Sage Therapeutics, Inc. entered into a lease agreement with 55 Cambridge Parkway, Cambridge, Massachusetts, pursuant to which the Company will lease approximately 30,567 square feet of office space located at 55 Cambridge Parkway, Cambridge, Boston, Massachusetts (the Premises). The Company intends to relocate its corporate headquarters to the Premises upon the expiration on August 31, 2024 of (i) the lease of 63,017 square feet of office space for the Company's current headquarters at 215 First Street, Cambridge, Massachusetts; and (ii) the lease of 40,419 square feet of additional office space at 245 First Street, Cambridge, Massachusetts, each in accordance with its terms. The term of the Lease will commence on the later of (1) September 1, 2024, or (2) the date on which the improvements to the Premises are, or are deemed to be, substantially completed (the Commencement Date). The Company's obligation for the payment of rent for the Premises begins six months after the Commencement Date (the Rent Commencement Date).

The Lease has an initial term of sixty-six months, measured from the Commencement date (the Term). The monthly base rent due under the Lease initially shall be $224,158 per month for the first year following the Rent Commencement Date and is scheduled to increase by approximately 3% per annum for each subsequent year of the Term. The Company has the option to extend the Lease one time for an additional five-year period, subject to the terms therein.

The Lease also provides for a construction allowance (the Allowance") not to exceed approximately $3.4 million to be applied to the construction costs of the Premises. The Allowance must be used on or before the one-year anniversary of the Commencement Date or will be deemed deemedited with no further obligation by the Landlord. In connection with its entry into the Lease and as a security deposit, the Company has provided the Landlord a letter of credit in the amount of approximately $1.4 million, which the Company and the Landlord have agreed may be reduced to approximately $1.2 million following the third anniversary of the Rent Commencement Date, provided that no event of default by the Company has occurred.

The Landlord has the right to terminate the Lease upon customary events of default.