Document:

Exhibit_10_2

		

			Exhibit 10.2

		

		
			 
		

		
			Natera, Inc.
Amended Compensation Program for Non-Employee Directors
		

		
			Amended Effective as of January 24, 2019
		

		
			A.Cash Compensation:  Annual cash retainers each paid quarterly, in arrears.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						1.

					
					
						Retainer for each non-employee member of the Board:

					$
40,000
				
	
					
						2.

					
					
						Additional retainer for Lead Independent Director:

					$
20,000
				
	
					
						3.

					
					
						Additional retainer for Chair of Audit Committee:

					$
20,000
				
	
					
						4.

					
					
						Additional retainer for Chair of Compensation Committee:

					$
15,000
				
	
					
						5.

					
					
						Additional retainer for Chair of Nominating and Corporate Governance Committee:

					$
10,000
				
	
					
						6.

					
					
						Additional retainer for non-Chair members of Audit Committee:

					$
10,000
				
	
					
						7.

					
					
						Additional retainer for non-Chair members of Compensation Committee:

					$
7,500
				
	
					
						8.

					
					
						Additional retainer for non-Chair member of Nominating and Corporate Governance Committee:

					$
5,000
				
	
					
						9.

					
					
						Additional retainer for non-member observers of Audit Committee:

					$
7,500
				

		
			 
		

		
			B.Equity Compensation
		

		
			1.Initial stock option grants.  The Compensation Committee will grant to each non-employee director who first becomes a member of the Board of Directors on or after the IPO date an “initial option” to purchase 33,000 shares of the Company’s Common Stock.  The grant will be made on or as soon as reasonably practicable after the date of his or her election.  The exercise price per share will be equal to the fair market value per share of the Company’s Common Stock on the date of grant.  Subject to the director’s continuous service on the Board, the initial option will vest and become exercisable with respect to 1/3rd of the shares at the end of each year following the director’s appointment to the Board, so that it will be fully vested and exercisable after 3 years of service.  The initial option will become fully vested and exercisable in the event that the Company is subject to a change in control.
		

		
			2.Annual stock option grants.  In each year beginning in 2016, the Compensation Committee will grant to each non-employee director who continues serving on the Board after the annual meeting of the Company’s stockholders an “annual option” 

		 

		

			 

		

 

		

			Exhibit 10.2

		

to purchase 22,000 shares of the Company’s Common Stock.  The grant will be made on or as soon as reasonably practicable after the date of the annual meeting.  The exercise price per share will be equal to the fair market value per share of the Company’s Common Stock on the date of grant.  Subject to the director’s continuous service on the Board, the annual option will vest and become exercisable in full on the earlier of (x) the date that is 12 months following the date of grant or (y) the date of the annual stockholder meeting next following the grant. The annual option will become fully vested and exercisable in the event that the Company is subject to a change in control. The foregoing notwithstanding, a new director who has received the initial option grant under Paragraph 1 above will not in the same calendar year receive an annual option grant under this Paragraph 2.
		

		
			3.Stock Plan.  Except as otherwise set forth above, the initial and annual options will be granted under and subject to the general terms and conditions of a stockholder-approved equity incentive plan of the Company and a form of stock option agreement thereunder.
		

		
			C.Election to Receive Annual Cash Compensation in the Form of Stock Options
		

		
			For each calendar year beginning in 2016, each non-employee director may elect, in writing, to receive all or a portion of his or her annual cash retainer(s) in the form of fully vested options to purchase shares of the Company’s Common Stock (a “Retainer Option”). If elected, all such Retainer Options will be granted under and subject to the general terms and conditions of a stockholder-approved equity incentive plan of the Company and a form of stock option agreement thereunder. Such fully vested Retainer Options will be granted by the Compensation Committee on a quarterly basis, in arrears, with such grants subject to the director’s continuous service to the Company on the date of grant.
		

		
			 
		

		
			Each Retainer Option will have an aggregate grant date fair value equal to the cash amount that would otherwise be paid for the applicable quarter, with the number of shares subject to such Retainer Option computed in accordance with the Black-Scholes model used by the Company for valuing options in its financial statements, rounded down for any partial share. Each such Retainer Option shall have a term of 10 years (subject to earlier expiration upon the termination of the director’s service) and shall have an exercise price equal to the closing price per share of the Company’s Common Stock on the grant date.  
		

		
			 
		

		
			Any election to receive a Retainer Option in lieu of annual cash retainer(s) must be made by the non-employee director no later than December 31 of the calendar year preceding the year for which such cash retainer(s) would otherwise be earned, and such election will be irrevocable for such following calendar year. Notwithstanding the foregoing, a non-employee director who first becomes a member of the Board of Directors on or following January 1, 2016, may, within thirty (30) days after such director joins the Board of Directors, may make the election described in this section, with such election to be effective for services performed after the date the election is made.
		

		
			 
		

		
			D.Expenses
		

		
			The reasonable expenses incurred by directors in connection with attendance at Board or committee meetings will be reimbursed upon submission of appropriate substantiation.Exhibit_10_3

		

			Exhibit 10.3

		

		

			Execution Version

		

		

			THE SYMBOL “[*]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED

		

		
			SECOND AMENDMENT
		

		
			This SECOND AMENDMENT (this “Amendment”) is made and entered into as of April 15, 2019 by NATERA, INC., a Delaware corporation (the “Borrower”), NATERA INTERNATIONAL, INC., a Delaware corporation (“Natera International”), NSTX, INC., a Delaware corporation (“NSTX” and, together with Natera International, the “Guarantors”), and ORBIMED ROYALTY OPPORTUNITIES II, LP, a Delaware limited partnership (the “Lender”). 
		

		
			WHEREAS, the Borrower and the Lender are party to that certain Credit Agreement, dated as of August 8, 2017, among the Borrower, as borrower, and the Lender, as lender (as amended by that certain Amendment and Waiver dated as of December 31, 2018 and as may be further amended or otherwise modified, the “Credit Agreement”);
		

		
			WHEREAS, the Borrower and Lender have agreed to extend the time during which the Delayed Draw Loan may be drawn until December 31, 2019, and make certain other changes to the Credit Agreement as set forth herein; and
		

		
			WHEREAS, pursuant to Section 10.1 of the Credit Agreement, an amendment under the Credit Agreement may be entered into by the Borrower and the Lender.
		

		
			NOW, THEREFORE, in consideration of the mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

			
	
			
				 1.
			Definitions. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement.

			
	
			
				 2.
			Amendment. Upon the effectiveness of this Amendment, the Lender and the Borrower agree that:

			
	
			
				 (a)
			Amendment to Section 1.1. The following definitions are added to Section 1.1 of the Credit Agreement in appropriate alphabetical order:

		
			“Asset-Backed Facility” has the meaning set forth in Section 8.2(c).
		

		
			“Delayed Draw Commitment Amount” means the Delayed Draw Tranche A Commitment Amount plus the Delayed Draw Tranche B Commitment Amount.
		

		
			“Delayed Draw Loan” means, as applicable, the Delayed Draw Tranche A Loan and/or the Delayed Draw Tranche B Loan.
		

		
			

		 

 

		

			 

		

		

		
			“Delayed Draw Tranche A Closing Date” means the date of the making of the Delayed Draw Tranche A Loan hereunder. The Delayed Draw Tranche A Closing Date in no event shall be later than December 31, 2019.
		

		
			“Delayed Draw Tranche B Closing Date” means the date of the making of the Delayed Draw Tranche B Loan hereunder. The Delayed Draw Tranche B Closing Date in no event shall be later than December 31, 2019.
		

		
			“Delayed Draw Tranche A Loan” has the meaning set forth in Section 2.1.
		

		
			“Delayed Draw Tranche B Loan” has the meaning set forth in Section 2.1.  
		

		
			“Delayed Draw Tranche A Commitment Amount” means $25,000,000.
		

		
			“Delayed Draw Tranche B Commitment Amount” means $25,000,000.
		

			
	
			
				 (b)
			Amendment to Section 1.1. The following definitions in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety as follows:

		
			“Applicable Margin” means (a) 8.25% at any time the Borrower has drawn an aggregate principal amount of the Delayed Draw Loan equal to or greater than $25,000,000 or (b) otherwise, 8.75%.
		

		
			“Delayed Draw Closing Date” means, as applicable, the Delayed Draw Tranche A Closing Date or the Delayed Draw Tranche B Closing Date.
		

		
			“Delayed Draw Commitment Termination Date” means the earliest to occur of (i) the date on which the Delayed Draw Commitment Amount is $0 and (ii) December 31, 2019.
		

			
	
			
				 (c)
			Amendment to Section 2.1.  Section 2.1 of the Credit Agreement is hereby amended and restated in its entirety to read:

		
			“Commitment. On the terms and subject to the conditions of this Agreement, the Lender agrees to make a term loan (the “Initial Loan”)  to the Borrower on the Closing Date in an amount equal to (but not less than) the Initial Commitment Amount. On the terms and subject to the conditions of this Agreement, the Lender agrees to make a term loan (the “Delayed Draw Tranche A Loan”) to the Borrower on the Delayed Draw Tranche A Closing Date in an amount equal to (but not less than) the Delayed Draw Tranche A Commitment Amount. On the terms and subject to the conditions of this Agreement, the Lender agrees to make a term loan (the “Delayed Draw Tranche B Loan”) to the Borrower on the Delayed Draw Tranche B Closing Date in an amount equal to (but not less than) the Delayed Draw Tranche B Commitment Amount. No amounts paid or prepaid with respect to the Loans may be reborrowed.”
		

			
	
			
				 (d)
			Amendment to Section 2.2. Section 2.2 of the Credit Agreement is hereby amended and restated in its entirety to read:

		
			

		 

		

			2

		

 

		

			 

		

		

		
			“Borrowing Procedure. The Borrower may irrevocably request that the Initial Loan be made by delivering to the Lender a Loan Request on or before 1:00 p.m. Eastern (New York City) time on a Business Day at least three Business Days prior to the proposed Closing Date. The Borrower may irrevocably request that the Delayed Draw Tranche A Loan or the Delayed Draw Tranche B Loan be made by delivering to the Lender a Loan Request on or before 1:00 p.m. Eastern (New York City) time on a Business Day at least thirty Business Days prior to the proposed Delayed Draw Closing Date. For the avoidance of doubt, the Delayed Draw Tranche A Loan and the Delayed Draw Tranche B Loan may be drawn on the same date.”
		

			
	
			
				 (e)
			Amendment to Section 8.2. Section 8.2(c) of the Credit Agreement is hereby amended and restated in its entirety to read:

		
			“Indebtedness existing as of the Closing Date which is identified in Schedule 8.2(c) and Refinancings thereof that do not increase the principal amount thereof in the form of an account receivable-backed revolving credit facility, with an interest rate no higher than the LIBO Rate plus [*]%, and otherwise on terms and conditions satisfactory to the Lender in its reasonable discretion (the “Asset-Backed Facility”), it being agreed that [*].”
		

			
	
			
				 (f)
			Amendment to Section 8.3. Section 8.3(b) of the Credit Agreement is hereby amended and restated in its entirety to read:

		
			“Liens on accounts receivable, proceeds thereof, and related assets, securing the Asset-Backed Facility; provided that such Asset Backed Facility is subject to an intercreditor agreement in form and substance satisfactory to the Lender in its reasonable discretion;”
		

			
	
			
				 (g)
			Amendment to Section 8.11. Section 8.11(y)(A) of the Credit Agreement is hereby amended and restated in its entirety to read:

		
			“contained in any agreement governing any Indebtedness permitted by clauses (c),  (e), or (k) of Section 8.2 as to the assets financed with the proceeds of such Indebtedness and secured by Liens permitted by clauses (b),  (e) or (k) of Section 8.3, or”
		

		
			Effectiveness. This Amendment shall become effective upon:
		

			
	
			
				 (h)
			the receipt by Lender of a counterpart signature to this Amendment duly executed and delivered by the Borrower and each Guarantor;

			
	
			
				 (i)
			the receipt by Borrower of a counterpart signature to this Amendment duly executed and delivered by the Lender; and

			
	
			
				 (j)
			the receipt by Lender of a secretary’s certificate with respect to the Borrower and the Guarantors, in substantially the form delivered on the Closing Date pursuant to Section 5.2 of the Credit Agreement, but updated to the date of delivery, and covering this Amendment, along with the other Loan Documents, duly executed and delivered by the signatories thereto.

		
			

		 

		

			3

		

 

		

			 

		

		

			
	
			
				 3.
			Expenses. [*] pursuant to Section 10.3 of the Credit Agreement.

			
	
			
				 4.
			Share Issuance. As soon as practicable after entry into this Amendment, but in any event within ten Business Days thereafter, the Borrower shall issue, or cause to be issued to the Lender (or any Affiliate of the Lender designated by the Lender (provided such Affiliate is not a Competitor)), as a fee in consideration of the Commitments extended and the Loans contemplated hereunder, 25,000 shares of common stock, par value $0.001 per share, of the Borrower, in electronic book entry at the transfer agent of the Borrower, pursuant to a Stock Purchase Agreement between the Borrower and the Lender (or an Affiliate of the Lender, as applicable) and other documentation reasonably acceptable to the Borrower and the Lender.

			
	
			
				 5.
			Representations and Warranties. The Borrower and the Guarantors represent and warrant to the Lender as follows:

			
	
			
				 (a)
			After giving effect to this Amendment, the representations and warranties of the Borrower and the Guarantors contained in the Credit Agreement or any other Loan Document are (i) with respect to representations and warranties that contain a materiality qualification, true and correct in all respects on and as of the date hereof, and (ii) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material respects on and as of the date hereof, and except that the representations and warranties limited by their terms to a specific date are true and correct as of such date.

			
	
			
				 (b)
			After giving effect to this Amendment, no Default or Event of Default has occurred or is continuing.

			
	
			
				 (c)
			(i) The execution, delivery and performance of this Amendment are within Borrower’s and each Guarantor’s corporate or organizational powers and has been duly authorized by all necessary corporate or organizational action; (ii) this Amendment constitutes the legal, valid and binding obligations of Borrower and each Guarantor, enforceable against such Person in accordance with its terms (except, in any case, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and by principles of equity), and (iii) no authorization or other action by, and no notice to or filing with, any Governmental Authority or other Person (other than those that have been, or on the Closing Date will be, duly obtained or made and which are, or on the Closing Date will be, in full force and effect) is required for the due execution, delivery or performance by the Borrower or any Guarantor of this Amendment.

			
	
			
				 6.
			Reaffirmation of Security Interests. Each of the Borrower and each Guarantor (i) affirms that each of the security interests and liens granted in or pursuant to the Loan Documents are valid and subsisting, and (ii) agrees that this Amendment shall in no manner impair or otherwise adversely affect any of the security interests and liens granted in or pursuant to the Loan Documents.

			
	
			
				 7.
			Reaffirmation of Guarantee. Each Guarantor (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations 

		 

		

			4

		

 

		

			 

		

	under the Loan Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge the Guarantor’s obligations under the Loan Documents.

			
	
			
				 8.
			No Implied Waiver. Except as expressly set forth in this Amendment, this Amendment shall not, by implication or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of the Lender under the Credit Agreement or alter, modify, amend or in any way affect any of the terms, obligations or covenants contained in the Credit Agreement, other than as expressly set forth herein, all of which shall continue in full force and effect. Nothing in this Amendment shall be construed to imply any willingness on the part of the Lender to agree to or grant any similar or future amendment or waiver of any of the terms and conditions of the Credit Agreement.

			
	
			
				 9.
			Waiver and Release. TO INDUCE THE LENDER TO AGREE TO THE TERMS OF THIS AMENDMENT, THE BORROWER AND THE GUARANTORS (FOR THEMSELVES AND THEIR AFFILIATES) (COLLECTIVELY, THE “RELEASING PARTIES”) REPRESENT AND WARRANT THAT AS OF THE DATE HEREOF THERE ARE NO CLAIMS OR OFFSETS AGAINST OR RIGHTS OF RECOUPMENT WITH RESPECT TO OR DEFENSES OR COUNTERCLAIMS TO THEIR OBLIGATIONS UNDER THE LOAN DOCUMENTS AND IN ACCORDANCE THEREWITH THEY:

			
	
			
				 (a)
			WAIVE ANY AND ALL SUCH CLAIMS, OFFSETS, RIGHTS OF RECOUPMENT, DEFENSES OR COUNTERCLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE DATE HEREOF; AND

			
	
			
				 (b)
			FOREVER RELEASE, RELIEVE AND DISCHARGE THE LENDER, ITS OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, PARTNERS, PREDECESSORS, SUCCESSORS, ASSIGNS, ATTORNEYS, ACCOUNTANTS, AGENTS, EMPLOYEES AND REPRESENTATIVES (COLLECTIVELY, THE “RELEASED PARTIES”), AND EACH OF THEM, FROM ANY AND ALL CLAIMS, LIABILITIES, DEMANDS, CAUSES OF ACTION, DEBTS, OBLIGATIONS, PROMISES, ACTS, AGREEMENTS AND DAMAGES, OF WHATEVER KIND OR NATURE, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, CONTINGENT OR FIXED, LIQUIDATED OR UNLIQUIDATED, MATURED OR UNMATURED, WHETHER AT LAW OR IN EQUITY, WHICH THE RELEASING PARTIES EVER HAD, NOW HAVE, OR MAY, SHALL, OR CAN HEREAFTER HAVE, DIRECTLY OR INDIRECTLY ARISING OUT OF OR IN ANY WAY BASED UPON, CONNECTED WITH, OR RELATED TO MATTERS, THINGS, ACTS, CONDUCT, AND/OR OMISSIONS AT ANY TIME FROM THE BEGINNING OF THE WORLD THROUGH AND INCLUDING THE DATE HEREOF, INCLUDING WITHOUT LIMITATION ANY AND ALL CLAIMS AGAINST THE RELEASED PARTIES ARISING UNDER OR RELATED TO THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY.

			
	
			
				 (c)
			IN CONNECTION WITH THE RELEASE CONTAINED HEREIN, THE RELEASING PARTIES ACKNOWLEDGE THAT THEY ARE AWARE THAT THEY MAY HEREAFTER DISCOVER CLAIMS PRESENTLY 

		 

		

			5

		

 

		

			 

		

	UNKNOWN OR UNSUSPECTED, OR FACTS IN ADDITION TO OR DIFFERENT FROM THOSE WHICH THEY KNOW OR BELIEVE TO BE TRUE, WITH RESPECT TO THE MATTERS RELEASED HEREIN. NEVERTHELESS, IT IS THE INTENTION OF THE RELEASING PARTIES, THROUGH THIS AGREEMENT AND WITH ADVICE OF COUNSEL, FULLY, FINALLY AND FOREVER TO RELEASE ALL SUCH MATTERS, AND ALL CLAIMS RELATED THERETO, WHICH DO NOW EXIST, OR HERETOFORE HAVE EXISTED. IN FURTHERANCE OF SUCH INTENTION, THE RELEASES HEREIN GIVEN SHALL BE AND REMAIN IN EFFECT AS A FULL AND COMPLETE RELEASE OR WITHDRAWAL OF SUCH MATTERS NOTWITHSTANDING THE DISCOVERY OR EXISTENCE OF ANY SUCH ADDITIONAL OR DIFFERENT CLAIMS OR FACTS RELATED THERETO.

			
	
			
				 (d)
			THE RELEASING PARTIES COVENANT AND AGREE NOT TO BRING ANY CLAIM, ACTION, SUIT, OR PROCEEDING AGAINST THE RELEASED PARTIES, DIRECTLY OR INDIRECTLY, REGARDING OR RELATED IN ANY MANNER TO THE MATTERS RELEASED HEREBY, AND FURTHER COVENANT AND AGREE THAT THIS AGREEMENT IS A BAR TO ANY SUCH CLAIM, ACTION, SUIT OR PROCEEDING.

			
	
			
				 (e)
			THE RELEASING PARTIES REPRESENT AND WARRANT TO THE RELEASED PARTIES THAT THEY HAVE NOT HERETOFORE ASSIGNED OR TRANSFERRED, OR PURPORTED TO ASSIGN OR TRANSFER, TO ANY PERSON OR ENTITY ANY CLAIMS OR OTHER MATTERS HEREIN RELEASED.

			
	
			
				 10.
			Counterparts. This Amendment may be executed by the parties hereto in several counterparts, each of which shall be an original and all of which shall constitute together but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by e-mail (e.g., “pdf” or “tiff”) or telecopy shall be effective as delivery of a manually executed counterpart of this Amendment.

			
	
			
				 11.
			Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

		
			[Signature Page Follows]
		

		
			 
		

		
			

		 

		

			6

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						NATERA, INC.,

				
	
					
						 

					
					
						 

					
					
						as the Borrower

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael Brophy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael Brophy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						NATERA INTERNATIONAL, INC.,

				
	
					
						 

					
					
						 

					
					
						as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael Brophy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael Brophy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						NSTX, INC.,

				
	
					
						 

					
					
						 

					
					
						as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael Brophy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael Brophy

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ORBIMED ROYALTY

				
	
					
						 

					
					
						 

					
					
						OPPORTUNITIES II, LP,

				
	
					
						 

					
					
						 

					
					
						as the Lender

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By OrbiMed Advisors LLC,

				
	
					
						 

					
					
						 

					
					
						its investment manager

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ W. Carter Neild

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						W. Carter Neild

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Member

				

		
			 
		

		 

		

			7

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