellectual property or proprietary rights now known or
hereafter recognized in any jurisdiction. 

  

	 	1.26.	“Invention” means an invention or discovery, whether patentable or not, conceived and reduced to practice (i) in the performance of the Research Plan or (ii) using the Results or
(iii) after the exercise of the Pfizer Option as a result of the Development or Commercialization of Pfizer Compounds or Pfizer Products resulting from a Pfizer Program. 

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

  
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	 	1.27.	“Joint Results” has the meaning ascribed to it in Section 5.1.2. 

  

	 	1.28.	“Joint Patent Rights” has the meaning ascribed to it in Section 5.1.6. 

  

	 	1.29.	“Joint Steering Committee” or “JSC” has the meaning ascribed to it in Section 3.1. 

  

	 	1.30.	“Know-How” means information in the form of unpatented inventions, formulae, designs, drawings, procedures and methods, together with techniques, accumulated skills, know-how and experience in the hands
of a Party’s employees, unless such information was, at the time of disclosure, or thereafter becomes part of the general knowledge or literature within the public domain which is generally available for public use from other lawful sources.

  

	 	1.31.	“Licensee” means Pfizer (in the case of a Pfizer Program) or Wave (in the case of a Wave Program). 

  

	 	1.32.	“Licensor” means Wave (in the case of a Pfizer Program) or Pfizer (in the case of a Wave Program). 

  

	 	1.33.	“Major Market Countries” means [***]. 

  

	 	1.34.	“Materials” means any Wave Materials, any Pfizer Materials or both, as the case may be. 

  

	 	1.35.	“Milestone Event” has the meaning ascribed to it in Section 7.2.3 and 7.3.1. 

  

	 	1.36.	“Milestone Payment” is either a Pfizer Milestone Payment or a Wave Milestone Payment. 

  

	 	1.37.	“Net Sales” means the gross amount invoiced by or on behalf of Licensee, its Affiliates and their respective sublicensees for sales of the Product (other than sales by Licensee, its Affiliates or sublicensees
for subsequent resale in which case the final sale to the end user shall be used for calculation of Net Sales), less the following deductions if and to the extent they are included in the gross invoiced sales price of the Product or otherwise
directly incurred by Licensee, its Affiliates and their respective sublicensees with respect to the sale of the Product: (a) rebates, quantity and cash discounts, and other usual and customary discounts to customers, (b) taxes and duties
paid, absorbed or allowed which are directly related to the sale of the 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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Product, (c) credits, allowances, discounts and rebates to, and chargebacks for spoiled, damaged, out-dated, rejected or returned Product, (d) actual freight and insurance costs
incurred in transporting the Product to customers, provided that in no event shall deductions for freight and insurance exceed three percent (3%) of the gross amount invoiced, (e) discounts or rebates or other payments required by
Applicable Law, including any governmental special medical assistance programs, and (f) customs duties, surcharges and other governmental tariff charges incurred in connection with the exportation or importation of the Product. Subsections
(a) through (f) shall be collectively referred to as “Deductions”. 

  

	 	    	The following principles shall apply in the calculation of Net Sales: 

  

	 	a.	In the case of any sale of Product which is not invoiced or is delivered before invoice, Net Sales shall be calculated at the time of shipment or when the Product is paid for, if paid for before shipment or invoice.

  

	 	b.	In the case of any sale or other disposal of Product for non-cash consideration, Net Sales shall be calculated as the fair market price of the Product in the country of sale or disposal. Notwithstanding the foregoing,
provision of the Product for the purpose of conducting pre-clinical or clinical research shall not be deemed to be a sale, so long as the Product is provided at a price which does not exceed the reasonably estimated cost of production and
distribution thereof. 

  

	 	c.	Net Sales shall be reduced in a proportional manner in accordance with the relative costs of each therapeutically active ingredient which is a component for sales of any Combination Products. For purposes of this
Subsection c, “Combination Products” means any pharmaceutical product containing: (a) the Product and (b) one or more other therapeutically active ingredients, which is not a Product. 

 

	 	d.	Unless otherwise specified herein, Net Sales shall be calculated in accordance with GAAP generally and consistently applied. 

  

	 	1.38.	“Non-Controlling Party” has the meaning ascribed to it in Section 5.1.13.4.2. 

  

	 	1.39.	“Party” and “Parties” have the meanings ascribed to them in the opening paragraph of this Agreement. 

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

  
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	 	1.40.	“Patent Rights” means any and all (a) issued patents, (b) pending patent applications, including all provisional and non-provisional patent applications, substitutions, continuations,
continuations-in-part, divisions and renewals, and all patents granted thereon, (c) patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration mechanisms, including patent term
adjustments, patent term extensions, supplementary protection certificates or the equivalent thereof, (d) inventor’s certificates, (e) other forms of government-issued rights substantially similar to any of the foregoing and
(f) United States and foreign counterparts of any of the foregoing, which include rights of priority thereto. 

  

	 	1.41.	“Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole proprietorship,
unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

  

	 	1.42.	“Pfizer Compound” has the meaning ascribed to it in Section 5.3. 

  

	 	1.43.	“Pfizer Improvements” has the meaning ascribed to it in Section 5.1.3. 

  

	 	1.44.	“Pfizer Know-How” means Know-How that is specific to the Pfizer Technology. 

  

	 	1.45.	“Pfizer Materials” means any and all materials and samples (including clinical samples), provided by or on behalf of or otherwise made available by or on behalf of Pfizer or its Affiliate to Wave
pursuant to the Research Plan or otherwise under this Agreement. 

  

	 	1.46.	“Pfizer Option” has the meaning ascribed to it in Section 5.3. 

  

	 	1.47.	“Pfizer Option Period” has the meaning ascribed to it in Section 5.3. 

  

	 	1.48.	“Pfizer Patent Rights” means Patent Rights with respect to the patent applications and issued letters patent listed in Schedule B. 

 

	 	1.49.	“Pfizer Principal Investigator” has the meaning ascribed to it in Section 2.2. 

  

	 	1.50.	“Pfizer Product” means a Product which is being Developed and Commercialized by Pfizer (or its Affiliate or Sublicensee, as applicable) pursuant to this Agreement. 

 

	 	1.51.	“Pfizer Program” means an Initial Program or an Additional Program. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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	 	1.52.	“Pfizer Program IP” means any and all Know How or Inventions arising pursuant to the activities of Pfizer or its Affiliates or sublicensees after the exercise of the Pfizer Option as a result of the
Development or Commercialization of Pfizer Compounds or Pfizer Products resulting from a Pfizer Program, and any and all Intellectual Property Rights pertaining thereto. 

 

	 	1.53.	“Pfizer Quarter” means each of the four (4) successive thirteen (13) week periods, the first such thirteen (13) week o\period (a) with respect to the United States, commencing on
January 1 of any Pfizer Year, and (b) with respect to any country in the Territory other than the United States, commencing on December 1 of any Pfizer Year. Throughout this Agreement, wherever reference is made to a report being
delivered or a payment being made within a time frame measured from the end of a Pfizer Quarter, such time frame shall be measured from the end of the applicable Pfizer Quarter with respect to the United States. 

 

	 	1.54.	“Pfizer Results” has the meaning ascribed to it in Section 5.1.2. 

  

	 	1.55.	“Pfizer Royalty Term” means, with respect to the relevant Product in each country in the Territory, the period commencing on the Effective Date and expiring upon the later of: (a) the date upon
which the manufacture, use or sale of such Product in such country would no longer infringe, but for the license granted herein, a Valid Claim of a Patent Right exclusively licensed to Pfizer under this Agreement and covering such Product in such
country in the Territory, or (b) [***] years following the date of First Commercial Sale of the Product in such country. 

  

	 	1.56.	“Pfizer Technology” means Pfizer’s hepatic-specific targeting [***] Ligand technology. 

  

	 	1.57.	“Pfizer Year” means the twelve (12) month fiscal periods observed by Pfizer (a) commencing on January 1 with respect to the united States, and (b) commencing on December 1 with
respect to any country in the Territory other than the United States; provided that the first Pfizer Year shall commence on the Effective Date and, unless otherwise agreed between the Parties in writing, the last Pfizer Year shall end on the
effective date of expiration or termination of this Agreement. 

  

	 	1.58.	“Phase 1 Clinical Trial” means a clinical trial of the Product as described in 21 CFR §312.21(a) (as hereafter modified or amended) and any of its foreign equivalents. “Phase 1
Clinical Trial Start” means the first dosing of the first patient in a Phase 1 Clinical Trial. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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	 	1.59.	“Phase 2 Clinical Trial” means a clinical trial of the Product as described in 21 CFR §312.21(b) (as hereafter modified or amended) and any of its foreign equivalents. “Phase 2
Clinical Trial Start” means the first dosing of the first patient in a Phase 2 Clinical Trial. 

  

	 	1.60.	“Phase 3 Clinical Trial” means a clinical study of the Product as described in 21 CFR §312.21(c) (as hereafter modified or amended) and any of its foreign equivalents. “Phase 3
Clinical Trial Start” means the first dosing of the first patient in a Phase 3 Clinical Trial. 

  

	 	1.61.	“Principal Investigator” means either the Pfizer Principal Investigator or the Wave Principal Investigator. 

  

	 	1.62.	“Product” means Stereopure nucleic acid therapeutics directly arising from drug discovery work under this Agreement and that (a) include or are based upon or derived from Wave Technology or any
Pfizer Compound, and (b) that may (or may not) include or be based upon Pfizer Technology. 

  

	 	1.63.	“Prosecution Lead” means that Party appointed by the Joint Patent Subcommittee to take the lead in prosecution or initial drafting and submission of any patent filing. 

 

	 	1.64.	“Receiving Party” has the meaning ascribed to it in Section 8.1. 

  

	 	1.65.	“Regulatory Approval” means, with respect to a pharmaceutical product in any country or jurisdiction, any approval (including where required, pricing and reimbursement approvals), registration, license
or authorization that is required by the applicable Regulatory Authority to market and sell the pharmaceutical product in such country or jurisdiction. 

	 	1.66.	“Regulatory Authority” means any governmental agency or authority responsible for granting Regulatory Approvals. 

  

	 	1.67.	“Regulatory Filings” means, with respect to the Product, any submission to a Regulatory Authority of any appropriate regulatory application, including, without limitation, any IND, NDA, BLA, any
submission to a regulatory advisory board, any marketing authorization application, and any supplement or amendment thereto. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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	 	1.68.	“Relevant Factors” means [***]. 

  

	 	1.69.	“Research Plan” means the studies and activities described in Exhibit C, attached to this Agreement and incorporated by reference. 

 

	 	1.70.	“Research Term” means the period beginning on the Effective Date and expiring four (4) years thereafter. 

  

	 	1.71.	“Results” means all results, Know-How, Inventions, data, reports and other Intellectual Property made by or on behalf of either or both Parties, arising from the work performed under this Agreement
(whether under a Pfizer Program or under a Wave Program) during the Research Term. Results includes the Pfizer Results, Wave Results and Joint Results. 

  

	 	1.72.	“Share Purchase Agreement” means the Share Purchase Agreement, dated as of the Effective Date, between Pfizer and Wave. 

 

	 	1.73.	“ssRNAi” refers to a technology that utilizes single strand therapeutic oligonucleotides designed to hybridize to a specific sequence in a target RNA in a manner that causes it to be recognized and cleaved by
an enzyme known as Argonaut, or Ago2. Typically, therapeutic RNAi oligonucleotides are designed to bind to a target RNA that encodes a disease-associated protein; cleavage of such RNA triggers its degradation and prevents the protein from being
made. 

  

	 	1.74.	“Stereochemically Pure” or “Stereopure” means [***]. 

  

	 	1.75.	“Term” has the meaning ascribed to it in Section13.1.  

  

	 	1.76.	“Territory” means worldwide. 

  

	 	1.77.	“Third Party” means any party other than Wave or Pfizer, or their respective Affiliates. 

  

	 	1.78.	“Third Party Infringement” has the meaning ascribed to it in Section 5.1.13.1. 

  

	 	1.79.	“Upfront Payment” has the meaning ascribed to it in Section 7.2.1. 

  

	 	1.80.	“Valid Claim” means, with respect to a particular country, a claim of a Patent Right that (a) is issued [***], (b) has not been held permanently revoked, unenforceable or 

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

  
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invalid by a decision of a court or other governmental authority of competent jurisdiction, which decision is unappealed or unappealable within the time allowed for appeal, and (c) has not
expired or been cancelled, withdrawn, abandoned, disclaimed or admitted to be invalid or unenforceable through reissue, inter partes review, post grant review, reexamination, opposition, revocation proceeding disclaimer or otherwise. [***]

  

	 	1.81.	“Wave Improvements” has the meaning ascribed to it in Section 5.1.4. 

  

	 	1.82.	“Wave Hepatic Targeting Technology” means [***]. 

  

	 	1.83.	“Wave Know-How” means Know-How that is specific to the Wave Technology. 

  

	 	1.84.	“Wave Materials” means any and all materials and samples provided by or on behalf of or otherwise made available by or on behalf of Wave or its Affiliates to Pfizer pursuant to the Research Plan or
otherwise under this Agreement. 

  

	 	1.85.	“Wave Patent Rights” means Patents Rights with respect to the patent applications and issued letters patent listed in Schedule A. 

 

	 	1.86.	“Wave Principal Investigator” has the meaning ascribed to it in Section 2.1. 

  

	 	1.87.	“Wave Product” means a Product which is being Developed and Commercialized by Wave (or its Affiliate or Sublicensee, as applicable) pursuant to this Agreement. 

 

	 	1.88.	“Wave Program” has the meaning ascribed to it in Section 4.2. 

  

	 	1.89.	“Wave Reserved Target” means a therapeutic target listed in Exhibit D. 

  

	 	1.90.	“Wave Results” has the meaning ascribed to it in Section 5.1.2. 

  

	 	1.91.	“Wave Royalty Term” means, with respect to the relevant Product in each country in the Territory, the period commencing on the Effective Date and expiring upon the later of: (a) the date upon which
the manufacture, use or sale of such Product in such country would no longer infringe, but for the license granted herein, a Valid Claim of a Patent Right licensed to Wave under this Agreement and covering such Product in such country in the
Territory, or (b) [***] years following the date of First Commercial Sale of the Product in such country. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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	 	1.92.	“Wave Technology” means [***]. 

  

	2.	SCOPE OF WORK. 

  

	 	2.1.	Wave, under the direction of [***] (“Wave Principal Investigator”), will perform the work specified in the Research Plan for each Pfizer Program and provide to Pfizer the Results produced by Wave for each
Pfizer Program as described in the Research Plan. 

  

	 	2.2.	Pfizer, under the direction of [***] (“Pfizer Principal Investigator”), will perform the work specified in the Research Plan for each Pfizer Program and provide to Wave the Results produced by Pfizer for each
Pfizer Program as described in the Research Plan. 

  

	 	2.3.	Each Party is responsible for ensuring that its employees, contractors and agents handling the other Party’s Materials, using the other Party’s Confidential Information, or conducting work under the Research
Plan understand and agree to be bound by all of the terms and conditions of this Agreement. 

  

	 	2.4.	To the extent this Agreement requires an Affiliate of a Party to perform or comply with an obligation hereunder in order for the other Party to exercise or enjoy its rights under this Agreement, such Party will cause
its Affiliate(s) to perform or comply with such obligation. Without limiting the foregoing, to the extent any of the Intellectual Property Rights of a Party is Controlled by an Affiliate of such Party, then, such Party shall cause such Affiliate to
take all necessary actions to give effect to the licenses granted hereunder. 

  

	3.	JOINT STEERING COMMITTEE. 

  

	 	3.1.	The work performed by the Parties under the Research Plan will be overseen by a joint research committee composed of three (3) representatives from each Party (the “Joint Steering Committee” or
“JSC”). The Parties shall designate their JSC representatives within [***] after the Effective Date. An alternate member designated by a Party may serve temporarily in the absence of a permanent member of the JSC for such Party.
Each Party shall designate one of its representatives as a co-chair of the JSC. The co-chairs of the JSC shall be jointly responsible for setting the agenda for each meeting, and each co-chair will be responsible for chairing 

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

  
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alternating JSC meetings. From time to time, the JSC may establish subcommittees or subordinate committees (that may or may not include members of the JSC itself) to oversee particular projects
or activities, and such subcommittees or subordinate committees shall be constituted and shall operate as the JSC agrees. After the end of the Research Term, the JSC shall only meet if necessary to fulfill its surviving duties and shall continue to
exist for purposes of communication between the Parties only. 

  

	 	3.2.	All decisions of the JSC with respect to the Pfizer Programs made pursuant to this Agreement shall be made by consensus, [***]. 

  

	 	3.3.	Changes to Research Plan. Any changes to the Research Plan that materially expand Wave’s obligations or require Wave to materially increase its efforts or materially alter the nature of the services provided
by Wave shall require the unanimous consent of the JSC. If the JSC fails to reach unanimous consent regarding any such change to the Research Plan, then the obligations of Wave shall not be increased and the nature of the services provided by Wave
shall not be altered. 

  

	 	3.4.	Meetings. The JSC shall hold meetings at such times and places as shall be determined by the JSC (it being expected that any in-person meetings will alternate between the appropriate offices of each Party), but
in no event shall such meetings be held less frequently than once every Calendar Quarter during the Research Term. The JSC may: 

  

	 	3.4.1.	conduct meetings in person, by videoconference or by telephone conference; 

  

	 	3.4.2.	invite other personnel of the Parties to attend meetings of the JSC as appropriate to the agenda for such meeting, after giving advance notice to the other Party; and 

 

	 	3.4.3.	act without a meeting if, prior to such action, a consent thereto is signed by the co-chairs of the JSC. 

  

	 	3.5.	Minutes. At each meeting, the JSC shall elect a secretary who will prepare minutes after each meeting, reporting in reasonable detail the actions taken by the JSC during such meeting, issues requiring resolution,
and resolutions of previously reported issues. Such minutes are to be reviewed and, if reasonably complete and accurate, signed by one JSC member from each Party. The secretary shall revise such minutes as necessary to obtain such signatures.

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

  
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	 	3.6.	JSC Functions and Powers. The research activities of the Parties under the Research Plan shall be managed by the JSC only to the extent set forth herein (unless otherwise mutually agreed in writing by the
Parties). The JSC shall foster the collaborative relationship between the Parties in order to assist each Party in fulfilling its obligations under the Research Plan, and shall in particular: 

 

	 	3.6.1.	encourage and facilitate ongoing cooperation and information exchange between the Parties; 

  

	 	3.6.2.	monitor the progress of the Research Program and the Parties’ diligence in carrying out their responsibilities thereunder, including activities directed towards achievement of the CAN Stage for the Pfizer Programs;

  

	 	3.6.3.	subject to Sections 3.2 and 3.3, prepare any amendments to the Research Plan, if the JSC should determine that any such amendments are necessary; 

 

	 	3.6.4.	set priorities, allocate tasks and coordinate activities between the Parties, in each case as required to perform the Research Program; and 

 

	 	3.6.5.	perform such other functions as appropriate to further the purposes of the Research Plan as mutually determined by the Parties. 

  

	 	    	Except as set forth in Section 3.6.3, the JSC shall have no power to amend this Agreement and shall have only such powers as are specifically delegated to it in this Agreement. 

 

	 	3.7.	Expenses. Pfizer and Wave shall each bear all expenses of their respective members related to their participation on the JSC. 

 

	 	3.8.	Reports. During the Research Term, Pfizer and Wave each shall furnish to the JSC: 

  

	 	3.8.1.	summary written reports within [***] days after the end of [***] commencing on the Effective Date, describing its progress under the Research Plan and, with respect to Wave, Wave’s progress against Wave Programs;
and 

  

	 	3.8.2.	comprehensive written reports within [***] days after the end of [***] commencing on the Effective Date and each [***] thereafter during the Research Term, describing in detail the work accomplished by it under the

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

  
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Research Plan, with respect to Wave, Wave’s progress against Wave Programs, during the year and discussing and evaluating the Results. Such reports will include, without limitation, general
methods and data related to efficacy and toxicity, improvements made by Pfizer to Wave Technology and improvements made by Wave to Pfizer Technology. 

  

	4.	PFIZER PROGRAM; WAVE PROGRAM; MATERIAL TRANSFER. 

  

	 	4.1.	Pfizer Programs. 

  

	 	4.1.1.	Initial (2) Programs. Pfizer will have the right (but not the obligation) to designate up to two (2) hepatic targets as of the Effective Date, both of which shall be directed toward hepatic therapeutic
conditions (each, an “Initial Program”. The two (2) Initial Programs are designated in the Research Plan in Exhibit C as Program 1 and Program 2. Each such Initial Program may include Pfizer Technology or Wave
Hepatic Targeting Technology, at Pfizer’s election. 

  

	 	4.1.2.	Additional (3) Programs. Pfizer will have the right (but not the obligation) to designate up to three (3) additional therapeutic targets, all three (3) of which will be hepatic targets directed
toward hepatic therapeutic conditions (each, an “Additional Program”). The total of up to three (3) Additional Programs will be designated by Pfizer by written notice to Wave within eighteen (18) months after the Effective
Date. The Additional Programs may be against any hepatic target directed toward hepatic therapeutic conditions of Pfizer’s choosing, provided that such hepatic target is not a Wave Reserved Target listed in Exhibit D and is not at the time of
designation either: [***]. 

  

	 	4.1.3.	Wave Efforts. Wave will use Commercially Reasonable Efforts to research and Develop at least one (1) Stereochemically Pure ssRNAi or Antisense Oligonucleotide drug candidate through the CAN Stage (the
“Candidate Compound”) for each Pfizer Program (including alternate Pfizer Programs further to Section 4.1.5), according to the efforts described in the Research Plan. Wave will present a data package with respect to the
Candidate Compound (the “CAN Package”) to Pfizer when Wave in good faith believes that a Candidate Compound has progressed to the CAN Stage and that the data contemplated in the Research Plan are substantially complete. The CAN
Package will contain detailed Results required by the Research Plan. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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	 	4.1.4.	Back-Up Candidates. Wave and Pfizer will together designate one (1) back-up candidate (the “Back-Up Candidate”), selected from the structure and activity relationships discovered by Wave
during the work under the Research Plan for each Pfizer Program. In the event of the termination of the Development of any Candidate Compound for any reason, Pfizer will have the right to replace the Candidate Compound with the Back-Up Candidate for
continued Development for each Pfizer Program. In the event that Pfizer elects to replace the original Candidate Compound with a Back-Up Candidate, Wave will prepare and inform Pfizer of a good faith estimate of the projected costs to Wave to
replace the Candidate Compound with the Back-Up Candidate. For progressing the Back-Up Candidate, Pfizer will reimburse Wave each Pfizer Quarter for the actual costs for the Back-Up Candidate, beyond the costs already expended for the original
candidate. 

  

	 	4.1.5.	Alternate Targets. In the event that Pfizer, in its sole discretion, terminates any Pfizer Program, then Pfizer will have the right, exercisable within the first two (2) years after the Effective Date, to
designate an alternate hepatic target for a Pfizer Program (an “Alternate Target”). Such designation of an Alternate Target for a Pfizer Program may be made by Pfizer during the Research Term only once for each of up to a total of
three (3) Pfizer Programs. In the event that Pfizer designates an Alternate Target, Pfizer will pay to Wave an Alternate Target designation (“Alternate Target Designation”) milestone payment as described in Table 1 of
Section 7.2.3, provided, [***]. Such alternate Pfizer Programs may be directed against any hepatic target directed toward a hepatic therapeutic condition of Pfizer’s choosing, provided that such Alternate Target is not a Wave Reserved
Target listed in Exhibit D and is not at the time of designation either: [***]. 

  

	 	4.1.6.	Exclusivity. 

  

	 	    	(a) During the Research Term and a period of two (2) years thereafter, Wave will not itself (or through any Affiliate) research, Develop or Commercialize, and will not license to any Third Party or enter into any
research, development or commercialization agreements with any Third Party, to use Wave Technology that is specific for the applicable hepatic target which is the basis of any Pfizer Program, provided, however that such obligations and restrictions
shall expire automatically and immediately on a Pfizer Program- 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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by-Pfizer Program basis upon the date that either: (i) such Pfizer Program has been terminated by Pfizer under the termination provisions of Section 13.2, or (ii) Pfizer declines
to exercise its Pfizer Option with respect to a Pfizer Program prior to expiration of the Option Period for such Pfizer Program or (iii) Pfizer fails to use Commercially Reasonable Efforts for such Pfizer Program or the Agreement has otherwise
been terminated by Wave under Section 13.3 for a material breach by Pfizer with respect to such Pfizer Program or (iv) Pfizer has substituted the relevant target in respect of a Pfizer Program for an Alternate Target pursuant to
Section 4.1.5. For clarity, the restrictions and obligations under this section shall not apply to the use of any Wave Technology in relation to any target that is not the subject of a Pfizer Program, and shall not apply to Wave for any target
which has become the subject of a Wave Program in accordance with the provisions of Section 4.2 that is not at such time a target that is the subject of a Pfizer Program (including a Pfizer Program for which Pfizer has exercised its Option).

  

	 	    	(b) During the Research Term and a period of one [***] thereafter, Pfizer will not itself (or through any Affiliate) research, Develop or Commercialize, and will not license to any Third Party or enter into any
research, development or commercialization agreement with any Third Party, with respect to any [***]. 

  

	 	4.2.	Wave Programs. Subject to Section 4.1.6, Wave will have the right (but not the obligation) to designate therapeutic targets for stereochemically controlled Oligonucleotide therapies involving ssRNAi or
Antisense Oligonucleotide (or any combination thereof) applications only for research, Development and Commercialization, incorporating Pfizer Technology, under the terms and conditions of this Agreement (each, a “Wave Program”).
For clarity, Wave shall have no obligation to use Commercially Reasonable Efforts with respect to any of the Wave Programs or with respect to the use of any of the Pfizer Technology or with respect to the Development or Commercialization of any
Product using or incorporating the Pfizer Technology. Also for clarity, in the event that the Pfizer Technology is initially used in a Wave Program but is subsequently not used in the Wave Program, Wave shall not owe to Pfizer any such subsequent
milestone payment under this Agreement with respect to the Wave Program that is no longer using the Pfizer Technology. In the event that the Pfizer Technology is either rejected by a regulatory agency or is not incorporated as part of the final
Product, Wave shall not owe to Pfizer any milestone or royalty payments under this Agreement subsequent to the rejection or removal from the Product with respect to any Products resulting from 

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

  
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such Wave Program that do not utilize the Pfizer Technology. [***]. Designation of a therapeutic target as the basis of a Wave Program under this Section 4.2 will be effective upon Wave
delivering to Pfizer notice of the designation and of the identity of the therapeutic target, except if such proposed therapeutic target for a Wave Program is at such time already the basis of a Pfizer Program (including a Pfizer Program for which
Pfizer has exercised its Option). Such designation may be made at any time during the Term. Subject to the terms and conditions of this Agreement, conduct of the Wave Program will be at the sole discretion of Wave. 

 

	 	4.3.	Material Transfer. Wave and Pfizer may, during the Research Term, as a matter of course during any Pfizer Program or any Wave Program, or upon each other’s reasonable written request, furnish to each other
samples of biochemical, biological or synthetic chemical materials which are part of Pfizer Technology or Wave Technology or Wave Hepatic Targeting Technology and that are necessary for each Party to carry out its responsibilities under the Research
Plan or for Wave to perform its work under the Wave Program. Wave shall, upon request from Pfizer, deliver to Pfizer, subject to availability, a reasonable quantity of samples of any material made pursuant to and during activities described in the
Research Plan. Any such samples provided (including any samples of the Oligonucleotides or Antisense Oligonucleotides provided by Wave to Pfizer) shall be used by Pfizer solely for purposes of the Research Program, and any quantities of such
materials remaining at the end of the Research Term shall be returned to the Wave or destroyed, unless otherwise agreed between the Parties. Wave and Pfizer agree not to transfer such materials of the other Party to any Third Party, unless prior
written consent for any such transfer is obtained from the other Party, and this sentence will survive the expiration or termination for any reason of this Agreement. 

 

	 	4.4.	Subject to Section 4.1.6, nothing in this Agreement limits or alters Wave’s right to distribute Wave Materials to others or to use Wave Materials for its own purposes. 

 

	 	4.5.	Nothing in this Agreement limits or alters Pfizer’s right to distribute Pfizer Materials to others or to use Pfizer Materials for its own purposes. 

 

	 	4.6.	Each Party understands that the other Party’s Materials have not been approved for human use and agrees that the Materials may not be used to treat humans in any manner or form, subject to the Option.

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

  
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	5.	INTELLECTUAL PROPERTY, INVENTIONS AND LICENSES. 

  

	 	5.1.	Ownership. 

  

	 	5.1.1.	All Confidential Information of Wave and Wave Technology and Wave Hepatic Targeting Technology is and shall be owned by Wave. Wave hereby grants to Pfizer and to Pfizer’s Affiliates a [***] license for all
purposes to use Wave Hepatic Targeting Technology which arises under a Pfizer Program. All Confidential Information of Pfizer and Pfizer Technology is and shall be owned by Pfizer. 

 

	 	5.1.2.	Ownership of Results (and the Patent Rights, Know-How and other Intellectual Property Rights, if any, that claim, are directed to, or incorporate such Results) does and shall originally vest according to the origin of
the Results, and, in case of Results that constitute Inventions, ownership is and shall be determined by the inventorship (which shall be determined as defined under U.S. patent law at the time the Invention is made), i.e.: 

 

	 	a.	Does and shall originally vest in Wave, if inventors are one or more employees of Wave (or if such Invention was made on behalf of Wave by a Third Party subcontractor) and none of the inventors are employees of Pfizer
(“Wave Results”), 

  

	 	b.	Does and shall originally vest jointly to Wave and Pfizer, if inventors are one or more employees of Wave and one or more employees of Pfizer (“Joint Results”), 

 

	 	c.	Does and shall belong to Pfizer, if inventors are one or more employees of Pfizer (or if such Invention was made on behalf of Pfizer by a Third Party subcontractor) and none of the inventors are employees of Wave
(“Pfizer Results”). 

  

	 	    	Subject to the Parties’ other rights and obligations under this Agreement, each Party shall be free to exploit and assign, either itself or through the grant of licenses to Third Parties, all Joint Results
throughout the world without restriction, without the need to obtain further consent from or provide notice to the other Party and without any duty to account or otherwise make any payment of any compensation to the other Party. 

 

	 	5.1.3.	Improvements to Pfizer Technology. Section 5.1.2 notwithstanding, Pfizer does and shall own all improvements or modifications to the Pfizer Technology that arise under the Research Plan or under the work
performed 

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

  
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on the Pfizer Programs or Wave Programs or otherwise arising during the Term of this Agreement, and all Intellectual Property Rights therein. (“Pfizer Improvements”). All such Pfizer
Improvements shall be deemed included within the Pfizer Technology for the purposes of the licenses that are expressly granted to Wave hereunder. 

  

	 	5.1.4.	Improvements to Wave Technology and Wave Hepatic Targeting Technology. Section 5.1.2 notwithstanding, Wave does and shall own all improvements or modifications to the Wave Technology or to the Wave Hepatic
Targeting Technology that arise under the Research Plan or under the work performed on the Pfizer Programs or Wave Programs or otherwise arising during the Term of this Agreement, and all Intellectual Property Rights therein. (“Wave
Improvements”). All such Wave Improvements shall be deemed included within the Wave Technology or the Wave Hepatic Targeting Technology (as applicable) for the purposes of the licenses that are expressly granted to Pfizer hereunder.

  

	 	5.1.5.	Implementation; Assignment and Establishment of a Joint Patent Subcommittee. Each Party shall assign, and does hereby assign, to the other Party such Patent Rights, Know-How and other Intellectual Property Rights
as necessary to achieve ownership as allocated in this Section 5. Specifically, Wave shall and hereby does assign to Pfizer all Pfizer Improvements (including all relevant Results and the Patent Rights and other Intellectual Property
Rights, if any, that claim or are directed to such Results), and Pfizer shall and hereby does assign to Wave all Wave Improvements ((including all relevant Results and the Patent Rights and other Intellectual Property Rights, if any, that claim or
are directed to such Results). Each assigning Party shall execute and deliver all documents and instruments reasonably requested by the other Party to evidence or record such assignment, or to file for, perfect or enforce the assigned rights. Each
assigning Party shall make its relevant employees, agents and independent contractors (and their assignments and signatures on such documents and instruments) reasonably available to the other Party for assistance in accordance with assignments
according to this Section at no charge. In order to facilitate the foregoing activities, as well as the other patent-related activities, responsibilities, rights and obligations of the respective Parties as set forth under this
Article 5, the Parties shall establish a Joint Patent Subcommittee as a subcommittee of the Joint Steering Committee. The Joint Patent Subcommittee shall report to the Joint Steering Committee and 

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

  
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shall be comprised of members from each Party as decided by each party and shall meet on an ad hoc basis from time to time as deemed necessary by either Party in order to address and oversee
patent issues within the collaboration hereunder, subject to the provisions of this Agreement with respect to control of patent related activities. 

  

	 	5.1.6.	Provisions Concerning the Filing and Prosecution of Patent Rights. Prior to filing any Patent Rights covering any Results under a Pfizer Program or a Wave Program, including for the avoidance of doubt any Patent
Rights covering Wave Improvements or Pfizer Improvements, each Party shall notify and consult with the other through the Joint Patent Subcommittee, and shall take into reasonable account any comments that are timely provided by the other Party. Each
Party shall provide the other with a copy of the draft application for any such Patent Rights for the other Party’s review and comment, no later than [***] days prior to filing such application. 

 

	 	    	Unless otherwise agreed in writing, Wave shall control all decisions and be solely responsible for the costs of preparing, filing and prosecuting any patent applications covering Wave Results or Wave Improvements and
Pfizer shall control all decisions and be solely responsible for the costs of preparing, filing and prosecuting any patent applications covering Pfizer Results or Pfizer Improvements. Each Party shall provide the other with a copy of any application
for any such Patent Rights filed during the Research Term, within [***] days of filing, and shall continue to cooperate in the prosecution and maintenance of such patent rights until exercise of the relevant Option or expiration of the period
for such exercise. Prior to either Party filing any Patent Rights covering Joint Results (“Joint Patent Rights”), the Party wishing to file the Patent Rights shall notify and consult with the other Party through the Joint Patent
Subcommittee, and the Parties will jointly determine a filing strategy for such Joint Patent Rights, including apportionment of costs and designation of a Prosecution Lead, being responsible for initial drafting and timely submission of any
prosecution materials, and for prompt reporting to the other Party of any documents received from or submitted to any patent office worldwide. 

  

	 	    	If Pfizer exercises a Pfizer Option, responsibility (but not the obligation) for the filing, prosecution and maintenance of Patent Rights filed with respect to 

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

  
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64 

	 	
Wave Results or Joint Results that (i) arise from the applicable Pfizer Program, (ii) are related to such Pfizer Option, and (iii) include specific claims to a Candidate Compound
or Pfizer Product, its use, or manufacture will be transferred to Pfizer, including for the avoidance of doubt Patent Rights directed to a specific Stereochemically Pure ssRNAi or Antisense Oligonucleotide drug Candidate Compound Developed for the
relevant Pfizer Program. 

  

	 	    	If Wave exercises a Wave Option, responsibility (but not the obligation) for filing, prosecution and maintenance of Patent Rights filed with respect to Pfizer Results or Joint Results that (i) arise from or are
related to such Wave Program, and (ii) that include specific claims to a Wave Product, its use, or manufacture will be transferred to Wave, including for the avoidance of doubt Patent Rights directed to a specific Stereochemically Pure ssRNAi
or Antisense Oligonucleotide drug candidate Developed for the relevant Wave Program. 

  

	 	    	In the event that Patent Rights arising from Results are desired to be filed covering both a Wave Improvement and a Pfizer Product, or a Pfizer Improvement and a Wave Product (the “Coordinated Patent
Rights”), the Parties shall coordinate their patent filings and prosecution strategies in good faith via the Joint Patent Subcommittee and shall endeavor to file, wherever reasonably practical and appropriate, separate (e.g., continuation
and/or divisional) patent applications that individually claim either the relevant Product or the relevant Improvement, but not both, if such separate filings would not adversely affect the prosecution strategy for either case. It is expected that
the Joint Patent Subcommittee will normally appoint as Prosecution Lead for such separate filings the Party that owns the relevant Improvement or Product being claimed. Each Party shall provide the other Party with copies of any Information
Disclosure Statements that it submits during prosecution under this Agreement of any Patent Rights in the United States, as well as lists of any other references or other art that is cited during prosecution under this Agreement of any Patent Rights
in other patent offices. 

  

	 	    	In the event that Pfizer is Prosecution Lead for any particular patent application(s) within Coordinated Patent Rights, Wave agrees to, at Pfizer’s option: 1) reimburse Pfizer for all out of pocket costs
related to filing, prosecution, or maintenance of claims in such Patent Rights which do not cover a Pfizer Product or 2) with [***] days written notice accept transfer 

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

  
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64 

	 	
from Pfizer of responsibility, and pay all costs, for filing, prosecution, or maintenance of such claims. Furthermore, where Pfizer is Prosecution Lead for any particular patent application(s)
within Coordinated Patent Rights and Wave expresses interest in having claims pursued in such application(s) that Pfizer indicates in writing that it does not wish to pursue in the application(s), Wave agrees to, at Pfizer’s option: 1)
reimburse Pfizer for all out of pocket costs related to filing, prosecution, or maintenance activities directed to such claims or 2) with [***] days written notice accept transfer from Pfizer of responsibility, and pay all costs, for filing,
prosecution, or maintenance of such claims. 

  

	 	    	It is agreed that one purpose of the Joint Patent Subcommittee is to ensure that each Party shall take into account in good faith any good faith comments by the other Party as to the scope of any claims pursued in any
Patent Rights directed to specific Stereochemically Pure ssRNAi or Antisense Oligonucleotide drug candidates Developed for the relevant Pfizer Program or Wave Program. 

 

	 	    	It is agreed that Pfizer may use internal patent counsel, filing clerks and paralegals employed by Pfizer for its prosecution related activities, including for coordinating worldwide filings of such Patent Rights, for
prosecution before the European Patent Office, and for directly instructing U.S. outside counsel and ex-U.S. patent agents, including providing draft applications and responses. It is also agreed that Pfizer may employ its preferred patent agents
and/or members of the “Pfizer Legal Alliance” to conduct such activities as required for U.S. and ex-U.S. prosecution. 

  

	 	5.1.7.	Review and Comment. 

  

	 	5.1.7.1.	With Respect to Pfizer Products 

  

	 	    	Review and Comment by Wave of cases prosecuted by Pfizer with respect to a Pfizer Product: Following exercise of the Pfizer Option, Pfizer shall keep Wave advised on the status of the prosecution and maintenance
of those Patent Rights Pfizer is prosecuting or maintaining under this Agreement which cover 1) Results, and 2) the Pfizer Compound or Pfizer Product, it use or manufacture, other than Pfizer Improvements, including those Patent Rights, other than
Pfizer Improvements, for which responsibility for filing prosecution and maintenance is transferred to Pfizer under the provisions of this Section 5, annually and at other 

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

  
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times as necessary to comply with its obligations hereunder or as reasonably requested by Wave or instructed by the Joint Patent Subcommittee. For Major Market Countries, and any other countries
or patent offices specifically requested in writing by Wave, Pfizer shall allow Wave a reasonable opportunity and reasonable time to review and comment regarding substantive communications from the relevant patent offices or Governmental Authorities
and drafts of any responses or other proposed substantive filings before any such filings are submitted to any relevant patent offices or Governmental Authorities, and Pfizer shall consider in good faith any reasonable comments offered by Wave in
preparing any final filings to be submitted to any relevant patent offices or Governmental Authorities. 

  

	 	    	Review and Comment by Pfizer of cases prosecuted by Wave following exercise of Pfizer Option: Following exercise of the Pfizer Option, Wave shall keep Pfizer advised on the status of the prosecution and maintenance of
the Wave Patent Rights annually and at other times as necessary to comply with its obligations hereunder or as reasonably requested by Pfizer or instructed by the Joint Patent Subcommittee. At Pfizer’s request, with respect to any Wave Patent
Right, Wave will provide any requested copies of documents, cooperate with Pfizer, and reasonably consider Pfizer suggestions, with respect to any Wave Patent Right covering a Pfizer Product. 

 

	 	    	Further, following exercise of the Pfizer Option, Wave shall keep Pfizer advised on the status of the prosecution and maintenance of those Patent Rights, and other Patent Rights Wave is prosecuting or maintaining under
this Agreement assigned to Wave as Wave Improvements or Joint Patent Rights and which cover the Pfizer Product annually and at other times as necessary to comply with its obligations hereunder or as reasonably requested by Pfizer or instructed by
the Joint Patent Subcommittee. For Major Market Countries, and any other countries or patent offices specifically requested in writing by Pfizer, Wave shall allow Pfizer a reasonable opportunity and reasonable time to review and comment regarding
substantive communications from the relevant patent offices or Governmental Authorities and drafts of any responses or other proposed substantive filings before any such filings are submitted to any relevant patent offices or Governmental
Authorities, and Wave shall consider in good faith any reasonable comments offered by Pfizer in preparing any final filings to be submitted to any relevant patent offices or Governmental Authorities. 

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

  
 Page 23 of
64 

	 	5.1.7.2.	With Respect to Wave Product 

  

	 	    	Review and Comment by Pfizer of cases prosecuted by Wave with respect to a Wave Product: Following exercise of the Wave Option, Wave shall keep Pfizer advised on the status of the prosecution and maintenance of
those Patent Rights Wave is prosecuting or maintaining under this Agreement which cover 1) Results, and 2) the Wave Product, it use or manufacture, other than Wave Improvements, including those Patent Rights, other than Wave Improvements, for which
responsibility for filing prosecution and maintenance is transferred to Wave under the provisions of this Section 5, annually and at other times as necessary to comply with its obligations hereunder or as reasonably requested by Pfizer or
instructed by the Joint Patent Subcommittee. For Major Market Countries, and any other countries or patent offices specifically requested in writing by Pfizer, Wave shall allow Pfizer a reasonable opportunity and reasonable time to review and
comment regarding substantive communications from the relevant patent offices or Governmental Authorities and drafts of any responses or other proposed substantive filings before any such filings are submitted to any relevant patent offices or
Governmental Authorities, and Wave shall consider in good faith any reasonable comments offered by Pfizer in preparing any final filings to be submitted to any relevant patent offices or Governmental Authorities. 

 

	 	5.1.8.	Election to Not Prosecute or Maintain. 

  

	 	5.1.8.1.	With Respect to Pfizer Products 

  

	 	    	Pfizer Election to not Prosecute or Maintain Patents on Results and Covering a Pfizer Product. If, following exercise of the Pfizer Option, Pfizer has responsibility for filing, prosecution and maintenance of
Patent Rights relating to Results and which cover a Pfizer Product, Candidate Compound, Backup Candidate, or Pfizer Compound, or its use, or manufacture, under the provisions of this Agreement, including through transfer of responsibility to Pfizer
from Wave, for avoidance of doubt other than a Pfizer Improvement, and Pfizer at any time declines to continue prosecution or maintenance of the patents and applications in a particular country for any such Patent Right, Pfizer shall provide Wave
with [***] days prior written notice to such effect, and Pfizer shall have no responsibility with respect to the prosecution or maintenance of the applicable Patent Right and no responsibility for any expenses incurred in connection with such Patent
Right after the end of such [***] day period. If Wave gives written notice to Pfizer before the end of such [***] days period that Wave elects to continue prosecution or maintenance), (a) Pfizer, upon Wave’s request, shall

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

  
 Page 24 of
64 

	 	
execute such documents and perform such acts, at Wave’s expense, as may be reasonably necessary to permit Wave to prosecute and maintain such Patent Right at its sole expense, and
(b) Wave shall keep Pfizer advised on the status of the prosecution and maintenance of all such Patent Rights annually and at other times as reasonably requested by Pfizer or as instructed by the Joint Patent Subcommittee. In the event that
Pfizer is maintaining in the same country a Patent Right that claims common priority with such Patent Right that Wave has elected to prosecute or maintain, Wave shall provide Pfizer with a reasonable opportunity to comment on all proposed
substantive filings in such country with respect to such Patent Right. If Wave does not give written notice to Pfizer before the end of such [***] day period that Wave elects to continue prosecution or maintenance of such Patent Right, Pfizer shall
be entitled to allow such Patent Right to lapse. For avoidance of doubt, nothing herein shall be construed to give Wave the right to use Pfizer’s Confidential Information in prosecuting such Patent Rights or in connection with such prosecution
without Pfizer’s prior written consent. For avoidance of doubt, no right is provided to Wave under this Section 5.1.8.1 with respect to any Pfizer Patent Rights or Pfizer Improvements. 

 

	 	    	Wave Election to Not Prosecute or Maintain Patents Covering Pfizer Products. If, following exercise of the Pfizer Option, Wave at any time declines to continue prosecution or maintenance of patents and
applications in a particular country for any Patent Right exclusively licensed to Pfizer under this Agreement which covers a Pfizer Product, Candidate Compound, Backup Candidate, or Pfizer Compound, or its use, or manufacture, Wave shall provide
Pfizer with [***] days prior written notice to such effect, and Wave shall have no responsibility with respect to the prosecution or maintenance of the applicable Patent Right and no responsibility for any expenses incurred in connection with such
Patent Right after the end of such [***] day period. If Pfizer gives written notice to Wave before the end of such [***] days period that Pfizer elects to continue prosecution or maintenance), (a) Wave, upon Pfizer’s request, shall execute
such documents and perform such acts, at Pfizer’s expense, as may be reasonably necessary to permit Pfizer to prosecute and maintain such Patent Right at its sole expense, (b) Pfizer shall keep Wave advised on the status of the prosecution
and maintenance of all such Patent Rights annually and at other times as reasonably requested by Wave and (c) Wave shall retain a fully paid up, sublicensable, non-exclusive under such Patent Right for all purposes other than those exclusively
licensed to Pfizer. In the event that Wave is maintaining in the same country a Patent Right that claims common priority with such Patent Right that Pfizer has elected to prosecute or maintain, Pfizer shall provide Wave with a reasonable opportunity
to 

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

  
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64 

	 	
comment on all proposed substantive filings in such country with respect to such Patent Right. If Pfizer does not give written notice to Wave before the end of such [***] period that Pfizer
elects to continue prosecution or maintenance of such Patent Right, Wave shall be entitled to allow such Patent Right to lapse. For avoidance of doubt, nothing herein shall be construed to give Pfizer the right to use Wave’s Confidential
Information in prosecuting such Patent Rights or in connection with such prosecution without Wave’s prior written consent. 

  

	 	5.1.8.2.	With Respect to Wave Products 

  

	 	    	Wave Election to not Prosecute or Maintain Patents on Results and Covering a Wave Product. If, following exercise of the Wave Option, Wave has responsibility for filing prosecution and maintenance of Patent
Rights relating to Results and which cover a Wave Product, its use or manufacture, under the provisions of this Agreement, and Wave at any time declines to continue prosecution or maintenance of the patents and applications in a particular country
for any such Patent Right, for avoidance of doubt other than a Wave Improvement, Wave shall provide Pfizer with [***] days prior written notice to such effect, and Wave shall have no responsibility with respect to the prosecution or maintenance of
the applicable Patent Right and no responsibility for any expenses incurred in connection with such Patent Right after the end of such [***] day period. If Pfizer gives written notice to Wave before the end of such [***] days period that Pfizer
elects to continue prosecution or maintenance), (a) Wave, upon Pfizer’s request, shall execute such documents and perform such acts, at Pfizer’s expense, as may be reasonably necessary to permit Pfizer to prosecute and maintain such
Patent Right at its sole expense, and (b) Pfizer shall keep Wave advised on the status of the prosecution and maintenance of all such Patent Rights annually and at other times as reasonably requested by Wave. In the event that Wave is
maintaining in the same country a Patent Right that claims common priority with such Patent Right that Pfizer has elected to prosecute or maintain, Pfizer shall provide Wave with a reasonable opportunity to comment on all proposed substantive
filings in such country with respect to such Patent Right. If Pfizer does not give written notice to Wave before the end of such [***] day period that Pfizer elects to continue prosecution or maintenance of such Patent Right, Wave shall be entitled
to allow such Patent Right to lapse. For avoidance of doubt, nothing herein shall be construed to give Pfizer the right to use Wave’s Confidential Information in prosecuting such Patent Rights or in connection with such prosecution without
Wave’s prior written consent. For avoidance of doubt, no right is provided to Pfizer under this Section 5.1.8.2 with respect to any Wave Patent Rights or Wave Improvements. 

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

  
 Page 26 of
64 

	 	5.1.9.	Patent Term Restoration and Extension.  

  

	 	5.1.9.1.	With Respect to Pfizer Products 

  

	 	    	Following exercise of the Pfizer Option, Pfizer shall have the exclusive right, but not the obligation, to seek, in Wave’s name if so required, patent term extensions, supplemental protection certificates and the
like available under Applicable Law, including 35 U.S.C. § 156 and applicable foreign counterparts, in any country in the Territory with respect to any Pfizer Product and in relation to Patent Rights exclusively licensed or assigned to Pfizer
hereunder. Wave and Pfizer will cooperate in connection with all such activities, including executing any licenses required with respect to such extensions. Pfizer will give due consideration to all suggestions and comments of Wave regarding any
such activities. In the event of a disagreement between the Parties, Pfizer will have the final decision-making authority; provided, however, that Pfizer will not seek to extend any Wave Patent Right or Wave Improvement without Wave’s
agreement, unless licensed Patent Right may be extended without limiting Wave’s right to extend such licensed Patent Right for another product. 

  

	 	5.1.9.2.	With Respect to Wave Products 

  

	 	    	Following exercise of the Wave Option, Wave shall have the exclusive right, but not the obligation, to seek in Pfizer’s name if so required, patent term extensions, supplemental protection certificates and the like
available under Applicable Law, including 35 U.S.C. § 156 and applicable foreign counterparts, in any country in the Territory in relation to the relevant Wave Product. Wave and Pfizer will cooperate in connection with all such activities,
including executing any licenses required with respect to such extensions. In the event of a disagreement between the Parties, Wave will have the final decision-making authority; provided, Wave shall not have the right, without Pfizer’s
agreement, not to be unreasonably withheld, to seek an extension on any Patent Rights non-exclusively licensed to Wave under this Agreement. For the avoidance of doubt Pfizer’s agreement to extend a licensed patent may be withheld if Pfizer, in
its reasonable judgment believes such extension may limit Pfizer’s right to extend such licensed Patent Right for another product. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 27 of
64 

	 	5.1.10.	Liability. To the extent that a Party is obtaining, prosecuting or maintaining a Patent Right or otherwise exercising its rights under this Section 5, neither such Party, nor any of its Affiliates,
employees, agents or representatives, shall be liable to the other Party in respect of any act, omission, default or neglect on the part of any such Affiliate, employee, agent or representative in connection with such activities undertaken in good
faith. 

  

	 	5.1.11.	Cooperation. Each Party shall provide the other Party all reasonable assistance and cooperation in the patent prosecution and extension efforts in accordance with this Section 5, including by providing any
necessary powers of attorney and executing any other required documents or instruments for such prosecution or extension applications. 

  

	 	5.1.12.	Status Updates. Wave shall provide Pfizer with a written status update on the Patent Rights exclusively licensed to Pfizer as reasonably requested by Pfizer or instructed by the Joint Patent Subcommittee,
including any updates to the list in Schedule A. Pfizer shall provide Wave with a written status update on the Patent Rights licensed to Wave as reasonably requested by Wave or instructed by the Joint Patent Subcommittee, including any updates to
the list in Schedule B. 

  

	 	5.1.13.	Enforcement and Defense of Patent Rights. 

  

	 	5.1.13.1.	Notification. Each Party will promptly notify the other Party in writing of any actual, potential, suspected or threatened infringement, misappropriation or other violation by a Third Party of any licensed or
assigned Patent Right under this Agreement of which it becomes aware (“Third Party Infringement”). 

  

	 	5.1.13.2.	Control.  

  

	 	5.1.13.2.1.	With Respect to Pfizer Products 

  

	 	    	Except as otherwise provided in this Section, Pfizer will have the sole right, but not the obligation, to institute litigation or take other steps to remedy Third Party Infringement with respect to a Pfizer Product, and
any such litigation or steps will be at Pfizer’s expense; provided for the avoidance of doubt that Pfizer shall have no right under any Patent Right non-exclusively licensed to Pfizer hereunder, and further provided that any recoveries
resulting from such 

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

  
 Page 28 of
64 

	 	
litigation or steps relating to Third Party Infringement of Patent Rights licensed or assigned to Pfizer hereunder, after deducting Pfizer’s out of pocket expenses (including counsel fees
and expenses) in pursuing such claim, will be deemed Net Sales. Pfizer will not, without the prior written consent of Wave, enter into any compromise or settlement relating to such litigation that (a) admits the invalidity or unenforceability
of any licensed or assigned Patent Right under this Agreement or (b) requires Pfizer to abandon any such Patent Right. In order to establish standing, Wave, upon request of Pfizer, agrees to timely commence or to join in any such litigation, at
Pfizer’s expense, and in any event to cooperate with Pfizer in such litigation or steps at Pfizer’s expense. Wave will have the right to consult with Pfizer about such litigation and to participate in and be represented by independent
counsel in such litigation at Wave’s expense. 

  

	 	5.1.13.2.2.	With Respect to Wave Products 

  

	 	    	Except as otherwise provided in this Section, Wave will have the sole right, but not the obligation, to institute litigation or take other steps to remedy Third Party Infringement with respect to a Wave Product, and any
such litigation or steps will be at Wave’s expense, provided for the avoidance of doubt that Wave shall have no right under any Patent Right non-exclusively licensed to Wave hereunder, and provided that any recoveries resulting from such
litigation or steps relating to Third Party Infringement of any Patent Right assigned to Wave hereunder, after deducting Pfizer’s out of pocket expenses (including counsel fees and expenses) in pursuing such claim, will be deemed Net Sales.
Wave will not, without the prior written consent of Pfizer, enter into any compromise or settlement relating to such litigation that (a) admits the invalidity or unenforceability of any such assigned Patent Right under this Agreement or
(b) requires Wave to abandon any such assigned Patent Right. In order to establish standing, Pfizer, upon request of Wave, agrees to timely commence or to join in any such litigation, at Wave’s expense, and in any event to cooperate with
Wave in such litigation or steps at Wave’s expense. Pfizer will have the right to consult with Wave about such litigation and to participate in and be represented by independent counsel in such litigation at Pfizer’s expense.

  

	 	5.1.13.3.	Other Actions by Third Parties. Each Party will promptly notify the other Party in the event of any legal or administrative action by any Third Party involving any exclusively licensed or assigned Patent Right of

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

  
 Page 29 of
64 

	 	
which it becomes aware, including any nullity, revocation, interference, reexamination or compulsory licensing proceeding. Each will have the first right, but not the obligation, to defend
against any such action involving any Patent Right that it is prosecuting or maintaining, in its own name (to the extent permitted by Applicable Law) or other Party’s name, and any such defense will be at its expense. Each Party, at the
prosecuting Party’s request, agrees to join in any such action at the prosecuting Party’s expense and in any event to cooperate with prosecuting Party at the prosecuting Party’s expense. If the prosecuting Party fails to defend
against any such action involving an exclusively licensed or assigned Patent Right, then the other Party will have the right to defend such action, in its own name, and any such defense will be at the other Party’s expense. 

 

	 	5.1.13.4.	Third Party Infringement Suits.  

  

	 	5.1.13.4.1.	Notification. Each Party will promptly notify the other Party in the event that any Third Party files suit or brings any other action alleging patent infringement by Pfizer or Wave or any of their respective
Affiliates or sublicensees with respect to the Development, Manufacture, Commercialization or use of any Pfizer Compound or Wave Compound or Product or the practice of any Pfizer Technology or Wave Technology or Wave Hepatic Targeting Technology
(any such suit or other action referred to herein as an “Infringement Claim”). 

  

	 	5.1.13.4.2.	Control. In the case of any Infringement Claim against a Party (including its Affiliates or sublicensees) alone or against both such Party and the other Party (including its Affiliates), the Party whose Compound
or Product or technology is the subject of the litigation (the “Controlling Party”) will have the right, but not the obligation, to control the defense of such Infringement Claim, including control over any related litigation, settlement,
appeal or other disposition arising in connection therewith). The other Party (the “Non-Controlling Party”) will cooperate with Controlling Party and will have the right to consult with the Controlling Party concerning any Infringement
Claim and to participate in and be represented by independent counsel in any associated litigation in which the Non-Controlling Party is a party at the Non-Controlling Party’s own expense In the case of any Infringement Claim 

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

  
 Page 30 of
64 

	 	
against a Party alone concerning the other Party’s Product, such other Party will have the right to consult with the Party involved in the action concerning such Infringement Claim. In the
case of an Infringement Claim that does not relate to a Party’s Compound or Product or technology, the Parties shall cooperate in determining control of the litigation. 

 

	 	5.1.14.	Orange Book Information. Each Party will have the sole right, but not the obligation, to submit to all applicable Governmental Authorities patent information pertaining to its Products pursuant to 21 U.S.C.
§ 355(b)(1)(G) (or any amendment or successor statute thereto), any similar statutory or regulatory requirement enacted in the future regarding biologic products, or any similar statutory or regulatory requirement in any non-U.S. country or
other regulatory jurisdiction. 

  

	 	5.1.15.	Paragraph IV Type Notices. Notwithstanding any provision of this Agreement to the contrary, each Party will promptly (but in no event later than [***] following receipt or discovery, whichever occurs
first) give written notice to the other Party of any certification of which it becomes aware filed pursuant to any statutory or regulatory requirement in any country in the Territory similar to 21 U.S.C. § 355(b)(2)(A)(iv) or 21 U.S.C. §
355(j)(2)(A)(vii)(IV) (or any amendment or successor statute thereto) claiming that any Patent Right licensed or assigned under the Agreement and covering any Party’s Compound or Product is invalid or that infringement will not arise from the
Development, Manufacture, Commercialization or use in the Territory of such compound or Product by a Third Party. Upon the giving or receipt of such notice, the Party whose Compound or Product is relevant will have the sole right, but not the
obligation, to bring an infringement action against such Third Party. In order to establish standing in connection with any action brought under this Section, the Parties will reasonably cooperate with each other and will timely commence or join in
any such action if requested at the other Party’s expense. In the event of any conflict between the terms of this Section and the terms of any other Section, the terms of this Section will control and govern. 

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

  
 Page 31 of
64 

	 	5.2.	Grants of Research Licenses. 

  

	 	5.2.1.	To Pfizer. Subject to the terms and conditions of this Agreement, Wave hereby grants to Pfizer a nonexclusive, [***] license [***], including the right to grant sublicenses solely to Affiliates and to contractors
performing work for Pfizer under the Research Plan, to use Wave’s Confidential Information, Wave Patent Rights and Wave Know-How [***]. 

  

	 	5.2.2.	To Wave. Subject to the terms and conditions of this Agreement, Pfizer hereby grants to Wave a nonexclusive, [***] license [***], including the right to grant sublicenses solely to Affiliates and to contractors
performing work for Wave under the Research Plan, to use Pfizer’s Confidential Information, Pfizer Patent Rights and Pfizer Know-How [***]. 

  

	 	5.3.	Pfizer Option for Commercial License. For each Pfizer Program, Wave hereby grants to Pfizer the exclusive option (each, a “Pfizer Option”) to acquire an exclusive, royalty-bearing license, in the Territory,
with the right to grant sublicenses, under Wave’s interest in the Results (including Patent Rights and other Intellectual Property Rights covering or directed to Results and Wave Improvements), Wave Hepatic Targeting Technology, Wave
Technology, Wave Patent Rights, and Wave Know-How to Develop, make, have made, use, sell, offer for sale, import, export and Commercialize the Candidate Compound and the Back-Up Candidate resulting from such Pfizer Program (each, a “Pfizer
Compound”) and Pfizer Products based upon or resulting from the Pfizer Compound(s) from such Pfizer Program for all therapeutic, prophylactic and diagnostic purposes, under the terms and conditions described in this Agreement. Pfizer may
exercise such Pfizer Option by delivering written notice to Wave [***] after receipt by Pfizer of the CAN Package for the Candidate Compound or for such additional period as the Parties may agree in writing (each, a “Pfizer Option
Period”). Pfizer’s failure to timely exercise such Pfizer Option shall cause such Pfizer Option to lapse and expire, and Wave will be free to offer, license, transfer or make any other disposition of rights in or to such Pfizer Compounds
to one or more Third Parties or to Develop and Commercialize the Pfizer Compounds itself. 

  

	 	5.4.	Wave Option for Commercial License. For each Wave Program, Pfizer hereby grants to Wave the exclusive option (each, a “Wave Option”) to acquire a non-exclusive, royalty-bearing license, during the Term, in the
Territory, for stereochemically controlled oligonucleotide therapies against any target (excluding Pfizer Program(s)) and the exclusions to Antisense Oligonucleotides and ssRNAi described in Section 4.2), with the right to grant sublicenses,
under Pfizer’s interest in Results (including Patent Rights and other Intellectual Property Rights covering or directed to Results and Pfizer Improvements), Pfizer Technology, Pfizer Patent Rights, Pfizer Know- 

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

  
 Page 32 of
64 

	 	
How, to Develop, make, have made, use, sell, offer for sale, import, export and Commercialize compounds resulting from such Wave Program (each, a “Wave Compound”) and Wave Products
based upon or resulting from the Wave Compound(s) from such Wave Program, for all therapeutic, prophylactic and diagnostic purposes, under the terms and conditions described in this Agreement. Wave may exercise such Option by delivering written
notice to Pfizer [***] after the Research Term or for such additional period as the Parties may agree in writing (each, a “Wave Option Period”). Wave’s failure to timely exercise such Wave Option shall cause such Wave Option to
lapse and expire. 

  

	6.	RESULTS. 

  

	    	During the Research Term and subject to Article 8, Pfizer and Wave researchers may discuss Results, interim results and modification to the Research Plan, and Results under the Wave Programs. Such discussions will be
governed by the terms and conditions of this Agreement, including the confidentiality terms of Article 8. 

  

	7.	FINANCIALS FOR PFIZER PROGRAMS AND WAVE PROGRAMS. 

  

	 	7.1.	Concurrent Equity Investment by Pfizer. Pfizer or an Affiliate will make, concurrent with execution of this Agreement, a Thirty Million Dollar (US$30,000,000.00) equity investment via private placement pursuant to the
terms of a Share Purchase Agreement dated even date herewith. 

  

	 	7.2.	Pfizer Programs. 

  

	 	7.2.1.	Upfront License Fee. Pfizer will pay to Wave the amount of Ten Million Dollars ($10,000,000.00) (the “Upfront Payment”) within forty-five (45) days of the Effective Date. 

 

	 	7.2.2.	Functional Stereoisomer Milestone. Wave will notify Pfizer as soon as practicable upon achievement of the [***] and will deliver a report to Pfizer detailing the results of the [***]. A milestone payment of [***]
(the “DRP1 Milestone Payment”) will be payable by Pfizer to Wave [***] days after receipt and acceptance by Pfizer of [***] report. The [***] is payable only once. Satisfaction of a Pfizer Milestone Event by a licensee
or assignee of, or a Third Party retained by, Pfizer or its Affiliates will be deemed to have been satisfied by Pfizer for purposes of this Section 7.2.2. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 33 of
64 

	 	
7.2.3. Pfizer Milestones. Pfizer will notify Wave as soon as practicable upon achievement of each milestone event associated with a Pfizer Program (each, a “Pfizer Milestone
Event”) for each Pfizer Program described in Table 1 below. Each payment listed in Table 1 associated with a Pfizer Milestone Event is herein called a “Pfizer Milestone Payment”. Each Pfizer Milestone Payment (including the Pre-CAN
Functional Stereoisomer Milestone Payment) is payable only once against each Pfizer Program, whether or not a Back-Up Candidate has been named for that Pfizer Program, and regardless of the number of Pfizer Products resulting from such Pfizer
Program. Satisfaction of a Pfizer Milestone Event by a licensee or assignee of, or a Third Party retained by, Pfizer or its Affiliates will be deemed to have been satisfied by Pfizer for purposes of this Section 7.2.3. 

Table 1. Pfizer Milestone Payment Events. 

Figures are in millions of U.S. dollars 
  

					
	 Event
	  	 Initial Program 1

and
 Initial
Program 2
	  	 Additional Program 1

Additional Program 2

and
 Additional
Program 3

	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]

 . 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 34 of
64 

	 	7.2.4.	Pfizer Royalties. 

  

	 	a.	Pfizer Royalty Rate. In consideration of the licenses and rights granted to Pfizer under each Pfizer Option, Pfizer will pay to Wave royalties (“Pfizer Royalties”) on Net Sales of Pfizer Products
in the Territory, where such Pfizer Royalties shall be calculated each Pfizer Quarter by multiplying the Net Sales for such Pfizer Quarter by the applicable rate for such portion of Net Sales as set forth in Table 2 below. 

Table 2. Pfizer Royalties for each Pfizer Program. 
  

					
	 Net Sales
	  	 Initial Program 1

and
 Initial
Program 2
 (or any alternate Pfizer Program)
	  	 Additional Program 1

Additional Program 2

and
 Additional
Program 3
 (or any alternate Pfizer Program)

	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]

  

	 	b.	Pfizer Royalty Term. Pfizer Royalties will be payable on a country-by-country, Pfizer Product-by-Pfizer Product basis commencing as of the First Commercial Sale of a Pfizer Product in each country until the
expiration of the Pfizer Royalty Term for such Pfizer Product in each country. 

  

	 	7.3.	Wave Programs. 

  

	 	7.3.1.	Wave Milestones. Wave will notify Pfizer as soon as practicable upon achievement of each milestone event associated with a Wave Program (each, a “Wave Milestone Event”) for each Wave Program described
in Table 3 below. Each payment listed in Table 3 associated with a Wave Milestone Event is herein called a “Wave Milestone Payment”. Each Wave Milestone Payment is payable only once for each Wave Program, whether or not a Back-Up Candidate
has been named for that Wave Program, and regardless of the number of Wave Products resulting from such Wave Program. Satisfaction of a Wave Milestone Event by a licensee or assignee of, or a Third Party retained by, Wave or its Affiliates will be
deemed to have been satisfied by Wave for purposes of this Section 7.3.1. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 35 of
64 

 Table 3. Wave Milestone Payment Events 

Figures are in millions of U.S. dollars 
  

			
	 Event
	  	 Each Wave Program

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  

	 	7.3.2.	Wave Royalties. 

  

	 	a.	Wave Royalty Rate. In consideration of the licenses and rights granted to Wave under each Wave Option, Wave will pay to Pfizer, royalties (“Wave Royalties”) on Net Sales of Wave Product in the
Territory, where such Wave Royalties shall be calculated each Calendar Quarter by multiplying the Net Sales by the applicable rate for such portion of Net Sales as set forth in Table 4 below. 

Table 4. Wave Royalties for each Wave Program 
  

			
	 Net Sales
	  	 Each Wave Program

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  

	 	b.	Wave Royalty Term. Wave Royalties will be payable on a country-by-country basis, and Wave Product-by-Wave Product basis, commencing as of the First Commercial Sale of a Wave Product in each country until the
expiration of the Wave Royalty Term for such Wave Product in each country. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 36 of
64 

	 	7.4.	Payment Method. Payment methods shall apply to each Party, mutatis mutandis. 

  

	 	7.4.1.	Any payments under this Agreement that are recorded in currencies other than the US dollar shall be converted into US dollars at the average of the daily foreign exchange rates published in the Wall Street Journal (or
any other qualified source that is acceptable to both Parties) for the Pfizer Quarter or Calendar Quarter (as applicable) in which such payments or expenses occurred, or for periods less than a Pfizer Quarter or Calendar Quarter (as applicable), the
average of the daily rates published in the Wall Street Journal for such period. 

  

	 	7.4.2.	All payments from Licensee to Licensor shall be made by wire transfer in US Dollars to the credit of such bank account as may be designated by Licensor in writing to Licensee. Any payment which falls due on a date which
is not a Business Day may be made on the next succeeding Business Day. 

  

	 	7.4.3.	Licensee shall pay to Licensor amounts due for milestones and fees under this Agreement [***] days after receipt of an invoice from Licensor for the amount of the milestone or fee and referencing this Agreement.

  

	 	7.5.	Tax. 

  

	 	7.5.1.	VAT. It is understood and agreed between the Parties that any payments made under this Agreement are exclusive of any value added or similar tax (“VAT”), which shall be added thereon as
applicable. Where VAT is properly added to a payment made under this Agreement, the Party making the payment will pay the amount of VAT only on receipt of a valid tax invoice issued in accordance with the laws and regulations of the country in
which the VAT tax is chargeable. 

  

	 	7.5.2.	Withholding Taxes. In the event any payments made pursuant to this Agreement become subject to withholding taxes under the laws or regulation of any jurisdiction, the Party making such payment shall deduct and
withhold the amount of such taxes for the account of the payee to the extent required by Applicable Law and such amounts payable to the payee shall be reduced by the amount of taxes deducted and withheld. Any such withholding taxes required under
Applicable Law to be paid or withheld shall be an expense of, and borne solely by, the payee. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 37 of
64 

	 	7.5.3.	Tax Cooperation. To the extent that the Party making a payment is required to deduct and withhold taxes on any payments under this Agreement, the Party making such payment shall pay the amounts of such taxes
to the proper governmental authority in a timely manner and promptly transmit to the payee an official tax certificate or other evidence of such withholding sufficient to enable the payee to claim such payments of taxes. The payee shall provide
any tax forms to the Party making such payment that may be reasonably necessary in order for such Party not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. The payee shall use reasonable
efforts to provide any such tax forms to the Party making the payment at least [***] days prior to the due date for any payments for which the payee desires that the Party making the payment apply a reduced withholding rate. Each Party shall
provide the other with reasonable assistance to enable the recovery, as permitted by Law, of withholding taxes, VAT, or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing
such withholding tax or VAT. 

  

	 	7.5.4.	Notwithstanding anything in this Agreement to the contrary, if an action (including but not limited to any assignment or sublicense of its rights or obligations under this Agreement, or any failure to comply with
Applicable Law or filing or record retention requirements) by a Party leads to the imposition of withholding tax liability or VAT on the other Party that would not have been imposed in the absence of such action or in an increase in such liability
above the liability that would have been imposed in the absence of such action, then the sum payable by that Party (in respect of which such deduction or withholding is required to be made) shall be increased to the extent necessary to ensure that
the other Party receives a sum equal to the sum which it would have received had no such action occurred, (ii) otherwise, the sum payable by that Party (in respect of which such deduction or withholding is required to be made) shall be made to
the other Party after deduction of the amount required to be so deducted or withheld, which deducted or withheld amount shall be remitted in accordance with Applicable Law. 

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

  
 Page 38 of
64 

	 	7.6.	Sublicense Fees. Licensee shall pay to Licensor [***] of all Sublicense Fees payable from any of Licensee’s sublicensees as set forth above. As used herein, “Sublicense Fees” means any and
all consideration in any form provided by sublicensees hereunder for rights to the Licensed Technology, excluding Royalties (which shall be subject to the terms of this Article 7). Licensee shall pay all Sublicense Fees received during each Pfizer
Quarter or Calendar Quarter (as applicable) within [***] days following the expiration of each such Pfizer Quarter or Calendar Quarter (as applicable). All payments shall be accompanied by a report that includes a calculation of all Sublicense Fees
payable to Licensor for the applicable Pfizer Quarter or Calendar Quarter (as applicable). 

  

	 	7.7.	Development and Commercialization. 

  

	 	7.7.1.	Development. Pfizer shall itself, or through its Affiliates or sublicensees, on a Pfizer Program by Pfizer Program basis, use Commercially Reasonable Efforts to Develop in each Major Market Country in the
Territory at least one Pfizer Compound or Pfizer Product resulting from each Pfizer Program for which Pfizer has exercised its Option. In connection with its efforts to Develop at least one Pfizer Compound or Pfizer Product resulting from each
Pfizer Program, Pfizer shall bear all responsibility and expense for filing Regulatory Filings in Pfizer’s name and obtaining Regulatory Approval for the Pfizer Product(s) resulting from each Pfizer Program. Pfizer will undertake such
activities at its sole expense and shall provide to Wave reports for Pfizer Compounds or Pfizer Product(s) resulting from each Pfizer Program (each, a “Development Report”) regarding Pfizer’s progress within [***] days
following the expiration of each Calendar Year. Such Development Reports will include, inter alia, improvements made by Pfizer to Wave Technology and to Wave Hepatic Targeting Technology. 

 

	 	7.7.2.	Commercialization; Manufacturing. 

  

	 	    	(a) Pfizer shall itself, or through its Affiliates or sublicensees, on a Pfizer Program by Pfizer Program basis, use Commercially Reasonable Efforts to Commercialize the Pfizer Product(s) resulting from each Pfizer
Program in each country in the Territory for which it receives Regulatory Approval. Pfizer will undertake such activities at its sole expense. 

  

	 	    	(b) In the event that Pfizer seeks to engage any third party to provide manufacturing services in support of Development or Commercialization of any Pfizer Compound or Pfizer Product, then, Pfizer agrees to consider, in
good faith, entering into negotiations with Wave for a manufacturing services agreement. [***]. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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64 

	 	7.7.3.	Termination or Failure to Progress; Reversionary Licenses to Wave. In the event that Pfizer declines to exercise its Pfizer Option for a Pfizer Program during the Option Period or Pfizer has substituted the
relevant target for a Pfizer Program for an Alternate Target pursuant to Section 4.1.5 or, if after exercise of the Pfizer Option for a Pfizer Program, (a) Pfizer either terminates the Pfizer Program or terminates the Agreement in-part
with respect to such Pfizer Program under the termination provisions of Section 13.2 (in each of the foregoing cases, the “Terminated Program”), or (b) Pfizer fails to use Commercially Reasonable Efforts to Develop or
Commercialize at least one of the Candidate Compound, Backup Candidate or Pfizer Compound or Pfizer Product resulting from the relevant Pfizer Program and such failure has been finally arbitrated as described in Section 17.4 with a finding that
Pfizer did fail to use Commercially Reasonable Efforts and Wave has terminated the relevant Pfizer Program under Section 13.3, or (c) Pfizer has otherwise materially breached the Agreement and Wave has terminated the Agreement with respect
to the relevant Pfizer Program under Section 13.3, (in the case of either (b) or (c)), the “Non-Progressed Program”), then all license rights granted under this Agreement from Wave to Pfizer covering such Terminated Program or
such Non- 

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

  
 Page 40 of
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Progressed Program, as the case may be, will automatically and immediately terminate and revert fully back to Wave. In addition, and subject to negotiation in good faith between Pfizer and Wave
of terms and conditions governing fair consideration and further licensing terms, Pfizer shall grant to Wave, and does hereby grant to Wave conditional upon the occurrence of such event, on financial terms and conditions to be negotiated between the
Parties in good faith, [***], (1) a worldwide, non-exclusive, sublicenseable license under the Pfizer Technology, the Pfizer Patent Rights and the Pfizer Know How, and (2) a worldwide, non-exclusive (or exclusive, to be negotiated in good
faith between the Parties if an exclusive license is reasonably necessary in view of the competitive considerations for a commercially viable product), sublicenseable license under the Pfizer Results and related Intellectual Property Rights and
under the Pfizer Program IP, in the case of each of (1) and (2) solely for purposes of Development and Commercialization of Pfizer Compounds and Pfizer Products that had resulted from such Terminated Program or Non-Progressed Program,
solely as and to the extent necessary or reasonably useful for Wave to Develop, make, have made, use, sell, offer for sale, import, export and Commercialize the Pfizer Compounds and Pfizer Products resulting from the Terminated Program or
Non-Progressed Program, as the case may be, and (3) a worldwide, exclusive, sublicenseable license to (or, where legally appropriate and reasonably practicable, Pfizer shall assign and transfer to Wave, at no additional cost to Wave, ownership
and responsibility for) all Regulatory Filings and Regulatory Approvals held by Pfizer or its Affiliates or Sublicensees anywhere in the world with respect to such Pfizer Compounds and Pfizer Products resulting from such Terminated Program or
Non-Progressed Program. Pfizer shall reasonably cooperate with Wave notifying each applicable Regulatory Authority and contract research organization of such exclusive license (or assignment and transfer or responsibility) to Wave of such Regulatory
Filings and Regulatory Approvals. The license rights and other rights to be granted to Wave as described in sub-parts (1), (2) and (3) above shall collectively be referred to as the “Reversionary Licenses”.

  

	 	7.8.	Standstill. 

  

	 	7.8.1.	During the [***] period following the Effective Date (the “Restricted Period”), except as expressly approved or invited in writing by Wave, none of Pfizer or any of its controlled Affiliates (the
“Standstill Parties”) shall, and Pfizer shall not authorize, instruct or facilitate any Standstill Party or other person or entity to: 

  

	 	7.8.1.1.	except with respect to the Shares (as defined in the Share Purchase Agreement), acquire, offer to acquire, agree to acquire or cause or effect the acquisition of, directly or indirectly, by purchase or otherwise,
ownership (including, but not limited to, beneficial ownership as defined in Rule 13d-3 under the Exchange Act) of any Company Securities (as defined in the Share Purchase Agreement); 

 

	 	7.8.1.2.	“solicit” or encourage any other entity to solicit “proxies” (as such terms are defined in Regulation 14A under the Exchange Act) with respect to any matter involving Wave, its nominees for directors
or otherwise initiate, propose or solicit, or induce any other person or entity to initiate, propose or solicit any shareholder of Wave, any shareholder proposal or director nominations, any tender offer for Company Securities, any Acquisition
Transaction (as defined below), or for the purpose of convening a shareholders’ meeting of Wave; 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 41 of
64 

	 	7.8.1.3.	except with respect to proxies executed in connection with shareholders’ meetings of Wave, deposit any Company Securities in any voting trust or subject them to any voting agreement or other agreement of similar
effect; 

  

	 	7.8.1.4.	join or form any partnership, limited partnership, syndicate, or other group within the meaning of Section 13(d)(3) of the Exchange Act (as defined in the Share Purchase Agreement) for the purpose of acquiring,
holding or disposing of beneficial ownership of any Company Securities or encourage, advise or, for the purpose of circumventing or avoiding any of the provisions of this Section 7.8.1, assist any person or entity to do any of the foregoing or
otherwise take any action individually or jointly with any partnership, limited partnership, syndicate, or other group or assist any other person or entity or group of persons or entities in taking any action it could not individually take under
this Section 7.8.1; 

  

	 	7.8.1.5.	make, effect, cause, initiate or participate in any Acquisition Transaction with respect to Wave (for the avoidance of doubt, Pfizer may directly engage Wave’s management and/or its Board of Directors in private
discussions with respect to an Acquisition Transaction by and between Pfizer and Wave); or 

  

	 	    	make any public proposals to Wave or any of its Affiliates, directors, officers, employees, agents, representatives, successors or security holders concerning, or otherwise announce any intention to effect or
participate in any Acquisition Transaction relating to Wave or any Affiliate or successor of Wave or take any action that would require Wave to make a public announcement regarding the possibility of an Acquisition Transaction with Pfizer or any of
its Affiliates. 

  

	 	7.8.2.	“Acquisition Transaction” means any transaction involving: (i) any sale, license, lease, exchange, transfer or other disposition of the assets of Wave or any subsidiary of Wave constituting more
than [***] of the consolidated assets of Wave or accounting for more than [***] of the consolidated revenues of Wave in any one transaction or in a series of related transactions; (ii) any offer to purchase, tender offer, exchange offer or any
similar transaction or series of related transactions made by any person or 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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64 

	 	
entity involving more than [***] of the outstanding voting securities of Wave; or (iii) any merger, consolidation, business combination, share exchange, reorganization or similar transaction
or series of related transactions involving Wave or any subsidiary of Wave whereby the holders of voting securities of Wave immediately prior to any such transaction hold less than [***] of the voting securities of Wave or the surviving company (or
its parent company) immediately after the consummation of any such transaction. 

  

	 	7.8.3.	Notwithstanding Section 7.8.1, Pfizer and its Affiliates may own (and may acquire shares or other ownership interests in) any mutual fund or similar entity that owns Company Securities provided that Pfizer and its
Affiliates own, in the aggregate, less than [***] of such mutual fund or similar entity and do not exercise control over the management or policies of such entity. The provisions set forth in Section 7.8.1 shall not prohibit passive investments
by a pension or employee benefit plan or trust for Purchaser’s or its Affiliates’ employees so long as such investments are directed by independent trustees, administrators or employees. 

 

	 	7.8.4.	Notwithstanding anything to the contrary herein, the Restricted Period shall terminate automatically upon: 

  

	 	7.8.4.1.	any person (x) becoming the beneficial owner (within the meaning of Section 13(d)(1) of the Exchange Act) of [***] or more of Wave’s outstanding equity securities, or any rights or options to acquire such
ownership, including from a third party, (y) commencing or publicly announcing an intention to commence a tender or exchange offer that, if consummated, would make such person (or any of its Affiliates) the beneficial owner (within the meaning
of Section 13(d)(1) of the Exchange Act) of [***] or more of Wave’s equity securities, or any rights or options to acquire such ownership, including from a third party, or (z) making an offer or proposal which if effected would result
in an Acquisition Transaction, which offer or proposal is made public, in each case so long as no Standstill Party has violated any provision of Section 7.8.1 with respect to such person; or 

 

	 	7.8.4.2.	Wave (x) entering into or publicly announcing its intention to enter into a definitive agreement with a third party to effectuate a transaction which 

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

  
 Page 43 of
64 

	 	
will result in the acquisition, directly or indirectly, by any person or group of beneficial ownership of [***] or more of Wave’s outstanding equity securities or any rights or options to
acquire such ownership, including from a third party, or (y) publicly announcing (including through an agent or representative) Wave’s or its Board of Directors’ approval or recommendation of any such transaction. 

 

	 	7.8.5.	Wave agrees that it will not assert that any provision of this Agreement, the Share Purchase Agreement or any other agreement between Pfizer or its Affiliates, on the one hand, and Wave or its Affiliates, on the other
hand, restricts Pfizer or its Affiliates from taking any action set forth in Section 7.8.1 after the expiration or termination of the Restricted Period. 

  

	8.	Confidential Information. 

  

	 	8.1.	“Confidential Information” means all information, data, samples or materials in tangible form disclosed by one Party (the “Disclosing Party”) to the other Party (the “Receiving
Party”) hereunder, and relating to the Research Plan and that is disclosed in writing and marked as “Confidential” at the time it is delivered by the Disclosing Party to the Receiving Party, [***]. Without limiting the meaning of
the term, “Confidential Information” includes all technical and non-technical information conveyed from Disclosing Party to the Receiving Party in any form, and other trade secrets, proprietary information, data, methods, formulas,
processes, protocols, scale of operations, source and engineering of operations, technologies and equipment employed, information relating to quality assurance, procedures for and record keeping, cell culture media, techniques, inventions, know-how,
apparatus, and formulae, related to Disclosing Party’s biological materials. Notwithstanding any other provisions herein, Confidential Information does not include information which, to the extent the Receiving Party can prove by competent
evidence, 

  

	 	(i)	at the time of its disclosure to the Receiving Party or its Affiliates is publicly known; 

  

	 	(ii)	after its disclosure to the Receiving Party or its Affiliates, becomes publicly known by publication or otherwise, except in breach of this agreement; 

 

	 	(iii)	the Receiving Party can conclusively establish with contemporaneous records was in its or its Affiliates’ possession at the time of disclosure hereunder or was subsequently and independently developed by its
or its Affiliates’ employees who had no knowledge of Confidential Information disclosed hereunder; 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 44 of
64 

	 	(iv)	the Receiving Party or its Affiliates receives from a Third Party not under obligation or duty of confidentiality, directly or indirectly, to the other Party hereto; or 

 

	 	(v)	the Receiving Party or its Affiliates independently develops without reference to the Confidential Information of the Disclosing Party. 

 

	 	8.2.	Disclosure Required by Law. Notwithstanding anything to the contrary contained herein, the Receiving Party will be permitted to disclose any of the Disclosing Party’s Confidential Information that is
required or requested to be disclosed by a governmental authority or Applicable Law in connection with a legal or administrative proceeding (including in connection with any regulatory approval process), but only to the extent necessary to satisfy
the request, and provided that the Receiving Party will: 

  

	 	(i)	notify the Disclosing Party of any such disclosure requirement as soon as practicable; and 

  

	 	(ii)	reasonably cooperate with the Disclosing Party (at the Disclosing Party’s cost) if the Disclosing Party seeks a protective order or other remedy in respect of any such disclosure. 

 

	 	    	If the Disclosing Party fails to obtain a protective order or waives compliance with the relevant provisions of this Agreement, the Receiving Party will disclose only that portion of the Confidential Information which
its legal counsel determines it is required to disclose. 

  

	 	8.3.	Return of Confidential Information. Upon expiration or termination of this Agreement, the Receiving Party will upon the Disclosing Party’s written direction: (a) return the Disclosing Party’s
Confidential Information to the Disclosing Party, or (b) destroy the Disclosing Party’s Confidential Information and promptly certify in writing that it has done so, including all copies and extracts of documents, within [***] days of the
request upon the termination of this Agreement, except that the Receiving Party (i) may retain a single copy of the Disclosing Party’s Confidential Information for the sole purpose of ascertaining its ongoing rights and responsibilities
respecting such information, (ii) the Receiving Party shall not be required to destroy any computer files created during automatic system back up that are subsequently stored securely by the Receiving Party, and (iii) may retain the
Disclosing Party’s Confidential Information to the extent reasonably necessary to exercise its surviving rights under this Agreement. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 45 of
64 

	 	8.4.	Retention of Confidential Information. Notwithstanding Section 8.2 above, the Receiving Party: 

  

	 	(i)	may retain a single copy of the Disclosing Party’s Confidential Information for the sole purpose of ascertaining its ongoing rights and responsibilities in respect of such Confidential Information; and

  

	 	(ii)	will not be required to destroy any computer files stored securely by the Receiving Party or its Affiliates that are: (x) created during automatic system back up; or (y) retained for legal purposes by the
legal division of the Receiving Party and its Affiliates. 

  

	 	8.5.	Each Receiving Party agrees to maintain the Disclosing Party’s Confidential Information in confidence with at least the same degree of care with which the Receiving Party holds its own confidential information, and
in any event not less than a reasonable degree of care. Neither Party will use the Confidential Information of the other Party except for the performance of the work described in the Research Plan. Each of the Parties will disclose the Confidential
Information only to its officers, consultants and employees directly concerned with the Research Plan, but will neither disclose the Confidential Information to any Third Party nor use the Confidential Information for any other purpose without the
written consent of an authorized representative of the other Party. The obligations of confidentiality and restricted use of this Section 8.5 will extend for a period of [***] from the expiration or termination for any reason of this Agreement.

  

	9.	OTHER COMMERCIAL CLAUSES. The following clauses apply to the commercial licenses under the Pfizer Options and under the Wave Options, mutatis mutandis. 

 

	 	9.1.	Technology Transfer. 

  

	 	9.1.1.	Documentation. For a period of [***] days after date of exercise (the “Exercise Date”) of the Pfizer Option or the Wave Option, as the case may be (“Transfer Period”), Licensor will use reasonable
efforts to make available to Licensee all currently available copies of pre-clinical and clinical written documentation that is necessary for Licensee to continue Developing the Product and that is Controlled by Licensor as of the Effective Date
(collectively, “Documentation”). Included in the Documentation, without limitation, will be [***], to the extent necessary for 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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64 

	 	
the reproduction of the Licensor’s work. For a period of [***] days following expiration of the Transfer Period, if Licensee discovers or learns of any other Documentation that exists and
has not been supplied to Licensee or otherwise made available to Licensee in accordance with this Section 9.1.1, Licensor shall use reasonable efforts to promptly locate such Documentation and shall make a copy of same available to
Licensee. 

  

	 	9.1.2.	Regulatory Filings; Regulatory Approvals. Subject to the provisions of Section 7.7.3 as applicable, Licensor will use reasonable efforts following the Exercise Date, to the extent permitted by applicable Regulatory
Authorities, to transfer to Licensee all Regulatory Filings and Regulatory Approvals held by Licensor with respect to the Product and shall reasonably cooperate with Licensee in notifying each applicable Regulatory Authority of such transfer.

  

	 	9.2.	Records; Audit Rights. 

  

	 	9.2.1.	Relevant Records. Licensee shall maintain accurate financial books and records pertaining to Licensee’s sale of the Product, including any and all calculations of the applicable Fees (collectively, “Relevant
Records”). Licensee shall maintain the Relevant Records for the longer of: (a) the period of time required by Applicable Law, or (b) [***] following expiration or termination of this Agreement. 

 

	 	9.2.2.	Audit Request. Licensor shall have the right during the Term [***] to engage, at its own expense, an independent auditor reasonably acceptable to Licensee to examine the Relevant Records from time-to-time, but no more
frequently than once [***], as may be necessary to verify compliance with the terms of this Agreement. Such audit shall be requested in writing [***] days in advance, and shall be conducted during Licensee’s normal business hours and otherwise
in manner that minimizes any interference to Licensee’s business operations. 

  

	 	9.2.3.	Audit Fees and Expenses. Licensor shall bear any and all fees and expenses it may incur in connection with any such audit of the Relevant Records; provided, however, in the event an audit reveals an underpayment of
Licensee of [***] as to the period subject to the audit, Licensee shall reimburse Licensor for any reasonable and documented out-of-pocket costs and expenses of the audit [***] days after receiving invoices thereof. 

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

  
 Page 47 of
64 

	 	9.2.4.	Payment of Deficiency. If any audit establishes that Licensee underpaid any amounts due to Licensor under this Agreement, then Licensee shall pay Licensor any such deficiency [***] days after receipt of written notice
thereof. For the avoidance of doubt, such payment will be considered a late payment, subject to Section 7.5. 

  

	10.	PUBLICATION. Notwithstanding any matter set forth in this Agreement to the contrary, Results obtained in the course of the progression of the Research Plan or of the Wave Programs (but for the Wave Programs only
if the Results to be published pertain to the use of Pfizer Technology) will not be published without the express written permission of the other Party; [***]. 

  

	11.	REPRESENTATIONS AND WARRANTIES; DISCLAIMERS. 

  

	 	11.1.	Each Party represents and warrants that it has full authority to execute this Agreement and undertake the obligations herein. Wave represents and warrants that it has all rights and permissions necessary to transfer the
Wave Materials to Pfizer and to grant the limited license hereunder; and Pfizer represents and warrants that it has all rights and permissions necessary to transfer the Pfizer Materials to Wave and to grant the limited license hereunder.

  

	 	11.2.	Representations and Warranties of the Licensor. Licensor represents and warrants to Licensee as of the Effective Date that, 

  

	 	11.2.1.	to its Knowledge, there is no claim pending alleging that the Use of the Product in the Field within the Territory infringes, misappropriates or otherwise violates the Intellectual Property Rights of a Third Party. As
used herein, “Knowledge” means first hand and actual knowledge of the officers of Licensor and is not meant to require or imply that any particular inquiry or investigation has been undertaken including, without limitation, obtaining any
type of search (independent of that performed by the actual governmental authority during the normal course of patent prosecution, as applicable, in a jurisdiction) or opinion of counsel; and 

 

	 	11.2.2.	to its Knowledge, there is no claim pending or threatened by Licensor alleging that a Third Party is or was infringing, misappropriating or otherwise violating the Licensed Technology in the Field within the Territory.

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

  
 Page 48 of
64 

	 	11.3.	Representations and Warranties by Licensee. Licensee represents and warrants to Licensor that it shall comply with all Applicable Law with respect to the performance of its obligations hereunder. 

 

	 	11.4.	EXCEPT FOR THE FOREGOING, EACH PARTY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.
ALL RESULTS AND EACH PARTY’S MATERIALS AND CONFIDENTIAL INFORMATION PROVIDED TO THE OTHER PARTY HEREUNDER ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY (EXPRESS OR IMPLIED), INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OF THE PROPERTY RIGHTS OF A THIRD PARTY. 

  

	12.	NO FURTHER OBLIGATIONS. Nothing hereunder will obligate either Party to enter into any other agreement with the other Party related to the Wave Materials or Pfizer Materials, nor will it prohibit either Party
from entering into an agreement relating to its own Materials with a Third Party. 

  

	13.	Term and Termination. 

  

	 	13.1.	The term of this Agreement (the “Term”) begins on the Effective Date and expires on a Pfizer Program-by-Pfizer Program and a Wave Program-by-Wave Program basis on the last to expire payment obligation under
Article 7 with respect to each Pfizer Program and on the last to expire payment obligation under Article 7 with respect to each Wave Program. 

  

	 	13.2.	On a Product-by-Product and a Program-by-Program basis, Licensee shall have the right to terminate this Agreement in part with respect to the Programs licensed hereunder to a Licensee, for any reason or for convenience
upon ninety (90) days prior written notice to the other Party. 

  

	 	13.3.	If either Party materially breaches a material term of this Agreement, the non-breaching Party may terminate the Agreement in its entirety if such material breach is for nonpayment of any upfront, Milestone Payment or
Royalty Payment or if such 

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

  
 Page 49 of
64 

	 	
material breach relates to more than one Pfizer Program (or Wave Program, as applicable), (or, in the case of a breach of the diligence obligations of Pfizer under Section 7.7, Wave may
terminate the Agreement in-part with respect to the relevant Pfizer Program(s) to which the failure of diligence applies) if the breaching Party does not cure the breach within thirty (30) days of receiving from the non-breaching Party written
notice of the breach. The right of termination shall be an addition to any other rights the non-breaching party may have, at law or equity, pursuant to this Agreement. 

 

	 	13.4.	Termination for a Bankruptcy Event. Each Party shall have the right to terminate this Agreement in the event of a Bankruptcy Event with respect to the other Party. “Bankruptcy Event” means the
occurrence of any of the following: (a) the institution of any bankruptcy, receivership, insolvency, reorganization or other similar proceedings by or against a Party under any bankruptcy, insolvency, or other similar law now or hereinafter in
effect, including any section or chapter of the United States Bankruptcy Code, as amended or under any similar laws or statutes of the United States or any state thereof (the “Bankruptcy Code”), where in the case of involuntary
proceedings such proceedings have not been dismissed or discharged within ninety (90) days after they are instituted, (b) the insolvency or making of an assignment for the benefit of creditors or the admittance by a Party of any
involuntary debts as they mature, (c) the institution of any reorganization, arrangement or other readjustment of debt plan of a Party not involving the Bankruptcy Code, (d) appointment of a receiver for all or substantially all of a
Party’s assets, or (e) any corporate action taken by the board of directors of a Party in furtherance of any of the foregoing actions. 

  

	 	13.5.	The following Articles and Sections will survive the expiration or termination for any reason of this Agreement in accordance with the terms and conditions and for the duration as stated therein, and where no duration
is stated shall survive indefinitely: Sections 4.1.6, 4.2, 4.3, 4.4, 4.5, 4.6 and 9.2, and Articles 5, 7, 8, 10, 12-20 and 24-28. 

  

	 	13.6.	Effect of Termination or Expiration. 

  

	 	13.6.1.	Upon termination or expiration of this Agreement, and upon the written request of Pfizer, Wave will promptly destroy such Pfizer Materials in its possession in accordance with all Applicable Laws and certify in writing
that it has done so. Upon termination or expiration of this Agreement, Wave may request in writing and Pfizer will promptly destroy such Wave Materials in its possession in accordance with all Applicable Laws and certify in writing that it has done
so. 

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

  
 Page 50 of
64 

	 	13.6.2.	Upon termination or expiration of this Agreement, Licensee shall pay to Licensor all amounts due to Licensor as of the effective date of termination or expiration within thirty (30) days following the effective
date of termination or expiration. 

  

	 	13.6.3.	Upon the expiration of this Agreement (but not for any early termination of the Agreement in its entirety or the termination of any particular program(s)), Licensor hereby grants to Licensee and Licensee shall have at
such time a royalty-free and fully-paid right and license to practice the licensed subject matter as described under the licenses as expressly granted to each respective Party under the provisions of this Agreement for the purpose of the Development
and Commercialization of Products for all purposes within the Territory. 

  

	 	13.6.4.	Upon termination of this Agreement, Licensee shall have the right to sell its remaining inventory of Product following the termination of this Agreement so long as Licensee has fully paid, and continues to fully pay
when due, any and all Royalties owed to Licensor, and Licensee otherwise is not in material breach of this Agreement. 

  

	 	13.6.5.	If Licensee terminates this Agreement on a Product-by-Product and a Program-by-Program basis pursuant to Section 13.2 or if Licensor terminates this Agreement due to an uncured material breach of this Agreement by
Licensee pursuant to Section 13.3 or bankruptcy by Licensee pursuant to Section 13.4, in each such case, all licenses granted from Licensor to Licensee with respect to all such terminated Products and Programs shall automatically and
immediately terminate. In the event of a Terminated Program or a Non-Progressed Program, then Wave shall also receive from Pfizer and Pfizer shall, conditional upon the occurrence of such event, grant to Wave the Reversionary Licenses as described
in Section 7.7.3 with respect to each Terminated Program or Non-Progressed Program on the financial terms and conditions to be negotiated between the Parties for such Reversionary Licenses in accordance with the provisions of
Section 7.7.3. 

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

  
 Page 51 of
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	14.	CARE IN USE; INDEMNITY. 

  

	 	14.1.	Each of Pfizer and Wave acknowledges that the other Party’s Materials and the Results are experimental in nature and the Materials may have unknown characteristics and therefore each of the Parties agrees to use
prudence and reasonable care in the use, handling, storage, transportation and disposition and containment of such Materials. 

  

	 	14.2.	Indemnification by Licensee. Licensee agrees to indemnify, hold harmless and defend Licensor and its Affiliates, and their respective officers, directors, employees, contractors, agents and assigns (collectively,
“Licensor Indemnitees”), from and against any Claims arising or resulting from: (a) the Development of a Product by Licensee, its Affiliates, subcontractors or sublicensees, (b) the Commercialization of a Product by Licensee, its
Affiliates, subcontractors or sublicensees, (c) the negligence, recklessness or wrongful intentional acts or omissions of Licensee, its Affiliates, subcontractors or sublicensees, (d) breach by Licensee of any representation, warranty or
covenant as set forth in this Agreement or (e) breach by Licensee of the scope of the licenses granted in this Agreement. As used herein, “Claims” means collectively, any and all Third Party demands, claims, actions and proceedings
(whether criminal or civil, in contract, tort or otherwise) for losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees). 

  

	 	14.3.	Indemnification Procedure. In connection with any Claim for which Licensor seeks indemnification from Licensee pursuant to this Agreement, Licensor shall: (a) give Licensee prompt written notice of the Claim;
provided, however, that failure to provide such notice shall not relieve Licensee from its liability or obligation hereunder, except to the extent of any material prejudice as a direct result of such failure; (b) cooperate with Licensee, at
Licensee’s expense, in connection with the defense and settlement of the Claim; and (c) permit Licensee to control the defense and settlement of the Claim; provided, however, that Licensee may not settle the Claim without Licensor’s
prior written consent, which shall not be unreasonably withheld or delayed, in the event such settlement materially adversely impacts Licensor’s rights or obligations. Further, Licensor shall have the right to participate (but not control) and
be represented in any suit or action by advisory counsel of its selection and at its own expense. 

  

	 	14.4.	Limitation on Liability. 

  

	 	14.4.1.	Consequential Damages Waiver. EXCEPT FOR A BREACH OF ARTICLE 8 OR OBLIGATIONS ARISING UNDER SECTION 14.2, NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT, 

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

  
 Page 52 of
64 

	 	
CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING DAMAGES FOR LOST PROFITS OR LOST REVENUES REGARDLESS OF WHETHER IT HAS BEEN INFORMED OF THE POSSIBILITY OR LIKELIHOOD OF SUCH
DAMAGES OR THE TYPE OF CLAIM, CONTRACT OR TORT (INCLUDING NEGLIGENCE). 

  

	 	14.4.2.	Liability Cap. EXCEPT FOR LICENSOR’S BREACH OF ARTICLE 8 OR FOR ITS INDEMNIFICATION OBLIGATIONS UNDER ARTICLE 14, IN NO EVENT SHALL LICENSOR’S LIABILITY FOR DAMAGES IN CONNECTION WITH THIS AGREEMENT EXCEED THE
CAP, REGARDLESS OF WHETHER Licensor HAS BEEN INFORMED OF THE POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES OR THE TYPE OF CLAIM, CONTRACT OR TORT (INCLUDING NEGLIGENCE). “Cap” means the [***]. As used herein, “Fees” means
collectively, all Milestone Payments, Royalties and Sublicense Fees. 

  

	15.	PUBLICITY. 

  

	 	15.1.	Neither Party (nor any of its Affiliates or agents) shall use the Trademarks of the other Party or its Affiliates in any press release, publication or other form of promotional disclosure without the prior written
consent of the other Party in each instance. 

  

	 	15.2.	Each Party agrees not to issue any press release or other public statement, whether written, electronic, oral or otherwise, disclosing the existence of this Agreement, the terms hereof or any information relating to
this Agreement without the prior written consent of the other Party, provided however, that neither Party will be prevented from complying with any duty of disclosure it may have pursuant to Applicable Law or the rules of any recognized stock
exchange so long as the disclosing Party provides the other Party prior written notice to the extent practicable and only discloses information to the extent required by Applicable Law or the rules of any recognized stock exchange.

  

	16.	LICENSEE INSURANCE. 

  

	 	16.1.	Insurance Requirements. Licensee will maintain during the term of this Agreement and until the later of: (a) [***], or (b) the date that all statutes of limitation covering claims or suits that may be
instituted for personal injury based on the sale or use of the Product have expired, commercial general liability insurance from a minimum 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 53 of
64 

	 	
[***] rated insurance company, including contractual liability and product liability or clinical trials, if applicable, with coverage limits of [***]. Licensee has the right to provide the total
limits required by any combination of primary and umbrella/excess coverage. The minimum level of insurance set forth herein shall not be construed to create a limit on Licensee’s liability hereunder. Such policies shall name Licensor and its
Affiliates as additional insured and provide a waiver of subrogation in favor of Licensor and its Affiliates. Such insurance policies shall be primary and non-contributing with respect to any other similar insurance policies available to Licensor or
its Affiliates. Any deductibles for such insurance shall be assumed by Licensee. 

  

	 	16.2.	Policy Notification. Licensee shall provide Licensor with certified copies of such policies or original certificates of insurance evidencing such insurance: (a) prior to execution by both Parties of this Agreement,
and (b) prior to expiration of anyone coverage. Such certificates shall provide that Licensor shall be given [***] days written notice prior to cancellation, termination or any change to restrict the coverage or reduce the limits afforded.

  

	17.	DISPUTE RESOLUTION. 

  

	 	17.1.	General. Without prejudice to a Party’s right to seek injunctive or other equitable relief in equity or at law, including to prevent the unauthorized use or disclosure of proprietary materials or information or
prevent the infringement or misappropriation of a Party’s Intellectual Property Rights, the following procedures shall be used to resolve any dispute arising out of or in connection with this Agreement. 

 

	 	17.2.	Meeting. Promptly after the written request of either Party, each of the Parties shall appoint a designated representative to meet in person or by telephone to attempt in good faith to resolve any dispute. If the
designated representatives do not resolve the dispute [***] of such request, then an executive officer of each Party shall meet in person or by telephone to review and attempt to resolve the dispute in good faith. The executive officers shall have
[***] to attempt to resolve the dispute. 

  

	 	17.3.	[***]. 

  

	 	17.4.	Arbitration. Any disputes that are not otherwise resolved by the Parties or by mediation shall be submitted to binding arbitration with the office of the American Arbitration Association in New York County, New York in
accordance with the then-prevailing commercial arbitration rules of the American Arbitration Association. The American Arbitration Association shall appoint an arbitrator who is neutral to the Parties. 

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

  
 Page 54 of
64 

	 	    	The arbitrator shall not be an officer or employee of either Party. The cost of the arbitration, including the fees and expenses of the arbitrator, will be shared equally by the Parties. The prevailing Party shall be
entitled to recover from the losing Party the prevailing Party’s attorneys’ fees and costs. The arbitrator shall have the right to apportion liability between the Parties, but will not have the authority to award any damages or remedies
not available under the express terms of this Agreement. The arbitration award will be presented to the Parties in writing, and upon the request of either Party, will include findings of fact and conclusions of law. The award may be confirmed and
enforced in any court of competent jurisdiction. 

  

	 	17.5.	THE PARTIES EXPRESSLY WAIVE AND FOREGO ANY RIGHT TO TRIAL BY JURY. 

  

	18.	NOTICES AND DELIVERY. Any notices required to be given or which will be given under this Agreement will be in writing and be addressed to the Parties as shown below. Notices will be delivered personally or by
certified or registered first class mail (air mail if not domestic) or by commercial courier service or by electronic mail, including a PDF image, with signature(s), including digital signatures, as applicable, delivered by email, and will be deemed
to have been given or made as of the date received. 

 If to Wave: 

WAVE Life Sciences Ltd. 

Notices: WAVE Life Sciences 

733 Concord Avenue 

Cambridge, MA 02138 

[***] 
 [***] 

If to Pfizer: 

Pfizer Inc. 
 Notices: Pfizer
Legal Division 
 235 East 42nd Street 

New York, NY 10017 
 [***] 

[***] 
 [***] 

 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 55 of
64 

	19.	ENTIRE AGREEMENT: This Agreement sets forth the entire understanding and agreement between the Parties as to its subject matter and supersedes all prior and contemporaneous understandings, agreements and
communications as to its subject matter, whether written or oral. None of the terms of this Agreement will be amended except in writing signed by authorized representatives of both Parties. 

 

	20.	COMPLIANCE WITH LAWS: The Parties will comply in all material respects with the requirements of all Applicable Laws, of any government authority. 

 

	21.	ANIMAL WELFARE. Wave will comply with Pfizer’s “Animal Care and Use Policy,” which policy has been disclosed to Wave as of the Effective Date. Wave will notify Pfizer if it is not in compliance
with such Applicable Laws or Pfizer’s “Animal Care and Use Policy” in its conduct of the Research Plan. Wave agrees that upon reasonable notice, Pfizer may conduct an audit on Wave’s animal welfare facilities and policies. If
Pfizer notifies Wave that Wave is not in compliance with any such Applicable Laws or Pfizer’s “Animal Care and Use Policy”, Wave will take reasonable corrective steps to correct such non-compliance. 

 

	22.	EXPORT CONTROL. This Agreement is made subject to any restrictions concerning the export of products or technical information from the United States of America or other countries which may be imposed upon or
related to Wave or Pfizer from time to time. Each Party agrees that it will not export, directly or indirectly, any technical information acquired from the other Party under this Agreement or any products using such technical information to a
location or in a manner that at the time of export requires an export license or other governmental approval, without first obtaining the written consent to do so from the appropriate agency or other governmental entity. 

 

	23.	ANTI-BRIBERY/ANTI-CORRUPTION: Each Party acknowledges that most countries have anti-bribery and anti-corruption laws forbidding the making, offering or promising of any payment or anything of value to government
officials, or other persons, when the payment is intended to influence any act or decision to award or retain business and each Party hereby represents and warrants to the other Party that it implements policies and procedures consistent with
complying with such laws. Accordingly, each Party has not and will not in the future directly, or indirectly, offer or pay, or authorize the offer or payment, of any money or anything of value in an effort to influence any government

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

  
 Page 56 of
64 

	 	
official or any other person in order for a Party to improperly obtain or retain business or to gain an improper business advantage, and, has not accepted, and will not accept in the future, such
a payment. Each Party may publicly disclose any financial or other valuable support, if so provided, under this agreement. Each Party will promptly report to the other Party as soon as it becomes aware of any suspect request, demand or giving of any
undue financial or other advantage provided to any third party in connection with this agreement. Each Party shall be responsible for the actions of its agents or subcontractors. Each Party represents that any information it provides to the other
Party, if any, in relation to due diligence (e.g. in a Due Diligence Questionnaire) is complete truthful and accurate and it will notify the other Party of any material changes that occur during the Term of the Agreement. Each Party will permit the
other Party to audit relevant materials of such Party in relation to an investigation on potential bribery or corruption concerns relating to this Agreement. 

  

	24.	CHOICE OF LAW: This Agreement will be construed in accordance with the laws of the State of New York, United States of America, without giving effect to any conflict of laws principle that would result in the
application of the laws of any State other than the State of New York. 

  

	25.	FORCE MAJEURE: Neither Party will be liable to the other Party for failure or delay in the performance of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused
by earthquake, riot, civil commotion, war, terrorist acts, strike, flood, or governmental acts or restriction that is beyond the control of the respective Party. The Party affected by such force majeure will provide the other Party with full
particulars thereof as soon as it becomes aware of the same (including without limitation its best estimate of the likely extent and duration of the interference with its activities), and will use commercially reasonable efforts to overcome the
difficulties created thereby and to resume performance of its obligations as soon as practicable. 

  

	26.	ASSIGNMENTS: Neither Party will have the right to assign this Agreement or any part thereof to any Third Party without the prior written approval of the other Party; provided, however, that either Party may
assign this Agreement in part or in whole, without the consent of the other Party, either to an Affiliate or if in connection with a merger, acquisition, consolidation or similar reorganization or the sale or transfer of all or substantially all of
its assets or business relating to the subject matter of this Agreement, if the Affiliate or other assignee assumes all obligations of its assignor under this Agreement. Any purported assignment that does not comply with this Article 26 is void.
This Agreement is binding upon and inures to the benefit of the Parties and their respective permitted successors and assigns. 

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 57 of
64 

	27.	SEVERABILITY: When possible, each provision of this Agreement will be interpreted in such manner as to be effective, valid and enforceable under Applicable Law, but if any provision of this Agreement is held to be
invalid or unenforceable under Applicable Law, such provision will he held invalid or unenforceable without invalidating the remainder of such provision or of this Agreement. The Parties will make a good faith effort to replace the invalid or
unenforceable provision with a valid one, which in its economic effect is most consistent with the invalid or unenforceable provision. 

  

	28.	RELATIONSHIP OF THE PARTIES: The Parties will perform their obligations under this Agreement as independent contractors and nothing in this Agreement is intended or will be deemed to constitute a partnership,
agency, or employer-employee relationship between the Parties. Neither Party will have any right, power, or authority to assume, create, or incur any expense, liability, or obligation, express or implied, on behalf of the other Party.

 {SIGNATURE PAGE FOLLOWS} 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 58 of
64 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly
authorized representatives as set forth below. 
  

									
	PFIZER INC.	 		 	WAVE LIFE SCIENCES LTD.
					
	By:	 	/s/ Robert J. Smith	 		 	By:	 	/s/ Paul B. Bolno
					
	Name:	 	Robert J. Smith	 		 	Name:	 	Paul B. Bolno
					
	Title:	 	Senior Vice President	 		 	Title:	 	President & CEO

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

  
 Page 59 of
64 

 EXHIBIT A 

WAVE PATENT RIGHTS 
  

			
	 I. SHORT TITLE/APPLICATION NO.
	  	 II. APPLICANT

		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]
		
	 [***]
	  	
		
	 [***]
	  	[***]

  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 Page 60 of
64 

			
	 I. SHORT TITLE/APPLICATION NO.
	  	 II. APPLICANT

	
	 [***]

		
	 [***]
	  	[***]
		
	 [***]
	  	[***]

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

  
 Page 61 of
64 

 EXHIBIT B 

PFIZER/LICENSOR PATENT RIGHTS 
 [***] 

Title: [***] 
  

											
	 Country
	  	 Application Date
	  	Application Number	  	Patent Number	  	Grant Date	  	Status
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]
						
	 [***]
	  	[***]	  	[***]	  		  		  	[***]

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

  
 Page 62 of
64 

 EXHIBIT C 

RESEARCH PLAN 
 [***] 

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

  
 Page 63 of
64 

 EXHIBIT D 

WAVE RESERVED TARGETS  
  

			
	 Gene
	  	 Name

		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]
		
	 [***]
	  	[***]

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

  
 Page 64 of
64EX-10.2

 Exhibit 10.2 

SHARE PURCHASE AGREEMENT 

This SHARE PURCHASE AGREEMENT (this “Agreement”) dated as of May 5, 2016 (the “Effective
Date”) is made by and between WAVE Life Sciences Ltd., a Singapore public limited company (the “Company”), and C.P. Pharmaceuticals International C.V., a Netherlands limited partnership (commanditaire vennootschap)
having its seat at Rotterdam, The Netherlands, registered with the Trade Register held by the Chamber of Commerce of Rotterdam, the Netherlands, under number 24280998, represented by its general partners, Pfizer Manufacturing LLC, a limited
liability company organized under the laws of the State of Delaware, U.S.A. (“PM LLC”), and Pfizer Production LLC, a limited liability company organized under the laws of the State of Delaware, U.S.A.
(“PP LLC” and, together with PM LLC, the “General Partners”) (the General Partners acting for and on behalf of C.P. Pharmaceuticals International C.V., collectively, the “Purchaser”). 

WHEREAS, the Company and Purchaser have entered into a Research, License and Option Agreement of even date herewith (the “Research
Agreement”); and 
 WHEREAS, Purchaser desires to subscribe for, and the Company desires to allot and issue to Purchaser,
ordinary shares fully-paid up, no par value, of the Company (“Ordinary Shares”), subject to the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements contained in this
Agreement, and for other good and valuable consideration, the parties hereby agree as follows: 
 1. Purchase and Sale of Shares.
Subject to the terms and conditions of this Agreement, the Company agrees to allot, issue and sell to Purchaser, and Purchaser agrees to purchase and subscribe for at the Closing, 1,875,000 Ordinary Shares (the “Shares”) at a price
of $16.00 per Ordinary Share (the “Purchase Amount”). To comply with the rules of the NASDAQ Stock Market (“NASDAQ”), the parties agree that in no event shall the number of Shares exceed such number of
Ordinary Shares equal to 19.99% of the outstanding Ordinary Shares or the voting power of the Company as of immediately prior to the Effective Date. The Shares shall be issued fully-paid up and free from all encumbrances whatsoever and shall rank
pari passu in all respects with the existing Ordinary Shares in issue as at the date of allotment and issue of the Shares. 
 2.
Closing; Deliveries. 
 (a) Closing. The closing of the sale and purchase of the Shares (the “Closing”)
shall take place on the Effective Date, remotely via the exchange of documents and signatures, or at such other date or location as may be agreed upon by the Company and Purchaser. 

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

 (b) Deliveries. At the Closing: 

(i) Purchaser will deliver to the Company the Purchase Amount by wire transfer of immediately available funds to a bank
account designated by the Company; and 
 (ii) the Company will instruct and/or cause the transfer agent or share custodian
to issue the Shares and promptly deliver to Purchaser a share certificate representing the Shares, registered in the name of Purchaser. The Company will also deliver a certified true copy of the resolutions duly passed by the directors of the
Company authorizing the entry into of this Agreement and the allotment and issue of the Shares, and cause the relevant returns of allotment of the Shares to be filed with all relevant authorities in Singapore or elsewhere (if required) and updated
in the registers of the Company. 
 3. Representations and Warranties of the Company. The Company represents and warrants to
Purchaser that the statements contained in this Section 3 are true and complete as of the Effective Date: 
 (a)
Organization; Qualification and Good Standing. The Company is a public limited company duly organized, validly existing and in good standing under the laws of Singapore and has all requisite corporate power and authority to carry on its
business as presently conducted and to enter into this Agreement and to carry out the transactions contemplated by this Agreement. The Company is duly qualified to transact business as a foreign entity and is in good standing in each
jurisdiction in which the conduct of its business requires such qualification, except to the extent that any failure to be so qualified would not have a material adverse effect on i) the Company’s ability to perform its obligations under this
Agreement or ii) the financial condition, properties, assets, liabilities, business or operations of the Company. 
 Each of the
Company’s “subsidiaries” (for purposes of this Agreement, as defined in Rule 405 under the Securities Act) has been duly incorporated or organized, as the case may be, and is validly existing as a corporation or company in good
standing under the laws of the jurisdiction of its incorporation or organization and has the power and authority (corporate or other) to own, lease and operate its properties and to conduct its businesses as presently conducted. Each of the
Company’s subsidiaries is duly qualified as a foreign corporation or company to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or
the conduct of business, except where the failure to so qualify or to be in good standing would not reasonably be expected to have a material adverse effect on i) the Company’s ability to perform its obligations under this Agreement or ii) the
financial condition, properties, assets, liabilities, business or operations of each of subsidiaries. All of the issued and outstanding share capital or capital stock or other equity or ownership interests of each of the Company’s subsidiaries
have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or adverse claim. The Company
does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in SEC Reports (as defined below). 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 (b) Authorization; Due Execution. The execution, delivery and performance by the Company
of this Agreement have been duly authorized by all requisite corporate action of the Company and its directors and shareholders. The Company has duly executed and delivered this Agreement, and this Agreement constitutes the valid and binding
obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium and similar laws affecting the enforcement of creditors’ rights
generally or by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). 

(c) Valid Issuance of Shares. The allotment, issuance, sale and delivery of the Shares hereunder by the Company have been duly
authorized by all requisite corporate action of the Company and its directors and shareholders, and evidence of the same has been delivered to Purchaser. When so issued, sold and delivered, the Shares will be validly issued, fully paid and
nonassessable and, based in part on the representations of Purchaser in this Agreement, in compliance with all applicable federal, state and foreign securities laws. 

(d) Governmental Consents. No authorization, consent, approval or other order of, declaration to, or filing with, any governmental
agency or body or securities exchange is required to be made or obtained by the Company in connection with the consummation of the transactions contemplated by this Agreement, except for such notices or filings required or permitted to be filed by
the Company with certain securities commissions or securities exchanges after the Closing. 
 (e) No Violation or Defaults. There
exists no violation or default by the Company or any of its subsidiaries under the Company’s Constitution or such subsidiaries’ organizational documents. There exists no default under any agreement to which the Company or any of its
subsidiaries is a party which default would have a material adverse effect on the Company’s ability to perform its obligations under this Agreement. 

(f) No Conflict. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by
this Agreement do not violate (i) any provision of the Company’s Constitution (ii) any law or regulation currently in effect having applicability to the Company or any of its subsidiaries, (iii) any ruling, writ, order,
judgment or decree to which the Company or any of its subsidiaries is a party or by which any of them is bound, (iv) any provision of any material contract or agreement (copies of which have been filed with the SEC) or (v) give rise to any
right of termination, acceleration or cancellation under any material agreement, lease, mortgage, license, indenture, instrument or other material contract to which the Company or any of its subsidiaries is a party, except, in the case of clause
(ii), (iii), (iv) or (v), which would not have a material adverse effect on either the Company’s ability to perform its obligations under this Agreement or the financial condition, properties, assets, liabilities, business or operations of
the Company and its subsidiaries. 
  
 Portions of this Exhibit,
indicated by the mark “[***],” were omitted and have been filed separately with the 
 Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment 
 pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended. 

 (g) Right of First Refusal; Voting Rights. No party has any right of first refusal, right
of first offer, right of co-sale, pre-emptive right or other similar right regarding the securities of the Company. Except as described in the SEC Reports, no party has any registration rights regarding the securities of the Company. There are no
provisions of the Company’s Constitution, and no contracts, other than the Agreement, which (a) may affect or restrict the voting rights of Purchaser with respect to the Shares in its capacity as a shareholder of the Company,
(b) restrict the ability of Purchaser, or any successor thereto or assignee or transferee thereof, to transfer the Shares, (c) would adversely affect the Company’s or Purchaser’s right or ability to consummate the transactions
contemplated by the Agreement, or (d) require the vote of more than a majority of the Company’s issued and outstanding Ordinary Shares to take or prevent any corporate action, other than those matters requiring a different vote under
Singapore law and what are described in the SEC Reports. 
 (h) SEC Reports. The Company has timely filed all forms, reports and
documents required to be filed by it with the U.S. Securities and Exchange Commission (“SEC”). All such required forms, reports and documents are referred to in this Agreement as the “SEC Reports.” As of their
respective filing dates, each of the SEC Reports (i) complied in all material respects with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), as the case may be, and the rules and regulations of the SEC thereunder applicable to such SEC Reports and (ii) did not at the time they were filed (or if subsequently amended or superseded by a filing
prior to the Effective Date, then on the date of such subsequent filing) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. 
 (i) Absence of Certain Events. Since December 31,
2015, except as specifically disclosed in SEC Reports, there have been no events, occurrences or developments, or any binding commitment by the Company or its subsidiaries to cause any of the foregoing, that have had, or would reasonably be expected
to have, a material adverse effect on either the Company’s ability to perform its obligations under this Agreement or the financial condition, properties, assets, liabilities, business or operations of the Company and its subsidiaries taken as
a whole. 
 (j) Listing; Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange
Act and the Company has taken no action designed to, or which to its knowledge is reasonably likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act, nor has the Company received any notification that
the SEC is contemplating terminating such registration. The Company has not, in the preceding twelve (12) months or such applicable shorter period, received written notice from NASDAQ to the effect that the Company is not in compliance with the
listing or maintenance requirements of NASDAQ. The Company is in compliance with all listing and maintenance requirements of NASDAQ. 
 (k)
No Integrated Offering. The Company has not, directly or through any agent, sold, offered for sale or solicited offers to buy any “security” (as defined in the Securities Act) under any circumstances that would cause the
offering of the Shares to be integrated with prior offerings by the Company for purposes of any applicable law, regulation or shareholder approval provisions. 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 (l) Investment Company. The Company is not, and immediately after receipt of payment for
the Shares, will not be an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (m) No
Undisclosed Material Liabilities. There are no liabilities of the Company (including its subsidiaries) of the type required to be disclosed on a balance sheet prepared in accordance with U.S. generally accepted accounting principles, other than
liabilities: (i) reflected in the financial statements (including footnotes thereto) included in the SEC Reports, (ii) created under, or incurred in connection with, the Agreement or (iii) incurred in the ordinary course consistent
with past practice. 
 (n) Absence of Litigation. There is no claim, action, suit, arbitration or similar proceeding or, to the
knowledge of the Company, investigation, pending against, or to the knowledge of the Company, threatened against or affecting, the Company, any of its subsidiaries, or any of their respective properties or, to the knowledge of the Company, any of
their respective officers or directors, before any governmental entity, including which questions the validity of the Agreement or the right of the Company to consummate the transactions contemplated in the Agreement. 

(o) Compliance with Laws. The Company and its subsidiaries are in material compliance with all applicable laws, rules and regulations
except where failure to be so would not reasonably be expected to have a material adverse effect on either the Company’s ability to perform its obligations under this Agreement or the financial condition, properties, assets, liabilities,
business or operations of the Company and its subsidiaries. 
 (p) Accountants. KPMG LLP (“KPMG”), who expressed
their opinion with respect to the financial statements included in the SEC Reports, are independent accountants as required by the Securities Act and the rules and regulations promulgated thereunder. There are no disagreements of any kind presently
existing, or reasonably anticipated by the Company to arise, between the Company and KPMG. 
 (q) Disclosure. No SEC Report contains
any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 

(r) Related Party Transactions. The Company has not entered into any agreements with any shareholders or any transactions with
“affiliates” (as defined in Rule 12b-2 under the Exchange Act) (“Affiliates”), except as specifically disclosed in the SEC Reports. 

(s) Capitalization. The Company has the issued and outstanding capitalization described in the SEC Reports (except for subsequent
issuances, if any, pursuant to reservations, agreements or employee benefit plans or pursuant to the exercise of convertible securities or 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
options, in each case described or reflected in the SEC Reports). The issued and outstanding capital shares of the Company have been duly authorized and validly issued and are fully paid and
nonassessable; and none of the outstanding capital shares of the Company was issued in violation of the preemptive or other similar rights of any shareholder of the Company. There are no authorized or outstanding options, warrants, preemptive
rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital shares of the Company or any of its subsidiaries other than those described or reflected in
the SEC Reports, or pursuant to reservations, agreements or employee benefit plans or the exercise of convertible securities or options, in each case described or reflected in the SEC Reports. 

(t) FCPA Compliance. Neither the Company nor any of its controlled Affiliates, nor any of their respective directors, officers,
managers, employees or agents (collectively, “Representatives”), has promised, authorized, made any payment to, or otherwise contributed any item of value to, directly or indirectly, any non-U.S. government official, in each case,
in violation of the U.S. Foreign Corrupt Practices Act (“FCPA”) or any other applicable anti-bribery or anti-corruption law. 

4. Representations and Warranties of Purchaser. Purchaser represents and warrants to the Company that the statements contained in this
Section 4 are true and complete as of the Effective Date: 
 (a) Organization and Good Standing. Each entity comprising
the Purchaser is duly organized, validly existing and in good standing under the laws of its respective jurisdiction of organization and has all requisite power and authority to carry on its business as presently conducted, to enter into this
Agreement and to carry out the transactions contemplated by this Agreement. 
 (b) Authorization; Due Execution. The execution,
delivery and performance by Purchaser of this Agreement have been duly authorized by all requisite corporate action of Purchaser. Purchaser has duly executed and delivered this Agreement, and this Agreement constitutes the valid and binding
obligation of Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium and similar laws affecting the enforcement of creditors’ rights
generally or by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). 

(c) No Current Ownership in the Company. Other than the Shares acquired under this Agreement, none of Purchaser or any of its
Affiliates owns any ordinary shares or other securities of the Company or any direct or indirect rights or options to acquire any such securities or any securities convertible into such securities (collectively, “Company
Securities”) or has any rights to acquire Company Securities; provided that this representation and warranty shall be limited to Pfizer Inc. or any of its direct or indirect subsidiaries. 

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

 (d) Accredited Investor. Purchaser is an “accredited investor” as such term is
defined in Rule 501 promulgated under the Securities Act. 
 (e) Purchase for Investment. Purchaser is acquiring the Shares for
its own account, for investment and not for, with a view to, or in connection with, any distribution or public offering thereof within the meaning of the Securities Act. Purchaser has not been organized solely for purposes of acquiring the Shares.

 (f) Knowledge and Experience; Economic Risk. Purchaser has sufficient knowledge and experience in business and financial matters
and with respect to investment in securities of privately held companies so as to enable it to analyze and evaluate the merits and risks of the investment contemplated by this Agreement and is capable of protecting its interest in connection with
the transactions contemplated by this Agreement. Purchaser is able to bear the economic risk of such investment, including a complete loss of the investment. 

(g) Access to Information. Purchaser acknowledges that it has had the opportunity to review the SEC Reports and has been afforded
(i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the
Shares and (ii) access to information about the Company and its financial condition, results of operations, business, properties and management sufficient to enable Purchaser to evaluate its investment. 

5. Additional Covenants and Agreements of the Company and Purchaser. 

(a) Lock-Up. 
 (i)
[***], Purchaser shall not dispose of (A) the Shares (together with any Ordinary Shares issued in respect thereof as a result of any share split, dividend or exchange or merger, consolidation or similar recapitalization) or (B) any
Ordinary Shares issued as (or issuable upon the exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, the Ordinary Shares described in clause
(A) of this sentence (the “Dividend Shares”); provided, however, that the foregoing shall not prohibit Purchaser from (A) transferring Shares to an Affiliate of Purchaser, provided that such Affiliate,
prior to or simultaneously with such transfer, shall have agreed in writing to be subject to and bound by all the restrictions and obligations set forth in this Agreement as though it were Purchaser hereunder (B) selling Dividend Shares in
connection with any tender offer for Company Securities, any Acquisition Transaction (as defined in the RLOA), or other transaction contemplated by Section 7.8 of that certain Research, License and Option Agreement dated as of the
date hereof between Pfizer Inc. and WAVE Life Sciences Ltd. (the “RLOA”), or (C) exercising its rights under Section 6(a) or 6(b). “Dispose of” means any (A) offer, pledge (other than
pledges in connection with bona fide debt financing transactions involving a general lien on assets of an Investor), sale, contract to sell, sale of any option or contract to purchase, purchase of any option or contract to sell, grant of any option,
right or warrant for the sale of, or other disposition of or transfer of any Company Securities, including, without limitation, any “short sale” or similar arrangement, or (B) swap, hedge, derivative instrument, or any other agreement
or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of Ordinary Shares, whether any such swap or transaction is to be settled by delivery of securities, in cash or otherwise. 

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

 (ii) [***]. 

(b) Restrictions on Transfer. 

(i) Purchaser acknowledges and agrees that (A) the issuance and sale of the Shares has not been, and will not be,
registered under the Securities Act or any state securities law, by reason of their issuance in a transaction exempt from the registration requirements of the Securities Act and such rules and regulations thereunder, (B) the Shares may be
disposed of only pursuant to an effective registration statement under, and in compliance with the requirements of, the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act, and in compliance with any applicable state and federal securities laws, (C) the certificate(s) for the Shares shall bear a legend as set forth in Section 5(b)(ii) (unless and until such legend is removed in
accordance with Section 5(b)(iii)), and (D) appropriate stop transfer instructions may be issued. Purchaser further understands that such exemption depends upon, among other things, the bona fide nature of Purchaser’s
investment intent expressed in this Agreement. 
 (ii) It is understood that the certificate(s) evidencing the Shares shall
bear the following legend (or substantially similar legends) until the time set forth in Section 5(b)(iii): 
 “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE “BLUE SKY” LAWS OF ANY JURISDICTION. SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
THE REGISTRATION, QUALIFICATION AND FILING REQUIREMENTS OF ALL APPLICABLE JURISDICTIONS HAVE BEEN SATISFIED OR THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THE PROPOSED TRANSACTION WILL BE EXEMPT FROM
REGISTRATION, QUALIFICATION, AND FILINGS IN ALL SUCH JURISDICTIONS.” 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER AND MAY NOT BE SOLD, EXCHANGED, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH AND SUBJECT TO ALL THE TERMS AND CONDITIONS OF A CERTAIN SHARE PURCHASE AGREEMENT DATED AS OF MAY 5, 2016,
A COPY OF WHICH THE COMPANY WILL FURNISH TO THE HOLDER OF THIS CERTIFICATE UPON REQUEST AND WITHOUT CHARGE.” 
 (iii)
The Company shall use its reasonable efforts to ensure that the restrictive legends and stop transfer instructions described in Section 5(b)(ii) are removed 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
(i) if there is in effect a registration statement under the Securities Act covering the Shares or (ii) promptly following receipt by the Company of a written request by Purchaser
(the “Legend Removal Request”) accompanied by such customary representations, notices and other documentation (including, but not limited to, a legal opinion from securities counsel to Purchaser) as are requested by the Company
or its transfer agent, so as to enable the sale of any Shares in a transaction registered under the Securities Act or pursuant to Rule 144 under the Securities Act, or otherwise in connection with a transaction exempt from registration under the
Securities Act; provided, in each case, that such sale is otherwise permitted by this Agreement. Any such Legend Removal Request shall be delivered not less than five (5) business days prior to the date on which the proposed sale is to
be effected. 
 (iv) For the avoidance of doubt, for purposes of this Agreement, none of the Company or its Affiliates shall
be deemed an Affiliate of Purchaser or its Affiliates and no Person shall be deemed an Affiliate of another Person solely by virtue of the transactions contemplated by the Research Agreement. 

(c) FCPA Compliance. The Company shall not, and shall not permit any of its controlled Affiliates or any of its or their respective
Representatives to, promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, any non-U.S. government official, in each case, in violation of the FCPA or any other applicable anti-bribery or
anti-corruption law. The Company shall, and shall cause each of its controlled Affiliates to, cease all of its or their respective activities, as well as remediate any actions taken by the Company, its controlled Affiliates or any of its or their
respective Representatives, in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The Company shall, and shall cause each of its controlled Affiliates and subsidiaries to, maintain systems or internal controls
(including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA or any other applicable anti-bribery or anti-corruption law. 

6. Registration Rights of the Purchaser. 

(a) Demand Registration. 

(i) [***], Purchaser and any permitted transferee of Purchaser (each a “Holder”) [***] shall have the right to
require the Company to file a Registration Statement registering for sale all or part of the Shares held by or issuable to them (excluding Shares then subject to the lock-up restrictions) (collectively, the “Registrable Securities”)
under the Securities Act (a “Demand Registration”) by delivering a written request therefor to the Company (i) specifying the number of Registrable Securities to be included in such registration by such Holder or Holders,
(ii) specifying whether the intended method of disposition thereof is pursuant to an underwritten public offering of Ordinary Shares by the Company (an “Underwritten Offering”), and (iii) containing all information about
such Holder required to be included in such Registration Statement in accordance with applicable law. The Company shall use commercially reasonable efforts to effect such registration (including, without limitation, appropriate qualification 

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

 
under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or
regulations) of the Registrable Securities that the Company has been so requested to register; [***]. 
 (ii) If the
offering of the Registrable Securities pursuant to such Demand Registration is an Underwritten Offering, (i) the Company shall select the underwriter(s) of the Underwritten Offering, subject to the approval of the Holders of a majority of the
Registrable Securities to be sold in the Underwritten Offering, such approval not to be unreasonably withheld, conditioned or delayed, and (ii) the Company shall (together with the Holders proposing to distribute their securities through such
underwriting) enter into an underwriting agreement in customary form for underwriting agreements for firm commitment offerings by a selling holder of equity securities with the managing underwriter(s) proposing to distribute their securities through
such Underwritten Offering; provided, that (i) the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the underwriter(s) shall also be made to and for the benefit of the
Holders proposing to distribute their securities through the Underwritten Offering, (ii) no Holder shall be required to make any representations and warranties to, or agreements with, any underwriter in a registration other than customary
representations, warranties and agreements and (iii) the liability of each Holder in respect of any indemnification, contribution or other obligation of such Holder arising under such underwriting agreement (a) shall be limited to losses
arising out of or based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement,
incorporated document or other such disclosure document or other document or report, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder expressly for inclusion therein and
(b) shall not in any event, absent fraud or intentional misrepresentation, exceed an amount equal to the net proceeds to such Holder (after deduction of all underwriters’ discounts and commissions) from the disposition of the Registrable
Securities disposed of by such Holder pursuant to such Underwritten Offering. 
 (iii) If, in connection with a Demand
Registration in the form of an Underwritten Offering, the managing underwriter(s) give written advice to the Company of the number of securities to which such registration should, in the opinion of the managing underwriter(s) of such registration,
in light of marketing factors, be limited (an “Underwriters’ Maximum Number”), then the Company shall (i) so advise all Holders of Registrable Securities to be included in such Underwritten Offering and
(ii) include in such registration [***]. 
 (iv) A registration will not be deemed to have been effected as a Demand
Registration unless the Registration Statement relating thereto has been declared effective by the SEC, [***] in the registration by the Holders are included in such registration, and the Company has complied in all material respects with its
obligations 
  
 Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately with the 
 Securities and Exchange Commission pursuant to the
Registrant’s application requesting confidential treatment 
 pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 
under this Agreement with respect thereto; provided, however, that if, after it has become effective, (i) such Registration Statement or the related offer, sale or distribution
of Registrable Securities thereunder is or becomes the subject of any stop order, injunction or other order or requirement of the SEC or any other governmental or administrative agency, or if any court prevents or otherwise limits the sale of the
Registrable Securities pursuant to the registration (each, an “Interference”), which Interference does not result from any act or omission of any Holder whose Registrable Securities are registered pursuant to such Registration
Statement [***], and (ii) in each case [***] by the effective Registration Statement are actually sold by the selling Holder or Holders pursuant to the Registration Statement, then such registration will be deemed not to have been effected for
purposes of the last sentence of Section 6(a)(i). If (i) a registration requested pursuant to this Section 6(a) is deemed not to have been effected as a Demand Registration or (ii) the registration requested
pursuant to this Section 6(a) does not remain continuously effective until the completion of the distribution by the Holders of the Registrable Securities covered by such registration, then the Company shall continue to be obligated to
effect a Demand Registration pursuant to this Section 6(a) of the Registrable Securities included in such registration. In circumstances not including the events described in the immediately two preceding sentences of this
Section 6(a)(iv), each Holder of Registrable Securities shall be permitted voluntarily to withdraw all or any part of its Registrable Securities from a Demand Registration at any time prior to the commencement of marketing of such Demand
Registration, provided that such registration nonetheless shall count as a Demand Registration for purposes of the last sentence of Section 6(a)(i). 

(b) Piggyback Registration. 

(i) [***], if (and on each occasion that) the Company proposes to register any of its securities under the Securities Act
(other than (i) pursuant to Section 6(a), (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms, (iii) in connection with a transaction conducted pursuant to Rule
145 of the Securities Act, or (iv) in connection with registrations on any registration form that does not permit secondary sales or does not include substantially the same information as would be required to be included in a registration
statement covering the sale of Registrable Securities), whether for its own account or the account of any of its security holders (each such registration not withdrawn or abandoned prior to the effective date thereof being herein referred to as a
“Piggyback Registration”), the Company shall give written notice to the Holders of such proposal promptly, but in no event later than twenty (20) Business Days prior to the anticipated filing date. Each Holder shall keep
confidential and not disclose to any third party its receipt of any such notice and any information regarding such proposed offering. 

(ii) Subject to the provisions contained in paragraphs (i) and (iii) of this Section 6(b) and the last
sentence of this paragraph (ii), the Company will be obligated and required to include in each Piggyback Registration such Registrable Securities as requested in a written notice from any Holder delivered to the Company no later than ten
(10) Business Days following delivery of the notice from the Company 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
specified in Section 6(b)(i). If a Piggyback Registration is an Underwritten Offering, the Company shall (together with the Holders proposing to distribute their securities through
such underwriting) enter into an underwriting agreement with the managing underwriter(s) in customary form for underwriting agreements for such an offering. The Company may terminate or withdraw any Piggyback Registration prior to the effectiveness
of such registration, whether or not the Holders have elected to include Registrable Securities in such registration. 

(iii) If a Piggyback Registration is an Underwritten Offering on behalf of a holder of Company Securities other than Holders
(including, for the avoidance of doubt, the Existing Rights Holders), and the managing underwriter(s) advise the Company that in their reasonable opinion the number of securities proposed to be included in such registration exceeds the
Underwriters’ Maximum Number, then the Company shall include in such registration (i) first, the number of securities to be sold by the Company, (ii) second, the number of securities requested to be included therein by such holder(s)
requesting such registration, (iii) third, the number of securities requested to be included therein by all Holders who have requested registration of Registrable Securities in accordance with Section 6(b)(i), pro rata on the basis
of the aggregate number of Registrable Securities requested to be included by each such Holder, and (iv) fourth, any other securities that have been requested to be so included by any other person. If a Piggyback Registration is an Underwritten
Offering on behalf of the Company, and the managing underwriter(s) advise the Company that in their reasonable opinion the number of securities proposed to be included in such registration exceeds the Underwriters’ Maximum Number, then the
Company shall include in such registration (i) first, the number of securities to be sold by the Company, (ii) second, the number of securities requested to be included therein by holder(s) with priority over the Holders with respect to
such registration, (iii) third, the number of securities requested to be included therein by all Holders who have requested registration of Registrable Securities in accordance with Section 6(b)(i), pro rata on the basis of the
aggregate number of Registrable Securities requested to be included by each such Holder, and (iv) fourth, any other securities that have been requested to be so included by any other person. 

(iv) In any Piggyback Registration that is an Underwritten Offering, the Company shall have the right to select the managing
underwriter(s) for such registration. 
 (c) Registration Expenses. In connection with registrations pursuant to
Section 6(a) or Section 6(b) hereof, the Company shall pay all of the costs and expenses incurred in connection with the registrations thereunder (the “Registration Expenses”), including all
(i) registration and filing fees and expenses, including, without limitation, those related to filings with the SEC, (ii) fees and expenses of compliance with state securities or blue sky laws (including reasonable fees and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) reasonable processing, duplicating and printing expenses, including expenses of printing prospectuses reasonably requested by any Holder, (iv) the
Company’s internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any liability 

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

 
insurance and the expense of any annual audit or quarterly review), (v) fees and expenses incurred in connection with listing the Registrable Securities for trading on a national securities
exchange, (vi) fees and expenses in connection with the preparation of the registration statement and related documents covering the Registrable Securities, (vii) fees and expenses, if any, incurred with respect to any filing with FINRA,
(viii) any documented out-of-pocket expenses of the underwriter(s) incurred with the approval of the Company, (ix) the cost of providing any CUSIP or other identification numbers for the Registrable Securities, (x) fees and expenses
and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including, without limitation, the expenses of any comfort letters or costs associated with the delivery by
independent certified public accountants of a comfort letter or comfort letters requested), (xi) fees and expenses of any special experts retained by the Company in connection with such registration, and (xii) reasonable and documented
fees and expenses of one firm of counsel for the Holders to be selected by the Holders of [***]. Notwithstanding the foregoing, the Holders shall be responsible, on a pro rata basis based on the number of Registrable Securities included in the
applicable registered offering by each such Holder, for any underwriting discounts, commissions and stock transfer fees attributable to the sale of Registrable Securities pursuant to a Registration Statement and any other out-of-pocket expenses of
the Holders not required to be paid by the Company pursuant to this Section 6(c). The obligation of the Company to bear the expenses described in this Section 6(c) and to pay or reimburse the Holders for the expenses
described in this Section 6(c) shall apply irrespective of whether any sales of Registrable Securities ultimately take place; provided, however, that the Company shall not be required to pay any expenses of any Demand
Registration if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses on a pro rata basis based on
the number of Registrable Securities included in the applicable registered offering by each such Holder). 
 (d) Registration
Procedures. In the case of each registration effected by the Company pursuant to this Agreement, the Company shall keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof. In connection with
any such registration: 
 (i) The Company will, [***] after its receipt of the request for registration under
Section 6(a)(i), prepare and file with the SEC a Registration Statement on Form S-3 or another appropriate Securities Act form reasonably acceptable to the Holders, and use commercially reasonable efforts to cause such Registration
Statement to become and remain effective until the completion of the distribution contemplated thereby. 
 (ii) The Company
will (i) promptly prepare and file with the Commission such amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for as long as such registration is required to remain effective pursuant to
the terms hereof, (ii) cause the prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, and (iii) comply with the provisions 

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

 
of the Securities Act applicable to it with respect to the disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Holders set forth in such Registration Statement or supplement to the prospectus. 

(iii) The Company will, [***] prior to filing a Registration Statement or prospectus or any amendment or supplement to such
Registration Statement or prospectus, furnish to (i) each Holder of Registrable Securities covered by such Registration Statement, (ii) Holders’ Counsel and (iii) each underwriter of the Registrable Securities covered by such
Registration Statement, copies of such Registration Statement and each amendment or supplement as proposed to be filed, together with any exhibits thereto, which documents will be subject to reasonable review and comment by each of the foregoing
persons, and thereafter, furnish to such Holders, Holders’ Counsel and the underwriter(s), if any, such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus) and such other documents or information as such Holder, Holders’ Counsel or the underwriter(s) may
reasonably request in order to facilitate the disposition of the Registrable Securities in accordance with the plan of distribution set forth in the prospectus included in the Registration Statement. 

(iv) The Company shall furnish to each Holder a copy of all documents filed with and all correspondence from or to the SEC in
connection with the offering of Registrable Securities. 
 (v) The Company will promptly notify each Holder of any stop
order issued or threatened by the SEC and, if entered, use commercially reasonable efforts to prevent the entry of such stop order or to remove it as soon as reasonably possible. 

(vi) On or prior to the date on which the Registration Statement is declared effective, the Company shall use commercially
reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Holder reasonably requests and use commercially reasonable efforts to keep each such registration or
qualification (or exemption therefrom) effective during the period which the Registration Statement is required to be kept effective pursuant to the terms hereof; provided that the Company will not be required to (i) qualify generally to
do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (e), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such
jurisdiction. 
 (vii) The Company will notify each Holder, Holders’ Counsel and the underwriter(s) promptly and (if
requested by any such person) confirm such notice in writing, (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to a Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the SEC or any 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
other federal or state governmental authority for amendments or supplements to a Registration Statement or prospectus or for additional information to be included in any Registration Statement or
prospectus or otherwise, (iii) of the issuance by any state securities commission or other regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Securities under state
securities or blue sky laws or the initiation of any proceedings for that purpose, and (iv) of the happening of any event that requires the making of any changes in a Registration Statement or related prospectus or any document incorporated or
deemed to be incorporated by reference therein so that they will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements in the Registration Statement
and prospectus not misleading in light of the circumstances in which they were made; and, as promptly as practicable thereafter, prepare and file with the SEC and furnish a supplement or amendment to such prospectus so that, as thereafter
deliverable to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. 
 (viii) The Company and the Holders will furnish customary closing certificates and
other deliverables to the underwriter(s) (including, if applicable, an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of the Registrable Securities.

 (ix) The Company shall use commercially reasonable efforts to cause all Registrable Securities registered pursuant to the
terms hereof to be listed on each national securities exchange on which the ordinary shares of the Company are then listed. 

(x) The Company shall use commercially reasonable efforts to cooperate and assist in obtaining of all necessary approvals from
FINRA, if any. 
 (xi) The Company otherwise shall use its commercially reasonable efforts to comply with all applicable
rules and regulations of the SEC. 
 (e) Holders’ Obligations. The Company may require each Holder to promptly furnish in
writing to the Company such information as the Company may from time to time reasonably request in connection with the distribution of the Registrable Securities and such other information as may be legally required in connection with such
registration, including all such information as may be requested by the SEC. Each Holder agrees that, notwithstanding the provisions of Section 6(f) hereof, upon receipt of any notice from the Company of the happening of any event of the
kind described in Section 6(d)(vii) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the
copies of the supplemented or amended prospectus contemplated by Section 6(d)(vii) hereof, and, if so directed by the Company, such Holder will deliver to the Company all copies, other than permanent file copies then in such
Holder’s possession and retained solely in accordance with record retention policies then-applicable to such Holder, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. 

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

 (f) Blackout Provisions. Notwithstanding anything in this Agreement to the contrary, by
delivery of written notice to the participating Holders (a “Suspension Notice”) stating which one or more of the following limitations shall apply to the addressee of such Suspension Notice, the Company may (i) postpone
effecting a registration under this Agreement, or (ii) require such addressee to refrain from disposing of Registrable Securities under the registration, in either case for a period of no more than [***] from the delivery of such Suspension
Notice (which period may not be extended or renewed). The Company may postpone effecting a registration or apply the limitations on dispositions specified in clause (ii) of this Section 6(f) if (x) within [***] of receipt of a
request for Demand Registration under Section 6(a)(i), the Company expects to file a registration statement for the public offering of securities for the account of the Company, provided, that the Company is actively employing
good faith efforts to cause such registration statement to become effective, (y) the Company’s board of directors, in good faith, determines that such registration or disposition would materially impede, delay or interfere with any
material transaction then pending or proposed to be undertaken by the Company or any of its subsidiaries, or (z) the Company in good faith determines that the Company is in possession of material non-public information the disclosure of which
during the period specified in such notice the Company’s board of directors, in good faith, reasonably believes would not be in the best interests of the Company; [***]. 

(g) Indemnification. 

(i) Indemnification by the Company. The Company agrees, notwithstanding the termination of this Agreement, to indemnify
and hold harmless, to the fullest extent permitted by law, each Holder including Registrable Securities in any registration statement filed pursuant to this Section 6 and each of its officers, directors, employees and agents, and each
person, if any, who controls such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, together with the officers, directors, employees and agents of such Controlling Person (each, a
“Controlling Person”), from and against any and all losses, claims, damages, settlement amounts (only if the Company consented in writing to the settlement, which consent shall not be unreasonably withheld), liabilities, reasonable
attorneys’ fees, costs and expenses of investigating and defending any such claim (collectively, “Damages”) and any action in respect thereof to which such Holder, its Controlling Persons and their respective officers,
directors, employees and agents may become subject to under the Securities Act or otherwise, insofar as such Damages (or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or prospectus (or any amendment or supplement thereto) or any preliminary prospectus of the Company, or arise out of, or are based upon, any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, except insofar as the same are based upon information furnished in writing to the Company by such Holder,
any of its Controlling 
  
 Portions of this Exhibit, indicated by the
mark “[***],” were omitted and have been filed separately with the 
 Securities and Exchange Commission pursuant to the
Registrant’s application requesting confidential treatment 
 pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 
Persons, or any of their respective officers, directors, employees and agents expressly for use therein, and shall reimburse such person for any legal and other expenses reasonably incurred in
investigating or defending or preparing to defend against any such Damages or proceedings. In addition to the indemnity contained herein, the Company will reimburse each such person for its reasonable out-of-pocket legal and other expenses
(including the reasonable out-of-pocket cost of any investigation, preparation and travel in connection therewith) as incurred in connection therewith, as promptly as practicable after such expenses are incurred and invoiced. 

(ii) Indemnification by the Holders. Each Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, its officers, directors, employees and agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, together with the officers, directors,
employees and agents of such Controlling Person, to the same extent as the foregoing indemnity from the Company to each Holder, but only with respect to information related to such Holder, its Controlling Persons or its plan of distribution,
furnished in writing by such Holder, its Controlling Persons or any of their respective officers, directors, employees and agents to the Company expressly for use in any Registration Statement or prospectus, or any amendment or supplement thereto,
or any preliminary prospectus. In addition to the indemnity contained herein, such Holder will reimburse the Company for its reasonable out-of-pocket legal and other expenses (including the reasonable out-of-pocket cost of any investigation,
preparation and travel in connection therewith) as incurred in connection therewith, as promptly as practicable after such expenses are incurred and invoiced. 

(iii) Conduct of Indemnification Proceedings. Promptly after receipt by any person (an “Indemnified
Party”) of notice of any claim or the commencement of any action in respect of which indemnity may be sought pursuant to Section 6(g)(i) or Section 6(g)(ii), the Indemnified Party shall, if a claim in respect thereof
is to be made against the person against whom such indemnity may be sought (an “Indemnifying Party”), notify the Indemnifying Party in writing of the claim or the commencement of such action; provided, that the failure to notify the
Indemnifying Party shall not relieve it from any liability that it may have to an Indemnified Party other than under Section 6(g)(i) or Section 6(g)(ii) except to the extent of any actual prejudice resulting therefrom. If any
such claim or action shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other
similarly notified Indemnifying Party, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim
or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation;
provided, that the Indemnified Party shall have the right to employ separate counsel to represent the Indemnified Party and its Controlling Persons who may be subject to liability arising out of any claim in respect of 

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

 
which indemnity may be sought by the Indemnified Party against the Indemnifying Party, but the fees and expenses of such counsel shall be for the account of such Indemnified Party unless
(i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of, and reimbursement of fees for, such counsel or (ii) in the reasonable opinion of counsel to such Indemnified Party representation of both
parties by the same counsel would be inappropriate due to actual or potential conflicts of interest between them, it being understood, however, that the Indemnifying Party shall not, in connection with any one such claim or action or separate but
substantially similar or related claims or actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate
local counsel) at any time for all Indemnified Parties. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any claim or pending or threatened proceeding in respect of which the
Indemnified Party is or would reasonably have been a party and indemnity would reasonably have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such claim or proceeding. Whether or not the defense of any claim or action is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its written consent. 

(h) Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not enter into any
agreement granting any holder or prospective holder of any Company Securities registration rights with respect to such securities without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, unless
such registration rights are pari passu with respect to the cut-back provisions contained in this Section 6. 
 7.
Miscellaneous. 
 (a) Fees and Expenses. Except as otherwise provided in this Agreement, each party to this Agreement shall
bear all of its own fees and expenses incurred in connection with the preparation and negotiation of this Agreement and the consummation of the transactions contemplated hereby, including all fees of such party’s legal counsel. 

(b) Survival. The representations, warranties and covenants of the parties contained in this Agreement shall survive the Closing. 

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

 (c) Entire Agreement. This Agreement and the Research Agreement contain the entire
agreement among the parties with respect to the transactions contemplated hereby and supersede all prior negotiations, commitments, agreements and understandings among them with respect thereto. 

(d) Notices. All notices, requests, consents and other communications hereunder to any party shall be contained in a written instrument
addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee to the addressor listing all parties and shall be deemed given (i) when delivered in person or duly sent by
fax showing confirmation of receipt, (ii) five (5) days after being duly sent by first class mail postage prepaid, or (iii) the next business day after being duly sent by Federal Express or other recognized express international
courier service: 
  

	 	(i)	if to the Company, to: 

 WAVE Life Sciences Ltd. 

733 Concord Avenue 

Cambridge, MA 02138 

[***] 

[***] 

with a copy (which shall not constitute notice) to: 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 

One Financial Center 

Boston, MA 02111 

[***] 

[***] 
  

	 	(ii)	if to Purchaser, to: 

 C.P. Pharmaceuticals International C.V. 

c/o its General Partners, 

235 East 42nd Street 

New York, NY 10017 

United States of America 

[***] 

[***] 

[***] 

[***] 

with copies (which shall not constitute notice) to: 

235 East 42nd Street 

New York, NY 10017 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 United States of America 

[***] 

[***] 

and 

Ropes & Gray LLP 

1211 Avenue of the Americas 

New York, NY 10036 

[***] 

[***] 
 (e)
Amendments; Waivers. This Agreement may be amended, and compliance with the provisions of this Agreement may be omitted or waived, only by the written agreement of the Company and Purchaser. 

(f) Counterparts. This Agreement may be executed in any number of counterparts, each such counterpart shall be deemed to be an original
instrument, and all such counterparts together shall constitute but one agreement. Any such counterpart may contain one or more signature pages. This Agreement may be executed and delivered by facsimile, or by email in portable document format
(.pdf), and upon such delivery of the signature page by such method will be deemed to have the same effect as if the original signature had been delivered to the other party. 

(g) Headings; Nouns and Pronouns. The headings of the various sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and
pronouns shall include the plural and vice-versa. 
 (h) Governing Law. This Agreement shall be governed by, and construed and
enforced in accordance with, the substantive laws of the State of New York without regard to its principles of conflicts of laws. 
 (i)
JURISDICTION. THE PARTIES HERETO CONSENT AND AGREE THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, STATE OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY OF THE
PARTIES HERETO PERTAINING TO THIS AGREEMENT, AND ANY OTHER TRANSACTION RELATING HERETO, AND ANY INVESTIGATION, LITIGATION OR PROCEEDING IN CONNECTION WITH, RELATED TO OR ARISING OUT OF ANY SUCH MATTERS, IN EACH CASE OTHER THAN CLAIMS OR DISPUTES
PERTAINING SOLELY TO THE RESEARCH AGREEMENT, PROVIDED, THAT THE PARTIES HERETO ACKNOWLEDGE THAT ANY APPEAL FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND
HEREBY WAIVE ANY OBJECTION, WHICH EACH OF THE PARTIES MAY BE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR INCONVENIENT FORUM. 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 (j) Assignment. Neither this Agreement nor any of the rights or obligations hereunder may
be assigned by either party without the prior written consent of the non-assigning party; provided, however, that Purchaser may assign this Agreement and its rights and obligations hereunder without the other party’s consent to an
Affiliate of Purchaser, provided that Purchaser shall remain liable to the Company hereto for the performance of all such obligations by such Affiliate. 

(k) Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, each of the successors and assigns of
the parties and, except as otherwise expressly provided in this Agreement, each other person who shall become a registered holder named in a certificate evidencing Shares transferred to such holder by Purchaser or its permitted transferees, and
(except as aforesaid) its legal representatives, successors and assigns. 
 (l) Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 (m) Disclaimer. Except
as expressly set forth in this Agreement and the Research Agreement, neither party makes any representation or warranty to the other party of any nature, express or implied. Purchaser acknowledges and agrees that in evaluating its investment in the
Shares, it is not relying on any representations, warranties or information (including the accuracy or completeness thereof) other than the representations and warranties contained herein and the information contained in the SEC Reports. 

(n) Publicity. The parties shall abide by Section 15.2 of the Research Agreement relating to publicity with respect to the
transactions contemplated by this Agreement. 
 (o) Other Business Activities. The Company acknowledges and agrees that Purchaser or
its Affiliates may presently have, or may engage in the future, in internal development programs, or may receive information from third parties that relates to, and may develop and commercialize products independently or in cooperation with such
third parties, that are similar to or that are directly or indirectly competitive with, the Company’s development programs, products or services. Nothing in this Agreement shall in any way preclude or restrict Purchaser or its Affiliates from
conducting any development program, commercializing any product or service or otherwise engaging in any enterprise, whether or not such development program, product, service or enterprise, competes with those of the Company. 

[Signature page follows] 
  

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 IN WITNESS WHEREOF, the parties have executed this Share Purchase Agreement as of the
Effective Date. 
  

									
	WAVE LIFE SCIENCES LTD.	 		 		 	
					
	By:	 	/s/ Paul B. Bolno	 		 		 	
	Name: Paul B. Bolno, M.D.	 		 		 	
	Title: President and Chief Executive Officer	 		 		 	
			
	For and behalf of: C.P. Pharmaceuticals International C.V.	 		 	
			
	Pfizer Manufacturing LLC,	 		 	Pfizer Production LLC,
	as general partner for and on behalf of	 		 	as general partner for and on behalf of
	C.P. Pharmaceuticals International C.V.	 		 	C.P. Pharmaceuticals International C.V.
					
	By:	 	/s/ Colum Lane	 		 	By:	 	/s/ Brian McMahon
		 	Name: Colum Lane	 		 		 	Name: Brian McMahon
		 	Title: Senior Vice President	 		 		 	Title: Senior Vice President

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

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