Document:

EX-10.17

 Exhibit 10.17 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, 

MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT 

MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS 

PRIVATE OR CONFIDENTIAL. 

Alvotech Holdings S.A.     

and 
 Alvogen Lux
Holdings S.à r.l. 
  
  

Service Agreement 
  

 
  

 THIS SERVICE AGREEMENT is made on and effective as of April 11, 2022, 

BETWEEN 
  

	(1)	 Alvotech Holdings S.A., a public limited liability company (société anonyme)
incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9, rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg
Trade and Companies’ Register under number B229193 (“Alvotech”); 

 AND 

 

	(2)	 Alvogen Lux Holdings S.à r.l., a private limited liability company (société
à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 5, rue Heienhaff, L-1736 Senningerberg, Grand
Duchy of Luxembourg, and registered with the Luxembourg Trade and Companies’ Register under number B149045 (“Alvogen”), 

each a “Party” and together the “Parties” to this Agreement. 

RECITALS 
  

	(A)	 Alvotech and its Affiliates (as defined below) need support services to be performed for, among others,
administrative, finance and legal services, as defined in more details in Appendix 1 of this Agreement (the “Alvotech Support Services”) and Alvogen or its Affiliates has the willingness, resources and capability to
provide Alvotech with the Alvotech Support Services. 

  

	(B)	 Alvogen and its Affiliates need support services to be performed for, among others, administrative, finance and
legal services, as defined in more details in Appendix 2 of this Agreement (the “Alvogen Support Services” and together with the Alvotech Support Services, the “Shared Support Services”) and
Alvotech or its Affiliates has the willingness, resources and capability to provide Alvogen with the Alvogen Support Services. 

  

	(C)	 The Parties now want to document the conditions for such Shared Support Services to be provided mutually.

 NOW THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 
  

	1.	 Construction 

  

	1.1	 Definitions 

When used in this Agreement, the following terms have the following meanings: 

“Affiliate(s)” means a legal entity Controlling, Controlled by or under common Control with one of the Parties to this
Agreement. 

 “Agreement” means this service agreement. 

“Alvogen” has the meaning set out in the above parties section and shall include its respective Affiliate(s). 

“Alvogen Fee” has the meaning ascribed to it in Section 5.1. 

“Alvogen Support Services” has the meaning ascribed to it in Recital (B). 

“Alvotech” has the meaning set out in the above parties section and shall include its respective Affiliate(s). 

“Alvotech Fee” has the meaning ascribed to it in Section 5.3. 

“Alvotech Support Services” has the meaning ascribed to it in Recital (A). 

“Beneficiary” has the meaning ascribed to it in Section 9.1. 

“Business Day” means any day on which banks are open for general business in Luxembourg and Iceland. 

“Control” means ownership of more than 50% of the capital or the voting power in such entity. “Controlling”
and “Controlled” have meanings correlative thereto. 
 “Party” and “Parties”
have the meaning set out in the above parties section. 
 “Provider” means the Party providing the Shared Support
Services. 
 “Shared Support Services” has the meaning ascribed to it in Recital (B). 

“VAT” means: 

(a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive
2006/112); and 
 (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or
levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. 
  

	1.2	 Interpretation 

In this Agreement: 
  

	 	(a)	 any reference to any agreement is to be construed as a reference to such agreement as it may be amended,
supplemented, modified or extended from time to time, whether before or after the date hereof; 

  
 2 

	 	(b)	 a reference to a person or persons is, where relevant, deemed to be a reference to or to include their
respective successors, permitted assignees or transferees, as appropriate; 

  

	 	(c)	 reference to clauses, appendixes and annexes are references to, respectively, clauses of and annexes to this
Agreement and reference to this Agreement includes its annexes; 

  

	 	(d)	 a reference to a law or regulation or any provisions thereof is to be construed as a reference to such law,
regulation or provisions as the same may have been, or may from time to time hereafter be, amended or re-enacted; 

  

	 	(e)	 words denoting the singular include the plural and vice versa; 

 

	 	(f)	 words denoting a gender also include the other gender; 

 

	 	(g)	 the words “include”, “includes” or “including” shall be deemed to be followed by
the words “without limitation”; and 

  

	 	(h)	 words denoting persons include bodies corporate, partnerships, associations and any other organised groups of
persons or entities whether incorporated or not. 

  

	1.3	 Clause headings 

Clause headings are for ease of reference only and shall not affect interpretation. 

 

	2.	 General Obligations of the Parties 

 

	2.1	 Alvotech hereby engages Alvogen, and Alvogen hereby accepts such engagement, to provide the Alvotech Support
Services, either itself or via its Affiliates, throughout the term of the Agreement. 

  

	2.2	 Alvogen hereby engages Alvotech, and Alvotech hereby accepts such engagement, to provide the Alvogen Support
Services, either itself or via its Affiliates, throughout the term of the Agreement. 

  

	2.3	 In providing the relevant Shared Support Services under the Agreement, each Party will comply in all material
aspects with applicable laws and regulations. 

  

	2.4	 Each Party shall devote such time, means and materials to the business and affairs of the other Party as shall
be reasonably necessary to perform the relevant Shared Support Services in an efficient manner and in accordance with reasonable skill, care, and attention and in line with quality standards applicable in the respective market.

  

	3.	 Governance and Operational Disputes 

 

	3.1	 Each of the Parties agrees to maintain information and records, and provide to the other Party such information
and access to information, premises and personnel, as is required 

  
 3 

	 	
under the provisions of the Agreement with respect to the Alvotech Support Services or Alvogen Support Services, as applicable. 

 

	3.2	 The Parties shall discuss on a quarterly basis, through a representative from each Party, the scope and
performance of the Shared Support Services (“Scope and Performance”) and whether any amendments or improvements are required in respect of the provision of the Shared Support Services. 

 

	3.3	 In the event that there are any disputes relating to the Scope and Performance (“Operational
Dispute”), the relevant Party disputing the matter shall provide the other Party a written notice of the matter (the “Dispute Notice”). Following the service of a Dispute Notice, the Parties shall use reasonable endeavours
to resolve the Operational Dispute, including through a face to face meeting or telephone conference call between the relevant representatives of the relevant Parties, within twenty (20) Business Days from and including the date that Dispute
Notice is received by the parties (or such longer period as may be agreed in writing between the parties). 

  

	4.	 Subcontractors 

 

	4.1	 Alvotech shall have the right to hire third-party subcontractors to provide the Alvogen Support Services
hereunder (a) without Alvogen’s consent, (i) to the extent Alvotech is currently using such third-party subcontractors as of the date hereof, or (ii) to the extent Alvotech will use the third-party subcontractor to provide the
applicable service to its own business and to Alvogen, and (b) with Alvogen’s consent, not to be unreasonably withheld or delayed, for any third party contractor that provides Alvogen Support Services to Alvogen only.

  

	4.2	 Alvogen shall have the right to hire third-party subcontractors to provide the Alvotech Support Services
hereunder (a) without Alvotech’s consent, (i) to the extent Alvogen is currently using such third-party subcontractors as of the date hereof, or (ii) to the extent Alvogen will use the third-party subcontractor to provide the
applicable service to its own business and to Alvotech, and (b) with Alvotech’s consent, not to be unreasonably withheld or delayed, for any third party contractor that provides Alvotech Support Services to Alvotech only.

  

	4.3	 Each Party shall be liable for the acts and omissions of its subcontractors in relation to Shared Support
Services as if the acts and omissions of the subcontractor were the subcontracting Party’s acts and omissions. 

  

	5.	 Fees 

  

	5.1	 In consideration for the Alvotech Support Services, Alvotech or its Affiliates will pay a fee amounting to
(a) all of Alvogen’s direct costs associated with the provision of the Alvotech Support Services to Alvogen plus a 8% mark-up on such direct costs, and (b) all third-party expenses associated
with the provision of the Alvotech Support Services to Alvogen on a pass-through basis without mark-up (collectively, (a) and (b), the “Alvogen Fee”). Alvogen will, upon written request
of Alvotech, provide a written breakdown of the costs 

  
 4 

	 	
and expenses incurred during the provision of the Alvotech Support Services and the basis of calculation thereof, including adequate supporting documentation for the Alvogen Fee.

  

	5.2	 Alvogen will invoice the Alvogen Fee on a monthly basis in arrears for the Alvotech Support Services. Alvotech
will pay the invoiced amount within forty-five (45) days of its receipt of that invoice. 

  

	5.3	 In consideration for the Alvogen Support Services, Alvogen or its Affiliates will pay a fee amounting to
(a) all of Alvotech’s direct costs associated with the provision of the Alvogen Support Services to Alvotech plus a 8% mark-up on such direct costs, and (b) all third-party expenses associated
with the provision of the Alvogen Support Services to Alvotech on a pass-through basis without mark-up (collectively, (a) and (b), the “Alvotech Fee”). Alvotech will, upon written request
of Alvogen, provide a written breakdown of the costs and expenses incurred during the provision of the Alvogen Support Services and the basis of calculation thereof, including adequate supporting documentation for the Alvotech Fee.

  

	5.4	 Alvotech will invoice the Alvotech Fee on a monthly basis in arrears for the Alvogen Support Services. Alvogen
will pay the invoiced amount within forty-five (45) days of its receipt of such invoice. 

  

	5.5	 Each of the Alvogen Fee and Alvotech Fee shall be invoiced by the Parties or their respective Affiliates in the
currency in which the cost is incurred or USD or functional currency of the charging entity. 

  

	5.6	 Each Party and their respective Affiliates may, at all times and as the case may be, set off part or all of the
Alvotech Fee and/or Alvogen Fee, as applicable, by the amount of any finally determined debt which Alvogen and/or Alvotech and their respective Affiliates may owe the other Party. Alvotech and/or Alvogen and their respective Affiliates hereby agree
to give full effect to any such set-off and to undertake all necessary steps and comply with all necessary formalities in this respect at the request of the other Party. 

 

	5.7	 VAT will be added, as applicable to the Alvogen Fee and Alvotech Fee amount and payable in addition to it,
provided that the Provider issues a valid VAT invoice; or where applicable, VAT will be directly accounted for by the Party or its Affiliate at the appropriate rate under the reverse charge procedure provided for by the EC Directive 2006/112, as
amended, and any relevant VAT provision of the jurisdiction in which that Party or its Affiliate receives such supply. 

  

	6.	 Records and Audit Rights 

 

	6.1	 During the term of this Agreement, the Parties will keep and maintain, in accordance with past practice and
applicable local law requirements, complete and accurate records, books of account, reports and other data necessary for the administration of this Agreement, including records of all direct operating costs related to the Shared Support Services for
no less than a period of one (1) year. Each Party will have the right, at its cost and expense, to audit and inspect, through an independent third party auditor subject to reasonable obligations of confidentiality and during normal business
hours at a location mutually agreeable to both parties and on reasonable prior written notice, the books and records 

  
 5 

	 	
pertaining to the foregoing during the term and for one (1) year following the expiration or termination of this Agreement. 

 

	7.	 Amendments and supplements 

 

	7.1	 The Shared Support Services and the time spent by the Parties’ employees on providing the Shared Support
Services will be reviewed on a semi-annual basis. 

  

	7.2	 The Shared Support Services, the Alvogen Fee and the Alvotech Fee can be amended and supplemented by mutual
agreement of the Parties, and upon agreement the Parties will update and replace the relevant Agreement appendixes. With effect from the date of the amendment of the appendixes, the Agreement and the amended appendixes shall be read and construed as
one document and save as amended by the appendixes, the Agreement shall continue in full force and effect and all other provisions of the Agreement shall continue to apply. 

 

	8.	 Confidentiality 

 

	8.1	 Each Party or its Affiliates, as applicable, performs services in an area of responsibility and confidentiality
for the other Party. Each Party agrees, and commits to require any Affiliates and person(s) engaged in rendering the Shared Support Services not to disclose to third parties Confidential Information concerning the relevant Party or its Affiliates
and its and their business activities (other than to its permitted subcontractors). Each Party or its Affiliates, as applicable, shall thus maintain in full confidence any Confidential Information which may come to its knowledge in the course of its
duties with regard to the other Party or its Affiliates and its and their business activities and only use that Confidential Information for the purposes of fulfilling its obligations, or enforcing its rights, under this Agreement. This
confidentiality obligation with respect to Confidential Information relating to the other Party shall continue in force for a period of five (5) years after the termination of this Agreement, notwithstanding its termination for whatever reason.

  

	8.2	 “Confidential Information”, as used in this provision, means any information - technical, commercial
or of any other nature regardless of whether or not the information is documented, that one Party or its Affiliates and subcontractors obtains from the other Party or its Affiliates or subcontractors in the course of rendering the Shared Support
Services, with the exception of information that (a) is or becomes generally available to and known by the public other than as a result of, directly or indirectly, any breach of this Agreement or act or omission by the recipient or any of its
representatives; (b) is or becomes within the possession of the recipient or its representatives on a non-confidential basis from a third-party source, provided that such third party, is not and was not
prohibited from disclosing such Confidential Information to the recipient by any legal, fiduciary or contractual obligation; (c) was or is independently developed by the recipient or its representatives without reference to or use of, in whole
or in part, any of the other Party’s Confidential Information; or (d) is required to be disclosed under applicable law, rule or requirement of any regulatory or governmental authority or stock exchange; provided, that in the case of the
foregoing clause (d), to the extent legally permitted, prior to any 

  
 6 

	 	
disclosure of the other Party’s Confidential Information, the disclosing Party shall provide the other Party prompt notice thereof so that the other Party may, at its sole expense, seek an
appropriate protective order or other appropriate remedy, and the disclosing Party shall use commercially reasonable efforts to limit any such disclosure to the precise terms of such requirement and reasonably cooperate with the other Party, to the
extent requested thereby, in any attempt to obtain reliable assurance that confidential treatment will be accorded to the information so disclosed; provided, further, that no such notice as described in the foregoing proviso shall be required in
connection with any routine examination, investigation, regulatory sweep or other regulatory inquiry not targeted to the other Party or its Confidential Information. 

 

	8.3	 Upon termination of this Agreement, regardless of cause, each Party shall immediately return all documents and
identification papers of any kind that are in their possession and belong to the other Party or destroy all such copies (including copies of any notes created by the other Party or its Affiliates or its representatives) and certify in writing to the
other Party that such Confidential Information has been destroyed. This applies to all documents and computer data, originals and copies. Notwithstanding the foregoing (a) each Party may retain Confidential Information in accordance with its
internal record retention policies and procedures, and for legal, compliance or regulatory purposes and (b) shall not be deemed to have violated its obligations with respect to destroying Confidential Information to the extent such Confidential
Information is located on electronic back-up tapes in accordance with the Party’s or its representative’s normal procedures for backing-up data and such back-up tapes are not easily accessible to the Party and its Affiliates’ employees or officers other than those employees and officers whose duties relate to information technology support. The return or
destruction of any such Confidential Information shall not relieve Recipient or its Representatives of any other obligations with respect to such Confidential Information set forth in this Agreement. 

 

	9.	 Proprietary Information and Inventions 

 

	9.1	 All know-how, methods, industrial secrets, trademarks or any other form
of intellectual property arising from the Provider’s provision of the Shared Support Services shall be the sole property of the respective Party for which the Shared Support Services have been provided (the “Beneficiary”). To
the extent such intellectual property is not transferred to the Beneficiary by operation of law, the Provider shall assign freely, and does hereby assign freely, all of Provider’s right, title, and interest in and to such intellectual property
to the Beneficiary. The above applies equally if a Party has worked on a project alone or in cooperation with any other contractor of the Beneficiary or specialist or any person(s) hired by the Beneficiary. 

 

	9.2	 To the extent the Provider is hired by the Beneficiary to work on inventions, the Provider’s salary shall
be considered a reasonable and full remuneration for the Beneficiary’s contribution to inventions, and Provider shall assign freely, and does hereby assign freely all right, title and interest in and to such inventions to the Beneficiary.

  

	9.3	 The Beneficiary, at its sole discretion, decides if, when and how, any inventions will be patented. The
Provider shall grant the Beneficiary all necessary assistance in protecting all 

  
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intellectual property, be it through a patent application or any other means. This applies even after the Provider is no longer engaged in services for the Beneficiary. If the Beneficiary decides
to patent certain inventions the Beneficiary can use the Provider’s name in the application, either alone or with names of other parties involved in the invention. 

 

	9.4	 The Beneficiary can use the intellectual property referred to in this provision in any way the Beneficiary
chooses and has full discretion to transfer such rights, in full or partly, to any third party. 

  

	9.5	 The Provider shall sign any document needed to confirm the Beneficiary’s ownership of such rights,
including a power of attorney which allows the Beneficiary to use the intellectual property freely as the sole owner of such rights. 

  

	10.	 Term and Termination 

 

	10.1	 This Agreement is entered into until terminated pursuant to Section 10.2, Section 10.3 or
Section 10.4. 

  

	10.2	 Beginning twelve (12) months after the execution of this Agreement: 

 

	 	(a)	 Alvotech may terminate any Alvotech Support Service upon thirty (30) days’ written notice (it being
understood that the termination of any Alvogen Support Service will also result in the termination of any related Alvogen Support Services that rely upon the to-be terminated Alvogen Support Service, as set
forth on Appendix 2); or 

  

	 	(b)	 Alvogen may terminate any Alvogen Support Service upon thirty (30) days’ written notice (it being
understood that the termination of any Alvotech Support Service will also result in the termination of any related Alvotech Support Services that rely upon the to-be terminated Alvotech Support Service, as set
forth on Appendix 1). 

  

	10.3	 Beginning twelve (12) months after the execution of this Agreement: 

 

	 	(a)	 Alvotech may terminate any Alvogen Support Service upon twelve (12) months’ written notice (it being
understood that the termination of any Alvotech Support Service will also result in the termination of any related Alvotech Support Services that rely upon the to-be terminated Alvotech Support Service,); or

  

	 	(b)	 Alvogen may terminate any Alvotech Support Service upon twelve (12) months’ written notice (it being
understood that the termination of any Alvogen Support Service will also result in the termination of any related Alvogen Support Services that rely upon the to-be terminated Alvogen Support Service).

  

	10.4	 Either Party may terminate this Agreement at the happening of any of the following events:

  

	 	(a)	 if the other Party goes into liquidation or is dissolved or is declared bankrupt or obtains a suspension of its
payments or is subject to similar measure under applicable law; 

  
 8 

	 	(b)	 if the other Party ceases or threatens to cease to carry on its business; or 

 

	 	(c)	 if the other Party commits a material breach (faute grave) of its obligations under this Agreement that
remains uncured within thirty (30) days after written notice thereof. 

  

	11.	 Non-Solicitation 

 

	11.1	 During the term of this Agreement and for a period of 12 months thereafter, each Party shall not (and shall
cause its Affiliates not to), directly or indirectly, on behalf of itself or any other Person, solicit for employment or consulting or other services, hire, employ, or engage any employee of the other Party or its Affiliates who was involved in
providing Shared Support Services under this Agreement during the 12-month period prior to such solicitation, hiring date, employment date or engagement date, without the prior written approval of the other
Party; provided, however, that nothing contained in this Section 11.1 shall prohibit a Party from soliciting or hiring any such individual where (a) such employee shall have responded to a general solicitation for employment or to general
advertising, in each case not otherwise aimed or targeted at employees of the other Party, or (b) such employee is brought to the Party by a recruiter, provided that such recruiter was not directed to specifically solicit employees of the other
Party (or its Affiliates). 

  

	12.	 Indemnification and Liability Cap 

 

	12.1	 Subject to Section 12.3, each Party agrees to indemnify, defend and hold harmless the other Party
(“Indemnified Party”), its Affiliates and their equityholders, and its and their directors, managers, officers, employees and agents from and against all losses, claims, damages, liabilities, costs and expenses (including
reasonable attorneys’ fees and expenses related to the defense of any claims) (“Losses” and each, individually, a “Loss”), arising from (i) any breach of this Agreement by it, or (ii) the gross
negligence, willful misconduct, or fraud of it, in each case except to the extent caused by the Indemnified Party. 

  

	12.2	 The Indemnified Party will notify promptly the other Party (the “Indemnifying Party”) if it
becomes aware of a claim (actual or potential) by any third party for which indemnification may be sought by the Indemnified Party under Clause 12.1 and will give such information with respect thereto as is reasonably known by it or its related
parties. The Indemnifying Party’s agreement to indemnify, defend, and hold the other harmless is conditioned on the Indemnified Party: (i) providing written notice to the Indemnifying Party of any claim, demand, or action arising out of
the indemnified activities promptly after the Indemnified Party has knowledge of such claim, demand, or action; (ii) permitting the Indemnifying Party to assume full responsibility and costs to investigate, prepare for, and defend against any
such claim or demand with counsel of the Indemnifying Party’s choice; (iii) assisting the Indemnifying Party, at the Indemnifying Party’s reasonable expense, in the investigation of, preparation for, and defense of any such claim or
demand; and (iv) not compromising or settling such claim or demand without the Indemnifying Party’s written consent. The Indemnified Party shall have the right to be represented by its own counsel at its own cost in such matters. The
Indemnifying Party shall not settle any third-party claim without the Indemnified Party’s prior written consent. 

  
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	12.3	 Except as provided in Section 12.4, the total aggregate liability of each Party under or in connection
with this Agreement (including under the indemnity in Section 12.1) and whether arising in contract, tort (including negligence), for breach of statutory duty or otherwise, shall be limited in each Contract Year to: 

 

	 	12.3.1	 in the case of Alvotech, [***]; and 

 

	 	12.3.2	 in the case of Alvogen, [***]. 

where “Contract Year” means each twelve (12) month period during the term of this Agreement, with the first such period commencing on
the effective date of this Agreement, provided, however, that such limit shall not apply to any liability arising from such Party’s gross negligence, willful misconduct, or fraud. 

 

	12.4	 Nothing in this Agreement shall exclude or limit a Party’s liability under or in connection with this
Agreement for any Losses where such liability cannot be excluded or limited under applicable law. 

  

	13.	 Notices 

  

	13.1	 All notices and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) on the date of delivery if delivered personally to the Party to whom notice is to be given, or (ii) on the first Business Day after delivery to an international courier service, if properly addressed and all costs prepaid,
to the Parties. 

  

	13.2	 Notices shall be sent to the addresses set out in the parties’ section of this Agreement or, if changed,
to the address notified by the respective Party to the other in writing. 

  

	14.	 Miscellaneous 

 

	14.1	 No Party may assign or transfer any of its rights under this Agreement without the consent of the other Party.
For purposes of this Section 14.1, a direct or indirect change of Control shall be deemed a transfer and is prohibited without the consent of the other Party. 

 

	14.2	 This Agreement contains the entire understanding of the Parties hereto with respect to the subject matter
contained herein and supersedes all prior agreements with respect hereto between the Parties. 

  

	14.3	 No failure or delay of a Party to exercise any right or remedy under this Agreement shall be considered, or
operate as, a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. 

 

	14.4	 If one or more of the provisions of this Agreement is or becomes invalid, illegal or unenforceable in any
respect under any applicable law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected and any invalid provision shall be deemed to be severable. Each of the Parties agrees in

  
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such case to use its best efforts to negotiate in good faith a legally valid and economically equivalent replacement provision. 

 

	14.5	 This Agreement may be executed in any number of counterparts and by the Parties on separate counterparts, all
of which shall together constitute one instrument. 

  

	14.6	 This Agreement shall be governed by and construed in accordance with the laws of the Grand Duchy of Luxembourg.
The Parties irrevocably agree that any disputes arising out of or in connection with this Agreement shall be settled by arbitration in accordance with the Rules of Arbitration of the Arbitration Centre of the Luxembourg Chamber of Commerce (the
“Rules”) and in force at the time when such proceedings are commenced. The arbitration tribunal shall be composed of three (3) arbitrators to be appointed in accordance with the Rules. The place of arbitration shall be Luxembourg,
Grand Duchy of Luxembourg. The language of the arbitration shall be English. Any procedural matter not covered by the Rules, as well as the present clause shall be governed by, and construed in accordance with Luxembourg law. 

The Parties have executed this Agreement in counterparts, each party acknowledging receipt of one copy, on the date first above written. 

[Remainder of page remains intentionally blank and signature page follows] 

  
 11 

			
	Alvotech Holdings S.A.
	
	/s/ Danny Major
	By: Danny Major
	Title: Authorized Signatory
	
	Alvogen Lux Holdings S.à r.l.
	
	/s/ Robert Wessman
	By: Robert Wessman
	Title: Director

 Appendix 1 - Alvotech Support Services 

 

									
	 Alvogen Affiliate
	  	 Alvotech entity
	  	 Description of the Alvotech Support Service
	  	 Line function
	  	 Expected
monthly cost
(excl. markup)

	Alvogen US	  	Alvotech hf	  	 IT services and software solutions:
  

•  SAP – ECC/ATTP
  

•  S&T SAP Hosting
  

•  BPC
  

•  Exmon
  

•  BI (reporting service)
  

•  Simplement
  

•  Azure Cloud
  

•  o365 CSP agreement
  

•  KeepIT
  

•  SAP Concur
  

•  LogMeln – Go to Assist

 
 •  DNSMadeEasy

 
 •  DocuSign

 
 •  Cisc Call Manager
	  	 •  VP, IT
	  	[***]

 Appendix 2 - Alvogen Support Services 

 

									
	 Alvotech Affiliate
	  	 Alvoqen entity
	  	 Description of the Alvoqen

Support Service
	  	 Line function
	  	 Expected monthly cost (excl. markup)

	Alvotech Malta	  	Alvogen US	  	Tax service (i.e., providing various in-house tax services such as transfer pricing analyses, tax structure advice in connection with corporate and M&A transactions, regular tax returns,
liaison with tax authorities, etc.).	  	 •  VP, Global Tax & Treasury

 
 •  Global Tax Director
	  	 Estimated to be [***]
 Time spent will be billed
at an hourly rate of [***] per hour

					
	 Alvotech hf
	  	Alvogen Lux Holdings S.à r.l.	  	Transition of finance services, consolidation, monthly close of Alvogen entities and treasury activities.	  	 •  Director Group Consolidation
	  	 Estimated to be [***]
 Time spent will be
billed at an hourly rate of [***] per hourEX-10.31

 Exhibit 10.31 

Execution Version 
 Without Prejudice 

 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, 

MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT 

MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS 

PRIVATE OR CONFIDENTIAL. 

SETTLEMENT AND LICENSE AGREEMENT 

THIS SETTLEMENT AND LICENSE AGREEMENT (“Agreement”), effective April 4, 2022
(“Effective Date”), is entered into by and among AbbVie Biotechnology Ltd on behalf of itself and its Affiliates, a corporation organized and existing under the laws of Bermuda with a place of
business at Harbour Fiduciary Services Limited, Thistle House, 4 Burnaby Street, Hamilton Pembroke HM 11, Bermuda (including its Affiliates “AbbVie”); and Alvotech hf., a corporation organized and existing under
the laws of the Republic of Iceland, with its corporate headquarters at Saemundargata 15-19, 101 Reykjavik, Iceland (collectively and including their Affiliates “Alvotech”). 

WHEREAS, AbbVie manufactures and markets a fully human anti-TNFα monoclonal antibody with the
brand name HUMIRA® and international non-proprietary name adalimumab marketed in the Territories (the “Humira Product”), which
was invented by AbbVie (or its predecessors); 
 WHEREAS, the Humira Product was per se protected in numerous European countries by EP
0,929,578 (“EP 578”), with an expiry date of 10 February 2017, and the SPCs (as defined herein), each owned by AbbVie Biotechnology Ltd; 

WHEREAS, after many years of substantial investment in research and development, AbbVie has developed safe and effective dosing regimens of
the Humira Product for the treatment of indications including: rheumatoid arthritis, Crohn’s disease, ulcerative colitis, and hidradenitis suppurativa; 

WHEREAS, the Humira Product is indicated in Europe for each of the indications referred to above; 

WHEREAS, the dosing regimens referred to above are protected by a number of European patents and patent applications owned by AbbVie, as set
out in Exhibit A attached hereto; 
 WHEREAS, Alvotech has developed a biosimilar of the Humira Product known as AVT-02; 
 WHEREAS, STADA Arzneimittel AG (together with its Affiliates, “Stada”)
has licensed from Alvotech exclusive commercialization rights to AVT02 in most European markets as 

  
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Hukyndra and Libmyris, which received approval from the European Medicines Agency on November 15, 2021; 

WHEREAS, Stada has entered into a distribution and supply agreement with [***] for the distribution of AVT02 in [***], where [***] may act as
Stada’s distributor [***]; 
 WHEREAS, AVT02, regardless of brand name, is labeled for the treatment of indications, including, amongst
others, rheumatoid arthritis, Crohn’s disease, ulcerative colitis and hidradenitis suppurativa and for each indication will have the same route of administration and dosing regimen as the Humira Product; 

WHEREAS, Alvotech seeks to make, import, use, market, sell, or offer for sale, in the Territories, including those countries in which the
Licensed Humira Patents are in force, a biosimilar version of the Humira Product before all of the patents owned by AbbVie in those countries expire; 

WHEREAS, Alvotech also seeks to make in the Territories for export outside the Territories a biosimilar version of the Humira Product before
all of the patents owned by AbbVie in the Territories expire; 
 WHEREAS, in 2017 several parties, including Stada, commenced opposition
proceedings against each of EP 1 737 491 and EP 2 940 044, respectively, in the European Patent Office (the “Opposition Proceedings”); 

WHEREAS, on February 1, 2019 and April 29, 2019, the European Patent Office rejected the Opposition Proceedings, including all of
the arguments raised by Stada, upholding the validity of EP 2 940 044 and EP 1 737 491, which decisions Stada has appealed; 
 WHEREAS, EP 2
575 884 granted on July 18, 2018, and no oppositions were filed;     
 WHEREAS, on July 15, 2021, Alvotech
hf. sought to intervene in each of the Opposition Proceedings, which requests for intervention have not been granted; 
 WHEREAS, AbbVie
reasonably believes that the Licensed Humira Patents are valid and would be infringed by Alvotech’s and its partners’ proposed activities with respect to the Alvotech Biosimilar Product in the Territories; 

WHEREAS, there is, therefore, a dispute between the parties in the Territories as set forth above (the “Dispute”);

 WHEREAS the parties have entered into settlement discussions to resolve the Dispute to avoid the costs, risks and uncertainties
associated with litigation; 
 WHEREAS, as a result of those settlement discussions, AbbVie agrees to grant Alvotech a license with the
right to make, import, use, market, sell, or offer for sale the Alvotech Biosimilar Product in the Territories for the patented indications while patents belonging to AbbVie remain in force in certain countries in the Territories; 

  
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 WHEREAS, the Parties agree that this settlement reflects their independent judgments as to a
reasonable compromise of the Parties’ strongly held positions; 
 WHEREAS, no Party has received any consideration from the other Party
for its entry into this Agreement other than that which is described in this Agreement; and 
 WHEREAS, there are no other agreements
between or among the Parties that are contingent upon, provide a contingent condition for, or otherwise relate to this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement and for other good and valuable consideration, the receipt of and sufficiency of which is hereby acknowledged, the Parties agree as follows: 

ARTICLE 1: DEFINITIONS 

Terms when used herein with initial capital letters shall have the meanings set forth below or as otherwise defined in this Agreement. 

1.1 “AbbVie” has the meaning set forth in the introductory paragraph of this Agreement. 

1.2 “AbbVie Releasees” has the meaning set forth in Section 3.2. 

1.3 “AbbVie Releasors” has the meaning set forth in Section 3.1. 

1.4 “Affiliate” means, with respect to a Person, any Person that, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, such Person, provided however, that in each case any such other Person shall be considered to be an Affiliate only during the time period during which such control exists.
For purposes of this definition, “control” means ownership, directly or through one or more Affiliates, of (a) more than fifty percent (50%) of the shares of stock entitled to vote for the election of directors, in the case of a
corporation, or (b) more than fifty percent (50%) of the equity interests in the case of any other type of legal entity or status as a general partner in any partnership, or (c) any other arrangement whereby a Person controls or has the
right to control the Board of Directors or equivalent governing body of a corporation or other entity. For purposes of clarity, if a Person loses its status as an Affiliate, such Person thereafter will not benefit from rights granted in this
Agreement. 
 1.5 “Agreement” has the meaning set forth in the introductory paragraph of this Agreement. 

1.6 “Alvotech” has the meaning set forth in the introductory paragraph of this Agreement. 

1.7 “Alvotech Biosimilar Product” means [***]. 

1.8 “Alvotech Releasees” has the meaning set forth in Section 3.1. 

  
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 1.9 “Alvotech Releasors” has the meaning set forth in
Section 3.2. 
 1.10 “[***]” has the meaning set forth in the WHEREAS clauses. 

1.11 “Commercialization Partner” means [***]. 

1.12 “Court” means any court, tribunal, or other judicial body.  

1.13 “Dispute” has the meaning set forth in the WHEREAS clauses. 

1.14 “Distributor” means [***]. 

1.15 “Effective Date” means the date on which this Agreement was executed by the latest-signing Party, which date is
memorialized on page one (1) of this Agreement. 
 1.16 “EP 578” has the meaning set forth in the WHEREAS
clauses. 
 1.17 “HS” means hidradenitis suppurativa. 

1.18 “Humira Product” has the meaning set forth in the WHEREAS clauses. 

1.19 “IBD” means inflammatory bowel disease, which is further defined to mean Crohn’s disease and
ulcerative colitis. 
 1.20 “Licensed Humira Patents” means, collectively, [***]. 

1.21 “Licensed Indications” means IBD, HS and RA. 

1.22 “License Term(s)” has the meaning set forth in Section 5.6. 

1.23 “Net Sales” means [***]. 

1.24 “Opposition Proceedings” has the meaning set forth in the WHEREAS clauses. 

1.25 “Party” means AbbVie or Alvotech, and “Parties” means all of the foregoing.

 1.26 “Person” means an individual, a corporation, a partnership, an association, a trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 1.27 “RA”
means rheumatoid arthritis. 
 1.28 “Royalty Termination Date” has the meaning set forth in
Section 5.7. 
 1.29 “SPCs” means each of (1) supplementary protection certificate no GB/04/002, based
upon EP 578, with an expiry date of 15 October 2018 in the United Kingdom; and (2) the corresponding supplementary protection certificates in other Territories; and “SPC”, in relation

  
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to a Territory, means any such supplementary protection certificate based upon EP 578 that is in force in that Territory. 

1.30 “Stada” has the meaning set forth in the WHEREAS clauses. 

1.31 “Sublicensee(s)” means (a) Stada upon fulfillment of the conditions set forth in Section 8.2; (b) [***]
upon fulfillment of the conditions set forth in Section 8.3; and (c) any Person that is party to a valid sublicense with Alvotech pursuant to Section 8.4(a) or 8.4(b) upon fulfillment of the conditions set forth in Section 8.4(c)
and 8.4(d). [***]. For the avoidance of doubt, no Sublicensee under Sections 8.2, 8.3 or 8.4 has any rights under this Agreement until the conditions set out in Sections 8.2, 8.3 and 8.4, respectively, are met. 

1.32 “Territories” means [***] and any countries listed in Exhibit B, and
“Territory” refers to any one such state. 
 1.33 “Third Party” means a Person or
entity that is not a Party, a Sublicensee, or an Affiliate of a Sublicensee. 
 1.34 “Third Party Humira Biosimilar
Product” means [***]. 
 1.35 “Third Party License” [***]. 

1.36 “Valid HS Patent Rights” means claims covering adalimumab as used in a treatment regimen for HS in any patent
granted from the application identified in Section 3 of Exhibit A, including [***]. 
 1.37 “Valid IBD Patent
Rights” means claims covering adalimumab as used in a treatment regimen for IBD in any patent granted from the application identified in Section 2 of Exhibit A, including [***]. 

1.38 “Valid RA Patent Rights” means claims covering adalimumab as used in a treatment regimen for RA in any patent
granted from the application identified in or any patent listed in Section 1 of Exhibit A, including [***]. 
 ARTICLE 2:
TERMINATION OF LITIGATION 
 2.1 Withdrawal of Requests to Intervene in Opposition Proceedings. Alvotech agrees to withdraw within
three business days of the Effective Date its requests to intervene in the Opposition Proceedings. 
 2.2 Withdrawal of Customs
Applications. Within three business days of the Effective Date of this Agreement, AbbVie will file any necessary papers to withdraw any and all applications requesting seizure or destruction of Alvotech’s Biosimilar Product, including, but
not limited to, any application filed with the Federal Office for Customs and Border Security in Switzerland. 

  
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 ARTICLE 3: RELEASE 

3.1 AbbVie Release. In settlement of disputed claims, and in consideration of the releases, representations, warranties, and covenants
contained in this Agreement and subject to execution by the Parties of this Agreement, as of the Effective Date, AbbVie and its related companies, predecessors, successors, and assigns, [***]. 

3.2 Alvotech Release. In settlement of disputed claims, and in consideration of the releases, representations, warranties, and
covenants (including the license) contained in this Agreement and subject to execution by the Parties of this Agreement, as of the Effective Date, Alvotech and its Sublicensees, related companies, predecessors, successors, and assigns, [***]. 

3.3 Acknowledgements. It is expressly understood and agreed that the Parties hereby waive any statutes or common law doctrines under
which a general release would not extend to claims which the party releasing such claim does not know or suspect to exist in his favor at the time of executing the release, including but not limited to any and all rights and benefit conferred by
§ 1542 of the California Civil Code (if and to the extent applicable). Each Party represents, warrants, and covenants that it has not heretofore assigned or transferred, and will not assign or otherwise transfer, to any Person any matters
released by such Party in this Section 3, and such Party agrees to indemnify and hold harmless the other Parties from and against all such released matters arising from any such assignment or transfer. This Agreement may be pleaded as a full
and complete defense to, and used as a basis for injunction against, any proceeding that may be instituted, prosecuted or attempted in breach hereof. 

3.4 [***]. 
 3.5
[***]. 
 3.6 Exceptions. Nothing in this Section 3 shall prevent (a) either Party from seeking any remedy for
breach of this Agreement, (b) any AbbVie Releasor from enforcing the Licensed Humira Patents in the event of such breach, (c) any Alvotech Releasee from asserting any and all affirmative defenses, counterclaims, and the like in response to
an AbbVie Releasor seeking to enforce the Licensed Humira Patents in the event of such a breach and termination. 
 ARTICLE 4: PATENT
INFRINGEMENT AND VALIDITY 
 4.1 [***]. 

4.2 Enforceability of Licensed Humira Patents. Alvotech admits that the Licensed Humira Patents are infringed, valid and enforceable.
Alvotech further admits that prior to their respective expirations EP578 and the SPCs were valid and enforceable. 
 4.3 [***]. 

4.4 [***]. 

  
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 ARTICLE 5: GRANT OF LICENSE AND ROYALTIES 

5.1 License Grant. AbbVie hereby grants to Alvotech, effective on and from the Effective Date of this Agreement, a nonexclusive,
royalty-bearing (as set forth in Sections 5.2, 5.3 and 5.4), non-transferable (except as expressly permitted by Sections 8.2, 8.3, 8.4 and 8.6) license under the Licensed Humira Patents to make, import, use,
distribute, sell and offer for sale the Alvotech Biosimilar Product in the Territories for the Licensed Indications. AbbVie further grants to Alvotech, effective on and from the Effective Date of this Agreement, a nonexclusive, non-transferable (except as expressly permitted by Sections 8.4 and 8.6) and royalty-free license under the Licensed Humira Patents to make, import and export in the Territories a biosimilar of the Humira Product.
Nothing in this license grant gives Alvotech or any Sublicensee any rights to any patent outside the Territories. 
 5.2 [***]
Royalty. On a Territory-by-Territory basis, Alvotech hereby agrees to pay a royalty to AbbVie of [***] of the Net Sales of Alvotech Biosimilar Product which are
covered by a Valid [***] Patent Right. A current listing of such patent rights on a Territory-by-Territory basis is shown in Exhibit A. For purposes of
calculating royalties due under this Agreement, the Parties agree that in any Territory with a Valid [***] Patent Right, [***] of Alvotech Biosimilar Product sold in such Territory is covered by the Valid [***] Patent Right. For each calendar
quarter, Alvotech shall pay such royalties to AbbVie within [***] of the end of such calendar quarter. 
 5.3 [***] Royalty. On a Territory-by-Territory basis, Alvotech hereby agrees to pay a royalty to AbbVie of [***] of the Net Sales of Alvotech Biosimilar Product which are covered by a Valid [***]
Patent Right. A current listing of such patent rights on a Territory-by-Territory basis is shown in Exhibit A. For purposes of calculating royalties due under
this Agreement, the Parties agree that in any Territory with a Valid [***] Patent Right, [***] of Alvotech Biosimilar Product sold in such Territory is covered by the Valid [***] Patent Right. For each calendar quarter, Alvotech shall pay such
royalties to AbbVie within [***] of the end of such calendar quarter. 
 5.4 [***] Royalty. On a Territory-by-Territory basis, Alvotech hereby agrees to pay a royalty to AbbVie of [***] of the Net Sales of Alvotech Biosimilar Product which are covered by a Valid [***] Patent Right. A current listing of
such patent rights on a Territory-by-Territory basis is shown in Exhibit A. For purposes of calculating royalties due under this Agreement, the Parties agree that
in any Territory with a Valid [***] Patent Right, [***] of Alvotech Biosimilar Product sold in such Territory is covered by the Valid [***] Patent Right. For each calendar quarter, Alvotech shall pay such royalties to AbbVie within [***] of the end
of such calendar quarter.  
 5.5 Taxes. 

(a) For payments under Sections 5.2-5.4, AbbVie shall be responsible for paying taxes (other than
withholding taxes) levied on account of, or measured in whole or in part by reference to, any payments AbbVie receives under this Agreement. All payments made by Alvotech to AbbVie under this Agreement are exclusive of any Value Added Tax or similar
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(which, if applicable, shall be payable to AbbVie in addition to such payments) and are to be paid free and clear of any deductions and withholding whatsoever except where Alvotech is required by
law to make such deduction or withholding. Notwithstanding the foregoing, if AbbVie is entitled under any applicable tax treaty to a reduction of the rate, or the elimination of, applicable withholding tax, it may deliver to Alvotech or the
appropriate governmental authority (with the assistance of Alvotech to the extent that this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve
Alvotech of its obligation to withhold tax, and Alvotech shall apply the reduced rate of withholding, or dispense with withholding, as the case may be, provided that Alvotech has received evidence of AbbVie’s delivery of all applicable forms
(and, if necessary, its receipt of appropriate governmental authorization) at least [***] days prior to the time that the relevant payment is due. If, in accordance with the foregoing, Alvotech withholds any amount, it shall make timely payment to
the proper taxing authority of the withheld amount, and send to AbbVie proof of such payment within [***] days following that payment. 

(b) If any stamp taxes, registration taxes, transfer taxes, or other taxes, duties or governmental charges of a similar nature are levied on
this Agreement by reason of its execution or performance, or on either Party as a result of the execution or performance of this Agreement, other than those identified in Section 5.5(a) above, it is the responsibility of [***] to pay all such
taxes when due. Such taxes are in addition to other amounts payable by [***] and are not to be set off against [***]. 
 5.6 [***].

 5.7 Termination of Royalty Payments. Subject to Sections 5.2 ([***]), 5.3 ([***]) and 5.4 ([***]), the obligations of Alvotech to
pay royalties under this Section 5 shall terminate with respect to a Licensed Indication on the termination date with respect to such Licensed Indication set forth below (the “Royalty Termination Date”): 

 

			
	 Licensed Indication
	  	 Royalty Termination Date

		
	[***]	  	June 5, 2022
		
	[***]	  	April 11, 2025
		
	[***]	  	June 3, 2031

 Upon the Royalty Termination Date with respect to a Licensed Indication, the licenses granted under
Section 5.1 with respect to such Licensed Indication will be deemed fully paid up and irrevocable. For clarity, on a Territory-by-Territory and Licensed Indication-by-Licensed Indication basis, Alvotech’s royalty obligation will terminate prior to the Royalty Termination Date only if no Valid [***] Patent Rights, no Valid
[***] Patent Rights or no Valid [***] Patent Rights, respectively, remain. 
 5.8 Quarterly Statements. Not later than [***] after
the end of each calendar quarter, Alvotech and its Commercialization Partner(s) will provide AbbVie with statements setting forth 

  
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the gross sales of the Alvotech Biosimilar Product in each Territory for such calendar quarter, the Net Sales of the Alvotech Biosimilar Product in each Territory for such calendar quarter, the
royalty amount payable for such calendar quarter, the calculation used to determine the royalty amount, all information necessary to calculate the royalty amount, and any other details or particulars that AbbVie may reasonably request. 

5.9 Record Retention and Audit Rights. Alvotech and its Commercialization Partner(s) will retain their books and records pertaining to
the Net Sales of the Alvotech Biosimilar Product in the Territory for each calendar quarter for at least [***] from the end of such calendar quarter. Until [***] after the Royalty Termination Date, AbbVie may provide Alvotech and its
Commercialization Partner(s) with reasonable notice of its request to have an independent public accounting firm of internationally recognized standing access solely for the purpose of an audit (and any related proceedings under this Agreement) such
records required to determine the Net Sales of the Alvotech Biosimilar Product in the Territories and the royalty due under this Agreement. Alvotech and its Commercialization Partner(s) will accommodate such an audit and use reasonable efforts to
accommodate such request within [***] of AbbVie’s request; provided however, any audit under this Section 5.9 shall be conducted during normal business hours of Alvotech and its Commercialization Partner(s). The audit will be at
AbbVie’s sole expense unless the audit shows an underpayment in the royalties due to AbbVie of [***] or more in any calendar quarter in which case Alvotech will pay for the audit. In the event that an audit reveals any underpayment in royalties
due to AbbVie, Alvotech shall promptly, but in no event later than [***] after receipt of written notice thereof, pay such underpayment to AbbVie. AbbVie’s audit rights may only be exercised once during any [***] period. Notwithstanding any
provision herein to the contrary, Alvotech and its Sublicensees shall not have the right to audit any books and records of AbbVie or any of its agents. 

ARTICLE 6: ADDITIONAL COVENANTS 

6.1 Certain Remedies. Each Party acknowledges and agrees that the restrictions and other terms and conditions set forth herein are
reasonable and necessary to protect the respective legitimate interests of AbbVie and Alvotech. [***]. 
 6.2 Confidentiality. Except
as set forth below in Section 6.3, the Parties shall keep the terms of this Agreement and the underlying settlement confidential using at least the level of care they use for their own proprietary information, and shall not disclose to any
Third Party (other than the Parties’ respective financial advisors, legal advisors, and insurers or in connection with a potential or actual sublicense or assignment pursuant to Section 8.2, 8.3, 8.4 and 8.6, in each such case subject to
appropriate confidentiality protections). 
 6.3 Exceptions to Confidentiality. Notwithstanding Section 6.2, a Party may upon
the execution of this Agreement and without prior written consent, publicly disclose: (a) that the Parties have settled the Dispute, that the Agreement exists, and that the Agreement includes the license set forth in Section 5.1 allowing
Alvotech and its Commercial Partner(s) and their Distributors to sell and offer for sale the Alvotech Biosimilar Product in the Territories on and after the Effective Date (such rights subject to the Commercialization Partners meeting the terms of
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be so disclosed by a Court, governmental agency, or other regulatory authority; and (d) any information that is, in the opinion of the disclosing Party’s counsel, required by law or the
rules of a stock exchange on which the securities of the disclosing Party are listed; provided, however, that in the event that a disclosure under Section 6.3(c) or 6.3(d) is made, the disclosing Party shall submit the proposed disclosure in
writing to the other Party as far in advance as reasonably practicable so as to provide reasonable notice, and an opportunity to provide comments that the disclosing Party will consider in good faith. A Party receiving a request, subpoena, or order
for the disclosure of the terms or conditions of this Agreement shall notify the other Party as soon as practicable and, if at all possible, in sufficient time to allow the other Party to oppose disclosure or seek an appropriate protective order.
Alvotech further agrees that to the extent this agreement needs to be disclosed to the U.S. Securities and Exchange Commission by Alvotech, Alvotech will seek confidential treatment for this Agreement to the extent reasonable under SEC rules and
regulations. 
 6.4 Press Release: Prior to releasing any press release that references this Agreement, the Party issuing the press
release shall provide the draft press release to the other Party for review and consent, not to be unreasonably withheld. 
 ARTICLE 7:
REPRESENTATIONS AND WARRANTIES 
 7.1 Representations and Warranties. Each Party represents, warrants, and covenants to the other
Parties that as of the Effective Date: 
 (a) it has the corporate power and authority to enter into this Agreement and to perform its
obligations and bind itself and its Sublicensees (by way of their contractual obligations and undertakings) to perform its obligations hereunder, and that the persons executing this Agreement on behalf of the each of Parties are authorized to do so;

 (b) the execution and delivery of this Agreement and the performance of the transactions contemplated hereunder have been duly authorized
by all necessary corporate actions of the Party; 
 (c) this Agreement has been duly executed and delivered by it and is a binding
obligation of it, enforceable against it in accordance with its terms; and 
 (d) the execution and delivery of this Agreement and the
performance by the Party of any of its obligations hereunder do not and will not conflict with (i) any judgment of any Court or governmental body applicable to the Party or its respective properties, or (ii) any other agreements to which
it may be a party, or (iii) to the Party’s knowledge, any statute, decree, order, rule or regulation of any Court or governmental agency or body applicable to the Party or its properties. 

7.2 Additional AbbVie Representations and Warranties. 

(a) AbbVie further represents and warrants that it has the necessary rights, title, interest, and authority to grant Alvotech the license to
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 (b) [***]. 

7.3 Additional Alvotech Representations and Warranties 

(a) [***]. 
 (b) [***]. 

7.4 Limitations. Except as expressly provided in this Agreement, neither Party makes any representations or warranties, express or
implied, either in fact or by operation of applicable law. Specifically, AbbVie makes no representation that, as of the Effective Date or subsequently, Alvotech or its Sublicensees will be able to launch the Alvotech Biosimilar Product. The Parties
herein acknowledge that the ability of Alvotech or its Sublicensees to launch the Alvotech Biosimilar Product may be limited by (a) the regulatory agency in a Territory failing to finally approve, or revoking approval of, the Alvotech
Biosimilar Product; (b) the inability of Alvotech or its Sublicensees to manufacture, package, and otherwise prepare a sufficient amount of the Alvotech Biosimilar Product; or (c) other situations not currently within the Parties’
contemplation or control. Without limiting any other provision of this Agreement, AbbVie therefore makes no warranty and no representation with respect to the actual date that the Alvotech Biosimilar Product will be available for sale. 

ARTICLE 8: SCOPE OF THE PARTIES’ AGREEMENT 

8.1 Right to Prosecute Licensed Humira Patents; No Sublicensing. AbbVie shall have the sole right to prosecute, maintain, enforce, and
defend any of the Licensed Humira Patents. The license grant in Section 5.1 does not include any right to sublicense (except as set out in Sections 8.2, 8.3 and 8.4). 

8.2 Sublicensing to Stada as a Commercialization Partner. 

(a) Alvotech may sublicense its rights under Section 5.1 of this Agreement to Stada, provided that Stada meets the conditions set out in
this Section 8.2. 
 (b) Stada has agreed to be bound by all of the terms and conditions of this Agreement that bind Alvotech and will
execute an undertaking memorializing its agreement to the terms and conditions of this Agreement substantially in the form of Exhibit D. Stada’s sublicense is conditional on (i) its withdrawal of its Opposition Proceedings and
(ii) its undertaking to be bound by each and every term of this Agreement that binds Alvotech, its undertaking that AbbVie is an intended third party beneficiary of its sublicense from Alvotech of the rights in this Agreement, and its
undertaking that AbbVie will have the right to enforce the terms of the sublicense in addition to the terms of this Agreement to which Stada agrees it is bound, including the right to terminate the sublicense pursuant to Section 9.1 of this
Agreement; 
 (c) In order for Stada to have any rights as a sublicensee under this Agreement, (i) Alvotech or Stada must provide
AbbVie with a copy of the executed version of the undertaking set out in Exhibit D, and (ii) Stada must provide AbbVie with a copy of papers filed at the European Patent Office withdrawing its Opposition Proceedings. 

  
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 8.3 Sublicensing to [***] as a Commercialization Partner. 

(a) After complying with the requirements in Section 8.2 to become a Commercialization Partner, Stada may further sublicense its rights
under Section 5.1 to offer for sale and sell Alvotech Biosimilar Product to [***] as a Commercialization Partner for designated Territories, including [***], provided that [***] meets the conditions set out in this Section 8.3. 

(b) In order to obtain a sublicense, [***] must agree to be bound by all of the terms and conditions of this Agreement that bind Alvotech and
Stada (as a Sublicensee) and will execute an undertaking memorializing its agreement to the terms and conditions of this Agreement substantially in the form of Exhibit E. [***] sublicense is conditional on its representation that it has not filed
any opposition proceedings at the European Patent Office with respect to the Licensed Humira Patents, including directly or indirectly or via a strawman, and its undertaking to be bound by each and every term of this Agreement that binds Alvotech
and Stada, its undertaking that AbbVie is an intended third party beneficiary of its sublicense from Stada of Alvotech’s rights under Section 5.1 of this Agreement, and its undertaking that AbbVie will have the right to enforce the terms
of the sublicense in addition to the terms of this Agreement to which [***] agrees it is bound, including the right to terminate the sublicense pursuant to Section 9.1 of this Agreement; 

(c) In order for [***] to have any rights as a sublicensee under this Agreement, Alvotech, Stada or [***] must provide AbbVie with a copy of
the executed version of the undertaking set out in Exhibit E. 
 8.4 Sublicensing to Sublicensees Other than Stada and [***]. 

(a) Subject to written approval from AbbVie as set out in Section 8.4(c), Alvotech may sublicense the license grants in Section 5.1
to up to [***] contract manufacturers solely for the purpose of having a biosimilar of the Product made, imported, or stored in the Territories. 

(b) Subject to written approval from AbbVie as set out in Section 8.4(c), Alvotech may sublicense the license grants in Section 5.1
to a Commercialization Parter other than Stada or [***] to import, use, market, promote, distribute, have distributed, sell and offer for sale the Alvotech Biosimilar Product in one or more Territories. Only [***] Commercialization Partner may be
sublicensed to sell or offer for sale Alvotech Biosimilar Product in each Territory at a time. 
 (c) AbbVie will respond to any request for
approval for a Sublicensee other than Stada or [***] pursuant to Section 8.4(a) or 8.4(b) within [***]. AbbVie will not withhold approval for a sublicense under this Section 8.4 if the sublicense meets all of the following conditions:
[***]. 
 (d) In order for a Sublicensee to have any rights under this Section 8.4, Alvotech must provide AbbVie with a copy of the
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 8.5 Reservation of Rights. All rights not expressly granted to Alvotech in this
Agreement are reserved to AbbVie, and no other license or rights under the Licensed Humira Patents or any other intellectual property of AbbVie is granted or intended to be granted under this Agreement, either expressly, by implication, estoppel, or
otherwise. For clarity, this Agreement does not license any intellectual property rights outside the Territories. 
 8.6 No
Assignment. This Agreement and the rights herein shall not be assigned or otherwise transferred, in whole or in part, by any Party without the written consent of all Parties, which consent shall not be unreasonably withheld, delayed, or
conditioned, except that each Party may upon notice to the other Party but without obtaining the consent of the other Party, assign or sublicense any or all of its rights and obligations under this Agreement to any one or more of its
Affiliates (including on a Territory-by-Territory basis) or to any successor in interest to such Party’s or assignee’s business relating to this Agreement in
connection with a merger, reorganization, change of control or sale of all or substantially all of its assets relating to this Agreement. Any purported assignment or transfer in violation of the foregoing shall be null and void ab initio and
of no force or effect. In the event of a permitted assignment, this Agreement shall be binding upon and inure solely to the benefit of the Parties and their respective successors and permitted assigns. 

ARTICLE 9: GENERAL PROVISIONS 

9.1 Termination. 
 (a) If
Alvotech breaches any of its obligations, restrictions, or representations and warranties under Sections 2.1, 3.2, 3.5, 4.1, 5.2, 5.3, 5.4, 5.6, 5.8, 5.9, 6.2, 7.1, 7.3, 8.2, 8.3 and 8.5, AbbVie will provide written notice of such breach (if known
to AbbVie) and Alvotech will have [***] from written notice by AbbVie in which to cure said breach. If Alvotech fails to cure within [***], AbbVie may terminate this Agreement, and all licenses granted under this Agreement by AbbVie and the
Parties’ rights and obligations under this Agreement, including the Parties’ rights and obligations under Sections 3 and 5 of this Agreement, shall terminate upon written notice from AbbVie to Alvotech of such termination. 

(b) If AbbVie breaches any of its obligations under Sections 3.1, 3.4, 4.4, 5.1, 5.6, 6.2, 7.1 or 7.2, Alvotech will provide written notice of
such breach (if known to Alvotech) and AbbVie will have [***] from written notice by Alvotech in which to cure said breach. If AbbVie fails to cure such breach within [***], Alvotech may terminate this Agreement and the Party’s rights and
obligations under this Agreement, including the Parties’ rights and obligations under Sections 3 and 5 of this Agreement, shall terminate immediately upon written notice from Alvotech to AbbVie of such termination. 

9.2 Governing Law; Alternative Dispute Resolution. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its
conflict of laws principles that would result in the application of the laws of any other jurisdiction. 

  
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 (b) Any dispute or claim arising out of or in connection with this Agreement, including
(without limitation) any questions regarding its existence, scope, validity, breach, performance, interpretation or termination, or any dispute regarding any non-contractual obligations arising out of or in
connection with it shall be governed by the alternative dispute resolution procedures listed in Exhibit C. 
 9.3
Severability. If a Court of competent jurisdiction holds any provision of this Agreement to be illegal, unenforceable, or invalid, in whole or in part for any reason in any state or jurisdiction in the Territories: (a) all other
provisions hereof (e.g. Sections 2, 3 and 4) shall remain in full force and effect and shall be liberally construed in order to carry out the intent of the Parties as near as possible, (b) the illegal, unenforceable or invalid provision shall
remain in full force and effect in every other state and jurisdiction in the Territories and (c) the Parties agree to use their commercially reasonable efforts to negotiate a provision, in replacement of the provision held illegal,
unenforceable, or invalid, that is consistent with applicable law and accomplishes, as nearly as possible, the original intention of the Parties with respect thereto and without materially changing the economic value of the transactions contemplated
hereby. 
 9.4 Entire Agreement. This Agreement and any exhibits, appendices, and attachments to this Agreement, constitute the
final, complete, and exclusive statement of the terms of the agreement among the Parties pertaining to the subject matter of this Agreement and supersedes all prior and contemporaneous understandings or agreements of the Parties (other than those
referenced in this Agreement). No Party has been induced to enter into this Agreement by, nor is any Party relying on, any representation or warranty outside those expressly set forth in this Agreement. 

9.5 Amendment. No terms or conditions of this Agreement will be varied or modified by any prior or subsequent statement, conduct or act
of any Party, except that the Parties may supplement, amend, or modify this Agreement by a subsequent written agreement executed by the Parties through their authorized representatives. 

9.6 No Joint Venture. In making and performing this Agreement, the Parties are acting, and intend to be treated, as independent
entities and nothing contained in this Agreement shall be construed or implied to create an agency, partnership, joint venture, or employer and employee relationship among the Parties. Except as otherwise provided herein, no Party may make any
representation, warranty, or commitment, whether express or implied, on behalf of or incur any charges or expenses for or in the name of any other Party. No Party shall be liable for the act of any other Party unless such act is expressly authorized
in writing by both such Parties. 
 9.7 Waiver. No waiver of a breach, failure of any condition, or any right or remedy contained in
or granted by the provisions of this Agreement will be effective unless it is in writing and signed by the Party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other
breach, failure, right, or remedy, whether or not similar, nor will any waiver constitute a continuing waiver unless the writing so specifies. 

  
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 9.8 Interpretation. Each Party and its counsel have participated fully in the review
and revision of this Agreement. Any rule of construction to the effect that ambiguities are to be resolved against the drafting Party will not apply in interpreting this Agreement. References to any law, rule or regulation in this Agreement include
all replacements, successors, amendments, and supplements thereto. The term “including” means “including, without limitation,” and “herein”, “hereof’, and “hereunder” refer to this Agreement as a
whole. 
 9.9 Counterparts and Electronic Signatures. This Agreement may be executed in any number of counterparts, and each
counterpart will be deemed an original instrument, but all counterparts together will constitute but one agreement. This Agreement may be executed by electronic signatures and such electronic signatures shall be deemed to bind each Party as if they
were original signatures. 
 9.10 Headings. The descriptive headings contained in this Agreement are for convenience of reference
only and shall not in any way affect the meaning or interpretation of this Agreement. 
 9.11 Survival. Subject to Section 9.1
above, the provisions in Sections 6, 7, 8 and 9 of this Agreement (and any other provisions of this Agreement that by their express terms survive) shall survive the expiration or termination of this Agreement in accordance with their terms. 

9.12 Third Party Beneficiaries. Except as expressly provided herein, nothing in this Agreement, either express or implied, is intended
to or shall confer upon any Third Party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

9.13 Notices. 
 (a) All
notices, requests, demands, or other communications under this Agreement will be in writing. All notices shall be made by personal delivery, reputable overnight express courier (e.g., Federal Express/Airborne/United Parcel Service/DHL Worldwide), or
by United States Registered or Certified Mail, charges prepaid or charged to the sender’s account, in which case notice is effective on delivery. 

(b) Addresses for purpose of giving notice are as follows: 

If to AbbVie: 
 Attention: Laura
Schumacher 
 Executive Vice President, Secretary and General Counsel and 

Attention: Johanna Corbin, Vice President, Intellectual Property and Strategy 

1 N. Waukegan Road, Building AP-34 

North Chicago, IL 60064 

  
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 If to Alvotech: 

Attention: Tanya Zharov, Deputy CEO and 

Attention: Philip Caramanica, Chief IP Counsel & Deputy General Counsel 

Saemundargata 15-19 

102 Reykjavik, Iceland 
 9.14
Evidence. This Agreement and all of the terms herein constitute compromises and offers to compromise covered by Federal Rule of Evidence 408. Nothing in this Agreement may be used as evidence in any action or proceeding between the Parties
hereto, except in connection with any action or proceeding relating to enforcement of this Agreement. 
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 IN WITNESS WHEREOF, the Parties, through their authorized officers, have executed this
Agreement as of the Effective Date. 
  

			
	AbbVie Biotechnology Ltd	  	Alvotech, hf.
		
	By: /s/ Scott T. Reents	  	By:
                                         
                       
		
	Name: Scott T. Reents	  	Name:
                                         
                   
		
	Title: Director	  	Title:
                                         
                     
		
	Date: April 4, 2022	  	Date:
                                         
                   

  
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 IN WITNESS WHEREOF, the Parties, through their authorized officers, have executed this
Agreement as of the Effective Date. 
  

			
	 AbbVie Biotechnology Ltd
  

By:
                                         
               
  

Name:
                                         
           
  
 Title:
                                         
            
  
 Date:
                                         
            
	  	 Alvotech, hf.
  

By: /s/ Robert Wessman
  

Name: Robert Wessman
  

Title: Chairman
  

Date: April 4, 2022

  
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 EXHIBIT A: LICENSED HUMIRA PATENTS 

1. RA PATENT RIGHTS 
 EP 2,940,044

 Designated Countries: Austria, Belgium, Switzerland, Cyprus, Germany, Denmark, Spain, Finland, France, Greece, Ireland, Italy,
Liechtenstein, Luxembourg, Monaco, Netherlands, Portugal, Sweden, Turkey, Albania, Lithuania, Latvia, Macedonia, Romania, Slovenia 
 BG 66936 

BG 66459 
 CZ 2017241 

CZ 200420 
 HU 230947 

NO 334490 
 NO 343721 

PL 217217 
 PL 217666 

PL 217702 
 PL 215861 

SK 288509 
 2. IBD PATENT RIGHTS

 EP 1,737,491 
 Designated
Countries: Austria, Belgium, Bulgaria, Switzerland, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Hungary, Ireland, Iceland, Italy, Liechtenstein, Lithuania, Luxembourg, Monaco, Netherlands, Poland, Portugal,
Romania, Sweden, Slovenia, Slovakia, Turkey 

  
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 3. HS PATENT RIGHTS 

EP 2,575,884 
 Designated Countries:
Albania, Austria, Belgium, Bosnia-Herzegovina, Bulgaria, Switzerland, Cyprus, Czech Republic, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Croatia, Hungary, Ireland, Iceland, Italy,
Liechtenstein, Lithuania, Luxembourg, Latvia, Monaco, Macedonia, Malta, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Sweden, Slovenia, Slovakia, San Marino, Turkey 

  
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 EXHIBIT B: TERRITORIES 

[***] 

  
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 EXHIBIT C: ALTERNATIVE DISPUTE RESOLUTION 

[***] 

  
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 Exhibit D – Stada Undertaking to be Bound 

WHEREAS, on November 6, 2019, Alvotech hf. and STADA Arzneimittel AG (together with its Affiliates, “Stada”) entered into
an agreement under which Stada is responsible for selling and offering to sell in [***] any adalimumab biosimilar developed by Alvotech hf.; 

WHEREAS, Alvotech hf. has entered into a settlement and license agreement dated April __, 2022 with AbbVie Biotechnology Ltd and its
Affiliates (“the EU SLA”) to obtain a license to AbbVie’s patents related to adalimumab in the countries that are parties to the European Patent Convention; 

WHEREAS, under the EU SLA, AbbVie granted to Alvotech a license make, use, import, offer for sale and sell Alvotech’s biosimilar
adalimumab product; and 
 WHEREAS, [***], 

NOW, THEREFORE, in consideration of the sublicense, and as long as Stada is a Sublicensee, Stada hereby undertakes as follows: 

1. [***]. 
 2. [***]. 

3. [***]. 
 4. [***]. 

[insert signature blocks] 

  
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 Exhibit E – [***] Undertaking to be Bound 

WHEREAS, on November 6, 2019, Alvotech hf. and STADA Arzneimittel AG (together with its affiliates, “Stada”) entered
into an agreement under which Stada is responsible for selling and offering to sell in [***] any adalimumab biosimilar developed by Alvotech hf.; 

WHEREAS, subsequently, Stada entered into an agreement with [***] any adalimumab biosimilar developed by Alvotech hf.; 

WHEREAS, Alvotech hf. has entered into a settlement and license agreement dated _______, 2022 with AbbVie Biotechnology Ltd and its Affiliates
(“the EU SLA”) to obtain a license to AbbVie’s patents related to adalimumab in the countries that are parties to the European Patent Convention; 

WHEREAS, under the EU SLA, AbbVie granted to Alvotech a license make, use, import, offer for sale and sell Alvotech’s biosimilar
adalimumab product; and 
 WHEREAS, [***]: 

WHEREAS, [***]; 
 NOW,
THEREFORE, in consideration of the sublicense, and as long as [***] is a Sublicensee, [***] hereby undertakes as follows: 
 1. [***]; 

2. [***]. 
 3. [***]. 

4. [***]. 
 [insert signature blocks] 

  
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