Document:

EX-10.1

 Exhibit 10.1 

IMAX CORPORATION 
 SECOND
AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN 
  

	1.	 Purposes of the IMAX LTIP 

The purposes of the IMAX LTIP are to (a) promote the long term success of the Company and its Affiliates and to increase shareholder
value by providing Eligible Individuals with incentives to contribute to the long term growth and profitability of the Company, and (b) assist the Company in attracting, retaining and motivating highly qualified individuals who are in a
position to make significant contributions to the Company and its Affiliates. 
 The original version of the IMAX LTIP became effective on
June 11, 2013 upon its approval by shareholders and was amended and restated on June 6, 2016. The effectiveness of the original IMAX LTIP terminated any further grants under the Prior Plan. This Second Amended and Restated IMAX LTIP shall
become effective upon adoption by the Board and approval by the Company’s shareholders (the “Effective Date”). 
  

	2.	 Definitions and Rules of Construction 

(a)    Definitions: For purposes of the IMAX LTIP, the following capitalized words shall have the meanings set
forth below: 
 “Affiliate” means any Subsidiary and any person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, the Company. 
 “Award” means an
Option, Restricted Share, Restricted Share Unit, Stock Appreciation Right, Performance Stock, Performance Stock Unit, Cash Performance Unit or Other Award granted by the Committee pursuant to the terms of the IMAX LTIP. 

“Award Document” means an agreement, certificate or other type or form of document or documentation approved by the
Committee that sets forth the terms and conditions of an Award. An Award Document may be in written, electronic or other media, may be limited to a notation on the books and records of the Company and, unless the Committee requires otherwise, need
not be signed by a representative of the Company or a Participant. 
 “Beneficial Owner” and
“Beneficially Owned” have the meaning set forth in Rule 13d-3 under the Exchange Act. 

“Board” means the Board of Directors of the Company, as constituted from time to time. 

“Cash Performance Unit” means a right to receive a Target Amount of cash in the future granted pursuant to
Section 10(b). 

  
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 “Cause” has the meaning determined by the Committee at the time of
grant and set forth in the applicable Award Document. In the absence of any alternative definition approved by the Committee, Cause shall mean a termination of the Participant’s employment with the Company or one of its Affiliates (i) for
“cause” as defined in an employment agreement applicable to the Participant, or (ii) in the case of a Participant who does not have an employment agreement that defines “cause”, because of: (A) any act or omission that
constitutes a material breach by the Participant of any obligations under an employment agreement with the Company or one of its Affiliates or an Award Document; (B) the continued failure or refusal of the Participant to substantially perform
the duties reasonably required of the Participant as an employee of the Company or one of its Affiliates; (C) any willful and material violation by the Participant of any law or regulation applicable to the business of the Company or one of its
Affiliates, or the Participant’s conviction of a felony, or any willful perpetration by the Participant of a common law fraud; or (D) any other willful misconduct by the Participant which is materially injurious to the financial condition
or business reputation of, or is otherwise materially injurious to, the Company or any of its Affiliates. 
 “Change in
Control” means 
 (i)    Any Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company’s then-outstanding securities; or 

(ii)    The following individuals cease for any reason to constitute a majority of the number of directors
then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to,
a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least a majority of
the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; or 

(iii)    There is consummated a merger or consolidation of the Company, other than (A) a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary, at least fifty percent (50%) of the combined voting
power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company’s then outstanding
securities; or 
 (iv)    The shareholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company
immediately prior to such sale. 

  
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 “Code” means the United States Internal Revenue Code of 1986, as
amended, and the applicable rulings, regulations and guidance promulgated thereunder as amended from time to time. 

“Committee” means the Compensation Committee of the Board, any successor committee thereto or any other committee
appointed from time to time by the Board to administer the IMAX LTIP, which committee shall meet the requirements of Section 16(b) of the Exchange Act, the applicable rules of the NYSE and all other applicable rules and regulations (in each
case as amended or superseded from time to time); provided, however, that, if any Committee member is found not to have met the qualification requirements of Section 16(b) of the Exchange Act, any actions taken or Awards
granted by the Committee shall not be invalidated by such failure to so qualify. 
 “Common Share” means a share of
Common Stock, as may be adjusted pursuant to Section 13(b). 
 “Common Stock” means the common stock of the
Company, or such other class of share or other securities as may be applicable under Section 13. 
 “Company”
means IMAX Corporation, a Canadian corporation, or any successor to all or substantially all of the Company’s business that adopts the IMAX LTIP. 

“Disability” means a physical or mental disability or infirmity of the Participant that prevents the normal
performance of substantially all of the Participant’s duties as an employee of the Company or any Affiliate, which disability or infirmity shall exist for any continuous period of 180 days within any twelve (12) month period.
Notwithstanding the previous sentence, with respect to an Award that is subject to Section 409A of the Code where the payment or settlement of the Award will accelerate upon termination of employment as a result of the Participant’s
Disability, no such termination will constitute a Disability for the purposes of the IMAX LTIP or any Award Document unless such event also constitutes a “disability” as defined under Section 409A of the Code. 

“EBITA” means the Company’s earnings before interest, taxes and amortization. 

“EBITDA” means earnings before interest, taxes, depreciation and amortization. 

“Eligible Individuals” means the individuals described in Section 4(a) who are eligible for Awards under the IMAX
LTIP. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder, as amended from time to time. 
 “Fair Market Value” means, with respect to
a Common Share, the fair market value thereof as of the relevant date of determination, as determined in accordance with the valuation methodology approved by the Committee in compliance with Section 409A of the Code, if applicable. In the
absence of any alternative valuation methodology approved by the Committee, the Fair Market Value of a Common Share on a given date shall equal the average of the closing selling prices of a Common Share on the preceding five trading days on the
NYSE or such other securities exchanges, if any, as may be designated by the Board from time to time. 

  
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 “Full-value Award” means an award of (i) Restricted Shares,
(ii) Restricted Share Units, (iii) Performance Stock, (iv) Performance Stock Units, (v) Cash Performance Units or (vi) Other Awards. 

“Good Reason” has the meaning determined by the Committee at the time of grant and set forth in the applicable Award
Document. In the absence of any alternative definition approved by the Committee, Good Reason shall mean (i) the diminution of the Participant’s title and/or responsibilities or (ii) the Participant being required to relocate more
than twenty-five (25) miles from the Participant’s then-existing office. 
 “IMAX LTIP” means this IMAX
Corporation Second Amended and Restated Long-Term Incentive Plan, as amended or restated from time to time. 
 “IMAX LTIP
Limit” means the maximum aggregate number of Common Shares that may be issued for all purposes under the IMAX LTIP as set forth in Section 5(a). 

“Incentive Stock Option” means an Option that is intended to comply with the requirements of Section 422 of the
Code or any successor provision thereto. 
 “Nonqualified Stock Option” means an Option that is not intended to or
fails to comply with the requirements of Section 422 of the Code or any successor provision thereto. 
 “NYSE”
means the New York Stock Exchange. 
 “Option” means an Incentive Stock Option or Nonqualified Stock Option granted
pursuant to Section 7. 
 “Other Award” means any form of Award (other than an Option, Performance Stock,
Performance Stock Unit, Cash Performance Unit, Restricted Share, Restricted Share Unit or Stock Appreciation Right) granted pursuant to Section 11. 

“Participant” means an Eligible Individual who has been granted an Award under the IMAX LTIP. 

“Performance Period” means the period established by the Committee and set forth in the applicable Award Document over
which Performance Targets are measured. 
 “Performance Stock” means a Target Amount of Common Shares granted
pursuant to Section 10(a). 
 “Performance Stock Unit” means a right to receive a Target Amount of Common
Shares granted pursuant to Section 10(a). 

  
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 “Performance Target” means the performance goals established by the
Committee, which may be from among the performance criteria provided in Section 6(g), and set forth in the applicable Award Document. 

“Permitted Transferees” means, in respect of Participants resident in a province or territory of Canada, a
“permitted assign” within the meaning of National Instrument 45-106 (Prospectus and Registration Exemptions) or any successor instrument thereto, and in respect of all other Participants,
(i) one or more trusts established in whole or in part for the benefit of one or more of a Participant’s family members and (ii) one or more entities which are Beneficially Owned in whole or in part by one or more of a
Participant’s family members. 
 “Person” means any person, entity or “group” within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the
same proportions as their ownership of stock of the Company, or (v) a person or group as used in Rule 13d-1(b) under the Exchange Act. 

“Prior Plan” means the IMAX Corporation Stock Option Plan, as amended from time to time. 

“Restricted Share” means a Common Share granted or sold pursuant to Section 8(a). 

“Restricted Share Unit” means a right to receive one or more Common Shares (or cash, if applicable) in the future
granted pursuant to 
Section 8(b). 
 “Service Factor” means the Participant’s (i) attaining the
age of at least 55 and (ii) continuous service with the Company or any of its Subsidiaries and Affiliates for at least ten (10) years, or such other criteria that are deemed by the Committee to be an achievement of the Service Factor,
provided, however, that, in the case of a resignation, the Participant must provide the Company with a written notice of intent to resign at least six (6) months prior to the Participant’s final day of employment with the
Company. 
 “Stock Appreciation Right” means a right to receive all or some portion of the appreciation on Common
Shares granted pursuant to Section 9. 
 “Subsidiary” means any foreign or domestic corporation, limited
liability company, partnership or other entity of which fifty percent (50%) or more of the outstanding voting equity securities or voting power is Beneficially Owned directly or indirectly by the Company. For purposes of determining eligibility for
the grant of Incentive Stock Options under the IMAX LTIP, the term “Subsidiary” shall be defined in the manner required by Section 424(f) of the Code. 

“Substitute Award” means any Award granted upon assumption of, or in substitution or exchange for, outstanding
employee equity awards previously granted by a company or other entity acquired by the Company or with which the Company combines in connection with a corporate transaction pursuant to the terms of an equity compensation plan that was approved by
the shareholders of such company or other entity. 

  
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 “Target Amount” means the target number of Common Shares or target
cash value established by the Committee and set forth in the applicable Award Document. 
 (b)    Rules of
Construction: The masculine pronoun shall be deemed to include the feminine pronoun, and the singular form of a word shall be deemed to include the plural form, unless the context requires otherwise. Unless the text indicates otherwise,
references to sections are to sections of the IMAX LTIP. 
  

	3.	 Administration 

(a)    Committee: The IMAX LTIP shall be administered by the Committee, which shall have full power and authority,
subject to the express provisions hereof, to: 
 (i)    select the Participants from the Eligible
Individuals; 
 (ii)    grant Awards in accordance with the IMAX LTIP; 

(iii)    determine the number of Common Shares subject to each Award or the cash amount payable in
connection with an Award; 
 (iv)    determine the terms and conditions of each Award, including,
without limitation, those related to term, permissible methods of exercise, vesting, cancellation, forfeiture, payment, settlement, exercisability, Performance Periods, Performance Targets, and the effect or occurrence, if any, of a
Participant’s termination of employment, separation from service or leave of absence with the Company or any of its Affiliates or, subject to Section 6(d), a Change in Control of the Company; 

(v)    subject to Sections 15 and 16(e), amend the terms and conditions of an Award after the granting
thereof; 
 (vi)    specify and approve the provisions of the Award Documents delivered to Participants
in connection with their Awards; 
 (vii)    make factual determinations in connection with the
administration or interpretation of the IMAX LTIP; 
 (viii)    adopt, prescribe, establish, amend,
waive and rescind administrative regulations, rules and procedures relating to the IMAX LTIP; 

(ix)    employ such legal counsel, independent auditors and consultants as it deems desirable for the
administration of the IMAX LTIP and to rely upon any advice, opinion or computation received therefrom; 

(x)    vary the terms of Awards to take into account tax and securities laws (or change thereto) and other
regulatory requirements or to procure favorable tax treatment for Participants; 

  
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 (xi)    correct any defects, supply any omission or
reconcile any inconsistency in any Award Document or the IMAX LTIP; and 
 (xii)    make all other
determinations and take any other action desirable or necessary to interpret, construe or implement properly the provisions of the IMAX LTIP or any Award Document. 

(b)    IMAX LTIP Construction and Interpretation: The Committee shall have full power and authority, subject to the
express provisions hereof, to construe and interpret the IMAX LTIP and any Award Document delivered under the IMAX LTIP. 

(c)    Prohibited Actions: Notwithstanding the authority granted to the Committee pursuant to Sections 3(a) and
3(b), the Committee shall not have the authority, without obtaining shareholder approval, to: (i) reprice or cancel Options and Stock Appreciation Rights in violation of Section 6(h); (ii) amend Section 5 to increase the IMAX LTIP
Limit or any of the special limits listed therein; or grant Options or Stock Appreciation Rights with an exercise price that is less than 100% of the Fair Market Value of a Common Share on the date of grant in violation of Section 6(j). 

(d)    Determinations of Committee Final and Binding: All determinations by the Committee in carrying out and
administering the IMAX LTIP and in construing and interpreting the IMAX LTIP shall be made in the Committee’s sole discretion and shall be final, binding and conclusive for all purposes and upon all persons interested herein. 

(e)    Delegation of Authority: To the extent not prohibited by applicable laws, rules and regulations, the
Committee may, from time to time, delegate some or all of its authority under the IMAX LTIP to a subcommittee or subcommittees thereof or other persons or groups of persons as it deems necessary, appropriate or advisable under such conditions or
limitations as it may set at the time of such delegation or thereafter; provided, however, that the Committee may not delegate its authority: (i) to make Awards to individuals (A) who are subject on the date of the Award to
the reporting rules under Section 16(a) of the Exchange Act or (B) who are officers of the Company who are delegated authority by the Committee hereunder; or (ii) pursuant to Section 15. For purposes of the IMAX LTIP, reference
to the Committee shall be deemed to refer to any subcommittee, subcommittees, or other persons or groups of persons to whom the Committee delegates authority pursuant to this Section 3(e). 

(f)    Liability of Committee and its Delegates: Subject to applicable laws, rules and regulations: (i) no
member of the Board or Committee (or its delegates pursuant to Section 3(e)) shall be liable for any good faith action, omission or determination made in connection with the operation, administration or interpretation of the IMAX LTIP; and
(ii) the members of the Board or the Committee (and its delegates) shall be entitled to indemnification and reimbursement in accordance with applicable law in the manner provided in the Company’s
by-laws and any indemnification agreements as they may be amended from time to time. In the performance of its responsibilities with respect to the IMAX LTIP, the Committee shall be entitled to rely upon
information and/or advice furnished by the Company’s officers or employees, the Company’s accountants, the Company’s counsel and any other party the Committee deems necessary, and no member of the Committee shall be liable for any
action taken or not taken in reliance upon any such information and/or advice. 

  
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 (g)    Action by the Board: Anything in the IMAX LTIP to the
contrary notwithstanding, subject to applicable laws, rules and regulations, any authority or responsibility that, under the terms of the IMAX LTIP, may be exercised by the Committee may alternatively be exercised by the Board. 

 

	4.	 Eligibility 

(a)    Eligible Individuals: Awards may be granted to officers, employees, directors and consultants of the Company
or any of its Affiliates. The Committee shall have the authority to select the persons to whom Awards may be granted and to determine the type, number and terms of Awards to be granted to each such Participant. 

(b)    Grants to Participants: The Committee shall have no obligation to grant any Eligible Individual an Award or
to designate an Eligible Individual as a Participant solely by reason of such Eligible Individual having received a prior Award or having been previously designated as a Participant. The Committee may grant more than one Award to a Participant and
may designate an Eligible Individual as a Participant for overlapping periods of time. 
  

	5.	 Common Shares Subject to the IMAX LTIP 

(a)    IMAX LTIP Limit: Subject to adjustment in accordance with Section 13, the maximum aggregate number of
Common Shares that may be issued for all purposes under the IMAX LTIP shall be 17.7 million (17,700,000) Common Shares. All of the Common Shares subject to the IMAX LTIP Limit may be issued pursuant to Incentive Stock Options. 

(b)    Rules Applicable to Determining Common Shares Available for Issuance: The number of Common Shares remaining
available for issuance will be reduced by the number of Common Shares actually delivered upon settlement or payment of an Award; provided, however, that, notwithstanding the above, every one (1) Common Share issued in respect of a
Full-value Award will reduce the number of Common Shares that are available for issuance under the IMAX LTIP by 2.25 Common Shares. For purposes of determining the number of Common Shares that remain available for issuance under the IMAX LTIP: 

(i)    Common Shares that are tendered by a Participant or withheld by the Company to pay the exercise
price of an Award or to satisfy the Participant’s tax withholding obligations in connection with the exercise or settlement of an Award shall count against the IMAX LTIP Limit and shall not be made available for issuance or delivery under the
IMAX LTIP; 
 (ii)    The full number of Common Shares that were subject to a net-settled Option or a stock-settled Stock Appreciation Right (rather than the net number of Shares actually delivered upon exercise) shall count against the IMAX LTIP Limit and shall not be made available for
issuance or delivery under the IMAX LTIP; 

  
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 (iii)    Common Shares repurchased on the open market
with the proceeds of an Option exercise shall count against the IMAX LTIP Limit and shall not be made available for issuance or delivery under the IMAX LTIP; and 

(iv)    Common Shares corresponding to Awards under the IMAX LTIP that are forfeited or cancelled or
otherwise expire for any reason without having been exercised or settled or that are settled through the issuance of consideration other than Common Shares (including, without limitation, cash) shall not be counted against the IMAX LTIP Limit and
shall again be available for the grant of Awards; provided, however, that this provision shall not be applicable with respect to (i) the cancellation of a Stock Appreciation Right granted in tandem with an Option upon the exercise
of the Option or (ii) the cancellation of an Option granted in tandem with a Stock Appreciation Right upon the exercise of the Stock Appreciation Right. 

(c)    Special Limits: Anything to the contrary in Section 5(a) above notwithstanding, but subject to
adjustment under Section 13, the following special limits shall apply to Common Shares available for Awards under the IMAX LTIP: 

(i)    the maximum number of Common Shares that may be subject to Options and Stock Appreciation Rights
granted to any Eligible Individual in any calendar year shall equal one million (1,000,000) Common Shares; and 

(ii)    the maximum value of Awards (other than those Awards set forth in Section 5(c)(i)) that may
be awarded to any Eligible Individual in any calendar year is five million dollars ($5,000,000) measured as of the date of grant (with respect to Awards denominated in cash) or two million (2,000,000) Common Shares measured as of the date of
grant (with respect to Awards denominated in Common Shares). 
 (d)    To the extent not prohibited by applicable laws,
rules and regulations, any Common Shares underlying Substitute Awards shall not be counted against the number of Common Shares remaining for issuance and shall not be subject to Section 5(c). 

 

	6.	 Awards in General 

(a)    Types of Awards; Exercise: Awards under the IMAX LTIP may consist of Options, Restricted Shares, Restricted
Share Units, Stock Appreciation Rights, Performance Stock, Performance Stock Units, Cash Performance Units and Other Awards. Any Award described in Sections 7 through 11 may be granted singly or in combination or tandem with any other Award, as
the Committee may determine. Subject to Section 6(g), Awards under the IMAX LTIP may be made in combination with, in replacement of, or as alternatives to awards or rights under any other compensation or benefit plan of the Company,
including the plan of any acquired entity. Subject to the provisions of the IMAX LTIP and the applicable Award Document, the Committee shall determine the permissible methods of exercise for any Award. 

  
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 (b)    Terms Set Forth in Award Document: The terms and
conditions of each Award shall be set forth in an Award Document in a form approved by the Committee for such Award, which Award Document shall contain terms and conditions not inconsistent with the IMAX LTIP. Notwithstanding the foregoing, and
subject to applicable laws, rules and regulations and except to the extent otherwise not permitted under the IMAX LTIP (including without limitation pursuant to Sections 6(d) and 6(l)), the Committee may at any time following grant:
(i) accelerate the vesting, exercisability, lapse of restrictions, settlement or payment of any Award; (ii) eliminate the restrictions and conditions applicable to an Award; or (iii) extend the post-termination exercise period of an
outstanding Award (subject to the limitations of Section 409A of the Code). The terms of Awards may vary among Participants, and the IMAX LTIP does not impose upon the Committee any requirement to make Awards subject to uniform terms.
Accordingly, the terms of individual Award Documents may vary. 
 (c)    Termination of Employment: The Committee
shall specify at or after the time of grant of an Award the provisions governing the disposition of an Award in the event of a Participant’s termination of employment with the Company or any of its Affiliates for any reason, including the
Participant’s death, Disability or following the achievement of the Service Factor. Subject to applicable laws, rules and regulations and except to the extent otherwise not permitted under the IMAX LTIP (including without limitation pursuant to
Sections 6(d) and 6(l)), in connection with a Participant’s termination of employment, the Committee shall have the discretion to accelerate the vesting, exercisability or settlement of, eliminate the restrictions or conditions applicable to,
or extend the post-termination exercise period of an outstanding Award (subject to the limitations of Section 409A of the Code). Such provisions may be specified in the applicable Award Document or determined at a subsequent time. 

(d)    Change in Control: 

(i)    Subject to the terms and conditions as provided in an Award Document and other provisions of the
IMAX LTIP, including Section 6(d)(ii), the following provisions shall apply in the event of a Change in Control: 

(1)    To the extent the successor company (or a subsidiary or parent thereof) assumes the Award, with
appropriate adjustments pursuant to Section 13 to preserve the value of the Award, or provides a substitute for the Award on substantially the same terms and conditions, the existing vesting schedule will continue to apply. 

(2)    To the extent (x) the successor company (or a subsidiary or parent thereof) does not assume or
provide a substitute for an Award on substantially the same terms and conditions or (y) the successor company (or a subsidiary or parent thereof) assumes the Award as provided in Section 6(d)(i)(1) above and the Participant’s
employment or service relationship is terminated without Cause or with Good Reason within twenty-four (24) months following the Change in Control: 

(A)    any and all Options and Stock Appreciation Rights outstanding as of the effective date of the
Change in Control shall become immediately exercisable, and shall remain exercisable until the earlier of the expiration of their initial term or the second (2nd) anniversary of the
Participant’s termination of employment with the Company; 

  
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 (B)    any restrictions imposed on Restricted Shares
and Restricted Share Units outstanding as of the effective date of the Change in Control shall lapse; 

(C)    the Performance Targets with respect to all Performance Units, Performance Stock and other
performance-based Awards granted pursuant to Sections 6(g) or 10 outstanding as of the effective date of the Change in Control shall be deemed to have been attained at the specified target level of performance; and 

(D)    the vesting of all Awards denominated in Common Shares outstanding as of the effective date of the
Change in Control shall be accelerated. 
 (ii)    Subject to the other terms of the IMAX LTIP and to
applicable laws, rules and regulations, the Board or the Committee shall, at any time prior to, coincident with or after the effective time of a Change in Control, take such actions as it may consider appropriate, including, without limitation:
(A) provide for the acceleration of any vesting or exercisability of an Award, (B) provide for the adjustment of any performance conditions as the Committee deems necessary or appropriate to reflect the Change in Control or for the deemed
attainment of performance conditions relating to an Award, (C) provide for the lapse of restrictions relating to an Award, (D) provide for the assumption, substitution, replacement or continuation of any Award by a successor or surviving
corporation (or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving corporation (or a parent or subsidiary thereof), (E) provide that an Award shall
terminate or expire unless exercised or settled in full on or before a date fixed by the Committee, or (F) terminate or cancel any outstanding Award in exchange for a cash payment (including, if as of the date of the Change in Control, the
Committee determines that no amount would have been realized upon the exercise of the Award, then the Award may be cancelled by the Company without payment of consideration). Notwithstanding the foregoing or anything herein to the contrary, neither
the Board nor the Committee shall take any of the actions described in clauses (A), (B), (C) or (F) of the preceding sentence in respect of an Award solely due to the occurrence of a Change in Control, except to the extent that the successor
company in the Change in Control (or a subsidiary or parent thereof) does not assume or provide a substitute for the Award on substantially the same terms and conditions. 

(iii)    Notwithstanding any other provision of the IMAX LTIP or any Award Document, the provisions of
this Section 6(d) may not be terminated, amended, or modified following a Change in Control in a manner that would adversely affect a Participant’s rights with respect to an outstanding Award without the prior written consent of the
Participant. 
 (iv)    Notwithstanding any other provision of the IMAX LTIP or any Award Document, the
payment or settlement of any Award that is considered to provide for a deferral of compensation subject to Section 409A of the Code shall not accelerate upon a Change in Control unless such event also constitutes a “change in
ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Company’s assets” as defined under Section 409A of the Code. 

  
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 (e)    Dividends and Dividend Equivalents: The Committee may
provide Participants with the right to receive dividends or payments equivalent to dividends or interest with respect to an outstanding Award to recognize the Participant’s services in the year, which payments can either be paid currently
or deemed to have been reinvested in Common Shares, and can be made in Common Shares, cash or a combination thereof, as the Committee shall determine; provided, however, that: (i) dividends or dividend equivalents with respect to
Performance Stock and Performance Stock Units shall be accumulated until, and shall be paid only to the extent that, such Award is earned and vested based on the satisfaction of the applicable performance measures and time-based vesting
restrictions, (ii) dividends or dividend equivalents with respect to Awards that are subject to time-based vesting restrictions shall be accumulated until, and shall be paid only to the extent that, such Awards vest in accordance with their
terms, and (iii) the terms of any reinvestment of dividends must comply with all applicable laws, rules and regulations, including, without limitation, Section 409A of the Code. Notwithstanding the foregoing, no dividends or dividend
equivalents shall be paid with respect to Cash Performance Units, Options or Stock Appreciation Rights. 

(f)    Rights of a Shareholder: A Participant shall have no rights as a shareholder with respect to Common Shares
covered by an Award (including voting rights) until the date the Participant or his nominee becomes the holder of record of such Common Shares. No adjustment shall be made for dividends or other rights for which the record date is prior to such
date, except as provided in Section 13. 
 (g)    Performance-Based Awards: 

(i)    The Committee may determine whether any Award under the IMAX LTIP is intended to be
“performance-based compensation”. Any such Awards designated to be “performance-based compensation” shall be conditioned on the achievement of one or more Performance Targets. The Performance Targets may include one or more of
the following performance criteria: net income; cash flow or cash flow on investment; operating cash flow; pre-tax or post-tax profit levels or earnings; profit in
excess of cost of capital; operating earnings; return on investment; free cash flow; free cash flow per share; earnings per share; return on assets; return on net assets; return on equity; return on capital; return on invested capital; return on
sales; sales growth; growth in managed assets; operating margin; operating income; total shareholder return or stock price appreciation; EBITDA; EBITA; revenue; net revenues; market share, market penetration; productivity improvements; inventory
turnover measurements; reduction of losses, loss ratios or expense ratios; reduction in fixed costs; operating cost management; cost of capital; and debt reduction. 

(ii)    The Performance Targets shall be determined in accordance with generally accepted accounting
principles (subject to adjustments and modifications approved by the Committee in advance) consistently applied on a business unit, divisional, Subsidiary or consolidated basis or any combination thereof. 

  
 12 

 (iii)    The Performance Targets may be described in
terms of objectives that are related to the individual Participant or objectives that are Company-wide or related to a Subsidiary, business unit, or region and may be measured on an absolute or cumulative basis or on the basis of percentage of
improvement over time, and may be measured in terms of Company performance (or performance of the applicable Subsidiary, business unit, or region) or measured relative to selected peer companies or a market index. 

(iv)    The Participants will be designated, and the applicable Performance Targets will be established,
by the Committee within ninety (90) days following the commencement of the applicable Performance Period. Each Participant will be assigned a Target Amount payable if Performance Targets are achieved. Any payment of an Award granted with
Performance Targets shall be conditioned on the written certification of the Committee in each case that the Performance Targets and any other material conditions were satisfied. The Committee may determine, at the time of grant, that if performance
exceeds the specified Performance Targets, the Award may be settled with payment greater than the Target Amount, but in no event may such payment exceed the limits set forth in Section 5(c). The Committee retains the right to reduce any Award
notwithstanding the attainment of the Performance Targets. 
 (v)    The Committee may also grant Awards
not intended to qualify as “performance-based compensation”. With respect to such Awards, the Committee may establish Performance Targets based on any criteria as it deems appropriate. 

(h)    Repricing of Options and Stock Appreciation Rights: Except in connection with a corporate transaction
involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split up, spin off, combination, or exchange of Common Shares), the terms of
outstanding Awards may not be amended, without shareholder approval, to reduce the exercise price of outstanding Options or Stock Appreciation Rights, or to cancel outstanding Options or Stock Appreciation Rights in exchange for (i) cash or
other property, (ii) Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or Stock Appreciation Rights or (iii) other Awards. 

(i)    Recoupment: Notwithstanding anything in the IMAX LTIP to the contrary, all Awards granted under the IMAX
LTIP, any payments made under the IMAX LTIP and any gains realized upon exercise or settlement of an Award shall be subject to clawback or recoupment as permitted or mandated by applicable law, rules, regulations or any Company policy as enacted,
adopted or modified from time to time. 
 (j)    Minimum Grant or Exercise Price: In no event shall the exercise
price per Common Share of an Option or the grant price per Common Share of a Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market Value of a Common Share on the date of grant; provided, however, that the
exercise price of a Substitute Award granted as an Option shall be determined in accordance with Section 409A of the Code and may be less than one hundred percent (100%) of the Fair Market Value on the date of grant. 

  
 13 

 (k)    Term of Options and Stock Appreciation Rights: An Option
or Stock Appreciation Right shall be effective for such term as shall be determined by the Committee and as set forth in the Award Document relating to such Award. The Committee may extend the term of an Option or Stock Appreciation Right after the
time of grant; provided, however, that the term of an Option or Stock Appreciation Right may in no event extend beyond the tenth (10th) anniversary of the date of grant of such
Award. 
 (l)    Minimum Vesting Period: Notwithstanding anything herein to the contrary and subject to Sections
6(c) and (d) hereof, no Awards granted after the Effective Date may vest in full prior to the first anniversary of the date of grant, except in the case of a Substitute Award made in replacement of an Award that is already fully vested or
scheduled to vest in full in less than one year from the date of grant of such Substitute Award. Notwithstanding the foregoing, for Awards other than Awards that are (i) not Full-value Awards and were granted prior to the Effective Date or
(ii) accelerated based on satisfaction of the Service Factor, Awards covering an aggregate of no more than 5% of the total number of Common Shares authorized for issuance under the Plan pursuant to Section 5(a) may be granted pursuant to
Awards that provide for vesting in full less than one year following the date of grant. 
  

	7.	 Terms and Conditions of Options 

(a)    General: The Committee, in its discretion, may grant Options to Eligible Individuals and shall determine
whether such Options shall be Incentive Stock Options or Nonqualified Stock Options. Each Option shall be evidenced by an Award Document that shall expressly identify the Option as an Incentive Stock Option or Nonqualified Stock Option, and be in
such form and contain such provisions as the Committee shall from time to time deem appropriate. 
 (b)    Payment of
Exercise Price: Subject to the provisions of the applicable Award Document and Company policy in effect from time to time, the exercise price of an Option may be paid (i) in cash or cash equivalents, (ii) by actual delivery or
attestation to ownership of freely transferable Common Shares already owned by the person exercising the Option, (iii) by a combination of cash and Common Shares equal in value to the exercise price, (iv) through net share settlement or
similar procedure involving the withholding of Common Shares subject to the Option with a value equal to the exercise price or (v) by such other means as the Committee may authorize. In accordance with the rules and procedures authorized by the
Committee for this purpose, the Option may also be exercised through a “cashless exercise” procedure authorized by the Committee from time to time that permits Participants to exercise Options by delivering irrevocable instructions to a
broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the exercise price and the amount of any required tax or other withholding obligations or such other procedures determined by the Company from time to
time. 

  
 14 

 (c)    Incentive Stock Options: The exercise price per Common
Share of an Incentive Stock Option shall be fixed by the Committee at the time of grant or shall be determined by a method specified by the Committee at the time of grant, but in no event shall the exercise price of an Incentive Stock Option be less
than one hundred percent (100%) of the Fair Market Value of a Common Share on the date of grant. No Incentive Stock Option may be issued pursuant to the IMAX LTIP to any individual who, at the time the Incentive Stock Option is granted, owns stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries, unless (i) the exercise price determined as of the date of grant is at least one hundred ten percent
(110%) of the Fair Market Value on the date of grant of the Common Shares subject to such Incentive Stock Option and (ii) the Incentive Stock Option is not exercisable more than five (5) years from the date of grant thereof. No Participant
shall be granted any Incentive Stock Option which would result in such Participant receiving a grant of Incentive Stock Options that would have an aggregate Fair Market Value in excess of one hundred thousand dollars ($100,000), determined as of the
time of grant, that would be exercisable for the first time by such Participant during any calendar year. No Incentive Stock Option may be granted under the IMAX LTIP after the tenth anniversary of the Effective Date. The terms of any Incentive
Stock Option granted under the IMAX LTIP shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, as amended from time to time. 

 

	8.	 Terms and Conditions of Restricted Shares and Restricted Share Units 

(a)    Restricted Shares: The Committee, in its discretion, may grant or sell Restricted Shares to Eligible
Individuals. An Award of Restricted Shares shall consist of one or more Common Shares granted or sold to an Eligible Individual, and shall be subject to the terms, conditions and restrictions set forth in the IMAX LTIP and established by the
Committee in connection with the Award and specified in the applicable Award Document. Restricted Shares may, among other things, be subject to restrictions on transferability, vesting requirements or other specified circumstances under which it may
be canceled. 
 (b)    Restricted Share Units: The Committee, in its discretion, may grant Restricted Share Units
to Eligible Individuals. A Restricted Share Unit shall entitle a Participant to receive, subject to the terms, conditions and restrictions set forth in the IMAX LTIP and the applicable Award Document, one or more Common Shares. Restricted Share
Units may, among other things, be subject to restrictions on transferability, vesting requirements or other specified circumstances under which they may be canceled. If and when the cancellation provisions lapse, the Restricted Share Units shall
become Common Shares owned by the applicable Participant or, at the sole discretion of the Committee, cash, or a combination of cash and Common Shares, with a value equal to the Fair Market Value of the Common Shares at the time of payment. 

 

	9.	 Stock Appreciation Rights 

The Committee, in its discretion, may grant Stock Appreciation Rights to Eligible Individuals. The Committee may grant Stock Appreciation
Rights in tandem with Options or as stand-alone Awards. Each Stock Appreciation Right shall be subject to the terms, conditions and restrictions set forth in the IMAX LTIP and established by the Committee in connection with the Award and specified
in the applicable Award Document. A Stock Appreciation Right shall entitle a Participant to receive, upon satisfaction of the conditions to payment specified in the applicable Award Document, an amount equal to the excess, if any, of the Fair Market
Value of a Common Share on the exercise date of the number of Common Shares for which the Stock Appreciation Right is exercised over the per Common Share grant price for such Stock Appreciation Right specified in the applicable Award Document.
Payments to a Participant upon exercise of a Stock Appreciation Right may be made in cash or Common Shares, as determined by the Committee on or following the date of grant. 

  
 15 

	10.	 Terms and Conditions of Performance Stock, Performance Stock Units and Cash Performance Units

 (a)    Performance Stock or Performance Stock Units: The Committee may grant Performance
Stock or Performance Stock Units to Eligible Individuals. An Award of Performance Stock or Performance Stock Units shall consist of, or represent a right to receive, a Target Amount of Common Shares granted to an Eligible Individual based on the
achievement of Performance Targets over the applicable Performance Period, and shall be subject to the terms, conditions and restrictions set forth in the IMAX LTIP and established by the Committee in connection with the Award and specified in the
applicable Award Document. Payments to a Participant in settlement of an Award of Performance Stock or Performance Stock Units may be made in cash or Common Shares, as determined by the Committee on or following the date of grant. 

(b)    Cash Performance Units: The Committee, in its discretion, may grant Cash Performance Units to Eligible
Individuals. A Cash Performance Unit shall entitle a Participant to receive, subject to the terms, conditions and restrictions set forth in the IMAX LTIP and established by the Committee in connection with the Award and specified in the applicable
Award Document, a Target Amount of cash based upon the achievement of Performance Targets over the applicable Performance Period. Payments to a Participant in settlement of an Award of Cash Performance Units may be made in cash or Common Shares, as
determined by the Committee on or following the date of the grant. 
  

	11.	 Other Awards 

The Committee shall have the authority to specify the terms and provisions of other forms of equity-based or equity-related Awards not
described above that the Committee determines to be consistent with the purpose of the IMAX LTIP and the interests of the Company, which Awards may provide for cash payments based in whole or in part on the value or future value of Common Shares,
for the acquisition or future acquisition of Common Shares, or any combination thereof. 
  

	12.	 Certain Restrictions 

(a)    Transfers: No Award shall be transferable other than pursuant to a beneficiary designation approved by the
Company, by last will and testament or by the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations order, as the case may be; provided, however, that the Committee may,
subject to applicable laws, rules and regulations and such terms and conditions as it shall specify, permit the transfer of an Award, other than an Incentive Stock Option, for no consideration to a Permitted Transferee. Any Award transferred to a
Permitted Transferee shall be further transferable only by last will and testament or the laws of descent and distribution or, for no consideration, to another Permitted Transferee of the Participant. 

(b)    Award Exercisable Only by Participant: During the lifetime of a Participant, an Award shall be exercisable
only by the Participant or by a Permitted Transferee to whom such Award has been transferred in accordance with Section 12(a) above. The grant of an Award shall impose no obligation on a Participant to exercise or settle the Award. 

  
 16 

	13.	 Recapitalization or Reorganization 

(a)    Authority of the Company and Shareholders: The existence of the IMAX LTIP, the Award Documents and the
Awards granted hereunder shall not affect or restrict in any way the right or power of the Company or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common
Shares or the rights thereof or which are convertible into or exchangeable for Common Shares, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise. 
 (b)    Change in Capitalization: Notwithstanding
any provision of the IMAX LTIP or any Award Document, the number and kind of Common Shares authorized for issuance under Section 5, including the maximum number of Common Shares available under the special limits provided for in
Section 5(c), shall be equitably adjusted in the manner deemed necessary by the Committee in the event of a stock split, reverse stock split, stock dividend, recapitalization, reorganization, partial or complete liquidation, reclassification,
merger, consolidation, separation, extraordinary stock or cash dividend, split-up, spin-off, combination, exchange of Common Shares, warrants or rights offering to
purchase Common Shares at a price substantially below Fair Market Value, or any other corporate event or distribution of stock or property of the Company affecting the Common Shares in order to preserve, but not increase, the benefits or potential
benefits intended to be made available under the IMAX LTIP. In addition, upon the occurrence of any of the foregoing events, the number and kind of Common Shares subject to any outstanding Award and the exercise price per Common Share (or the
grant price per Common Share, as the case may be), if any, under any outstanding Award shall be equitably adjusted in the manner deemed necessary by the Committee (including by payment of cash to a Participant) in order to preserve the benefits or
potential benefits intended to be made available to Participants. Unless otherwise determined by the Committee, such adjusted Awards shall be subject to the same restrictions and vesting or settlement schedule to which the underlying Award is
subject (subject to the limitations of Section 409A of the Code). 
  

	14.	 Term of the IMAX LTIP 

Unless earlier terminated pursuant to Section 15, the IMAX LTIP shall terminate on the tenth (10th) anniversary of the Effective Date, except with respect to Awards then outstanding. No Awards may be granted under the IMAX LTIP after the tenth
(10th) anniversary of the Effective Date. 

  
 17 

	15.	 Amendment and Termination 

Subject to applicable laws, rules and regulations, the Board may at any time terminate or, from time to time, amend, modify or suspend the
IMAX LTIP; provided, however, that no termination, amendment, modification or suspension (i) will be effective without the approval of the shareholders of the Company if such approval is required under applicable laws, rules and
regulations, including the rules of the NYSE and such other securities exchanges, if any, as may be designated by the Board from time to time, and (ii) shall materially and adversely alter or impair the rights of a Participant in any Award
previously made under the IMAX LTIP without the consent of the holder thereof. Notwithstanding the foregoing, the Board shall have broad authority to amend the IMAX LTIP or any Award under the IMAX LTIP without the consent of a Participant to the
extent it deems necessary or desirable (a) to comply with, or take into account changes in, or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other applicable laws, rules and regulations,
(b) to take into account unusual or nonrecurring events or market conditions (including, without limitation, the events described in Section 13(b)) or (c) to take into account significant acquisitions or dispositions of assets or
other property by the Company. 
  

	16.	 Miscellaneous 

(a)    Tax Withholding: The Company or an Affiliate, as appropriate, may require any individual entitled to receive
a payment of an Award to remit to the Company, prior to payment, an amount sufficient to satisfy any applicable tax withholding requirements. In the case of an Award payable in Common Shares, the Company or an Affiliate, as appropriate, may permit
or require a Participant to satisfy, in whole or in part, such obligation to remit taxes by directing the Company to withhold Common Shares that would otherwise be received by such individual or to repurchase Common Shares that were issued to the
Participant to satisfy the tax withholding obligations in accordance with all applicable laws and pursuant to such rules as the Committee may establish from time to time, up to the maximum rate. The Company or an Affiliate, as appropriate, shall
also have the right to deduct from all cash payments made to a Participant (whether or not such payment is made in connection with an Award) any applicable taxes required to be withheld with respect to such payments. 

(b)    No Right to Awards or Employment: No person shall have any claim or right to receive Awards under the IMAX
LTIP. Neither the IMAX LTIP, the grant of Awards under the IMAX LTIP nor any action taken or omitted to be taken under the IMAX LTIP shall be deemed to create or confer on any Eligible Individual any right to be retained in the employ of the Company
or any of its Affiliates, or to interfere with or to limit in any way the right of the Company or any of its Affiliates to terminate the employment of such Eligible Individual at any time. No Award shall constitute salary, recurrent compensation or
contractual compensation for the year of grant, any later year or any other period of time. Payments received by a Participant under any Award made pursuant to the IMAX LTIP shall not be included in, nor have any effect on, the determination of
employment-related rights or benefits under any other employee benefit plan or similar arrangement provided by the Company and its Affiliates, unless otherwise specifically provided for under the terms of such plan or arrangement or by the
Committee. 

  
 18 

 (c)    Securities Law Restrictions: An Award may not be exercised
or settled, and no Common Shares may be issued in connection with an Award, unless the issuance of such shares (i) has been registered under the Securities Act of 1933, as amended, (ii) has qualified under applicable state “blue
sky” laws (or the Company has determined that an exemption from registration and from qualification under such state “blue sky” laws is available) and (iii) complies with all applicable foreign securities laws. The Committee may
require each Participant purchasing or acquiring Common Shares pursuant to an Award under the IMAX LTIP to represent to and agree with the Company in writing that such Eligible Individual is acquiring the Common Shares for investment purposes and
not with a view to the distribution thereof. All certificates for Common Shares delivered under the IMAX LTIP shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and
other requirements of the SEC, any exchange upon which the Common Shares are then listed, and any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions. 
 (d)    Section 16 of the Exchange Act: Notwithstanding anything contained in the IMAX LTIP or
any Award Document under the IMAX LTIP to the contrary, if the consummation of any transaction under the IMAX LTIP, or the taking of any action by the Committee in connection with a Change in Control of the Company, would result in the possible
imposition of liability on a Participant pursuant to Section 16(b) of the Exchange Act, the Committee shall have the right, in its discretion, but shall not be obligated, to defer such transaction or the effectiveness of such action to the
extent necessary to avoid such liability, but in no event for a period longer than 180 days. 
 (e)    Section 409A
of the Code: To the extent that the Committee determines that any Award granted under the IMAX LTIP is subject to Section 409A of the Code, the Award Document evidencing such Award shall incorporate the terms and conditions required by
Section 409A of the Code. To the extent applicable, the IMAX LTIP and Award Documents shall be interpreted in accordance with Section 409A of the Code and interpretive guidance issued thereunder. Notwithstanding any contrary provision in
the IMAX LTIP or an Award Document, if the Committee determines that any provision of the IMAX LTIP or an Award Document contravenes any regulations or guidance promulgated under Section 409A of the Code or would cause an Award to be subject to
additional taxes, accelerated taxation, interest and/or penalties under Section 409A of the Code, the Committee may modify or amend such provision of the IMAX LTIP or Award Document without consent of the Participant in any manner the Committee
deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extent practicable, the original intent of the applicable provision without contravening the provisions
of Section 409A of the Code. Moreover, any discretionary authority that the Committee may have pursuant to the IMAX LTIP shall not be applicable to an Award that is subject to Section 409A of the Code to the extent such discretionary
authority would contravene Section 409A of the Code. 
 (f)    Awards to Individuals Subject to Laws of a
Jurisdiction Outside of the United States: To the extent that Awards under the IMAX LTIP are awarded to Eligible Individuals who are domiciled or resident outside of the United States or to persons who are domiciled or resident in the United
States but who are subject to the tax laws of a jurisdiction outside of the United States, the Committee may adjust the terms of the Awards granted hereunder to such person (i) to comply with the laws, rules and regulations of such jurisdiction
and (ii) to permit the grant of the Award not to be a taxable event to the Participant. The authority granted under the previous sentence shall include the discretion for the Committee to adopt, on behalf of the Company, one or more sub-plans applicable to separate classes of Eligible Individuals who are subject to the laws of jurisdictions outside of the United States. 

(g)    References to Termination of Employment: References to “termination of employment” shall also mean
termination of any other service relationship of the Participant with the Company, as applicable. 

  
 19 

 (h)    No Limitation on Corporate Actions: Nothing contained in
the IMAX LTIP shall be construed to prevent the Company or any Affiliate from taking any corporate action, whether or not such action would have an adverse effect on any Awards made under the IMAX LTIP. No Participant, beneficiary or other person
shall have any claim against the Company or any Affiliate as a result of any such action. 
 (i)    Unfunded
Plan: The IMAX LTIP is intended to constitute an unfunded plan for incentive compensation. Prior to the issuance of Common Shares, cash or other form of payment in connection with an Award, nothing contained herein shall give any Participant any
rights that are greater than those of a general unsecured creditor of the Company. 
 (j)    Successors: All
obligations of the Company under the IMAX LTIP with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation,
or otherwise, of all or substantially all of the business and/or assets of the Company. 
 (k)    Application of
Funds: The proceeds received by the Company from the sale of Common Shares pursuant to Awards will be used for general corporate purposes. 

(l)    Satisfaction of Obligations: Subject to applicable laws, rules and regulations, the Company may apply any
cash, Common Shares, securities or other consideration received upon exercise of settlement of an Award to any obligations a Participant owes to the Company and its Affiliates in connection with the IMAX LTIP or otherwise. 

(m)    Award Document: In the event of any conflict or inconsistency between the IMAX LTIP and any Award Document,
the IMAX LTIP shall govern and the Award Document shall be interpreted to minimize or eliminate any such conflict or inconsistency. 

(n)    Headings: The headings of Sections herein are included solely for convenience of reference and shall not
affect the meaning of any of the provisions of the IMAX LTIP. 
 (o)    Severability: If any provision of this
IMAX LTIP is held unenforceable, the remainder of the IMAX LTIP shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the IMAX LTIP.

 (p)    Governing Law: Except as to matters of federal law, the IMAX LTIP and all actions taken thereunder
shall be governed by and construed in accordance with the laws of the State of New York. 

  
 20EX-10.14

 Exhibit 10.14 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED. 

LICENSE AGREEMENT 
 THIS
LICENSE AGREEMENT (“Agreement”) is made effective as of the 19th day of December, 2016 (the “Effective Date”), by and between Fusion Pharmaceuticals Inc., a Canadian corporation with a place of business at 1280 Main
Street West, NRB-A316, Hamilton, Ontario, Canada L8S 4Kl (“Licensee”) and ImmunoGen, Inc., a Massachusetts corporation with offices at 830 Winter Street, Waltham, MA 02451-1477, USA
(“ImmunoGen”). Licensee and ImmunoGen may, from time-to-time, be individually referred to as a “Party” and collectively referred
to as the “Parties”. 
 RECITALS 

WHEREAS, ImmunoGen Controls the Licensed Technology (hereinafter defined); and 

WHEREAS, Licensee wishes to obtain, and ImmunoGen wishes to grant to Licensee, certain licenses under the Licensed Technology on the
terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein and other
good and valuable consideration, the receipt and sufficiency of which the Parties hereby acknowledge, the Parties, intending to be legally bound hereby, agree to the foregoing and as follows: 

 

	1.	 DEFINITIONS. 

  

	 	1.1	 “Additional Third Party Patent Rights” is defined in Section 2.1.4(a).

  

	 	1.2	 “Affiliate” means, with respect to a Party, any Person that, on the Effective
Date or during the Term, 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 or cause the direction of the management or policies of an entity, whether through the ownership of voting securities or other ownership interest, by contract or otherwise, or (b) the ownership, directly or indirectly, of at least fifty
percent (50%) of the combined voting power of the securities or other ownership interest of such entity. A Person shall be deemed an Affiliate only so long as it satisfies the foregoing definition. 

 

	 	1.3	 “Agreement” is defined in the introduction to this Agreement.

  

	 	1.4	 “Antibody” means a molecule comprising or containing one or more immunoglobulin
variable domains or any fragments, derivatives, variants or modifications thereof that bind to the same antigen. 

  

	 	1.5	 “Applicable Law” means any applicable law, statute, rule, regulation, order,
judgment, ordinance or guideline of any governmental authority. 

	 	1.6	 “AVE1642” means the humanized antibody to
IGF-IR having the sequence set forth on Schedule 1.20 Figure 22. 

  

	 	1.7	 “Bankruptcy Code” is defined in Section 13.3. 

 

	 	1.8	 “Bankruptcy Event” is defined in Section 13.3. 

 

	 	1.9	 “BLA” means (a) a Biologic License Application or a New Drug Application (each as
defined by Applicable Law) submitted to the FDA for authorization to market a pharmaceutical product, and (b) any foreign equivalents thereof as submitted to the applicable Regulatory Authorities in other countries or regulatory jurisdictions
in the Territory (as applicable). 

  

	 	1.10	 “Business Day” means any day other than a Saturday, a Sunday or a day on which
commercial banks located in Ontario, Canada or Boston, Massachusetts are authorized or required by Applicable Law to remain closed. 

  

	 	1.11	 “Calendar Quarter” means the respective periods of three (3) consecutive
calendar months ending on March 31, June 30, September 30 and December 31. 

  

	 	1.12	 “Calendar Year” means any twelve (12) month period commencing on January 1.

  

	 	1.13	 “CDA” means the Mutual Confidential Disclosure Agreement effective [***] by and
between the Parties. 

  

	 	1.14	 “Change of Control” means, with respect to a Party, whether effected in a single
transaction or a series of related transactions, (a) the acquisition of beneficial ownership, directly or indirectly, by any Person (other than such Party or an Affiliate of such Party) of securities or other voting interest of such Party
representing at least fifty percent (50%) of the combined voting power of such Party’s then-outstanding securities or other voting interests; (b) any merger, reorganization, consolidation, share exchange, business combination or similar
transaction involving such Party (i) pursuant to which at least fifty percent (50%) of the outstanding voting securities of such Party (or, if applicable, the ultimate parent of such Party) would be converted into cash or securities of any
other Person or (ii) that results in the holders of beneficial ownership of the voting securities or other voting interests of such Party (or, if applicable, the ultimate parent of such Party) immediately prior to such merger, reorganization,
consolidation or business combination ceasing to hold beneficial ownership of at least fifty percent (50%) of the combined voting power of the surviving entity immediately after such merger, reorganization, consolidation, share exchange, business
combination or similar transaction; (c) any sale, lease, exchange, contribution or other transfer of all or substantially all of the assets of such Party and its subsidiaries taken as a whole, other than the sale or disposition of such assets
to an Affiliate of such Party; (d) any sale, lease, exchange, contribution or other transfer of the assets to which this Agreement relates; or (e) the approval of any plan or proposal for the liquidation or dissolution of such Party.

  
 2 

	 	1.15	 “Claims” is defined in Section 11.1. 

 

	 	1.16	 “Combination Product” means a Product that includes a Compound and at least one
Other Active Ingredient. 

  

	 	1.17	 “Commercialize” or “Commercialization” means to
manufacture for sale, market, promote, distribute, offer for sale, sell, import, have imported, export, have exported or otherwise commercialize a compound or product. When used as a noun, “Commercialization” means any and all activities
involved in Commercializing. 

  

	 	1.18	 “Commercially Reasonable Efforts” means, with respect to the Development or
Commercialization of a Product, that level of efforts and resources commonly dedicated by a similarly situated company in the research-based radiopharmaceutical industry to the development or commercialization, as the case may be, of a product of
similar commercial potential at a similar stage in its lifecycle, in each case taking into account issues of safety and efficacy, product profile, the proprietary position, the then-current competitive environment for such product and the likely
timing of such product’s entry into the market, the regulatory environment and the status of such product, and other relevant scientific, technical and commercial factors. 

 

	 	1.19	 “Compliance Laws” is defined in Section 10.4. 

 

	 	1.20	 “Compound” means (a) the monoclonal antibody to IGF-1R that exists as of the Effective Date, is designated by ImmunoGen as [***] or (b) [***] (a) by modification thereof, including, without limitation, [***] AVE1642 ([***]). For purposes of this Agreement,
“Compound” does not include [***]. 

  

	 	1.21	 “Confidential Information” is defined in Section 9.1. 

 

	 	1.22	 “Control” or “Controlled” means, with respect to any
Intellectual Property Rights or other rights to provide data or other information, 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 Intellectual Property Rights
to the other Party or provide such data or other information to such other Party without breaching the terms of any agreement with a Third Party. 

  

	 	1.23	 “Develop” or “Development” means to conduct any and all
research and development activities (including related manufacturing activities) necessary to obtain Regulatory Approval. 

  

	 	1.24	 “Development Milestone” is defined in Section 5.2. 

 

	 	1.25	 “Development Milestone Payment” is defined in Section 5.2. 

 

	 	1.26	 “Disputes” is defined in Section 15.1.1. 

  
 3 

	 	1.27	 “Effective Date” is defined in the introduction to this Agreement.

  

	 	1.28	 “FDA” means the United States Food and Drug Administration, or a successor
federal agency thereto. 

  

	 	1.29	 “Field” means the treatment, prevention, diagnosis, control and maintenance of
all diseases and disorders. 

  

	 	1.30	 “First Commercial Sale” means the first sale of the Product by Licensee or
Licensee’s Affiliate or Sublicensee to a Third Party in a country in the Territory for use by an end user of the Product following receipt of Regulatory Approval for such Product in such country or, if no such Regulatory Approval or similar
approval is required, the date on which the Product is first commercially launched in such country. “First Commercial Sale” shall not include: [***]. 

 

	 	1.31	 “Force Majeure Event” is defined in Section 16.4. 

 

	 	1.32	 “GAAP” means United States generally accepted accounting principles,
consistently applied. 

  

	 	1.33	 “Government Official” is defined in Section 10.4. 

 

	 	1.34	 “IND” means: (a) an investigational new drug application filed with the FDA
for authorization for the investigation of a Product, and (b) any of its foreign equivalents as filed with the applicable Regulatory Authorities in other countries or regulatory jurisdictions in the Territory, as applicable.

  

	 	1.35	 “Indication” is defined in Section 5.2. 

 

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

 

	 	1.37	 “ImmunoGen Exclusive License” is defined in Section 2.3. 

 

	 	1.38	 “ImmunoGen Indemnitees” is defined in Section 11.1. 

 

	 	1.39	 “ImmunoGen License Negotiation Period” is defined in Section 2.3.

  

	 	1.40	 “ImmunoGen Option Exercise Notice” is defined in Section 2.3.

  

	 	1.41	 “Licensed Material” means all materials and documents Controlled by ImmunoGen
or its Affiliates as of the Effective Date that are listed in Schedule 1.41. 

  

	 	1.42	 “Licensed Patent Rights” means all Patents Rights that are Controlled by
ImmunoGen or its Affiliates as of the Effective Date or during the Term which claim the composition of matter, method of using or manufacturing, formulation or other attributes of any Compound or Product. The Licensed Patent Rights existing
as of the Effective Date include the Patent Rights listed on Schedule 1.42. 

  
 4 

	 	1.43	 “Licensed Technology” means, collectively, the Licensed Patent Rights and
Licensed Material. 

  

	 	1.44	 “Licensee IP” means any and all Intellectual Property Rights Controlled by
Licensee or any of its Affiliates as of the Effective Date or becomes Controlled by Licensee or any of its Affiliates during the Term that are necessary or useful to use, Develop, Commercialize and Manufacture Products (and Compounds to the extent
included or incorporated, or intended to be included or incorporated, in a Product). 

  

	 	1.45	 “Major Market Country” means any of Canada, France, Germany, Italy, Japan,
Spain, the United Kingdom or the United States. 

  

	 	1.46	 “Manufacture” or “Manufacturing” means to make, produce,
manufacture, process, fill, finish, package, label, perform quality assurance testing, release, ship or store a compound or product or any component thereof. When used as a noun, “Manufacture” or
“Manufacturing” means any and all activities involved m Manufacturing a compound or product or any component thereof. 

  

	 	1.47	 “Milestone Payments” means, collectively, the Development Milestone Payments and
Sales Milestone Payments. 

  

	 	1.48	 “Net Sales” means [***]. 

 

	 	1.49	 “Other Active Ingredient” means [***]. 

 

	 	1.50	 “Party” and “Parties” is defined in the introduction to
this Agreement. 

  

	 	1.51	 “Patent Rights” means any and all (a) issued patents, (b) pending
patent applications, including all provisional applications, divisions, continuations, substitutions, continuations-in-part and renewals, and all patents granted
thereon, 

  

	 	(a)	 patents-of-addition, re-examinations, reissues 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.

  

	 	1.52	 “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.

  
 5 

	 	1.53	 “Phase 1 Clinical Trial” means a clinical trial that generally provides for the
first introduction into humans of a pharmaceutical product with the primary purpose of determining safety, metabolism and pharmacokinetic properties and clinical pharmacology of such product, in a manner that is generally consistent with 21 CFR
§ 312.21(a), as amended (or its successor regulation). 

  

	 	1.54	 “Phase 2 Clinical Trial” means any clinical study that is not intended to be
used as a pivotal study for purposes of seeking Regulatory Approval in any country within the Territory that is conducted on human patients who have the relevant disease or condition with primary endpoints to establish the efficacy of a Product for
its intended use and to define warnings, precautions, and adverse reactions that may be associated with the pharmaceutical product in the dosage range to be prescribed. “Phase 2 Clinical Trial” shall include without limitation any clinical
trial that would satisfy requirements of 21 C.F.R. § 312.21(b). 

  

	 	1.55	 “Phase 2 Clinical Trial Results” is defined in Section 2.3. 

 

	 	1.56	 “Pivotal Clinical Trial” means any clinical study designed to be used as a
pivotal study for purposes of seeking Regulatory Approval, which study is conducted on sufficient numbers of human patients to establish that a pharmaceutical product is safe and efficacious for its intended use, to define warnings, precautions, and
adverse reactions that are associated with the pharmaceutical product in the dosage range to be prescribed, and at a standard suitable to obtain Regulatory Approval of such pharmaceutical product in any country within the Territory or label
expansion of such pharmaceutical product. “Phase 3 Clinical Trial” shall include without limitation any clinical trial that would satisfy requirements of 21 C.F.R. § 312.21(c). Pivotal Clinical Trials shall include without limitation
those trials designated as pivotal “Phase 3 Clinical Trials”. Those trials designated as “Phase 2b Clinical Trials” may also be deemed a “Pivotal Clinical Trial” only if and when results of such trials are used to
support the filing of a BLA for a Product. 

  

	 	1.57	 “Product” means any radiopharmaceutical conjugate that includes or incorporates
the Compound, in any and all dosage forms and formulations. 

  

	 	1.58	 “Prosecution Activities” is defined in Section 7.3.1.

  

	 	1.59	 “Recipients” is defined in Section 9.2. 

 

	 	1.60	 “Regulatory Approval” means, with respect to a Product in any country or
jurisdiction, any approval, registration, license or authorization that is required by the applicable Regulatory Authority to market and sell the Product in such country or jurisdiction. 

 

	 	1.61	 “Regulatory Authority” means any governmental agency or authority responsible
for granting Regulatory Approvals for a Product in the Territory. 

  

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

  
 6 

	 	1.63	 “Relevant Records” is defined in Section 6.1. 

 

	 	1.64	 “Residuals” is defined in Section 2.5. 

 

	 	1.65	 “Review Period” is defined in Section 14.3. 

 

	 	1.66	 “Royalties” is defined in Section 5.4. 

 

	 	1.67	 “Royalty Offset Payments” is defined in Section 5.5. 

 

	 	1.68	 “Royalty Term” means on a country-by-country basis, the period commencing on the date of First Commercial Sale and expiring (i) for Product sales in the U.S., Ten (10) years following the date of First Commercial Sale in the
U.S. or (ii) for Product sales outside the U.S., Five (5) years following the date of First Commercial Sale in such non-U.S. country. 

 

	 	1.69	 “Sales Milestone” is defined in Section 5.3. 

 

	 	1.70	 “Sales Milestone Payment” is defined in Section 5.3. 

 

	 	1.71	 “Sublicensee” means any Third Party to which Licensee or one of its Affiliates
grants a sublicense of the rights granted to Licensee and its Affiliates pursuant to this Agreement. 

  

	 	1.72	 “Term” is defined in Section 13.1. 

 

	 	1.73	 “Territory” means worldwide. 

 

	 	1.74	 “Third Party” means any Person other than a Party or an Affiliate of a Party.

  

	 	1.75	 “Third Party Infringement” is defined in Section 8.1. 

 

	 	1.76	 “Upfront Payment” is defined in Section 5.1. 

 

	 	1.77	 “Valid Claim” means with respect to a particular country, a claim of a Patent
Right within the Licensed Patent Rights that (a) with respect to an issued and unexpired patent, (i) has not been held permanently revoked, unenforceable or 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 (ii) has not expired or been cancelled, withdrawn, abandoned, disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or
otherwise and (b) with respect to [***]. 

  

	 	1.78	 Interpretation. Except where the context expressly requires otherwise, (a) the use of any gender
herein shall be deemed to encompass references to either or both genders, and the use of the singular shall be deemed to include the plural (and vice 

  
 7 

	 	
versa), (b) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (c) the word
“will” shall be construed to have the same meaning and effect as the word “shall”, 

  

	 	(a)	 any definition of or reference to any agreement, instrument or other document herein shall be construed as
referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (e) any reference herein to
any Person shall be construed to include the Person’s successors and assigns, (f) the words “herein”, “hereof’ and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (g) all references herein to Sections, Exhibits or Schedules shall be construed to refer to Sections, Exhibits or Schedules of this Agreement, and references to this Agreement include all
Exhibits and Schedules hereto, (h) the word “notice” means notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated under this Agreement,
(i) provisions that require that a Party, the Parties or any committee hereunder “agree,” “consent” or “approve” or the like shall require that such agreement, consent or approval be specific and in writing,
whether by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging), (j) references to any specific law, rule or regulation, or article, section or other division
thereof, shall be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof, and (k) the term “or” shall be interpreted in the inclusive sense commonly associated with the
term “and/or.” 

  

	2.	 LICENSE GRANT. 

 

	 	2.1	 License Grant. 

 

	 	2.1.1	 Licensed Patent Rights. Subject to the terms and conditions of this Agreement, ImmunoGen hereby
grants to Licensee an exclusive, sublicensable (subject to Sections 2.2 and 2.3), royalty-bearing right and license or sublicense (as applicable) under the Licensed Patent Rights to use, have used, Develop, have Developed, Manufacture, have
Manufactured, Commercialize, have Commercialized and otherwise exploit Products (and Compounds to the extent included or incorporated, or intended to be included or incorporated, in a Product) in the Field within the Territory.

  

	 	2.1.2	 Licensed Material. Subject to the terms and conditions of this Agreement, ImmunoGen hereby grants
to Licensee an exclusive, sublicensable (subject 

  
 8 

	 	
to Sections 2.2 and 2.3), royalty-bearing right and license to use the Licensed Material to use, have used, Develop, have Developed, Manufacture, have Manufactured, Commercialize, have
Commercialized and otherwise exploit Products (and Compounds to the extent included or incorporated, or intended to be included or incorporated, in a Product) in the Field within the Territory. 

 

	 	2.1.3	 Affiliates. To the extent any of the Licensed Technology is Controlled by an Affiliate of ImmunoGen,
then promptly following the Effective Date, ImmunoGen shall cause such Affiliate to take all necessary actions to give effect to the licenses granted under this Section 2.1. 

 

	 	2.1.4	 Additional Third Party Patent Rights. 

 

	 	(a)	 If during the Term the Licensee identifies any Patent Rights other than the Licensed Patent Rights that
(i) are licensed by ImmunoGen or an Affiliate as of the Effective Date and (ii) cover the Product (and Compound to the extent included or incorporated, or intended to be included or incorporated, in a Product), their use in the
Field or their Manufacture, each as conducted as of the Effective Date (“Additional Third Party Patent Rights”), then Licensee shall have the right to provide written notice to ImmunoGen and upon receipt of such notice,
ImmunoGen shall reasonably consult with Licensee in relation to the Additional Third Party Patent Rights and, to the extent permitted under the relevant Third Party license agreement, shall provide Licensee with a copy of such agreement. To
the extent that (x) ImmunoGen agrees that such Additional Third Party Patent Rights meet the criteria in subsection (ii) above, such agreement not to be unreasonably withheld, and (y) Licensee, in its sole discretion, elects to
receive a sublicense under the Additional Third Party Patent Rights, ImmunoGen shall grant, or cause its applicable Affiliate to grant, subject to the terms of the relevant license agreement and to the extent permitted by such license
agreement, a non-exclusive, sublicensable (subject to Sections 2.2 and 2.3), sublicense under the Additional Third Party Patent Rights, effective as of the Effective Date, to use, have used, Develop, have
Developed, Manufacture, have Manufactured, Commercialize, have Commercialized and otherwise exploit the Compound and Products in the Field within the Territory on the terms of this Agreement. 

 

	 	(b)	 Where Licensee has elected to obtain a sublicense pursuant to Section 2.1.4(a), Licensee shall pay to
ImmunoGen, in accordance with the provisions of Section 5 (mutatis mutandis), any and all royalties, milestones or similar payments due to a Third Party pursuant to the terms of the relevant Third Party license agreement to the
extent that such payment obligation arises out of the use by the Licensee of those licensed rights. 

  
 9 

	 	(c)	 Licensee shall use reasonable efforts to perform all of its obligations under the licenses which are the
subject of this Section 2.1.4 as sublicensee. 

  

	 	2.2	 Sublicense Rights. Licensee may sublicense the rights granted to it by ImmunoGen under this
Agreement following the expiry of the ImmunoGen Option in accordance with Section 2.3. Any and all sublicenses shall be subject to the following requirements: 

 

	 	2.2.1	 All sublicenses shall be subject to and consistent with the terms and conditions of this Agreement. In
no event shall any sublicense relieve Licensee of any of its obligations under this Agreement. 

  

	 	2.2.2	 Licensee shall furnish to ImmunoGen a true and complete copy of each sublicense agreement and
each amendment thereto, which sublicense agreement and amendments thereto may be redacted to omit information not directly relevant to the performance of Licensee’s obligations under this Agreement within [***] after the sublicense or amendment
has been executed. 

  

	 	2.3	 Right of First Negotiation. This Agreement includes an exclusive right of first negotiation (the
“ROFN”) for ImmunoGen to obtain rights to develop or commercialize, either alone or with Licensee, the Product in North America. Upon Licensee’s completion of a Phase 2 Clinical Trial for a Product and upon the first to
occur of (i) Licensee notifying ImmunoGen that its Board of Directors has directed management to undertake in good faith efforts to identify potential licensees or collaborators to develop and commercialize the Product or (ii) the
date upon which the Licensee provides ImmunoGen a copy of the final and complete set of locked clinical trial data tables, figures, listings and safety reviews including, but not limited to, all statistical analyses and related data as per
the clinical trial protocol and related statistical analysis plan (the “Phase 2 Clinical Trial Results”) for such Phase 2 Clinical Trial, Licensee shall notify ImmunoGen and for a period of [***] thereafter,
ImmunoGen may exercise its ROFN by notifying Licensee in writing (the “lmmunoGen Option Exercise Notice”). If ImmunoGen does not exercise the ROFN during such [***] period, then Licensee shall be free to offer the
opportunity to obtain a license to develop or commercialize the Product in North America to any third party and ImmunoGen shall have no further rights to the Product. 

If ImmunoGen exercises the ROFN, the Parties shall negotiate in good faith on an exclusive basis for up to [***] after the date of
Licensee’s receipt of the ImmunoGen Exercise Option Notice (the “ImmunoGen License Negotiation Period”). During this time the Parties would negotiate the terms under which this Agreement may be terminated and an agreement
pursuant to which Licensee would 

  
 10 

 
grant ImmunoGen an exclusive license (the “lmmunoGen Exclusive License”) with the right to sublicense, under the Licensee IP to use, Develop, Commercialize and
Manufacture the Products (and Compounds to the extent included or incorporated, or intended to be included or incorporated, in a Product) in North America. During the ImmunoGen License Negotiation Period, Licensee shall not offer the opportunity to
obtain a license to develop or commercialize the Product in North America to any other third party. If the Parties have not entered into the ImmunoGen Exclusive License by the end of the ImmunoGen License Negotiation Period, then Licensee shall be
free to offer the opportunity to obtain a license to develop or commercialize the Product in North America to any third party and ImmunoGen shall have no further rights to the Product; provided, however, for a period of [***] after the ROFN
Termination Date, Licensee agrees that if the financial terms and conditions offered to such third party would, taken as a whole, be materially less favorable to Licensee than the last written offer proposed by ImmunoGen, then Licensee shall
so notify ImmunoGen and ImmunoGen shall have the right to send Licensee a new written notice to re-commence negotiations within [***] after receiving Licensee’s notice. If ImmunoGen
provides such notice within such time period, the Parties shall negotiate for another [***] period (during which Licensee shall not offer the opportunity to any third party to obtain a license, or enter into an agreement pursuant to which a
third party would obtain the right to develop or commercialize the Product in North America) the terms of the ImmunoGen Exclusive License based upon the terms and conditions offered to the third party. The Parties hereby acknowledge and agree that
neither Party shall have an obligation to enter into an ImmunoGen Exclusive License. 
  

	 	2.4	 Retained Rights. Licensee acknowledges and agrees that ImmunoGen (a) retains the right to
make, have made, use and import the Compound for all purposes other than the research, manufacture, development, use or commercialization of Products (or Compounds to the extent included or incorporated, or intended to be included or incorporated,
in a Product), and (b) is free to use the Licensed Patent Rights and Licensed Material for purposes other than those exclusively licensed to Licensee under this Agreement. 

 

	 	2.5	 Residuals. ImmunoGen may use for any purpose the Residuals resulting from access to or work with the
Product and Licensed Material solely for purposes other than to Develop, Commercialize, Manufacture or otherwise exploit Products (or Compounds to the extent included or incorporated, or intended to be included or incorporated, in a Product). As
used herein, “Residuals” means information in non-tangible form which may be retained by persons who have had access to the Product and Licensed Material, including ideas, concepts, know-how or techniques contained therein. 

  

	 	2.6	 No Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon Licensee by
implication, estoppel, or otherwise as to any technology or Intellectual Property Rights of ImmunoGen or its Affiliates other than the rights in Licensed Technology expressly granted herein, regardless of whether such technology or
Intellectual Property Rights shall be dominant or subordinate to any Licensed Technology. 

  
 11 

	 	3.	 TRANSFER ACTIVITIES. ImmunoGen has requested [***] to transfer ownership of IND [***] (AVE1642) (the
“AVE1642 IND”) to ImmunoGen, and will use commercially reasonable efforts to cause such transfer to be effected as promptly as practicable; provided that ImmunoGen shall be under no obligation to accept the transfer of
the AVE1642 IND unless and until it has been placed on inactive status, the final clinical study report has been filed and all reporting obligations of the IND holder have been satisfied. If and when [***] transfers ownership of the AVE1642 IND to
ImmunoGen, it shall so notify Licensee and, upon Licensee’s request, ImmunoGen agrees to provide a letter to the FDA and Licensee granting Licensee the right to reference the AVE1642 IND. ImmunoGen makes no representation
or warranty to Licensee as to the accuracy or completeness of any of the information contained in the AVE1642 IND, or in the adequacy or sufficiency of the right to reference the AVE1642 IND for Licensee’s purpose in Developing Products.
ImmunoGen shall transfer the Licensed Material listed to Licensee as promptly as possible after the Effective Date. If, after the Effective Date, ImmunoGen identifies any materials or documentation, or otherwise becomes aware of any
materials or documentation, other than Licensed Material listed on Schedule 1.41, that is Controlled by ImmunoGen as of the Effective Date and necessary or useful to Develop, Manufacture, Commercialize, or otherwise exploit the Products, then
such additional materials or documentation shall be deemed to be included within the definition of “Licensed Material” for all purposes under this Agreement, and ImmunoGen shall promptly transfer such materials and documents to
Licensee. For purposes of clarity, ImmunoGen shall provide Licensee with full access to the information included in the AVE1642 IND, when and if such information has been transferred by [***] to ImmunoGen, and to make copies thereof
(at Licensee’s expense), but ImmunoGen shall have no obligation to transfer ownership of the AVE1642 IND to Licensee. 

  

	4.	 DEVELOPMENT; COMMERCIALIZATION; MANUFACTURING. 

 

	 	4.1	 General. Licensee shall have sole responsibility for the cost and expense of, and the sole authority
over and control of, the Development, Manufacture, Regulatory Approval and Commercialization of Compounds and Products. 

  

	 	4.2	 Diligence. 

  

	 	4.2.1	 Development. Licensee shall itself, or through its Affiliates or Sublicensees, use Commercially
Reasonable Efforts to Develop and seek Regulatory Approval for the Product in the United States and at least one other Major Market Country. 

  

	 	4.2.2	 Commercialization. Licensee shall itself, or through its Affiliates or Sublicensees, use Commercially
Reasonable Efforts to Commercialize a given Product in each Major Market Country where Licensee or its designated Affiliates or Sublicensees receive Regulatory Approval for such Product. 

  
 12 

	 	4.3	 Regulatory Filings. In connection with its efforts to Develop the Product, Licensee shall bear all
responsibility and expense for submitting Regulatory Filings and obtaining Regulatory Approval for the Product. Licensee will undertake such activities at its sole expense. 

 

	 	4.4	 Progress Reporting. At least [***] prior to the start of each Calendar Year, starting with the calendar
year 2017, Licensee shall provide to ImmunoGen a report including (a) an update on the progress of Licensee’s Development and Commercialization activities, including key achievements to date in the Calendar Year and (b) a
summary of the planned Development and Commercialization activities for the upcoming Calendar Year, including key achievements that are expected. 

  

	5.	 PAYMENT TERMS. 

 

	 	5.1	 Upfront Payment. In consideration of the licenses and rights granted to Licensee hereunder, Licensee
shall pay to ImmunoGen a one-time, upfront, non-refundable and non-creditable payment of US $200,000 on the Effective Date (“Upfront Payment”).

  

	 	5.2	 Development Milestone Payments. In consideration of the licenses and rights granted to Licensee
hereunder, Licensee shall pay to ImmunoGen the amounts set forth below within [***] following the first occurrence of each event described below (each event, a “Development Milestone” and each payment, a
“Development Milestone Payment”). 

  

			
	 DEVELOPMENT MILESTONE
	  	DEVELOPMENT
MILESTONE PAYMENT
	 (1) [***]
	  	US$500,000
	 (2) [***]
	  	US$1.5 million
	 (3) [***]
	  	[***]
	 (4) [***]
	  	[***]
	 (5) [***]
	  	[***]
	 (6) [***]
	  	[***]

 For the avoidance of doubt: (i) the Development Milestone Payments for Development Milestones 1 through
6 above shall be payable only once upon achievement of the applicable Development Milestone; and (ii) satisfaction of a Development Milestone by a Sublicensee or assignee of, or Third Party retained by, Licensee or its Affiliates shall be
deemed to have been satisfied by Licensee for purposes of this Section 5.2. [***] 

  
 13 

	 	5.3	 Sales Milestone Payments. In consideration of the licenses and rights granted to Licensee hereunder,
Licensee shall pay to ImmunoGen the following one-time payments set forth below within [***] following the applicable Calendar Year when total Calendar Year world-wide (WW) Net Sales of Products since
First Commercial Sale in the Territory first exceed the respective thresholds indicated below (each event, a “Sales Milestone” and each payment, a “Sales Milestone Payment”). 

 

			
	 SALES MILESTONE
	 	SALES MILESTONE PAYMENT
	 Calendar Year total WW Net Sales first exceed [***]
	 	[***]
	 Calendar Year total WW Net Sales first exceed [***]
	 	[***]
	 Calendar Year total WW Net Sales first exceed [***]
	 	[***]
	 Calendar Year total WW Net Sales first exceed [***]
	 	[***]

  

	 	5.4	 Royalty Payments. In consideration of the licenses and rights granted to Licensee hereunder, Licensee
shall pay to ImmunoGen royalties in the amount of the Marginal Royalty Rates (set forth below) on the total WW Net Sales resulting from the sale of Products in the Territory during each Calendar Year (collectively,
“Royalties”). 

  

			
	 WORLD-WIDE NET SALES TIERS
	  	MARGINAL ROYALTY RATE
	 Total WW Net Sales above [***], up to and including [***] million
	  	[***]
	 Total WW Net Sales above [***] million, up to and including [***] million
	  	[***]
	 Total WW Net Sales above [***] million, up to and including [***] million
	  	[***]
	 Total WW Net Sales above [***] million, up to and including [***] million
	  	[***]
	 Total WW Net Sales above [***] million
	  	[***]

  
 14 

 Each Marginal Royalty Rate set forth in the table above shall apply only to that portion of
the Net Sales of the Product in the Territory during a given Calendar Year that falls within the indicated range. Licensee shall pay to ImmunoGen the applicable Royalties within [***] following the expiration of each Calendar Quarter after
the date of the First Commercial Sale. Royalties will be payable on a country-by-country basis commencing as of the [***] until [***]. All Royalty payments shall be
accompanied by a report that includes reasonably detailed information regarding a total monthly sales calculation of Net Sales of Product (including all deductions) and all Royalties payable to ImmunoGen for the applicable Calendar Quarter
(including any foreign exchange rates employed). Licensee acknowledges and agrees that royalty payments made under this Agreement in the absence of a Valid Claim covering a Product are in partial consideration for all other rights and licenses
granted to Licensee under this Agreement. 
  

	 	5.5	 Royalty Offset Payments. Notwithstanding anything to the contrary contained herein, Licensee shall
deduct from the royalty due to ImmunoGen [***] of running royalties paid by Licensee to Third Parties with respect to Net Sales in a country for composition of matter patent rights relating to the Compound in the absence of which Licensee
could not make, use, sell, offer for sale or import the Product in such country without infringing such Third Party patent rights, subject to a floor of [***] of what the royalty payment would have been absent such deduction. 

 

	 	5.6	 Other Payments. Licensee shall pay to ImmunoGen any other amounts due under this Agreement within
[***] following receipt of invoice. 

  

	 	5.7	 Late Payments. Any amount required to be paid by a Party hereunder which is not paid on the date due
shall bear interest, to the extent permitted by law, at [***] above the [***] U.S. Dollar LIBOR rate effective for the date such payment was due, as reported in the Wall Street Journal. Such interest shall be computed on the basis of a
year of three hundred sixty (360) days for the actual number of days payment is delinquent. 

  

	 	5.8	 Currency. Any payments under this Section 5 that are recorded in currencies other than the
U.S. Dollar shall be converted into U.S. 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 Calendar Quarter in which
such payments or expenses occurred, or for periods less than a Calendar Quarter, the average of the daily rates published in the Wall Street Journal for such period. 

 

	 	5.9	 Method of Payment. All payments from Licensee to ImmunoGen shall be made by wire transfer via
immediately available funds in U.S. dollars to credit the bank account set forth below or such other bank account as designated by ImmunoGen in writing to Licensee at least [***] before payment is due. Any payment which falls due on a date
which is not a Business Day may be made on the next succeeding Business Day. 

  
 15 

			
	 Bank Name:
	  	[***]
	 Bank Country:
	  	[***]
	 Bank Address:
	  	[***]
	 Bank Account Number:
	  	[***]
	 Account Name
	  	[***]
	 Routing Number
	  	[***]
	 ABA Number
	  	
	 Swift ID
	  	[***]

  

	 	5.10	 Taxes. 

  

	 	5.10.1	 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. For greater clarity, Licensee shall not be liable for any taxes based solely on ImmunoGen’s net income. In the event any
payments made by Licensee to ImmunoGen pursuant to this Agreement become subject to withholding taxes under the Applicable Law of any jurisdiction, (a) Licensee shall deduct and withhold the amount of such taxes for the account of
IrnmunoGen to the extent required by Applicable Law, (b) such amounts payable to ImmunoGen shall be reduced by the amount of taxes deducted and withheld, (c) Licensee shall pay the amounts of such taxes to the proper
Governmental Authority in a timely manner and (d) Licensee shall promptly transmit to ImmunoGen, to the extent available, an official tax certificate or other evidence of such withholding sufficient to enable ImmunoGen to claim
such payments of taxes. In determining the amount of any such withholding taxes required to be deducted or withheld under Applicable Law, the Parties shall take into account the provisions of any relevant income tax convention between Canada and the
country of residence of ImmunoGen. Any such withholding taxes required under Applicable Law to be paid or withheld shall be an expense of, and borne by, ImmunoGen. For greater certainty, any amount so withheld and remitted by Licensee
shall discharge Licensee’s obligation to pay such amounts to ImmunoGen provided Licensee has remitted or caused to be remitted such withheld amounts to the proper Governmental Authority. ImmunoGen shall provide any tax forms to
Licensee that may be reasonably necessary in order for Licensee not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Each Party shall provide the other with reasonable assistance to enable the
recovery, as permitted by Applicable 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.

  

	 	5.10.2	 Notwithstanding anything in this Agreement to the contrary, if a Party takes any action (including but
not limited to any assignment or sublicense of its rights or obligations under this Agreement) and if as a result of such action, 

  
 16 

	 	
a payment under this Agreement is subject to an increased withholding tax or VAT liability, the Party taking such action shall bear the cost of such increased withholding tax or VAT liability.
For sake of clarification, if the Licensee takes any action and such action results in the imposition of a withholding tax that would not have been imposed but for such action, then the sum payable by Licensee shall be increased to the extent
necessary to ensure that ImmunoGen receives a sum equal to the sum which it would have received had no such action occurred; provided, however, that Licensee shall have no obligation to pay any additional amount under this
Section 5.10.2 to the extent such increased withholding tax would not have been imposed but for (i) an action by ImmunoGen or (ii) a failure of ImmunoGen to comply with the requirements of Section 5.10.1 or
Section 5.10.3. 

  

	 	5.10.3	 Licensee and ImmunoGen will cooperate with respect to all documentation required by any taxing
authority or reasonably requested by Licensee to secure a reduction in the rate of applicable withholding Taxes. On the date of execution of this Agreement, ImmunoGen will deliver to Licensee an accurate and complete Canada Revenue Agency
form NR301 (Declaration of eligibility for benefits (reduced rate)) under a tax treaty for a non-resident person and such other documentation as may be reasonably requested by Licensee certifying that Licensor
is entitled to the applicable benefits under the Canada-United States Tax Convention, as adopted into Canadian law by the Canada-United States Tax Convention Act, 1984 (as it may be amended or succeeded, the “Tax Treaty”.

  

	6.	 RECORDS; AUDIT RIGHTS. 

 

	 	6.1	 Relevant Records. Licensee shall maintain accurate financial books and records pertaining to sale of the
Product by Licensee, its Affiliates or Sublicensees, including any and all calculations of the Upfront Payment, Milestone Payments, Royalties and Royalty Offset Payments (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. 

 

	 	6.2	 Audit Request. ImmunoGen shall have the right during the Term and for [***] thereafter 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 [***], as may be necessary to verify compliance with the
terms of this Agreement. Such audit shall be requested in writing at least [***] in advance, and shall be conducted during Licensee’s normal business hours and otherwise in a manner that minimizes any interference to Licensee’s business
operations. 

  

	 	6.3	 Audit Fees and Expenses. ImmunoGen shall bear any and all fees and expenses it may incur in connection
with any such audit of the Relevant Records; provided, 

  
 17 

	 	
however, in the event an audit reveals an underpayment by Licensee of more than [***] as to the period subject to the audit, Licensee shall reimburse ImmunoGen for any
reasonable and documented out-of-pocket costs and expenses of the audit. 

  

	 	6.4	 Payment of Deficiency. If any audit establishes that Licensee underpaid any amounts due to
ImmunoGen under this Agreement, then Licensee shall pay ImmunoGen any such deficiency (plus interest thereon at a rate provided in Section 5.7 hereof) within [***] after receipt of written notice thereof. If any audit establishes
an overpayment by Licensee, then Licensee shall be entitled to take a credit equal to [***]. 

  

	7.	 INTELLECTUAL PROPERTY RIGHTS. 

 

	 	7.1	 Pre-existing IP. Subject only to the rights expressly granted to
the other Party under this Agreement, each Party shall retain all rights, title and interests in and to any Intellectual Property Rights that are owned by or licensed or sublicensed to such Party prior to or independent of this Agreement.

  

	 	7.2	 Licensee IP. As between the Parties, Licensee shall own all rights, title and interests in and to
Licensee IP. 

  

	 	7.3	 Patent Prosecution. 

 

	 	7.3.1	 Acknowledgment. Licensee or its Affiliate shall be solely responsible for (a) prosecuting all
pending and new patent applications included within the Licensed Patent Rights , (b) responding to oppositions, nullity actions, re-examinations, revocation actions and similar proceedings filed by Third
Parties against the issuance of Patent Rights for such applications and (c) maintaining in force any issued Licensed Patent Rights (collectively, “Prosecution Activities”). 

 

	 	7.3.2	 Review & Comment. Licensee shall provide ImmunoGen with material
correspondence with each of the patent offices pertaining to Licensee’s prosecution of the Licensed Patent Rights. Upon the written request of ImmunoGen, Licensee shall provide ImmunoGen with draft copies of all filings and
relevant documentation (to the extent not previously submitted to and reviewed by ImmunoGen) relating to the Licensed Patent Rights at least [***] Business Days prior to the required submission date. Licensee shall consider any
proposed comments proposed by ImmunoGen to such filings and documentation in good faith, provided that Licensee is not required to incorporate ImmunoGen’s comments and Licensee has final decision making authority on patent
prosecution. 

  

	 	7.3.3	 Costs. Licensee shall be solely responsible for all out of pocket costs and expenses incurred following
the Effective Date with respect to Prosecution Activities, provided that Licensee shall not be responsible for such costs and expenses for activities with respect to any patents or applications within the Licensed Patent Rights that do not cover the
Compound. ImmunoGen 

  
 18 

	 	
acknowledges that, as of the Effective Date, Licensee has reimbursed ImmunoGen for all costs and expenses attributable to Prosecution Activities and Enforcement Activities that were
incurred by ImmunoGen in the 2016 calendar year prior to the Effective Date. 

  

	 	7.3.4	 Liability. To the extent that a Party is obtaining, prosecuting or maintaining a Licensed Patent Right
or otherwise exercising its rights under this Section 7, 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 taken in good faith. 

  

	8.	 INFRINGEMENT; MISAPPROPRIATION. 

 

	 	8.1	 Notification. Each Party will promptly notify the other Party in writing of any actual or threatened
infringement, misappropriation, other violation or challenge to the validity, scope or enforceability by a Third Party of any Licensed Technology in the Field and in the Territory (but with respect to Licensed Patent Rights, solely to the extent
such rights cover the Compound or Product) of which it becomes aware (“Third Party Infringement”). 

  

	 	8.2	 Infringement Action. 

 

	 	8.2.1	 Right of Enforcement. 

 

	 	(a)	 Subject to the exceptions described in this Section 8.2, Licensee shall have the first right (but not the
obligation), at its own expense, to control enforcement of the Licensed Patent Rights against any Third Party Infringement within the scope of its exclusive license. ImmunoGen may, at its expense, join Licensee as a party for standing
purposes, provided that if ImmunoGen is represented by independent counsel in such action, ImmunoGen shall bear the expense of such counsel. Prior to commencing any such action, Licensee shall consult with ImmunoGen and shall
give due consideration to lmmunoGen’s recommendations regarding the proposed action. Licensee shall give ImmunoGen timely notice of any proposed settlement of any such action instituted by Licensee and shall not, without the prior
written consent of ImmunoGen, enter into any settlement that would: (i) adversely affect the validity, enforceability or scope of any of the Licensed Patent Rights, (ii) give rise to liability of ImmunoGen or its Affiliates,
(iii) admit non-infringement of any Licensed Patent Rights, or (iv) otherwise impair ImmunoGen’s rights in any Licensed Technology or this Agreement. 

  
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	 	(b)	 Notwithstanding Section 8.2.1(a), ImmunoGen shall have the sole right of enforcement with respect
to any Patent Right within the Licensed Patent Rights that covers any Third Party Infringement not within the scope of Licensee’s exclusive license, and may, at its expense, join Licensee as a party for standing purposes, provided that if
Licensee is represented by independent counsel in such action, Licensee shall bear the expense of such counsel. ImmunoGen shall give Licensee timely notice of any proposed settlement of any such action instituted by ImmunoGen and shall
not, without the prior written consent of Licensee, enter into any settlement that would: (i) adversely affect the validity, enforceability or scope of any claim within the Licensed Patent Rights which covers the Compound, (ii) give rise
to liability of Licensee or its Affiliates, (iii) admit non-infringement of any claim within the Licensed Patent Rights which covers the Compound, or (iv) otherwise impair Licensee’s rights in
any Licensed Technology or this Agreement. 

  

	 	(c)	 If Licensee does not, with respect to its first right of enforcement under Section 8.2.1(a), obtain
agreement from the alleged infringer to desist or fails or refuses to initiate an infringement action by the earlier of (i) [***] following Licensee’s receipt of notice of the alleged infringement, or (ii) [***] before the expiration date for
filing such actions, then ImmunoGen shall have the right, but not the obligation, at its sole discretion, to control such enforcement of the Licensed Technology and may at its expense join Licensee as a party for standing purposes, provided
that if Licensee is represented by independent counsel in such action, Licensee shall bear the expense of such counsel. Prior to commencing any such action, ImmunoGen shall consult with Licensee and shall give due consideration to
Licensee’s recommendations regarding the proposed action. ImmunoGen shall give Licensee timely notice of any proposed settlement of any such action instituted by ImmunoGen and shall not, without the prior written consent of
Licensee, enter into any settlement that would: (i) adversely affect the validity, enforceability or scope of any claim within the Licensed Patent Rights which covers the Compound, (ii) give rise to liability of Licensee or its Affiliates,
(iii) admit non-infringement of any claim within the Licensed Patent Rights which covers the Compound, or (iv) otherwise impair Licensee’s rights in any Licensed Technology or this Agreement.

  

	 	8.2.2	 Recoveries. Any recoveries resulting from an action relating to a claim of Third Party Infringement
within the scope of Licensee’s exclusive license shall first be applied to [***]. Any remaining recoveries shall be retained by (or if received by ImmunoGen, paid to) Licensee; provided, however, [***]. If Licensee fails to
institute an action or proceeding and 

  
 20 

	 	
ImmunoGen exercises its right to prosecute such infringement pursuant to Section 8.2.1(c), any remaining recoveries shall be retained by ImmunoGen. ImmunoGen shall retain [***]
of any recoveries resulting from an action brought by ImmunoGen relating to any other claim of Third Party Infringement, except that ImmunoGen would retain [***] of any recoveries solely attributable to a claim of Third Party
Infringement outside the scope of Licensee’s exclusive license, including with respect to any patent or application within the Licensed Patent Right that does not cover the Compound. 

 

	 	8.3	 Purple Book Listings. To the extent required by or permitted by Applicable Law, Licensee will have the
right to decide whether to list with the applicable Regulatory Authorities during the Term any applicable Patent Rights for a Compound or Product that has become the subject of an application for Regulatory Approval submitted to FDA as a
“biosimilar” or equivalent version of a Product. ImmunoGen will reasonably cooperate, at Licensee’s request and expense, in preparing and/or filing such listings within the time frames available or required for such listings to
be submitted in connection with such Compound and/or Product. 

  

	 	8.4	 Patent Term Extension. Licensee shall notify ImmunoGen of the date of Regulatory Approval of a
Product by the relevant Regulatory Authority. Licensee shall have the right to prepare and file a patent term extension or supplementary protection certificate application upon Regulatory Approval of such Product with respect to any Patent Rights
other than the Licensed Patent Rights. Licensee shall have the right with respect to obtaining patent term extensions with respect to the Licensed Patent Rights pursuant to 35 U.S.C. § 156 and foreign counterparts and equivalents thereof,
including supplementary protection certificates, to the extent such extensions are available with respect to the Compound and patents covering the Compound. 

  

	9.	 CONFIDENTIALITY. 

 

	 	9.1	 Definition. “Confidential Information” means all proprietary information and
data of a financial, commercial or technical nature (including such information or data of or relating to a Third Party) that the disclosing Party or any of its Affiliates has supplied or otherwise made available to the other Party or its
Affiliates, which are disclosed in writing or, if disclosed orally, summarized in writing and provided to the receiving Party after disclosure. The existence, terms and provisions of this Agreement shall be considered the Confidential Information of
each Party. Confidential Information shall not include information that: (a) is, at the time of disclosure or becomes, after the time of disclosure, known to the public or part of the public domain through no breach of this Agreement by the
receiving Party or any Recipients to whom it disclosed such information; (b) was known to, or was otherwise lawfully in the possession of, the receiving Party prior to the time of disclosure by the disclosing Party; (c) is disclosed to the
receiving Party on a non-confidential basis by a Third Party who is entitled to disclose it without breaching any confidentiality obligation to the disclosing Party; or (d) is independently developed by
or on behalf of the receiving Party or any of its Affiliates, as evidenced by its written records, without use or access to the Confidential Information. 

  
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	 	9.2	 Obligations. The receiving Party will protect all Confidential Information of the disclosing Party
against unauthorized disclosure to Third Parties with the same degree of care as the receiving Party uses for its own similar information, but in no event less than a reasonable degree of care. The receiving Party may disclose the Confidential
Information to its Affiliates, and their respective directors, officers, employees, subcontractors, current and prospective sublicensees, consultants, attorneys, accountants, bankers and investors (collectively, “Recipients”)
who have a need to know such information for purposes related to this Agreement, provided that the receiving Party shall hold such Recipients to written obligations of confidentiality with terms and conditions at least as restrictive as
those set forth in this Agreement. All obligations of confidentiality under this Agreement shall survive expiration or termination of this Agreement for a period of [***]. 

 

	 	9.3	 Exceptions. 

  

	 	9.3.1	 Disclosure Required by Law. The restrictions set forth in this Section 9 shall not apply to any
Confidential Information that the receiving Party is required to disclose under Applicable Laws or a court order or other governmental order or the rules and regulations of the Securities and Exchange Commission (“SEC”) or any national
securities exchange, provided that the receiving Party, to the extent permitted under Applicable Law: (a) provides the disclosing Party with prompt notice of such disclosure requirement if legally permitted, (b) affords the
disclosing Party an opportunity to oppose, limit or secure confidential treatment for such required disclosure or, for submissions or disclosures required by the SEC or national securities exchange, itself uses reasonable efforts to secure
confidential treatment for such required disclosure and (c) if the disclosing Party is unsuccessful in its efforts pursuant to subsection (b), discloses only that portion of the Confidential Information that the receiving Party is legally
required to disclose as advised by the receiving Party’s legal counsel. 

  

	 	9.3.2	 Disclosure to Assignee of Payments. In the event that ImmunoGen wishes to assign, pledge or
otherwise transfer its rights to receive some or all of the Milestone Payments and Royalties payable hereunder, ImmunoGen may disclose to a Third Party Confidential Information of Licensee in connection with any such proposed assignment,
provided that ImmunoGen shall hold such Third Parties to written obligations of confidentiality with terms and conditions at least as restrictive as those set forth in this Agreement. ImmunoGen shall notify Licensee promptly if it
enters into any agreement under which it has assigned its rights to receive some or all of the Milestone Payments and Royalties paid hereunder. 

  
 22 

	 	9.4	 Right to Injunctive Relief. Each Party agrees that breaches of this Section 9 may cause
irreparable harm to the disclosing Party and shall entitle the disclosing Party, in addition to any other remedies available to it (subject to the terms of this Agreement), the right to seek injunctive relief enjoining such action.

  

	 	9.5	 Ongoing Obligation for Confidentiality. Upon expiration or termination of this Agreement, the receiving
Party shall, and shall cause its Recipients to, destroy, delete or return (as requested by the disclosing Party) any Confidential Information of the disclosing Party, except that the receiving Party (a) may retain a single copy of Confidential
Information for the sole purpose of ascertaining its rights and responsibilities in respect of such information and (b) shall not be required to destroy any computer files stored securely by the receiving Party that are created by automatic
system back up. 

  

	10.	 REPRESENTATIONS, WARRANTIES AND COVENANTS. 

 

	 	10.1	 Representations and Warranties by Each Party. Each Party represents and warrants to the other Party as
of the Effective Date that: 

  

	 	10.1.1	 it is a corporation duly organized, validly existing, and m good standing under the laws of its
jurisdiction of formation; 

  

	 	10.1.2	 it has full corporate power and authority to execute, deliver, and perform under this Agreement, and has
taken all corporate action required by Applicable Law and its organizational documents to authorize the execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement; 

 

	 	10.1.3	 this Agreement constitutes a valid and binding agreement enforceable against it in accordance with its
terms; 

  

	 	10.1.4	 all consents, approvals and authorizations from all governmental authorities or other Third Parties
required to be obtained by such Party in connection with this Agreement have been obtained; and 

  

	 	10.1.5	 the execution and delivery of this Agreement and all other instruments and documents required to be
executed pursuant to this Agreement, and the consummation of the transactions contemplated hereby do not and shall not: (i) conflict with or result in a breach of any provision of its organizational documents, (ii) result in a breach of
any agreement to which it is a party that would impair the performance of its obligations hereunder; or (iii) violate any Applicable Law. 

  

	 	10.2	 Representations and Warranties by ImmunoGen. ImmunoGen represents and warrants to Licensee as of the
Effective Date that: 

  

	 	10.2.1	 ImmunoGen has not assigned, transferred, out-licensed, conveyed
or otherwise encumbered its right, title and interest in or to (including by 

  
 23 

	 	
granting any covenant not to sue) any Licensed Technology that is inconsistent with or otherwise diminishes the rights and licenses granted to Licensee under this Agreement; 

 

	 	10.2.2	 There is no ongoing or, to ImmunoGen’s Knowledge, threatened litigation involving the
Licensed Patent Rights. 

  

	 	10.2.3	 To ImmunoGen’s Knowledge, no Third Parties have any right, title or interest in or to any Patent
Right included in the Licensed Patent Rights; 

  

	 	10.2.4	 ImmunoGen has not received any written notice, and otherwise has no actual Knowledge, that the use,
Development, Manufacture or Commercialization of the Compound on or prior to the Effective Date infringes upon, violates or constitutes a misappropriation of, or may infringe upon, violate or constitute a misappropriation of, or otherwise interfere
with, any other Intellectual Property Rights of any Third Party. 

  

	 	10.2.5	 ImmunoGen has not (a) been served by a Third Party with a notice of material breach or letter
threatening to assert material breach by ImmunoGen under any agreement with such Third Party with respect to the Compound or (b) served any such Third Party with a notice of material breach or letter threatening to assert material breach
by such Third Party under such agreement; 

  

	 	10.2.6	 ImmunoGen has not utilized and will not utilize, in connection with the Compound, any person or entities
that, to ImmunoGen’s Knowledge, have been or are debarred by FDA pursuant to the provisions of the Generic Drug Enforcement Act of 1992 (21 U.S.C. §335); 

 

	 	10.2.7	 ImmunoGen has not received any notices of violations of Applicable Law from the FDA or any other
Regulatory Authority with respect to any past use, Development, Manufacture, or Commercialization of a Compound that could reasonably be deemed to adversely affect the use, Development, Manufacture, or Commercialization of such Compound.

  

	 	10.2.8	 ImmunoGen has obtained from all inventors of the inventions claimed in the Licensed Patent Rights valid
and enforceable agreements assigning to ImmunoGen each such inventor’s entire right, title and interest in and to the Licensed Patent Rights; 

  

	 	10.2.9	 Neither ImmunoGen nor any of its Affiliates owns or otherwise Controls any Patent Rights other
than the Licensed Patent Rights that cover the Compound or Product, their use in the Field, or their manufacture as currently conducted by ImmunoGen; and 

 

	 	10.2.10	 To ImmunoGen’s Knowledge, neither ImmunoGen nor any of its Affiliates owns or otherwise
Controls any materials or documents relating to the Compound other than the Licensed Material that are necessary or useful for Licensee to exercise the licenses and rights granted to Licensee under this Agreement. 

  
 24 

 For purposes of this Section 10.2, “Knowledge” means the
actual knowledge (without having conducted, or having any duty to conduct, any specific inquiry) of the following ImmunoGen employees: [***]. 
  

	 	10.3	 Representations, Warranties and Covenants by Licensee. 

 

	 	10.3.1	 Licensee has not utilized and will not utilize, in connection with a Product, any person or entities
that, to Licensee’s knowledge, have been or are debarred by FDA pursuant to the provisions of the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335); and 

 

	 	10.3.2	 Licensee covenants to ImmunoGen that it shall comply with all Applicable Law with respect to the
performance of its obligations hereunder. 

  

	 	10.4	 Representations, Warranties and Covenants related to Compliance Laws. Without limiting the generality of
Section 10.3.2, Licensee shall comply with the U.S. Foreign Corrupt Practices Act and any other applicable anti-bribery or anti-corruption laws (“Compliance Laws”). Licensee represents and warrants that neither Licensee, nor
its respective Affiliates, nor to Licensee’s knowledge, any director, officer, employee, consultant, agent or representative or other person acting on its behalf has taken or will take any action, directly or indirectly, to pay, offer, promise
or authorize the payment, or giving of anything of value to any Government Official, or to any person, and has not accepted and will not accept a payment for any item of value: (a) for the purpose of (i) influencing any act or decision of
such Government Official(s) in their official capacity, including the failure to perform an official function, in order to assist Licensee or its Affiliates or any beneficiary of the Licensee in obtaining or retaining business, or directing business
to any third party, (ii) securing an improper advantage in connection with a Government Official, (iii) inducing such Government Official(s) to use their influence to affect or influence any act or decision of a government entity in order
to assist Licensee, its Affiliates or any beneficiary of Licensee in obtaining or retaining business, or directing business to any third party, or (v) providing an unlawful personal gain or benefit, of financial or other value, to such
Government Official(s); or (b) otherwise for the benefit of Licensee, or any of its Affiliates in violation of any federal, state, local, municipal, foreign, international, multinational or other administrative law. As used herein,
“Government Official” means: (A) any elected or appointed government official (e.g., a member of a ministry of health), (B) any employee or person acting for or on behalf of a government official, agency, or enterprise
performing a governmental function, (C) any political party officer, employee, or person acting for or on behalf of a political party or candidate for public office, (D) an employee or person acting for or on behalf of a public
international organization, or (E) any person otherwise categorized as a government official under local law. “Government” is meant to include all levels and subdivisions of non-U.S. governments
(i.e., local, regional, or national and administrative, legislative, or executive). 

  
 25 

	 	10.5	 No Action Required Which Would Violate Law. In no event shall either Party be obligated under this
Agreement to take any action or omit to take any action that such Party believes, in good faith, would cause such Party to violate any Applicable Law, including without limitation the Compliance Laws. 

 

	 	10.6	 No Other Warranties. EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 10, NEITHER PARTY MAKES ANY
REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF TITLE, NON-INFRINGEMENT, VALIDITY, ENFORCEABILITY,
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

  

	11.	 INDEMNIFICATION. 

 

	 	11.1	 Indemnification by Licensee. Licensee agrees to indemnify, hold harmless and defend ImmunoGen and
its Affiliates, and their respective officers, directors, employees, contractors, agents and assigns (collectively, “ImmunoGen Indemnitees”), from and against any Claims to the extent 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, except to the extent caused by a breach by ImmunoGen or any of its Affiliates of any of ImmunoGen’s obligations, representations,
warranties or covenants set forth in this Agreement, or ImmunoGen’s, or its Affiliates’ negligence, recklessness or intentional acts, or the negligence, recklessness or intentional acts of any Third Party direct licensee (other than
Licensee’s Sublicensees or subcontractors under this Agreement) of the Licensed Technology acting within the scope of such license with ImmunoGen, (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 license set forth in Sections 2.1. As used herein, “Claims” means collectively, any and all demands , claims, actions and proceedings (whether criminal or
civil, in contract, tort or otherwise) asserted or brought by any Third Party for losses, damages, liabilities, costs and expenses (including attorneys’ fees). 

 

	 	11.2	 Indemnification by ImmunoGen. ImmunoGen agrees to indemnify, hold harmless and defend Licensee and its
Affiliates and Sublicensees, and their respective officers, directors, employees, contractors, agents and assigns (collectively, “Licensee Indemnitees”), from and against any Claims to the extent arising or resulting from
(a) the actions undertaken by ImmunoGen , its Affiliates or subcontractors during the Development, manufacture or use of the Compound and Product prior to the Effective Date, (b) the negligence, recklessness or wrongful

  
 26 

	 	
intentional acts or omissions of ImmunoGen, its Affiliates, or the negligence, recklessness or intentional acts of any Third Party direct licensees (other than Licensee’s Sublicensees
or subcontractors under this Agreement) of the Licensed Technology acting within the scope of such license with ImmunoGen, or (c) breach by ImmunoGen of any representation, warranty, obligation or covenant as set forth in this
Agreement, except to the extent caused by a breach by Licensee, its Affiliates, subcontractors or Sublicensees of any of Licensee’s obligations, representations, warranties or covenants set forth in this Agreement, or Licensee’s, or its
Affiliates’, subcontractors’ or Sublicensees’, negligence, recklessness or intentional acts. 

  

	 	11.3	 Indemnification Procedure. In connection with any Claim for which a Party (the “Indemnified
Party”) seeks indemnification from the other Party (the “Indemnifying Party”) pursuant to this Agreement, the Indemnified Party shall: (a) give the Indemnifying Party prompt written notice of the Claim;
provided, however, that failure to provide such notice shall not relieve the Indemnifying Party from its liability or obligation hereunder, except to the extent of any material prejudice as a direct result of such failure; (b) cooperate
with the Indemnifying Party, at the Indemnifying Party’s expense, in connection with the defense and settlement of the Claim; and (c) permit the Indemnifying Party to control the defense and settlement of the Claim; provided, however,
that the Indemnifying Party may not settle the Claim without the Indemnified Party’s prior written consent, which shall not be unreasonably withheld or delayed, in the event that such settlement materially adversely impacts the Indemnified
Party’s rights or obligations. Further, the Indemnified Party 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. 

 

	12.	 LIMITATION OF LIABILITY. 

 

	 	12.1	 Consequential Damages Waiver. EXCEPT FOR A BREACH OF SECTION 9 OR OBLIGATIONS ARISING UNDER SECTION 11,
NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, 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) AND EVEN IF THE REMEDIES PROVIDED FOR IN THIS AGREEMENT FAIL OF THEIR ESSENTIAL PURPOSE. 

 

	13.	 TERM; TERMINATION. 

 

	 	13.1	 Term. The term of this Agreement (“Term”) shall commence as of the Effective
Date and, unless earlier terminated as expressly provided herein, shall expire upon the last-to-expire Royalty Term. 

  
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	 	13.2	 Termination for Cause. Each Party shall have the right, without prejudice to any other remedies
available to it at law or in equity, to terminate this Agreement in the event the other Party materially breaches any of its obligations hereunder and fails to cure such breach within ninety (90) days of receiving notice thereof; provided,
however, if such breach is capable of being cured, but cannot be cured within such ninety (90) day period, and the breaching Party initiates actions to cure such breach within such period and thereafter diligently pursues such actions, the
breaching Party shall have such additional period as is reasonable to cure such breach, but in no event will such additional period exceed ninety (90) days. Any termination by a Party under this Section 13.2 shall be without prejudice to
any damages or other legal or equitable remedies to which it may be entitled from the other Party. 

  

	 	13.3	 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 [***] 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. 

 

	 	13.4	 Termination for Convenience. For the period from the Effective Date until the first Regulatory
Approval of the Product in any country in the Territory, Licensee shall have the right to terminate this Agreement for convenience upon ninety (90) days prior written notice to ImmunoGen. Upon such receipt of the first Regulatory
Approval of the Product and continuing through the end of the Term, Licensee shall have the right to terminate this Agreement for convenience upon one hundred eighty (180) days prior written notice to ImmunoGen. 

  
 28 

	 	13.5	 Effects of Termination. 

 

	 	13.5.1	 Termination by Licensee for Cause or Bankruptcy Event. In the event that Licensee terminates this
Agreement pursuant to Section 13.2 or Section 13.3, the following shall apply: 

  

	 	(a)	 Rights and Obligations. Except as otherwise provided herein, all rights and obligations of each Party
hereunder shall cease, including, subject to Section 13.5.1(b), the licenses granted to Licensee pursuant to Section 2.1. 

  

	 	(b)	 Licensee Inventory. Licensee shall have the right to sell its remaining inventory of Product as of the
termination date so long as Licensee has fully paid, and continues to pay when due, all Royalties, Milestone Payments and Partnering Fees payments owed to ImmunoGen, and Licensee is otherwise not in material breach of this Agreement. Except
with respect to the offering for sale, sale and import of the remaining inventory of Product described above, Licensee shall immediately cease, and shall cause its Affiliates and Sublicensees to cease, all Development, manufacture, use and
Commercialization of Compounds and Products in the Territory. 

  

	 	13.5.2	 Termination by ImmunoGen for Cause, Bankruptcy Event; Termination by Licensee for Convenience. In the
event that ImmunoGen terminates this Agreement pursuant to Section 13.2, or Section 13.3, or Licensee terminates this Agreement pursuant to Section 13.4, the following shall apply: 

 

	 	(a)	 Rights and Obligations. Except as otherwise provided herein, all rights and obligations of each Party
hereunder shall cease. 

  

	 	(b)	 Transition. Within [***] of termination of this Agreement, at ImmunoGen’s sole option,
ImmunoGen shall prepare and the Parties shall negotiate a transition plan that will include, at a minimum, a plan for accomplishing the activities described in this Section 13.5.2(b). 

 

	 	(i)	 Continued Development. At ImmunoGen’s request and expense, Licensee shall continue on-going Development for a mutually agreed-upon period following terminating of this Agreement, which period shall not be less than [***] unless otherwise agreed to by the Parties. For avoidance of doubt, if
ImmunoGen chooses not to continue a Clinical Trial initiated by Licensee, Licensee shall be solely responsible for the cost of winding down such trial, including compliance with any ethical or other requirements imposed by an applicable
Regulatory Authority. 

  

	 	(ii)	 Technology Transfer. At ImmunoGen’s request and expense, Licensee shall make available to
ImmunoGen all currently available records and data which exist and are Controlled by Licensee as of the effective date of termination and are necessary or useful for ImmunoGen to continue using, Developing, Commercializing and
Manufacturing the Product. 

  
 29 

	 	(iii)	 Regulatory Matters. At ImmunoGen’s request and expense, Licensee shall transfer and assign
to ImmunoGen (or its designee) all Regulatory Approvals, pricing approvals and Regulatory Filings held by Licensee with respect to the Product, provided that if such transfer and assignment is not permitted by the applicable Regulatory
Authority, Licensee shall permit ImmunoGen to cross-reference and rely upon such Regulatory Approvals, pricing approvals and Regulatory Filings. Licensee shall make available to ImmunoGen copies of all regulatory documentation and
records related to the Product, including information contained in the regulatory and safety databases. The Parties shall cooperate to ensure the prompt transition of regulatory responsibilities for the Product from Licensee to ImmunoGen.

  

	 	(iv)	 Trademarks. ImmunoGen shall have a fully paid-up, royalty-free,
worldwide, transferable, sublicensable, perpetual and irrevocable license to use the trademarks associated with a Product solely for the purpose of using, Developing, Commercializing and Manufacturing the Product. ImmunoGen shall have a
transitional license to use Licensee’s trademarks and promotional materials solely for the purpose of using, Developing, Commercializing and Manufacturing the Product. 

 

	 	(v)	 Inventory and Supply. At ImmunoGen’s request and expense, Licensee shall transfer to
ImmunoGen (or its designee) all Product, components and in-process inventory produced or held by Licensee with respect to the Manufacture of Products. At ImmunoGen’s request, Licensee shall
continue to Manufacture or have Manufactured the Product for a period of not less than [***], including, at ImmunoGen’s request, a reasonable stock build. ImmunoGen shall pay to Licensee [***]. 

 

	 	(vi)	 Third Party Agreements. At ImmunoGen’s request and expense, to the extent Licensee is able
to do so, Licensee shall assign to ImmunoGen (or its designee) any agreements with Third Parties with respect to the Development, Commercialization and Manufacture of the Product. With respect to Third Party agreements that Licensee is not
able to assign to ImmunoGen, Licensee shall cooperate to give ImmunoGen the benefit of such contracts for a reasonable transitional period. 

  
 30 

	 	(c)	 Licensee Inventory. In the event that Licensee terminates this Agreement pursuant to Section 13.4
and ImmunoGen elects not to initiate transition activities pursuant to Section 13.5.2(b), Licensee shall have the right to sell its remaining inventory of Product so long as Licensee has fully paid, and continues to pay when due, all
Royalties, Milestone Payments and Partnering Fees payments owed to ImmunoGen, and Licensee is otherwise not in material breach of this Agreement. Except with respect to the offering for sale, sale and import of the remaining inventory of
Product described above, Licensee shall immediately cease, and shall cause its Affiliates and Sublicensees to cease, all Development, manufacture, use and Commercialization of Compounds and Products in the Territory. 

 

	 	(d)	 ImmunoGen Indemnification. ImmunoGen will indemnify, hold harmless and defend Licensee and its
Affiliates, and their respective officers, directors, employees, contractors, agents and assigns, from and against any Claims to the extent arising or resulting from (a) the Development, Manufacture or use of Compound and Product by
ImmunoGen, its Affiliates, subcontractors or sublicensees after the effective date of such termination, except to the extent caused by a material breach by Licensee of any of its obligations, representations, warranties or covenants set forth
in this Agreement, or Licensee’s, or its Affiliates’ or sublicensees’, negligence, recklessness or intentional acts. The process for such indemnification shall be governed by Section 11.3 mutatis mutandis.

  

	 	13.6	 Survival. Any expiration or termination of this Agreement shall not preclude the terminating Party from
exercising any other of those remedies to which it may be entitled under this Agreement or Applicable Law, or terminate any right to obtain performance of any obligation provided for in this Agreement that shall survive termination. Expiration or
termination of this Agreement shall not relieve the Parties of any obligation accruing hereunder prior to such expiration or termination. Without limiting the foregoing, the provisions of this Section 13.6 and Sections 1, 5, 6, 7.1, 7.2, 7.3.4,
8.2.2, 9, 10.6, 11, 12, 13.5, 14, 15, and 16 shall survive expiration or termination of this Agreement. 

  

	14.	 PUBLICITY; PUBLICATIONS. 

 

	 	14.1	 Use of Names. Subject to ImmunoGen’s rights pursuant to Section 13.5.2(b)(iv), neither
Party (nor any of its Affiliates or agents) shall use the registered or unregistered trademarks, service marks, trade dress, trade names, logos, insignia, domain names, symbols or designs 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. 

  
 31 

	 	14.2	 Press Releases. The Parties acknowledge that one or both Parties, either singly or jointly, may desire
to publish one or more press releases relating to this Agreement, the License, and developments made thereto. However, 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, such consent not to be unreasonably withheld or delayed. 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 at least [***] Business Days 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. 

  

	 	14.3	 Publications. During the Term, Licensee shall submit to ImmunoGen for review and approval any
proposed academic, scientific or medical publication or public presentation that contains ImmunoGen’s Confidential Information. Such review and approval will be conducted for the purposes of preserving the value of the Licensed
Technology and determining whether any portion of the proposed publication or presentation containing ImmunoGen’s Confidential Information should be modified or deleted. Written copies of such proposed publication or presentation
required to be submitted hereunder shall be submitted to ImmunoGen no later than [***] before submission for publication or presentation (the “Review Period”). ImmunoGen shall provide its comments with respect to such
publications and presentations within [***] of its receipt of such written copy. The Review Period may be extended for an additional [***] in the event ImmunoGen can, within [***] of receipt of the written copy, demonstrate reasonable need
for such extension including for the preparation and filing of patent applications. Licensee will comply with standard academic practice regarding authorship of scientific publications and recognition of contribution of other parties in any
publication governed by this Section 14.3, including International Committee of Medical Journal Editors standards regarding authorship and contributions. 

 

	15.	 DISPUTE RESOLUTION. 

 

	 	15.1	 Arbitration. 

  

	 	15.1.1	 General. Except for disputes relating to the ownership, validity, construction, scope, enforceability,
infringement or other violations of Intellectual Property Rights of a Party, any disputes , controversies or other claims arising out of this Agreement, its interpretation, validity, performance, enforceability, breach or termination
(“Disputes”) that are not settled amicably shall be referred by sending written notice of the Dispute to the other Party for final and 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. 

  
 32 

	 	15.1.2	 Number of Arbitrators. The arbitration shall be settled by one (1) arbitrator who is neutral to the
Parties, and the Parties shall endeavor to jointly appoint the arbitrator. If the Parties fail to jointly appoint the arbitrator within [***] of the arbitration being initiated, the appointment shall be made by the American Arbitration Association.

  

	 	15.1.3	 Powers of the Arbitrator. 

 

	 	(a)	 The arbitrator is authorized, but not required, to award to the prevailing Party, if a prevailing party is
determined by the arbitrator, such Party’s costs and expenses, including reasonable attorneys’ fees. 

  

	 	(b)	 Except as set forth in Section 12.1, the arbitrator may not award punitive, exemplary, or consequential
damages, nor may the arbitrator apply any multiplier to any award of actual damages, except as may be required by statute. 

  

	 	(c)	 The arbitrator shall have the discretion to hear and determine at any stage of the arbitration any issue
asserted by any Party to be dispositive of any claim or counterclaim, in whole or part, in accordance with such procedure as the arbitrator may deem appropriate, and the arbitrator may render an award on such issue. 

 

	 	(d)	 In addition to the authority conferred on the arbitrator by the rules designated in this Agreement, and without
prejudice to any provisional measures that may be available from a court of competent jurisdiction, the arbitrator shall have the power to grant any provisional measures that the arbitrator deems appropriate, including but not limited to provisional
injunctive relief, and any provisional measures ordered by the arbitrator may, to the extent permitted by Applicable Law, be deemed to be a final award on the subject matter of the measures and shall be enforceable as such. 

 

	 	15.1.4	 Confidentiality. No information concerning an arbitration, beyond the names of the parties and the
relief requested, may be unilaterally disclosed to a Third Party by any Party unless required by Applicable Law. Any documentary or other evidence given by a Party or witness in the arbitration shall be treated as confidential by any Party whose
access to such evidence arises exclusively as a result of its participation in the arbitration, and shall not be disclosed to any Third Party (other than a witness or expert), except as may be required by Applicable Law. 

 

	 	15.1.5	 Notwithstanding anything to the contrary in this Section 15.1, all disputes relating to the
ownership, validity, construction, scope, enforceability, infringement or other violations of Intellectual Property Rights shall be submitted to a court of competent jurisdiction and not subject to arbitration. 

  
 33 

	16.	 GENERAL PROVISIONS. 

 

	 	16.1	 Assignment. Neither Party may assign this Agreement without the prior written consent of the other
Party, which consent shall not be unreasonably withheld, conditioned or delayed, except that such consent shall not be required in connection with any assignment to an Affiliate of the assigning Party, or to a Third Party in connection with a sale
or transfer of the business to which this Agreement relates, or to any successor Person resulting from any merger or consolidation of such Party with or into such Person, provided that the assignee shall have agreed in writing to assume all of the
assignor’s obligations hereunder, and provided, further, that the other Party shall be notified promptly after such assignment has been effected. Any such assignment shall not relieve the assigning Party of any liabilities or obligations owed
to the other Party hereunder, including, without limitation, in the case of Licensee, the payment of any amounts described in Section 5 hereof. Any purported assignment of this Agreement in violation of this Section 16.1 shall be null and
void. 

  

	 	16.2	 Severability. Should one or more of the provisions of this Agreement become void or unenforceable as a
matter of law, then such provision will be ineffective only to the extent of such invalidity or unenforceability, without invalidating the remainder of this Agreement, and the Parties agree to substitute a valid and enforceable provision therefor
which, as nearly as possible, achieves the desired economic effect and mutual understanding of the Parties under this Agreement. 

  

	 	16.3	 Governing Law. This Agreement shall be governed by and construed under the laws in effect in the State
of New York, U.S. without giving effect to any conflicts of laws provision thereof or of any other jurisdiction that would produce a contrary result. Section 15 does not intend to deprive any New York court of competent jurisdiction with
respect to its power to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings or the enforcement of any judgment or
award. In any such action, the courts of New York shall have exclusive jurisdiction over any action brought to enforce this Agreement, and each of the Parties hereto irrevocably: (a) submits to such exclusive jurisdiction for such purpose;
(b) waives any objection which it may have at any time to the laying of venue of any proceedings brought in such courts; 

  

	 	(a)	 waives any claim that such proceedings have been brought in an inconvenient forum, (d) further waives the
right to object with respect to such proceedings that any such court does not have jurisdiction over such Party, and (e) consents to service of process in the manner provided by Section 16.8 or by first class certified mail, return receipt
requested, postage prepaid. 

  

	 	16.4	 Force Majeure. Except with respect to delays or nonperformance caused by the negligent or intentional
act or omission of a Party, any delay or nonperformance by such Party (other than payment obligations under this Agreement) will not be considered a breach of this Agreement to the extent such delay or nonperformance

  
 34 

	 	
is caused by acts of God, natural disasters, acts of the government or civil or military authority, fire, floods, epidemics, quarantine, energy crises, war or riots or other similar cause outside
of the reasonable control of such Party (each, a “Force Majeure Event”), provided that (a) financial inability in and of itself shall not be considered to be a Force Majeure Event and (b) the Party affected by such
Force Majeure Event will promptly begin or resume performance as soon as reasonably practicable after the event has abated. If the Force Majeure Event prevents a Party from performing any of its obligations under this Agreement for [***] or more,
then the other Party may terminate this Agreement immediately upon written notice to the non-performing Party. 

  

	 	16.5	 Waivers and Amendments. The failure of any Party to assert a right hereunder or to insist upon
compliance with any term or condition of this Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other Party. No waiver shall be effective unless it has been
given in writing and signed by the Party giving such waiver. No provision of this Agreement may be amended or modified other than by a written document signed by authorized representatives of each Party. 

 

	 	16.6	 Relationship of the Parties. Nothing contained in this Agreement shall be deemed to constitute a
partnership, joint venture, or legal entity of any type between ImmunoGen and Licensee, or to constitute one Party as the agent of the other. Moreover, each Party agrees not to construe this Agreement, or any of the transactions contemplated
hereby, as a partnership for any tax purposes. Each Party shall act solely as an independent contractor, and nothing in this Agreement shall be construed to give any Party the power or authority to act for, bind, or commit the other Party.

  

	 	16.7	 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties
hereto and their respective successors and permitted assigns. 

  

	 	16.8	 Notices. All notices, consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given when: 

  

	 	(a)	 delivered by hand (with written confirmation of receipt), (b) sent by email, provided that a copy is
sent by an internationally recognized overnight delivery service (receipt requested), or (c) when received by the addressee, if sent by an internationally recognized overnight delivery service (receipt requested), in each case to the
appropriate addresses and fax numbers set forth below (or to such other addresses as a Party may designate by written notice): 

If to ImmunoGen: 
 [***]

 with a copy to: 
 [***]

  
 35 

 If to Licensee: 

Fusion Pharmaceuticals Inc. 

c/o Centre for Probe Development and Commercialization, NRB-A316 

1280 Main Street West 

Hamilton, Ontario 
 CANADA L8S
4Kl 
 Attention: [***] 

Email: [***] 
 with a copy to:

 [***] 
  

	 	16.9	 Further Assurances. Licensee and ImmunoGen hereby covenant and agree without the necessity of any
further consideration, to execute, acknowledge and deliver any and all such other documents and take any such other action as may be reasonably necessary or appropriate to carry out the intent and purposes of this Agreement. 

 

	 	16.10	 No Third Party Beneficiary Rights. Except for the Third Party indemnitees, this Agreement is not
intended to and shall not be construed to give any Third Party any interest or rights (including, without limitation, any third party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or
contemplated hereby. 

  

	 	16.11	 Entire Agreement; Confidentiality Agreement. 

 

	 	16.11.1	 This Agreement, together with its Schedules, sets forth the entire agreement and understanding of the
Parties as to the subject matter hereof and supersedes all proposals, oral or written, and all other prior communications between the Parties with respect to such subject matter, including, without limitation, the CDA. The Parties acknowledge and
agree that, as of the Effective Date, all Confidential Information (as defined in the CDA) disclosed by ImmunoGen or its Affiliates pursuant to the CDA shall be considered ImmunoGen’s Confidential Information and subject to the
terms set forth in this Agreement. 

  

	 	16.11.2	 In the event of any conflict between a material provision of this Agreement and any Schedule hereto, the
Agreement shall control. 

  

	 	16.12	 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. If any signature is delivered by email delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the Party
executing (or on whose behalf such signature is executed) with the same force and effect as if such “pdf’ signature page were an original thereof. 

  
 36 

	 	16.13	 Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each shall
be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under law. 

  

	 	16.14	 Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection
with the review, drafting and negotiation of this Agreement. Accordingly, any rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply. 

[Signature page to follow] 

  
 37 

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

									
	FUSION PHARMACEUTICALS INC.	 		 	IMMUNOGEN, INC.
					
	By: 	 	 /s/ John Valliant
	 		 	By:	 	 /s/ Peter Williams

	Name:	 	 John Valliant
	 		 	 Name:
	 	Peter Williams
	Title: 	 	Chief Executive Officer	 		 	 Title:
	 	Vice President

  
 38 

 SCHEDULE 1.20 

[***] 

  
 39 

 SCHEDULE 1.41 

LICENSED MATERIAL 
 [***] 

  
 40 

 SCHEDULE 1.42 

LICENSED PATENT RIGHTS 
 [***] 

  
 41

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