Document:

EX-10.13

 Exhibit 10.13 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

EXCLUSIVE LICENSE AGREEMENT 

BY AND BETWEEN 
 TREVI
THERAPEUTICS, INC. 
 AND 

PENWEST PHARMACEUTICALS CO. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 ARTICLE II LICENSE GRANT AND PENWEST OPTION
	  	 	8	 
			
	 2.1
	 	License Grant	  	 	8	 
			
	 2.2
	 	Sublicenses	  	 	8	 
			
	 2.3
	 	Responsibility; Decision-making	  	 	8	 
			
	 2.4
	 	Penwest Option to Negotiate	  	 	9	 
			
	 2.5
	 	Trevi License Grant	  	 	9	 
		
	 ARTICLE III TECHNOLOGY TRANSFER AND TRANSITION ACTIVITIES
	  	 	9	 
			
	 3.1
	 	Know-how Transfer	  	 	9	 
			
	 3.2
	 	Regulatory Transition	  	 	10	 
			
	 3.3
	 	Supply of Material/Technology Transfer	  	 	10	 
			
	 3.4
	 	Transfer of TIMERx Manufacturing Process	  	 	10	 
			
	 3.5
	 	Cooperation	  	 	10	 
			
	 3.6
	 	Costs	  	 	10	 
		
	 ARTICLE IV FINANCIAL PROVISIONS
	  	 	10	 
			
	 4.1
	 	License Fee	  	 	10	 
			
	 4.2
	 	Milestones Payments	  	 	10	 
			
	 4.3
	 	Royalty Payments by Trevi	  	 	11	 
			
	 4.4
	 	Royalty Term	  	 	11	 
			
	 4.5
	 	Sublicense Income	  	 	11	 
			
	 4.6
	 	Payments; Reports	  	 	12	 
			
	 4.7
	 	Taxes	  	 	12	 
			
	 4.8
	 	United States Dollars	  	 	12	 
			
	 4.9
	 	Currency Conversion	  	 	12	 
			
	 4.10
	 	Late Payments	  	 	12	 
			
	 4.11
	 	Records and Audits	  	 	13	 
		
	 ARTICLE V INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS
	  	 	13	 
			
	 5.1
	 	Prosecution and Maintenance of Patent Rights	  	 	13	 
			
	 5.2
	 	Third Party Infringement	  	 	13	 
		
	 ARTICLE VI CONFIDENTIALITY
	  	 	15	 
			
	 6.1
	 	Confidential Information	  	 	15	 

  
 i 

							
	 6.2
	 	Permitted Disclosures	  	 	16	 
			
	 6.3
	 	Limitation on Penwest Disclosure of Penwest Know-how	  	 	16	 
			
	 6.4
	 	Publicity	  	 	16	 
			
	 6.5
	 	Publications	  	 	17	 
			
	 6.6
	 	Return of Confidential Information	  	 	17	 
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS
	  	 	17	 
			
	 7.1
	 	Mutual Representations	  	 	17	 
			
	 7.2
	 	Penwest’s Representations and Warranties	  	 	18	 
			
	 7.3
	 	No Warranty	  	 	18	 
		
	 ARTICLE VIII INDEMNIFICATION
	  	 	19	 
			
	 8.1
	 	Indemnification by Trevi	  	 	19	 
			
	 8.2
	 	Indemnification by Penwest	  	 	19	 
			
	 8.3
	 	Indemnification Procedure	  	 	20	 
			
	 8.4
	 	Limitation of Liability	  	 	20	 
		
	 ARTICLE IX TERM AND TERMINATION
	  	 	20	 
			
	 9.1
	 	Term	  	 	20	 
			
	 9.2
	 	Termination for Convenience	  	 	20	 
			
	 9.3
	 	Termination for Cause	  	 	20	 
			
	 9.4
	 	Penwest Termination	  	 	20	 
			
	 9.5
	 	Patent Challenge Termination	  	 	21	 
			
	 9.6
	 	Effect of Termination	  	 	21	 
			
	 9.7
	 	Survival	  	 	22	 
		
	 ARTICLE X DISPUTE RESOLUTION
	  	 	22	 
			
	 10.1
	 	Referral of Unresolved Matters to Senior Executives	  	 	22	 
			
	 10.2
	 	Arbitration	  	 	22	 
			
	 10.3
	 	Equitable Relief	  	 	23	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	23	 
			
	 11.1
	 	Governing Law and Jurisdiction	  	 	23	 
			
	 11.2
	 	Force Majeure	  	 	23	 
			
	 11.3
	 	Further Assurances	  	 	24	 
			
	 11.4
	 	Notices	  	 	24	 
			
	 11.5
	 	Assignment	  	 	24	 
			
	 11.6
	 	Affiliate Performance	  	 	24	 
			
	 11.7
	 	Amendment	  	 	25	 
			
	 11.8
	 	Entire Agreement	  	 	25	 

  
 ii 

							
	 11.9
	 	No Benefit to Third Parties	  	 	25	 
			
	 11.10
	 	Waiver	  	 	25	 
			
	 11.11
	 	No Implied Licenses	  	 	25	 
			
	 11.12
	 	Relationship of the Parties	  	 	25	 
			
	 11.13
	 	Severability	  	 	25	 
			
	 11.14
	 	Interpretation	  	 	25	 
			
	 11.15
	 	Counterparts	  	 	26	 

 Exhibit A - Description of Compound 

Exhibit B - Existing Inventory of API 
 Exhibit C - Existing
Penwest Patent Rights 
 Exhibit D - Technology Transfer Plan 

Exhibit E - Letters to FDA transferring INDs 

  
 iii 

 EXCLUSIVE LICENSE AGREEMENT 

This Exclusive License Agreement is entered into this 13th day of May, 2011 (the “Effective Date”), by and between Trevi
Therapeutics, Inc,, a Delaware company, with principal offices located at 52 Charter Ridge Drive, Sandy Hook, CT 06482 (“Trevi”) and Penwest Pharmaceuticals Co,, a Washington corporation, with principal offices located at 100 Endo
Boulevard, Chadds Ford, PA 19317 (“Penwest”). Each of Trevi and Penwest may be referred to, individually, as a “Party”, and, collectively, as the “Parties”. 

RECITALS 
 WHEREAS,
Penwest owns or controls certain patent rights and know-how related to a compound known as nalbuphine hydrochloride, including an extended release formulation; 

WHEREAS, Trevi is interested in obtaining an exclusive license under such patent rights and to such
know-how to develop and commercialize pharmaceutical products incorporating the foregoing compound, and Penwest is willing to grant Trevi such a license, in each case, on the terms and conditions set forth in
this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained in this Agreement, Penwest
and Trevi, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 When used in
this Agreement, each of the following capitalized terms, whether used in the singular or plural, shall have the meaning set forth in this Article I. 

1.1 “Affiliate” of an entity means any person or entity which, directly or indirectly, controls, is controlled by or is under
common control with such entity. For the purposes of this definition, “control” refers to any of the following: (i) direct or indirect ownership of fifty percent (50%) or more of the voting securities entitled to vote for the election
of directors in the case of a corporation, or of fifty percent (50%) or more of the equity interest with the power to direct management in the case of any other type of legal entity; (ii) status as a general partner in any partnership; or
(iii) any other arrangement where a person or entity possesses, directly or indirectly, the power to direct the management or policies of an entity, whether through ownership of voting securities, by contract or otherwise, 

1.2 “Agreement” means this Exclusive License Agreement, including any and all exhibits, schedules, appendices and other
addenda to it and as it may be amended from time to time in accordance with the provisions of this document. 
 1.3 “API”
means the active pharmaceutical ingredient contained in Licensed Product. 
 1.4 “Clinical Trial Commencement Date” means
the date on which Trevi commences initial activities towards the conduct of a human clinical trial of Licensed Product. 

  
 1 

 1.5 “Combination Product” means any pharmaceutical product containing both a
Licensed Product component and one or more other active pharmaceutical ingredients or other significant components. 
 1.6
“Commercially Reasonable Efforts”, as to a Party, means, as to development activities, the level of efforts and resources at least comparable to those normally used by development stage pharmaceutical companies to conduct an
activity similar to the relevant activity under like circumstances, and as to commercialization activities, the level of efforts and resources at least comparable to those normally used by specialty pharmaceutical companies to conduct an activity
similar to the relevant activity under like circumstances. 
 1.7 “Compound” means nalbuphine hydrochloride or any alternate
form of such compound, including any pharmaceutically acceptable salt, polymorph, crystal form, pro drug or solvate of such compound to the extent such alternate form is covered by Penwest Patent Rights. 

1.8 “Confidential Information” means any and all information, data and materials of a confidential or proprietary nature,
which are provided by or on behalf of one Party or any of its Affiliates to the other Party or any of its Affiliates in connection with this Agreement. 

1.9 “Control” or “Controlled”, other than for purposes of Section 1.1, means the possession of the right
to grant licenses or sublicenses or to disclose proprietary or trade secret information without violating the terms of any agreement or other arrangement with a Third Party and without misappropriating or infringing the proprietary or trade secret
information of a Third Party. 
 1.10 “Cover”, “Covering” or “Covered” means, with respect
to a Patent Right and invention, that, in the absence of ownership of, or a license under, such Patent Right, the practice of such invention would infringe a Valid Claim of such Patent Right (including in the case of a Patent Right that is a patent
application, a Valid Claim of such patent application as if such patent application were an issued patent). 
 1.11 “EMA”
means the European Medicines Agency or any successor agency. 
 1.12 “EU” means the countries of the European Union, as it
is constituted as of the Effective Date and as it may be expanded from time to time. 
 1.13 “Existing Inventory” means the
quantity of API to be transferred by Penwest to Trevi under Section 3.3, as described in Exhibit 3. 
 1.14 “FDA” means
the United States Food and Drug Administration or any successor agency thereto. 
 1.15 “Field” means all uses. 

1.16 “First Commercial Sale”, as to a particular country, means the first commercial sale of a Licensed Product by Trevi or
any of its Affiliates or Sublicensees to a Third Party in such country after approval of the NDA, or if approval of an NDA is not required in such country, then following receipt of Marketing Approval required to market such Licensed Product in such
country. 

  
 2 

 1.17 “GAAP” means United States generally accepted accounting principles applied
on a consistent basis, or any other accounting principles generally accepted for public companies in the United States such as International Financial Reporting Standards (“IFRS”). Unless otherwise defined or stated, financial terms
shall be calculated under GAAP. 
 1.18 “IND” means an Investigational New Drug Application filed with FDA or a similar
application filed with an applicable Regulatory Authority outside of the United States such as a clinical trial application (CTA) or a clinical trial exemption (CTX). 

1.19 “Know-how” means inventions, practices, methods, protocols, formulas, knowledge, know-how, trade secrets, processes, procedures, specifications, assays, skills, experience, techniques, data and results of experimentation and testing, including pharmacological, toxicological, safety, stability
and pre-clinical and clinical test data and analytical and quality control data, patentable or otherwise. 

1.20 “Knowledge of Penwest” means the actual knowledge of the current executive officers of Penwest of events arising after
November 4, 2010. 
 1.21 “Licensed Product” means any product comprising, incorporating or containing any Compound, in
any formulation, and shall specifically include the extended release formulation of Compound made using TIMERx Technology. 
 1.22
“Marketing Approval” means any approval, including price approval, registration, license or authorization from any Regulatory Authority required to market and sell a Licensed Product in a jurisdiction and shall include an approval,
registration, license or authorization granted in connection with an NDA. 
 1.23 “Merger” means the acquisition of Penwest
by Endo Pharmaceuticals Inc. 
 1.24 “NDA” means a New Drug Application, Biologies License Application or equivalent
submission filed with the FDA in connection with seeking Marketing Approval of a Licensed Product, or an equivalent application filed with any equivalent regulatory agency or governmental authority in any jurisdiction other than the United States.

 1.25 “Net Sales” means the gross amount invoiced on sales of Licensed Product in the Territory by Trevi, its Affiliates
and Sublicensees to any Third Party, less the following deductions with respect to the sale of such Licensed Product, in each case, calculated in accordance with GAAP, consistently applied: 

(i) normal trade, cash and quantity discounts and other customary discounts actually given to customers in the ordinary course
of business; 
 (ii) rebates, credits and allowances given by reason of rejections, returns, damaged or defective product or
recalls; 

  
 3 

 (iii) government-mandated rebates and any other compulsory payments, credits,
adjustments and rebates actually paid or deducted; 
 (iv) price adjustments, allowances, credits, chargeback payments,
discounts, rebates, fees, reimbursements or similar payments granted to managed care organizations, group purchasing organizations or other buying groups, pharmacy benefit management companies, health maintenance organizations and any other
providers of health insurance coverage, health care organizations or other health care institutions (including hospitals), health care administrators or patient assistance or other similar programs, or to federal, state/provincial, local and other
governments, including their agencies, or to wholesalers, distributors or other trade customers; 
 (v) reasonable and
customary freight, shipping, insurance and other transportation expenses, if actually borne by such Trevi or its Affiliates or Sublicensees without reimbursement from any Third Party; 

(vi) sales, value-added, excise taxes, tariffs and duties, and other taxes and government charges directly related to the sale,
delivery or use of Licensed Product (but not including taxes assessed directly against the income derived from such sale) net of any credits or allowances received by Trevi or its Affiliates or Sublicensees with respect to such taxes or charges;

 (vii) amounts previously included in Net Sales of Licensed Product that are written off as uncollectible after reasonable
collection efforts, in accordance with standard practices of the applicable party; and 
 (viii) any item, substantially
similar in character or substance to any of the foregoing, calculated in accordance with GAAP consistently applied and customary in the pharmaceutical industry to be deducted in the definition of net sales in a license agreement of this type. 

Notwithstanding anything in this Agreement to the contrary, the transfer of a Licensed Product between or among Trevi, its Affiliates and Sublicensees will
not be considered a sale. 
 Net Sales will include the cash consideration received on a sale and the fair market value of all non-cash consideration. 
 Disposition of Licensed Product for, or use of the Licensed Product in, clinical trials or
other scientific testing, as free samples, or under compassionate use, patient assistance, or test marketing programs or other similar programs or studies shall not result in any Net Sales, however if Trevi or any of its Affiliates or Sublicensees
charges for such Licensed Product, the amount billed will be included in the calculation of Net Sales. 
 In the event a Licensed Product is sold in the
form of a Combination Product, then the Net Sales for any such Combination Product shall be determined by multiplying the Net Sales of the Combination Product during the applicable royalty reporting period, by the fraction, A/(A+B), where A is the
weighted (by sales volume) average sale price of the Licensed Product component 

  
 4 

 
when sold separately in finished form in the country in which the Combination Product is sold and B is the weighted (by sales volume) average sale price of the other active pharmaceutical
ingredients or significant components included in the Combination Product when sold separately in finished form in the country in which the Combination Product is sold, in each case during the applicable royalty reporting period or, if sales of both
the Licensed Product component and the other active pharmaceutical ingredients or significant components did not occur in such period, then in the most recent royalty reporting period during the preceding twelve (12) months in which sales of
both occurred, if any. In the event that such average sale price cannot be determined for both the Licensed Product and all other active pharmaceutical ingredients or significant components included in the Combination Product, then the Parties will
in good faith discuss and agree on a pro-rata allocation of the Net Sales that reflects the Licensed Product’s contribution to the Combination Product on an equitable basis. 

1.26 “Penwest Know-how” means any Know-how
owned or otherwise Controlled by Penwest or any of its Affiliates as of the Effective Date or any time during the Term that (i) is incorporated into Licensed Product or the manufacturing process for Licensed Product; (ii) was used or
generated in the development, manufacture or use of Licensed Product, including preclinical and clinical data; or (iii) is otherwise reasonably necessary or useful to the research, formulation, development (including filing for and obtaining
Marketing Approval), manufacture, import, marketing, sale or use of Licensed Product in the Field. For the sake of clarity, and not in limitation of the foregoing, Penwest Know-how includes Know-how related to the TIMERx Technology as incorporated into an extended release formulation of Compound. 

1.27 “Penwest Patent Rights” means (i) any and all patents and patent applications owned or otherwise Controlled by
Penwest or any of its Affiliates on the Effective Date or at any time during the Term anywhere in the Territory that Cover Penwest Know-how or that otherwise Cover the research, formulation, development,
manufacture, import, marketing, sale or use of Licensed Product in the Field; and (ii) any and all extensions or restorations of the foregoing patents or patent applications by existing or future extension or restoration mechanisms, including
revalidations, reissues, re-examinations and supplementary protection certificates and the like. Penwest Patent Rights includes the patents and patent applications listed in Exhibit C. 

1.28 “Patent Rights” means patents and patent applications and all substitutions, divisions, continuations, continuations-in-part, reissues, reexaminations, supplemental protection certificates and extensions and the like thereof, and all counterparts thereof in any country. 

1.29 “Phase 2 Clinical Study” means a human clinical trial as described in 21 C.F.R. §312.21(b), or an equivalent
clinical trial in a country in the Territory other than the United States. 
 1.30 “Phase 2 Data Package” means a data
package that contains the results of the Phase 2 Clinical Studies of Licensed Product required to be completed prior to commencement of a Phase 3 Clinical Study of Licensed Product in the following form: (i) a statistical analysis of results,
(ii) analysis tables, data listings and illustrative figures, (iii) the table of adverse events, and (iv) a narrative description of serious adverse events, in each case in the format compiled by Trevi, which shall be consistent with
industry standards. 

  
 5 

 1.31 “Phase 3 Clinical Study” means a human clinical trial that is prospectively
designed to demonstrate statistically whether a product is safe and effective for use in humans in the indication being investigated as described in 21 C.F.R. §312.21(c), or an equivalent clinical trial in a country in the Territory other than
the United States. 
 1.32 “Regulatory Authority” means any federal, national, multinational, state, county, city,
provincial, or local regulatory agency, department, bureau or other governmental entity with authority over the marketing, commercialization, manufacture or sale of a pharmaceutical product in the Territory, including the FDA in the United States
and the EMA in the EU. 
 1.33 “Royalty Term” has the meaning set forth in Section 4.4(a). 

1.34 “Sublicensee” means a Third Party to whom Trevi or any of its Affiliates or another Sublicensee grants an express
sublicense under the Penwest Patent Rights and Penwest Know-how to develop, manufacture and commercialize Licensed Product in the Field, provided that the term “Sublicensee” does not include
any wholesaler or third party distributor who resells a Licensed Product purchased from Trevi or any of its Affiliates or other Sublicensees in final finished form (but not necessarily in final packaged, and labeled form), provided that Penwest is
paid the royalty specified in Section 4.3 on the purchase price of such Licensed Product paid by such wholesaler or distributor to Trevi or any of its Affiliates or Sublicensees. 

1.35 “Sublicense Income” means all non-royalty income (whether in the form of upfront
payments, milestone payments or otherwise) received by Trevi or any of its Affiliates from a Sublicensee specifically for the grant of a sublicense of the license granted to Trevi under Section 2.1 hereof to such Sublicensee with respect to the
development, manufacture or commercialization of a Licensed Product (or, if rights in addition to a sublicense under Section 2.1 are granted to such Sublicensee, then reasonably allocated to the grant of the sublicense of rights under
Section 2.1 with respect to such Licensed Product), excluding: 
 (i) amounts received by Trevi or any of its Affiliates
from such Sublicensee as the purchase price for debt or equity securities of Trevi or any of its Affiliates, except that amounts which exceed the fair market value of such debt or equity securities will not be so excluded to the extent otherwise
falling within this definition; 
 (ii) amounts received by Trevi or any of its Affiliates as payments for their actual
reasonably allocated costs (including personnel costs and out-of-pocket costs) to perform research, development or commercialization activities undertaken by Trevi or
its Affiliates for, or in collaboration with, such Sublicensee with respect to Licensed Product; 
 (iii) actual and
reasonable out-of-pocket costs paid to Trevi or any of its Affiliates for the prosecution, maintenance, defense and enforcement of Patent Rights relevant to Licensed
Product; 
 (iv) amounts received by Trevi or any of its Affiliates as reimbursement for costs borne solely by Trevi or any
of its Affiliates, with respect to Third Party claims for which the Sublicensee is obligated to indemnify Trevi or any of its Affiliates, to the extent related to Licensed Product; and 

  
 6 

 (v) amounts paid by such Sublicensee to Trevi or any of its Affiliates or other
Sublicensees to purchase any Licensed Product as to which Penwest will receive a royalty on the direct sale by the Sublicensee. 
 1.36
“Successful Completion” as to a Phase 3 Clinical Study means that the primary endpoints of such study have been met. 
 1.37
“Technology Transfer Plan” means the plan for transfer to Trevi of Penwest Know-how attached to this Agreement as Exhibit D. 

1.38 “Term” means the term of this Agreement determined in accordance with Section 9.1. 

1.39 “Territory” means worldwide. 

1.40 “TIMERx Technology” means Penwest’s proprietary controlled-release drug delivery technology, TIMERx M50A for solid
dosage forms, 
 1.41 “Third Party” means any person other than a Party or any of its Affiliates or their respective
employees. 
 1.42 “Trevi Improvements” means any Know-how owned or otherwise
Controlled by Trevi or any of its Affiliates that constitutes an improvement of the Penwest Know-how, developed by Trevi or any of its Affiliates during the Term, and incorporated into the Licensed Product by
Trevi or any of its Affiliates. 
 1.43 “Trevi Improvement Patent Rights” means Patent Rights owned or Controlled by Trevi
or any to its Affiliates Covering any Trevi Improvement. 
 1.44 “Trevi TIMERx Improvement” means any Trevi Improvement that
consists of a specific improvement to the TIMERx Technology. 
 1.45 “Trevi TIMERx Improvement Patent Right” means any Trevi
Improvement Patent Rights that specifically Cover a Trevi TIMERx Improvement. 
 1.46 “United States” or
“U.S.” means the United States of America and its territories and possessions. 
 1.47 “Valid Claim” means
(i) a claim of an issued and unexpired patent that has not been revoked or held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction from which no appeal can be taken or with respect to which
an appeal is not taken within the time allowed for appeal, and that has not been disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise or been dedicated to the public, and (ii) a claim in a pending
patent application that is being prosecuted 

  
 7 

 
and that has not been abandoned, disclaimed, allowed to lapse or finally determined to be unallowable by the applicable governmental authority in a decision from which no appeal can be taken or
from which no appeal is taken within the time allowed for appeal, and that has not been pending for more than [**] from the earliest claimed priority date. 

ARTICLE II 
 LICENSE
GRANT AND PENWEST OPTION 
 2.1 License Grant. Subject to the terms and conditions of this Agreement, Penwest and its Affiliates
hereby grant to Trevi an exclusive license (or sublicense, as the case may be) under the Penwest Patent Rights and the Penwest Know-how, in each case with the right to grant sublicenses, to the extent provided
in Section 2.2, to research, develop, make, have made, use, import, export, market, offer for sale, sell and have sold, Licensed Product in the Territory within the Field. 

2.2 Sublicenses. 
 (a)
Sublicensing. The rights granted to Trevi by Penwest under Section 2.1, may be extended to an Affiliate or sublicensed, in whole or in part, to a Third Party (through multiple levels of sublicensing). Trevi will, promptly after
signature, provide Penwest with an unredacted copy of each agreement with a Sublicensee executed by Trevi or any of its Affiliates. Sublicensees may also extend the rights granted under Section 2.1 to any of their Affiliates. 

(b) Performance by Sublicensees. Trevi will be fully responsible for performance by each Sublicensee of its obligations under this
Agreement. Each sublicense granted by Trevi or by any of its Affiliates or Sublicensees pursuant to this Section 2.2 will contain terms and conditions consistent with those sections of this Agreement applicable to Sublicensees, and specifically
obligations to Penwest of (i) Section 2.4 (Penwest Option to Negotiate), 4.11 (Records and Audits), Article V (Intellectual Property Ownership, Protection and Related Matters), Article VIII (Indemnification), Article IX (Term and
Termination), Article X (Dispute Resolution) and Article XI (Miscellaneous). In addition, each sublicense agreement will contain the following provisions: (i) a requirement that any Sublicensee selling Licensed Product submit applicable sales
or other reports to Trevi to the extent necessary or relevant to the reports required to be made or records required to be maintained under this Agreement; (ii) an audit requirement as to those Sublicensees selling Licensed Product consistent
with that set forth in Section 4.11; and (iii) a requirement that such Sublicensee comply with the confidentiality provisions and restrictions on use of Confidential Information consistent with Article VI with respect to Confidential
Information of Penwest. 
 2.3 Responsibility; Decision-making. During the Term, Trevi will, including through its Affiliates and
Sublicensees, have sole responsibility for and sole decision-making authority with respect to, the research, development, manufacture, marketing, sale and use of Licensed Product in the Field, and except as otherwise expressly set forth in this
Agreement, will be responsible for all of the costs and expenses associated with such activities during the Term. Trevi shall use its Commercially Reasonable Efforts to develop and commercialize Licensed Product in the Territory. 

  
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 2.4 Penwest Option to Negotiate. Trevi hereby grants to Penwest a first right of
negotiation to re-acquire Penwest’s rights under the Penwest Know-how and the Penwest Patent Rights with respect to Licensed Product, and to acquire a license to
Trevi Improvements and Trevi Improvement Patent Rights for the research, development, manufacture and commercialization of Licensed Product (the “Reacquisition Option”). Penwest must exercise the Reacquisition Option by delivering
written notice to Trevi within [**] of delivery to Penwest by Trevi of the Phase 2 Data Package (the “Exercise Notice”). Upon receipt of the Exercise Notice, the Parties will negotiate in good faith the terms of a license agreement,
at then current market rates for deals at a similar stage with a product of similar market potential as Licensed Product. In the event Penwest does not provide the Exercise Notice within [**] of delivery to Penwest by Trevi of the Phase 2 Data
Package, or if the Parties have not executed a definitive agreement under the preceding sentence within [**] of the date of Trevi’s receipt of the Exercise Notice (the “Exclusive Negotiation Period”), despite good faith
negotiations, then Trevi shall thereafter be free to enter into an agreement with one or more Third Parties granting such Third Parties the right to research, develop, manufacture or commercialize Licensed Product, and Penwest will no longer have a
Reacquisition Option, provided that Trevi will not, during the [**]period following the end of the Exclusive Negotiation Period, enter into an agreement with a Third Party on terms more favorable to such Third Party than those last offered to
Penwest, unless Trevi has first offered such terms to Penwest. 
 2.5 Trevi License Grant. Trevi hereby grants to Penwest a non-exclusive royalty-free license (with the right to sublicense) under the Trevi TIMERx Improvement Patent Rights to use and practice any Trevi TIMERx Improvement for the development, design or manufacture of
products other than the Licensed Product, provided, that, to the extent that Trevi or any of its Affiliates is required to pay any license fee, milestone payment, royalty or any other payment to any Third Party as a result of Penwest’s exercise
of its rights pursuant to the license granted under the preceding sentence or in connection with the sale of any resulting products, Trevi shall fully disclose such payment obligations within [**] of the grant of such Third Party license, Penwest
may elect not to accept the grant of the license to any such Third Party intellectual property with corresponding payment obligations upon [**] written notice to Trevi from the date of Penwest’s receipt of notification of such payment
obligations. If Penwest chooses to accept such license, Penwest shall pay such amounts to Trevi, or, as directed by Trevi, directly to such Third Party, on each occasion within [**] of receipt of the applicable invoice from Trevi, and appropriate
supporting documentation. 
 ARTICLE III 

TECHNOLOGY TRANSFER AND TRANSITION ACTIVITIES 

3.1 Know-how Transfer. Penwest agrees to transfer to Trevi the Penwest Know-how specified in the Technology Transfer Plan, including all preclinical and clinical data, and manufacturing information, if any, in accordance with the time-lines and other requirements set forth in such
plan. In the event Penwest Know-how is in the possession of a Third Party, Penwest will, at the request of Trevi, use Commercially Reasonable Efforts, to obtain such information from such Third Party so that
such information may be made available to Trevi under this Section. All external costs incurred in connection with this effort will be the responsibility of Trevi. 

  
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 3.2 Regulatory Transition. Penwest agrees to transfer the INDs for Licensed Product to
Trevi. Concurrent with execution of this Agreement, and as a condition to Trevi’s payments obligation under Section 4.1, Penwest will execute and deliver to Trevi for mailing, letters to the FDA transferring the INDs related to Licensed
Product to Trevi, such letters to be in the form attached to this Agreement as Exhibit E. In addition, Penwest will use Commercially Reasonable Efforts to take such other actions as any Regulatory Authority may request to effect the transfer of INDs
related to Licensed Product to Trevi. Prior to transfer of the IND, Penwest will continue to perform such obligations as are required under applicable law with respect to an IND holder. 

3.3 Supply of Material/ Technology Transfer. Penwest will transfer to Trevi all quantities of API in Penwest’s possession or
control, including the Existing Inventory, with delivery costs to be paid by Trevi. Penwest will also furnish to Trevi those documents listed in the Technology Transfer Plan, with any delivery or retrieval costs to be paid by Trevi. 

3.4 Transfer of TIMERx Manufacturing Process. At the request of Trevi, Penwest will provide to Trevi copies of excerpts from the
relevant laboratory notebooks and manufacturing records as necessary to enable Trevi to replicate and implement the manufacturing process for the TIMERx Technology, provided, however, that Trevi may use such information solely to manufacture
Licensed Product pursuant to this Agreement and for no other purpose. 
 3.5 Cooperation. Except as set forth in Sections 3.1, 3.2 and
3.3, Penwest will have no obligation to provide any on-going assistance in connection with technology transfer activities contemplated under this Agreement, except that Penwest will permit Trevi to consult
with Penwest’s former employees who have possession of relevant information related to the research, development, manufacture or use of Licensed Product, and will permit such persons to share such information, including relevant Confidential
Information of Penwest, with Trevi for purposes of this Agreement, so long as such consulting occurs under confidentiality obligations at least as stringent as those in Article VI of this Agreement. 

3.6 Costs. Each Party will pay its own internal costs associated with technology transfer activities to be provided under this
Section 3. To the extent any technology transfer activities to be provided under this Section require external resources, Trevi shall bear the costs of such external resources, provided that such activities and costs are expressly set forth in
the Technology Transfer Plan or are otherwise approved in writing in advance by Trevi. 
 ARTICLE IV 

FINANCIAL PROVISIONS 
 4.1
License Fee. Subject to Section 3.2, within ten (10) days of the Effective Date, Trevi will pay to Penwest a non-creditable, non-refundable license fee
of $25,000. 
 4.2 Milestones Payments. Subject to the terms and conditions of this Agreement, Trevi will pay Penwest a milestone
payment upon the first occurrence of each of the following events, no later than [**] after the occurrence of the event: 

  
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	 Event Milestone
	 	Event Milestone Payment	 
	 (i) Successful Completion of the first Phase 3 Clinical Study
	 	$	250,000	 
	 (ii)  Receipt of Marketing Approval of Licensed Product in the United States
	 	$	750,000	 

 Each of the above milestone payments will be payable only upon the first occurrence of the applicable event, regardless of how
many times the event is ultimately achieved. 
 4.3 Royalty Payments by Trevi. Trevi will pay to Penwest royalties on Net Sales of
Licensed Product in the Field in the Territory by Trevi and its Affiliates and Sublicensees, calculated using the following royalty rates: 
  

			
	 Portion of Calendar Year Net Sales of such Licensed
Product
	 	 Royalty Rate

	 On that portion of calendar year Net Sales of the Licensed Product less than $[**]
	 	 [**]%

	 On that portion of calendar year Net Sales of the Licensed Product equal to or greater than
$[**] but less than or equal to $[**]
	 	 [**]%

	 On that portion of calendar year Net Sales of the Licensed Product greater than $[**]
	 	 [**]%

 4.4 Royalty Term. 

(a) Royalties. Royalties under Section 4.3 will be payable on a country by country and Licensed Product-by-Licensed Product basis during the period commencing on the First Commercial Sale of such Licensed Product in the applicable Field in such country and ending upon the later of (i) the date of
expiration, unenforceability or invalidation of the last Valid Claim of Penwest Patent Rights Covering such Licensed Product in such country of sale, and (ii) ten (10) years from the date of First Commercial Sale in such country (the
“Royalty Term”). 
 (b) End of Patent Royalty Term. Upon expiration of the Royalty Term, as the case may be, in the
country of sale, the license granted to Trevi and its Affiliates and Sublicenses under Article II will convert to a know-how and trademark royalty of [**]% of Net Sales. 

4.5 Sublicense Income. In addition to paying Penwest a royalty on the Net Sales by the Sublicensee under Section 4.3, Trevi will
pay Penwest a percentage of any Sublicense Income received with respect to a Licensed Product to the extent not included in Net Sales, determined based on the date of the definitive agreement under which the sublicense was granted, as follows: 

 

			
	 Stage at Execution of definitive agreement with the
Sublicensee
	  	 Penwest Portion

	 [**]
	  	 [**]%

	 [**]
	  	 [**]%

  
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 4.6 Payments; Reports. Within [**] of the end of calendar quarter, Trevi shall deliver to
Penwest an estimate of the royalties due on Net Sales and payments due on Sublicense Income for such calendar quarter. Trevi will pay royalties due on Net Sales, and payments due on Sublicense Income, received in a calendar quarter within [**] of
the end of such calendar quarter. Within [**] after the end of each calendar quarter, Trevi will submit to Penwest a report, providing in reasonable detail an accounting of all Net Sales by Trevi and its Affiliates and Sublicensees in the Territory
(including, in each case, an accounting of all unit sales of the Licensed Product and a calculation of the deductions from gross invoice price to Net Sales in accordance with the definition of Net Sales) made during such calendar quarter and
describing any Sublicense Income received during such period. 
 4.7 Taxes. Trevi will make all payments to Penwest under this
Agreement without deduction or withholding except to the extent that any such deduction or withholding is required by applicable law to be made on account of Taxes (as that term is defined below). Any Tax required to be withheld under applicable law
on amounts payable under this Agreement will promptly be paid by Trevi or its Affiliates or Sublicensees on behalf of Penwest to the appropriate governmental authority, and Trevi will furnish Penwest with proof of payment of such Tax. Any such Tax
required to be withheld will be an expense of and borne by Penwest. Trevi will give notice of its intention to begin withholding any such Tax in advance and will use Commercially Reasonable Efforts to reduce or eliminate such Tax on payments made to
Penwest hereunder. The Parties will cooperate with respect to all documentation required by any relevant government taxing authority or reasonably requested by either Party to secure a reduction in the rate of applicable withholding Taxes. Solely
for purposes of this Section 4.7, “Tax” or “Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including interest, penalties and additions thereto)
that are imposed by a government authority, but not including Trevi income taxes. 
 4.8 United States Dollars. All dollar ($) amounts
specified in this Agreement are United States dollar amounts. 
 4.9 Currency Conversion. All payments to be made by Trevi to Penwest
will be made in U.S. Dollars, to a bank account designated by Penwest. In the case of sales outside the United States, payments received by Trevi will be expressed in the U.S. Dollar equivalent calculated on a quarterly basis in the currency of
the country of sale and converted to their U.S. Dollar equivalent using the average rate of exchange over the applicable calendar quarter to which the sales relate, in accordance with GAAP and the then current standard methods of Trevi or the
applicable Sublicensee, to the extent reasonable and consistently applied. Trevi will provide Penwest with the specific exchange rate translation methodology used for a particular country or countries. 

4.10 Late Payments. Trevi will pay interest to Penwest on the aggregate amount of any payments that are not paid on or before the date
such payments are due under this Agreement at a rate per annum equal to the lesser of [**] percent ([**]%) per month or the highest rate permitted by applicable law, calculated based on the number of days such payments are paid after the date such
payments are due. 

  
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 4.11 Records and Audits. Trevi will keep complete and accurate records relating to the
calculations of Net Sales generated in the then current calendar year, and during the preceding [**]. Penwest will have the right, [**] at its own expense, to have a nationally recognized, independent, certified public accounting firm, selected by
it and reasonably acceptable to Trevi, review any such records of Trevi and its Affiliates and Sublicensees (the “Audited Party”) in the location(s) where such records are maintained by the Audited Party upon reasonable written
notice (which shall be no less than [**] prior written notice) and during regular business hours and under obligations of strict confidence, for the sole purpose of verifying the basis and accuracy of payments made under Section 4.3 and 4.5
within the [**] period preceding the date of the request for review. No calendar year will be subject to audit under this Section more than [**] except for cause. Trevi will receive a copy of each such report concurrently with receipt by Penwest.
Should such inspection lead to the discovery of a discrepancy to Penwest’s detriment, Trevi will, within [**] after receipt of such report from the accounting firm, pay any undisputed amount of the discrepancy, plus interest on the underpayment
at a rate per annum equal to the lesser of [**] percent ([**]%) per month or the highest rate permitted by applicable law, calculated from the date the underpayment was made until the date of payment to Penwest of the underpayment. Penwest will pay
the full cost of the review unless the underpayment of amounts due to Penwest is greater than [**] percent ([**]%) of the amount due for the entire period being examined, in which case Trevi will pay the cost of such review. Any undisputed
overpayment of royalties by Trevi revealed by an examination will be paid by Penwest within [**] of Penwest’s receipt of the applicable report. Any disagreement regarding the results of any audit conducted under this Section will be subject to
the dispute resolution provisions set forth in Article X. 
 ARTICLE V 

INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION 

AND RELATED MATTERS 
 5.1
Prosecution and Maintenance of Patent Rights. Trevi will have responsibility and decision-making authority, including responsibility for all fees and costs, with respect to, filing, conducting prosecution, and maintaining (including the
defense of any interference or opposition proceedings) all Penwest Patent Rights (not including for this purpose Patent Rights that are of general applicability with respect to the TIMERx Technology), including decisions related to continued
prosecution. Trevi shall consult with Penwest and shall keep Penwest informed regarding all matters relating to such prosecution, but shall directly instruct Penwest outside counsel as to all matters relating to Penwest Patent Rights. If at any time
Penwest and Trevi disagree and cannot reach agreement regarding prosecution of any Penwest Patent Rights, Penwest may retake responsibility for prosecution of those rights by notifying Trevi in writing. Upon such notification, Penwest shall
thereafter have responsibility and decision-making authority, including responsibility for all fees and costs for all Penwest Patents Rights identified in the notice. 

5.2 Third Party Infringement. 

(a) Notices. Each Party will promptly report in writing to the other Party any (i) known or suspected infringement of any Penwest
Patent Rights, or (ii) unauthorized use or misappropriation of any Penwest Know-how by a Third Party, of which such Party becomes aware, in each case only to the extent relevant to Licensed Product or the
development, manufacture, commercialization or use of Licensed Product in the Field in the Territory, and will provide the other Party with all available information evidencing such infringement, or unauthorized use or misappropriation. 

  
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 (b) Trevi First Right to Enforce Certain Penwest Patent Rights. Trevi or its designated
Affiliate or Sublicensee will have the first right, but not the obligation, to initiate a suit or take other appropriate action required to prevent or abate actual or threatened infringement or misappropriation of, or otherwise protect or enforce,
the Penwest Patent Rights and/or defend against a Third Party claim of invalidity or unenforceability of Penwest Patent Rights. Penwest and its Affiliates will join such suit if the relevant court would lack jurisdiction if Penwest or such Affiliate
were absent from such suit and Penwest and such Affiliates will execute such legal papers and cooperate in the prosecution of such suit as may be reasonably requested by Trevi; provided, that Trevi will promptly reimburse all out-of-pocket expenses (including reasonable attorneys’ fees and expenses) incurred by Penwest and such Affiliates in connection with such requested cooperation. 

(c) Penwest Rights if Trevi Elects Not to Proceed. If Trevi does not initiate a suit or take other appropriate action pursuant to
Section 5.2(b) within [**] after knowledge of such infringement or misappropriation or, in the case of receipt of a notice letter sent by a Third Party pursuant to the requirements of 21 U.S.C. § 355(b)(2)(A)(iv) or 355(j)(2)(A)(vii)(IV)
or under any analogous provisions, within [**] before any statutory or regulatory deadline for filing such suit, then Penwest will have the immediate right to initiate a suit or take other appropriate action that it believes is reasonably required
to prevent or abate actual or threatened infringement or misappropriation of, or otherwise to protect or enforce the relevant Penwest Patent Rights. Trevi and its Affiliates will join such suit if the relevant court would lack jurisdiction if Trevi
or such Affiliates were absent from such suit and Trevi and such Affiliates will execute such legal papers and cooperate in the prosecution of such suit as may be reasonably requested by Penwest; provided, that Penwest will promptly reimburse all out-of-pocket expenses (including reasonable attorneys’ fees and expenses) incurred by Trevi and such Affiliates in connection with such requested cooperation. 

(d) Right to Enforce Know-how. Responsibility for preventing or abating actual or threatened
infringement or misappropriation of, or otherwise protecting or enforcing Penwest Know-how will be determined in the same manner as the right to enforce Penwest Patent Rights under paragraph (b) and (c).
The enforcing Party shall keep the other Party informed of the status of all enforcement activities, and shall consider in good faith all comments of the other Party regarding any aspect of such enforcement. 

(e) Conduct of Certain Actions; Costs. The Party initiating suit under this Section 5.2 will have the sole and exclusive right to
select counsel for any suit initiated by it pursuant to this Section. The initiating Party will assume and pay all of its own out-of-pocket costs incurred in connection
with any litigation or proceedings initiated by it pursuant to this Section, including the fees and expenses of the legal counsel selected by it. 

  
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 (f) Recoveries. 

(i) If Trevi initiates suit as permitted in accordance with Section 5.2(b) or, with respect to Penwest Know-how, in the same manner as set forth in Section 5.2(b), any damages, settlements, accounts of profits, or other financial compensation actually paid to Trevi by a Third Party based upon such suit, after
deducting Trevi’s actual out of pocket expenses (including reasonable attorneys’ fees and expenses) incurred in pursuing such suit (such net amount, the “Recovery”), will be treated as Sublicense Income, and will be
subject to the payment obligations under Section 4.5, with Trevi retaining the balance after such payment. 
 (ii) If
Penwest initiates suit pursuant to Section 5.2(c) or with respect to Penwest Know-how, in the same manner as set forth in Section 5.2(c), Penwest may retain any damages, settlements, accounts of
profits, or other financial compensation recovered from a Third Party based upon such suit. 
 ARTICLE VI 

CONFIDENTIALITY 
 6.1
Confidential Information. During the Term and for a period of [**] after any termination or expiration of this Agreement, each Party agrees to keep in confidence and not to disclose to any Third Party, or use for any purpose, except pursuant
to, and in order to carry out, the terms and objectives of this Agreement (which, in the case of Trevi and its Affiliates and Sublicensees, includes activities contemplated by the licenses granted in Sections 2.1) or as otherwise specifically
permitted under this Agreement, any Confidential Information of the other Party. The terms of this Agreement will be considered Confidential Information of both Parties, subject to permitted disclosures as set forth in this Article VI. The
restrictions on the disclosure and use of Confidential Information set forth in the first sentence of this Section 6.1 will not apply to any Confidential Information that: 

(i) is or becomes part of the public domain through no fault of the receiving Party; or 

(ii) is disclosed to the receiving Party by a Third Party having a legal right to make such disclosure without violating any
confidentiality or non-use obligation that such Third Party has to the disclosing Party and provided such Third Party is not disclosing such information on behalf of the disclosing Party. 

In addition, if either Party is required to disclose Confidential Information of the other Party by regulation, law or legal process, including by the rules
or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or Nasdaq, such Party shall, to the extent practicable, provide prior written
notice and a copy of such intended disclosure to such other Party if possible under the circumstances, will consider in good faith the other Party’s comments, will disclose only such Confidential Information of such other Party as is required
to be disclosed and will cooperate in the disclosing Party’s efforts to obtain a protective order or to limit the scope of the required disclosures. Notwithstanding anything in this Agreement to the contrary, either Party may disclose to bona
fide potential or existing investors or lenders, potential acquirors/acquirees, 

  
 15 

 
and, in the case of Trevi, to potential and existing sublicensees and collaborators, and to such Party’s consultants and advisors, the existence and terms of this Agreement to the extent
necessary in connection with a proposed equity or debt financing of such Party, or a proposed acquisition or business combination or transaction, so long as such recipients are bound in writing to maintain the confidentiality of such information.

 6.2 Permitted Disclosures. Each Party agrees that it and its Affiliates will provide or permit access to Confidential Information
received from the other Party and such Party’s Affiliates and representatives only to the receiving Party’s employees, consultants, advisors and bona fide potential acquirors, Third Party contractors, potential and existing Sublicensees
and distributors, in each case who, in such Party’s reasonable judgment, have a need to know such Confidential information to assist the receiving Party with the activities contemplated by this Agreement (which, in the case of Trevi and its
Affiliates and Sublicensees, includes activities contemplated by the license granted in Sections 2.1) or in connection with a potential business relationship or investment that would encompass Licensed Product, and who are subject to obligations of
confidentiality and non-use with respect to such Confidential Information similar to the obligations of confidentiality and non-use of the receiving Party under
Section 6.1. Penwest and Trevi shall each remain responsible for any failure by its Affiliates, and its and its Affiliates’ respective employees, consultants, advisors, contractors, investigators, sublicensees and distributors, to treat
such Confidential Information as required under Section 6.1 (as if such Affiliates, employees, consultants, advisors, contractors, sublicensees and distributors were Parties directly bound to the requirements of Section 6.1). Each Party
may also disclose Confidential Information of the other Party to Regulatory Authorities and other governmental authorities, but solely in connection with the activities contemplated by this Agreement. 

6.3 Limitation on Penwest Disclosure of Penwest Know-how. During the Term of this Agreement,
Penwest will not disclose Penwest Know-how that is specific to Licensed Product or the development, manufacture, commercialization or use of Licensed Product to any Third Party without the express written
consent of Trevi or as otherwise permitted under this Agreement. 
 6.4 Publicity. Neither Party will issue a press release or public
announcement relating to the terms of this Agreement without the prior written approval of the other Party, which approval shall not be unreasonably withheld or delayed, except that (i) a Party may issue such press release or public
announcement if the contents of such press release or public announcement, to the extent related to the terms of this Agreement, are identical with a previously approved press release or have otherwise previously been made public other than through
a breach of this Agreement, and (ii) a Party may issue such a press release or public announcement if required by applicable law, including by the rules or regulations of the United States Securities and Exchange Commission (SEC) or similar
regulatory agency in a country other than, the United States or of any stock exchange or Nasdaq; provided that such Party complies with the notice and review provisions set forth in this Section. In the event Penwest is required by applicable law to
publicly disclose any of the results generated by Trevi or any of its Affiliates or Sublicensees or any information provided by Trevi related to Licensed Product or either Party is required by applicable law to disclose the terms of this Agreement,
such Party will give the other Party at least [**] prior written notice, but only if and to the extent reasonably 

  
 16 

 
practicable, will provide to such other Party a copy of the required disclosure, will, if requested by such other Party, to the extent permitted by applicable law, request confidential treatment
of any financial and other materials terms of this Agreement not previously disclosed under this Section, and will consider in good faith any other comments of such other Party on such public disclosure. 

6.5 Publications. Trevi and its Affiliates and Sublicensees shall have the sole right to publish the results of development,
manufacturing, commercialization and use of Licensed Product during the Term. 
 6.6 Return of Confidential Information. Upon
termination of this Agreement prior to the end of the Term, the receiving Party shall, at the request of, and as directed by, the disclosing Party, return or destroy Confidential Information of the disclosing Party in the receiving Party’s
possession, and shall destroy any reports or notes in receiving Party’s possession to the extent containing the disclosing Party’s Confidential Information, and any electronic copies of any of the foregoing, provided that (i) the
receiving Party may retain one copy of Confidential Information of the disclosing Party for archival purposes, and (ii) neither Party shall be required to return or destroy copies of the other Party’s Confidential Information stored on
automatically created system back-up media. 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS 

7.1 Mutual Representations. Each Party hereby represents and warrants to the other Party, as of the Effective Date, as follows: 

(a) It is duly organized and validly existing under the laws of its jurisdiction of incorporation and has the corporate power and authority to
execute and deliver this Agreement and to perform its obligations hereunder. 
 (b) The execution, delivery and performance of this Agreement
by such Party has been duly and validly authorized and approved by proper corporate action on the part of such Party. Such Party has taken all other action required by applicable law, its certificate of incorporation or by-laws or any agreement to which it is a party or by which it or its assets are bound, to authorize such execution, delivery and performance. Assuming due authorization, execution and delivery on the part of the
other Party, this Agreement constitutes a legal, valid and binding obligation of such Party. 
 (c) The execution and delivery of this
Agreement, and the performance as contemplated hereunder, by such Party will not violate any applicable law. 
 (d) Neither the execution and
delivery of this Agreement nor the performance hereof by such Party requires such Party to obtain any permit, authorization or consent from any governmental authority (except for any Marketing Approvals, pricing or reimbursement approvals,
manufacturing-related approvals or similar approvals necessary for development, manufacture or commercialization of Licensed Products), or from any other person, and such 

  
 17 

 
execution, delivery and performance by such Party, including the granting of the licenses granted under this Agreement, will not result in the breach of or give rise to any conflict, termination
of, rescission, renegotiation or acceleration under or trigger any other rights under any agreement or contract to which such Party may be a party existing as of the Effective Date. 

(e) Neither Party nor any of its Affiliates has been debarred or is subject to debarment pursuant to Section 306 of the United States
Federal Food, Drug, and Cosmetic Act, or is the subject of a conviction described in such section. 
 7.2 Penwest’s
Representations and Warranties. Penwest hereby makes the following representations and warranties to Trevi as of the Effective Date, provided that Trevi understands and agrees that the knowledge of Penwest with respect to the matters described
below is limited to any actual Knowledge of Penwest arising after the date of the Merger: 
 (a) Penwest has the right to grant to Trevi the
rights and licenses described in this Agreement. 
 (b) To the Knowledge of Penwest, Exhibit C contains a complete and correct list of
all existing Penwest Patent Rights. 
 (c) To the Knowledge of Penwest, Penwest has not received any written notice of (i) any claim
that any patent or trade secret right owned or controlled by a Third Party would be infringed or misappropriated by the manufacture, use, sale, offer for sale or importation of Licensed Products in the Field, or (ii) any threatened claims or
litigation seeking to invalidate or otherwise challenge the Penwest Patent Rights or Penwest’s rights therein. 
 (d) To the Knowledge
of Penwest, the Penwest Patent Rights that are pending patent applications as of the Effective Date are being diligently prosecuted at the respective patent offices. To Penwest’s knowledge, the Penwest Patent Rights that are issued patents have
been maintained properly and correctly and all applicable fees have been paid on or before the due date for payment. 
 (e) To the Knowledge
of Penwest, neither Penwest nor its Affiliates has received written notice from any Regulatory Authority threatening any proceedings with respect to the research, development or manufacture of any Licensed Product in the Field in the Territory. 

7.3 No Warranty. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY HERETO MAKES ANY REPRESENTATIONS AND NEITHER
PARTY EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT (INCLUDING ANY LICENSED PRODUCT), INCLUDING ANY WARRANTY OF MERCHANTABILITY, NONINFRINGEMENT, OR FITNESS
FOR A PARTICULAR PURPOSE. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, PENWEST MAKES NO WARRANTY OR REPRESENTATION AS TO THE VALIDITY OR SCOPE OF THE PENWEST PATENT RIGHTS OR PENWEST KNOW HOW, OR THAT

  
 18 

 
ANY LICENSED PRODUCT WILL BE FREE FROM AN INFRINGEMENT ON PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY INFRINGING OR NOT INFRINGING THE
PENWEST PATENT RIGHTS OR PENWEST KNOW HOW COVERED BY THIS AGREEMENT. TREVI DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION OF LICENSED PRODUCT PURSUANT TO THIS AGREEMENT WILL BE SUCCESSFUL OR THAT, IF
COMMERCIALIZED, ANY PARTICULAR SALES LEVEL WILL BE ACHIEVED. 
 ARTICLE VIII 

INDEMNIFICATION 
 8.1
Indemnification by Trevi. Trevi will indemnify, hold harmless, and defend Penwest, its Affiliates, and their respective directors, officers, employees and agents (the “Penwest Indemnitees”) from and against any and all
damages, liabilities, costs, expenses and amounts paid in settlement (collectively, “Losses”) incurred in connection with any Third Party claim arising out of or resulting from, directly or indirectly; (i) any breach of, or
inaccuracy in, any representation or warranty made by Trevi in this Agreement, or any breach or violation of any term of this Agreement by Trevi; (ii) the negligence or willful misconduct of Trevi, its Affiliates and their respective
Sublicensees, and their respective directors, officers, employees and agents; (iii) infringement, misappropriation or encroachment of any Third Party’s personal, contractual or property rights by Trevi, its officers, directors, employees,
Sublicensees, agents or Affiliates or (iv) the research, development, manufacture, commercialization, or use of Licensed Product by Trevi and its Affiliates and Sublicensees in the Territory in the Field under this Agreement. Notwithstanding
the foregoing or anything in this Agreement to the contrary, Trevi will have no obligation to indemnify the Penwest Indemnitees for any Losses as to which Penwest is obligated to indemnify Trevi under Section 8.2. 

8.2 Indemnification by Penwest. Penwest will indemnify, hold harmless, and defend Trevi, its Affiliates and their respective directors,
officers, employees and agents (the “Trevi Indemnitees”) from and against any and all Losses incurred in connection with any Third Party claim arising out of or resulting from, directly or indirectly, (i) any breach of, or
inaccuracy in, any representation or warranty made by Penwest in this Agreement, or any breach or violation of any term of this Agreement by Penwest; (ii) the negligence or willful misconduct of any Penwest Indemnitee; or (iii) the
research, development, manufacture or use of Licensed Product by or on behalf of Penwest or any of its Affiliates prior to the Effective Date. Notwithstanding the foregoing, or anything in this Agreement to the contrary, Penwest will have no
obligation to indemnify the Trevi Indemnitees for any Losses as to which Trevi is obligated to indemnify Penwest under Section 8.1. The Parties expressly agree that Penwest’s indemnification obligations hereunder shall in no event exceed
the greater of (i) $[**] and (ii) $[**]. Except with respect to claims for equitable relief made with respect to breaches of any covenant or agreement contained in this Agreement, the rights of the Trevi Indemnitees under this ARTICLE VIII shall be
the sole and exclusive remedies of the Trevi Indemnitees with respect to claims under, or otherwise relating to the transactions that are the subject of, this Agreement. 

  
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 8.3 Indemnification Procedure. In the event of any such claim against any Trevi Indemnitee
or Penwest Indemnitee (individually, an “Indemnitee”), the indemnified Party shall promptly notify the other Party in writing of the claim and the indemnifying Party shall manage and control, at its sole expense, the defense of the
claim and its settlement. The indemnified Party will cooperate with the indemnifying Party and may, at the indemnifying Party’s option and expense, be represented in any such action or proceeding. The indemnifying Party will not be liable for
any settlements, litigation costs or expenses incurred by any Indemnitee without the indemnifying Party’s prior written authorization. Notwithstanding the foregoing, if the indemnifying Party believes that any of the exceptions to its
obligation of indemnification of the Indemnitees set forth in this Article 8 may apply, the indemnifying Party will promptly notify the Indemnitees, who shall then have the right to be represented in any such action or proceeding by separate
counsel at their expense; provided that the indemnifying Party will be responsible for payment of such expenses if the Indemnitees are ultimately determined to be entitled to indemnification from the indemnifying Party. 

8.4 Limitation of Liability. NEITHER PARTY HERETO WILL BE LIABLE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT
OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING LOST PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES, EXCEPT AS A RESULT OF A PARTY’S WILLFUL MISCONDUCT. NOTHING IN
THIS SECTION 8.4 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY. 
 ARTICLE IX 

TERM AND TERMINATION 
 9.1
Term. This Agreement will become effective as of the Effective Date, and will continue in full force and effect until terminated in accordance with this Article IX (“Term”). 

9.2 Termination for Convenience. This Agreement may be terminated at any time by Trevi upon one hundred eighty (180) days prior
written notice to Penwest. During such one hundred eighty (180) day notice period: (i) Trevi shall continue to make all payments to Penwest that would otherwise become due under this Agreement, (ii) the Parties shall continue to
perform under the Agreement, and (iii) ongoing clinical trials shall be continued or closed down, as agreed by the Parties, but no new clinical trials will be undertaken. 

9.3 Termination for Cause. This Agreement may be terminated at any time during the Term upon written notice by either Party if the other
Party is in material breach of its obligations hereunder, and has not cured such material breach within [**] in the case of Trevi’s failure to pay any amounts due hereunder) after written notice describing the nature of such material breach is
provided to the breaching Party. 
 9.4 Penwest Termination. Penwest may terminate this Agreement upon written notice to Trevi in the
event the Clinical Trial Commencement Date has not occurred by April 30, 2012. In addition, to the extent permitted by applicable law, Penwest may terminate this Agreement by giving written notice of termination to Trevi within thirty
(30) days of the filing of bankruptcy or bankruptcy of Trevi or the making by Trevi of any assignment for the benefit of creditors. Termination shall be effective upon the date specified in such notice. 

  
 20 

 9.5 Patent Challenge Termination. If Trevi or any of its Sublicensees challenge the
validity or enforceability of any Penwest Patent Rights Covering Licensed Product, and such challenge is not terminated within thirty (30) days of Trevi’s receipt of written notice from Penwest, this Agreement shall immediately terminate
and all licenses granted hereunder shall be revoked. 
 9.6 Effect of Termination. 

(a) Pre-Termination Obligations; Transfer of Information and Filings. Upon the termination of
this Agreement for any reason, nothing herein shall be construed to release either Party from any obligation that matured prior to the effective date of such termination. Trevi shall remain obligated to provide an accounting for and to pay Royalties
earned. In the event of termination, (i) the licenses granted hereunder shall terminate; (ii) Trevi shall have no further rights under Penwest Patent Rights or Penwest Know-how to develop,
manufacture or market the Licensed Product or any product containing Licensed Product for use in the Field, or otherwise to use the Penwest Patent Rights or Penwest Know How; (iii) all rights granted hereunder shall revert to Penwest for the
benefit of Penwest; and (iv) Trevi shall, as promptly as practicable, transfer to Penwest or Penwest’s designee: (a) possession and ownership of all governmental or regulatory correspondence, conversation logs, filings and approvals
(including all Marketing Approvals and pricing and reimbursement approvals) relating to the development, manufacture or commercialization of the Licensed Product in the Field and all product trademarks then being used in connection with Licensed
Product, other than Trevi’s corporate trademarks; and (b) all safety data and other adverse event data in Trevi’s possession or Control. In addition, Trevi shall, free of charge, transfer to Penwest or destroy (at Penwest’s
election) all API and Licensed Product in Trevi’s possession or control. Notwithstanding the foregoing, Trevi shall be entitled to sell any completed inventory of Licensed Product which remain on hand as of the date of the termination, and to
sell new inventory to the extent necessary to satisfy its contractual and legal obligations, so long as Trevi pays to Penwest the royalties applicable to said subsequent sales in accordance with the terms and conditions as set forth in this
Agreement; provided that no sales shall be permitted after the expiration of [**] after the date of termination. Trevi will execute all documents and take all such further actions, as may be reasonably requested by Penwest in order to give effect to
the preceding sentences as soon as practicable. 
 (b) License Grant. In the event of termination of this Agreement by Penwest under
Section 9.3 or 9.4, automatic termination under Section 9.5 or termination by Trevi under Section 9.2, Trevi will be deemed to have granted to Penwest a perpetual, royalty free (except as set forth below), worldwide, exclusive,
sublicensable, license under any Trevi Improvement Patent Rights and Trevi Improvements to the extent necessary to manufacture, market, sell or use Licensed Product in the Field in the Territory. Notwithstanding anything in this Section to the
contrary, in the event Trevi or any of its Affiliates or sublicensees is required to make payments to any Third Party by reason of the licenses granted to Penwest under this paragraph (b) and based on the development, manufacture or sale of
Licensed Product by or on behalf of Penwest 

  
 21 

 
or any of its Affiliates or sublicensees, Penwest will pay such amounts due by Trevi or any of its Affiliates or Sublicensees to such Third Party by reimbursing Trevi or paying such amounts
directly to such Third Party, as directed by Trevi, in each case based on supporting documentation provided by Trevi, provided that Trevi fully discloses such payment obligations within [**] of the grant of the license. Penwest may elect not to
accept the grant of the license to any such Third Party intellectual property with corresponding payment obligations upon [**] written notice to Trevi from the date of Penwest’s receipt of notification of such payment obligations. 

9.7 Survival. Any expiration or termination of this Agreement will be without prejudice to the rights of either Party against the other
accrued or accruing under this Agreement prior to expiration or termination, including payment obligations arising prior to such expiration or termination. The provisions of Articles VI, VIII, IX, X and XI will survive any expiration or termination
of this Agreement and all other provisions contained in this Agreement that by their explicit terms survive expiration or termination of this Agreement, will survive. Except as set forth in this Article IX, upon termination or expiration of this
Agreement all other rights and obligations of the Parties under this Agreement terminate. 
 ARTICLE X 

DISPUTE RESOLUTION 
 10.1
Referral of Unresolved Matters to Senior Executives. In the event that the Parties are unable to resolve a dispute within [**] from the date such dispute is first brought to the other Party’s attention, the matter shall be referred to
the Chief Executive Officer of Trevi and a senior executive of Penwest or its Affiliate to be resolved by negotiation in good faith as soon as is practicable but in no event later than [**] after referral. 

10.2 Arbitration. Any dispute, controversy or claim arising out of or relating to this Agreement which the Parties have not resolved
under Section 10.1, will be decided by arbitration in accordance with the Rules of the American Arbitration Association for Commercial Arbitration in effect at the time the dispute arises, unless the Parties hereto mutually agree otherwise. To
the extent such rules are inconsistent with this provision, this provision will control. The following rules will apply to any such arbitration: 

(a) Any demand for arbitration must be made in writing to the other Party. 

(b) There will be three arbitrators, one of whom shall be appointed by each Party and a third of whom shall be the chairman of the panel and be
appointed by mutual agreement of the two arbitrators appointed by the Parties. If the two arbitrators cannot agree on the appointment of the third arbitrator within [**], then the AAA shall select the arbitrator. Any arbitration involving patent
rights, other intellectual property rights or intellectual property will be heard by arbitrators who are expert in such areas. 
 (c) The
arbitration will be held in Philadelphia, Pennsylvania, or such other place as the Parties agree. The arbitrators will apply the substantive law of the Commonwealth of Pennsylvania in accordance with Section 11.1, without regard to conflicts of
laws and except that the interpretation and enforcement of this arbitration provision will be governed by the Federal Arbitration Act, 9 U.S.C. Section 1 et. seq. 

  
 22 

 (d) Neither Party will have the right independently to seek recourse from a court of law or other
authorities in lieu of arbitration, but each Party has the right before or during the arbitration to seek and obtain from the appropriate court provisional remedies to avoid irreparable harm, maintain the status quo or preserve the subject matter of
the arbitration. There shall be a stenographic record of the proceedings. The decision of the arbitrators will be final and binding upon both Parties. The arbitrators will render a written opinion setting forth findings of fact and conclusions of
law. 
 (e) Each Party will bear its own expenses of the arbitration, including the expenses of its counsel and other experts, except that
both Parties shall share equally in the cost of appointed arbitrator. 
 10.3 Equitable Relief. Notwithstanding anything to the
contrary, each of the Parties hereby acknowledges that a breach of their respective obligations under this Agreement may cause irreparable harm and that the remedy or remedies at law for any such breach may be inadequate. Each of the Parties hereby
agrees that, in the event of any such breach, in addition to all other available remedies hereunder, the non-breaching Party shall have the right, through the arbitration process described in Section 10.2
or in court, to seek equitable relief to enforce the provisions of this Agreement. 
 ARTICLE XI 

MISCELLANEOUS 
 11.1
Governing Law and Jurisdiction. The validity, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the Commonwealth of Pennsylvania excluding any conflicts or choice of
law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. 

11.2 Force Majeure. Neither Party will be held liable or responsible to the other Party nor be deemed to have defaulted under or
breached this Agreement for failure or delay in fulfilling or performing any term, other than an obligation to make payments hereunder, when such failure or delay is caused by or results from fire, floods, embargoes, government regulations,
prohibitions or interventions, war, acts of war (whether war be declared or not), insurrections, riots, civil commotions, acts of God or any other cause beyond the reasonable control of the affected Party to anticipate, prevent, avoid or mitigate (a
“Force Majeure Event”); provided that (i) the affected Party provides prompt written notice to the other Party of such failure or delay, (ii) the affected Party uses Commercially Reasonable Efforts to mitigate the effects
of the Force Majeure Event, and (iii) the affected Party immediately resumes performance upon cessation of the Force Majeure Event. Notwithstanding the foregoing, any failure or delay in fulfilling a term shall not be considered a result of a
Force Majeure Event if it arises from a failure of Trevi or Penwest to comply with applicable laws. 

  
 23 

 11.3 Further Assurances. Each Party hereto agrees to perform such acts, execute such
further instruments, documents or certificates, and provide such cooperation in proceedings and actions as may be reasonably requested by the other Party in order to carry out the intent and purpose of this Agreement. 

11.4 Notices. Any notice required or permitted to be given under this Agreement will be in writing and will be deemed to have been
properly given if delivered in person by a internationally recognized overnight courier, to the addresses given below or such other addresses as may be designated in writing by the Parties from time to time during the Term. 

In the case of Trevi: 
 Trevi
Therapeutics, Inc. 
 52 Charter Ridge Drive 

Sandy Hook, CT 06482 
 Attention:
Chief Executive Officer 
 With a copy to: 

Stuart Falber, Esq. 
 Wilmer Hale
LLP 
 60 State St. 
 Boston, MA
02109 
 In the case of Penwest: 

Penwest Pharmaceuticals Co. 
 100
Endo Boulevard 
 Chadds Ford, PA 19317 

Attention: Chief Legal Officer 

11.5 Assignment. This Agreement may not be assigned or otherwise transferred by either Party, without the written consent of the other
Party such consent not to be unreasonably withheld, conditioned or delayed; provided, however, that either Party may, without such consent, assign this Agreement, in whole or in part, (i) to any of its Affiliates, and (ii) to a Third Party
successor or purchaser of all or substantially all of its business or assets to which this Agreement relates, whether in a merger, sale of stock, sale of assets or other similar transaction, provided that, (i) the Third Party successor or
purchaser provides written notice to the other Party that such Third Party agrees to be bound by the terms of this Agreement, and (ii) Penwest will not assign this Agreement unless the assignee is also assigned ownership owns or Controls of the
Penwest Patent Rights and Penwest Know-how. Any purported assignment in violation of this Section 11.5 will be void. Any permitted assignee shall assume all obligations of its assignor under this
Agreement. 
 11.6 Affiliate Performance. Any obligation of Trevi under or pursuant to this Agreement may be satisfied, met or
fulfilled, in whole or in part, at Trevi’s sole and exclusive option, either by Trevi directly or by any Affiliate or Sublicensee of Trevi that Trevi causes to satisfy, meet or fulfill such obligation, in whole or in part. 

  
 24 

 11.7 Amendment. The Parties hereto may amend, modify or alter any of the provisions of
this Agreement, but only by a written instrument duly executed by both Parties hereto. 
 11.8 Entire Agreement. This Agreement, along
with all schedules and exhibits attached hereto, contains the entire understanding of the Parties with respect to the subject matter hereof and supersedes all prior agreements, whether written or oral. Each Party confirms that it is not relying on
any representations, warranties or covenants of the other Party except as specifically set out in this Agreement. 
 11.9 No Benefit to
Third Parties. The provisions of this Agreement are for the sole benefit of the Parties and their successors and permitted assigns, and they shall not be construed as conferring any rights in any other Persons. 

11.10 Waiver. The failure of a Party to enforce at any time for any period any of the provisions of this Agreement will not be construed
as a waiver of such provisions or of the rights of such Party thereafter to enforce each such provision. 
 11.11 No Implied Licenses.
Except as expressly and specifically provided under this Agreement, the Parties agree that neither Party is granted any implied rights to or under any of the other Party’s current or future patents, trade secrets, copyrights, moral rights,
trade or service marks, trade dress, or any other intellectual property rights. 
 11.12 Relationship of the Parties. The Parties
agree that their relationship established by this Agreement is that of independent contractors. Furthermore, the Parties agree that this Agreement does not, is not intended to, and shall not be construed to, establish a partnership or joint venture,
and nor shall this Agreement create or establish an employment, agency or any other relationship. Except as may be specifically provided in this Agreement, neither Party shall have any right, power or authority, nor shall they represent themselves
as having any authority to assume, create or incur any expense, liability or obligation, express or implied, on behalf of the other Party, or otherwise act as an agent for the other Party for any purpose. 

11.13 Severability. If any provision of this Agreement is held unenforceable by a court or tribunal of competent jurisdiction in a final
unappealable order because it is invalid or conflicts with any law of any relevant jurisdiction, then such provision will be inoperative in such jurisdiction and the remainder of this Agreement shall remain binding upon the Parties hereto. 

11.14 Interpretation. 
 (a)
General. Unless the context of this Agreement otherwise requires, (a) words of one gender include the other gender; and (b) words using the singular or plural number also include the plural or singular number, respectively. Whenever
this Agreement refers to a number of days, unless otherwise specified, such number shall refer to calendar days. 

  
 25 

 (b) Other Definitional and Agreement References. References to any agreement, contract,
statute, act, or regulation are to that agreement, contract, statute, act, or regulation as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. 

(c) Capitalization. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as
defined in this Agreement. 
 (d) Date References. References from or through any date mean, unless otherwise specified, from and
including or through and including, respectively. 
 (e) Schedules and Exhibits. All Schedules and Exhibits annexed hereto or referred
to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. 
 (f) Person References.
References to any Person include the successors and permitted assigns of that Person. 
 (g) References to Parts of this Agreement.
References to Articles, Sections, Schedules, and Exhibits are to Articles, Sections, Schedules, and Exhibits of this Agreement unless otherwise specified. 

(h) Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and
words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. The word “or” is used in the inclusive sense (and/or).
Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. 

(i) Headings. The Article and Section headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. 
 (j) Expenses. Except as otherwise expressly provided in this Agreement, each
Party shall pay the fees and expenses of its respective lawyers and other experts and all other expenses and costs incurred by such Party incidental to the negotiation, preparation, execution and delivery of this Agreement. 

11.15 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile), each of which shall be deemed
an original, but all of which together shall constitute one and the same document. 
 [Signature Page Follows] 

  
 26 

 IN WITNESS WHEREOF, Trevi and Penwest have caused this Agreement to be duly executed by their
authorized representatives under seal, in duplicate on the Effective Date. 
  

			
	Trevi Therapeutics, Inc.
		
	By:	 	 /s/ Jennifer Good

		 	Jennifer Good
		 	Chief Executive Officer
	
	Penwest Pharmaceuticals Co.
		
	By:	 	 /s/ David P. Holveck

	Name:	 	David P. Holveck
	Title:	 	President and Chief Executive Officer

 Exhibit A 

Description of Nalbuphine HCL and Nalbuphine Drug Product 

Drug Substance 
  

	1.	 Drug Substance 

The nalbuphine HCl drug substance is a [**]. Nalbuphine HCl is a [**] 
  

	2.	 Description and Composition of the Drug Product 

Nalbuphine HCl ER tablets, [**]. Nalbuphine HCl ER tablets [**]. 
  

	2.1	 Composition 

[**]. 

 Exhibit B 

Existing Inventory of API 

Approximately [**] of nalbuphine hydrochloride drug substance 

 Exhibit C 

Pending Patent Applications 

Nalbuphine 
  

											
	 Country
	  	 Status
	  	 Title
	  	 App #
	  	 App Date
	  	 Owner

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

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

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

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

 Exhibit D 

Technology Transfer Plan 
 Penwest
to provide to Trevi, in accordance with the delivery instructions provided by Trevi, the following archived documents and materials within [**] of the Effective Date, to the extent such documents are contained in the boxes specifically designated
for the retention of such documents and in the current possession of Penwest. 
 Soft Files 

All readily identifiable electronic data for nalbuphine as stored on the Penwest T: and S: drives 

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. A total of 6 pages were omitted. [**] 

 Exhibit E 

Letters to FDA transferring INDs 
 Endo
Pharmaceuticals Letterhead 
 May XX, 2011 
 Bob Rappaport,
MD, Director 
 Division of Anesthesia and Analgesia Products 

Food and Drug Administration 
 Center for Drug Evaluation and
Research 
 Central Document Room 
 5901-B Ammendale Rd. 
 Beltsville, MD 20705-1266 

SUBMITTED IN TRIPLICATE 
 RE:
    IND [**] 
 Nalbuphine Hydrochloride Extended Release Tablets 

Transfer of IND Sponsorship, 
 IND Serial Number: [**] 

Dear Dr. Rappaport: 
 Reference is made to the
Investigational New Drug Application (IND) cited above. Penwest Pharmaceuticals Co., a wholly-owned subsidiary of Endo Pharmaceuticals, hereby transfers sponsorship of IND [**] to: 

Trevi Therapeutics, Inc. 
 [**] 

All rights to IND [**] have been transferred to Trevi Therapeutics, Inc. 

The last clinical study conducted under this IND completed in [**]. There are no active investigations at this time. All IND documentation has been sent to
Trevi Therapeutics, Inc. 
 We understand that the subject IND and all information contained herein, unless otherwise made public by Endo Pharmaceuticals,
is CONFIDENTIAL. 
 If you require further assistance, please contact Robert Barto, Vice President of Regulatory Affairs at (484) 840-4262. 

	
	 Sincerely,
  

	Robert Barto Vice President, Regulatory Affairs
	 Endo Pharmaceuticals Inc.
 100 Endo
Boulevard

	Chadds Ford, PA 19317
	Telephone: (484) 840-4262

 CC: Thomas Sciascia, MD, Executive Vice President, Research and Development, Trevi Therapeutics 

Enclosures: FDA Form 1571, Transfer of Sponsorship Letter (1 archival copy and 2 review copies) 

 Trevi Therapeutics Letterhead 

May XX, 2011 
 Bob Rappaport, MD, Director 

Division of Anesthesia and Analgesia Products 
 Food and Drug
Administration 
 Center for Drug Evaluation and Research 

Central Document Room 

5901-B Ammendale Rd. 

Beltsville, MD 20705-1266 
 SUBMITTED IN TRIPLICATE

 RE:     IND [**], Nalbuphine Hydrochloride Extended Release Tablets 

Acceptance of IND Sponsorship 
 IND Serial No.: XXXX 

Dear Dr. Rappaport: 
 Reference is made to the
Investigational New Drug Application (IND) cited above. Reference is also made to the transfer letter from Penwest Pharmaceuticals sent May XXX, 2011 (Serial No. XXX). Trevi Therapeutics, Inc. hereby accepts sponsorship of IND [**] effective May XX,
2011. All pertinent Regulations will be followed with respect to this IND application. 
 Trevi Therapeutics, Inc. commits to the previous agreements,
commitments, and conditions made by the former owner and contained in the IND application. 
 Trevi Therapeutics, Inc., has received and will maintain a
complete copy of the IND, including amendments and records that are required to be kept. 
 If you require further assistance, please contact Thomas
Sciascia, MD at [**]. 
  

	
	 Sincerely,
  

	Thomas Sciascia, MD
	Executive Vice President, Research and Development
	Trevi Therapeutics, Inc.
	[**]
	Telephone: [**]
	Fax: (617) YYY-ZZZ
	
	CC: Robert Barto, Vice President Regulatory AffairsEX-10.14

 Exhibit 10.14 

EXECUTION VERSION 

Confidential Materials omitted and filed with the 

Securities and Exchange Commission. Asterisks denote omissions. 

EXCLUSIVE LICENSE AGREEMENT 

BETWEEN 
 RUTGERS, THE STATE
UNIVERSITY OF NEW JERSEY 
 AND 

TREVI THERAPEUTICS, INC. 

EFFECTIVE NOVEMBER 6, 2018 

 TABLE OF CONTENTS 

 

					
	 RECITALS
	  	 	3	 
	 ARTICLE 1 – DEFINITIONS
	  	 	3	 
	 ARTICLE 2 – LICENSE GRANT
	  	 	9	 
	 ARTICLE 3 – SUBLICENSES
	  	 	10	 
	 ARTICLE 4 – FEES, ROYALTIES, ANNUAL AND MILESTONE PAYMENTS, OTHER PAYMENTS AND
EQUITY
	  	 	10	 
	 ARTICLE 5 – ROYALTY, PROGRESS AND PAYMENT REPORTS
	  	 	14	 
	 ARTICLE 6 – DILIGENCE
	  	 	16	 
	 ARTICLE 7 – CONFIDENTIALITY
	  	 	17	 
	 ARTICLE 8 – TERM AND TERMINATION
	  	 	18	 
	 ARTICLE 9 – PATENT MAINTENANCE AND REIMBURSEMENT
	  	 	19	 
	 ARTICLE 10 – INFRINGEMENT AND LITIGATION
	  	 	20	 
	 ARTICLE 11 – DISCLAIMER OF WARRANTY, INDEMNIFICATION AND INSURANCE
	  	 	20	 
	 ARTICLE 12 – USE OF LICENSOR’S NAME; INDEPENDENT CONTRACTOR
	  	 	22	 
	 ARTICLE 13 – MISCELLANEOUS PROVISIONS
	  	 	23	 

  
 2 

 EXCLUSIVE LICENSE AGREEMENT 

This agreement (hereinafter the “Agreement”) is made and is effective as of the
6th day of November, 2018, (hereinafter the “Effective Date”) by and between Rutgers, The State University of New Jersey having an office at 33 Knightsbridge Rd, Piscataway, NJ 08854
(hereinafter “Rutgers” or “Licensor”), on the one hand, and Trevi Therapeutics, Inc. (hereinafter the “Licensee”), a Delaware corporation, having a place of business at 195 Church Street, 14th Floor, New Haven, CT 06510, on the other hand. 
 RECITALS 

WHEREAS, the Licensor owns the patent applications and issued patents described in Section 1.23 below claiming certain inventions
generally characterized as “USE OF A DUAL KAPPA-AGONIST/MU-ANTAGONIST THERAPEUTIC AGENT FOR TREATMENT OF L-DOPA INDUCED DYSKINESIA” Docket S11-049 (hereinafter the “Inventions(s)”) which were invented jointly Dr. Mouradian of Licensor, an individual Dr. Michael Voronkov (“MV”) and an individual Dr. Stephen Braithwaite
(“SB”) (hereinafter the “Inventors(s)”) and the Licensor owns or controls the related know how described in Section 1.16 below; 

WHEREAS, MentiNova, Inc. (“MentiNova”) and Licensor had been parties to a Restated and Amended Exclusive License Agreement dated
May 5, 2014 with retroactive effect to January 22, 2013 (the “MentiNova/Rutgers Agreement”), pursuant to which MentiNova had obtained licenses under the Patent Rights and Know-how from
Licensor; 
 WHEREAS, MentiNova and Rutgers have agreed to terminate the MentiNova/Rutgers Agreement, effective immediately prior to the
execution of this Agreement; 
 WHEREAS Licensor and Licensee wish to enter into this Agreement so that, among other things, Licensee
receives full and exclusive license rights to the Invention(s); and 
 NOW THEREFORE, in consideration of the premises and of the promises
and covenants contained herein, and intending to be legally bound hereby, the Licensor and Licensee agree as follows: 
 ARTICLE 1 -
DEFINITIONS 
 1.1 “Affiliate” means, when used with reference to Licensee, any Entity directly or indirectly controlling,
controlled by or under common control with Licensee. For purposes of this Agreement, “control” means the direct or indirect ownership of over fifty percent (50%) of the outstanding voting securities of an Entity or the right to receive
over fifty percent (50%) of the profits or earnings of an Entity, directly or indirectly. 
 1.2 “Calendar Quarter” means each
three (3) month period, or any portion thereof, beginning on January 1, April 1, July 1 and October 1. 
 [Signature
Page to Rutgers License Agreement] 

  
 3 

 1.3 “Calendar Year” means a period of twelve (12) months beginning on
January 1 and ending on December 31. 
 1.4 “Combination Product” means any pharmaceutical product containing nalbuphine that
(a) also contains any other active pharmaceutical ingredient or (b) is sold together for a single price with another product containing one or more other active pharmaceutical ingredients. 

1.5 “Confidential Information” means (a) all Know-how and (b) all other technical
information, unpatented inventions, trade secrets, developments, discoveries, software, know-how, methods, techniques, formulae, data, processes and other proprietary ideas and information, whether or not
patentable or copyrightable, owned or controlled by either party (the “disclosing party”) and identified as confidential or proprietary at the time delivered or communicated to the other party (the “receiving party”) or within
[**] thereafter. 
 1.6 “EMA” means the European Medicines Agency, or any successor entity thereto. 

1.7 “Entity” means a corporation or other business entity. 

1.8 “Fair Market Value” means with respect to any non-cash payment (a) received in the
case of a Sale, Net Sales with respect thereto shall include the cash consideration that Licensee, its Affiliate or the Sublicensee, as the case may be, would realize from an unaffiliated, buyer in an arm’s length Sale of an identical Licensed
Product sold in the same quantity and at the same time and place of the transaction, or (b) received in the case of a transaction other than a Sale, Sublicensing Revenue with respect thereto shall include the current value to Licensee or its
Affiliates of such consideration they receive in such transaction, as determined in good faith by Licensee in consultation with Rutgers. 

1.9 “FDA” means the United States Food and Drug Administration and all agencies under its direct control or any successor agency
thereto. 
 1.10 “Field” means all human and animal uses. 

1.11 “First EMA Approval” means the first Marketing Approval by the EMA for commercial sale of a Licensed Product. 

1.12 “First FDA Approval” means the first approval by the FDA of an NDA for commercial sale of a Licensed Product. 

1.13 “GAAP” means United States generally accepted accounting principles applied on a consistent basis, or any other accounting
principles generally accepted for public companies in the United States such as International Financial Reporting Standards. Unless otherwise defined or stated, financial terms shall be calculated under GAAP. 

  
 4 

 1.14 “Generic Competition” means, with respect to a Licensed Product in a particular
country in the Territory, any pharmaceutical product that (a) is marketed for sale by a Third Party, not authorized by Licensor or Licensee, and (b) receives regulatory approval in such country in reliance on the regulatory approval of
such Licensed Product, and (c) is determined by a regulatory authority to be therapeutically equivalent to, interchangeable with, or substitutable for, such Licensed Product, all of the above (a), (b) and (c) only to the extent that such
pharmaceutical product is actually being sold in the country in which it was approved for Sale. 
 1.15 “IND” means an
Investigational New Drug Application, the filing of which with the FDA is necessary to initiate or conduct clinical testing of a pharmaceutical product in humans in the United States. 

1.16 “Know-how” means any research information, technical information, technical data and
other information and materials that are (a) necessary or useful to discover, develop, make, use or sell Licensed Products, (b) owned or controlled by Licensor, (c) generated (i) at Rutgers by or under the supervision of
Dr. Mouradian or (ii) by MV or (iii) by SB all prior to the Effective Date, and (d) can be freely licensed to others by Licensor without incurring third party obligations and in view of Section 2.3 below, and, in any event,
including the information and materials set forth on Appendix B. Licensor will provide copies of and materials constituting Know-how to Licensee upon Licensee’s reasonable request. 

1.17 “Licensed Product(s)” means any product, material, kit, service, process or procedure that (a) if discovered, developed,
made, used or sold in the absence of the license grants in this Agreement would infringe at least one Valid Claim of the Patent Rights and/or (b) utilizes Know-how. 

1.18 “Major European Country” means any of France, Germany, Spain, Italy and the United Kingdom. 

1.19 “Major Market Country” means any of the United States, the United Kingdom, Germany, Italy, Spain and France. 

1.20 “Marketing Approval” means any approval, registration, license or authorization from any regulatory authority required to
market and sell a Licensed Product in a jurisdiction and shall include an approval of an NDA. 
 1.21 “NDA” means a New Drug
Application, Biologics License Application or equivalent submission filed with the FDA in connection with seeking Marketing Approval of the Licensed Product, or an equivalent application filed with any equivalent regulatory agency or governmental
authority in any jurisdiction other than the United States. 
 1.22 “Net Sales” means the gross amount invoiced on Sales of a
Licensed Product by Licensee, its Affiliates and Sublicensees to any Third Party, less the following deductions with respect to the Sale of such Licensed Product, in each case, calculated in accordance with GAAP, consistently applied: 

  
 5 

 (a) normal trade, cash and quantity discounts and other customary discounts actually given to
customers in the ordinary course of business; 
 (b) rebates, credits and allowances given by reason of rejections, returns, damaged or
defective product or recalls; 
 (c) government-mandated rebates and any other compulsory payments, credits, adjustments and rebates
actually paid or deducted; 
 (d) price adjustments, allowances, credits, chargeback payments, discounts, rebates, fees, reimbursements or
similar payments granted to managed care organizations, group purchasing organizations or other buying groups, pharmacy benefit management companies, health maintenance organizations and any other providers of health insurance coverage, health care
organizations or other health care institutions (including hospitals), health care administrators or patient assistance or other similar programs, or to federal, state/provincial, local and other governments, including their agencies, or to
wholesalers, distributors or other trade customers; 
 (e) reasonable and customary freight, shipping, insurance and other transportation
expenses, if actually borne by Licensee or its Affiliates or Sublicensees without reimbursement from any Third Party; 
 (f) sales,
value-added, excise taxes, tariffs and duties, and other taxes and government charges directly related to the sale, delivery or use of Licensed Product (but not including taxes assessed directly against the income derived from such sale), net of any
credits or allowances received by Licensee or its Affiliates or Sublicensees with respect to such taxes or charges; 
 (g) amounts
previously included in Net Sales of Licensed Product that are written off as uncollectible after reasonable collection efforts, in accordance with standard practices of the applicable party; and 

(h) any item, substantially similar in character or substance to any of the foregoing, calculated in accordance with GAAP consistently applied
and customary in the pharmaceutical industry to be deducted in the definition of net sales in a license agreement of this type. 
 Notwithstanding anything
in this Agreement to the contrary, the transfer of a Licensed Product between or among Licensee, its Affiliates and Sublicensees will not be considered a Sale. 

Disposition of Licensed Product for, or use of the Licensed Product in, clinical trials or other scientific testing, as free samples, or under compassionate
use, patient assistance, or test marketing programs or other similar programs or studies shall not result in any Net Sales. 

  
 6 

 In the event a Licensed Product is sold in the form of a Combination Product, then the Net Sales for any such
Combination Product shall be determined by multiplying the Net Sales of the Combination Product during the applicable royalty reporting period, by the fraction, A/(A+B), where A is the weighted (by sales volume) average sale price of a Licensed
Product that contains nalbuphine, but does not contain any other active pharmaceutical ingredient, when sold separately in finished form in the country in which the Combination Product is sold and B is the weighted (by sales volume) average sale
price of the other active pharmaceutical ingredients included in the Combination Product when sold separately in finished form in the country in which the Combination Product is sold, in each case during the applicable royalty reporting period or,
if sales of both a Licensed Product that contains nalbuphine, but does not contain any other active pharmaceutical ingredient, and the other active pharmaceutical ingredients did not occur in such period, then in the most recent royalty reporting
period during the preceding twelve (12) months in which sales of both occurred, if any. In the event that such average sale price cannot be determined for both a Licensed Product that contains nalbuphine, but does not contain any other active
pharmaceutical ingredient, and all other active pharmaceutical ingredients included in the Combination Product, then the Licensee will in good faith determine a pro-rata allocation of the Net Sales that
reflects the nalbuphine’s contribution to the Combination Product on an equitable basis. 
 1.23 “Patent Rights” means the
following; (a) the U.S. patents and patent applications listed in Appendix A (hereafter referred to as “Patent Applications”); (b) any patents issuing on any such Patent Applications; (c) all direct and indirect divisions,
RCE’s, continuations, continuations in part (but only to the extent that the subject matter of each such continuation-in-part is described in and enabled by the
disclosure of any of the Patent Applications), re-examinations, reissues, substitutions, or extensions thereof and patents issuing from those patent rights described in (a) or (b) above or this (c); and
(d) all foreign counterparts (including supplementary protection certificates) to any such patent rights. 
 1.24 “Phase III
Trial” means any human clinical trial of a product that would satisfy the requirements of 21 CFR § 312.21(c), or equivalent laws outside of the United States. 

1.25 “Royalty Term” means, with respect to a Licensed Product and a country, the period beginning on the date of the first
commercial Sale of such Licensed Product in such country after receipt of Marketing Approval for such Licensed Product in such country and ending upon the later of (a) the date of expiration, unenforceability or invalidation of the last Valid
Claim of the Patent Rights covering such Licensed Product in such country of Sale or (b) ten (10) years from the date of first commercial Sale of the first Licensed Product to be Sold anywhere in the world. 

1.26 “Sale” means any bona fide transaction for which consideration is received or expected for the sale, use, lease, transfer or
other disposition of Licensed Product(s). A Sale of Licensed Products(s) shall be deemed completed at the later of the time Licensee, its Affiliate or a Sublicensee, as the case may be, (i) invoices and (ii) ships such Licensed Product(s)
to a third party unaffiliated with Licensee, its Affiliates and the applicable Sublicensee. If a particular unit 

  
 7 

 
of Licensed Product is sold by more than one of Licensee, an Affiliate, or a Sublicensee, the ultimate sale of such product (after deducting qualifying costs) shall be the sale considered for
purposes of determining Net Sales. 
 1.27 “Sublicense” means any arrangement, however captioned and regardless of how the
conveyances are referred to therein, in which Licensee directly or indirectly grants a sublicense under any of the intellectual property rights licensed to Licensee hereunder. 

1.28 “Sublicensee” means a Third Party to a Sublicense. 

1.29 “Sublicensing Revenue” means any payment received by Licensee or any of its Affiliates from any Sublicensee to the extent
attributable to the Sublicense granted by Licensee to such Sublicensee under the Patent Rights with respect to a Licensed Product (which, with respect to non-cash consideration, shall be valued at Fair Market
Value as of the date of receipt), excluding (a) funding or reimbursement for internal or out-of-pocket costs for filing, prosecution, maintenance, enforcement or
defense of any Patent Rights; (b) amounts received for development activities directly related to Licensed Products; (c) the portion of amounts received by Licensee or any of its Affiliates for manufacturing or commercialization activities
directly related to Licensed Products up to Licensee’s or any of its Affiliate’s fully-burdened internal costs or actual out-of-pocket costs with respect to
such activities (and, for clarity, the portion of any such amounts received that are above such costs shall be considered Sublicensing Revenue); (d) the portion of any amounts received by Licensee or any of its Affiliates for the sale or transfer of
any equity of Licensee or any of its Affiliates to a Sublicensee or any of its Affiliates up to the Fair Market Value of such equity (and, for clarity, the portion of any such amounts received that are above such Fair Market Value shall be
considered Sublicensing Revenue); (e) the portion of the value of, or portion of amount received for, any debt security issued by Licensee or any of its Affiliates to a Sublicensee or other loan made to Licensee or any of its Affiliates by a
Sublicensee in an arms’ length debt financing up to the Fair Market Value of such security or loan (and, for clarity, the portion of any such amounts received that are above such Fair Market Value shall be considered Sublicensing Revenue); (f)
any royalties received by Licensee or any of its Affiliates from a Sublicensee; and (g) the portion of any milestone or other payment received by Licensee or any of its Affiliates from a Sublicensee that is actually paid to Licensor. For
clarity, to the extent that Licensee or any of its Affiliates sublicenses rights to a Sublicensee under the Patent Rights and the Know-how, and also licenses or sublicenses rights to such Sublicensee under any
other intellectual property rights, Licensee, in consultation with Licensor, will in good faith allocate the relevant consideration received from such Sublicensee to reflect the value of the Patent Rights and the
Know-how to the overall transaction value. 
 1.30 “Successful Phase III Trial” means a
Phase III Trial that (a) achieves an efficacy endpoint of 0.05 p-value on the primary endpoint with respect to the Licensed Product in Levodopa Induced Dyskinesia and (b) has not generated an adverse
effect or any safety signal that, alone or with other factors, would cause Licensee to stop development of the Licensed Product for Levodopa Induced Dyskinesia. Notwithstanding any of the foregoing, if Licensee decides to initiate another pivotal
Phase III Trial, following the completion of the first Phase III Trial for such Licensed Product, without doing additional animal or other preclinical work or any clinical trial, this will be deemed as a Successful Phase III Trial. 

  
 8 

 1.31 “Territory” means worldwide. 

1.32 “Third Party” means any person or Entity other than a Party or any of its Affiliates or their respective employees. 

1.33 “Valid Claim” means, with respect to the Patent Rights: (a) a claim in an issued patent which has not (i) expired,
(ii) been finally adjudicated or admitted as invalid or unenforceable, or (iii) been abandoned; or (b) a claim in a pending application (or a claim of greater scope) which is actively being prosecuted in good faith for not more than [**]
(or [**]). 
 ARTICLE 2 - LICENSE GRANT 

2.1 Licensor grants to Licensee for the term of this Agreement (a) a royalty-bearing right and exclusive license, with the right to grant
and authorize sublicenses, under the Patent Rights, to make, have made, use and have used, import and have imported, offer for sale and sell, and have offered for sale and have sold, Licensed Products in the Field within the Territory and (b) a
non-exclusive, royalty-bearing license, with the right to grant and authorize sublicenses, to use the Know-how to discover, develop, make, have made, use and have used,
import and have imported, offer for sale and sell, and have offered for sale and have sold, and to practice, develop and commercialize Licensed Products in the Field within the Territory. No other rights or licenses are granted hereunder either
expressly or by implication or estoppel. Licensee may delegate performance of duties and obligations under this Agreement to its Affiliates, and may grant sublicense to its Affiliates, but Licensee shall at all times have primary responsibility and
liability for the performance of all Licensee duties and obligations arising under this Agreement, whether or not so delegated or assigned. 

2.2 Licensor retains the right to practice under the Patent Rights for its own non-commercial
educational and research purposes, including the right (a) to provide the Patent Rights to governmental laboratories and (b) to perform research for non-commercial purposes (provided such research is
not sponsored by any for-profit entity), and to publish the results thereof. 
 2.3 Some Know-how may have been made available to the public without restriction prior to the Effective Date. 

  
 9 

 ARTICLE 3 - SUBLICENSES 

3.1 The right to grant sublicenses conferred upon Licensee under this Agreement is subject to the following conditions. 

3.2 Each such sublicense shall be subject to the applicable terms and conditions of the license granted to Licensee under this Agreement. 

3.3 The legally controlling language of any sublicense shall be English, or such sublicense shall be translated into English. Licensee shall
forward to Licensor, within [**] of execution, a complete and accurate copy of each sublicense granted hereunder (including sublicenses to Affiliates). Licensor’s receipt of such sublicense shall not constitute a waiver of any of
Licensor’s rights or Licensee’s obligations hereunder. 
 3.4 Provided any direct Sublicensee is in full compliance with its
respective Sublicense agreement with Licensee, then upon termination of this Agreement, to the extent requested by Licensee in writing, such Sublicense survive and become a direct licensee from Licensor, and such direct license by Licensor:
(i) will not encumber Licensor with any obligations, responsibilities, and/or liabilities beyond those assumed by Licensor under this Agreement, (ii) will not diminish any rights and benefits that Licensor has under this Agreement with
respect to such Sublicense, and (iii) will not entitle Licensor to any rights or benefits (including any payment) that are greater than those Licensor would have received with respect to such Sublicense under this Agreement. 

3.5 Notwithstanding any such Sublicense, Licensee shall remain primarily liable to Licensor for all of the Licensee’s duties and
obligations contained in this Agreement; provided, however that this Section 3.5 shall not apply to any act or omission of any Sublicensee that retains any licenses under the Patent Rights or Know-how
following the termination of this Agreement in accordance with Section 3.4. 
 ARTICLE 4 - FEES, ROYALTIES, ANNUAL AND MILESTONE
PAYMENTS, OTHER PAYMENTS AND EQUITY 
 4.1 Licensee shall pay to Licensor on the Effective Date a license issue fee of $[**]. 

4.2 Licensee agrees to pay to Rutgers a tiered royalty as follows: 

  
 10 

 (a) Subject to Sections 4.2(c) and 4.2(d), Licensee shall pay to Licensor a tiered royalty on
aggregate annual Net Sales of Licensed Products as defined in Section 1.17(a) during the applicable Royalty Term until the expiration, unenforceability or invalidation of the last Valid Claim of the Patent Rights covering such Licensed Product
in such country (in each case, with respect to each applicable Licensed Product and country) as follows: 
  

					
	 For the portion of Aggregate Annual

Royalty-Bearing Net Sales during the

relevant Calendar Year
	  	Royalty Rate	 
	 First $[**]
	  	 	[**]%	 
	 For the portion that is greater than $[**] and less than or equal to $[**]
	  	 	[**]%	 
	 For the portion that is greater than $[**] and less than or equal to $[**]
	  	 	[**]%	 
	 For the portion that is greater than $[**] and less than or equal to $[**]
	  	 	[**]%	 
	 For the portion that is greater than $[**]
	  	 	[**]%	 

 (b) Subject to Sections 4.2(c) and 4.2(d), Licensee shall pay to Licensor a tiered royalty on aggregate annual
Net Sales of Licensed Products as defined in Section 1.17(b) equivalent to [**] of the applicable tiered royalty outlined in 4.2(a) during the applicable Royalty Term following the expiration, unenforceability or invalidation of the last Valid
Claim of the Patent Rights covering such Licensed Product in such country (in each case, with respect to each applicable Licensed Product and country). 

(c) For Licensed Products on which a royalty is paid to a Third Party, the foregoing royalties may be reduced by up to [**] percent ([**]%) of
any royalties actually paid to the Third Party, but in no event shall this Section 4.2(c) reduce the royalties payable with respect to Licensed Products to less than [**] percent ([**]%) of the royalties otherwise payable in accordance with
Sections 4.2(a) or 4.2(b). Notwithstanding any of the foregoing, this reduction shall not apply to Licensee’s obligations existing as of the Effective Date to pay a royalty to a Third Party with respect to the applicable Licensed Product and
country, and shall not apply to Licensee’s obligations to make payments to MentiNova. 
 (d) If at any time during the Royalty Term
Generic Competition exists in a given country with respect to a Licensed Product, then the royalty rates used to calculate the royalties with respect to such Licensed Product in such country shall be reduced by [**] percent ([**]%) for so long as
such Generic Competition exists. Notwithstanding any of the foregoing, in no event shall this Section 4.2(d) as well as the preceding Section 4.2(c) reduce the royalties payable with respect to Licensed Products to less than [**] percent
([**]%) of the royalties otherwise payable in accordance with Sections 4.2(a) or 4.2(b). 

  
 11 

 (e) On a Licensed
Product-by-Licensed Product and country-by-country basis, the license granted in
Section 2.1(a) shall become perpetual, fully paid-up, irrevocable and royalty-free at the end of the applicable Royalty Term. 

(f) For the sake of clarity, no royalty or other payment obligations will accrue with regard to any Licensed Product in a country in which, as
of the relevant time, the Royalty Term has expired. 
 4.3 Licensee shall pay to Licensor on each anniversary of the Effective Date, a non-refundable annual license fee as follows and each of such fees will be creditable against royalties due during the twelve (12) months following the due date for the payment of the annual fee: 

 

					
	 PERIOD
	  	 	 
	 [**] anniversaries:
	  	 	[**]	 
	 [**] anniversary:
	  	 	[**]	 
	 [**] anniversary:
	  	 	[**]	 
	 [**] anniversary
	  	 	[**]	 
	 [**] anniversary and each anniversary thereafter
	  	 	[**]	 

 4.4 For Licensed Product(s) reaching a milestone listed below while such Licensed Product is covered by a
Valid Claim in the applicable Major Market Country, Licensee shall pay the following milestone payments within [**] after the reaching of each milestone by Licensee, its Affiliates or its Sublicensees, and shall report the reaching of each milestone
within [**] after becoming aware that it is reached: 
 (a) $[**] upon the [**] (or its equivalent in a Major Market Country) for a Licensed
Product in any formulation; 
 (b) $[**] upon the [**] received in a Major Market Country for a Licensed Product in any formulation; 

(c) $[**] upon the [**] received in a Major Market Country (whether [**]) for a Licensed Product in any formulation; 

  
 12 

 (d) $[**] upon first achievement of annual Net Sales in the Territory of over $[**] for all
Licensed Product(s). 
 For the sake of clarity, each such payment is payable no more than once and only with respect to the first achievement of the
relevant event for a Licensed Product. In no event shall all such payments, in the aggregate, total more than $268,000. 
 4.5 In addition,
in lieu of the payments that MentiNova would have paid to Licensor had Licensee been a sublicensee of MentiNova under the MentiNova/Rutgers Agreement paying non-royalty consideration to MentiNova, for Licensed
Product(s) reaching a milestone listed below while such Licensed Product is covered by a Valid Claim in a Major Market Country, Licensee shall pay the following milestone payments within [**] after the reaching of each milestone by Licensee, its
Affiliates or its Sublicensees, and shall report the reaching of each milestone within [**] after becoming aware that it is reached: 
  

					
	 “Milestone Event”
	  	“Milestone Payment”	 
	 (A) [**]
	  	 	[**]	 
	 (B) [**]
	  	 	[**]	 
	 (C) [**]
	  	 	[**]	 

 For the sake of clarity, each Milestone Payment is payable no more than once and only with respect to the first achievement of
the relevant Milestone Event for a Licensed Product. In no event shall all Milestone Payments, in the aggregate, total more than $62,500. In no event shall any Milestone Payment be payable after the end of the expiration of the last Valid Claim of
the Patent Rights. 
 4.6 Licensee shall pay to Licensor [**] percent ([**]%) of all Sublicensing Revenue received by Licensee from
Sublicensing within [**] of receipt by Licensee, payable in U.S. dollars to Licensor. 
 4.7 Royalties payable pursuant to Section 4.2
hereof and received during a Calendar Quarter by Licensee or its Affiliates shall be paid within [**] following the last day of the applicable Calendar Quarter or, with respect to royalties payable by Sublicensees hereunder, within [**] following
Licensee’s receipt of such royalties associated with the applicable Net Sales by Sublicensees in such Calendar Quarter. 

  
 13 

 4.8 Net Sales of any Licensed Product(s) shall not be subject to more than one assessment of the
scheduled royalty. 
 4.9 All dollar amounts referred to in this Agreement are expressed in United States dollars. All payments to Licensor
under this Agreement shall be made in United States dollars by check or bank transfer payable to Licensor. Licensee shall be responsible for all bank transfer charges. 

4.10 If Licensee receives Sublicensing Revenue, or revenues from Sales of Licensed Product(s), in currency other than United States dollars,
such revenues shall be converted into United States dollars prior to payment to Licensor (i) at the conversion rate for the foreign currency as published in the eastern edition of The Wall Street Journal as of the last business day of the
applicable Calendar Quarter or (ii) using the average rate of exchange over the applicable Calendar Quarter to which the Sales relate, in accordance with GAAP and the then current standard methods of Licensee or the applicable Sublicensee, to
the extent reasonable and consistently applied. If Licensee chooses option (ii), Licensee will provide Licensor with the specific exchange rate translation methodology used for a particular country or countries. If legal restrictions in a country
prevent the acquisition or prompt remittance of United States dollars to Licensor with respect to royalties on Sales of Licensed Product(s) in such country, Licensee shall make timely payment to Licensor from Licensee’s other sources of U. S.
dollars. 
 4.11 Licensee shall pay Licensor all patent costs relating to Patent Rights, as further described in and in accordance with
Article 9 hereof. 
 4.12 Licensee shall be responsible for paying any and all taxes, fees, or other charges imposed by the government of
any country outside the United States on the remittance of royalty income for sales occurring in any such country. Any tax required to be withheld under applicable law on amounts payable under this Agreement will promptly be paid by Licensee or its
Affiliates or Sublicensees on behalf of Licensor to the appropriate governmental authority, and Licensee will furnish Licensor with proof of payment of such tax. Licensee shall also be responsible for all bank transfer charges. 

4.13 Amounts due to Licensor under this Agreement that are not paid when due shall accrue interest from the due date until paid, at a rate
equal to [**] percent ([**]%) per month (or the maximum allowed by law, if less). 
 ARTICLE 5 - ROYALTY, PROGRESS AND PAYMENT REPORTS

 5.1 Licensee shall deliver to Licensor with each payment made pursuant to Section 4.7 herein a report, certified by the chief
financial officer of Licensee, setting forth in reasonable detail the calculation of the royalties, as well as all other payments due to Licensor pursuant to the terms of Article 4 of this Agreement. Each report shall include, without limitation, to
the extent applicable to the payments due hereunder: 
 5.1.1 Number of Licensed Product(s) involved in Sales, listed by country; 

  
 14 

 5.1.2 Gross sales of Licensed Product(s); 

5.1.3 Deductions for purposes of the calculation of Net Sales, listed by category of deduction; 

5.1.4 Net Sales of Licensed Product(s) listed by country; 

5.1.5 Royalties owed to Licensor; 

5.1.6 Deductions from royalties owed because of annual fees paid under Section 4.3; 

5.1.7 Calculation of Licensor’s share of any Sublicensing Revenue received and subject to payment under Section 4.6; and 

5.1.8 Listing and accounting for any other payments due to Licensor pursuant to Article 4 hereof. 

5.2 Licensee shall maintain and cause its Affiliates and Sublicensees to maintain, complete and accurate books and records in accordance with
GAAP consistently applied that enable the royalties due hereunder to be verified. The records for each Calendar Quarter shall be maintained for [**] after the Sales for which a report is required to be submitted under Section 5.1 hereof. Upon
reasonable prior notice to Licensee, Licensor’s certified public accountants who agree to a reasonable confidentiality agreement with the audited party shall have access to all books and records relating to the reports due under
Section 5.1 and the royalty payments due under Article 4, in each case for such [**] period. Such access shall be available during normal business hours, upon reasonable written notice of no less than [**], not more than [**] and for each of
[**] after the expiration or termination of this Agreement, and no record shall be audited more than [**]. If Licensor determines that Licensee has underpaid royalties or other payments due by [**] percent ([**]%) or more, Licensee will pay the
costs and expenses of Licensee’s accountants in connection with their review and/or audit. Licensee will pay any undisputed overdue amounts, as well as late interest charges in accordance with Section 4.13, within [**] of notification to
it of underpayment with supporting documentation. Licensor shall repay any undisputed overpaid amounts within [**] of notification to it of such overpayment with supporting documentation. 

5.3 Beginning [**] after the Effective Date, and [**] thereafter, Licensee shall, within [**] before or after each [**], submit to Licensor a
progress report covering Licensee’s activities related to the research, development and testing of all Licensed Product(s) and the obtaining of applicable governmental approvals necessary for marketing. These progress reports shall be made for
each Licensed Product in each country of the Territory. 
 5.4 The progress reports submitted under Section 5.3 shall include
sufficient information to enable Licensor to determine Licensee’s progress in fulfilling its obligations under Article 6, including, but not limited to, the following topics: 

  
 15 

	 	•	 	 summary of work completed, including key scientific results, market analysis 

 

	 	•	 	 summary of work in progress, including product development and testing and progress in obtaining government
approvals 

  

	 	•	 	 current schedule of anticipated events or milestones 

 

	 	•	 	 market plans for introduction of Licensed Product(s) once a Licensed Product is in a Phase III Trial

  

	 	•	 	 summary of resources (dollar value) spent in the reporting period for research, development, and marketing of
Licensed Product(s) 

  

	 	•	 	 activities in obtaining Sublicensees and a summary of activities of Sublicensees 

 

	 	•	 	 uncertified financial statements (and certified financial statements where available) as of the end of the
previous Calendar Quarter 

 ARTICLE 6 - DILIGENCE 

6.1 Licensee shall use commercially reasonable efforts, and require its Sublicensees to use commercially reasonable efforts, to commercialize
at least one Licensed Product in one Major Market Country and will report on such efforts to Licensor [**] in accordance with Section 5.3. The granting of a license by Licensee of the Patent Rights to an established commercial partner for
further development and commercialization shall be considered a non-limiting example of the use of commercially reasonable efforts, provided the commercial partner undertakes the applicable obligations under
this Agreement. 
 6.2 In addition to the above, if Licensee: 

6.2.1 does not [**] for a Licensed Product within [**] after the Effective Date(s) (except as extended below); and 

6.2.2 does not [**] on nalbuphine for Levodopa Induced Dyskinesia within [**] following the [**] described in 6.2.1 above (except as extended
below), 
 then Rutgers may provide a notice to Licensee reminding Licensee of the foregoing, and the date described in Section 6.2.1 shall be extended
by [**] from the date described in Section 6.2.1 with payment to Rutgers of [**] Dollars ($[**]) within [**] from Licensee’s receipt of such notice (the date described in Section 6.2.2 shall be extended for a comparable period); and
only if Licensee does not hold a [**] for a Licensed Product within such extended period and does not [**] on nalbuphine for Levodopa Induced Dyskinesia within such extended period, may Rutgers terminate this Agreement. 

ARTICLE 7 - CONFIDENTIALITY 

7.1 Each receiving party shall maintain in confidence, not disclose to any third party (other than its Affiliates, its or its Affiliate’s
directors, officers, agents, employees, consultants, contractors, distributors, attorneys, accountants, financing sources, representatives and actual or potential investors, acquirers or Sublicensees (collectively,
“Representatives”)), and use only to 

  
 16 

 
perform its obligations or exercise its rights under this Agreement, all Confidential Information received from the disclosing party pursuant to this Agreement. Each receiving party agrees to
ensure that its employees, Affiliates, Sublicensees and other Representatives, as applicable, have access to the disclosing party’s Confidential Information only on a
need-to-know basis and are obligated in writing or by professional ethical obligations to abide by obligations reasonably consistent with the receiving party’s
obligations under this Article 7. The foregoing obligations shall not apply to (and Confidential Information shall not include): 
 7.1.1
information that is known to the receiving party or independently developed by the receiving party prior to the time of disclosure, in each case, to the extent evidenced by written records; or 

7.1.2 information disclosed to the receiving party by a third party that has a right to make such disclosure without restriction; or 

7.1.3 information that is or becomes patented, published or otherwise part of the public domain as a result of acts by the disclosing party or
a third person obtaining such information as a matter of right, including the right to publish, or otherwise other than through a breach of this Article 7 by the receiving party or any of its Representatives; or 

7.1.4 information that is required to be disclosed by order of governmental authority or a court of competent jurisdiction; provided that the
receiving party shall use its commercially reasonable efforts to obtain confidential treatment of such information by the agency or court; or 

7.1.5 Know-how that is necessary to be disclosed in order for Licensed Product(s) to be developed and
commercialized as intended herein by the parties, provided the receiving party uses commercially reasonable efforts to disclose such information under obligations of confidentiality and limited use reasonably consistent to those contained in this
Section 7.1. 
 7.2 The confidentiality and use obligations set forth in Section 7.1 herein shall apply during the term of this
Agreement and for [**] after termination or expiration of this Agreement. 
 7.3 Licensor shall not provide any Confidential Information to
Licensee except the Know-how and the information to be provided in accordance with Articles 9 and 10. 

ARTICLE 8 - TERM AND TERMINATION 

8.1 Unless otherwise terminated by operation of law or by acts of the parties in accordance with the provisions of this Agreement, this
Agreement shall commence on the Effective Date, and shall remain in effect on a Licensed Product-by-Licensed Product and country-by-country basis until the expiration, unenforceability or invalidation of the last Valid Claim of the Patent Rights licensed under this Agreement covering such Licensed Product in such country, or
ten (10) years from the date of first commercial Sale of the first Licensed 

  
 17 

 
Product to be Sold anywhere in the world, whichever is later, following which the licenses granted hereunder with regard to such Licensed Product in such country shall be perpetual, fully paid-up, irrevocable and royalty-free. 
 8.2 Licensee may, at its option, terminate this Agreement at any
time by doing all of the following: 
 8.2.1 by giving ninety (90) days written notice to Licensor of Licensee’s intent to
terminate; and 
 8.2.2 by tendering payment of all accrued royalties and amounts due under this Agreement as of the last day of the 90 day
period referred to in Section 8.2.1. 
 8.3 To the extent not prohibited by applicable law, Licensor shall have the right to terminate
this Agreement by giving written notice of termination to Licensee at any time upon or after: (i) the filing by Licensee of a petition of bankruptcy or insolvency; (ii) any adjudication that Licensee is bankrupt or insolvent;
(iii) the filing by Licensee of any petition or answer seeking judicial reorganization, readjustment or arrangement of the business of Licensee under any law relating to bankruptcy or insolvency; (iv) the appointment of a receiver for all
or substantially all of the assets of Licensee; (v) the making of any assignment or attempted assignment for the benefit of creditors; or (vi) the institution of any proceeding or passage of any resolution for the liquidation or winding up
of Licensee’s business or for termination of its corporate life except as part of a corporate restructuring. 
 8.4 Either party may
terminate this Agreement upon [**] written notice of default upon breach of any provision of this Agreement by the other party and the failure to cure such breach within such [**] period. 

8.5 Upon early termination of this Agreement or expiration of this Agreement in its entirety, the receiving party shall, at the disclosing
party’s request, return to the disclosing party all the disclosing party’s Confidential Information except with respect to any Confidential Information for which the receiving party retains a license that survives such termination or
expiration. 
 8.6 Licensee’s obligations to make payments accrued under Article 4 hereof shall survive early termination or expiration
of this Agreement. In addition, the provisions of Sections 3.4, 3.5, 5.2, 8.5, 8.6, 8.7, 13.2, 13.3, 13.4, 13.5, 13.6, 13.7, 13.8, 13.9, 13.10, 13.12, 13.13 and Articles 1, 7, 10, 11, and 12, and any licenses that became perpetual pursuant to
Section 8.1, shall survive the early termination or expiration of this Agreement. 
 8.7 Any termination or expiration of this
Agreement shall not relieve Licensee or Licensor of any obligation or liability accrued hereunder prior thereto or rescind anything done by Licensee or any payments made to Licensor prior thereto, and such termination or expiration shall not affect
in any manner any rights of Licensor or Licensee arising under this Agreement prior to such termination or expiration. 

  
 18 

 ARTICLE 9 - PATENT MAINTENANCE AND REIMBURSEMENT 

9.1 So long as Licensee is current with its obligations to pay patent costs and provided that Licensee has not transferred counsel as provided
in this Section 9.1, Licensor shall be responsible, in accordance with its customary patent prosecution practices, for preparing, filing, prosecuting and maintaining the Patent Rights licensed hereunder, using counsel of its choice. At any time
Licensee may transfer counsel from that selected by Licensor to another acceptable to both parties and assume all further actions. Licensor’s counsel shall take instructions only from Licensor. Licensee’s counsel shall take instructions
only from Licensee. Licensor shall keep Licensee informed and apprised of the continuing prosecution of Patent Rights while it is responsible for prosecuting the Patent Rights licensed hereunder and shall seek reasonable advance consultation from
Licensee and will in good faith consider accepting Licensee’s advice. Licensor will copy Licensee on all correspondence with the patent office related to the Patent Rights. Licensee agrees to keep patent prosecution documentation and
correspondence confidential in accordance with Article 7. If counsel is transferred to counsel chosen by Licensee with Licensor’s written approval, Licensee shall keep Licensor informed and appraised of the continuing prosecution of Patent
Rights and shall seek reasonable advance consultation from Licensor and will in good faith consider accepting Licensor’s advice. Licensee will copy Licensor on all correspondence with the patent office related to the Patent Rights while it is
responsible for prosecuting the Patent Rights licensed hereunder. Licensor agrees to keep patent prosecution documentation and correspondence confidential. 

9.2 All future costs associated with preparing, filing, prosecuting, and maintaining the licensed Patent Rights after the Effective Date,
including but not limited to declaratory judgments, interferences, oppositions, reexaminations, and reissues, shall be borne by Licensee. All such reasonable patent costs shall be payable by Licensee to Licensor within [**] of the billing date. If
Licensee fails to pay such reasonable patent costs in a timely manner as required in this Section 9.2, Licensor may, at its discretion, require Licensee to pay estimated patent costs in advance as a condition for maintaining this license.
Licensee shall have the right to review and comment on patent bills from outside counsel upon request. 
 9.3 If Licensee notifies Licensor
that it does not wish to pursue prosecution or maintenance of Patent Rights for any matter in any country for which Licensor deems it necessary or appropriate to prosecute or maintain, Licensor may assume responsibility for prosecution and
maintenance of such matter and such Patent Rights and assume such costs. If Licensee notifies Licensor that it does not wish to pay the patent costs for any Patent Rights for any matter in any country, Licensor may assume responsibility for
prosecution and maintenance of such matter and such Patent Rights and assume such costs, in which case Licensee’s license for such Patent Rights and obligations under this Article 9 in such country shall terminate. 

9.4 Licensee, its Affiliates and its Sublicensees shall comply with all United States and foreign laws with respect to patent marking of
Licensed Products. 

  
 19 

 ARTICLE 10 - INFRINGEMENT AND LITIGATION 

10.1 Licensor and Licensee are responsible for notifying each other promptly of any infringement of Patent Rights that may come to their
attention and actual or threatened claims by third parties against the Patent Rights. The parties shall consult with one another in a timely manner concerning any appropriate response thereto. 

10.2 Licensee shall have the first right, but not the obligation to prosecute such infringement or defend such claims at its own expense.
Financial recoveries from any enforcement action, including settlements thereof, will first be applied to reimburse the expenses of both parties for such enforcement action with the balance being retained by Licensee and considered Net Sales of a
Licensed Product and subject to the royalties in Section 4.2. The parties may agree to other arrangements should they desire. 
 10.3
In any action to enforce or defend any of the Patent Rights, either party, at the request and expense of the other party, shall cooperate to the fullest extent reasonably possible, including joining such action. This provision shall not be construed
to require either party to undertake any activities, including legal discovery, at the request of any third party except as may be required by lawful process of a court of competent jurisdiction. 

ARTICLE 11 - DISCLAIMER OF WARRANTY, INDEMNIFICATION AND INSURANCE 

11.1 (i) LICENSOR REPRESENTS AND WARRANTS THAT (A) IT HAS THE RIGHT TO GRANT THE LICENSES HEREUNDER AND TO MAKE THE ACKNOWLEDGEMENT SET
FORTH IN SECTION 13.13, AND (B) TO THE BEST OF LICENSOR’S KNOWLEDGE, AS OF THE EFFECTIVE DATE, LICENSOR HAS NO RIGHTS IN ANY PATENT OR PATENT APPLICATION (OTHER THAN THE PATENT RIGHTS (AS DEFINED IN SECTION 1.23)) THAT COVER THE
MANUFACTURE, USE, SALE, IMPORTATION, EXPORT OR OFFER FOR SALE OF A PRODUCT SOLELY CONTAINING NALBUPHINE. (ii) EXCEPT AS SET FORTH IN SECTION 11.1(i) OR WITH RESPECT TO A BREACH THEREOF, (A) THE PATENT RIGHTS AND KNOW HOW ARE PROVIDED ON AN
“AS IS” BASIS, AND NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, ARE MADE WITH RESPECT THERETO BY LICENSOR; BY WAY OF EXAMPLE BUT NOT OF LIMITATION, NO REPRESENTATIONS OR WARRANTIES ARE MADE (a) OF COMMERCIAL UTILITY OR
(b) OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE; OR (c) THAT THE USE OF THE PATENT RIGHTS, KNOW-HOW, OR THAT MAKING, USING OR SELLING LICENSED PRODUCT(S) WILL NOT INFRINGE ANY PATENT,
COPYRIGHT OR TRADEMARK OR OTHER PROPRIETARY OR PROPERTY RIGHTS OF OTHERS; (B) LICENSOR SHALL NOT BE LIABLE TO LICENSEE, ITS AFFILIATES, OR THEIR RESPECTIVE SUCCESSORS OR ASSIGNS OR ANY THIRD PARTY WITH RESPECT TO: ANY CLAIM ARISING FROM THE USE
OF THE PATENT RIGHTS OR KNOW-HOW, OR FROM THE MANUFACTURE, USE OR SALE OF LICENSED PRODUCT(S); OR (C) 

  
 20 

 
NEITHER PARTY IS LIABLE FOR ANY CLAIM FOR LOSS OF PROFITS, LOSS OR INTERRUPTION OF BUSINESS, OR FOR, DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND (IT BEING UNDERSTOOD THAT THE
PARTIES DO NOT INTEND TO LIMIT THE PAYMENT OBLIGATIONS UNDER ARTICLE 4 AS THEY BECOME DUE AND PAYABLE PURSUANT TO THE TERMS THEREIN). 

11.2 Licensee represents as of the Effective Date that: (i) Licensee has been given an opportunity to conduct due diligence with respect
to all items and issues pertaining to this Agreement; (ii) it is a duly organized, valid legal entity of the form indicated in the preamble to this Agreement with the power to own all of its properties and assets and to carry on its business as
it is currently being conducted, and is in good standing under the laws of its jurisdiction of organization as indicated in the preamble of this Agreement; and (iii) it has been duly authorized and no further approval, corporate or other
appropriate power, is required to execute, deliver, and perform this valid and binding agreement in accordance with the terms and conditions herein, including its obligations hereunder. 

11.3 To the maximum extent permitted by applicable law, and subject to Licensor’s compliance with Section 11.1, Licensee shall
defend, indemnify and hold harmless Rutgers, its trustees, officers, agents and employees, MV and SB (individually, an “Indemnified Party”, and collectively, the “Indemnified Parties”), from and against any and all liability,
loss, damage, action, claim or expense suffered or incurred by the Indemnified Parties (including attorney’s fees) with respect to any Third Party claim (individually, a “Liability”, and collectively, the “Liabilities”) that
results from or arises out of: (i) the development, use, manufacture, promotion, sale or other disposition, of any Know-how, Patent Rights or Licensed Product(s) by Licensee, its Affiliates or their
respective assignees, Sublicensees, vendors or distributors (other than by the applicable Indemnified Party); and (ii) breach by Licensee or its Affiliates of any covenant or agreement contained in this Agreement. Without limiting the foregoing
but subject to Licensor’s compliance with Section 11.1, Licensee will defend, indemnify and hold harmless the Indemnified Parties from and against any Liabilities resulting from: 

11.3.1 any product liability or other claim of any kind related to the use by a third party of a Licensed Product(s) that was developed,
manufactured, sold or otherwise disposed by Licensee, its Affiliates or their assignees, Sublicensees, vendors or distributors (other than by the applicable Indemnified Party); and/or 

11.3.2 a claim by a Third Party that the design, composition, manufacture, use, sale or other disposition by Licensee, its Affiliates or their
assignees, Sublicensees, vendors or distributors of any Licensed Product(s) infringes or violates any patent, copyright, trademark or other intellectual property rights of such Third Party. 

11.4 The right to indemnification shall be subject to this Section 11.4. The Indemnified Party shall notify Licensee of any claim or
action giving rise to Liabilities subject to the provisions of the foregoing Section 11.3. Licensee shall have the obligation to defend any 

  
 21 

 
such claim or action, at its cost and expense, and the Indemnified Parties shall reasonably cooperate with Licensee. Neither party shall settle or compromise any such claim or action in a manner
that imposes any restrictions or obligations on the other party without such other party’s prior written consent. If Licensee fails or declines to assume the defense of any such claim or action within [**] after notice thereof, Licensor may
assume the defense of such claim or action and Licensee shall bear the reasonable out-of-pocket expenses of such defense. The indemnification rights of Licensor or other
Indemnified Party contained herein are in addition to all other rights which such Indemnified Party may have at law or in equity or otherwise. 

11.5 Licensee shall procure and maintain a policy or policies of comprehensive general liability insurance, including broad form and
contractual liability, in a minimum amount of $[**] combined single limit per occurrence and in the aggregate as respects personal injury, bodily injury and property damage arising out of Licensee’s or its Affiliates’ performance of this
Agreement. Licensee insurance shall be primary coverage, and Licensor insurance or self-insurance shall be excess coverage and non-contributory. 

11.6 The policy or policies of insurance specified herein shall be issued by an insurance carrier with an A.M. Best rating of “A” or
better and shall name Rutgers, MV and SB as additional insureds with respect to Licensee’s performance of this Agreement. Licensee shall provide Licensor with certificates evidencing the insurance coverage required herein and all subsequent
renewals thereof. Such certificates shall provide that Licensee’s insurance carrier(s) notify Licensor in writing at least [**] prior to cancellation or material change in coverage. 

11.7 Licensor shall periodically review the adequacy of the minimum limits of liability specified herein. Licensor reserves the right to
require Licensee to reasonably adjust such coverage limits accordingly. The specified minimum insurance amounts shall not constitute a limitation on Licensee’s obligation to indemnify Licensor or other Indemnified Parties under this Agreement.

 ARTICLE 12 - USE OF LICENSOR’S NAME; INDEPENDENT CONTRACTOR 

12.1 Licensee and its employees and agents shall not use, and Licensee shall not permit its Affiliates or Sublicensees to use, Licensor’s
name, any adaptation thereof, any Licensor logotype, trademark, service mark or slogan or the name mark or logotype of any Licensor representative or organization in any way without the prior written consent of Licensor or such representative or
organization, in each instance unless required by applicable law. 
 12.2 Nothing herein shall be deemed to establish a relationship of
principal and agent between Licensor and Licensee, nor any of their agents or employees for any purpose whatsoever. This Agreement shall not be construed as constituting Licensor and Licensee as partners, or as creating any other form of legal
association or arrangement that would impose liability upon one party for the act or failure to act of the other party. 

  
 22 

 ARTICLE 13 - MISCELLANEOUS PROVISIONS 

13.1 Licensee shall comply with all prevailing laws, rules and regulations pertaining to the development, testing, manufacture, marketing,
sale, use, import or export of Licensed Product(s). Without limiting the foregoing, it is understood that this Agreement may be subject to United States laws and regulations controlling the export of technical data, computer software, laboratory
prototypes and other commodities, articles and information, including the Arms Export Control Act as amended in the Export Administration Act of 1979, and that the parties’ obligations hereunder are contingent upon compliance with applicable
United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the responsible agency of the United States Government and/or written assurances by Licensee that Licensee shall not export
data or commodities to certain foreign countries without prior approval of such agency. Licensor neither represents that a license is not required nor that, if required, it will issue. 

13.2 This Agreement and the rights and duties appertaining thereto may not be assigned by Licensee, except as set forth below, without first
obtaining the express written consent of Licensor. Any such purported assignment not described below, without the written consent of Licensor, shall be null and of no effect. It is understood that Licensee will have the right to assign this
Agreement (a) to an Affiliate, subject to the provisions of Section 2.1, and (b) to a third party in connection with Licensee’s merger, consolidation, or assignment or transfer of that part of its business that relates to this
Agreement, provided that all applicable terms of this Agreement will be assumed by the assignee. 
 13.3 Notices, payments, statements,
reports and other communications under this Agreement shall be in writing and shall be deemed to have been received (i) when personally delivered, or (ii) five (5) days after mailing if mailed by first-class certified mail, postage paid
and deposited in the United States mail, or (iii) as of the date dispatched if sent by public overnight courier (e.g., Federal Express), or (iv) or as otherwise agreed upon in writing by the parties, and addressed as follows: 

If for Licensor: 
 Rutgers: 

Office of Research Commercialization 

ATTN: Executive Director, Licensing & IP 

33 Knightsbridge Rd. 

Piscataway, NJ 08854 
 If for
Licensee: 
 Trevi Therapeutics, Inc. 

ATTN: Jennifer Good 
 195 Church
Street, 14th Floor 
 New Haven, CT 06510 

  
 23 

 With a copy to: 

WilmerHale 
 ATTN: Stuart Falber

 60 State Street 
 Boston,
MA 02109 
 Each party may change its official address upon written notice to the other parties. 

13.4 This Agreement shall be construed and governed in accordance with the laws of the State of New Jersey, without giving effect to conflict
of law provisions, but the scope and validity of any patent or patent application shall be governed by the applicable laws of the country of such patent or patent application. 

13.5 This Agreement embodies the entire understanding of the parties and shall supersede all previous and contemporaneous communications,
representations or understandings, either oral or written, between the parties relating to the subject matter hereof. Any modification of this Agreement shall be in writing and signed by an authorized representative of each party. 

13.6 In the event that Licensor or Licensee perceives the existence of a dispute with the other party concerning any right or duty provided
for herein, the parties shall, as soon as practicable, confer in an attempt to resolve the dispute. If the parties are unable to resolve such dispute amicably within [**] of initial notice of dispute by Licensor or Licensee, as the case may be, then
the parties hereby submit to the exclusive jurisdiction of and venue in the courts located in the State of New Jersey with respect to any and all disputes relating to this Agreement. 

13.7 A waiver by Licensor or Licensee of a breach or violation of any provision of this Agreement will not constitute or be construed as a
waiver of any subsequent breach or violation of that provision or as a waiver of any breach or violation of any other provision of this Agreement or a subsequent breach of the same provision. 

13.8 In case any of the provisions contained in this Agreement shall be held to be invalid, illegal or unenforceable in any respect in any
jurisdiction, (a) such invalidity, illegality or unenforceability shall not affect any other provisions hereof, (b) the particular provision, to the extent permitted by law, shall be reasonably construed and equitably reformed to be valid
and enforceable and if the provision at issue is a commercial term, it shall be equitably reformed so as to maintain the overall economic benefits of the Agreement as originally agreed upon by the parties, and (c) this Agreement shall be
construed as if such invalid or illegal or unenforceable provisions had never been contained herein. 

  
 24 

 13.9 The headings and captions used in this Agreement are for convenience of reference only and
shall not affect its construction or interpretation. 
 13.10 Nothing in this Agreement, express or implied, is intended to confer on any
person, other than the parties hereto or their permitted assigns, any benefits, rights or remedies, except as set forth in Section 3.4. 

13.11 Neither Licensee nor its Affiliates shall originate any publicity, news release or other public announcement, written or oral, relating
to this Agreement or the existence of an arrangement between the parties, except as required by law, without the prior written approval of the Licensor, which approval shall not be unreasonably withheld; provided, however, that nothing herein shall
restrict Licensee, any of its Affiliates or any Sublicensee from publicizing any information with respect to the development, manufacture or commercialization of any Licensed Product. 

13.12 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 
 13.13 Licensee may enter into other agreements relating to this Agreement with Dr. Mouradian
or other Rutgers employees or students provided such agreements are in full compliance with all of Rutgers policies and legal rights. Rutgers hereby acknowledges and agrees that the Consulting Agreement between Licensee and Dr. Mouradian dated
as of September 22, 2018 is in full compliance with all of Rutgers policies and legal rights. 
 13.14 In the event of a failure of
performance due under the terms of this Agreement by Licensee if it becomes necessary for Licensor to undertake legal action against Licensee on account thereof, then Licensor shall be entitled to seek reasonable attorney’s fees in addition to
costs and necessary disbursements if it prevails in such legal action. 
 [Signature Page Follows] 

  
 25 

 IN WITNESS WHEREOF the parties, intending to be legally bound, have caused this Agreement to be
executed by their duly authorized representatives on the date first set forth above. 
  

	
	FOR LICENSOR:
	RUTGERS, THE STATE UNIVERSITY OF NEW JERSEY
	
	 /s/ Tatiana Litvin-Vechnyak

	 NAME: Tatiana Litvin-Vechnyak
 TITLE: Executive
Director, Licensing & IP

	
	FOR LICENSEE:
	TREVI THERAPEUTICS, INC.
	
	 /s/ Jennifer Good

	 NAME: Jennifer Good
 TITLE: President and Chief
Executive Officer

 [Signature Page to Rutgers License Agreement] 

  
 26 

 APPENDIX A 

LIST OF PATENT APPLICATIONS FILED AND PATENTS ISSUED AS OF THE EFFECTIVE DATE 
  

					
	 Application Number
	  	 Name
	  	 Status

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

  
 27 

 APPENDIX B 

KNOW-HOW 

[**] 

  
 28

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