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EXHIBIT 10.1

Execution Version

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

															
		License and Collaboration Agreement			
					
		dated as of September 15, 2021			
					
		by and among			
					
		Orphan Technologies Limited, 
Tortola (British Virgin Islands),
Branch Office in Switzerland,
Rapperswil Jona,
c/o Neovii Pharmaceuticals AG,
Zuercherstrasse 19, CH-8640 Rapperswil, Switzerland
		(hereinafter LICENSOR)
	
					
		And			
					
		Vifor (International) Ltd.
Rechenstrasse 37, CH-9014 St. Gallen, Switzerland
		(hereinafter LICENSEE)
	
					
		(LICENSOR and LICENSEE each a Party, together the Parties)
	
					
		And, solely with respect to Article 15,			
					
		Travere Therapeutics, Inc.
3611 Valley Centre Drive, Suite 300
San Diego, CA 92130, USA
		(hereinafter PARENT)
	
					

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Table of Contents
						
	1.    Definitions
	6

	2.    License
	6

	2.1    Scope of License
	6

	2.2    License Sub-Licensing
	8

	2.3    Grantback License
	9

	2.4    Upstream License Agreements
	10

	2.5    Retained Rights; Negative Covenants
	10

	3.    Product Development
	10

	3.1    Clinical Development Activities
	10

	3.2    Technical Development Activities
	13

	3.3    Information Transfer
	14

	4.    Regulatory Matters
	15

	5.    Manufacturing and Supply
	17

	6.    Commercialization
	18

	7.    Financial Consideration
	19

	7.1    Overview
	19

	7.2    Upfront Fee
	19

	7.3    Milestone Payments
	19

	7.4    Royalties
	24

	7.5    Currency Conversion
	26

	7.6    Reporting, Invoicing and Payment Terms
	27

	7.7    Taxation
	27

	7.8    Books and Records; Audits
	28

	7.9    Interest Due
	29

	8.    Intellectual Property Rights
	29

3

						
	8.1    In General
	29

	8.2    IP Prosecution and Enforcement
	31

	8.3    Infringement of Third Party’s Patents
	35

	8.4    Product Trademarks and Domain Names
	35

	8.5    Publications
	36

	9.    Representations and Warranties; Indemnities; Insurance
	37

	9.1    Representations and Warranties by either Party
	37

	9.2    Representations, Warranties and Covenants by LICENSOR
	38

	9.3    Other LICENSOR Covenants
	40

	9.4    Claim Notification and No Other Warranties
	40

	9.5    Indemnities
	40

	9.6    Insurance
	41

	10.    Liability; Exclusions and Limitations
	42

	11.    Governance and Compliance
	43

	11.1    Joint Steering Committee (JSC)
	43

	11.2    Joint Development Committee (JDC)
	43

	11.3    Joint Technical Committee (JTC)
	45

	11.4    Joint IP Committee
	46

	11.5    Joint Commercialization Committee (JCC)
	46

	11.6    Committees' Organisation and Decision-Making
	47

	11.7    Alliance Managers
	49

	11.8    Compliance
	50

	12.    Covenant Not to Compete
	50

	13.    Confidentiality and Public Announcements
	50

	14.    Term and Termination
	54

	14.1    Effective Date
	54

	14.2    Term
	54

	14.3    Termination
	54

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	14.4    Effects of Termination
	55

	15.    Parent Guarantee
	57

	16.    Final Provisions
	57

	16.1    Entire Agreement
	57

	16.2    Independent Contractor
	57

	16.3    Performance By Affiliates
	57

	16.4    Written Form
	58

	16.5    Severability
	58

	16.6    Assignment
	58

	16.7    Notices
	58

	16.8    Force Majeure
	59

	16.9    Waiver
	60

	16.10    Governing Law
	60

	16.11    Dispute Resolution
	60

	16.11.1    Seeking Consensus
	60

	16.11.2    Arbitration
	61

	16.11.3    Injunctive Relief
	62

	16.11.4    Baseball Arbitration
	62

	16.12    Interpretation
	63

	16.13    Counterparts
	64

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Table of Annexes
						
	Number of Annex	Name of Annex
	Annex 1	Definitions
	Annex 2.1(a)
	Licensed Patents
	Annex 2.2(a)
	Affiliates and Third Parties
	Annex 2.4	Upstream License Agreements
	Annex 3.1(b)
	Clinical Development Plan
	Annex 3.2(b) 
	Technical Development Plan
	Annex 4(g)
	DUPRO (DUPLEX/PROTECT) Limited Access Data Protocol   

	Annex 8.4(a)	Product Trademarks
	Annex 8.4(g)	Existing Domain Names

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WHEREAS, LICENSOR, acting through its duly registered branch office in Switzerland (CH- 320-9080805-3), is a subsidiary of PARENT, which is a listed (NASDAQ: TVTX) biopharmaceutical company focused on the discovery, development, and delivery of life-changing therapies to address rare diseases. 
WHEREAS, LICENSOR and its Affiliates are, inter alia, in the process of developing the small molecule known as sparsentan as a therapy, presently in Phase III Clinical Trial development, for the treatment of focal segmental glomerulosclerosis (FSGS) and of IgA nephropathy (IgAN), the latter also called Berger’s disease, which makes use of a first-in-class, orally active, single molecule that functions as a high affinity dual-acting antagonist of both endothelin type A (ETA) and angiotensin II subtype 1 (AT1) receptors which are associated with kidney disease progression. As of the Effective Date, sparsentan has been granted orphan drug designation for FSGS and lgAN by the FDA and EMA, and LICENSOR Controls (as owner or (sub-) licensee) certain patents applied for or granted for the use of sparsentan for particular purposes;
WHEREAS, LICENSEE belongs to the Vifor Pharma Group, which is a global pharmaceuticals company aiming to become the global leader in iron deficiency and nephrology. The Vifor Pharma Group is listed on the Swiss Stock Exchange (SIX Swiss Exchange, VIFN, ISIN: CH0364749348). 
WHEREAS, LICENSEE is interested in obtaining the rights necessary to commercialize sparsentan for indications in humans in the Licensed Territory under the LICENSOR Product Technology and Product Trademarks, and LICENSOR is willing to grant LICENSEE an exclusive license in the Licensed Territory under the LICENSOR Product Technology and Product Trademarks accordingly, subject to the terms and conditions herein.
WHEREAS, LICENSOR has the necessary rights to Licensed Patents and LICENSOR Product Technology to enter into and perform under this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein and intending to be legally bound hereby, the Parties hereto agree as follows:
1.Definitions
Capitalized terms used in this Agreement shall have the meanings assigned to them in Annex 1.
2.License
2.1Scope of License 
(a)Subject to the terms and conditions of this Agreement, LICENSOR agrees to grant and hereby grants to LICENSEE: 
(i)a sole and exclusive (even as to LICENSOR) license, with the right to sub-license according to Article 2.2, to make use of LICENSOR Product Technology (including, without limitation, Licensed Patents), LICENSOR's rights in Joint Product IP and, subject to and as set forth in Article 8.4, Product Trademarks and Local Trademarks:  

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(aa) subject to Article 2.1(b), to Develop or have Developed the Licensed Compound and Licensed Products in the Field in the Licensed Territory for Commercialization of Licensed Products in the Field in the Licensed Territory, such Development being made in cooperation with LICENSOR or, as the case may be, independently from LICENSOR to the extent expressly provided for by this Agreement; 
(bb) to Commercialize Licensed Products (including, without limitation, the Existing Product) in the Field in the Licensed Territory;
(cc) as set forth in Article 8.4(e), a license to the Product Trademarks and, if required, Local Trademarks; and 
(ii)a non-exclusive license, with the right to sub-license according to Article 2.2, to make use of LICENSOR Product Technology (including, without limitation, Licensed Patents listed in Annex 2.1(a)) and LICENSOR's rights in Joint Product IP to Manufacture or have Manufactured the Licensed Compound and Licensed Products in or outside the Licensed Territory solely for Commercialization in the Field in the Licensed Territory ((i) and (ii) together referred to as the License).
(b)For clarity, the right of LICENSEE to Develop and Manufacture the Licensed Compound and Licensed Products granted under Article 2.1(a) shall not restrict LICENSOR's or its Affiliates’ or (sub)licensees’ right to Develop or have Developed and Manufacture or have Manufactured the Licensed Compound and Licensed Products in the Licensed Territory for Commercialization outside the Licensed Territory. LICENSOR also retains rights to Develop and Manufacture the Licensed Compound and Licensed Products in the Licensed Territory to the extent necessary for LICENSOR to perform its obligations under the Clinical Development Plan, the Technical Development Plan, the Regulatory Strategy or otherwise under this Agreement.

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(c)This Article 2.1(c) being subject to LICENSOR’s obligations under the Upstream License Agreements, LICENSEE shall have a first right of exclusive negotiation to agree on the Development of the Licensed Compound and Licensed Products in the Field in Canada, China, Brazil, and/or Mexico for Commercialization in each such country and the Commercialization of the Licensed Products in each such country. Such right shall be exercised on a country-by-country basis by providing written notification to LICENSOR within [***]([***]) month (the Option Period) following LICENSOR’s notification of intent to Commercialize the Licensed Compound (whether alone or in combination) in any of such countries (the Notification of Intent to Commercialize). For the [***]([***]) day period prior to LICENSOR providing a Notification of Intent to Commercialize, LICENSOR shall use Commercially Reasonable Efforts to obtain a waiver from the Upstream Licensors of their rights under the Upstream License Agreements with respect to the country or countries identified in the Notification of Intent to Commercialize. Upon LICENSOR’s receipt of LICENSEE's notification to exercise its right of exclusive negotiation within the Option Period, the Parties shall negotiate in good faith and agree within [***]([***]) months on the terms and conditions of such territorial expansion of the License. If LICENSOR does not receive such notice from LICENSEE within the Option Period or LICENSEE otherwise declines to enter into negotiations for any such countries, then LICENSOR shall have no further obligations to LICENSEE regarding the Development and Commercialization of the Licensed Product in such countries. If the Parties fail to reach an agreement within such three-month period, then LICENSOR and/or its Affiliates’ shall thereafter have the right to negotiate and enter into an agreement with a Third Party for the Development and/or Commercialization of Licensed Products in Canada, China, Brazil, and/or Mexico; provided that, for a period of [***]([***]) months, if LICENSOR and/or its Affiliates’ offer terms to such Third Party that are more favorable than the ones offered to LICENSEE in the negotiations on a license expansion, LICENSEE has a first right to enter into a license agreement with LICENSOR at such more favorable terms; such right to be exercised within [***]([***]) month after being notified accordingly by LICENSOR. 
2.2License Sub-Licensing
(a)LICENSEE shall have the right to grant sub-licenses through multiple tiers under the License pursuant to written sub-license agreements to its Affiliates and to Third Parties listed in Annex 2.2(a). Such sub-licensing shall become effective automatically upon written notification to LICENSOR.
(b)Any other grant of sub-licenses under the License shall require the prior written consent by LICENSOR, such written consent not to be unreasonably withheld or delayed.

*** Certain Confidential Information Omitted.

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(c)Sub-license agreements shall be subject to and comply with all terms of this Agreement and, for clarity, the terms of Section 2.2 of the BMS License Agreement and Section 2.2 of the Ligand Sublicense Agreement, and LICENSEE shall remain fully responsible for the compliance by any of the sub-licensees with all restrictions and other applicable terms set forth in this Agreement.  Upon request, LICENSEE shall provide LICENSOR with a true, accurate and complete copy of any sub-license agreement with financial and other confidential or proprietary commercial terms redacted (to the extent that such terms are not reasonably necessary for LICENSOR to determine LICENSEE’s compliance with this Agreement). LICENSEE acknowledges that LICENSOR may provide copies of any sub-license agreements to the Upstream Licensors. 
2.3Grantback License
(a)LICENSEE hereby grants to LICENSOR a royalty-free and, subject to the following paragraph (b) of this Article 2.3 and further subject to Article 14.4(f), perpetual, irrevocable (thus, surviving the Term) and exclusive license, with full rights to grant sub-licenses through multiple tiers, to use LICENSEE Product Technology, with the sole exception of those parts of LICENSEE Product Technology that exclusively relate to combinations of the Licensed Compound with other API(s) proprietary to or licensed in by LICENSEE, and LICENSEE's rights in Joint Product IP to Develop, Manufacture and Commercialize Licensed Products and other products containing or comprising the Licensed Compound outside the Licensed Territory, including the right for LICENSOR or its Affiliates or (sub)licensees to Develop or have Developed and to Manufacture or have Manufactured Licensed Products and other products containing or comprising the Licensed Compound in the Licensed Territory for Commercialization outside the Licensed Territory.
(b)Upon the expiry of this Agreement, the Parties shall, upon written request by LICENSEE within sixty (60) days of the Agreement's expiry, negotiate in good faith for a period of one hundred twenty (120) days regarding the terms and conditions for LICENSEE to use LICENSEE Product Technology and/or LICENSEE's rights in Joint Product IP being the subject of the license grant pursuant to paragraph (a) of this Article 2.3 outside of the Licensed Territory, subject to any sub-licenses granted thereunder by LICENSOR and provided that LICENSOR's interests in the use and exploitation of LICENSOR Product Technology outside the Licensed Territory shall not be adversely affected. If LICENSEE does not notify LICENSOR of such request during such sixty (60) day period, or if the Parties fail to reach an agreement within such one hundred twenty (120) day negotiation period, then LICENSOR thereafter shall have no obligations, and LICENSEE shall have no rights, under this Article 2.3(b).

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2.4Upstream License Agreements
Notwithstanding anything to the contrary in this Agreement, LICENSEE understands and agrees that (a) this Agreement is subordinate to the Upstream License Agreements and the portion of the License granted to LICENSEE under this Agreement that is a sub-license under Upstream License Agreements is limited in scope to the rights granted to LICENSOR in the Upstream License Agreements; (b) such sub-license may be terminated if any Upstream License Agreement is terminated (c) it will comply with all provisions of the Upstream License Agreements relevant to its activities as a Sublicensee (as defined in the Upstream License Agreements); (d) BMS and Ligand's exercise of their rights under the Upstream License Agreements shall not constitute a breach hereunder; (e) it will not take any action that would result in a breach of the Upstream License Agreements; and (f) it will cooperate with and assist LICENSOR to meet its obligations under the Upstream License Agreements. 
2.5Retained Rights; Negative Covenants
Unless expressly provided for in this Agreement, this Agreement does not grant any right or license to a Party under any of the other Party’s IP or to the IP of Third Parties. LICENSEE agrees not to use the LICENSOR Product Technology outside of the scope of the License. LICENSOR agrees not to use the LICENSEE Product Technology outside of the scope of the licenses granted to it in Articles 2.1 and 14.4(d).
3.Product Development
3.1Clinical Development Activities
(a)The Parties shall, at any time, cooperate in good faith and use all their Commercially Reasonable Efforts to pursue and complete their roles in the clinical Development activities of Licensed Products as assigned to each Party in the Clinical Development Plan with the goal of obtaining regulatory approvals in jurisdictions within the Licensed Territory (including, without limitation, EMA, Swissmedic, MHRA) as reasonably required to successfully exploit the License.
(b)Annex 3.1(b) sets forth in more detail the clinical development plan for the Existing Product as agreed upon execution of this Agreement, which includes the goals and timelines as well as the Parties' roles, responsibilities and financing of all clinical Development activities for the Existing Product and the intended cooperation with the regulatory authorities in the EU, Switzerland and United Kingdom (EMA, Swissmedic and MHRA) to get approvals for the Existing Product in due course (the Clinical Development Plan). 

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(c)Under the Clinical Development Plan and Technical Development Plan, it shall be the role and responsibility of LICENSOR, with the due support of LICENSEE for the conduct of clinical trials and regulatory matters at its cost, to use Commercially Reasonable Efforts to perform the clinical and non-clinical Development of the Existing Product until obtaining regulatory approvals for the Existing Product in the EU (EMA), Switzerland (Swissmedic) and United Kingdom (MHRA). LICENSEE shall be informed about the progress on such clinical and non-clinical Development activities performed by LICENSOR on a regular basis, and at least once per Calendar Quarter. The costs for such clinical and non-clinical Development activities for the Existing Product prior to regulatory approval (including trials required to achieve compliance to the agreed EU PIP for the Existing Product) shall be borne by LICENSOR, subject to anything stated to the contrary in the Clinical Development Plan. The costs for any post-approval Development activities, including any confirmatory clinical trial formally required as a post-approval commitment, and any additional Development activities as outlined in the Clinical Development Plan shall be borne in the following proportion by each Party: [***]% by LICENSOR and [***]% by LICENSEE. Any and all clinical studies with the Existing Product to be undertaken shall be jointly developed and discussed between the Parties in the JDC and ultimately approved by the JSC, acting reasonably and in good faith. 
(d)LICENSEE shall, upon its discretion, with a right to use and reference the data of clinical studies used in LICENSOR's clinical Development activities, subject to Annex 4(g), as applicable, seek and obtain regulatory approvals for Licensed Products in jurisdictions within the Licensed Territory other than the EU, Switzerland and United Kingdom, at LICENSEE’s cost and in accordance with an amendment of the Clinical Development Plan approved by the JSC, and LICENSOR shall use Commercially Reasonable Efforts to provide technical support with respect to such activities at LICENSOR’s cost. 
(e)The clinical Development activities for indications of any Licensed Product other than those of FSGS and lgAN for the Existing Product (New Indications) as well as the allocation of the costs in connection therewith will be determined by the mutual agreement of the Parties and in accordance with an amendment of the Clinical Development Plan approved by the JSC. Clinical studies to be undertaken for such New Indications, as well as any other clinical studies and trials proposed by LICENSEE, or any investigator-sponsored trials that are inconsistent with the then-current Clinical Development Plan or Regulatory Strategy, of the Licensed Products in the Field in the Territory, shall be jointly designed and directed (or overseen with respect to any such investigator-sponsored trials) by the Parties through discussions in the JDC and ultimate approval in the JSC as an amendment to the Clinical Development Plan, always acting reasonably and in good faith.

*** Certain Confidential Information Omitted.

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(f)The JDC may amend the Clinical Development Plan to include any additional technical and financial efforts by either of the Parties or the Parties jointly to achieve the best technical and regulatory basis for the exploitation of the License to the commercial benefit of both Parties. Each amended version will be subject to JSC approval and, once approved by the JSC in accordance with the decision-making rules set forth in Article 11.6, automatically considered as the applicable Clinical Development Plan under this Agreement. Any alterations to the clinical protocols or statistical analysis plans for clinical trials, which are determined by the JSC to be pivotal for registration in any jurisdiction in the Licensed Territory, or identified as intended to support changes to labeled indications, shall be reviewed and approved by the JSC in accordance with the decision-making rules set forth in Article 11.6.
(g)During the Term, each Party represents, warrants and covenants that it will have sufficient funding available to perform with Commercially Reasonable Efforts its roles and responsibilities and undertake all clinical and non-clinical Development activities for the Existing Product as of the time such performance is required under, and in line with, the Clinical Development Plan existing as of the Effective Date.
(h)In the event that local clinical studies in the Licensed Territory are conducted to obtain local regulatory approvals or admission to reimbursement by local healthcare insurance schemes for any of the Licensed Products in the Licensed Territory beyond the activities set forth in the Clinical Development Plan, such local clinical studies shall be added to the Clinical Development Plan by the JDC (subject to the approval by the JSC) and performed by LICENSEE, and the costs thereof shall be shared by the Parties in accordance with such amended Clinical Development Plan, however with LICENSOR applying Commercially Reasonable Efforts to support and contribute its experience at LICENSEE’s reasonable request. 
(i)For any clinical trials proposed and conducted by LICENSEE, LICENSOR shall have the right to use and reference the data of such clinical trials at no additional cost. 
(j)Within one hundred eighty (180) days after the Effective Date, the Parties will enter into a separate safety data exchange agreement, which sets forth the Parties' responsibilities for maintaining safety databases and safety and adverse event reporting obligations. For clarity, LICENSOR will retain the global safety database and responsibility for global pharmacovigilance activities, and LICENSEE shall be responsible for complying with pharmacovigilance requirements in the Licensed Territory.

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(k)In the event LICENSOR materially breaches an obligation to perform its activities necessary for obtaining regulatory approval for the Existing Product in the EU (EMA), Switzerland (Swissmedic) and/or United Kingdom (MHRA) as agreed to in the Clinical Development Plan, and LICENSOR fails to cure such material breach within [***]([***]) days after receipt of written notice from LICENSEE detailing such failure, then LICENSEE has the right (StepIn Right), but not the obligation, to assume responsibility for performing any such remaining activities under the Clinical Development Plan in support of obtaining such regulatory approvals (collectively, StepIn Activities) at LICENSEE’s cost and expense notwithstanding anything to the contrary in the foregoing; provided that during the pendency of any dispute resolution proceeding between the Parties under Article 16.11, the subject of which, in whole or in part, is a claim of failure to perform by LICENSOR of its obligations under the Clinical Development Plan for the Existing Product in the EU (EMA), Switzerland (Swissmedic) and/or United Kingdom (MHRA) or whether such failure to perform by LICENSOR has been cured or a claim that this provision is inapplicable by virtue of Article 10(f), LICENSEE’s right to exercise the Step-In Right shall be tolled until the final outcome of such dispute has been established, [***]. In the event LICENSEE is entitled to exercise, and does exercise, the Step-In Right, (a) the Step-In Right shall be LICENSEE’s sole and exclusive remedy with respect to any material breach that resulted in the Step-In Right, (b) LICENSEE will exercise Commercially Reasonable Efforts to perform the Step-In Activities and (c) upon LICENSOR’s request, LICENSEE will provide reasonable documentation evidencing its costs and expenses actually borne in connection with the Step-In Activities.
3.2Technical Development Activities
(a)Subject to anything stated to the contrary, it shall be the role and responsibility of LICENSOR, with the due support of LICENSEE at its cost, to use Commercially Reasonable Efforts to perform and complete the drug substance and drug product CMC Development of the Existing Product and Licensed Compound for use in the Existing Product until obtaining regulatory approvals for the Existing Product in the EU (EMA), Switzerland (Swissmedic) and United Kingdom (MHRA). LICENSOR shall inform LICENSEE on a regular basis, and at least once per Calendar Quarter and as soon as reasonably practicable upon LICENSEE's request, about the progress of such CMC activities. The costs for such CMC Development activities accruing prior to regulatory approval (including, but not limited to, any CMC Development activities required as a post-approval commitment to support conditional approval as well as CMC Development activities required to achieve full compliance to the agreed EU PIP for the Existing Product) shall be borne by LICENSOR, subject to anything stated to the contrary in the Technical Development Plan. The costs for any post-approval Development activities and any additional Development activities as outlined in the Technical Development Plan, shall be borne in the following proportion by each Party: [***]% by LICENSOR and [***]% by LICENSEE.  

*** Certain Confidential Information Omitted.

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(b)Annex 3.2(b) sets forth the obligations of LICENSOR and LICENSEE with respect to the Development of the drug substance and drug product for the Existing Product and Licensed Compound for use in the Existing Product up to production scale and in compliance with the regulatory requirements and quality specifications required by the official standards agencies and competent authorities of the Licensed Territory, with EMA, Swissmedic and MHRA to obtain regulatory approvals in due course (the Technical Development Plan). For clarity, LICENSOR shall have no obligations hereunder with respect to Development other than those set forth in the Technical Development Plan. Each Party shall use Commercially Reasonable Efforts to perform and complete its obligations as detailed in the Technical Development Plan.
(c)The JTC may amend the Technical Development Plan from time to time to cover additional technical efforts to be performed by each Party, including allocation of costs, for the Existing Product and/or New Indications, for review and approval by the JSC. Each amended version will be, once approved by the JSC in accordance with the decision-making rules set forth in Article 11.6, automatically considered as the applicable Technical Development Plan under this Agreement. 
(d)During the Term, each Party represents, warrants and covenants that it will have sufficient funding available to perform with Commercially Reasonable Efforts its roles and responsibilities and undertake all technical Development activities at its own cost as of the time such performance is required under and as provided in the Technical Development Plan existing as of the Effective Date.
3.3Information Transfer 
(a)Subject to anything provided for in other Articles of this Agreement (including Annex 4(g)), LICENSOR shall provide to LICENSEE, in a format and manner mutually agreed to in good faith, and without further financial consideration, the Development Data in the possession and Control of LICENSOR as of the Effective Date within a reasonable period, not to exceed thirty (30) days, after the Effective Date. 
(b)As provided for in the Clinical Development Plan and subject to anything provided for in other Articles of this Agreement (including Annex 4(g)), the Parties will make available to one another, in a format and manner mutually agreed to in good faith, for review and discussion within the JSC new and material Development Data and other results of the Development conducted hereunder and should either Party reasonably deem the exchange of such new and material Development Data and other results of the Development conducted hereunder being urgent, such exchange shall be made in a comprehensive and agreed format as soon as reasonably possible but in no event later than thirty (30) days after the notification of urgency.
(c)Each Party will maintain records of its Development Data and other results of the Development work conducted by or on behalf of such Party hereunder in sufficient detail as required by regulatory authorities and in a good scientific manner, including as appropriate for patent purposes. 

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(d)During the Term, each Party shall make its relevant personnel reasonably available to the other Party, at reasonable times during such Party’s normal business hours, to answer any questions or provide instructions as reasonably requested by the other Party concerning the information delivered pursuant to this Article 3.3 or otherwise in connection with the Development of the Licensed Products. 
4.Regulatory Matters
(a)Except as specifically provided in this Article 4, the Parties' roles and responsibilities in regulatory matters for the Licensed Compound and any of the Licensed Products in the Licensed Territory (including but not limited to CMA submissions, MAAs, orphan designation(s) and PIPs) shall be set forth in a regulatory strategy document to be negotiated in good faith and presented to the JSC for final approval by no later than forty-five (45) days of the Effective Date (the Regulatory Strategy). The Regulatory Strategy shall also set forth the clinical, non-clinical and CMC data relating to the Licensed Compound and Licensed Products to be shared between the Parties under Article 4(g).
(b)Unless provided otherwise in the Regulatory Strategy, LICENSEE will have ultimate responsibility for and control over marketing authorizations, orphan designation, PIP submissions and/or modifications and related processes within the Licensed Territory, it being understood and agreed that LICENSOR shall contribute to such tasks as detailed in the Regulatory Strategy.
(c)Subject to LICENSEE's roles and responsibilities set forth in the Regulatory Strategy, LICENSOR shall be responsible at its own cost for preparing the dossiers for registration of the Existing Product for FSGS and lgAN in the Licensed Territory for so long as LICENSOR is the sole applicant thereunder and, thereafter, the Parties shall agree on a cost sharing taking into due account their roles and responsibilities. Unless provided otherwise in the Regulatory Strategy, the Party that applies for regulatory approval of a Licensed Product shall be responsible for the filing costs of such application.  
(d)Irrespective of the allocation of roles and responsibilities in this Article 4 and in the Regulatory Strategy, LICENSOR shall, at any time, use Commercially Reasonable Efforts to support all tasks of the Regulatory Strategy by contributing its expertise, Know-How and documentation available with regards to the Licensed Compound and the Existing Product in a timely manner as required for submissions and meeting of any deadlines in the regulatory processes. LICENSEE shall contribute its Know-How relating to regulatory matters accordingly and at its own cost.
(e)As soon as reasonably practicable and taking into account the details set forth in the Regulatory Strategy, registrations and marketing authorizations shall, subject to applicable local legislation, be applied for and maintained in the name and at the cost of LICENSEE, its Affiliates or admitted sub-licensees. Where LICENSOR has applied for or obtained product registrations and marketing authorizations within the Licensed Territory in its own name, it shall assign and transfer them to LICENSEE or to LICENSEE's Affiliates or admitted sub-licensees upon first request after regulatory approval.

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(f)The maintenance of registrations and marketing authorizations and the related contacts with the regulatory authorities for Licensed Products in the Licensed Territory shall be the responsibility of LICENSEE (or its determined Affiliates or sub-licensees) at its own cost, and, for clarity, LICENSEE shall use Commercially Reasonable Efforts to perform and complete its obligations as detailed in the Regulatory Strategy and as otherwise necessary to obtain and maintain regulatory approvals of the Licensed Products in the Licensed Territory, and if required under applicable laws, rules or regulations, pricing and reimbursement approvals for the Licensed Products in the Licensed Territory. If requested by LICENSEE, LICENSOR shall use Commercially Reasonable Efforts to support such tasks by contributing its Licensed Compound and the Existing Product related expertise, Know-How and documentation.
(g)To the extent permitted under applicable laws, regulations and guidance from regulatory authorities, and in accordance with Annex 4(g), (i) within a reasonably prompt period following the Effective Date, LICENSOR shall make available to LICENSEE electronic copies of all existing Regulatory Documentation for the Licensed Products in LICENSOR’s possession and Control as of the Effective Date, and (ii) thereafter each Party will make available to the other Party electronic copies of all Regulatory Documentation for the Licensed Products in the possession and Controlled by such Party in accordance with the timelines set forth in the Regulatory Strategy, and each Party grants to the other Party the right to cross-reference to such Regulatory Documentation (and the data and information contained therein) as necessary to support a clinical trial for the Licensed Products, to support regulatory approvals of the Licensed Products, to support a label expansion for the Licensed Products, or to support any New Indications agreed to by LICENSOR or as otherwise expressly permitted or required under this Agreement to enable a Party to exercise its rights or perform its obligations hereunder. Annex 4(g) sets forth the scope of information that is to be provided to LICENSEE by LICENSOR with respect to the PROTECT Study and DUPLEX Study that is subject to a limited group of reviewers and identifies the roles or positions of such reviewers and the time and conditions under which information shall be provided.
(h)Subject to the Regulatory Strategy and Annex 4(g), each Party agrees to inform the other Party duly in advance of any scheduled health authority meetings, which are intended to seek advice on activities listed in the Clinical Development Plan, and the Parties shall share all documents, correspondences and/or meeting minutes upon request and to the extent permitted under applicable laws, regulations and guidance from regulatory authorities. LICENSEE shall make available to LICENSOR copies of all regulatory correspondence pertaining to the Existing Product in general or any of the Licensed Products in the Licensed Territory. LICENSOR shall make available to LICENSEE copies of all regulatory correspondence with the FDA pertaining to the Existing Product in general or any of the Licensed Products, subject to the Regulatory Strategy, Annex 4(g) and to the extent permitted under applicable laws, regulations and guidance from regulatory authorities.
(i)This Article 4 shall apply mutatis mutandis with regard to applications for and maintenance of health technology assessments (HTAs) and any other activities in support of 

17

reimbursement by local healthcare insurance schemes, being the main responsibility of LICENSEE.
5.Manufacturing and Supply
(a)The LICENSOR shall continue to use Commercially Reasonable Efforts to conduct, at its own cost, the drug substance and drug product Development and Manufacturing of the Existing Product and of the Licensed Compound for use in the Existing Product in accordance with the Technical Development Plan and applicable laws.
(b)Subject to anything stated to the contrary, the Manufacturing and supply of Licensed Compound and Licensed Products for Commercialization in the Licensed Territory, including partner selection, shall be transferred to LICENSEE in due course, and, upon such transfer, it shall be the right and responsibility of LICENSEE to conduct and control Manufacturing and supplies of Licensed Compound and Licensed Products in the Licensed Territory, including all necessary related authorizations, at its own cost.
(c)The Parties shall agree, within sixty (60) days of the Effective Date, on a Manufacturing strategy encompassing, without limitation, the following matters, such discussions and agreement to be conducted and achieved in the JTC (the Manufacturing Strategy):
(i)To assure that LICENSEE assumes control and takes responsibility for Manufacturing and supply of Licensed Compound and Licensed Products, including partner selection, for Commercialization within the Licensed Territory;
(ii)To assure that the contributions of both Parties meet all quality and safety related requirements to obtain regulatory approvals and reimbursement by local health insurance schemes in the Licensed Territory;
(iii)To assure that the Manufacturing of Licensed Products meet the quantity and quality requirements in accordance with LICENSEE's business plans for the exploitation of Licensed Products under the License;
(iv)To assure LICENSOR's Manufacturing activities until completion of the transfer of the Manufacturing responsibility to either LICENSEE or CMOs under LICENSEE's control;
(v)To assure the transfer of LICENSOR's documented Know-How within the LICENSOR Product Technology to LICENSEE or CMOs controlled by LICENSEE in case of a transfer of Manufacturing responsibilities to such recipients; 
(vi)To discuss potential opportunities for the involvement of LICENSEE or its CMOs in the Manufacturing of the Licensed Product for sales by LICENSOR or its Affiliates or sub-licensees outside the Licensed Territory; and

18

(vii)any other matter reasonably necessary or helpful to permit and facilitate best in class, professional and cost-effective Manufacturing of Licensed Compound and Licensed Products in the Licensed Territory throughout the Term, including without limitation the critical terms of a Supply Agreement to be negotiated and agreed in accordance with the immediately below paragraph (d).
(d)Within one hundred twenty (120) days of the Effective Date, the Parties will negotiate in good faith and execute in line with the Manufacturing Strategy a manufacturing and supply agreement regulating the details of Manufacturing and supply of Licensed Compound and Licensed Products (the Supply Agreement) as well as a respective quality agreement (the Quality Agreement).  
(e)In so far as is necessary to ensure the transfer of Manufacturing of Licensed Compound and Licensed Product, LICENSEE shall be given access to the LICENSOR Product Technology.
(f)In case LICENSOR will supply products to LICENSEE and the Parties have failed to enter into a Supply Agreement, supplies will be subject to customary supply agreement terms, and supplies shall be provided at a supply price of COGS plus [***]%.
6.Commercialization
(a)Subject to anything stated to the contrary herein, LICENSEE shall be solely responsible, at its own cost and expense, for the Commercialization of Licensed Products in the Field in the Licensed Territory, including, without limitation, (i) commercial launch and pre-launch planning; (ii) market access and pricing and reimbursement approval of Licensed Products; (iii) marketing and promotion activities; (iv) medical education and other medical activities for supporting sales such as publications, ad boards, etc., subject to Article 8.5; (v) sales, logistics and distribution of Licensed Products; (vi) pre-sale and post-sale customer handling and support; (vii) order processing, invoicing and debt collection; and (viii) accounting for inventory and receivables. 
(b)LICENSEE shall use Commercially Reasonable Efforts to launch and Commercialize Licensed Products in the Licensed Territory to the extent it has obtained regulatory approval and, if applicable, pricing and reimbursement approval, within six (6) months after obtaining such approval(s), provided that sufficient quantities of Licensed Products in good quality and complying with the specifications set forth in the regulatory approvals are available. Any decision by LICENSEE not to launch and Commercialize Licensed Products in any country in the Licensed Territory within such six (6) month period is subject to the review of the JSC. LICENSEE shall not be obligated to launch Licensed Products in any particular country if the JSC, upon LICENSEE’s request, determines that it would not be commercially reasonable to launch in such country. 

*** Certain Confidential Information Omitted.

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(c)LICENSOR will use Commercially Reasonable Efforts to fully support LICENSEE's Commercialization activities at LICENSEE’s reasonable request.
(d)Any and all transactions with respect to the Commercialization of Licensed Products be-tween LICENSEE and its Affiliates and sub-licensees, on the one hand, and Fresenius Medical Care AG & Co. KGaA or any member of the Fresenius Medical Care group of companies, on the other hand, shall be on arm’s-length terms.
7.Financial Consideration
7.1Overview
As financial consideration for the grant of rights hereunder, LICENSEE shall effect an Upfront Fee (Article 7.2) and make certain Milestone Payments (Article 7.3) and tiered Royalty Payments (Article 7.4).
7.2Upfront Fee 
Within [***] of execution of this Agreement, LICENSEE shall pay to LICENSOR a one-time and, subject to set-offs as set forth immediately hereinafter, non-refundable Upfront Fee of USD 55,000,000 (fifty five million US Dollars) in cash to LICENSOR. 
7.3Milestone Payments
During the Term, LICENSEE shall make non-refundable payments to LICENSOR, subject to the first achievement of certain milestone events as follows:
(a)Regulatory Milestone Payments: 
(i)Upon regulatory approval (CMA or full regulatory approval) by the European Commission of a Licensed Product for FSGS, or variation of an existing regulatory approval to add FSGS, LICENSEE will make a Regulatory Milestone Payment of USD [***] ([***] US Dollars). 
(ii)Upon regulatory approval (both CMA and full regulatory approval) by the European Commission of a Licensed Product for IgAN, or variation of an existing regulatory approval to add IgAN, LICENSEE will make a Regulatory Milestone Payment (2) of USD [***] ([***] US Dollars), provided that in the case of a missed CMA approval but full regulatory approval by the European Commission of a Licensed Product for IgAN, or variation of an existing regulatory approval to add IgAN, the amount of the Regulatory Milestone Payment (2) will be USD [***] ([***] US Dollars). 

*** Certain Confidential Information Omitted.

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(b)Pricing Approval Milestone Payments.
(i)Upon the final and definitive determination of the reimbursement price for the approved Existing Product in all Major Market Countries, LICENSEE shall make the following Pricing Approval Milestone Payments depending on the average Approved Price in Major Market Countries: 
(1)If the Existing Product obtains full European Commission approval, the Pricing Approval Milestone Payment shall be, depending on the finally approved reimbursement price for IgAN:
						
	Average Approved Price per 400mg Tablet in Major Market Countries  for IgAN	Milestone Payment
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR[***]EUR	[***] USD
	[***] EUR	[***] USD

*** Certain Confidential Information Omitted.

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(2)If the Existing Product obtains full European Commission approval only for IgAN, the Pricing Approval Milestone Payment shall be, depending on the finally approved reimbursement price for the Existing Product for IgAN:
						
	Average Approved Price per 400mg Tablet in Major Market Countries for IgAN	Milestone Payment
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR[***] EUR	[***] USD
	[***] EUR	[***] USD

*** Certain Confidential Information Omitted.

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(3)If the Existing Product obtains full European Commission approval only for FSGS, the Pricing Approval Milestone Payment shall be, depending on the finally approved reimbursement price for the Existing Product for FSGS:
						
	Average Approved Price per 400mg Tablet in Major Market Countries for FSGS	Milestone Payment
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR[***]EUR	[***] USD
	[***]EUR	[***] USD

(ii)For the avoidance of doubt, only one of such Pricing Approval Milestone Payments shall be made depending on the average Approved Price calculated [***] ([***]) months following the date of the first European Commission approval (whether conditional or full) of the Existing Product for IgAN. Upon the earlier of (A) the JDC abandoning efforts to obtain European Commission approval of the Existing Product for IgAN or (B) European Commission approval of the Existing Product for IgAN is otherwise not obtained on or before [***], then the Pricing Approval Milestone Payments shall be made depending on the average Approved Price calculated [***]([***]) months following the date of European Commission approval (whether conditional or full) of the Existing Product for FSGS.
(iii)In the event the approved Existing Product has not been launched in all Major Market Countries within [***]([***]) months following the date of European Commission approval, the average Approved Price for the subset of the Major Market Countries in which it is launched will be used for purposes of determining the Pricing Approval Milestone Payment.

*** Certain Confidential Information Omitted.

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(iv)LICENSEE shall notify LICENSOR of the achievement of each milestone event described in this Article 7.3(b) within [***] ([***]) days following such achievement and will make the applicable payments to LICENSOR within [***] ([***]) days following such achievement. 
(c)Sales Milestone Payments for sales generated in the Licensed Territory. 
    Upon the occurrence of each of the following milestone events, LICENSEE will make a Sales Milestone Payment as follows:
(i)Annual Net Sales in the Licensed Territory exceeding USD [***]million: USD [***]million ([***]million US Dollars);
(ii)Annual Net Sales in the Licensed Territory exceeding USD [***]million: USD [***]million ([***]million US Dollars);
(iii)Annual Net Sales in the Licensed Territory exceeding USD [***]million: USD [***]million ([***]million US Dollars); 
(iv)Annual Net Sales in the Licensed Territory exceeding USD [***]million: USD [***]million ([***]million US Dollars); 
(v)Annual Net Sales in the Licensed Territory exceeding USD [***]million: USD [***]million ([***]million US Dollars); and
(vi)Annual Net Sales in the Licensed Territory exceeding US dollars [***]million: USD [***]million ([***]million US Dollars).
For the avoidance of doubt, each of such Sales Milestone Payments will be paid once upon the occurrence of any of the milestone thresholds. The Sales Milestone Payments are additive, such that if more than one milestone threshold is achieved in the same Calendar Year, then the Sales Milestone Payments for all such achieved milestone thresholds are due and payable. LICENSEE will pay all Sales Milestone Payments within [***] ([***]) days following the end of the Calendar Year in which the applicable milestone thresholds are achieved.  

*** Certain Confidential Information Omitted.

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7.4Royalties
(a)During the Royalty Term and on a Licensed Product-by-Licensed Product basis and subject to the following, LICENSEE shall pay to LICENSOR royalties on annual Net Sales of the Licensed Products in all countries in the Licensed Territory combined during a Calendar Year as follows (the Royalty Payments):
(i)Annual Net Sales below USD [***]million: [***] %;
(ii)Annual Net Sales between USD [***] million and USD [***]million: [***] %;
(iii)Annual Net Sales between USD [***]million and USD [***]million: [***] %;
(iv)Annual Net Sales between USD [***]million and USD [***]million: [***] %;
(v)Annual Net Sales between USD [***]million and USD [***]million: [***] %;
(vi)Annual Net Sales above USD [***]million: 40 %.
(b)Royalty rates as set forth above are applicable for Net Sales in all countries of the Licensed Territory and royalty rate tier even if the aggregate Net Sales reach more than one such tier in any Calendar Year. By way of example, in case of annual Net Sales for all countries in the Licensed Territory having been USD [***], [***]% shall be paid on a sales amount of USD [***], [***]% on a sales amount of an additional USD [***], and [***]% on the remaining sales amount of USD [***].
(c)Subject to set-offs as set forth herein, Royalty Payments shall be calculated and paid on total annual Net Sales of Licensed Products in all countries of the Licensed Territory during the applicable Royalty Term, and are to be paid during the entire Royalty Term per country and with reductions, if any, to be determined on a country-by-country and Licensed Product-by-Licensed Product basis.

*** Certain Confidential Information Omitted.

25

(d)The Royalty Term in each country in the Licensed Territory for each Licensed Product shall start with the First Commercial Sale of such Licensed Product in such country and expire, subject to Article 7.4(f), at the latest of (i) expiration of all Licensed Patents (including associated extensions) in such country (the prosecution of which has not been taken over by LICENSEE in accordance with Article 8.2(d)) that would, but for the licenses granted under this Agreement, be infringed (or, in the case of a claim that has not yet issued, would be infringed if such claim were to issue in the applied for form in which it exists at the applicable time) by (1) the using within the scope of the approved label, selling or importing of such Licensed Product that has obtained regulatory approval in such country, or (2) following transfer of Manufacturing responsibility for Commercialization in the Licensed Territory to either LICENSEE or CMOs under LICENSEE's control, the Manufacturing of such Licensed Product that has obtained regulatory approval in such country, (ii) expiration of all regulatory marketing and data exclusivity applicable to such Licensed Product in such country, or (iii) the tenth (10th) anniversary of the date of the First Commercial Sale by LICENSEE or any of its Affiliates or sub-licensees of such Licensed Product in such country. Subject to Article 7.4(f), after expiry of the Royalty Term for a given Licensed Product in a given country, further sales in such country will not generate Royalty Payments any longer. Notwithstanding the foregoing, and subject to Article 7.4(f), if (i) the Royalty Term for a Licensed Product in a country is continuing solely because of a claim in the Licensed Patents that covers the Manufacturing process of such Licensed Product in such country and not a claim that covers such Licensed Product’s composition of matter, formulation or method of use in such country (such period of the Royalty Term, the Sole Manufacturing Claim Royalty Term), and (ii) during the Sole Manufacturing Claim Royalty Term a Generic Product with respect to such Licensed Product has been approved and commercially launched in such country, then the Royalty Term for such Licensed Product in such country shall automatically expire upon the date of such commercial launch of a Generic Product.

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(e)In the event any intellectual property rights Controlled by a Third Party (Third Party IP) are necessary for the Manufacture and Commercialization by LICENSEE of the Licensed Compound or any Licensed Product in the Licensed Territory as permitted under this Agreement, as between the Parties, LICENSOR shall have the first right, but not the obligation, to obtain a license or otherwise obtain the rights to such Third Party IP, with the right to grant sub-licenses to LICENSEE, under such Third Party IP. LICENSEE shall have the option of obtaining a sub-license from LICENSOR for such Third Party IP for [***]% of the fees and other consideration owed to such Third Party for the sub-license. In the event licenses for such Third Party IP are granted directly to LICENSEE such that LICENSEE or any of its Affiliates or sub-licensees are required to pay royalties to Third Parties in any country within the Licensed Territory in consideration for a license under Patents Controlled by such Third Parties that cover the composition of matter of, the method of use for, or the manufacturing process for the Licensed Compound or a Licensed Product that has obtained regulatory approval in such country (the Third Party License Cost), [***]% of such Third Party License Cost shall be credited and set-off against Royalty Payments hereunder, provided that annual Royalty Payments shall not be reduced by more than [***]% to set-off against the Third Party License Cost. 
(f)Notwithstanding anything stated to the contrary, the Royalty Payment shall be not less than the duration and the amount of royalty payments owed by LICENSOR under the Upstream License Agreements (as attached hereto as of the Effective Date) for the portion of sales of Licensed Products in the Licensed Territory. 
7.5Currency Conversion
All payments of Milestone Payments and Royalty Payments shall be calculated and effected in USD. With respect to Net Sales invoiced in a currency other than USD, the Net Sales shall be expressed in the domestic currency of the entity making the sale, together with the USD equivalent, calculated using the arithmetic average of the spot rates on the close of business on the last Business Day of each month of the Calendar Quarter in which the Net Sales were made. The "closing mid-point rates" found in the "dollar spot forward against the dollar" table published by The Financial Times, or any other publication as may be agreed to by the Parties in writing, shall be used as the source of spot rates to calculate the average as defined in the preceding sentence.

*** Certain Confidential Information Omitted.

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7.6Reporting, Invoicing and Payment Terms
(a)LICENSEE shall use Commercially Reasonable Efforts to provide LICENSOR within [***] ([***]) Business Days after the end of each Calendar Quarter with a preliminary estimate of gross sales in each Major Market Country and Switzerland for the just-ended Calendar Quarter. LICENSEE shall render account of its Net Sales on a Calendar Quarter basis within [***] ([***]) days after the Calendar Quarter's end. Each report shall include following information for each Calendar Quarter (the Quarterly Report):
(i)countries of sales; number of Licensed Products sold (per country);
(ii)exchange rates used in determining the amount of USD;
(iii)total gross sales and Net Sales (per country), and the calculation of Net Sales from such gross sales;
(iv)royalty rate applied in accordance with Article 7.4;
(v)total gross Royalty Payments in USD;
(vi)deductions according to the Net Sales definition;
(vii)net Royalty Payments, Pricing Approval Milestone Payments and Sales Milestone Payments actually owed and to be paid to LICENSOR; and
(viii)the dates of the First Commercial Sale of Licensed Products in any country in the Licensed Territory.
(b)Royalty Payments for each Calendar Quarter shall be due within [***]] ([***]) days after LICENSEE provides LICENSOR with the Quarterly Report for the applicable Calendar Quarter.
7.7Taxation
(a)All amounts to be paid by LICENSEE hereunder are being understood and agreed as net of VAT. Applicable VAT are to be duly calculated, accounted for and added to the fee amounts on the invoices. If VAT are owed, VAT shall be added to the applicable net amount owed. The Parties shall cooperate and exercise their Commercially Reasonable Efforts to allow, to the extent possible under applicable laws and regulations, recovery of any such VAT paid. In particular, LICENSOR shall provide invoices in accordance with applicable VAT law and any other documentation reasonably required by LICENSEE to obtain a refund of such VAT.

*** Certain Confidential Information Omitted.

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(b)All amounts to be paid hereunder shall be paid after all deductions and withholdings for royalty and other income taxes and levies solely arising from this Agreement and owed by LICENSOR as required by law or any governmental agency in any country having jurisdiction. If the applicable law requires any such deduction or withholding, LICENSEE shall pay to LICENSOR the applicable gross amount after deduction or withholding as duly reported and accounted for by LICENSEE, provided however, that if as a result of LICENSEE assigning this Agreement to any Affiliate of LICENSEE or a Third Party or changing its domicile, additional withholding taxes become due that would not have otherwise been due hereunder with respect to this Agreement, LICENSEE shall be responsible for all such additional withholding taxes and shall pay LICENSOR such amounts as are necessary to ensure that LICENSOR receives the same amount as it would have received had the LICENSEE made such payment itself.
(c)The Parties shall cooperate and exercise their Commercially Reasonable Efforts to ensure that any withholding taxes imposed are reduced as far as possible under the provisions of applicable double tax treaties. The Parties shall furnish each other with the best available evidence on the application of double tax treaties applicable and of payment whenever LICENSEE is to deduct such tax from any payments due.
7.8Books and Records; Audits
(a)LICENSEE shall keep and shall cause its Affiliates and sub-licensees to keep full and accurate accounting records related to the Net Sales in sufficient detail and in compliance with internationally recognized accounting standards, provided that if LICENSEE uses accounting standards other than GAAP, it shall provide LICENSOR with sufficient information for LICENSOR to calculate Net Sales in accordance with GAAP accounting records, together with all necessary supporting data, shall be kept for not less than ten (10) years.
(b)Upon reasonable notice to LICENSEE, LICENSOR shall have the right to have an independent certified public accountant selected by LICENSOR and reasonably acceptable to LICENSEE to audit during office hours, on a strictly confidential (even towards LICENSOR) basis, LICENSEE's, its Affiliates’ and sub-licensees’ records pertaining to Net Sales to verify all payments made hereunder; provided, however, that such audit shall not (a) take place more frequently than once in a Calendar Year, nor (b) cover records for more than the preceding [***] ([***]) years. For the avoidance of doubt, each annual record can be audited once only. 
(c)The final result (but not the details of the audit itself nor LICENSEE’s financial data) of the audit setting forth whether and to what total extent the accounting of Net Sales rendered for the audited period needs corrections shall be shared with LICENSOR and shall be final and binding on the Parties. Any necessary adjustment in payments (whether overpayment or underpayment) shall be settled within sixty (60) days of receipt of the final results of the audit.
*** Certain Confidential Information Omitted.

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(d)The fees and expenses of an audit shall be borne by LICENSOR; provided, however, that if an audit reveals that LICENSEE underpaid by more than the lesser of USD [***] or [***] percent ([***] %) of the amount that was payable for the period of the audit, then LICENSEE shall, in addition to paying immediately to LICENSOR any such shortfall, reimburse LICENSOR for the cost of such audit.
7.9Interest Due
Without limiting any other rights or remedies available to LICENSOR, LICENSEE shall pay LICENSOR interest on any payments that are not paid on or before the date thirty (30) days after the date such payments are due under this License at a rate of [***] percent ([***]%) per year or the maximum applicable legal rate, if less, calculated on the total number of days payment is delinquent. 
8.Intellectual Property Rights
8.1In General
(a)Subject to the following, each Party shall, independently from the other, own or otherwise Control and, to the extent applicable, apply for, defend and maintain all IP relating to the subject matter of this Agreement it has acquired, developed or created or will acquire, develop or create during the Term. 
(b)Ownership of all inventions made under this Agreement shall be based on inventorship, as determined in accordance with the rules of inventorship under USA patent laws. If the Parties jointly make an invention relating to the subject matter of this Agreement (each a Joint Product Development), the IP in such Joint Product Development (Joint Product IP) will be jointly owned by the Parties at equal proportions, it being understood and agreed that Joint Product Developments shall be used in accordance with this Agreement only and each Party shall be free to use Joint Product Developments and Joint Product IP in its own name and at its own discretion against no consideration to be paid to the other after the expiry or termination of this Agreement, subject to Article 14.4(d) and subject to any licenses granted by such Party to the other Party surviving the expiry or termination of this Agreement. 

*** Certain Confidential Information Omitted.

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(c)LICENSEE represents, warrants and covenants to LICENSOR that each Affiliate of LI-CENSEE, each of their respective sub-licensees, and each employee, agent, consultant and subcontractor of LICENSEE, its Affiliates and their respective sub-licensees is obligated to assign all of his/her/its/their right, title and interest in and to all inventions, discoveries, findings and contributions made under this Agreement (including through the exercise of rights or performance of obligations hereunder) by or on behalf of LICENSEE or any of its Affiliates or sub-licenses that cover or relate to a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product (including, but not limited to, inventions and discoveries relating to the form(s) identity(ies), structure(s), chemical properties, physical properties and activity of a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product, and any method of manufacturing or method of using a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product), including, without limitation, all intellectual property rights in and to any of the foregoing, to LICENSEE or to such Affiliate of LICENSEE (or to such sub-licensee, who is turn obligated to assign all such right, title and interest to LICENSEE or its Affiliate). LICENSEE will promptly disclose to LICENSOR any such inventions, discoveries, findings and contributions.
(d)For clarity, between the Parties, (i) all inventions, discoveries, findings and contributions solely made by or on behalf of LICENSOR pursuant to its or its Affiliates’ or (sub)licensees’ (other than LICENSEE) right to Develop or have Developed and Manufacture or have Manufactured the Licensed Compound and Licensed Products for Commercialization outside the Licensed Territory pursuant to Article 2.1(b) and the IP rights thereof will be the sole property of LICENSOR and deemed LICENSOR Product Technology to the extent Controlled by LICENSOR, and (ii) all inventions, discoveries, findings and contributions solely made by or on behalf of LICENSEE pursuant to its or its Affiliates’ or sub-licensees' right to (1) Develop and Commercialize Licensed Products in the Field in the Territory pursuant to Article 2.1(a)(i) or (2) Manufacture or have Manufactured the Licensed Compound and Licensed Products in or outside of the Licensed Territory for Commercialization in the Field in the Licensed Territory pursuant to Article 2.1(a)(ii) and the IP rights thereof will be the sole property of LICENSEE and deemed LICENSEE Product Technology to the extent Controlled by LICENSEE and subject to the license granted by LICENSEE to LICENSOR under Article 2.3 and Article 14.4(d).
(e)All rights and licenses granted under or pursuant to any Article of this Agreement are and will otherwise be deemed to be bankruptcy protected as foreseen, for the sake of interpretation, in Section 101(35A) and Section 365(n) of the United States Bankruptcy Code (Title 11, U.S. Code) or any comparable law outside the USA. Each of the Parties will retain and may fully exercise all of its respective rights and elections under applicable bankruptcy or any other laws in any jurisdiction to enforce such bankruptcy protection
(f)IP matters will be handled by the Joint IP Committee in accordance with Article 11.4 to the extent consistent with this Article 8. 

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8.2IP Prosecution and Enforcement
(a)As between the Parties, LICENSOR shall have the first right, but not the obligation, to prosecute, defend and maintain all Licensed Patents and Patents within Joint Product IP, and, outside of the Licensed Territory, Patents within LICENSEE Product Technology that claim an inventive use of the Licensed Compound itself (and, for the sake of clarity, not the Licensed Compound as an alternative among a variety of compounds only), either alone or in combination with other API(s) not proprietary to nor in-licensed by LICENSEE (each, a LICENSEE Compound Use Patent), provided, however, that LICENSOR shall consult with LICENSEE within the Joint IP Committee to align measures to be taken to maintain adequate Patent and other IP protection of Licensed Products and their Commercialization in the Licensed Territory. In addition, LICENSEE and LICENSOR shall discuss via the Joint IP Committee reasonable measures to be taken, and the Parties shall take reasonable measures, to ensure that Patent applications claiming LICENSEE Product Technology do not claim both (i) an inventive use of the Licensed Compound and (ii) other subject matter (through the filing of divisional applications or otherwise). LICENSOR shall be responsible for [***]% of the costs to prosecute and maintain the Licensed Patents and LICENSEE Compound Use Patents outside the Licensed Territory, and LICENSOR and LICENSEE shall each be responsible for [***]% of the costs to prosecute and maintain Patents within Joint Product IP, in each case pursuant to this Article 8.2(a). For the avoidance of doubt, LICENSOR shall bear [***] expenses for defending EP 3 222 277 B1 in the pending patent opposition and for prosecuting the envisaged supplementary protection certificate requests.
(b)LICENSEE shall be solely responsible, at [***] cost to LICENSOR, to prosecute, defend and maintain IP in LICENSEE Product Technology in the Licensed Territory and (without being obligated though) outside the Licensed Territory, other than the LICENSEE Compound Use Patents outside the Territory, provided, however, that LICENSEE shall inform and consult with LICENSOR within the Joint IP Committee regarding such prosecution, defense and maintenance of IP in LICENSEE Product Technology. If LICENSEE declines to procure the filing of new patent applications relating to the LICENSEE Product Technology in the Licensed Territory or outside the Licensed Territory, other than the LICENSEE Compound Use Patents outside the Territory, or decides that it is no longer interested in the prosecution, defense and/or maintenance of one or several Patents within the LICENSEE Product Technology in the Licensed Territory or outside the Licensed Territory, other than the LICENSEE Compound Use Patents outside the Territory, during the Term, then it will promptly advise LICENSOR of its decision, however, at least [***] ([***]) days in advance of any statutory bar or other deadline that would result in the loss of such Patents or the rights to apply for such Patents. LICENSOR may, upon written notice to LICENSEE, assume such prosecution, defense and maintenance at LICENSOR’s [***] and discretion. LICENSEE will reasonably cooperate, upon LICENSOR’s reasonable request [***], in connection with the prosecution, defense and maintenance of such Patents within the LICENSEE Product Technology, including providing technical expertise, technical data, prosecution history and other relevant expertise Controlled by LICENSEE.

*** Certain Confidential Information Omitted.

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(c)Through the Joint IP Committee, the Parties shall (i) provide reasonable assistance to each other and support all prosecution, defense and maintenance activities upon the other Party’s reasonable request, (ii) coordinate regarding the prosecution, defense and maintenance of LICENSEE Product Technology, and (iii) consult regarding the prosecution, defense and maintenance of LICENSOR Product Technology and Joint Product IP. 
(d)If LICENSOR declines to procure the filing of new patent applications relating to the LICENSOR Product Technology in the Licensed Territory or, outside of the Licensed Territory, applications for LICENSEE Compound Use Patents, or decides that it is no longer interested in the prosecution, defense and/or maintenance of one or several Licensed Patents in the Licensed Territory or one or several LICENSEE Compound Use Patents outside of the Licensed Territory, then it will promptly advise LICENSEE of its decision, however, at least [***] ([***]) days in advance of any statutory bar or other deadline that would result in the loss of such Licensed Patent or LICENSEE Compound Use Patents, or the rights to apply for such Patents. LICENSEE may, upon written notice to LICENSOR, assume such prosecution, defense and maintenance in LICENSOR’s name and at LICENSEE’s [***] and discretion. LICENSOR will reasonably cooperate, upon LICENSEE’s reasonable request [***], in connection with the prosecution, defense and maintenance of such Licensed Patents, including providing technical expertise, technical data, prosecution history and other relevant expertise. LICENSOR’s obligations and LICENSEE’s rights pursuant to this Article 8.2(d) are in all cases subject to LICENSOR’s obligations under the Upstream License Agreements.
(e)European Unitary Patent System: With regard to any Licensed Patents and Patents, if any, that are LICENSEE Product Technology or Joint Product IP that would fall under the new European Unitary Patent System, the Party prosecuting such Patents will elect the opt-out option unless the Parties agree otherwise. 
(f)Patent Term Extensions: The Party prosecuting or procuring the prosecution of Licensed Patents in the Licensed Territory or Patents that are LICENSEE Product Technology or Joint Product IP will be responsible for applying or having applied for patent term extensions, including supplementary protection certificates and any other extensions such as paediatric extensions, that are now available or become available during the Term and that become available directly as a result of the regulatory approval of a Licensed Product; provided that such Party will consult with the other Party with respect to such decisions and will consider the comments and concerns of the other Party in good faith; and further provided that LICENSOR will consult with LICENSEE with respect to such decisions (including selection of the Patent(s) for patent term extension, supplementary protection certificates or any other extensions including paediatric extensions) as a result of the first regulatory approval in the Licensed Territory of any Licensed Product.

*** Certain Confidential Information Omitted.

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(g)Notice: Each Party shall promptly report in writing to the other Party any known or reasonably suspected infringement or unauthorized use or misappropriation of any of the Licensed Patents in the Licensed Territory, Joint Product IP, or any IP in LICENSEE Product Technology or, in the Licensed Territory, LICENSOR Product Technology, of which such Party becomes aware and shall provide the other Party with all evidence in its possession regarding such known or suspected infringement or unauthorized use (to the extent able to be disclosed). 
(h)Initial Right to Enforce: As between the Parties, LICENSOR shall have the first right, but not the obligation, to initiate a lawsuit or take other reasonable action to enforce (i) Licensed Patents, Product Trademarks, Joint Product IP or any IP in LICENSOR Product Technology with respect to an infringement or unauthorized use by a Third Party (any such infringement or unauthorized use in the Licensed Territory, a Product Infringement), and (ii) any LICENSEE Compound Use Patents with respect to an infringement or unauthorized use by a Third Party outside of the Licensed Territory (any such infringement or unauthorized use, a Field Infringement). LICENSOR shall consult with LICENSEE in the Joint IP Committee, and give good faith consideration to any reasonable objection from LICENSEE regarding LICENSOR’s proposed course of action prior to initiating any such lawsuit or other enforcement action asserting any such Licensed Patent, Joint Product IP, IP in LICENSOR Product Technology, or LICENSEE Compound Use Patent against a Product Infringement or Field Infringement. LICENSEE shall reasonably cooperate and allow to be involved in the prosecution of any such suit or other action against a Product Infringement or Field Infringement, including joining any action as party-plaintiff at LICENSOR’s request if needed for LICENSOR to have standing to bring such suit; [***]. LICENSOR shall keep LICENSEE reasonably informed and involved regarding the prosecution, strategy, settlement discussions and results of any such enforcement suit or action (including in any case, a detailed update at least once per Calendar Quarter or in the Joint IP Committee).
(i)Step-In Right: If LICENSOR does not initiate a lawsuit or take other reasonable action intended to cause a Product Infringement or Field Infringement to cease and obtain remedies for the harm resulting therefrom within [***] ([***]) days of notice provided pursuant to paragraph (g), then LICENSEE shall have the right, but not the obligation, to initiate such lawsuit or take such other action, after providing [***] ([***]) days’ notice to LICENSOR and giving good faith consideration to the LICENSOR’s reason(s) for not initiating a lawsuit or taking other action. For this purpose, LICENSOR shall cooperate in the prosecution of such suit as may be reasonably requested by LICENSEE. LICENSEE shall keep LICENSOR reasonably informed and involved regarding the prosecution, strategy, settlement discussions and results of any such enforcement suit or action (including in any case, a detailed update at least [***] per Calendar Quarter or in the Joint IP Committee). LICENSOR’s obligations and LICENSEE’s rights pursuant to this Article 8.2(i) are in all cases subject to LICENSOR’s obligations under the Upstream License Agreements.

*** Certain Confidential Information Omitted.

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(j)Enforcement by LICENSEE: LICENSEE shall have the first right, but not the obligation, to initiate a lawsuit or take other reasonable action to enforce Patents in LICENSEE Product Technology, other than any LICENSEE Compound Use Patents outside the Licensed Territory, with respect to an infringement or unauthorized use by a Third Party within or outside the Licensed Territory. LICENSEE shall consult with LICENSOR in the Joint IP Committee, and give good faith consideration to any reasonable objection from LICENSOR regarding LICENSEE’s proposed course of action prior to initiating any such lawsuit or other enforcement action asserting any such Patents against such infringement or unauthorized use. LICENSEE shall keep LICENSOR reasonably informed and involved regarding the prosecution, strategy, settlement discussions and results of any such enforcement suit or action (including in any case, a detailed update at least [***] per Calendar Quarter or in the Joint IP Committee). If LICENSEE does not initiate a lawsuit or take other reasonable action intended to cause such infringement or unauthorized use to cease and obtain remedies for the harm resulting therefrom within [***] ([***]) days of notice provided pursuant to paragraph (g), then, to the extent such infringement or unauthorized use relates to the Licensed Compound, LICENSOR shall have the right, but not the obligation, to initiate such lawsuit or take such other action, after providing [***] ([***]) days’ notice to LICENSEE and giving good faith consideration to the LICENSEE’s reason(s) for not initiating a lawsuit or taking other action. For this purpose, LICENSEE shall cooperate in the prosecution of such suit as may be reasonably requested by LICENSOR; LICENSOR shall bear [***] incurred by LICENSEE in its effort to cooperate in the prosecution of such suit outside the Territory. LICENSOR shall keep LICENSEE reasonably informed and involved regarding the prosecution, strategy, settlement discussions and results of any such enforcement suit or action (including in any case, a detailed update at least once per Calendar Quarter or in the Joint IP Committee).
(k)Conduct of Certain Actions; Costs: The Party initiating legal action against a Product Infringement or Field Infringement or pursuant to Article 8.2(j) shall discuss with the other Party but have the final right to select the counsel for any suit initiated by it. [***]. If LICENSEE is the initiating Party, it shall not settle any such legal action that restricts the scope or adversely affects the enforceability of a Licensed Patent or LICENSEE Compound Use Patents without the prior written consent of LICENSOR, which consent shall not be unreasonably withheld or delayed. If LICENSOR is the initiating Party with respect to the LICENSEE Product Technology, it shall not settle any such legal action that restricts the scope or adversely affects the enforceability of a Patent within the LICENSEE Product Technology without the prior written consent of LICENSEE, which consent shall not be unreasonably withheld or delayed.
(l)Recoveries: Any amount recovered in any action or settlement of any action against a Product Infringement or Field Infringement or pursuant to Article 8.2(j) shall be allocated [***].

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8.3Infringement of Third Party’s Patents
Each Party shall notify the other Party promptly if, to its knowledge, a Third Party owns or obtains in any country within or outside the Licensed Territory a Patent claiming the Licensed Compound or any method of using (including medical use claims irrespective of their wording) or producing the Licensed Compound, and the Parties agree to use Commercially Reasonable Efforts to consult and agree with each other in good faith as to how to best address this issue. In the event of litigation commenced by the Third Party, each Party shall control its own defense at its own expense, subject to Article 9.5.
8.4Product Trademarks and Domain Names
(a)LICENSEE will Commercialize Licensed Products in its own name and on its own account under the Product Trademarks using the global brand name for such Licensed Product selected by LICENSOR, except to the extent that the use of any particular Product Trademark in a particular country in the Licensed Territory is rejected or materially delayed by local regulatory or trademark authorities or is reasonably not appropriate for other local reasons. If LICENSEE is prevented from using any Product Trademark in a particular country for the foregoing reasons, then LICENSEE will use an alternative trademark selected by LICENSOR (the Local Trademarks). LICENSOR will own all such Local Trademarks, including all trademark registrations and applications therefor and all goodwill associated therewith. After the brand name for a Licensed Product has been selected for a country pursuant to this Article 8.4(a), the Party that submits and files the regulatory approval application for such Licensed Product in such country will be responsible for obtaining regulatory approval of such brand name for use in the Commercialization of such Licensed Product in such country. Annex 8.4(a) provides a list of Product Trademarks existing as of the Effective Date. Each Party may request, from time to time, to amend Annex 8.4(a) to include any new Product Trademarks that come into existence during the Term, such additions also including Local Trademarks, if any, and all trademarks listed in the pertinent Annex 8.4(a) shall be considered as Product Trademarks. Unless required differently in the circumstances, references to Product Trademarks in this Agreement shall also include Local Trademarks, if any.
(b)LICENSOR shall [***] determine, prosecute and maintain Product Trademarks and Local Trademarks and monitor infringement and enforce its rights to Product Trademarks and Local Trademarks. LICENSEE acknowledges and agrees that LICENSOR has sole and exclusive ownership of all rights, title, and interests in and to the Product Trademarks and Local Trademarks. LICENSEE shall not, and shall cause its Affiliates not to, register in its or their own name any trademark, corporate name, domain name (except as expressly permitted in this Article 8.4), social media account, or other source identifier containing any trademark owned by LICENSOR or any word or mark that is confusingly similar to any such trademark. 

*** Certain Confidential Information Omitted.

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(c)All use of any Product Trademark or Local Trademark and all goodwill and benefit arising from such use will inure to the sole and exclusive benefit of LICENSOR. LICENSEE will place and display the Product Trademarks or Local Trademarks on, and in connection with the Commercialization of, Licensed Products only in such form and manner as specified in the guidelines adopted from time-to-time by LICENSOR and provided to LICENSEE. Except as otherwise expressly provided in this Agreement, LICENSEE is not granted any license under, and will not use, any trademarks of LICENSOR in connection with any Licensed Product.
(d)For the Product Trademarks and Local Trademarks in the Licensed Territory, LICENSOR shall coordinate its prosecution and enforcement activities with LICENSEE in the Joint IP Committee. LICENSOR shall keep informed the Joint IP Committee of all of its actions and activities in such respect. 
(e)LICENSOR agrees to grant and hereby grants LICENSEE an exclusive (except as expressly set forth herein), royalty-free license to use the Product Trademarks and, if required, Local Trademarks solely in the Commercialization of Licensed Products in the Licensed Territory for the Term. For clarity and subject to Article 8.4(g), LICENSOR shall retain the right to use the Product Trademarks and Local Trademarks in the Licensed Territory in all top level domain names and sub-domains registered by LICENSOR.
(f)Subject to Article 8.4(g), it shall be the right of LICENSEE to register and make use of top level domain names (whether or not bearing Product Trademarks or Local Trademarks) for the sole purpose of Commercializing Licensed Products in the Licensed Territory during the Term and after its expiration (but not early termination for cause set by LICENSEE), and LICENSEE shall be the owner of such top level domain names and any sub-domains registered and/or used thereunder. Upon the termination of this Agreement for cause set by LICENSEE, (i) LICENSEE shall, and hereby does as of the effective date of such termination, assign to LICENSOR all of LICENSEE’s interests in and to such top level domain names and any sub-domains registered and/or used thereunder, and (ii) LICENSEE shall transfer such top level domain names and any sub-domains registered and/or used thereunder to LICENSOR and take all actions reasonably necessary to perfect such assignment and transfer.  
(g)To the extent LICENSOR has, as of the Effective Date, registered top level domain names solely for use in the Licensed Territory for the sole purpose of Commercializing the Licensed Products in the Licensed Territory (whether or not bearing Product Trademarks) (the Existing Domain Names), LICENSEE shall have an exclusive right to make use of such domain names for the purposes of Commercialization of Licensed Products in the Licensed Territory during the Term in coordination with the Joint IP Committee. The Existing Domain Names are listed in Annex 8.4(g).
8.5Publications
Either Party may publish or present data and/or results relating to a Licensed Compound or Licensed Products in scientific journals and/or at scientific conferences, subject to LICENSEE’s 

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attribution to LICENSOR or Upstream Licensors of any data generated by or on behalf of LICENSOR or Upstream Licensors prior to the Effective Date as well as the prior review and comment as follows. Each Party shall provide the other Party with the opportunity to review any proposed abstract, manuscript or presentation which discloses information relating to a Licensed Compound or Licensed Products by delivering a copy thereof to the other Party no less than [***] ([***]) days, or such other time period agreed by the Parties, before the intended submission for publication or presentation. LICENSOR may provide copies of any proposed abstract, manuscript or presentation by LICENSEE to the Upstream Licensors as required under the Upstream License Agreements. Each Party shall have [***] ([***]) days, or such other time period agreed by the Parties, from receipt of any such abstract, manuscript or presentation to notify the other Party in writing of any specific objections to the disclosure. In the event a Party or any Upstream Licensor objects to the disclosure in writing within such [***] ([***]) day period (or such other time period agreed by the Parties) the other Party agrees not to submit the publication or abstract or make the presentation containing the objected-to information until the Parties have agreed to the content of the proposed disclosure, and each Party shall delete from the proposed disclosure any Confidential Information of the other Party. Furthermore, LICENSEE shall delete from the proposed disclosure any Confidential Information of the Upstream Licensors upon the reasonable request by LICENSOR. The Parties agree to take all reasonable steps to address and resolve a notice of objection by a Party, within [***] ([***]) days of receipt of such notice. Once any such abstract or manuscript is accepted for publication, each Party will provide to the other a copy of the final version of the manuscript or abstract, a copy of which LICENSOR may also provide to the Upstream Licensors. This Article 8.5 shall not restrict either Party in complying with its obligations to make disclosures under applicable laws, including, without limitation, disclosures to the U.S. Securities and Exchange Commission and the regulating bodies of the SIX Swiss Stock Exchange.  
9.Representations and Warranties; Indemnities; Insurance
9.1Representations and Warranties by either Party
Each Party represents, warrants and covenants to the other that:
(a)it has the authority and right to enter into and perform this Agreement and grant the rights embodied herein and, as of the Effective Date, it is not aware of any legal impediment that could inhibit its ability to perform its obligations under this Agreement;
(b)its execution, delivery and performance of this Agreement does not constitute a breach of any order, judgment, agreement or instrument to which it is a party or to which it or a Licensed Product is otherwise bound;
(c)it is a corporation duly organized, validly existing and in good standing under the laws of the state or other jurisdiction of incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof;

*** Certain Confidential Information Omitted.

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(d)it has duly executed and delivered this Agreement, this Agreement is the binding obligation of such Party and is enforceable in accordance with its terms;
(e)as of the Effective Date, no consent of any Third Party is required for such Party to grant the License and other rights to the other Party under this Agreement or to perform its obligations hereunder;
(f)it will not, after the Effective Date, enter into any written or oral contractual obligation with any Third Party that would conflict with the obligations that arise on its part out of this Agreement; 
(g)in performing under this Agreement, it and its Affiliates agree to comply with all applicable anti-corruption laws in the Licensed Territory;
(h)it has not been debarred by the competent national authority or any other governmental agency and is not the subject of a conviction by such agency;
(i)it will use Commercially Reasonable Efforts to obtain from all Third Parties that have performed or will perform Development and Manufacturing activities for Licensed Compound or Licensed Products on its behalf an assignment or license of IP developed in the course of such activities by such Third Parties sufficient to enable both Parties to carry out their respective activities and perform their obligations under this Agreement;
(j)it has been and will, during the Term, be in compliance with all applicable global trade laws, including, without limitation, those related to import controls, export controls or economic sanctions, and it will cause each of its Affiliates to remain in compliance with the same during the Term; and
(k)it will comply with all applicable law in performing its activities hereunder.
9.2Representations, Warranties and Covenants by LICENSOR
LICENSOR represents, warrants and covenants during the Term (except as stated otherwise) to LICENSEE that:
(a)LICENSOR has the right to grant the licenses to LICENSEE as purported to be granted under Article 2.1 and Article 8.4 of this Agreement;
(b)as of the Effective Date, LICENSOR Controls the Patents listed in Annex 2.1(a), the Product Trademarks listed in Annex 8.4(a) and the domain names listed in Annex 8.4(g);
(c)as of the Effective Date and notwithstanding anything provided for in the preceding paragraph (a), LICENSOR has and maintains a valid and enforceable license to the patent families WO 2010/114801 / EP 2 732 818 B1 / EP 3 222 277 B1, such license permitting sub-licensing in accordance with this Agreement of said patent families. For avoidance of 

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doubt, patent family WO 2010/114801 includes granted patents and pending patent applications in the U.S. and European Patent Office jurisdictions only; 
(d)as of the Effective Date, all of the Licensed Patents listed in Annex 2.1(a) and Product Trademarks listed in Annex 8.4(a) have been duly filed and prosecuted in the applicable countries in the Licensed Territory;
(e)as of the Effective Date, (i) all applicable filing, maintenance and other fees to pursue and maintain Licensed Patents listed in Annex 2.1(a), Product Trademarks listed in Annex 8.4(a) and Existing Domain Names listed in Annex 8.4(g) have been timely paid, and (ii) except as identified in Annex 2.1(a) or Annex 8.4(a), such Licensed Patents and Product Trademarks are in full force and effect or pending applications;
(f)to LICENSOR’s Reasonably Best Knowledge, there is, as of the Effective Date, no pending or threatened re-examination, opposition, interference, inter partes review or claim challenging the inventorship, ownership, validity, enforceability or patentability of the Licensed Patents or other litigation or proceeding relating to any of the Licensed Patents, except for EP 3 222 277 B1; 
(g)to LICENSOR’s Reasonably Best Knowledge, as of the Effective Date, the Development and Commercialization of the Licensed Compound and Licensed Products in the Licensed Territory does not infringe any valid Patent or other IP of any Third Party;
(h)to LICENSOR’s Reasonably Best Knowledge, the conception, development and reduction to practice of the LICENSOR Product Technology has, as of the Effective Date, not constituted or involved, and will not constitute or involve the misappropriation of IP of any Third Party or the infringement of the Patents of any Third Party;
(i)as of the Effective Date, LICENSOR has not assigned, transferred, conveyed, granted rights to a Third Party or otherwise encumbered its right, title and interest in its Control of Licensed Patents or Product Trademarks in a manner inconsistent with the License granted under this Agreement; 
(j)LICENSOR shall, during the Term, fully and without restriction comply with its material obligations under the Upstream License Agreements, and it shall not give rise to any right of Upstream Licensors to terminate such Upstream License Agreements for cause (excluding any such right arising from the act or failure to act by LICENSEE or any of its Affiliates or sub-licensees under this Agreement); and
(k)regulatory approvals necessary or favorable for the Commercialization of the Licensed Compound and Licensed Products in the Licensed Territory under the lead or control of, and as obtained by, LICENSOR under this Agreement, if any, have been and will be applied for and obtained in due processes in accordance with applicable laws.

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9.3Other LICENSOR Covenants
LICENSOR shall not, and shall cause its Affiliates not to, fail to prosecute, defend or maintain Licensed Patents in the Licensed Territory other than in compliance with Article 8.2, or  sell or otherwise dispose of to any Third Party (other than in connection with the assignment or transfer of this Agreement in accordance with Article 16.6) any (a) LICENSOR Product Technology necessary for the Development, Manufacture or Commercialization of the Licensed Compound and Licensed Products within the Field in the Licensed Territory, or (b) any Product Trademark used in the Commercialization of the Licensed Products within the Field in the Licensed Territory. For clarity, this Article 9.3 shall not restrict LICENSOR’s initial right to enforce Licensed Patents in accordance with Article 8.2(h).
9.4Claim Notification and No Other Warranties
(a)Notifications of or claims for misrepresentations or breaches of warranties may be made, raised and filed at any time during the Term.
(b)EXCEPT FOR THE EXPRESS REPRESENTATIONS, WARRANTIES AND COVENANTS ABOVE (AND THE COVENANTS SET FORTH IN ARTICLE 12), EACH PARTY HEREBY DISCLAIMS ANY AND ALL OTHER REPRESENTATIONS, WARRANTIES AND COVENANTS, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL FURTHER REPRESENTATIONS, WARRANTIES AND COVENANTS, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.
9.5Indemnities
(a)LICENSEE shall indemnify, defend and hold harmless LICENSOR, its Affiliates and its and their officers, directors, employees, agents and representatives (collectively, LICENSOR Indemnitees) from and against any and all liabilities, claims, demands, actions and suits, losses, damages, costs, and expenses (including reasonable attorneys' fees) (together referred to as Losses) arising out of any claim brought by a Third Party against a LICENSOR Indemnitee as attributable to (i) the Development, Manufacturing or Commercialization of any Licensed Product in the Licensed Territory, or the Manufacture of any Licensed Product outside of the Licensed Territory for Commercialization in the Licensed Territory, by or on behalf of LICENSEE, its Affiliates or any of its or their sub-licensees, including the performance of any Step-In Activities or exercise of LICENSEE’s rights under Articles 8.4(a) or (g), (ii) LICENSEE’s breach of any warranty or representation made by it under this Agreement or any other breach of this Agreement by LICENSEE, or (iii) the gross negligence, willful misconduct or violation of applicable law by LICENSEE; provided that LICENSEE shall not be required to indemnify any LICENSOR Indemnitee for Losses to the extent that any LICENSOR Indemnitee’s gross negligence or willful misconduct or any breach of this Agreement has contributed to the Losses.

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(b)LICENSOR shall indemnify, defend and hold harmless LICENSEE, its Affiliates and its and their officers, directors, employees, agents and representatives (collectively, LICENSEE Indemnitees) from and against any and all Losses arising out of any claim brought by a Third Party against a LICENSEE Indemnitee as attributable to (i) the Development, Manufacturing or Commercialization of any Licensed Product outside of the Licensed Territory, or the Development or Manufacture of any Licensed Product in the Licensed Territory for Commercialization outside of the Licensed Territory by or on behalf of LICENSOR, its Affiliates or any of its or their licensees or sub-licensees (except for to the extent performed by LICENSEE, its Affiliates and any of its or their sub-licensees) or exercise of LICENSOR’s rights under Article 2.3, (ii) LICENSOR’s breach of any warranty or representation made by it under this Agreement or any other breach of this Agreement by LICENSOR, or (iii) the gross negligence, willful misconduct or violation of applicable law by LICENSOR; provided that LICENSOR shall not be required to indemnify any LICENSEE Indemnitee for Losses to the extent that any LICENSEE Indemnitee’s gross negligence or willful misconduct or any breach of this Agreement has contributed to the Losses.
(c)As a condition to a Party’s right to receive indemnification under this Article 9.5, it shall:
(i)notify the indemnifying Party promptly upon becoming aware of a claim for which indemnification may be sought pursuant hereto (but in no event later than thirty (30) days after such awareness, being understood that any failure to make or delay in making such notification shall not relieve the indemnifying Party of its obligations hereunder except to the extent the indemnifying Party is materially prejudiced by such failure or delay);
(ii)cooperate with the indemnifying Party in the defense, compromise or settlement of such claim; and
(iii)permit the indemnifying Party to control the defense, compromise or settlement of such claim including the right to select defense counsel, it being understood and agreed, however, that the indemnifying Party will not compromise or settle any indemnified claim without the prior written consent of the Indemnitee, such consent not to be unreasonably withheld, conditioned or delayed.
9.6Insurance
Each Party will, at its own expense, obtain and maintain insurance with respect to potential liabilities and indemnities in relation to the Development and Commercialization of any of the Licensed Products in an amount of not less than USD [***] ([***] US Dollars) and subject to such deductibles and other limitations as biopharmaceutical companies customarily maintain with respect to the research, development, and commercialization of similar products. Each Party will provide a copy of a respective insurance certificate to the other Party upon request.

*** Certain Confidential Information Omitted.

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10.Liability; Exclusions and Limitations 
(a)Subject to the exclusions and limitations set forth in this Article 10 or any other Article of this Agreement and subject to the applicable law, each Party shall be liable to the other for damage caused by breach of contract, tort, negligence, breach of statutory duty or otherwise pursuant to such Party’s performance under this Agreement.   
(b)Nothing in this Agreement shall exclude or limit a Party's liability in the case of: 
(i)fraud, willful misconduct or willful or fraudulent misrepresentation; or
(ii)breach of confidentiality provisions or provisions on the exclusivity of the licenses granted to the other Party.
(c)Subject to Articles 10(a) and 10(b), neither Party nor any of its Affiliates shall be liable to the other in contract, tort, negligence, breach of statutory duty or otherwise for any consequential, incidental, special, punitive, exemplary or indirect loss or damage, loss of profits, loss of business or loss of goodwill; provided, however, that this paragraph (b) shall not be construed to limit either Party’s indemnification obligations under Article 9.5.
(d)If LICENSEE claims compensation of damage caused by any uncured breach by LICENSOR of the exclusivity of the License or an uncured breach of LICENSOR's material obligations pertaining to the Development or Manufacture of Licensed Compound and Licensed Products, the Upfront Fee, in whole or in part (but, for clarity, no other consequential damages), may be taken into due account when calculating the damage to be compensated.
(e)LICENSOR’s failure or delay in performing, contracting for the performance of, or having performed (as applicable), any activities hereunder will not constitute a breach of LICENSOR’s obligations under this Agreement to the extent (a) LICENSEE’s failure to pay any amounts due hereunder in accordance with Article 7, or (b) any unreasonable delay(s) caused solely by LICENSEE (including through its membership on the JDC), was the proximate cause of LICENSOR’s failure or delay in performance, contracting for the performance of, or having performed such activity, including Development or Manufacture of Licensed Compound and Licensed Products.  
(f)Consistent with New York law, and except in connection with LICENSEE’s exercise of the Step-In Rights under Article 3.1(k), each Party reserves the right to file a claim seeking direct damages for the other Party’s uncured material breach of this Agreement.

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11.Governance and Compliance
11.1Joint Steering Committee (JSC)
(a)As of the Effective Date, the Parties establish a Joint Steering Committee (the JSC), which shall have the responsibilities for overall coordination and oversight of the activities of the Parties under this Agreement and (as applicable) the Supply Agreement.
(b)The JSC's competencies and responsibilities shall include: 
(i)discussing New Indications in the Licensed Territory to be pursued in Development of products containing or comprising the Licensed Compound; 
(ii)reviewing, commenting on, and (when acceptable) approving the Clinical Development Plan and Technical Development Plan (including any proposed amendments or modifications thereto); 
(iii)reviewing and discussing any reports and updates provided to it by the JCC to the extent permitted under applicable laws; 
(iv)reviewing LICENSEE’s decision not to launch and Commercialize Licensed Products after obtaining regulatory approval in any country in the Licensed Territory; 
(v)reviewing, commenting on, and (when acceptable) approving any amendments or modifications to Annex 4(g); and 
(vi)otherwise reviewing and discussing each Party’s activities under this Agreement as needed to ensure efficient and effective progress towards achieving the goals and intention of the Agreement.
(c)The JSC can establish additional committees as it deems necessary to manage the business under the Agreement, which committees shall have the responsibilities and authority as designated by the JSC and shall be subject to the direct oversight and control of the JSC.
(d)The JSC may also have such other authority or make such other decisions as may be delegated to the JSC in any provision of this Agreement or any further written agreement of the Parties. 
11.2Joint Development Committee (JDC)
(a)As of the Effective Date, the Parties establish a Joint Development Committee (the JDC), which shall have the responsibilities for overall coordination and oversight of the clinical and non-clinical Development activities of the Parties under this Agreement.

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(b)The JDC shall be subject to the direct oversight and control of the JSC. Further, the JDC shall closely coordinate its activities with those of the JTC and engage in a regular exchange of information, data and views accordingly. 
(c)The JDC's competencies and responsibilities shall include: 
(i)coordinating communication and operations regarding the clinical and non-clinical Development of, and the making of regulatory filings for, Licensed Products in the Licensed Territory in order to obtain regulatory approvals as permitted under this Agreement; 
(ii)preparing the Clinical Development Plan (including any regulatory filing contemplated therein), and any amendments or modifications thereto, for review and approval by the JSC; 
(iii)discussing and giving inputs to LICENSEE regarding the Regulatory Strategy (and updates thereto) for Licensed Products in the Licensed Territory Developed under this Agreement; 
(iv)exchanging appropriate information about the clinical and non-clinical Development of the Licensed Products; 
(v)reviewing and discussing any regulatory, scientific and medical aspects of clinical trials (including, but not limited to, Phase IV Clinical Trials) in the Licensed Territory, including but not limited to protocols and synopsis for such clinical trials; 
(vi)reviewing progress reports on clinical and non-clinical Development results and providing direction regarding clinical Development tasks and strategy; 
(vii)establishing a policy regarding investigator-sponsored trials of the Licensed Products in the Field in the Territory and publication of related results, which shall include the ability of the Parties to comment thereon, including, without limitation, with respect to study design and endpoints, and to request delays to allow the filing of Patents on any inventions disclosed therein; 
(viii)discussing any Development activities to be conducted by or on behalf of LICENSEE (including LICENSOR carrying out such activities for LICENSEE) outside of the Licensed Territory in support of obtaining regulatory approval of the Licensed Products in the Territory; and 
(ix)facilitating the flow of information between the Parties with respect to clinical and non-clinical Development activities under this Agreement being conducted for Licensed Products and facilitating exchange of data and results arising in clinical trials.

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(d)The JDC may also have such other authority or make such other decisions as may be delegated to the JDC by any provision of this Agreement and by written agreement of the Parties.
11.3Joint Technical Committee (JTC)
(a)As of the Effective Date, the Parties establish a Joint Technical Committee (the JTC), which shall have the responsibilities for overall coordination and oversight of the technical Development and Manufacturing and supply activities of the Parties under this Agreement.
(b)The JTC shall be subject to the direct oversight and control of the JSC. Further, the JTC shall closely coordinate its activities with those of the JDC and engage in a regular exchange of information, data and views accordingly.
(c)The JTC's competencies and responsibilities shall include: 
(i)coordinating communication and operations regarding the technical Development, quality assurance activities (e.g. testing and release) and Manufacturing and supply of the Licensed Compound and Licensed Products under this Agreement; 
(ii)preparing the Technical Development Plan, and any amendments or modifications thereto, for review and approval by the JSC; 
(iii)advising and supporting the Parties with respect to the decisions regarding Manufacturing and supply of the Licensed Compound and Licensed Products, if applicable, the negotiation and execution of the Supply Agreement and Quality Agreement; 
(iv)exchanging appropriate information about the technical Development, quality assurance and Manufacturing and supply of the Licensed Compound and Licensed Products under this Agreement; 
(v)reviewing progress reports on technical Development, quality assurance and Manufacturing results and providing direction and comments to the Alliance Managers regarding technical Development and Manufacturing tasks and strategy; and 
(vi)facilitating the flow of information between the Parties with respect to technical Development activities being conducted under this Agreement for the Licensed Compound and Licensed Products and facilitating exchange of data and results arising in clinical trials as relevant for the technical Development, quality assurance activities or Manufacturing and supply of the Licensed Compound and Licensed Products under this Agreement.

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(d)The JTC may also have such other authority or make such other decisions as may be delegated to the JTC by any provision of this Agreement or by written agreement of the Parties.
11.4Joint IP Committee
(a)As of the Effective Date, the Parties establish a Joint IP Committee, which shall coordinate, without limiting the Parties' autonomy and discretion in handling their own IP, all IP prosecution and IP enforcement activities with a view to optimizing the IP protection of the Licensed Compound and the Licensed Products Developed and Commercialized under this Agreement throughout the Licensed Territory. 
(b)To ensure optimized IP protection for the Licensed Compound and the Licensed Products Developed and Commercialized under this Agreement within the Licensed Territory, the Joint IP Committee shall:
(i)discuss the IP activities and strategies relating to the Licensed Patents, Joint Product IP, LICENSEE Product Technology, other IP in the LICENSOR Product Technology; 
(ii)discuss life cycle management strategies and align on IP aspects thereof; 
(iii)review the clinical Development activities (NDAs including product characterization, product specification and label wording, dossiers filing timelines, marketing approval dates) to ensure alignment with any affected patent claims, patent strategies and life cycle management strategies; 
(iv)discuss any decision by LICENSOR to discontinue prosecution or maintenance of Product Trademarks, Local Trademarks and/or Existing Domain Names; and 
(v)discuss on global IP enforcement strategies, litigation activities and strategies including settlements.
(c)For clarity, the Joint IP Committee will serve as a forum to exchange, review and discuss information related to IP matters and to coordinate the activities of the Parties with respect thereto but the Joint IP Committee shall have no decision-making authority. 
11.5Joint Commercialization Committee (JCC)
(a)As of the Effective Date, the Parties will establish, on behalf of the JSC, a committee to exchange information regarding the global brand strategy for the Licensed Products and other activities related to the Commercialization of Licensed Products (the JCC).
(b)The JCC shall:
(i)to the extent permitted under applicable laws (including without limitation antitrust laws and regulations) exchange appropriate information about the LICENSOR 

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Product Technology and the LICENSEE Product Technology as it relates to the Commercialization of Licensed Products in and outside of the Licensed Territory to maximize the commercial benefits for both Parties and avoid inefficiencies and market disturbances resulting from the Commercialization of Licensed Products in the Field by either of the Parties (i.e. LICENSEE within and LICENSOR outside of the Licensed Territory);
(ii)conduct annual reviews of the Commercialization strategy and plan for Licensed Products;
(iii)discuss the global brand strategy for the Licensed Products including the key positioning and messaging strategy, for Commercialization of the Licensed Products; 
(iv)discuss conference planning, publication planning, global advisory board meetings, and symposia planning; and
(v)provide reports and updates to the JSC regarding the information exchanged and discussions regarding global brand strategy.
(c)For clarity, the JCC will serve as a forum to exchange and discuss certain information related to Commercialization of and global brand strategy of Licensed Products but the JCC shall have no decision-making authority.
11.6Committees' Organization and Decision-Making
(a)As soon as reasonably possible after the Effective Date, each Party shall designate, in its sole discretion, an equal number of individuals (which shall be three (3) members per Party with respect to the JSC) to serve as members of the JSC, JDC, JTC, Joint IP Committee and JCC, each with the requisite experience and seniority to prepare or make decisions on behalf of the Parties with respect to issues falling within the responsibility of such committees. 
(b)The JSC, JDC and JTC shall meet at least once per Calendar Quarter (in person, or by teleconference), or as otherwise agreed by the Parties. The Joint IP Committee and JCC shall meet as often as required to perform their tasks. 
(c)Promptly following formation of the JSC, JDC, JTC, Joint IP Committee and JCC, each Party shall nominate one of its members as a co-chair of such committee. The co-chairpersons shall be responsible for agreeing on and circulating to all members an agenda for each meeting at least five (5) days before each meeting. The co-chairpersons shall also be responsible, on an alternating basis, for preparing reasonably detailed and accurate written minutes of each meeting, setting forth in reasonable detail all matters discussed and all decisions made and actions taken, within five (5) Business Days after the meeting. Minutes of each meeting will not be finalized until each member of the applicable committee who attended such meeting reviews and approves such minutes in writing (email to be sufficient); provided that any minutes will be deemed approved unless a member of the 

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applicable committee who attended such meeting objects to the accuracy of such minutes within five (5) Business Days after circulation of the minutes.
(d)Each Party may invite non-voting representatives to attend committee meetings; provided that such Party provides advance notice to the other Party of such attendance, and such representatives are bound by the confidentiality provisions of this Agreement.
(e)The JSC, JDC and JTC shall make decisions or take actions only with the unanimous consent of the Parties with each Party having collectively one (1) vote. The members shall use reasonably best efforts to reach agreement on all matters requiring a decision or action. If, despite such efforts, agreement on a particular matter cannot be reached within [***] ([***]) Business Days after the committee first considers such matter (or such shorter time as may be reasonably required in the circumstances), then the JDC and JTC shall escalate the matter to the JSC for its final decision. If the JSC cannot resolve the matter within further [***] ([***]) Business Days, either Party shall have the right to escalate the issue to the Senior Executives of each Party for discussion and resolution by good faith negotiations during a period of another [***] ([***]) Business Days. Any final decision mutually agreed to by the Senior Executives shall be conclusive and binding on the Parties. If such issue has not been resolved by the Senior Executives in time, then:
(i)LICENSOR shall have the ultimate decision-making authority to the extent that such particular matter relates to (i) the clinical, non-clinical and/or technical Development of the Licensed Compound and/or the Existing Product; (ii) amendments or modifications to Annex 4(g); (iii) whether to initiate any Development activities with respect to any New Indication, (iv) any Development activities to be performed by or on behalf of LICENSEE outside of the Territory in support of obtaining regulatory approval of the Licensed Products in the Licensed Territory, (v) obtaining or maintaining of regulatory approvals outside of the Licensed Territory to be filed for and obtained by LICENSOR; (vi) the Manufacture and supply of Licensed Compound and Licensed Products for Commercialization in the Licensed Territory up and until the transfer of Manufacturing responsibility to either LICENSEE or CMOs under LICENSEE's control; (vii) Commercialization of the Licensed Product outside of the Licensed Territory; (viii) in all matters of Product Trademarks and global brand strategy of Licensed Products; and (ix) determining whether to in-license or otherwise obtain rights to any Third Party IP outside of the Licensed Territory or in the Licensed Territory and at least one other jurisdiction; always, however, subject to such decisions not reasonably expected to have an material adverse impact on the rights granted to LICENSEE under this Agreement, including, without limitation, LICENSEE's exclusivity to exploit the License;

*** Certain Confidential Information Omitted.

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(ii)LICENSEE shall have the ultimate decision-making authority to the extent that such particular matter relates to (i) Manufacture (following the transfer of Manufacturing responsibility to either LICENSEE or CMOs under LICENSEE's control) and Commercialization of Licensed Products in the Licensed Territory, including, without limitation, New Indications after approval by the JSC and reimbursement by governmental and non-governmental payers of Licensed Products in the Licensed Territory and (ii) the obtaining or maintaining of regulatory approvals of the Licensed Products in the Licensed Territory to be filed for and obtained by LICENSEE in accordance with this Agreement; always, however, subject to such decisions not reasonably expected to have an material adverse impact on the Licensed Compound or the Licensed Products outside of the Licensed Territory or the rights granted to LICENSOR under this Agreement;
(iii)any other matter that is not described in sub-paragraph (i) or (ii) above shall be deadlocked and neither Party shall have final decision-making authority with respect thereto, and such dispute shall be resolved by dispute resolution in accordance with Article 16.11.4.
(f)Notwithstanding anything to the contrary in this Agreement, neither Party shall have the right in connection with exercising its final decision-making authority to obligate the other Party to commit to any additional material obligations beyond what has been previously agreed in writing by the Parties (including incurring any additional costs or committing any additional resources). 
(g)For clarity, neither of the committees shall have any authority to amend, modify, waive or interpret the provisions of this Agreement.
11.7Alliance Managers
(a)Promptly after the Effective Date, each Party shall appoint one of its employees, who is significantly involved on a managerial level for Development, Manufacture or Commercialization of the Licensed Products under this Agreement, as such Party’s alliance manager (each an Alliance Manager).
(b)The Alliance Managers shall serve to coordinate and facilitate day-to-day communication between the Parties about, and exchange relevant information and progress on, each Party’s Development or Commercialization activities hereunder. 
(c)Each Party shall ensure that its Alliance Manager is reasonably available for meeting or discussions with the other Alliance Manager and cooperates reasonably in all such communications and information exchange. Each Alliance Manager shall have the right, but not the obligation, to attend meetings of the JSC, JDC, JTC, Joint IP Committee and JCC in a non-voting capacity.

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11.8Compliance
The Parties commit to perform their obligations under this Agreement at all times in a fair and lawful manner and agree to comply with all applicable laws including the USA Foreign Corrupt Practices Act, the UK Bribery Act, as amended, the USA False Claims Act, the EU General Data Protection Regulation, as well as similar applicable laws in the Licensed Territory, such Party’s internal policies, procedures, standard operating procedures, and industry best and accepted practices.
12.Covenant Not to Compete
(a)During the applicable Royalty Term in each country, neither Party nor any of their Affiliates shall, directly or indirectly, promote, market, sell or otherwise Commercialize, or enter into any agreement to Commercialize, any Competing Product in the Licensed Territory, or facilitate a Third Party in the conduct of such activities, without the prior written consent of the other Party. 
(b)During the Term, LICENSEE or its Affiliates (alone or in collaboration with any Third Party) shall not (i) undertake the Development of a Competing Product prior to the first regulatory approval in the US for a product containing the Licensed Compound or (ii) Commercialize a Competing Product within [***] ([***]) years following the first regulatory approval in the US for a product containing the Licensed Compound. In the event LICENSEE breaches this Article 12(b), LICENSOR shall have the right, and LICENSEE acknowledges that the Upstream Licensors shall have the right, to terminate this Agreement on a country-by-country or Licensed Territory basis. 
(c)The foregoing paragraph (a) shall not prohibit a Third Party with which a Party undergoes a Change of Control after the Effective Date to become a new direct or indirect controlling Affiliate of such Party from engaging in the Commercialization of a Competing Product (Acquiror Competing Program), so long as [***]. 
(d)The provisions of this Article shall have no force or effect in any country where, and to the extent, such provisions contravene any applicable antitrust or antimonopoly law.
13.Confidentiality and Public Announcements
(a)Each Party shall keep strictly confidential all Confidential Information obtained from or about the other Party, and it shall have its officers, directors, employees, consultants and other agents adhere to such duty and as further provided below.

*** Certain Confidential Information Omitted.

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(b)Each Party agrees (i) to keep and maintain Confidential Information received from the other in strict trust and confidence; (ii) to disclose Confidential Information of the Disclosing Party to its employees and Affiliates only on a “need to know” basis and if the recipients are bound by obligations of confidentiality and non-use no less restrictive than the obligations set forth in this Article 13; (iii) subject to the procedures set forth in Article 13(d) and, with respect to the DUPLEX Study and the PROTECT Study, subject to Annex 4(g), to not disclose Confidential Information of the Disclosing Party to any Third Party without the prior written consent of the Disclosing Party except as is required by mandatory statutes, a court or governmental order or the rules of any stock exchange on which a Party’s shares are listed or are to be listed or to otherwise exercise its rights hereunder. Notwithstanding the foregoing, save Annexes 2.4 and 4(g), and subject to Annex 4(g), each Party may disclose the terms of this Agreement to its investors, potential investors and shareholders, and actual and potential contracting parties including Affiliates and sub-licensees on a “need to know basis” under and subject to the terms of a non-disclosure agreement no less stringent than the terms of this Article 13, provided that the length of confidentiality obligations shall be based on commercially reasonable industry standards for such disclosures; provided that LICENSEE further agrees not to disclose an unredacted, non-public version of any Upstream License Agreement to such investors, potential investors and shareholders, and actual and potential contracting parties, only if, prior to such disclosure, such persons are bound by written obligations of confidentiality and non-use no less restrictive than the obligations set forth in this Article 13.  
(c)The Receiving Party shall not (i) use the Disclosing Party’s Confidential Information, or permit it to be accessed or used, for any purpose other than to fulfil the purpose of this Agreement (Permitted Use) or otherwise in any manner to the Disclosing Party’s detriment or that would constitute a violation of any applicable laws or regulations, including any applicable export control or securities laws; or (ii) reproduce the Confidential Information of the Disclosing Party in any form except as required to accomplish the Permit-ted Use. Any reproduction by a Party or its representatives of any of the other Party’s Confidential Information shall be and remain the Disclosing Party’s property and shall contain all confidential or proprietary notices or legends that appear on the original. All Confidential Information of the Disclosing Party (including all copies of it) shall always remain the Disclosing Party’s property. Upon the Disclosing Party’s request, the Receiving Party and its representatives shall promptly destroy (and certify in writing the destruction of) all Confidential Information (including all copies, records, and other embodiments of it in any medium), together with any derivative information, including notes, analyses, summaries, and other tangible materials representing the Disclosing Party’s Confidential Information. Notwithstanding the foregoing, the Receiving Party may retain one copy of the Confidential Information in the Receiving Party’s secure archives for the sole purpose of monitoring compliance with its continuing obligations under this Agreement, and the Receiving Party shall not be obligated to delete any electronic back-up or archival storage copies made in accordance with such Receiving Party’s normal practices solely for purposes of disaster recovery and compliance with its records retention practices. Notwithstanding the destruction of Confidential Information, the Receiving Party will continue to be bound by its nondisclosure and non-use obligations under this Agreement.

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(d)In the event that a disclosure of Confidential Information becomes necessary or required under applicable laws or court or governmental orders, the Receiving Party requested to disclose shall give to the Disclosing Party the greatest practical prior written notice and, at the Disclosing Party’s request and expense, shall cooperate fully with the Disclosing Party’s efforts to contest such requirement, to obtain a protective order requiring that the Confidential Information so disclosed be used only for the purposes for which the order was issued or the law or regulation required, and/or to obtain other confidential treatment of such Confidential Information. In any event, the Receiving Party shall only disclose that portion of the Confidential Information that is legally required to be disclosed. 
(e)The obligations of the Parties relating to Confidential Information shall expire [***] ([***]) years after termination or expiry of this Agreement, except that obligations of the Parties (i) under Annex 4(g) which shall survive as set forth in Annex 4(g), and (ii) relating to Confidential Information deemed trade secrets which shall survive termination or expiry of this Agreement for an unlimited period of time for as long as they remain trade secrets. 
(f)Each Party shall be as careful to preserve the confidential nature of the other Party's Confidential Information as it is with its own proprietary information.
(g)Subject to any statutory disclosure requirements and paragraphs (h), (i) and (j) below, neither Party shall make any public announcement concerning the transactions contemplated herein or make any public statement which includes the name of the other Party or any of its Affiliates, or otherwise use the name of the other Party or any of its Affiliates in any public statement or document without the written consent of the other Party. Notwithstanding the foregoing, the Parties will issue joint or unilateral press releases upon the execution of this Agreement, which have been agreed to in advance, and the Parties shall have the right to repeat any information disclosed in such press releases in any subsequent press release or other public disclosure so long as such information remains accurate at the time of such disclosure.

*** Certain Confidential Information Omitted.

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(h)The Parties acknowledge that either or both Parties or their Affiliates may be obligated to make public disclosures under applicable laws of this Agreement or any of its terms (except that LICENSEE may not disclose any or all of the Upstream License Agreements without the prior written consent of LICENSOR) with governmental authorities, including, without limitation, the U.S. Securities and Exchange Commission and the regulating bodies of the SIX Swiss Stock Exchange. Each Party and its Affiliates shall be entitled to make such a legally required disclosure, provided that it requests confidential treatment of the commercial terms and sensitive technical terms hereof to the extent such confidential treatment is reasonably available. In the event of any such disclosure, each Party will provide the other Party with a copy of this Agreement marked to show provisions for which such Party or its Affiliate intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s timely comments thereon to the extent consistent with the applicable legal requirements, with respect to the disclosing Party or Affiliate, governing disclosure of material agreements and material information that must be publicly filed.
(i)The Parties acknowledge and agree that LICENSOR shall have the right to disclose publicly (including on its website): (i) the commencement, progress, status, completion and key results of each clinical trial for the Existing Product or any other Licensed Product; (ii) the receipt of any Milestone Payments under this Agreement; and (iii) regulatory updates and approval of the Existing Product or any other Licensed Product. For each such disclosure under this Article 13(i), unless LICENSOR otherwise has the right to make such disclosure under this Article 13, LICENSOR shall provide LICENSEE with a draft of such disclosure at least [***] [(***)] days, to the extent practicable, prior to its intended release for LICENSEE’s review and comment, and shall consider LICENSEE’s comments in good faith. If LICENSOR does not receive comments from LICENSEE within [***] [(***)] days, or such shorter period as is reasonably necessary and communicated to LICENSEE, LICENSOR shall have the right to make such disclosure without further delay.

*** Certain Confidential Information Omitted.

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(j)Each Party acknowledges that the other Party or its Affiliates may be legally required to make public disclosures (including in filings with the governmental authorities) of certain terms of or material developments or material information generated under this Agreement and agrees that, except with respect to information that is covered by Annex 4(g), each Party and its Affiliates may make such disclosures as required by applicable law, provided that the Party seeking such disclosure first provides the other Party a copy of the proposed disclosure, and shall reasonably consider the other Party’s timely comments thereon to the extent consistent with the applicable legal requirements with respect to the disclosing Party or its Affiliate; provided that, except with respect to information that would be covered by Annex 4(g) but has been publicly disclosed by LICENSOR via either a press release or a filing with U.S. Securities Exchange Commission as set forth in the last sentence of the background section of Annex 4(g), (i) each Party may make any public statement in response to questions by the press, analysts, investors or those attending industry conferences or financial analyst calls, or issue press releases, so long as any such public statement or press release is not inconsistent with prior public disclosures or public statements approved by the other Party pursuant to this Article 13(j) and which do not reveal non public information about the other Party and (ii) each Party may use the other Party’s name or other information which is published in press releases or public announcements or are otherwise available to the public in accordance with this Agreement, in such Party’s publications, websites, social media, presentations or other public materials, in a manner consistent with the first publication of such other Party’s name, trademark or other information.  
14.Term and Termination
14.1Effective Date
This Agreement shall enter into effect on the Effective Date.
14.2Term
This Agreement shall remain in effect until the expiration of the last to expire Royalty Term, or until earlier termination of the Agreement pursuant to Article 14.3 (the Term).
14.3Termination
(a)Notwithstanding any other remedies and sanctions available to it, either Party may terminate this Agreement upon written notice to the other Party in the event the other Party materially breaches this Agreement and fails to cure such breach, if curable, within sixty (60) days after receipt of written notice of breach from the non-breaching Party requesting the remedy of the breach and expressly threatening to terminate the Agreement in case of failure to remedy. In case of incurable material breach of contract, the right to terminate arises with the breach immediately and, if desired to be exercised by the non-breaching Party, is to be exercised within ninety (90) days of the date upon which the non-breaching Party has been made aware of such breach.

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(b)This Agreement may be terminated upon written notice by either Party if (i) the other makes a general assignment for the benefit of creditors; (ii) the other files any petition, or commences any proceeding voluntarily, for any relief under any bankruptcy or insolvency laws or any law relating to the relief of debtors and does not withdraw such petition or proceeding within sixty (60) days; (iii) the other consents to the entry of an order in an involuntary bankruptcy or insolvency case; (iv) the other is the subject of an order or decree for relief against it by a court of competent jurisdiction in an involuntary case under any bankruptcy or insolvency laws or any law relating to the relief of debtors, which order or decree is unstayed and in effect for a period of sixty (60) days; or (v) the other is subject to appointment, with or without its consent, of any receiver, liquidator, custodian, assignee, trustee, sequestrator or other similar official of such other Party or any substantial part of its property who is not discharged within sixty (60) days after appointment.
(c)Either Party may terminate this Agreement in the case of a force majeure event pursuant to the term and conditions set forth in Article 16.8.
(d)Subject to this Article 14.3(d), if any Upstream License Agreement, in whole or in part, is terminated for any reason, including for LICENSEE’s breach of Article 12, the corresponding rights granted to LICENSEE shall be terminated effective upon termination of such Upstream License Agreement. Notwithstanding the foregoing, any rights granted to LICENSEE shall terminate on a country-by-country and Licensed Product-by-Licensed Product basis effective upon termination under Article 13.2 of the Ligand Sublicense Agreement or Article 13.2 of the BMS License Agreement with respect to such sub-licensed rights, provided that such sub-licensed rights shall not terminate if, as of the effective date of such termination by Ligand or BMS, LICENSEE is not in material breach of its obligations to LICENSOR under this Agreement, and within sixty (60) days of such termination LICENSEE agrees in writing to be bound directly to Ligand or BMS, as applicable, under a license agreement substantially similar to this Agreement with respect to the rights sub-licensed hereunder.
14.4Effects of Termination
(a)Upon expiry of this Agreement for the expiration of all Royalty Terms, both Parties shall be free to further Develop, Manufacture and Commercialize the Licensed Compound and Licensed Products in the Licensed Territory without requiring the approval of or rendering account to the other, and LICENSEE shall automatically be granted an irrevocable, non-exclusive, royalty-free and fully paid up license to make use of LICENSOR Product Technology, LICENSOR's rights to Joint Product IP to Develop, Manufacture and Commercialize the Licensed Compound and Licensed Products in the Licensed Territory.
(b) Upon any termination of this Agreement in a country in the Licensed Territory (Terminated Country) or in its entirety, the license granted to LICENSEE shall terminate in such Terminated Country (or in its entirety in the case of termination of this Agreement in its entirety) and LICENSEE shall not further Develop, Manufacture or Commercialize any Licensed Compound or Licensed Product in such Terminated Country (or in any country in the Licensed Territory in the case of termination of this Agreement in its entirety).  

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(c)Upon expiry of this Agreement for the expiration of all Royalty Terms, the exclusive trademark license for LICENSEE'S use of Product Trademarks or Local Trademarks in the Licensed Territory under Article 8.4(e) and exclusive right to make use of the domain names under Article 8.4(f) will remain in effect but will become royalty-bearing, and LICENSEE shall pay LICENSOR a royalty of [***] percent ([***]%) of annual Net Sales of Licensed Products in the Licensed Territory. The Parties will promptly after the effective date of expiration enter into a trademark and domain name license agreement providing for such license and the payment terms thereof.
(d)In case of termination of the Agreement by LICENSOR for cause or triggered by LICENSEE for any reason pursuant to Article 14.3, (i) as of the termination date, LICENSOR is automatically granted by LICENSEE an exclusive, perpetual, irrevocable, royalty-free and fully-paid up license, with the right to sub-license through multiple tiers, under LICENSEE Product Technology and LICENSEE's rights in Joint Product IP to Develop, Manufacture and Commercialize Licensed Products and any other product comprising a Licensed Compound in the Field in the Licensed Territory, (ii) LICENSEE shall, upon LICENSOR’s request, assign and transfer to LICENSOR, at LICENSOR's cost, all or any part of LICENSEE Product Technology, LICENSEE's rights in Joint Product IP, and (iii) as of the effective date of such termination, all regulatory materials, regulatory approvals and marketing authorizations shall, and hereby are, automatically assigned to LICENSOR by LICENSEE and LICENSEE shall cooperate with LICENSOR and take all actions reasonably necessary to record or otherwise perfect such assignment.
(e)Upon termination of the Agreement by LICENSOR for cause prior to the expiry of all Royalty Terms, LICENSEE and its Affiliates and sub-licensees shall be permitted to continue sales of Licensed Products in the Licensed Territory during a period of [***] ([***]) days of termination of the Agreement, provided, however, that the sale of such Licensed Products will be subject to the terms of this Agreement including, but not limited to, the payments due and at the rates provided herein and the rendering of account in connection therewith.
(f)Upon termination of this Agreement by LICENSEE pursuant to Article 14.3(a), the license granted to LICENSOR pursuant to Article 2.3 shall become non-exclusive, provided that LICENSOR shall have the right to elect to maintain an exclusive license under Article 2.3 in one or more countries outside of the Licensed Territory by providing notice to LICENSEE within [***] ([***]) days following the effective date of such termination. Upon such election by LICENSOR, the Parties shall negotiate in good faith for a period of [***] ([***]) days regarding a commercially reasonable royalty rate for such exclusive license. If the Parties fail to agree on a royalty rate within such [***] ([***]) day period, the determination of the applicable royalty rate shall be made by way of dispute resolution in accordance with Article 16.11.4. The definition of Net Sales and Articles 7.4 (other than the royalty rates set forth in Article 7.4(a)), 7.5 and 7.6 shall apply mutatis mutandis with respect to the royalty due from LICENSOR to LICENSEE under such exclusive license.

*** Certain Confidential Information Omitted.

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(g)The termination or expiry of this Agreement for whatever reason shall not relieve the Parties of any obligations accruing prior thereto and shall be without prejudice to the rights and remedies of either Party with respect to the breach of any of the provisions of this Agreement.
(h)Articles 1, 2.3, 7.5, 7.6, 7.7, 7.8, 7.9, 8.1(a), 8.1(b), 8.1(d), 8.1(e), 9.4, 9.5, 10, 13 (for the applicable time period set forth in Article 13(e)), 14.4 and 16 shall survive any expiry or termination of this Agreement if and to the extent required by the circumstances, including without limitation to regulate activities and accruals occurred prior to termination.
15.Parent Guarantee
PARENT shall guarantee, and hereby guarantees, and shall be responsible for the full and timely performance (including payment) of all obligations and liabilities of LICENSOR under and subject to the terms of this Agreement, whether now in existence or hereafter arising pursuant to this Agreement. This guarantee is primary and is in no way conditioned upon any requirement that LICENSEE first attempt to collect or enforce any guaranteed obligation or liability from or against LICENSOR.
16.Final Provisions
16.1Entire Agreement
This Agreement, including the Annexes and any other documents referred to herein, constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof, and shall supersede all prior and contemporaneous oral and written agreements or understandings of the Parties relating hereto. All references to this Agreement shall be deemed to include the Annexes hereto.
16.2Independent Contractor
It is expressly agreed that LICENSOR, on the one hand, and LICENSEE, on the other hand, shall be independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture or agency, including for all tax purposes. Neither LICENSOR, on the one hand, nor LICENSEE, on the other hand, shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other, without the prior written consent of the other Party to do so. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of such Party.
16.3Performance By Affiliates
Each Party shall have the right to exercise its rights and perform its obligations under this Agreement either itself or through any of its Affiliates, provided, however, that each Party shall remain responsible for the performance by its Affiliates and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance. 

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16.4Written Form
The termination and any changes or amendments of this Agreement, including the waiver of any provisions, are effective only if made in writing and signed by both Parties. This also applies to a waiver of this formal requirement.
16.5Severability
In the event that any provision, clause or application of this Agreement is invalidated or unenforceable for any reason whatsoever, this Agreement shall remain binding and in full force and effect except for such invalidated or unenforceable provision, clause or application. The Parties agree to use all Commercially Reasonable Efforts to substitute any provision that shall be illegal or unenforceable in good faith by another suitable provision, which maintains the economic purpose and the intent originally pursued by them.
16.6Assignment
Subject to anything stated to the contrary herein, other than to an Affiliate or to a Party's successor to all or substantially all of the business or assets to which this Agreement relates (including in connection with any company merger, company trade sale, sale of stock, sale of assets or other similar transaction), neither this Agreement nor any interest herein shall be assignable or otherwise transferable by a Party without the other Party’s prior written consent not to be unreasonably withheld or delayed. Any permitted assignment shall be binding on the successors, heirs and assigns of the assigning Party, and any permitted assignee shall assume all obligations of its assignor under this Agreement. Any assignment or attempted assignment by a Party in violation of the terms of this Article 16.6 shall be null and void.
16.7Notices
(a)All notices hereunder shall be in writing and shall be delivered personally, mailed by overnight delivery, registered or certified mail, postage prepaid, mailed by express mail service or given by facsimile, to the following addresses of the respective Parties:

     

59

															
		if to LICENSEE:		Vifor (International) Ltd.
Rechenstrasse 37
CH-9014 St. Gallen (Switzerland)
Attn: Chief Executive Officer
Facsimile: +41 58 851 8001	
					
		with a copy to:		Vifor (International) Ltd.
Rechenstrasse 37
CH-9014 St. Gallen (Switzerland)
Attn: Group General Counsel
Facsimile: +41 58 851 89 07	
					
		if to LICENSOR:		Before November 1, 2021:
Orphan Technologies Limited
Tortola (British Virgin Islands)
Branch Office in Switzerland
c/o Neovii Pharmaceuticals AG
Zuercherstrasse 19
CH-8640 Rapperswil (Switzerland)	
					
				On or after November 1, 2021:
Orphan Technologies Limited
Tortola (British Virgin Islands)
Branch Office in Switzerland
Zentrum Sonnenhof
Zürcherstrasse 6
8640 Rapperswil-Jona (Switzerland)	
					
		with a copy to:		Travere Therapeutics, Inc.
3611 Valley Centre Drive, Suite 300
San Diego, CA 92130, USA
Attn: General Counsel	
					
				Cooley LLP
4401 Eastgate Mall
San Diego, CA 92121, USA
Attn: Jason Kent; Charity R. Williams	

or any substitute address or facsimile number as a Party may notify to the other Party in accordance with the above by not less than five (5) days' notice.
(b)Notices shall be effective upon receipt if personally delivered, on the third Business Day following the date of mailing if sent by certified or registered mail, and on the second Business Day following the date of delivery to the express mail service if sent by express mail, or the date of transmission if sent by facsimile. A Party may change its address listed above by written notice to the other Party.
16.8Force Majeure
Any delay in the performance of any of the duties or obligations of either Party under this Agreement caused by an event outside the affected Party's reasonable control shall not be considered a breach of this Agreement, and the time required for performance shall be extended 

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for a period equal to the period of such delay (other than with respect to any payment obligations). Such events shall include acts of God; acts of terrorism; pandemics and epidemics, riots; embargoes; fires; explosions; earthquakes; and floods. The Party so affected shall give prompt notice to the other Party of such cause and shall take whatever reasonable steps are necessary to relieve the effect of such cause as rapidly as possible. If such event continues for a period of six (6) months or more, then the Party whose time for performance is not extended due to such delay shall have the right to terminate this Agreement upon written notice to the other Party.  
16.9Waiver
No waiver of any of the terms of this Agreement shall be valid unless in writing and signed by an authorized representative of the Parties. Failure by either Party to enforce any rights under this Agreement shall not be construed as a waiver of such rights, nor shall a waiver by either Party in one or more instances be construed as constituting a continuing waiver or as a waiver in other instances.
16.10Governing Law
This Agreement shall be governed by and construed in accordance with the substantive laws of New York, and applicable federal laws of the USA and with the exclusion of the Vienna Convention on the International Sale of Goods dated April 11, 1980.
16.11Dispute Resolution
16.11.1Seeking Consensus 
(a)If any dispute or issue between the Parties arises out of, in connection with or related to this Agreement, including disputes over the interpretation, performance, enforcement or breach of this Agreement, then upon the written request of either Party, the matter shall be referred to the Senior Executives, who shall meet in a good faith effort to resolve the dispute. 
(b)Any final decision mutually agreed to by the Senior Executives shall be conclusive and binding on the Parties.
(c)If the Senior Executives are not able to agree on the resolution of any such dispute within [***] ([***]) days (or such other period of time as mutually agreed by the Senior Executives) after such dispute was first referred to them, then such dispute shall be resolved (if at all), subject to Article 11.6(e), pursuant to the provisions of Articles 16.11.2 and 16.11.4.

*** Certain Confidential Information Omitted.

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16.11.2Arbitration
(a)Subject to Article 16.11.4, any dispute that is not resolved pursuant to Article 16.11.1 shall be finally settled by arbitration in accordance with the then-current rules of the International Chamber of Commerce (the Rules) by one (1) or more arbitrators selected in accordance with the Rules. The chair of the arbitration shall be nominated by the arbitrators. The seat of arbitration shall be located in New York City, New York, USA. The language to be used in the arbitral proceedings will be English. Any situation not expressly covered by this Agreement shall be decided in accordance with the Rules. For clarity, any disputes relating to (i) the validity and formation of this Agreement, (ii) the scope and effect of the agreement to arbitrate under this Article 16.11.2 and (iii) the propriety of commencing arbitration, if not resolved in accordance with Article 16.11.1, shall be subject to arbitration under this Article 16.11.2.
(b)The arbitrators shall issue a reasoned opinion, no later than [***] ([***]) months following the selection of the arbitrators by the International Chamber of Commerce and transmission of the arbitration file to the Parties, unless the Parties jointly request an extension or the arbitrators determine in a reasoned decision that the interest of justice or the complexity of the case requires that such limit be extended.
(c)Any award shall be promptly paid in USD free of any tax, deduction or offset; and any costs, fees or taxes incident to enforcing the award shall, to the maximum extent permitted by applicable law, be charged against the Party resisting enforcement. Each Party agrees to abide by the award rendered in any arbitration conducted pursuant to this paragraph (c), and agrees that judgment may be entered in any court of competent jurisdiction and the Parties hereby consent to the jurisdiction of such court for purposes of enforcement of such award.
(d)The arbitration proceeding shall be confidential and the arbitrators shall issue appropriate protective orders to safeguard each Party’s Confidential Information. Except as required by applicable law, no Party shall make (or instruct the arbitrators to make) any public announcement with respect to the proceedings or decision of the arbitrator without prior written consent of the other Party. The existence of any dispute submitted to arbitration, and the award, shall be kept in confidence by the Parties and the arbitrators, except (i) as required in connection with the enforcement of such award, (ii) as otherwise required by applicable law or regulation requiring a Party to fulfil a legal duty or protect or pursue a legal right, (iii) for actions to challenge the award, (iv) with the consent of both Parties, or (v) where such information is already in the public domain other than as a result of a breach of this clause.

*** Certain Confidential Information Omitted.

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16.11.3Injunctive Relief
Nothing contained in this Agreement shall deny either Party the right to seek interim equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action may be filed and maintained notwithstanding any ongoing discussions between the Parties or any ongoing arbitration proceeding. In addition, either Party may bring an action in any court of competent jurisdiction to resolve disputes pertaining to the validity, construction, scope, enforceability, infringement or other violations of Patents or other IP, the confusing similarity of trademarks or any breach of Article 13, and no such claim shall be subject to arbitration pursuant to Article 16.11.2.
16.11.4Baseball Arbitration
If a dispute arises under Article 11.6(e)(iii), and such dispute is not resolved by the Senior Executives under Article 16.11.1, within [***] ([***]) days of the dispute being referred to them, or if a dispute arises under Article 14.4(f) with respect to the applicable royalty rate, then either Party may have such dispute resolved by “baseball arbitration” in accordance with the following provisions, by sending written notice of such arbitration: 
(a)Promptly following receipt of any notice requiring dispute resolution pursuant to this Article 16.11.4, the Parties shall meet and discuss in good faith and agree on an expert panel of three individuals to resolve the issue, which expert panel shall be neutral and independent of both Parties and all of their respective Affiliates, shall have significant experience and expertise in the negotiating and operating under license agreements in the pharmaceutical industry, and in preparing or operating under commercialization plans, and shall have some experience in mediating or arbitrating issues relating to such agreements. If the Parties cannot agree on such expert panel within [***] ([***]) days of request by a Party for arbitration, then each Party shall select one (1) expert for such panel and the two (2) experts selected by the Parties shall select a third expert for the panel, provided that all such three (3) experts must meet the foregoing criteria. 
(b)Within [***] ([***]) days after the panel of experts are selected (or appointed, as the case may be), each Party will deliver to both the expert panel and the other Party a detailed written proposal setting forth its proposed detailed commercial plan (or amendment or modification to, as applicable) to resolve the matter at issue in the dispute (the Proposed Terms of the Party) and a memorandum (the Support Memorandum) in support thereof, not exceeding thirty (30) pages (double spaced) in length. The Parties will also provide the expert panel a copy of this Agreement, as may be amended at such time. 

*** Certain Confidential Information Omitted.

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(c)Within [***] ([***]) days after receipt of the other Party’s Proposed Terms and Support Memorandum, each Party may submit to the expert panel (with a copy to the other Party) a response to the other Party’s Support Memorandum, such response not exceeding fifteen (15) pages (double spaced) in length. Neither Party may have any other communications (either written or oral) with the expert panel other than for the sole purpose of engaging the expert panel or as expressly permitted in this Article 16.11.4; provided that the expert panel may convene a hearing if the expert panel so chooses to ask questions to the Parties and hear oral arguments and discussion regarding each Party’s Proposed Terms.
(d)Within [***] ([***]) days after the expert panel’s receipt of both Party’s Proposed Terms, the expert panel will select one of the two Proposed Terms (without modification) provided by the Parties that the expert panel believes is most consistent with the intention underlying and agreed principles set forth in this Agreement. The decision of the expert panel shall be final, binding, and unappealable. The expert panel must select as the only method to resolve the dispute at issue one of the two sets of Proposed Terms, and may not combine elements of both Proposed Terms or award any other relief or take any other action. 
16.12Interpretation
Headings are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or have any effect on its interpretation or construction. Unless the context otherwise clearly requires, whenever used in this Agreement: (a) the words “include” or “including” shall be construed as incorporating, also, “but not limited to” or “without limitation”; (b) the word “day” or “year” means a calendar day or year unless otherwise specified; (c) the word “notice” shall mean notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated under this Agreement; (d) the words “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement (including any Annexes); (e) the word “or” shall be construed as the inclusive meaning identified with the phrase “and/or”; (f) provisions that require that a Party, the Parties or a committee hereunder “agree,” “consent” or “approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter or otherwise; (g) words of any gender include the other gender; (h) words using the singular or plural number also include the plural or singular number, respectively; and (i) references to any specific law, rule or regulation, or article, section or other division thereof, shall be deemed to include the then-current amendments thereto or any replacement law, rule or regulation thereof. Ambiguities and uncertainties in this Agreement, if any, shall not be interpreted against either Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language and the English language shall control its interpretation. In addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or other communications between the Parties regarding this Agreement, shall be in the English language.

*** Certain Confidential Information Omitted.

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16.13Counterparts 
This Agreement may be executed in counterparts, each of which shall be deemed an original document, and all of which, together with this writing, shall be deemed one instrument. Counterparts may be delivered by transmission via electronic mail (including as a PDF and/or utilizing any electronic signature process complying with the US federal ESIGN Act of 2000) or other transmission method, including by transmission of signature pages to the Parties or their representative legal counsel, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  Electronic signatures utilizing any electronic signature process complying with the US federal ESIGN Act of 2000 shall be deemed original signatures for purposes of this Agreement and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.
{Signature Page Follows}

IN WITNESS WHEREOF, each Party has caused this Agreement to be executed on its behalf by its duly authorized representatives as of the Effective Date.
						
	
	
	

ORPHAN TECHNOLOGIES LIMITED
	
	_/s/ Andreas Sidler___________________
	
	Andreas Sidler
Director and Legal Representative

	

	

VIFOR (INTERNATIONAL) LTD.
	
	_/s/ Abbas Hussain____________________
	
	Abbas Hussain 
Chief Executive Officer
	
	__/s/ Christoph Springer________________

	Dr. Christoph Springer
Chief Strategy Officer

	Solely With Respect to Article 15:
TRAVERE THERAPEUTICS, INC.

	

__/s/ Eric Dube_________________________

	Eric Dube
Chief Executive Officer

[Signature Page to License and Collaboration Agreement]

						
	Annex 1 to License and Collaboration Agreement between Travere and Vifor

	
	
		

Annex 1
Definitions
As used in this Agreement and in any of the Annexes thereto in capitalized form, the terms set forth below shall have the following meaning, irrespective of whether used in the singular or plural. To the extent terms are also defined in one or several Articles of the Agreement and discrepancies in definitions occur, the definitions set forth in this Annex 1 shall prevail.
Acquiror Competing Program shall have the meaning set forth in Article 12(c) .
Affiliate shall mean, with regards to a Party, any legal entity that directly or indirectly controls, is controlled by, or is under common control with the Party, where “control” as used in this definition means the sole or common direct or indirect ownership of more than fifty percent (>50%) of the stock having the right to vote for directors thereof or the ability to otherwise control the management of the corporation or other business entity whether through the ownership of voting securities, by contract, resolution, regulation or otherwise. The Parties acknowledge and agree that, for the purposes of this Agreement, Vifor Fresenius Medical Care Renal Pharma Ltd., with its registered offices at Rechenstrasse 37, CH 9014 St. Gallen, Switzerland, shall be considered an Affiliate of LICENSEE so long as it meets the definition set forth herein or LICENSEE retains at least a [***]% interest in the income of Vifor Fresenius Medical Care Renal Pharma Ltd. Notwithstanding the foregoing, the Affiliates of LICENSEE will not include Fresenius Medical Care AG & Co. KGaA or any member of the Fresenius Medical Care group of companies. 
Agreement shall mean this present License and Collaboration Agreement with its Annexes, as amended in accordance with its terms.
Alliance Manager shall have the meaning set forth in Article 11.7(a).
Annex shall mean any of the numbered Annexes to this Agreement.
API shall mean active pharmaceutical ingredient, which is also commonly referred to as drug substance.
Approved Price shall mean the price approved by the competent regulator or agreed with health insurers in a given country for a 400mg tablet for the Existing Product.
Article shall mean any numbered article or section of this Agreement.
BMS shall have the meaning set forth in Annex 2.4.
BMS License Agreement shall have the meaning set forth in Annex 2.4.

*** Certain Confidential Information Omitted.

						
		

Business Day shall mean a day other than a Saturday or Sunday or other day on which commercial banks in Zurich, Switzerland, or New York, New York, USA, are authorized or required by law to close.
Calendar Quarter shall mean the four quarters of a Calendar Year, each Calendar Quarter starting on January 1, April 1, July 1 and October 1, except that the first Calendar Quarter of the Term shall commence on the Effective Date and the last Calendar Quarter of the Term shall end on the last day of the Term.
Calendar Year shall mean the period beginning on January 1 and ending on December 31, except for the first Calendar Year of the Term that shall begin on the Effective Date and end on December 31 of the year during which the Effective Date occurs, and the last Calendar Year of the Term shall commence on January 1 of the year in which the Term ends and end on the last day of the Terms.
Change of Control shall mean any of the following events: (a) a merger, consolidation, share purchase or other transaction of a Party with a Third Party that results in the voting securities of such Party outstanding immediately prior thereto, or any securities into which such voting securities have been converted or exchanged, ceasing to represent at least fifty percent (50%) of the combined voting power of the surviving entity or the parent of the surviving entity immediately after such merger or consolidation; (b) any Third Party (or group of Third Parties acting in concert) becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the total voting power of the equity securities then outstanding of a Party normally entitled to vote in elections of directors, whether through merger, consolidation, share purchase or otherwise; or (c) a Party conveys, transfers or sells all or substantially all of its assets to any Third Party. Notwithstanding the foregoing, any transaction or series of transactions effected for the primary purpose of financing the operations of a Party or changing the form or jurisdiction of organization of a Party will not be deemed a “Change of Control” for purposes of this Agreement.
Clinical Development Plan shall have the meaning set forth in Article 3.1(b).
CMA shall mean conditional market authorization in accordance with applicable regulatory provisions in the Licensed Territory.
CMC stands for chemistry, manufacturing and control information and shall mean the industry standard to appropriately manufacture a pharmaceutical or biologic product, including, without limitation, specific manufacturing process, product characteristics, and product testing being defined in order to ensure that the product is safe, effective and consistent between batches. 
CMO shall mean a contracting manufacturing organization.
COGS stands for Cost of Goods Sold and shall mean the fully allocated direct costs of manu-facturing, raw materials, packaging (incl. bulk and temporary packaging, pallets, palletizing etc.), labor, capital expenditures, quality control, release costs and other costs ordinarily included as a cost of goods sold under generally accepted accounting principles.. Where a Party procures 

						
		

supplies or any step or part thereof from a contractor, the price paid by such Party to the contractor shall be used when determining the applicable COGS or portion thereof. For the avoidance of doubt, any overhead cost of LICENSOR shall be covered by the [***]% mark-up set forth in Article 5(f).
Combination Product shall mean a Licensed Product that includes at least one additional API other than the Licensed Compound. 
Commercialization or to Commercialize shall mean any activity directed to obtaining regulatory approvals for commercializing Licensed Products, reimbursement approvals, promoting, marketing, storing, offering to sell, selling, shipping, distributing, importing and exporting Licensed Products, or having performed any of such activities. For clarity, Commercialization excludes Manufacturing and any activities related to providing drug to patients who participated in LICENSOR-sponsored clinical trials via expanded access, continued drug supply, named patient sales, or similar programs.  
Commercially Reasonable Efforts shall mean, with respect to particular efforts to be expended by a Party with respect to any objective, including, without limitation, development, seeking regulatory approval or reimbursement approval, manufacturing and supplying of the Licensed Products and Commercialization under the Agreement, those efforts and resources commonly used and applied by a similarly situated pharmaceutical company to conduct similar tasks or obligations for compounds or pharmaceutical products at a similar stage of research, development, commercialization and which are of similar market potential as the Licensed Product and (if applicable) at a similar stage of product life, in each case taking into account the relevant factors in effect at the time such efforts are expended.
Competing Product shall mean any pharmaceutical product, other than Licensed Products, that is [***].

*** Certain Confidential Information Omitted.

						
		

Confidential Information shall mean any and all information, data or know-how, whether technical or non-technical, oral or written, that is disclosed by one Party or its Affiliates (Disclosing Party) to the other Party or its Affiliates (Receiving Party). Confidential Information shall not include any information, data or Know-How that:
(a)as reasonably evidenced by the Receiving Party, was generally available to the public at the time of disclosure, or becomes available to the public after disclosure by the Disclosing Party other than through fault (whether by action or inaction) of the Receiving Party or its Affiliates,
(b)is evidenced by the Receiving Party’s written records to have been already known to the Receiving Party or its Affiliates prior to its receipt from the Disclosing Party,
(c)is obtained at any time lawfully from a Third Party under circumstances permitting its use or disclosure, as reasonably evidenced by the Receiving Party,
(d)is developed independently by the Receiving Party or its Affiliates as evidenced by written records other than through knowledge of or access to Confidential Information,
(e)is required to be disclosed by the Receiving Party or its Affiliates to comply with a court or administrative order provided the Receiving Party or its Affiliates furnishes prompt notice (in no event less than three (3) Business Days) to the Disclosing Party of such required disclosure and reasonably cooperates with the Disclosing Party to enable it to resist such disclosure, provided however that the exception in this sub-paragraph (e) shall apply only for the purpose of complying with such court or administrative order and that, for the avoidance of doubt, such disclosed information shall otherwise remain Confidential Information, or
(f) is approved in writing by the Disclosing Party for release by the Receiving Party.
The terms of this Agreement shall be deemed Confidential Information of both Parties.
Control or Controlled shall mean, with respect to any IP or Regulatory Documentation, that a Party has the legal authority or right (whether by ownership, license, sub-license or otherwise) to grant exclusive or non-exclusive licenses, sub-licenses, access or rights to use (as applicable) under such IP or Regulatory Documentation to the other Party on the terms and conditions set forth herein, in each case without breaching the terms of any agreement with a Third Party. However, with respect to any IP obtained by LICENSOR from a Third Party after the Effective Date, LICENSOR shall be deemed to Control such IP only if it possesses the right to grant such license, sub-license, access or rights to use without being obligated to pay any royalties or other consideration therefor, unless LICENSEE agrees in advance of any grant of rights thereto to pay such royalties or other consideration arising specifically as a result of LICENSEE’s or any of its Affiliate’s or sub-licensee’s use or practice of such IP (i.e., consideration owed specifically as a result of the Development, Manufacture or Commercialization of the Licensed Compound or any Licensed Product and not generally applicable to the grant of such license, such as an upfront fee).  Notwithstanding the foregoing or anything to the contrary in this Agreement, if LICENSOR undergoes a Change of Control, LICENSOR will not be deemed to Control any IP that is owned or otherwise Controlled by any Affiliate of LICENSOR (other than pursuant to a license to LICENSOR in existence prior to such 

						
		

Change of Control) that was not an Affiliate of LICENSOR prior to such Change of Control. Cognates of the word “Controlled” shall have correlative meanings. 
Develop or Development shall mean all activities that relate to or are aimed at (a) seeking to obtain, maintaining or expanding regulatory approval of a Licensed Product and to support appropriate usage for such Licensed Product, for one or more indications, or (b) developing the process for the Manufacture of clinical and commercial quantities of the Licensed Compound and Licensed Products. This includes: (i) research, preclinical testing, toxicology, and human clinical trials; (ii) preparation, submission, review, and development of data or information for the purpose of submission to a governmental authority to obtain, maintain or expand regulatory approval of a Licensed Product; and (iii) Manufacturing process development. For clarity, Develop excludes Manufacturing. 
Development Data shall mean: (a) all CMC Development data (including records of
Manufactured batches); (b) any non-clinical or clinical data and results and other research data
relating to the Licensed Products, in the format recorded and maintained by the recording Party in its ordinary course of business; and (c) the final reports of preclinical toxicology studies and Clinical Studies, in each case of (a), (b) and (c) as required for the preparation and submission of an application for and maintenance of regulatory approval (including MAAs) in the Licensed Territory, including as necessary for proactive preparation for procedural questions and requests for supplemental information by regulatory authorities related to such registration activities.  
Disclosing Party shall have the meaning set forth in the definition of Confidential Information. 
DUPLEX Study shall mean the initiated global pivotal Phase III Clinical Trial evaluating the safety and efficacy of the Licensed Compound in patients with FSGS conducted by LICENSOR.
Effective Date shall mean September 15, 2021.
EMA shall mean the European Medicines Agency, or any successor agency.
EU shall mean the European Union.
EUR shall mean Euros, being the lawful currency in the currency union of the EU.
Europe shall have the meaning set forth in the definition of Licensed Territory.
European Commission shall mean the EU institution that promotes the general interest of the EU by proposing and enforcing legislation as well as by implementing policies and the EU budget.
European Unitary Patent System shall mean the unitary EU patent system comprising a European patent with unitary effect and the unified patent court for the participating EU member states, coming into effect once 13 EU member states, which must include Germany, France and Italy, will have ratified the related bodies of law.

						
		

Existing Domain Names has the meaning set forth in Article 8.4(g).
Existing Product shall mean the product containing the Licensed Compound that exists as of the Effective Date.
FDA stands for Food and Drug Administration and shall mean the United States Food and Drug Administration, or any successor agency thereto. 
Field shall mean any conceivable indication of the Licensed Compound and its API in humans.
Field Infringement shall have the meaning set forth in Article 8.2(h).
First Commercial Sale shall mean, on a country-by-country basis, the first invoiced targeted sale of a Licensed Product to a Third Party for use or consumption by the end user by or for LICENSEE following the receipt of any regulatory approval required for the sale of such Licensed Product, or if no such regulatory approval is required, the date of the first invoiced sale of a Licensed Product to a Third Party by or for LICENSEE in such country, provided that mere sales via Internet absent marketing efforts or physical sales activities directly targeted to the respective country or market shall not be considered as First Commercial Sale.
FSGS shall have the meaning set forth in the Recitals.
GAAP shall mean generally accepted accounting principles in the US, consistently applied.
Generic Product shall mean, always with respect to a certain Licensed Product, any other product sold by a Third Party that (i) contains the same active ingredient (and no other active ingredient(s) that are not in the Licensed Product) and has regulatory approval for the same use as the Licensed Product, (ii) has received marketing approval in the Licensed Territory by reference to any regulatory approval for the Licensed Product (or any data therein) and (iii) is sold in such country by a Third Party that is not an Affiliate or sub-licensee of LICENSEE or its Affiliates and did not purchase such product in a chain of distribution that included LICENSEE, its Affiliates or sub-licensees.
ICH means International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use.
IFRS shall mean international financial reporting standards.
IgAN shall have the meaning set forth in the Recitals.
IND shall mean an Investigational New Drug Application filed with the FDA or any equivalent thereof in other countries or regulatory jurisdictions.
IP shall mean all intellectual property rights, including, without limitation, Patents, copyright and related rights as well as Know-How and, to the extent required in the context, trademarks, trade names and domain names, rights in get-up, rights in goodwill or rights to sue for passing off, 

						
		

rights in designs, rights in computer software and database and any other intellectual property rights, in each case whether registered or unregistered and including all applications (and rights to apply) for and all similar or equivalent rights or forms of protection which subsist in any part of the world.
JCC shall mean Joint Commercialization Committee as set forth in Article 11.5(a).
JDC shall mean Joint Development Committee as set forth in Article 11.2(a).
Joint IP Committee shall have the meaning set forth in Article 11.4(a). 
Joint Product Development shall have the meaning set forth in Article 8.1(b).
Joint Product IP shall have the meaning set forth in Article 8.1(b).
JSC shall mean Joint Steering Committee as set forth in Article 11.1(a).
JTC shall mean Joint Technical Committee as set forth in Article 11.3(a). 
Know-How shall mean: (a) any scientific or technical results, data and other information of any type whatsoever, in any tangible or intangible form whatsoever, that is not in the public domain, which may include databases, practices, methods, techniques, specifications, formulations, formulae, protein sequences, DNA sequences, knowledge, know-how, skill, experience, test data including pharmacological, medicinal chemistry, biological, chemical, biochemical, toxicological and clinical test data, analytical and quality control data, stability data, studies and procedures, and manufacturing process and development information, results and data, (b) any biological, chemical, or physical material that is not in the public domain or otherwise generally available to the public and (c) any dosage regimens, control assays, product specifications, analytical and quality control data, marketing, pricing, distribution cost and sales data or descriptions that are not in the public domain or otherwise generally available to the public, and including, for clarity, all inventions.
License shall have the meaning set forth in Article 2.1(a)(ii).
Licensed Compound shall mean the small molecule known as sparsentan or any derivatives thereof, including but not limited to prodrug, salts or crystal forms of sparsentan.
Licensed Patents shall mean any Patent Controlled by LICENSOR or its Affiliates during the Term that covers the Licensed Compound, any derivative thereof or any Licensed Product or its Manufacture or, in the Licensed Territory, method of use in the Field. The Licensed Patents existing as of the Effective Date in the Licensed Territory include those listed in Annex 2.1(a). Each Party may request, from time to time, to amend Annex 2.1(a) to include any new Licensed Patents in the Licensed Territory that come into existence during the Term. 
Licensed Product(s) shall mean (i) the Existing Products and (ii) any other product which contains or comprises the Licensed Compound for use in the Field, in each case, in any 

						
		

appropriate preparation, formulation, or dosage form thereof. For clarity, Licensed Product(s) do not include any product which contains or comprises the Licensed Compound and any other proprietary molecule(s) or other API Controlled by LICENSOR.
Licensed Territory shall mean Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kazakhstan, Kosovo, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City (all together referred to "Europe"), Australia and New Zealand, and to the extent relevant additional countries pursuant to Article 2.1(c). 
LICENSEE shall mean Vifor (International) Ltd. at Rechenstrasse 37, 9014 St. Gallen, Switzerland, together with its permitted successors and assigns. 
LICENSEE Compound Use Patent shall have the meaning set forth in Article 8.2(a).
LICENSEE Indemnitees shall have the meaning set forth in Article 9.5(b).
LICENSEE Product Technology shall mean (a) all Patents Controlled by LICENSEE or its Affiliates during the Term or thereafter in the event this Agreement expires for the expiration of all Royalty Terms that cover or relate to a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product, or its manufacture or method of use in the Field, (b) all other inventions, discoveries, findings and contributions, whether or not patentable, made by or on behalf of LICENSEE, any of its Affiliates or any sub-licensee during the Term or thereafter in the event this Agreement expires for the expiration of all Royalty Terms, that relate to a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product (including, but not limited to, inventions and discoveries relating to the form(s) identity(ies), structure(s), chemical properties, physical properties and activity of a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product, and any method of manufacturing or method of using a Licensed Compound or any product comprising a Licensed Compound, including any Licensed Product), including, without limitation, all intellectual property rights in and to any of the foregoing and (c) all of Know-How Controlled by LICENSEE or its Affiliates during the Term or thereafter in the event this Agreement expires for the expiration of all Royalty Terms that is necessary or reasonably useful for the Development, Manufacture or Commercialization of the Licensed Compound, or any product comprising a Licensed Compound, including any Licensed Product within the Field. LICENSEE Product Technology shall not include Joint Product IP.
LICENSOR shall mean Orphan Technologies Limited, Tortola (British Virgin Islands), Branch Office in Switzerland, c/o Neovii Pharmaceuticals AG, Zuercherstrasse 19, CH-8640 Rapperswil, Switzerland, together with its permitted successors and assigns.
LICENSOR Indemnitees shall have the meaning set forth in Article 9.5(a).

						
		

LICENSOR Product Technology shall mean (a) the Licensed Patents and (b) all Know-How Controlled by LICENSOR and its Affiliates as of the Effective Date or during the Term that is necessary or reasonably useful for the Development, Manufacture or Commercialization of the Licensed Compound and Licensed Products within the Field.
Ligand shall have the meaning set forth in Annex 2.4.
Ligand Sublicense Agreement shall have the meaning set forth in Annex 2.4.
Local Trademarks shall have the meaning set forth in Article 8.4(a).
Losses shall have the meaning set forth in Article 9.5(a).
MAA shall mean market authorization application in any part of the Licensed Territory.
Major Market Country shall mean [***].
Manufacture and Manufacturing shall mean all activities related to the making, production, processing, filling, finishing, testing, packaging, labelling, shipping, and holding of the Licensed Compound and Licensed Products.
Manufacturing Strategy shall have the meaning set forth in Article 5(c).
MHRA shall mean the Medicines and Healthcare Products Regulatory Agency of the United Kingdom, or any successor agency.
Milestone Payments shall mean payments to be made by LICENSEE to LICENSOR according to Article 7.3, including Regulatory Milestone Payments, Pricing Approval Milestone Payments, and Sales Milestone Payments.
NDA shall mean new drug application, including all necessary documents, data, and other information concerning a Licensed Product, required for regulatory approval application of a Licensed Product as a pharmaceutical product by the FDA or an equivalent application to the equivalent agency in any other country in the Licensed Territory.

*** Certain Confidential Information Omitted.

						
		

Net Sales shall mean, with respect to each given country or region, the gross amount invoiced for sales (during the applicable period) of Licensed Products in the Licensed Territory by LICENSEE or by related Affiliates or sub-licensees of LICENSEE, to unaffiliated Third Parties, less the following deductions from such gross amount to the extent actually allowed or incurred with respect to such sales: 
(a)trade, prompt-pay, quantity and cash discounts actually granted after invoicing, and billing adjustments on account of retroactive price reductions or billing errors;
(b)bad debts and uncollectable invoiced amounts relating to sales that are actually written off; 
(c)credits or allowances for rejected goods, damaged or defective goods, recalls, or returns;
(d)claw-back taxes imposed by a national healthcare system in any country within the Licensed Territory (but solely to the extent allocated among seller’s total products on an equitable pro rata basis); 
(e)rebates, chargeback rebates, compulsory rebates, inventory management fees, reimbursements or similar payments granted or given to wholesalers or other distributors or third-party logistics providers, buying groups, health care insurance carriers or other institutions in respect of such sales;
(f)adjustments to invoiced amounts arising from consumer discount programs or other similar programs;
(g)customs or excise duties, VAT and other sales tax, consumption tax, and other similar taxes on such sales of Licensed Product (excluding, for clarity, income taxes); 
(h)charges for packing, freight, shipping and shipping insurance (but solely to the extent that the selling party separately bills such charges in the cost for sales in the invoiced amounts);
(i)rebates, discounts (off of the invoiced price) or charge-backs actually paid or credited to any governmental agency (or branch of government) or to any Third Party payer, administrator or contractee; or
(j)discounts (off of the invoiced price) actually paid under state-legislated or seller-sponsored discount prescription drug programs or reductions or coupon and voucher programs,
such deductions, in each case, to the extent permitted in calculating net sales in accordance with GAAP or IFRS accounting standards as consistently applied through the selling party’s corporate organization. 

						
		

In the event LICENSEE applies IFRS accounting standards, it shall provide LICENSOR with sufficient information for LICENSOR to calculate the foregoing deductions and Net Sales in accordance with GAAP. 
Sales among the Parties and their Affiliates or sub-licensees, which are subsequently resold or to be resold by the receiving Party, Affiliate or sub-licensee will not be deemed a sale within the meaning of this definition, but in such cases Net Sales will accrue and be calculated on any subsequent sale or other transfer to a person who is not an Affiliate or sub-licensee.
Net Sales will not include products transferred for use in connection with clinical trials or other Clinical Development activity, pre-clinical research and trials, promotional use (including samples), compassionate sales or use, indigent programs or on a named patient basis, in each case provided that such transfers or sales are at or below seller’s costs.
Each of the foregoing deductions are permitted if and to the extent actually incurred in the ordinary course of business in type and amount consistent with good industry practice and in accordance with the applicable accounting standards on a basis consistent with audited consolidated financial statements. 
If sales are made other than for cash, the Net Sales shall be calculated by using the average price applicable on bona fide arm’s length sales for cash during the applicable period under reasonably similar circumstances.
In the case of any Combination Product sold in the Licensed Territory, Net Sales for such Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of the Licensed Product if sold separately, and B is the total invoice price of the other active ingredient or ingredients in the Combination Product, if sold separately. If, on a country-by-country basis, the other active ingredient or ingredients in the Combination Product are not sold separately in said country, Net Sales for the purpose of determining royalties of the Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/D, where A is the invoice price of the Licensed Product if sold separately, and D is the invoice price of the Combination Product. If neither the Licensed Product nor the other active ingredient(s) are sold separately in a given country, the Parties shall determine Net Sales for such Combination Product by mutual agreement based on the relative contribution of the Licensed Compound and each other active ingredient to the Combination Product, and shall take into account in good faith any applicable allocations and calculations that may have been made for the same period in other countries (giving more weight to allocations made for Major Market Countries than for other countries).
New Indications shall have the meaning set forth in Article 3.1(e).
Notification of Intent to Commercialize shall have the meaning set forth in Article 2.1(c).
Option Period shall have the meaning set forth in Article 2.1(c).

						
		

PARENT shall mean Travere Therapeutics, Inc., 3611 Valley Centre Drive, Suite 300, San Diego, CA 92130, USA.
Parties shall mean both LICENSEE and LICENSOR.
Party shall mean either LICENSEE or LICENSOR.
Patents shall mean patents, patent applications or provisional patent applications, utility models and utility model applications, petty patents, innovation patents, patents of addition, divisionals, continuations, continuation-in-part applications, continued prosecution applications, requests for continued examinations, reissues, renewals, re-examinations and extensions and supplementary protection certificates granted in relation thereto, in any country or territory of the world. 
Permitted Use shall have the meaning set forth in Article 11.3(c).
Phase III Clinical Trial shall mean a human clinical trial that is prospectively designed to demonstrate statistically whether a product is safe and effective for use in humans in a manner sufficient to obtain regulatory approval to market such product in patients having the disease or condition being studied as described in 21 C.F.R. § 312.21(c) FDCA, as amended from time to time, and the equivalent legislation in the Licensed Territory. For clarity, the PROTECT Study and the DUPLEX Study are each a Phase III Clinical Trial hereunder.
Phase IV Clinical Trial shall mean a clinical study of a pharmaceutical product on human subjects commenced after receipt of regulatory approval of such pharmaceutical product for the purpose of satisfying a condition imposed by a regulatory authority to obtain regulatory approval, or to support the marketing of such pharmaceutical product, and not for the purpose of obtaining initial regulatory approval of a pharmaceutical product. The term Phase IV Clinical Trials shall not include investigator-sponsored trials.
Ph.Eur shall mean European Pharmacopoeia.
PIP stands for paediatric investigation plan and means a development plan aimed at ensuring that the necessary data are obtained through studies in children, to support the authorization of a medicine for children.
Pricing Approval Milestone Payments shall have the meaning set forth in Article 7.3(b)(i).
Product Infringement shall have the meaning set forth in Article 8.2(h).
Product Trademarks means any registered, applied for or non-registered trademark, service mark or other label or designation Controlled by LICENSOR and selected by LICENSOR to brand or label Licensed Compound or Licensed Products in the Licensed Territory.
Proposed Terms of the Party shall have the meaning set forth in Article 16.11.4(b).

						
		

PROTECT Study shall mean the initiated global pivotal Phase III Clinical Trial evaluating the safety and efficacy of the Licensed Compound in patients with IgAN conducted by LICENSOR.
Quality Agreement shall have the meaning set forth in Article 5(d).
Quarterly Report shall have the meaning set forth in Article 7.6(a).
Reasonably Best Knowledge shall mean the actual knowledge of a Party’s executive leadership team with the functions of the CEO, CFO, head of research and development, head of IP, head of regulatory affairs, chief medical officer, head of supply chain, General Counsel or head of legal and compliance. 
Receiving Party shall have the meaning set forth in the definition of Confidential Information.
Regulatory Documentation shall mean: (a) all applications for regulatory approval (including MAAs); (b) all regulatory approvals (including INDs, CMAs and full regulatory approvals); (c) all supporting documents created for, referenced in, submitted to or received from an applicable regulatory authority relating to any of the applications or regulatory approvals described in clauses (a) or (b), including drug master files (or any equivalent thereof outside the U.S.), annual reports, regulatory drug lists, advertising and promotion documents shared with regulatory authorities, adverse event files, safety reports, inspection reports, documents with regard to clinical data, complaint files and Manufacturing records and any supplements thereto; and (d) all material correspondence made to, made with or received from any regulatory authority.
Regulatory Milestone Payment shall have the meaning set forth in Article 7.3(a)(i).
Regulatory Milestone Payment (2) shall have the meaning set forth in Article 7.3(a)(ii). 
Regulatory Strategy shall have the meaning set forth in Article 4(a).
Remainder shall have the meaning set forth in Article 8.2(l).
Royalty Payments shall have the meaning set forth in Article 7.4(a).
Royalty Term shall have the meaning set forth in Article 7.4(d).
Rules shall have the meaning set forth in Article 16.11.2(a).
Sales Milestone Payments shall have the meaning set forth in Article 7.3(c).
Senior Executives shall mean (a) in the case of LICENSOR, the Chief Executive Officer of LICENSOR (or a senior executive officer designated by the Chief Executive Officer), and (b) in the case of LICENSEE, the Chief Executive Officer of LICENSEE, or such individual’s nominated designee who is a member of the applicable Party’s senior management with appropriate decision-making authority.

						
		

Sole Manufacturing Claim Royalty Term shall have the meaning set forth in Article 7.4(d).
Step-In Right shall have the meaning set forth in Article 3.1(k).
Step-In Activities shall have the meaning set forth in Article 3.1(k).
Supply Agreement shall have the meaning set forth in Article 5(d).
Support Memorandum shall have the meaning set forth in Article 16.11.4(b).
Swissmedic shall mean the Swiss Agency for Therapeutic Products, or any successor agency thereto.
Technical Development Plan shall have the meaning set forth in Article 3.2(b).
Term shall have the meaning set forth in Article 14.2.
Terminated Country shall have the meaning set forth in Article 14.4(b).
Third Party shall mean a natural person, corporation, partnership, joint venture, trust, any governmental authority or other business entity or organization, and any other recognized organization other than the Parties or their Affiliates.
Third Party IP shall have the meaning set forth in Article 7.4(e).
Third Party License Cost shall have the meaning set forth in Article 7.4(e).
Upstream License Agreements shall mean the BMS License Agreement and the Ligand Sublicense Agreement. Annex 2.4 contains copies the Upstream License Agreements.
Upstream Licensors shall mean the party granting licensees or sub-licenses to LICENSOR under Upstream License Agreements. 
Upfront Fee shall have the meaning set forth in Article 7.2.
United States and US and USA shall mean the United States of America, including its territories and possessions.
USD shall mean US Dollars, being the lawful currency in the US.
USP-NF shall mean United States Pharmacopeia–National Formulary.
VAT shall mean any and all sales, use, excise, export or import, withholding, value added or other similar taxes, government permit or license fees, and any and all customs, duty, tariff and other similar fees levied upon the transactions contemplated by this Agreement.

						
		

Annex 2.4

Upstream License Agreements

License Agreement by and between Pharmacopeia, Inc. (as successor in interest to Pharmacopeia Drug Discovery, Inc.) (Pharmacopeia) and Bristol-Myers Squibb Company (BMS) dated March 27, 2004 (the BMS License Agreement), a copy of which is attached to this Annex 2.4.

Sublicense Agreement by and between Ligand Pharmaceuticals Incorporated (Ligand) and Pharmacopeia, and Retrophin, LLC (being, as per the Effective Date, an Affiliate of PARENT) dated February 16, 2012, as amended by amendments dated December 11, 2012, January 7, 2013, February 27, 2015, September 17, 2015, and March 20, 2018 (the Ligand Sublicense Agreement), a copy of which is attached to this Annex 2.4.EX-4.4

 Exhibit 4.4 

FORM OF WARRANT AGREEMENT 

between 
 TALON 1
ACQUISITION CORP. 
 and 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY 

Dated as of [___], 2021 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated as of [___], 2021, is by and between Talon 1 Acquisition Corp., a Cayman Islands exempted company, incorporated with limited liability (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”). 
 WHEREAS, on
[___], 2021, the Company entered into that certain Private Placement Warrants Purchase Agreement with AVi8 Acquisition LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an
aggregate of 4,600,000 warrants (or up to 5,000,000 warrants if the Over-allotment Option (as defined below) is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable) bearing
the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant; 

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or affiliates of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $300,000 of such loans may be convertible into
up to an additional 200,000 Private Placement Warrants at a price of $1.50 per warrant; 
 WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (each an “Ordinary Share”),
and one-third of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 7,666,667 warrants (including up to
1,000,000 warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”); 

WHEREAS, each whole Warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment as
described herein, where only whole Warrants are exercisable and a holder of the Public Warrants will not be able to exercise any fraction of a Warrant; 

WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-1, File No. 333-[__] (the “Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the
Securities Act of 1933, as amended (the “Securities Act”), of the issuance of the Units, the Public Warrants and the Ordinary Shares included in the Units; 
  

 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Agreement. 

2. Warrants. 
 2.1 Form
of Warrant. Each Warrant shall initially be issued in registered form only. Warrants may be represented by one or more physical definitive certificates or by book-entry. 

2.2 Effect of Countersignature. If a physical definitive certificate is issued, unless and until countersigned by the Warrant Agent,
either by manual or facsimile signature, pursuant to this Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3 Registration. 
 2.3.1
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the
Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall
initially be represented by one or more book-entry certificates deposited with The Depository Trust Company (the “Depositary”) and registered in the name of a nominee of the Depositary. Ownership of beneficial interests in the
Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each book-entry certificate or (ii) institutions that have accounts with the
Depositary (such institution, with respect to a Warrant in its account, a “Participant”). 

  
 2 

 If the Depositary subsequently ceases to make its book-entry settlement system available for
the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 

Physical definitive certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief
Executive Officer, Chief Financial Officer, the President or the Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on any physical definitive certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. 
 2.4 Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the
Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day other than a Saturday, Sunday or federal holiday on which banks in New York City are generally open for normal business (a
“Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Credit Suisse Securities (USA) LLC, as representative of the several
underwriters, but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission
containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units in the
Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and a second or amended current report on Form 8-K to provide updated financial information to reflect the exercise of the Underwriters’ Over-allotment option, if the Over-allotment option is exercised following the initial filing of such current report on
Form 8-K, and (B) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when such separate trading shall begin.

 2.5 No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of the
Units, each of which is comprised of one Ordinary Share and one-third of one Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to
receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. 

  
 3 

 2.6 Private Placement Warrants. 

The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its
Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(b) hereof, (ii) may not be transferred, assigned or sold until thirty
(30) days after the completion by the Company of an initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company (except as set forth in Section 6 below); provided,
however, that in the case of (ii), the Private Placement Warrants and any Ordinary Shares held by the Sponsor or any of its Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants may be transferred by
the holders thereof: 
 (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s
officers or directors, any member of the Sponsor, or any affiliates of the Sponsor; 
 (b) in the case of an individual, transfers by gift
to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of one of the individual’s immediate family or an affiliate of such person, or to a charitable organization; 

(c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of such person; 

(d) in the case of an individual, transfers pursuant to a qualified domestic relations order; 

(e) transfers by virtue of the laws of the Cayman Islands or the Sponsor’s operating agreement upon dissolution of the Sponsor; 

(f) transfers by private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at
prices no greater than the price at which the securities were originally purchased; 
 (g) transfers in the event of the Company’s
liquidation prior to the completion of the Company’s initial Business Combination; 
 (h) in the event of the Company’s completion
of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of the Company’s public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent
to the completion of the Company’s initial Business Combination; 
 (i) to a nominee or custodian of a person or entity to whom a
disposition or transfer would be permissible under clauses (a) through (h) above; 

  
 4 

 (j) to any third-party pledgee in a bona fide transaction as collateral to secure
obligations pursuant to lending or other arrangements between such third parties (or their affiliates or designees) and the Sponsor, its Permitted Transferees and/or their affiliates or any similar arrangement relating to a financing arrangement for
the benefit of the Sponsor, its Permitted Transferees and/or their affiliates; and 
 (k) pursuant to a bona fide loan or pledge or as a
grant or maintenance of a bona fide lien, security interest, pledge or other similar encumbrance (each, a “Pledge”) of any such securities owned by the Sponsor, its Permitted Transferees and/or their affiliates to a nationally or
internationally recognized financial institution (an “Institution”) in connection with a loan to the Sponsor, its Permitted Transferees and/or their affiliates; provided, however, that (A) the Sponsor, its
Permitted Transferees and/or their affiliates shall not Pledge such securities resulting in a loan to value in excess of 50%; and (B) the Sponsor, its Permitted Transferees, or the Company, as the case may be, shall provide Credit Suisse
Securities (USA) LLC prior written notice informing them of any public filing, report or announcement made by or on behalf of the Sponsor, its Permitted Transferees, or the Company with respect thereto; 

provided, however, that, in the case of clauses (a) through (d), and clauses (f) and (i), these transferees (the “Permitted
Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. 

3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days prior
written notice of such reduction to Registered Holders of the Warrants and, provided, further, that any such reduction shall be identical among all of the Warrants. 

3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on
the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and
one or more businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at 5:00 p.m., New York City time on the earlier to occur
of: (x) the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company pursuant to the Company’s amended and restated memorandum and articles of
association (as amended from time to time) (the “Memorandum and Articles”) if the Company fails to complete a Business Combination or (z) other than with respect to the Private Placement Warrants, the Redemption Date (as defined
below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, 

  
 5 

 
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective
registration statement or a valid exemption being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as set forth in
Section 6 hereof), each Warrant (other than a Private Placement Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become null and void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company
shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided, further, that any such extension shall be identical in duration among all the Warrants. 

3.3 Exercise of Warrants. 
 3.3.1
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent or at the office of its successor as Warrant Agent,
together with (i) an election to purchase form, duly executed, electing to exercise such Warrant and (ii) payment in full of the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and any and all applicable
taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows: 

(a) in lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent or by wire
transfer of immediately available funds; 
 (b) with respect to any Private Placement Warrant, so long as such Private Placement Warrant is
held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by
the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b), the “Fair Market
Value” shall mean the average closing price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; 

(c) on a cashless basis, as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or 

(d) on a cashless basis, as provided in Section 7.4 hereof. 

  
 6 

 3.3.2 Issuance of Ordinary Shares on Exercise. As soon as practicable after the
exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as
applicable, for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised
in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a book-entry Warrant are exercised, a
notation shall be made to the records maintained by the Depositary, its nominee to each book-entry Warrant, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the
Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act covering the issuance of the
Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4, or a valid exemption from the
registration requirements of the Securities Act is available. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise
have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public
Warrants shall have paid the full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. Subject to Section 4.6 of this Agreement, a Registered Holder of Public Warrants may exercise its Public
Warrants only for a whole number of Ordinary Shares. In no event will the Company be required to net cash settle any Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant
to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary
Share, the Company shall round down to the nearest whole number the number of Ordinary Shares to be issued to such holder. Notwithstanding anything in this Agreement, for so long as any Private Placement Warrant is held by AVi8 Acquisition LLC, such
Private Placement Warrant will not be exercisable more than five (5) years from the effective date of the Registration Statement, in accordance with FINRA Rules. In addition, no such Private Placement Warrant will contain terms which allow AVi8
Acquisition LLC to receive or accrue cash dividends prior to the exercise of the Private Placement Warrants. 
 3.3.3 Valid Issuance.
All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

3.3.4 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued
shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed,
such person shall be deemed to have become the holder of such Ordinary Shares at the close of business on the next succeeding date on which the register of members or book-entry system are open. 

  
 7 

 3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in
the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a
holder, the Warrant Agent shall not affect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) (the “Maximum Percentage”) of the Ordinary Shares outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise
of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such
person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes
or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on
the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current
report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the transfer agent for
the Ordinary Shares setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to
such holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its
affiliates since the date as of which such number of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to
any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company. 

  
 8 

 4. Adjustments. 

4.1 Capitalization of Ordinary Shares. 

4.1.1 Share Dividends—Sub-Divisions. If after the date hereof, and subject to the
provisions of Section 4.6 below, the number of outstanding Ordinary Shares is increased by a share dividend payable in Ordinary Shares, issuance of Ordinary Shares from share premium or by a
sub-division of the Ordinary Shares, or other similar event, then, on the effective date of such share dividend, sub-division or similar event, the number of Ordinary
Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding Ordinary Shares. A rights offering to holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than
the “Fair Market Value” (as defined below) shall be deemed a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any
other equity securities sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided
by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for the Ordinary Shares, in determining the price payable for the Ordinary Shares, there
shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Ordinary Shares
as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such
rights. 
 4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a
dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company’s share capital into which the Warrants are convertible), other than
(a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination,
(d) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to approve an amendment to the Company’s Memorandum and Articles to modify the substance or timing of the Company’s
obligation to redeem 100% of the Ordinary Shares if the Company does not complete its initial Business Combination within the period set forth in the Company’s Memorandum and Articles or with respect to any other material provision relating to
shareholders’ rights or pre-Business Combination activity, or (e) in connection with the redemption of the Ordinary Shares included in the Units sold in the Offering upon the Company’s failure
to complete the Company’s initial Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each Ordinary Share in respect of
such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other
cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the
events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of
each Warrant) does not exceed $0.50. 

  
 9 

 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6 hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other similar event, then, on the effective date of
such consolidation, combination, reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding Ordinary Shares. 

4.3 Adjustments in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, the
Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the
Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter. 

4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary
Shares (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company
with or into another entity (other than a consolidation or merger in which the Company is the continuing entity and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the
Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares
were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative
Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such
election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights
held by shareholders of the Company as provided for in the Company’s Memorandum and Articles or as a result of the redemption of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the
Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the
Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule))
and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 

  
 10 

 
under the Exchange Act (or any successor rule)) more than 50% of the outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest
amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and
all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in this Section 4; provided, further, that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of
shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed
for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to
a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference, if positive, of (i) the Warrant Price in effect prior to such
reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below) (which amount determined under this clause (ii) shall not be less than zero). The
“Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets
(“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall be the volume weighted average price
of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT
function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the
remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other
cases, the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also
results in a change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of
this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per
share issuable upon exercise of the Warrant. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the
number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based; provided, however, that no adjustment
to the number of Ordinary Shares issuable upon exercise of a Warrant shall be required until cumulative adjustments amount to 1% or more of the number of Ordinary Shares 

  
 11 

 
issuable upon exercise of a Warrant as last adjusted; provided, further, that any such adjustments that are not made are carried forward and taken into account in any subsequent
adjustment. Notwithstanding the foregoing, all such carried forward adjustments shall be made (i) in connection with any subsequent adjustment that (taken together with such carried forward adjustments) would result in a change of at least 1%
in the number of Ordinary Shares issuable upon exercise of a Warrant and (ii) on the exercise date of any Warrant. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 in connection with which
an adjustment is made to the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for
such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

4.6 No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue a
fractional Ordinary Share upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder. 

4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of Ordinary Shares as is stated in the Warrants initially issued pursuant to this Agreement; provided,
however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 
 4.8 Other Events. In
case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants
in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants,
investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this
Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this
Section 4.8 (ii) as a result of any issuance of securities in connection with a Business Combination or (ii) solely as a result of an adjustment to the conversion ratio of the Company’s Class B ordinary
shares, $0.0001 par value per share, into Ordinary Shares. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

  
 12 

 5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of certificated warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new
Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon request. 
 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue
new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

5.3 Transfers of Fractions of Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange of
Warrants which would require the issuance of a Warrant certificate or book-entry position for a fraction of a Warrant, except as part of the Units. 

5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose. 
 5.6 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be
transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating
to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment
Date. 
 6. Redemption. 

6.1 Redemption of Warrants for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below,
at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective
registration statement covering the Ordinary Shares issuable upon exercise of the Warrants at the time of redemption, and a current prospectus relating thereto, available throughout the 30-day Redemption
Period (as defined in Section 6.3 below). 

  
 13 

 6.2 Redemption of Warrants for Ordinary Shares. Subject to
Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered
Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided, that the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance with
Section 4hereof). During the Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a
“cashless basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the
Warrants) and the “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2, the
“Redemption Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this
Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value
no later than one (1) Business Day after the ten (10) trading day period described above ends. 
  

																																					
	 	  	Fair Market Value of Class A Ordinary Shares	 
	 Redemption Date
 (period to
expiration of
 warrants)
	  	£$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	3$18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

  
 14 

 The exact Redemption Fair Market Value and Redemption Date may not be set forth in the table
above, in which case, if the Redemption Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole
Exercise shall be determined by a straight-line interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable. 
 The share prices set forth
in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Warrant Price is adjusted pursuant to Section 4 hereof. If the number of
shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a
fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The
number of shares in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the Warrant Price of a Warrant is adjusted, (a) in the case of an adjustment pursuant
to Section 4.4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the Warrant Price after such
adjustment and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior
to such adjustment less the decrease in the Warrant Price pursuant to such Warrant Price adjustment. In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 Ordinary Shares per Warrant (subject to
adjustment). 
 6.3 Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects
to redeem the Warrants pursuant to Section 6.1or Section 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall
appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption
Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1or 6.2, as applicable, and (b) “Reference Value” shall mean the last reported sales price of
the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given. 

6.4 Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the
Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

  
 15 

 6.5 Exclusion of Private Placement Warrants. The Company agrees that the redemption
rights provided in this Section 6 shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees. However,
once such Private Placement Warrants are transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the Private Placement Warrants pursuant to Section 6.1 or
6.2 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to
Section 6.4. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement.

 7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1 No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of
directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of
like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone. The Warrant Agent may, at its option, countersign replacement Warrants for mutilated certificates upon presentation thereof without such indemnity. 

7.3 Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 
 7.4
Registration of Ordinary Shares; Cashless Exercise at Company’s Option. 
 7.4.1 Registration of the Ordinary Shares. The
Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement, and a current prospectus relating thereto, until the 

  
 16 

 
expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Company’s initial Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Company’s initial Business Combination and ending upon such
registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to
exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) or another exemption) for that number of Ordinary Shares equal to the lesser
of (A) the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Cashless Fair Market Value” (as defined below) over the Warrant Price by
(y) the Cashless Fair Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1, “Cashless Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares for the ten
(10) trading days ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is
received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for
the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the
Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not (and has not been during the preceding three months) an affiliate (as such term is
defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until
all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 

7.4.2 Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Warrant not listed on a
national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor statute), the Company may, at its option, require holders of Public Warrants who
exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) as described in subsection 7.4.1 and, in the event the Company
so elects, the Company shall not be required to (x) file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in
this Agreement to the contrary or (ii) use its commercially reasonable efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the Public Warrants under the blue sky laws of the state of residence of the exercising
Public Warrant holder to the extent an exemption is available. 

  
 17 

 8. Concerning the Warrant Agent and Other Matters. 

8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company and the Warrant Agent shall not be obligated to pay any transfer taxes in respect of the Warrants or such Ordinary Shares.

 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be authorized under applicable laws to exercise the powers of a transfer agent
and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with
like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an
instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any
and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 

8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment. 

8.2.3 Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be
consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

  
 18 

 8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4 Liability of Warrant Agent. 

8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, the President or the Secretary or other principal officer of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own, or its representatives’, gross negligence, willful
misconduct, bad faith or material breach of this Agreement. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s, or its representatives’, gross negligence, willful misconduct, bad faith or material breach of this Agreement. 

8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any
Ordinary Shares shall, when issued, be valid and fully paid and non-assessable. 
 8.5 Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to
Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of the Warrants. 

  
 19 

 8.6 Waiver. The Warrant Agent has no right of
set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement,
dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.
The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 

9. Miscellaneous Provisions. 

9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice, statement or demand authorized by
this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Talon 1 Acquisition Corp. 
 2333
Ponce de Leon Blvd., Suite 630 
 Coral Gables, FL 33134 

Attention: Chief Financial Officer 

With copies to: 
 Cozen
O’Connor P.C. 
 33 South 6th Street, Suite 3800 

Minneapolis, MN 55402 

Attention: Christopher J. Bellini and Martin T. Schrier 

Email: cbellini@cozen.com and mschrier@cozen.com 

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the
Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 

New York, NY 10004 
 Attention:
Compliance Department 
 9.3 Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall
be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of 

  
 20 

 
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought
and enforced in the courts of the City of New York, County of New York, State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce (i) any
liability or duty created by the Exchange Act or the rules and regulations thereunder for which Section 27 of the Exchange Act creates exclusive federal jurisdiction, (ii) with respect to suits brought in federal courts, any duty or
liability created by the Securities Act or the rules and regulations thereunder for which Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts or (iii) any other claim for which the federal district
courts of the United States of America are the sole and exclusive forum. 
 9.4 Compliance and Confidentiality. The Warrant Agent
shall perform its duties under this Agreement in compliance with all applicable laws, including those relating to privacy, data protection and information security (such as the Cayman Islands Data Protection Law, 2017, the General Data Protection
Regulation (EU) 2016/679 and the California Consumer Privacy Act, as applicable), shall keep confidential all information (including personally identifiable information and personal data) relating to this Agreement and, except as required by
applicable law, shall not use such information for any purpose other than the performance of the Warrant Agent’s obligations under this Agreement. 

9.5 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

9.6 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent. 

9.7 Counterparts; Electronic Signatures. This Agreement may be executed in any number of original or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect
and enforceability as an original signature. 
 9.8 Effect of Headings. The section headings herein are for convenience only and are
not part of this Agreement and shall not affect the interpretation thereof. 

  
 21 

 9.9 Amendments. This Agreement may be amended by the parties hereto without the
consent of any Registered Holder (i) for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions
arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders and (ii) to provide for the delivery of Alternative Issuance pursuant to
Section 4.4. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require the vote or written consent of the Registered Holders of
65% of the number of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants, 65% of the number of the then outstanding Private Placement Warrants. Notwithstanding the foregoing,
the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

9.10 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 
 Exhibit A
– Form of Warrant Certificate 
 Exhibit B – Legend Private Placement Warrants 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	 TALON 1 ACQUISITION CORP.

		
	 By:
	 	 
		 	 Name:

	  
	 	 Title:

	
	 CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, as Warrant Agent

		
	 By:
	 	 
		 	 Name:

	  
	 	 Title:

 [Signature Page to Warrant Agreement] 

 EXHIBIT A 

[Form of Warrant Certificate] 

[FACE] 
 Number 

Warrants 
 THIS WARRANT
SHALL BE NULL AND VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD 
 PROVIDED FOR IN THE WARRANT AGREEMENT
DESCRIBED BELOW 
 TALON 1 ACQUISITION CORP. 

Incorporated Under the Laws of the Cayman Islands 

CUSIP 
 Warrant Certificate

 This Warrant Certificate certifies that, or registered assigns, is the registered holder of warrant(s) evidenced hereby (the
“Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, par value $0.0001 per share (“Ordinary Shares”), of Talon 1 Acquisition Corp., a Cayman Islands exempted company incorporated with limited
liability (the “Company”). Each whole Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Warrant Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the
conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. No
fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company will, upon exercise, round down to the nearest whole
number of Ordinary Shares to be issued to the holder of the Warrant. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 

The initial Warrant Price per Ordinary Share for each Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement. 

  
 A-1 

 Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised
only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become null and void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant Agreement. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed by and
construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 
  

			
	 TALON 1 ACQUISITION CORP.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	 CONTINENTAL STOCK

TRANSFER & TRUST COMPANY,

as Warrant Agent

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 A-2 

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [___], 2021 (the
“Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (or successor warrant agent) (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of
the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may
be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement
(or through “cashless exercise” as provided for in the Warrant Agreement) at the designated office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless
exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon the occurrence of certain
events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. 

Warrant Certificates, when surrendered at the designated office of the Warrant Agent by the Registered Holder thereof in person or by legal
representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant
Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of transfer of
this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

  
 A-3 

 The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitle any holder hereof to any rights of a shareholder of the Company. 

  
 A-4 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive Ordinary Shares and
herewith tenders payment for such Ordinary Shares to the order of Talon 1 Acquisition Corp. (the “Company”) in the amount of $in accordance with the terms hereof. The undersigned requests that the register of members of the
Company be updated to reflect the issuance of such Ordinary Shares and a certificate for such Ordinary Shares be registered in the name of , whose address is and that such Ordinary Shares be delivered to whose address is . If said number of Ordinary
Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of , whose address is and that such
Warrant Certificate be delivered to , whose address is . 
 In the event that the Warrant has been called for redemption by the Company
pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise (as defined in Section 6.2 of the Warrant Agreement), the
number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) and Section 6.2 of the Warrant Agreement. 

In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to
subsection 3.3.1(b) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) of the Warrant Agreement. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to
Section 7.4 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary Shares. If said number of Ordinary Shares is less than all
of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of , whose
address is and that such Warrant Certificate be delivered to , whose address is . 
 [Signature Page follows] 

  
 A-5 

 Date:___________, 20__ 

 

	
	 
	 (Signature)

	
	 
	 
	 
	 (Address)

	
	 
	 (Tax Identification Number)

 Signature Guaranteed: 
 THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SECURITIES AND EXCHANGE
COMMISSION RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED). 

  
 A-6 

 EXHIBIT B 

LEGEND 
 “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG TALON 1 ACQUISITION CORP. (THE
“COMPANY”), AVI8 ACQUISITION LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES
ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH
TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE
ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

  
 B-1

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