Document:

Exhibit 10.2

 

 

 

LICENSING AGREEMENT

This LICENSING AGREEMENT ("Agreement") is made effective as of this 15'" day of February, 2017_("Effective Date"), by and between AMMO, Inc., a Delaware corporation ("AMMO") with an office at 6402 East Thomas Rd, Scottsdale, AZ 85251, and Jeff Rann, an individual residing at 5420 County Road 531, Hondo, TX, 78861 ("JR").

WHEREAS, JR is a well known Hunter, Guide and Spokesman for the Gun and Ammo industry whose name, endorsements, and services have commercial value to AMMO;

WHEREAS, AMMO is desirous to obtain the right to use the name, likeness, and endorsement of JR and name, likeness, imagery and endorsement of JR in connection with the advertisement and promotion of certain products of AMMO, namely a Jeff Rann branded line of ammunition, and associated other promotional items related to the line of ammunition. NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged JR, and AMMO agree as follows:

1. DEFINITIONS.

		a.	
"Confidential Information" means all financial,

commercial, technical, proprietary, personal and other information, data, trade secrets and know-how of either party that is not generally known or readily derivable from publicly available information, including the terms of this Agreement.

		b.	
"Image Rights" means the right to use the name, image, photographs, autograph, likeness, characterization, biography, visual and audio representation of JR as well as images, songs, name and logos for JR.

	 

		c.	
"Intellectual Property Rights" means all patents and patent applications, utility models, rights in industrial designs, trademarks (whether registered or unregistered

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and including any goodwill in such trademarks), service marks, trade names, business names, internet domain names, rights in designs (whether registered or unregistered), copyrights, moral rights, rights in Confidential Infotination, rights in inventions (whether patentable or not), and all rights in discoveries, improvements, techniques, processes, tools, models, concepts, and systems, and all other intellectual property rights, whether registered or unregistered, including any form of application for any of the same and all similar or equivalent rights which may exist anywhere in the world.

		d.	
"Products" means AMMO's Jeff Rann branded line of ammunition including the calibers of ammunition listed in "Schedule A" ("Products"), and other associated Jeff Rann branded promotional items related thereto. Such other promotional items include other items commonly promoted and sold by other ammunition manufacturers to promote the branding and recognition of their ammunition, for example, clothing, hats, etc.

		e.	
"Net Profit" means Net Sales minus cost of goods sold, minus operating expenses, minus taxes, minus interest.

		f.	
"Net Sales" means the revenue received from the wholesale sale of Jeff Rann Branded Products, less customary discounts, and allowances, and less any bona fide returns.

		g.	
"Potential Retailers" means retail and e-commerce companies with which JR already has commercial relationships for other JR branded products, and which

are targets to distribute and sell Jeff Rann Branded Products.

		2.	
APPOINTMENT/ENGAGEMENT. AMMO engages JR, and JR hereby accepts the engagement, to provide for his endorsement of, and assistance in offering/selling AMMO's Jeff Rann Branded Products pursuant to the terms herein.

	 

		3.	
TERM. Unless terminated in accordance with Section 15,

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the term of this Agreement shall commence as of the Effective Data and shall continue for an initial term of five (5) years ("Initial Term"). The Agreement shall be automatically extended for successive additional one (1) year temis (each a "Renewal Tenn") unless either party gives ninety (90) days advanced written notice of the desire to terminate. The Initial Term and any Renewal Term(s) are collectively referred to as the Term.

 

4.     GRANT. During the Term, and subject to the limitations herein, JR grants AMMO exclusive, worldwide rights to JR's Image Rights and any and all trademarks associated with JR in connection with the marketing, promotion, advertising, sale, and commercial exploitation of the Products for such purposes as AMMO may reasonably require. Such Image Rights shall include, but not be limited to, the following uses:

		a.	
One or more television and/or radio commercials

		b.	
Product packaging, promotion, and advertising

		c.	
Use on the interne, including AMMO's website

		d.	
In AMMO press releases

		e.	
Personal appearances, for example, speaking engagements, trade shows, and exhibitions

		f.	
Throughout all AMMO controlled and operated social media pages and sites

		g.	
Use in/on any advertising medium including magazine, billboard, electronic displays etc

5.  SERVICES. In connection with the appointment, JR agrees to do the following for the Term ("Services"):

a. JR will provide images and video content of himself, his work, safaris he is involved in, various animals and hunting images, images of Products being utilized in hunts, etc. Images will be used in conjunction with the marketing, promotion, and sale of the Jeff Rann Branded Products. The photograph(s) shall be submitted to AMMO as requested. In the event JR does not accept or reject the submitted packaging within seven (7) days, the

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photograph(s) will be deemed accepted by JR.

		b.	
Assist AMMO in promoting the Products through JR branded social media outlets, provide imagery and content as requested by AMMO to incorporate in social media and websites. JR agrees to provide content to do a minimum of 4 posts per month during Term on each social media platform operated by AMMO. JR will provide AMMO with both video content and static image posts to help promote and support AMMO.

		c.	
Provide proposed designs for the packaging of the Jeff Rann Branded Products, provided that the ultimate design and packaging shall be at AMMO's absolute discretion.

		d.	
Review and provide input on the Jeff Rann Branded Products, provided that the ultimate technical specifications, function, and overall design of the Jeff Rann Branded Products shall be at AMMO's absolute discretion, notwithstanding the foregoing, the ten calibers listed on Schedule A attached hereto and the components used to manufacture said calibers shall be approved by both AMMO and JR.

		e.	
In coordination with, and subject to AMMO's approval, JR shall assist with introductions to, calling upon, and negotiations with Potential Retailers for the sale and distribution of Jeff Rann Branded Products.

		f.	
If JR is involved in any sponsored photography sessions, internet, promotional, or television commercials, JR shall wear items of clothing and/or accessories that AMMO

deems appropriate for the marketing, promotion, advertising and sale of the Jeff Rann Branded Products.

	 

		g.	
JR agrees to make a minimum of four (4) appearances annually at, once at each of the following trade shows or promotional events: 1) Dallas Safari Club Convention, 2) Safari Club International Convention, 3) National Shooting Sports Foundation "Shot Show", and 4) National Rifle Association Convention . At such appearances, JR agrees to sign autographs for at least four (4) hours per appearance. Additional appearances

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shall be at JR's discretion and subject to JR's availability.

		h.	
JR hereby agrees that he shall not grant right to use the Jeff Rann, Image Rights to any other ammunition manufacturer or retailer of the same product(s), or similar product(s), to that of the Jeff Rann Branded Products.

		i.	
JR agrees not to develop, sponsor, endorse, or promote (i) any other products that are substantially similar in purpose to, or competitive with the Jeff Rann Branded Products; or (ii) any other ammunition manufacturer, or retailer which sells products that are similar in purpose to, or competitive with the Jeff Rann Branded Products. The parties specifically agree that JR's promotion and sale of Products is authorized.

		j.	
For all of the Services provided herein, JR agrees that none of the Services will contain any obscene or defamatory material and will not expose AMMO to criminal or civil proceedings.

		k.	
JR agrees not to participate in any activities which would prejudice the goodwill and reputation of AMMO and/or the Jeff Rann Branded Products during the Term of the Agreement, and for a period of twelve (12) months thereafter.

1. JR agrees not to act or engage in any action or conduct which would impugn his character or reputation or that of his work hereunder.

		m.	
JR will wear AMMO branded shirts and hats as required by AMMO.

		n.	
JR shall host and guide a total of ten (10) hunts on his 777 Ranch for AMMO during the first five (5) years of this Agreement, and AMMO will be credited Ten Thousand Dollars ($10,000.00) to be applied towards the cost of each hunt (based on the pricing of the 777 Ranch in effect at the time of the hunt). In no event shall JR be required to credit AMMO more than One Hundred Thousand Dollars ($100,000.00) during the term of this Agreement. AMMO will facilitate and pay for the filming and photographing of the hunts on the 777 Ranch

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for promotional purposes.

		o.	
JR will assist in Product development and have approvals over packaging and Products. After submission for approval, JR will have 72 hours to approve. Failure to approve within the 72 hours will deem to have been approved.

		p.	
All Products must meet guidelines and standards as agreed on between AMMO and JR, JR shall specifically approve the calibers and components of the JR Branded ammunition. .

The limitations in Sections 5(j) and (k) shall extend through the Transition Period. AMMO agrees to reimburse JR for any out-of-pocket, reasonable, preapproved travel expenses, including airfare, ground transportation, hotel accommodations, and meals related to performance of the Services hereunder. For any air travel over two (2) hours, JR and one companion are authorized to purchase if available, and AMMO will reimburse JR for, business class tickets or comparable. For all other air travel, AMMO will reimburse JR and companion for standard coach ticket air fare. Reimbursement shall be subject to production of receipts or other appropriate evidence of payment.

6. CONFIDENTIALITY. Each party agrees that it will not disclose to any third party or use any Confidential Information disclosed to it by the other party except as expressly permitted in this Agreement; and that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other party in its possession or control, which will in no event be less than the measures it uses to maintain the confidentiality of its own information of similar importance. The foregoing restrictions do not apply to (a) any use or disclosures authorized by the disclosing party; (b) any use or disclosure required by law or by court, provided that the receiving party provides the disclosing party as much notice of the

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disclosure, or potential disclosure, as possible; and (c) any information which is already in, or comes into, the public domain other than through the receiving party's unauthorized disclosure.

		7.	
TRADEMARKS. The Parties acknowledge and agree that AMMO may adopt, use, and/or seek trademark registration for, one or more trademarks relating to the Jeff Rann Branded Products, including but not limited to Jeff Rann Branded Line of ammunition. The Parties agree that AMMO shall own all rights to such trademarks, and all use of such trademarks shall inure to the benefit of AMMO, provided that AMMO shall cease using JEFF RANN as part of any such trademark(s) upon termination of this Agreement and expiration of the Transition Period. JR agrees to cooperate with AMMO in seeking federal registration of any such trademark by AMMO. Without limiting the foregoing, JR agrees to execute any necessary consent required by the United States Patent and Trademark Office ("USPTO") for use of the Jeff Rann name, and JR agrees, to the extent necessary, to execute any necessary consent and/or co-existence agreements required by the USPTO.

		8.	
OWNERSHIP OF INTELLECTUAL PROPERTY. Subject to the limitations herein, and in consideration of the Royalty paid to JR, JR agrees to assign, and does hereby assign, all present and future Intellectual Property  Rights related to the Services, including but not limited to in all media and advertising related to the Jeff Rann Branded Products, and any other material created for the purpose of this Agreement, including but not limited to the trademarks, and any packaging designs of JR. AMMO shall be entitled to use, exploit or license any of the material produced or created as a result of the Services provided by JR. JR shall give AMMO immediate written notice of any actual, threatened, or suspected infringement of AMMO's Intellectual Property Rights. JR represents

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and warrants that any intellectual property contributed by JR (including the use of JEFF RANN as part of the Jeff Rann trademark), will not infringe the Intellectual Property Rights of any third party. Notwithstanding anything contained herein to the contrary, this grant of the Intellectual Property is specific limited in scope to only the Intellectual Property Rights associated with the Products and related Services detailed herein and does not include any rights related to 777 Ranch, Inc. or Rann Safaris.

		9.	
COMPENSATION. In exchange for JR's performance of the Services, AMMO agrees to pay JR a royalty, calculated by method of: (a) for all ammunition Products, JR will be paid three percent (3%) of the Net Sales for which payment has been received from the applicable customer ("Ammunition Royalty"); and (b) for non-ammunition Jeff Rann Branded Products (e.g., t-shirts, hats, and other promotional items), JR will be paid twenty-five percent (25%) of the Net Profit for which payment has been received from the applicable customer ("Promotional Item Royalty"). The Ammunition Royalty and Promotional Item Royalty are collectively referred to as "Royalty". Royalty payments to be paid quarterly. AMMO will make this payment to JR within 45 days of the close of each fiscal quarter. Along with the payment of the Royalties, AMMO shall provide a royalty statement showing the Net Sales or Net Profit (as applicable) of the Jeff Rann Branded Products, and the amount of Royalties due to JR. Upon reasonable request by JR, but not more than annually, AMMO shall make its applicable books and records available for review by JR to confirm payment of the applicable Royalties.

		10.	

STOCK COMPENSATION. JR will receive a onetime signing bonus of 50,000 shares of AMMO common stock. Annual Performance Bonus are as follows:

Gross sales of Products reach $2,500,000-$5,000,000 —10,000 shares

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Gross sales of Products reach $5,000,001-$10,000,000-15,000 shares

Gross sales of Products reach $10,000,001-$15,000,000-20,000 shares

Gross sales of Products reach $15,000,001< - 30,000 shares

In addition, as compensation for the Hunt Credit in Section 5(n), JR shall receive an additional 50,000, restricted shares of common stock, to be issued with the onetime signing bonus above (the "Hunt Credit Shares"). Except to the extent required by applicable law, JR's ability to sell the Hunt Credit Shares shall not be restricted as defined in Sections 10.2, 10.3, 10.4 and 10.5.

10.01 RESTRICTIONS ON AMMO,  INC.  SHARES ISSUED PURSUANT TO THIS AGREEMENT.

The common stock shares that may be issued by the AMMO pursuant to this Agreement will not been registered and are being issued pursuant to a specific exemption under the Securities Act, as well as under certain state securities laws for transactions by an issuer not involving any public offering or in reliance on limited federal preemption from such state securities registration laws. The share, to be issued by the AMMO pursuant to this Agreement must be held and may not be sold, transferred, or otherwise disposed of for value unless such securities are subsequently registered under the Securities Act or an exemption from such registration is available, and that the certificates representing the shares of AMMO, Inc. Common Stock issued pursuant to this Agreement will bear a legend in substantially the following form so restricting the sale of such securities:

 

	
The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and are "restricted securities" within the meaning of Rule 144 promulgated under the Securities Act. The securities have been acquired for investment and may not be sold or transferred without complying with Rule 144 in the absence of an effective registration or other compliance under the Securities Act.

	 

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Except as JR may be otherwise restricted from selling shares of the common stock of the AMMO (the "Common Stock") under applicable federal or state securities laws, rules and regulations and Securities and Exchange Commission (the "SEC") interpretations thereof, (except for the 50,000 Hunt Credit Shares) JR may only sell the Common Stock subject to the following conditions:

10.02 Notwithstanding any applicable federal or state securities laws, rules and regulations and Securities and Exchange Commission (the "SEC") interpretations thereof, JR shall not be allowed to sell any shares of Common Stock for twelve (12) months subsequent to the Effective Date of this Agreement (the "Lock-Up Period");

10.03 Notwithstanding any applicable federal or state securities laws, rules and regulations and Securities and Exchange Commission (the "SEC") interpretations thereof and for the twelve (12) months following the Lock-Up Period (the "Leak-Out Period"), JR shall only be permitted to sell shares of JR's Common Stock in accordance with the following terms and conditions:

10.04 If the average trading volume of the AMMO's stock exceeds $25,000 per day for the 5 trading days prior to the date of any sale of Common Stock by JR during the Leak-Out

Period, then JR can sell no more than 3% of their total holdings on a monthly basis such Common Stock without restriction.

10.05 If the average trading volume of the AMMO's stock is less than or equal to $25,000 per day for the 5 trading days prior to the date of any sale of Common Stock by JR during the Leak-Out Period, then JR can only sell that certain number of Common Stock shares equal to 1% of the total issued shares to JR every 30 days during the Leak-Out Period.

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10.06 An appropriate legend describing this Agreement shall be imprinted on each stock certificate representing Common Stock covered hereby, and the transfer records of the AMMO's transfer agent shall reflect such appropriate restrictions.

10.07 JR agrees that she will not engage in any short selling of the Common Stock of the AMMO.

		11.	
DISCOUNTS. Notwithstanding the foregoing, the parties recognize that Potential Retailers may seek special discounts for Products. In such event, the parties agree to negotiate in good faith appropriate adjustments to the Royalty to ensure the overall decrease in revenue is equitably shared between JR and AMMO.

		12.	
PRODCT PURCHASE. JR may purchase Product to sell across his website(s) at AMMO's lowest pricing offered to wholesale vendors. If requested, JR will receive 100 rounds of each caliber of the Jeff Rann Branded Products per month during the Term.

		13.	
INDEMNITY. AMMO and JR mutually agree to defend, indemnify, and hold harmless the other against all third party claims, losses (including attorneys' fees), liabilities, judgement, and settlements arising from or relating to its own breach of this Agreement. In addition, AMMO shall indemnify JR and hold JR, harmless from and against any and all claims, demands, damages, liabilities, losses and expenses (including reasonable attorneys' fees), relating directly or indirectly to the Products and the manufacturing of the Products, provided however that AMMO shall not indemnify JR against any claims, demands, damages, liabilities, losses or expenses arising from JR's gross negligence or willful misconduct. In the event of a claim hereunder, JR and AMMO agree to provide full details in writing to the other party at the earliest opportunity and

	 

 

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shall not settle any such matter without first consulting the other party. The indemnifying party will promptly reimburse the indemnified party for all reasonable expenses and cost incurred in defending the indemnified party. The indemnified party will have the right to select its own counsel, subject only to the indemnifying party's reasonable right of approval of any such counsel. This indemnification will survive termination of the Agreement.

		14.	
INSURANCE. During the term of this Agreement, AMMO shall maintain in full force and effect commercial general liability insurance and product liability insurance , in amounts of not less than Ten Million ($10,000,000) dollars for a single accident occurrence or in the aggregate. JR shall be named as an additional insured and AMMO shall provide JR a certificate evidencing the aforementioned insurance is in effect.

		15.	
DEFAULT AND TERMINATION. If either party at any time during the Term shall (a) fail to make a required payment when due; (b) goes into voluntary or involuntary liquidation or is declared insolvent; or (c) fail to observe or perform any of the covenants, agreements or obligations under this Agreement , the non-defaulting party may terminate this Agreement if such default is not cured within thirty (30) days after the defaulting party shall have received written notice of such failure specifying in reasonable detail the nature of such default. The termination rights shall not constitute the exclusive remedy.

Upon any termination of this Agreement, AMMO shall be entitled to a transition period of twelve (12) months ("Transition Period") during which it can continue to use the Image Rights to enable it to liquidate all inventory and in-process orders for Products.

In addition to the foregoing, in the event JR engages in any conduct or activity that sheds a negative light or disparaging light on JR or AMMO, then AMMO may terminate this Agreement for cause on ten (10) days notice,

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without opportunity to cure on JR's behalf AMMO shall continue to pay all applicable Royalties due to JR during the Transition Period.

		16.	
LIMITED LIABILITY. Notwithstanding anything to the contrary in this Agreement, except for AMMO's indemnification obligations in Section 13, AMMO's liability to JR shall not exceed the remuneration, excluding reimbursement of expenses, actually paid by AMMO to JR over the preceding twenty-four (24) months. In no event will AMMO be liable for any indirect, incidental, reliance, special, consequential, or punitive damages for any claim or cause of action (including negligence) arising out of or related to this Agreement, even if AMMO has been advised of the possibility of such damages.

		17.	
FORCE MAJEURE. If performance of this Agreement or any obligation under this Agreement is prevented, restricted, or interfered with by causes beyond either party's reasonable control ("Force Majeure"), and if the party unable to carry out its obligations gives the other party prompt written notice of such event, then the obligations of the party invoking this provision shall be suspended to the extent necessary by such event. The term Force Majeure shall include, without limitation, acts of God, fire, explosion, vandalism, storm or other similar occurrence, orders or acts of military or civil authority, or by natural emergencies, insurrections, riots, or wars, strikes, lock-outs, work stoppages. The excused party shall use reasonable efforts under the circumstances to avoid or remove such causes of non-performance and shall proceed to perfoint with reasonable dispatch whenever such caused are removed or ceased. An act or omission shall be deemed within the reasonable control of a party if committed, omitted, or caused by such party, or its employees, officers, agents, or affiliates.

 

		18.	
ARBITRATION. Any controversies or disputes arising

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out of or relating to this Agreement shall be resolved by binding arbitration in accordance with the then-current Commercial Arbitration Rules of the American Arbitration Association. The parties shall select a mutually acceptable arbitrator knowledgeable about issues relating to the subject matter of this Agreement. In the event the parties are unable to agree to such a selection, AMMO and JR will select an arbitrator and the two arbitrators in turn shall select a third arbitrator, all three of whom shall preside jointly over the matter. The arbitration shall take place at a location that is reasonably centrally located between the parties, or otherwise mutually agreed upon by the parties. All documents, materials, and information in the possession of each party that are in any way relevant to the dispute shall be made available to the other party for review and copying no later than 30 days after the notice of arbitration is served. The arbitrator(s) shall not have the authority to modify any provision of this Agreement or to award punitive damages. The arbitrator(s) shall have the power to issue mandatory orders and restraint orders in connection with the arbitration. The decision rendered by the arbitrator(s) shall be final and binding on the parties, and judgement may be entered in conformity with the decision in any court having jurisdiction. The agreement to arbitrate shall be specifically enforceable under the prevailing arbitration law. During the continuance of any arbitration proceedings, the parties shall continue to perform their respective obligations under this Agreement.

The costs of the arbitrators shall be split between the parties appearing before the arbitrators.

19. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties, and there are no other promises or conditions in any other agreement whether oral or written concerning the subject matter of this Agreement. This Agreement supersedes any prior written or oral agreements between the parties.

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		20.	
SEVERABILITY. If any provision of this Agreement will be held invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision will be deemed to be written, construed, and enforced as so limited.

		21.	
ASSIGNMENT. The rights of each party under this Agreement are personal to that party, and neither this Agreement, nor any of the rights or obligations contained herein, may be assigned (by contract, law, or otherwise) or transferred by any party without the prior, express written consent of the parties hereto. Notwithstanding the foregoing, AMMO may delegate or assign any or all of its rights under this Agreement to any of its subsidiaries or affiliates. Any purported assignment in violation of this section shall be null and void.

		22.	
AMENDMENT. This Agreement may not be modified or amended except by a written document executed by an authorized representative of each party.

		23.	
GOVERNING LAW. This Agreement, any amendments hereto, and any and all issues or controversies arising hereunder, shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware without regard to its choice of law provisions.

 

		24.	
NOTICES. Any notice or communication required or permitted under this Agreement shall be sufficiently given if delivered in person or by certified mail, return receipt requested, to the following addresses, or to such other address as one party may have furnished to other in writing:

(1) for JR, P.O. Box 610, Hondo TX 78861 ; (2) for AMMO, 6401 East Thomas, Scottsdale, AZ 85251, Attn: Fred Wagenhals.

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		25.	
WAIVER OF CONTACTUAL RIGHT. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.

 

		26.	
RELATIONSHIP OF THE PARTIES. Nothing contained in this Agreement shall be deemed or construed to place the parties in relationship of partners, joint venturers, principal-agent, or employer-employee, it being understood that the parties hereto are and will remain independent contractors in all respects, and neither party shall have any right to obligate or bind the other in any manner whatsoever. Nothing herein shall be deemed to provide any right or remedy to any third party.

		27.	
CONSTRUCTION OF THE AGREEMENT. The parties acknowledge that they have jointly participated in the negotiation of this Agreement and no provision of the Agreement shall be construed against, or be interpreted in favor of, either party by reason of such party having or deemed to have structured, dictated, or drafted such provision.

		28.	
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and taken together shall be construed as a single instrument. This Agreement may be executed by electronic submission and signatures on such a copy shall be deemed as an original signature.

		29.	
SIGNATORIES AUTHORITY TO CONTRACT. Each of the parties to this Agreement represent and warrant that it has the full right and power to enter into this Agreement, to perform all designated obligations; and grant all designated rights without violating the legal or equitable rights of any other party, and the execution and performance hereunder will not conflict with or result in breach of or default of any other agreement to which the party is bound

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IN WITNESS WHEROF, this Agreement is effective as of the Effective Date shown above.

 

	
AMMO, Inc.

 

	 	 	 	 
	
/s/ Fred Wagenhals

	 	Dated: 	
4-14-17

	 
	
Fred Wagenhals

	 	 	
 

	 
	
CEO

	 	 	
 

	 

 

 

 

	
Jeff Rann - Individual

 

	 	 	 	 
	
/s/ Jeff Rann

	 	Dated: 	
4-14-17

	 
	
Jeff Rann - Individual

	 	 	
 

	 
	
 

	 	 	
 

	 

SCHEDULE A

Calibers for Jeff Rann Branded Ammunition

Safari Series —

470 Nitro Express

.416 Remington

375 Win Mag

.338 Win

.300 Win.

American Hunter Series —

308 Win

30-06

7 mm Remington Mag

270 Win

243 Win

3/314393.7

17EX-10.14

 Exhibit 10.14 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
 JOINT
DEVELOPMENT AGREEMENT 
 BETWEEN 

XERIS PHARMACEUTICALS, INC. 

AND 
 SCANDINAVIAN
HEALTH LIMITED 
 DATED: JANUARY 29, 2016 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 

JOINT DEVELOPMENT AGREEMENT 

THIS JOINT DEVELOPMENT AGREEMENT (the “Agreement”) is entered into as of January 29, 2016 (the
“Effective Date”) and is made by and between Xeris Pharmaceuticals, Inc., a Delaware corporation, with its principal office at 3208 Red River Street, Suite 300, Austin, TX 78705, USA (“XPI”) and
Scandinavian Health Limited, a company existing under the laws of Hong Kong, having its principal office at Room 810, Argyle Centre, Phase 1, 688 Nathan Road, Kowloon, Hong Kong (“SHL”). XPI and SHL are each referred to as a
“Party”, and collectively as the “Parties”. 
 WITNESSETH: 

WHEREAS, SHL possesses technology, intellectual property and/or know-how in the development,
design, manufacture and/or supply of auto-injectors for drug delivery and is prepared to conduct certain customization, development, design and manufacturing work in accordance with this Agreement; 

WHEREAS, XPI has developed a glucagon product and desires to have SHL develop and initially manufacture an auto-injection delivery
device to deliver the glucagon it contains; 
 WHEREAS, the Parties desire to enter into this Agreement to establish a framework for
undertaking the development of the auto-injection delivery device. 
 NOW, THEREFORE, for and in consideration of the premises
and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto do hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 The following capitalized terms shall have the respective meanings set forth below: 

Section 1.1 “Acceptance Criteria” means the mutually agreed activities described in each phase of the schedule set
forth in each SOW. 
 Section 1.2 “Action” means any claim, action, cause of action, chose in action or suit
(whether in contract or tort or otherwise), litigation (whether at law or in equity, whether civil or criminal), controversy, assessment, arbitration, examination, audit, investigation, hearing, charge, complaint, demand, notice or proceeding to,
from, by or before any governmental authority or arbitrator(s). 
 Section 1.3 “Affiliate” means, with respect
to any Person, any other Person that, directly or indirectly, through one or more intermediaries controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities or general partnership or managing member interests, by contract or otherwise. Without
limiting the generality of the foregoing, a Person shall be deemed to control any other Person in which it owns, directly or indirectly, a majority of the ownership interests. 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Section 1.4 “Agreement” has the meaning ascribed to it in the
Preamble. 
 Section 1.5 “cGMP” means current Good Manufacturing Practices as specified in the United States
Code of Federal Regulations, ICH Q7, and ICH Q10 as amended from time to time. 
 Section 1.6 “Claim” or
“Claims” means any claim, liability, demand, subpoena, inquiry, investigation, cost, expense, damage, deficiency, loss or obligation, of any kind or nature (including the reasonable attorneys’ fees and other costs
and expenses of defense) by a Third Party. 
 Section 1.7 “Commercially Reasonable Efforts” means the efforts
and resources that a Party would use in conducting its activities or obligations under this Agreement, based upon the standard of reasonableness of what would normally be exerted or employed by pharmaceutical companies of reasonably similar size and
resources as such Party under like circumstances as the Parties to this Agreement find themselves, conducted in good faith and in accordance with commonly accepted commercial practice, and as judged by the standards of the applicable business
community in which the Parties hereto operate within. 
 Section 1.8 “Completion” or
“Completed” means that each phase of any SOW has been completed such that XPI is able to commercialize a Product. 

Section 1.9 “Compound” means XPI’s non-aqueous glucagon drug
product. 
 Section 1.10 “Components” means the individual parts of the Device to be developed and manufactured
by SHL under this Agreement. 
 Section 1.11 “Confidential Information” as used herein, means (i) any non-public information or materials discovered, received, or otherwise acquired by one Party and disclosed to the other Party or its Affiliates in connection with this Agreement; (ii) the terms of this
Agreement and any attached SOW; (iii) the Results; and (iv) IPR arising in connection with the performance of the Parties or of Persons acting on behalf of a Party under this Agreement. Notwithstanding the foregoing, Confidential
Information will not include: 
 (a) information that either Party can establish was generally available to the public or otherwise part of
the public domain at the time of its development or disclosure; or 
 (b) information that either Party can establish became generally
available to the public or otherwise part of the public domain after its disclosure or development, as the case may be, other than through any act or omission of such Party or any of its Affiliates. 

(c) information, other than information exclusively relating to (1) the XPI Materials, XPIs glucagon (or any formulations,
trademarks, trade names or trade dress of any glucagon injection device), Device or Product, (2) any Results and (3) any materials, products and deliverables developed for XPI under this Agreement, that either Party can establish was
already known by such Party (other than under an obligation or reasonable expectation of confidentiality) at the time of disclosure or development; 

  
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 The occurrence of (a), (b) or (c) above shall not be deemed to grant to either Party any
license or other right, express or implied, to any portion of the information or other proprietary rights of the other Party relating thereto. Any compilation of otherwise public information in a form not publicly known shall be considered
Confidential Information. 
 Section 1.12 “Control” or “Controlled” means, with
respect to any IPR, possession by a Party (including its Affiliates) of the right (whether by ownership, license or otherwise) to grant to another Party a license or a sublicense under such IPR without violating the terms of any agreement or other
arrangement with any Third Party. 
 Section 1.13 “Device” means the SHL developed and manufactured
auto-injector delivery device, which has been customized according to XPIs specifications to be suitable for housing the Intermediate Product. The Device, which has been pre-configured for the injection of the
Compound, is more particularly described on Schedule 1.24. The Device does not include the Intermediate Product. 
 Section 1.14
“Effective Date” has the meaning ascribed to it in the Preamble. 
 Section 1.15 “FDA”
means the United States Food and Drug Administration, and any successor agency having substantially the same functions. 

Section 1.16 “FDCA” means the United States Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§ 321 et
seq., as amended from time to time. 
 Section 1.17 “Intermediate Product” shall mean the syringe, an
embodiment of which is more particularly described on Schedule 1.24, which contains the Compound. 
 Section 1.18
“IPR” means all intellectual property and industrial property rights, including Patent Rights, Know-How, rights in registered and unregistered trademarks (including domain names and
vanity phone numbers), rights in registered and unregistered designs, trade or business names, database rights and copyright (including moral rights), performer protection rights or other industrial, intellectual or commercial rights (including
rights in any invention, discovery or process), and applications for registration of any of the foregoing (specifically published patent applications), and the right to apply therefore, in each case in any part of the world, as well as all
applications, registrations, renewals, extensions, continuations, continuations-in-part, divisions or reissues of any of the foregoing. 

Section 1.19 “Know-How” means any confidential or proprietary, unpatented
or unpatentable technology or other intellectual property, compound, cell line or other biological material, probe, sequence, technical information, method or other confidential information or material, in all cases to the extent, but only to the
extent, not in the public domain. 
 Section 1.20 “Legal Requirements” means any United States federal, state
or local or foreign law, statute, standard, ordinance, code, rule, regulation, resolution or promulgation, or any Governmental Order, or any license, franchise, permit or similar right granted under any of

  
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the foregoing, or any similar provision having the force or effect of law, including without limitation, the FDCA and all other applicable laws, regulations, rules and guidelines, relating to the
packaging of the Product and storage of the Product, including, but not limited to, cGMP and those related to the environment, food or drugs and occupational health and safety, including all enforced or promulgated by the FDA and any relevant
Regulatory Authority. 
 Section 1.21 “Party” and “Parties” have the meanings ascribed
to them in the Preamble. 
 Section 1.22 “Patent Rights” means (a) all patents, patent applications and
similar government-issued rights (e.g., utility models) protecting inventions in any country or jurisdiction however denominated, (b) all priority applications, international applications, divisionals, continuations, substitutions, continuations-in-part of and any applications claiming priority to any of the foregoing and (c) all patents and similar government-issued rights (e.g., utility models)
protecting inventions issuing on any of the foregoing applications, together with all registrations, reissues, renewals, re-examinations, confirmations, supplementary protection certificates, pediatric
extensions and extensions of any of (a), (b) or (c). 
 Section 1.23 “Person” means any individual or
corporation, association, partnership, limited liability company, joint venture, joint stock or other company, business trust, trust, organization, university, college, governmental authority or other entity of any kind. 

Section 1.24 “Product” means the final assembled combination of the Intermediate Product and Device for the
injection of the Compound, an embodiment of which is more particularly described on Schedule 1.24. 
 Section 1.25
“Regulatory Authority(ies)” means any federal, state, or local governmental regulatory authority in any of the territories listed on Schedule 1.25 involved in regulating any aspect of the development, market
approval, sale, distribution or use of the Product. Schedule 1.25 may be amended from time to time by mutual written agreement of the Parties. 

Section 1.26 “Results” means all information, concepts, ideas, inventions, improvements, designs, products,
deliverables and Know-How (whether patentable or not or copyrightable or not) which may be conceived, invented, reduced into practice or fixed in a tangible medium during the performance under each SOW or
which arise out of or result from the work conducted hereunder. 
 Section 1.27 “Services” means all activities
that SHL will provide to XPI under each SOW. 
 Section 1.28 “SHL” has the meaning ascribed to it in the
Preamble. 
 Section 1.29 “SHL IPR” means (i) subject to Section 10.2(e), any
IPR conceived, created, developed, or reduced to practice in connection with the performance of this Agreement by SHL or its Affiliates, or by Persons acting on behalf of SHL or its Affiliates, including prior to engaging in or independent of the
Services, and including IPR that relates to the pharmaceutical delivery system for drug delivery developed by SHL prior to the Effective Date; (ii) any IPR as set forth in Section 10.2(d), including any IPR that
relates to devices that are not for the injection of the Compound created under this Agreement; and (iii) the SHL Results. 

  
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 Section 1.30 “SHL Project Manager” has the meaning ascribed to
it in Section 2.4. 
 Section 1.31 “SHL Results” has the meaning ascribed to it in
Section 8.3. 
 Section 1.32 “SOW” means any mutually agreed written statement of
work plan setting forth the research and development activities to be conducted by the Parties under this Agreement for the design and development of the Product attached to and made a part of this Agreement, which may be mutually amended from time
to time. The first SOW between the Parties is attached as Schedule 1.32. Each SOW negotiated and mutually agreed upon by both Parties in writing, shall substantially follow the form outlined in the first SOW and shall be attached and
incorporated into this Agreement thereafter as agreed upon by both Parties. The Parties may mutually agree in writing to amend the SOW from time-to-time. 

Section 1.33 “Term” has the meaning ascribed to it in Section 2.6. 

Section 1.34 “Third Party” means any individual or entity that is not a Party to this Agreement. 

Section 1.35 “Unique Design” means the industrial design of the Product, including but not limited to color
permutations, specifically created by SHL for XPI. 
 Section 1.36 “XPI” has the meaning ascribed to it in the
Preamble. 
 Section 1.37 “XPI IPR” means (i) subject to Section 10.2(d), any
IPR conceived, created, developed, or reduced to practice in connection with the performance of this Agreement by XPI or its Affiliates, or by Persons acting on behalf of XPI or its Affiliates, including prior to engaging in or independent of this
Agreement, and including XPI’s proprietary XeriSolTM technology and XPIs glucagon (or any formulations, trademarks, trade names or trade dress of any glucagon injection device); (ii) any IPR as set forth in Section 10.2(e); and
(iii) the XPI Results. 
 Section 1.38 “XPI Materials” means all documents, information, compounds,
materials and other substances supplied by XPI or its Affiliates to SHL for the purposes of SHL providing the Services for XPI under this Agreement, including the Compound and Intermediate Product. 

Section 1.39 “XPI Project Manager” has the meaning ascribed to it in Section 2.7. 

Section 1.40 “XPI Results” has the meaning ascribed to it in Section 8.3. 

ARTICLE II 
 GENERAL;
CONDUCT OF RESEARCH 
 Section 2.1 Joint Development. Subject to the terms and conditions of this Agreement, the Parties
agree to work together to complete each SOW, including the first SOW. 

  
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 Section 2.2 Services. SHL shall use Commercially Reasonable Efforts to complete
each SOW in accordance with the provisions of this Agreement. 
 Section 2.3 Scope. Each SOW shall establish:
(a) the scope of the research activities which will be performed; (b) the research objectives, work plan activities and estimated schedules; (c) the estimated deliverables and documentation to be produced by SHL, (d) the
Acceptance Criteria for each deliverable, warranty periods, schedule of performance, (e) the fixed-price budget, including cost and schedule of payments by XPI and, if applicable, a statement by SHL of then current rates, and (f) the respective
obligations of the Parties with regard to the SOW. The SOW may be modified only by the written mutual agreement of the Parties. 

Section 2.4 SHL Project Manager. SHL will appoint a qualified member of its staff to act as the Project Manager (the “SHL
Project Manager”), whose duties shall be to act as liaison between XPI and SHL with respect to this Agreement and each SOW. 

Section 2.5 SHL Staff. SHL will provide adequate staff to complete each SOW, preferably, within the estimated timeframe set forth
therein. 
 Section 2.6 Term. Unless earlier terminated under Article 11 herein, the term of this Agreement and each SOW shall
expire on the later of (i) Completion, or longer, if requested by XPI and agreed to by SHL, or (ii) when the Parties enter into a commercial supply agreement for the Product (the “Term”). 

Section 2.7 XPI Project Manager. XPI shall designate a Project Manager for each SOW (the “XPI Project
Manager”) who shall act as a liaison between XPI and SHL with respect to this Agreement and the SOW. 
 Section 2.8
Conduct of Research. 
 (a) Standards. SHL shall perform the work set out in each SOW by using its Commercially Reasonable Efforts to
allocate sufficient time, effort, equipment and facilities to the SOW and to use personnel with sufficient skills and experience as are required to accomplish the SOW in accordance with the terms of this Agreement. SHL shall exercise Commercially
Reasonable Efforts to conduct the SOW in compliance with applicable Legal Requirements, and XPI shall not direct or require SHL to conduct the SOW out of compliance with any applicable Legal Requirements. 

(b) Subcontracting. SHL shall be entitled to utilize the services of Third Parties to perform its activities under the SOW as specifically set
forth in the SOW or upon XPI’s prior written consent, which consent shall not be unreasonably withheld, provided SHL will remain responsible and obligated for such activities performed by any such Third Party, and SHL will ensure that such
Third Party has entered into agreements that contain provisions that comply with SHL’s obligations under this Agreement. Notwithstanding any such consent, each Party shall remain at all times liable for its respective responsibilities under the
SOW. 

  
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 Section 2.9 Research Program. SHL shall use Commercially Reasonable Efforts to
initiate each SOW as soon as reasonably practicable after the later of the Effective Date and the mutual agreement of the SOW. 

Section 2.10 Dispute Resolution. If the Parties cannot reach agreement within [***] on whether any SOW has been Completed, the
Parties will submit the dispute for settlement as specified in Section 14.5(a) of the Agreement. If they cannot reach agreement as per Section 14.5(a) of the Agreement: 

(a) If such dispute relates to scientific or technical disputes, each Party will select one (1) expert in the field [***] days, which
experts shall be independent (i.e., no employee, consultants, contract employee or other persons receiving grant or compensation from such Party or Affiliate) of the Party selecting them. The two (2) experts shall select a third expert, which
shall be independent (i.e., no employee, consultants, contract employee or other persons receiving grant or compensation from any Party or Affiliate) of the Parties or Affiliates, within [***] days. The Parties will submit the results and their
position to the three (3) experts within [***] days. Said experts shall then determine within [***] days if the results indicate that the SOW successfully met all Acceptance Criteria. If the three (3) experts determine that all Acceptance
Criteria have not been Completed, then SHL shall, in accordance with the SOW, further develop and test the deliverable and SHL shall be responsible for the full cost of the independent experts and all incidental costs arising from the dispute,
including any costs and expenses incurred by XPI. If all Acceptance Criteria has been determined as Completed by the three (3) experts, then XPI shall be responsible for the full cost of the independent experts and all incidental costs arising
from the dispute, including any costs and expenses incurred by SHL; and 
 (b) All other disputes shall proceed in accordance with Section
14.5 of this Agreement. 
 (c) All of the time periods specified in this Section 2.10 may be extended by the mutual agreement of the
Parties. 
 Section 2.11 Records and Reports. 

(a) Records. SHL and XPI shall maintain records, in sufficient detail and in good scientific manner appropriate for patent and
regulatory purposes and Legal Requirements, which shall fully and properly reflect all work done and results achieved in the performance of the SOW. 

(b) [***] 
 (c) Meetings.
If either Party shall reasonably request, the Parties shall hold status meetings to review the status of SHL and/or XPI performance. 
 (d)
Final Report. Within one month of Completion of each SOW, SHL shall submit a report to XPI, giving details of the SOW that has been completed. Such report will include transfer of Results, including information and deliverables in tangible
and electronic formats as applicable. 

  
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 ARTICLE III 

ACCEPTANCE 

Section 3.1 SHL shall perform the Services and provide the Results in compliance with this Agreement and each SOW, and shall complete all
required Acceptance Criteria. In the event any Acceptance Criteria are not met by SHL within a reasonable amount of time as mutually agreed to by the Parties, XPI shall provide any applicable notice of breach to SHL and provide SHL with a [***]
period after such notice to cure such breach. Upon failing to cure a material breach, XPI may terminate this Agreement pursuant to Section 11.3 and shall be entitled to either internally or with any Third Party complete such Services or provide
such Results in a manner acceptable to XPI. 
 ARTICLE IV 

COMPENSATION 

Section 4.1 Payments. XPI shall timely pay SHL in accordance with the schedule of payments specified in each SOW, as invoiced by
SHL. Payment terms shall be net [***] upon issuance by SHL. In case of late payment, interest shall accrue on the amount due commencing on the due date and interest shall accrue at [***], and shall be calculated on ACT/360 basis. 

Section 4.2 Taxes. All prices payable to SHL do not include tax. All taxes, including but not limited to withholding taxes, sales
and services tax and value added tax, applicable to amounts payable to SHL under this Agreement shall be[***]. 
 ARTICLE V 

ACCOUNTING 

Section 5.1 Commercially Reasonable Efforts. SHL agrees to use Commercially Reasonable Efforts to perform all work and all
obligations under this Agreement within the estimated time period and budget set forth in each SOW. [***]. 
 Section 5.2
Maintenance of Records. SHL and any approved subcontractors shall maintain complete and accurate written records with respect to the operations pursuant to this Agreement in a form in accordance with general accepted accounting principles to
enable an independent CPA auditor identified by XPI and reasonably acceptable to SHL to obtain an accounting to substantiate SHL charges and expenses hereunder. SHL shall retain all such records for a period of at least [***] after termination of
this Agreement. 
 ARTICLE VI 

CONFIDENTIALITY 

Section 6.1 Confidentiality. 

(a) Non-Disclosure and Non-Use. Each Party acknowledges
that the other Party has a proprietary interest in maintaining the confidentiality of the Confidential Information and undertakes that, both during and after the termination of this Agreement, except as directed in writing by the Party owning the
Confidential Information, each Party will take all reasonable 

  
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precautions and use reasonable efforts that are no less than what such Party uses to protect its own confidential information to maintain the confidentiality of all Confidential Information that
such Party (the “Recipient”) obtains from the other Party (the “Disclosing Party”), and not (i) disclose the Confidential Information to any Third Parties, or use the Confidential Information except for the purpose of
this Agreement as may be deemed necessary, (ii) permit any Person to examine or make copies of any reports or any documents prepared by either Party or that come into such Party’s possession or control, except for those of its
personnel necessary to perform the Services under this Agreement and any SOW, or (iii) use any Confidential Information except as necessary to perform its obligation hereunder. 

(b) Authorized Disclosure and Use. Notwithstanding the foregoing provisions of Subsection (a), either Party may disclose Confidential
Information belonging to a Party upon the Disclosing Party’s prior written consent, or to the extent such disclosure is reasonably necessary to: 

(i) prosecute or defend an Action between the Parties; 

(ii) comply with applicable Legal Requirements and stock exchange rules (including the rules and regulations of the Securities
and Exchange Commission); 
 (iii) make filings and submissions to, or correspond or communicate with, any governmental
authority; or 
 (iv) disclose to Third Parties in connection with due diligence or similar investigations by or on behalf of
a Third Party in connection with a potential license to, distribution agreement with or collaboration with such Third Party (including entry into any such agreement), or a potential merger or acquisition by such Third Party, and disclosure to
potential Third Party investors in confidential financing documents, provided, in each case, that such disclosure is limited to the terms of this Agreement and any attached SOW, and any such Third Party agrees, at a minimum, to use the same degree
of care it uses to protect its own confidential information and expressly agrees to be bound by similar terms of confidentiality at least as stringent as those set forth in this Article 6. Each Party shall remain ultimately responsible for
the preservation of confidentiality of any information it releases to said Third Parties and will be the responsible party in the event of a breach of the confidentiality. 

In the event either Party deems it reasonably necessary to disclose Confidential Information belonging to the other Party pursuant to clauses
(i), (ii) or (iii) of this Section 6.1(b), such Party will (unless prohibited by applicable Legal Requirements) give reasonable advance notice of such disclosure to the other Party, consult with the other Party with
regard to the disclosure of Confidential Information and take all reasonable measures to ensure confidential treatment of such Confidential Information. Either Party will promptly notify the other Party upon becoming aware of any misappropriation or
unauthorized disclosure or use of such Party’s Confidential Information. 
 Section 6.2 Employment and Contractor
Agreements. Both Parties represent that each of its members, staff, employees, students, consultants or outside contractors assigned to work on each SOW will have entered into a contract with such Party which provides for: 

  
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(i) compliance with this Agreement; (ii) maintaining the confidentiality of the Confidential Information; and (iii) a present and future assignment to such Party of all
inventions, discoveries, patents, copyrights or other developments which fall within the terms of this Agreement. If, during the term of this Agreement, an SHL member, staff, employee, student, consultant or outside contractor as a result of his or
her work makes an invention, discovery, patent, copyright or other development that is XPI IPR, SHL shall, to the extent possible, promptly make the fact of such invention, discovery, patent, copyright or other development known to XPI. At XPIs
request, SHL shall use its Commercially Reasonable Efforts to cause such person to execute all papers necessary or incidental to convey to XPI complete title to all such inventions, discoveries and other developments and, if desired by XPI, to
assist in the timely preparation and filing of proper copyright registrations and applications for patent in the United States and foreign countries. All copyright registrations and applications for patent shall be prepared, filed and prosecuted at
the expense of the Party owning such IPR under this Agreement. In the event of a dispute over the ownership of any invention, discovery, patent, copyright or other development which fall within the terms of this Agreement, the Parties will follow
the Dispute Resolution procedure in Section 14.5 of this Agreement. 
 Section 6.3 Injunctive Relief. Both Parties
acknowledge that the other Party could be irreparably harmed by any breach of this Article 6, and agree, on its own behalf and on behalf of its Affiliates, that the limitations set forth in Sections 6.1(a) (Non-Disclosure and Non-Use) and 6.2 (Employment and Contractor Agreements) are reasonable and properly required for the adequate protection of each Party. Thus the Parties agree, that notwithstanding the
provisions of Section 14.5, each Party may apply to any court having jurisdiction pursuant to Section 14.4 to enforce a breach of Sections 6.1(a) or 6.2 of this Agreement. 

Section 6.4 Indemnification. Notwithstanding anything to the contrary in this Agreement, each Party hereby undertakes to fully
indemnify the other Party against any Claims suffered or incurred by such Party as a result of the unauthorized use or disclosure of any part of the Confidential Information by the other Party, its Affiliates and any of their respective members,
staff, employees, students, consultants or outside contractors. 
 ARTICLE VII 

REPRESENTATIONS, WARRANTEES AND COVENANTS 

Section 7.1 SHL Representations. SHL hereby represents and warrants to XPI, as of the Effective Date, as follows: 

(a) Organization. SHL and any of its Affiliates that will be a Party to this Agreement is (a) duly organized, validly
existing and to the extent such concept is applicable in a jurisdiction, is in good standing under the laws of the jurisdiction of its organization and (b) is duly qualified to do business and to the extent such concept is applicable in a
jurisdiction, in good standing in each jurisdiction where the nature of the activities conducted by it or the character of the property owned by it make such qualification necessary. 

  
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 (b) Power and Authorization. The execution, delivery and performance by SHL and its
Affiliates of this Agreement to which SHL or such Affiliate is (or will be) a Party and the consummation of the contemplated transactions are within the power and authority of SHL and any such Affiliate and have been duly authorized by all necessary
corporate action on the part of SHL and any such Affiliate. This Agreement to which SHL or any of its Affiliates is (or will be) a Party (a) has been duly executed and delivered by SHL or any such Affiliate and (b) assuming the due
execution and delivery by XPI, is a legal, valid and binding obligation of SHL and any such Affiliate, enforceable against SHL and such Affiliates, as applicable, in accordance with its terms, except as that enforceability may be (i) limited by any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and (ii) subject to general principles of equity (regardless of whether that enforceability is considered in
a proceeding in equity or at law). 
 (c) Industry Standards. SHL will perform the Services under this Agreement exercising
Commercially Reasonable Efforts and in a professional manner consistent with industry standards. 
 (d) Title to Business Methods. SHL
owns the legal and marketable rights, title, and interest in and to the IPR necessary to employ the processes or methods of providing the Services under this Agreement. 

(e) Conveyances. SHL has not and will not make any assignments, grants, licenses, encumbrances, obligations or agreements covering or
concerning the Device or Components which are inconsistent with this Agreement. 
 (f) Title to SHL IP. SHL Controls the legal and
marketable rights, title, and interest in and to SHL IP. 
 (g) Legal Compliance. SHL shall not violate any Legal Requirements, nor to
its knowledge cause XPI to violate any Legal Requirements. 
 (h) Conflicts. SHL is not under any obligation to any Person,
contractual or otherwise, that conflicts in any material respect with the terms of this Agreement. 
 (i) Government Compliance. SHL
has not, and will not at any time during the Term, knowingly use in any capacity the services of any individual, corporation, partnership, institution or association which is debarred by the FDA. In the event it becomes aware of the debarment or
threatened debarment of any individual, corporation, partnership, institution or association providing services to it, which directly or indirectly relate to its activities under this Agreement, it will notify XPI immediately. 

(j) Survival. SHL’s representations and warranties contained in Section 7.1 of this Agreement shall survive during the
Term or until the expiration of the applicable statute of limitations, if earlier. 
 Section 7.2 XPI Representations. XPI
hereby represents and warrants to SHL, as of the Effective Date, as follows: 
 (a) Organization. XPI and any of its Affiliates that
will be a Party to this Agreement is (a) duly organized, validly existing and to the extent such concept is applicable in a jurisdiction, is in good standing under the laws of the jurisdiction of its organization and (b) is duly
qualified to do business and to the extent such concept is applicable in a jurisdiction, in good standing in each jurisdiction where the nature of the activities conducted by it or the character of the property owned by it make such qualification
necessary. 

  
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 (b) Power and Authorization. The execution, delivery and performance by XPI and its
Affiliates of this Agreement to which XPI or such Affiliate is (or will be) a Party and the consummation of the contemplated transactions are within the power and authority of XPI and any such Affiliate and have been duly authorized by all necessary
limited liability company action on the part of XPI and any such Affiliate. This Agreement to which XPI or any of its Affiliates is (or will be) a Party (a) has been duly executed and delivered by XPI or any such Affiliate and
(b) assuming die due execution and delivery by SHL, is a legal, valid and binding obligation of XPI and any such Affiliate, enforceable against XPI and such Affiliates, as applicable, in accordance with its terms, except as that enforceability
may be (i) limited by any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and (ii) subject to general principles of equity (regardless of whether that
enforceability is considered in a proceeding in equity or at law). 
 (c) Title to XPI IP. XPI Controls the legal and marketable
rights, title, and interest in and to XPI EP. 
 (d) Legal Compliance. XPI shall not violate any Legal Requirements, nor to its
knowledge cause SHL to violate any Legal Requirements. 
 (e) Conflicts. XPI is not under any obligation to any Person, contractual or
otherwise, that conflicts in any material respect with the terms of this Agreement. 
 (f) Government Compliance. XPI has not, and
will not at any time during the Term, knowingly use in any capacity the services of any individual, corporation, partnership, institution or association which is debarred by the FDA. In the event it becomes aware of the debarment or threatened
debarment of any individual, corporation, partnership, institution or association providing services to it, which directly or indirectly relate to its activities under this Agreement, it will notify SHL immediately. 

(g) Survival. XPIs representations and warranties contained in Section 7.2 of this Agreement shall survive during the Term
or until the expiration of the applicable statute of limitations, if earlier. 
 Section 7.3 DISCLAIMER. EXCEPT FOR
THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS, STATUTORY OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW; PROVIDED THAT THIS SECTION 7.3 SHALL NOT LIMIT THE
REPRESENTATIONS AND WARRANTIES MADE BY THE PARTIES IN ANY OTHER AGREEMENT BETWEEN THE PARTIES. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 ARTICLE VIII 

TRANSFER OF TANGIBLE TECHNICAL INFORMATION 

Section 8.1 Access. Subject to XPIs compliance with this Agreement, SHL shall, in a timely fashion, reasonably provide XPI full
access to the Results for each SOW. 
 Section 8.2 Delivery. At the reasonable request of XPI and subject to XPIs compliance
with the payment terms and other obligations of this Agreement, and the SOW, SHL shall deliver to XPI copies of all laboratory note books and all other technical and research tangible items including documents, electronically stored data and
formulas associated with and prepared during the SOW. 
 Section 8.3 Ownership. The Parties agree that any Results, including
any papers, documents, drawings, samples, equipment, computer software or other tangible items, developed by SHL by performing the Services, which are (i) solely related to the Device or the Components are the sole and exclusive property of SHL
(“SHL Results”), and (ii) related to the Intermediate Product or the Compound, including test results specific to the Intermediate Product assembled in the Device from the design assessment, verification and
validation activities, are the sole and exclusive property of XPI (“XPI Results”). Copies of such SHL Results and XPI Results shall be delivered to XPI on Completion of the SOW or upon termination of this Agreement (if
earlier), provided that SHL Results shall be treated at all times by XPI as SHL’s Confidential Information. 
 ARTICLE IX 

PUBLICATION AND USE OF RESULTS 

Section 9.1 SHL shall not disclose, publish or use any XPI Results or any other Confidential Information of XPI or XPI IPR other than as
permitted in this Agreement. XPI shall not disclose, publish or use any SHL Results or any other Confidential Information of SHL or SHL IPR other than as permitted in this Agreement, except with the prior written consent of SHL. Notwithstanding the
foregoing, XPI may disclose or use any SHL Results, SHL Confidential Information, or SHL IPR to the extent necessary to seek and support regulatory review and approval of the Product by Regulatory Authorities, provided that XPI shall reasonably
consult with SHL regarding the scope of such disclosures and uses. 
 Section 9.2 XPI shall have the right to publish and use any XPI
Results or XPI IPR, including in filing patent applications, in filing for regulatory approvals, in filing copyright registrations and for any other commercial purposes. To the extent XPI seeks the written consent of SHL to publish any SHL Results,
SHL Confidential Information, or SHL IPR, XPI shall provide drafts of such publications at least [***] in advance of submission for publication to allow SHL to review the proposed publication for the purpose of determining whether and the extent to
which SHL will provide such consent. In the event SHL does not respond within such [***] period, SHL shall be deemed to have provided its written consent to XPI for such publication. 

ARTICLE X 
 INTELLECTUAL
PROPERTY 
 Section 10.1 Notification. SHL will promptly notify XPI of any IPR conceived or made during the term of this
Agreement under any SOW. 
 Section 10.2 Ownership. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 (a) Any IPR that was existing prior to the Effective Date shall be Controlled by the Party
who Controlled the IPR on the Effective Date. 
 (b) Any IPR developed or acquired by a Party outside of this Agreement after the Effective
Date, shall be Controlled by such Party. 
 (c) [***]. 

(d) [***]. 
 (e) [***]. 

Section 10.3 Infringement. Both Parties own without limitation the right to defend, sue and collect damages for past, present and
future infringement or misappropriation of IPR owned by such Party as specified in Section 10.2. 
 Section 10.4 Grant
of Rights. 
 (a) SHL hereby grants to XPI [***], non-exclusive license to use any IPR
Controlled by SHL solely to the extent required by XPI (i) to define XPI’s requirements for the Intermediate Product, Device and Product to be developed by SHL and (ii) any other uses necessary to comply with its obligations
under this Agreement so as to benefit from the provision of Services by SHL to XPI. 
 (b) SHL hereby grants to XPI a [***], non-exclusive license [***]. 
 (c) XPI hereby grants to SHL until termination or expiry of this Agreement
a royalty-free, non-exclusive, non-transferable license to use the XPI Materials solely to the extent required by SHL to provide the Services. 

(d) Nothing in this Section 10.4 shall be construed or deemed to have granted or to grant to a Party, either expressed or implied, any
rights in the IPR or Confidential Information owned or Controlled by the other Party other than those set forth above in Subsections (a)-(c), nor does it grant the right or license to use, sell or convey any of the other Party’s information,
rights, licenses, and/or IPR, unless reduced to a written agreement entered into between the Parties. 
 Section 10.5 Labeling.
XPI shall provide SHL with artwork, copy or other materials developed or produced in support of final Product labels, printed packaging materials and Product inserts/leaflets in order for SHL to undertake any commercial readiness or regulatory
activities as reasonably requested by XPI to the extent necessary to prevent SHL delaying regulatory approvals. SHL will not make any change to the artwork, copy or other materials provided by XPI or submitted to any Regulatory Authority by XPI
without the prior written approval of XPI. XPI shall have the right to specify any commercially reasonable package sizes and types. 

  
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 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Section 10.6 Patent Prosecution. 

(a) IPR Prosecution, Maintenance and Enforcement. XPI shall have sole authority to prosecute, maintain and enforce XPI IPR. SHL shall
have sole authority to prosecute, maintain and enforce SHL IPR. The Party having the right to prosecute, maintain and enforce certain IPR shall be responsible for all costs and expenses incurred during such prosecution, maintenance and enforcement
and shall have the right to designate patent or other legal counsel of its choice to assist it in carrying out its duties and obligations under this Article 10. 

(b) Cooperation. Each Party agrees to execute any documents required to effect the title to the IPR developed hereunder owned by the
other Party and, subject to cost reimbursement, to provide reasonable assistance in the filing and prosecution of any such applications 

ARTICLE XI 
 TERMINATION

 Section 11.1 Termination Without Cause. 

(a) The Parties may terminate this Agreement by mutual written consent at any time, and such consent shall state any monetary payments to be
paid or reimbursed as mutually agreed by the Parties. 
 (b) XPI may terminate this Agreement without cause upon [***] prior written notice.
In the event of such termination, XPI shall pay to SHL upon demand for all costs and expenses already incurred or uncancellable commitments made by SHL for materials and labor as of the termination date, including, without limitation, design,
processing, handling, fabrication, packing, shipping, travel, supplier termination, and restocking charges, plus reasonable amounts for overhead. SHL shall not be entitled to anticipated profit or anticipated overhead charges. Furthermore, and
independently of any other amount SHL shall be entitled to pursuant to this Section, XPI acknowledges, agrees, and understands that [***]. [***]. 

(c) SHL may terminate this Agreement pursuant to Section 14.2. 

Section 11.2 Return of Confidential Materials. Subject to Section 11.6, upon the expiration or termination of this
Agreement, each Party shall at the other Party’s reasonable request, as promptly as is reasonably practicable and in any event within [***] days, return to the other Party the other Party’s Confidential Information, as well as all copies
and any other tangible and electronic embodiments thereof in that Party’s possession, custody or control; provided, however, that each Party may retain a copy of such information for archive purposes and to ensure compliance with the terms of
this Agreement. The Parties shall, upon request, provide to the other Party a written confirmation that all the foregoing information or materials have been either returned to the Party to whom they belong or have been lost or destroyed such that no
copy, electronic or otherwise, exists in the confirming Party’s possession, custody or control, other than the copy permitted for archive and compliance purposes as noted above. Except to the extent XPI has been granted rights under
Section 10.4(b), any licenses to IPR shall be deemed cancelled and revoked without need of any further writing between the Parties. 

  
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 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Section 11.3 Termination With Cause. In addition to any other specified right to
terminate this Agreement, each Party shall have the right to terminate this Agreement in the event the other Party: 
 (a) fails to make any
payment required pursuant to this Agreement within [***] after notification that such payment is overdue; 
 (b) becomes insolvent; 

(c) institutes any proceeding under any bankruptcy, insolvency or moratorium law; 

(d) assigns substantially all of its assets for the benefit of creditors; 

(e) places its assets in the hands of a trustee or a receiver unless the receivership or trust is dissolved within [***] thereafter; or 

(f) materially breaches any other material term of this Agreement. 

Section 11.4 Time is of the Essence. Both Parties acknowledge that time is of the essence in performing its respective duties and
obligations under the terms of this Agreement. Both Parties are obligated to adhere to the agreed upon timelines for performance as set forth in any SOW. 

Section 11.5 Exercise. A Party desiring to exercise its right of termination pursuant to Section 11.3 shall do so by giving the
other Party, or its trustees or receivers or assigns, [***] prior written notice of exercise of the election to terminate. Upon the expiration of such period, this Agreement shall automatically terminate unless the other Party has previously cured
the breach or condition permitting termination under the preceding paragraph, in which case this Agreement shall not terminate, provided that if there is a dispute as to whether a material breach has been cured or is incurable, such matter shall be
first referred for Dispute Resolution pursuant to Section 14.5 and termination shall be stayed pending resolution of such proceedings. Such notice and termination shall not prejudice a Party’s right to any payments due hereunder and shall
not prejudice any cause of action or claim accrued or to accrue on account of any breach or default. 
 Section 11.6 Effect.

 (a) If this Agreement is terminated by XPI under Section 11.3, SHL within [***] days shall return, or at XPIs direction
destroy, all tangible IPR Controlled by XPI. Unless SHL is directed to destroy such IPR, SHL will thereupon deliver to XPI a copy of any information related to IPR Controlled by XPI (including without limitation plans, drawings, papers, notes,
writings and other document samples, organisms, biological materials and models) and XPI Results specifically in its possession or control. Further, SHL shall not use or publish any portion of XPIs Confidential Information. XPI, after tendering
payment, shall also have the right to take possession of the Devices and/or Product (in whatever state of design or manufacture it is at such time) and of all materials and Components related to the Devices and/or Product, immediately after payment
from XPI to SHL for all work performed by SHL prior to such termination, including costs and expenses already incurred and for commitments made by SHL prior to such termination. Upon such payment, XPI shall have the right to the continued use of the
Devices and/or Product, including the related materials and Components. 

  
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 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 (b) If this Agreement is terminated by SHL under Section 11.1(c) or 11.3,
SHL shall have the right to take possession of all materials and Components related to the Devices in whatever stage of design, manufacture, or installation it is at such time, except such materials, Components, Devices and/or Product which have
already been delivered and paid in full by XPI and except any partially completed Devices and/or Product for which XPI pays in full within [***] days of the end of the cure period referenced above. SHL shall be under no obligation to finish the
work, provide further support or information, or provide further Devices or Product. In the event of such termination, XPI shall pay SHL for all work performed prior to the termination, including costs and expenses already incurred and for
commitments made by SHL prior to such termination plus reasonable expenses incurred after termination to recover the Devices, Product, and related materials and Components, plus reasonable amounts for overhead. [***]. 

Section 11.7 Rights in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be
deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any jurisdiction where a Party is situated (collectively, the “Bankruptcy Laws”), licenses of rights to “intellectual
property” as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then, unless and until this Agreement is rejected as provided in such Bankruptcy Laws, such Party (in any
capacity, including debtor-in-possession) and its successors and assigns (including, a trustee) shall perform all of the obligations provided in this Agreement to be performed by such Party. If a case is commenced during the Term by or against a
Party under the Bankruptcy Laws, and this Agreement is rejected as provided in the Bankruptcy Laws and the other Party elects to retain its rights hereunder as provided in the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy
Laws (in any capacity, including debtor-in-possession) and its successors and assigns (including, a Title 11 trustee), shall provide to the other Party copies of all information necessary for such other Party to prosecute, maintain and enjoy its
rights under the terms of this Agreement promptly upon such other Party’s written request therefor. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and not
in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in equity (including, the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. It is the
intention and understanding of the Parties to this Agreement that the rights granted to the Parties under this Section 11.7 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an
adequate remedy. 
 ARTICLE XII 

LIABILITY 

Section 12.1 Indemnity. SHL agrees: 

(a) to defend, at its own cost and expense, from and against any Claim against XPI and its Affiliates, and the directors, officers,
stockholders and employees of such entities and the successors and assigns of any of the foregoing (the “XPI Indemnitees”) for [***]; 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 (b) to indemnify and hold XPI Indemnitees harmless from and against any and all liabilities,
losses, damages and expenses associated with any such Claim set forth in Section 12.1(a); 
 (c) to indemnify and hold XPI
Indemnitees harmless against any and all Claims for personal injury or property damage arising out of SHL’ activities furnishing or performing of the Services or Product provided hereunder. 

Section 12.2 Indemnity. XPI agrees: 

(a) [***]; 
 (b) to indemnify and
hold SHL Indemnitees harmless from and against any and all liabilities, losses, damages and expenses associated with any such Claim set forth in Section 12.2(a); and 

(c) to indemnify and hold SHL Indemnitees harmless against any and all Claims in connection with or arising out of a recall, personal injury,
products liability, or any instruction, requirement, or omission requested of XPI and followed by SHL related to the Product; provided, however, the indemnity in this Section 12.2(c) shall not apply to the extent SHL is obligated to
indemnify XPI under Section 12.1 or to the extent that such Claim is due to a significant or material SHL design defect or SHL manufacturing defect (not caused by SHL adherence to XPIs specifications, instructions, or requirements), or
the gross negligence, or willful misconduct of an SHL Indemnitee. 
 Section 12.3 LIMITATION ON DAMAGES. EXCEPT AS MAY ARISE IN THE
CASE OF FRAUD, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR LOSS OF PROFITS, OR ANY INDIRECT OR SPECIAL, CONSEQUENTIAL, PUNITIVE OR TNCDDENTAL DAMAGES, HOWEVER CAUSED, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. IN NO EVENT WILL
EITHER PARTY’S AGGREGATE LIABILITY UNDER THIS AGREEMENT EXCEED [***]. 
 Section 12.4 Insurance. 

(a) During the Term of this Agreement and for a period of at least [***] following the expiration or earlier termination of the Term of this
Agreement, SHL shall maintain, at its sole cost and expense, (i) general liability insurance, (ii) errors & omission insurance and (iii) product liability insurance, such insurances covering at least
bodily injury, death and property damage limits, in such amounts and with such scope of coverage to insure its indemnification. Upon request, SHL shall provide XPI with certificates of insurance evidencing such coverage. 

(b) During the Term of this Agreement and for a period of at least [***] years following the expiration or earlier termination of the Term of
this Agreement, XPI shall maintain, at its sole cost and expense, (i) general liability insurance, (ii) contractual liability insurance and (iii) product liability insurance, such insurances covering at least bodily injury, death
and property damage limits, in such amounts and with such scope of coverage to insure its indemnification. Upon request, XPI shall provide SHL with certificates of insurance evidencing such coverage. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 ARTICLE XIII 

NOTICES 
 Section 13.1
Notices. All notices, requests, demands, Claims and other communications required or permitted to be delivered, given or otherwise provided under this Agreement must be in writing and must be delivered, given or otherwise provided: by hand
(in which case, it will be effective upon delivery); by Email (in which case, it will be effective upon receipt of confirmation of good transmission); or by overnight delivery by a nationally recognized courier service (in which case, it will be
effective on the business day after being deposited with such courier service); in each case, to the address or email listed below: 

For Administrative and legal notices: 
  

			
	 If to SHL:
  
	  	 If to XPI:
  

	 Scandinavian Health Limited
 Room 810, Argyle
Centre
 688 Nathan Road, Kowloon, Hong Kong
 Email: [***]

Attn: [***]
  
	  	 Xeris Pharmaceuticals, Inc.,
 3208 Red River St,
Suite 300
 Austin, TX 78705
 Email: [***]

Attn: [***]
  

	With a copy to:	  	With a copy to:
	  
 Scandinavian Health Limited

General Counsel
 136 Guosheng 2nd Street
 Taoyuan 33060, Taiwan

Email: [***]
	  	  
 Baker Botts LLP

98 San Jacinto Blvd, Suite 1500
 Austin, Texas 78701-4078

Email: [***]
 Attn: [***]

 For scientific and technical notices: 
  

			
	If to SHL:	  	If to XPI:
	  
 SHL Pharma, LL.C.

588 Jim Moran Boulevard
 Deerfield Beach, FL 33442

Email: [***]
 Attn: [***]
	  	  
 Xeris Pharmaceuticals, Inc.,

3208 Red River St, Suite 300
 Austin, TX 78705

Email: [***]
 Attn: [***]

 

		  	With a copy to:
		  	  
 Xeris Pharmaceuticals, Inc.,

3208 Red River St, Suite 300
 Austin, TX 78705

Email: [***]
 Attn: [***]

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Either Party may give written notice of a change of address and, after notice of such change
has been received, any notice or request shall thereafter be given to such Party at such changed address. 
 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1 Use of Names. Unless required by governmental authority or Legal Requirements, XPI and SHL agree that neither will
use the other’s name, trademark, service mark, trade names, trade dress, corporate names, logos, slogans, brand names and other source identifiers (and all translations, adaptations, derivations and combinations of the foregoing) and Internet
domain names, together with all goodwill associated with each of the foregoing, either expressed or implied, in its publicity, advertising, promotional or product related literature, or in documents seeking investor financing (where such information
is not disclosed on a confidential basis in accordance with Article 6) without the other’s prior written consent, which consent will not be unreasonably withheld. [***]. 

Section 14.2 Assignment. Neither Party may, without the prior written consent of the other Party, delegate, transfer, convey, assign or
pledge any of its rights or obligations under this Agreement to any other Person. Notwithstanding the previous sentence, each Party, upon providing the other Party written notice, may without the consent of the other Party (i) assign any or all
of its rights and interests hereunder to one or more of its Affiliates and/or designate one or more of its Affiliates to perform its obligations hereunder, in each case, so long as the assigning Party is not relieved of any liability hereunder and
so long as any such Affiliate remains such Party’s Affiliate and (ii) assign this Agreement to any Person that succeeds, by way of sale, transfer, or divestiture, to all or substantially all of the business to which this Agreement pertains
(a “Change of Control”); provided, however, that such Affiliate or Person obtaining such assignment provide the other Party with written acknowledgement of, and agreement to, the assigning Party’s obligations under the
Agreement that were assigned to it. In the event of a Change of Control of XPI to a Person whose primary business is the manufacture and supply of auto-injectors for drug delivery or a Person who manufactures auto-injectors in its normal course of
business (each type of Person herein described is respectively a competitor of SHL), this Agreement may be terminated at the sole discretion of SHL, provided that SHL gives [***] written notice that it intends to terminate under this Subsection
14.2. [***]. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Any assignment of this Agreement in contravention of this Section 14.2 shall be null and
void. 
 Section 14.3 Independent Contractors. SHL and XPI are independent contractors. Neither Party nor its employees, agents
or representatives are or shall be deemed for any purpose to be employees, agents or representatives of the other Party. Neither Party shall be responsible to the other Party or its employees, nor any governing body for any payroll related taxes
related to any performance by the other Party or its employees, agents or representatives under this Agreement. Each Party agrees to indemnify the other Party with respect to Claims or proceedings relating to any such payroll related taxes. Nothing
in this Agreement shall be construed to constitute XPI or SHL as a partner, joint venturer, agent or other representative of 

  
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 the other. Each is an independent entity retaining complete control over and complete responsibility for its
own operations and employees. Nothing in this Agreement shall be construed to grant either Party any right or authority to assume or create any obligation on behalf of or in the name of the other; or to accept summons or legal process for the other;
or to bind the other in any manner whatsoever. 
 Section 14.4 Governing Law. The validity, interpretation and performance of the
Contract shall be governed by and construed in accordance with the laws of the state of New York, USA. XPI and SHL hereby submit to the exclusive jurisdiction of the Courts situated in New York City, New York, USA for resolution of disputes arising
with respect to this Agreement. 
 Section 14.5 Dispute Resolution and Related Matters. 

(a) The Parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement promptly by negotiations
between executives who have the authority to settle such dispute. Either Party may give the other Party written notice of any dispute hereunder not resolved in the normal course of business. Within [***] following delivery of such notice, executives
of both Parties shall discuss such dispute by telephone or by meeting at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to exchange relevant information, and to attempt to resolve such dispute. 

(b) If the matter has not been resolved within [***] following the other Party’s receipt of the disputing Party’s notice, or if the
Parties fail to discuss or meet within the [***] period, then within [***] thereafter, the dispute may be resolved by a court of competent jurisdiction as set forth above. 

(c) All applicable statutes of limitations and defenses based upon the passage of time shall be tolled while the negotiation and mediation
procedures set forth above are pending. The Parties will take such action, if any, as may reasonably be required to effectuate such tolling. 

(d) Each Party shall pay its own costs and expenses incurred in attempting to resolve a dispute pursuant to the procedures set forth in this
section and shall share equally the cost of the mediation. 
 Section 14.6 Compliance with Laws. Notwithstanding anything
contained in this Agreement to the contrary, the obligations of the Parties shall be subject to all laws, present and future, of any government having jurisdiction over the Parties and this transaction, and to orders, regulations, directions or
requests of any such government. 
 Section 14.7 Fees and Costs. Except for the provisions in Sections 14.5(e), (Dispute
Resolution and Related Matters), and 14.15, (Costs), for any dispute arising out of this Agreement, the prevailing Party is entitled to recover its reasonable attorneys’ fees and costs at all levels of the dispute, including litigation and all
appellate levels against the other. 
 Section 14.8 Severability. The terms and conditions stated herein are declared to be
severable. If any paragraph, provision, or clause in this Agreement shall be found or be held to be invalid or unenforceable in any jurisdiction in which this Agreement is being performed, the remainder of this Agreement shall be valid and
enforceable and the Parties shall use good faith to negotiate a substitute, valid and enforceable provision which most nearly effects the Parties’ intent in entering into this Agreement. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Section 14.9 Amendments and Waivers. No amendment or waiver of any provision of
this Agreement will be valid and binding unless it is in writing and signed, in the case of an amendment, by each Party hereto, or in the case of a waiver, by the Party against whom the waiver is to be effective. No waiver by any Party of any breach
or violation or, default under or inaccuracy in any representation, warranty, agreement or covenant hereunder, whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation, default of, or inaccuracy in, any such
representation, warranty, agreement or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No delay or omission on the part of any Party in exercising any right, power or remedy under this
Agreement will operate as a waiver thereof. 
 Section 14.10 Entire Agreement. This Agreement and any documents, instruments and
certificates explicitly referred to herein, constitutes the entire agreement among the Parties hereto with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and
agreements, whether written or oral, with respect thereto. 
 Section 14.11 Counterparts. This Agreement may be executed in any
number of counterparts, each of which will be deemed an original, but all of which together will constitute but one and the same instrument. This Agreement will become effective when duly executed by each Party hereto. 

Section 14.12 Headings. The headings contained in this Agreement are for convenience purposes only and will not in any way affect the
meaning or interpretation hereof. 
 Section 14.13 Third Party Beneficiaries. Except as specifically provided herein, all rights,
benefits and remedies under this Agreement are solely intended for the benefit of XPI and SHL, and no Third Parties shall have any rights whatsoever to (i) enforce any obligation contained in this Agreement; (ii) seek a benefit or remedy
for any breach of this Agreement; or (iii) take any other action relating to this Agreement under any legal theory, including but not limited to, actions in contract, tort (including but not limited to negligence, gross negligence and strict
liability), or as a defense, set off or counterclaim to any action or claim brought or made by the Parties. 
 Section 14.14
Cooperation. SHL and XPI agree to execute any instruments reasonably believed by the other Party to be necessary to implement the provisions of this Agreement. 

Section 14.15 Costs. Each Party shall bear its own costs and expenses incurred in connection with the negotiation and execution of
this Agreement. 
 Section 14.16 Excusable Delays. Neither Party shall be liable for delays caused by bona fide labor disputes,
war, civil or military disturbances, acts or lack of action of governments or governmental authorities, accidents, fires, explosions, epidemics, forces of nature, acts of God or other causes reasonably beyond its control, but each Party shall use
all reasonable efforts to avoid such delays and to minimize the extent of any delays that do occur. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Section 14.17 Contract Control. In the event of a conflict between the terms of
this Agreement and any SOW, the terms of this Agreement shall govern, unless the language of the SOW, agreed upon in writing by both Parties, expressly states that the SOW controls. 

Section 14.18 English Language. This Agreement has been prepared in the English language and the English language shall control
its interpretation. In addition, all notices required and permitted to be given hereunder, and all written, electronic, oral or other communication between the Parties regarding this amendment or pursuant to this Amendment shall be in the English
language unless otherwise agreed to. 
 Section 14.19 Drafting. This Agreement was negotiated at arm’s length and entered
into freely by the Parties and upon the advice of their respective counsel. All Parties hereto are to be deemed the drafters of this Agreement. No provision hereof shall be construed in favor of or against any Party hereto based upon principles of
contra proferentem or any other presumption as to inequality or bargaining power or otherwise. 
 Section 14.20 Certain Rules
of Construction. Except as otherwise explicitly specified to the contrary, (a) references to a Section, Article, Exhibit or Schedule means a Section or Article of, or Schedule or Exhibit to this Agreement, unless another agreement is
specified, (b) the word “or” is not exclusive and the word “including” will be construed as “including without limitation,” (c) words in the singular or plural form include the plural and singular form,
respectively, (d) references to a particular person include such person’s successors and assigns to the extent not prohibited by this Agreement; (e) the words “shall” and “will” will have the same meaning, and
(f) the terms “hereof,” “herein,” “hereby,” and derivative or similar towards refer to this entire Agreement. 

Section 14.21 Survivability. The provisions of Articles 1, 6, 8, 9, 10, 12, 13 and 14, and Sections 2.11,5.2,7.3,11.4 and 11.6
shall survive any expiration or termination of this Agreement. Any payments for Services provided or expenses incurred by SHL or others under this Agreement prior to such expiration or termination shall, unless disputed in good faith by XPI, remain
due and payable to SHL thereafter according to the terms of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 23 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IN WITNESS WHEREOF, effective as of the Effective Date, each of the Parties have
executed this Agreement in duplicate originals by their duly authorized officers or representatives. 
  

									
	SCANDINAVIAN HEALTH LIMITED	 		 	XERIS PHARMACEUTICALS, INC.
					
	By:	 	 [***]
	 		 	By:	 	 /s/ Douglas Baum

		 	[***]	 		 		 	Douglas Baum
		 	[***]	 		 		 	President & Chief Executive Officer
					
	Date:	 	2016-02-25	 		 	Date:	 	2016-03-14

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 SCHEDULE 1.24 

PRODUCT 
 The
“Product” is the assembled, labelled, and packaged combination of an Intermediate Product and Device for the injection of the Compound. 

The “Intermediate Product” is a syringe with a pre-staked needle, along with a plunger and a
needle cover, that contains the Compound ([***] μL or [***] μL). 
 The “Device” is the SHL developed and manufactured
auto-injector delivery device pre-configured for the injection of the Compound. The Device components will be customized by SHL as needed to satisfy the design input requirements. The Device will be
manufactured by SHL in the component colors selected by XPI and agreed to by SHL. 
 The Product will consist of the following: 

 

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 SCHEDULE 1.25 

REGULATORY AUTHORITIES 
  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 SCHEDULE 1.32 

STATEMENT OF WORK 
 Scope: 

SHL will develop an auto-injector based on its technology which will serve as the injector platform for XPIs [***] (glucagon injection)
product. [***] 
 Deliverables: 
 The following
deliverables shall be provided to XPI by SHL: 
  

	 	1.	[***]: 

  

	 	a.	[***] 

  

	 	b.	[***] 

 2. All documents listed as requiring XPI approval in the SHL Design and Development Plan
[***] 
 [***]. 

  
 27 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Activities and Schedule: 
  

							
	 Stage
	  	 Description
	  	 Target Timing
	  	 Fees Due (USD), 
tea excluded

	1	  	 [***]
 -[***]

-[***]
 -[***]

-[***]
 -[***]

-[***]
	  	[***]	  	
				
	2	  	 [***]
 -[***]

-[***]
 -[***]

-[***]
 -[***]

-[***]
	  	[***]	  	
				
	3	  	 [***]
 -[***]

-[***]
 -[***]

-[***]
 -[***]

-[***]
 -[***]

-[***]
	  	[***]	  	
				
	4	  	 [***]
 -[***]

-[***]
 -[***]

-[***]
 -[***]

-[***]
	  	[***]	  	
				
		  	 [***]
	  		  	

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Specifications: 

The specifications for the Product will be developed jointly by XPI and SHL during the initial stages of the project. SHL shall manufacture the
Devices in strict accordance with the Specifications, with ISO requirements, and with all applicable laws, rules and regulations, including the US Federal Food and Drug Administration’s (or other appropriate regulatory authority’s) current
Good Manufacturing Practices for Medical Devices (“cGMPs”). The applicable standards/guidance/regulatory requirements are listed in the [***] Design Input Requirements, SHL document number [***]. 

SHL shall be responsible for obtaining any permits or licenses required by any regulatory authority for manufacturing the Components only. XPI
shall be responsible for obtaining any permits or licenses required by any regulatory authority for manufacturing and selling the Product. 
 Acceptance
Criteria: 
 [***]: 
  

	 	1.	[***]. 

  

	 	2.	[***]. 

 [***]: 
  

	 	3.	[***]. 

  

	 	4.	[***]. 

  

	 	5.	[***]. 

  

	 	6.	[***]. 

 [***]: 
  

	 	7.	[***]. 

  

	 	8.	[***]. 

  

	 	9.	[***]. 

  

	 	10.	[***]. 

 [***]: 
  

	 	11.	[***]. 

  

	 	12.	[***]. 

  

	 	13.	[***]. 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Budget and Payment Schedule: 

[***] 
 Facilities: 

SHL shall provide or locate all scientific equipment, laboratory and service facilities, as required for prompt completion of the SOW and shall
include its facilities in Deerfield Beach, Broward County, Florida, USA, Taoyuan, Taiwan, and/or any other facility as may be designated by SHL, from time to time, as approved by XPI for use in connection with completion of this SOW. 

Design Changes: 
 XPI agrees to follow
SHL’s documented ISO procedures regarding the processing of design changes and shall ensure that all changes are properly approved by XPIs authorized personnel without unreasonable delay. [***]. The schedule for all materials or Components
affected by any design study shall be extended by a period of time equal to the hold time, if any, associated with such study, whether or not XPI authorizes or approves the proposed change. 

Device Master File: 
 SHL shall assist XPI
in maintaining and submitting a Device Master File (MAF) to the FDA and other Regulatory Authorities that may be used to provide detailed information about facilities or articles used in the manufacturing, processing, packaging, and storing of the
Devices. Contents may include proprietary information and can be referenced only with the specific permission of the Device Master File holder. Provided the submission is sufficient to satisfy all regulatory requirements, SHL shall have the right in
consultation with XPI to determine which documents and/or information may be contained within the Device Master File. 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 SCHEDULE 14.1 

PRESS RELEASE 
 The press release will be
drafted post execution of this agreement with the written consent of both parties required prior to release to the public.

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