Document:

Prepared by R.R. Donnelley Financial -- EX-10.20

 Exhibit 10.20 

EXECUTION COPY 
 Guarantee
Extension Agreement 
 This Guarantee Extension Agreement (this “Agreement”) dated as of 5 March 2013 (the
“Guarantee Extension Agreement Effective Date”), is made and entered into between Sanofi, a French Société Anonyme (“Sanofi”) and Scynexis, Inc., a Delaware corporation (“Scynexis”,
together with Sanofi, the “Parties”). 
 RECITALS 

WHEREAS, SCYNEXIS and HSBC Bank USA, National Association (“HSBC”) entered into a credit facility on April 9, 2010 in
the total principal amount of USD 15,000,000 the “Facility”); 
 WHEREAS, Sanofi and HSBC entered into that certain
Stand-Alone First Demand Guarantee, dated as of April 9, 2010, as in effect at any given time (the “Guarantee”) by which Sanofi guaranteed the Facility; 

WHEREAS, the Parties entered into that certain Reimbursement Agreement; General Security Agreement dated as of April 9, 2010 (the
“Security Agreement”); 
 WHEREAS, the Parties entered into that certain Addendum dated April 9, 2010 (the
“Addendum”) whereby Scynexis agreed to use the proceeds of certain transactions to repay amounts owing to HSBC under the Facility under the conditions specified therein; 

WHEREAS, Scynexis and HSBC contemplate amending the Facility to provide postponement of the Maturity Date (as defined in the Facility) of the
Facility to 31 December 2014, by entering into that certain First Amendment to Facility, a final draft of which is attached hereto as Exhibit C (the “First Amendment to Facility”, and collectively with the Facility as
amended thereby, the “Amended Facility”); 
 WHEREAS, Scynexis has requested that Sanofi amend and extend the Expiration
Date of the Guarantee (as defined therein) to and including 30 January 2015; 
 WHEREAS, Sanofi is willing to amend and extend such
Expiration Date of the Guarantee subject to: (i) receipt by Sanofi and Merial of the Observer Agreements (defined below) and, (ii) other terms hereunder; 

WHEREAS, as a condition to and in consideration of the amendment and extension of the Guarantee, Sanofi requires that Scynexis enter into this
Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties
agree as follows: 

  
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 SECTION 1. CONDITIONS PRECEDENT 

Sanofi shall procure extension of the Guarantee to 30 January 2015, in form and substance satisfactory to Sanofi and HSBC, no later than
on 11 March 2013, close of business (New York time) and this Agreement shall become effective, provided all of the following conditions precedent are met: 
  

	 	A.	Sanofi Board Observation Rights. Scynexis shall have fully executed and delivered to Sanofi that certain Board Observation Rights Agreement by and between Parties, substantially in the same form as the form
attached hereto as Exhibit A, no later than on      March 2013 (the “Sanofi Observer Agreement”). 

  

	 	B.	Merial Board Observation Rights. Scynexis shall have fully executed and delivered to Merial Limited (“Merial”) that certain Board Observation Rights Agreement by and between Scynexis and Merial,
substantially in the same form as the form attached hereto as Exhibit B, no later than on 6 March 2013 (the “Merial Observer Agreement”, together with the Sanofi Observer Agreement, the “Observer
Agreements”). 

  

	 	C.	Execution. Sanofi shall have received this Agreement duly executed and delivered by Scynexis no later than on 6 March 2013. 

 

	 	D.	Fourth Amended and Restated Investors Rights Agreement. No later than on 7 March 2013, Scynexis shall have delivered to each of Merial and Sanofi an original copy fully executed by Scynexis and the relevant
shareholders of a Fourth Amended and Restated Investor Rights Agreement (the “Fourth Amendment Agreement”), it being acknowledged and agreed that pdf signature pages shall be sufficient for purposes of this condition.

  

	 	E.	Absence of Default. As of 11 March 2013, no Default or Event of Default under the Facility or the Security Agreement and no GEA EOD (as defined below) under this Agreement shall have occurred or be
continuing. 

  

	 	F.	Representations and Warranties. All representations and warranties of Scynexis contained in the Security Agreement, in this Agreement, and in the Observer Agreements shall be true and correct in all respects with
the same effect as though such representations and warranties had been made as of the Guarantee Extension Agreement Effective Date. 

  

	 	G.	Additional Documents. Sanofi shall have received such other statements, opinions, certificates, documents, and information with respect to the matters contemplated by this Agreement, the Observer Agreements, the
Fourth Amendment Agreement, the Security Agreement, the Guarantee, the Facility and/or the First Amendment to the Facility as Sanofi may reasonably request. 

  
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 SECTION 2. COVENANTS 

Until the later of (i) all obligations of Sanofi under or in connection with the Guarantee (whether current, future, actual or
contingent) irrevocably terminating and (ii) Sanofi having been irrevocably indemnified (by cash payment) in full by Scynexis for all amounts Sanofi shall have paid (if any) under or in connection with the Guarantee, Scynexis covenants to
Sanofi that: 
  

	 	A.	Notice of HSBC Correspondence. Scynexis shall immediately forward any notice or correspondence from HSBC concerning either the Revolving Facility or the Term Facility (as defined in the Facility) other than mere
interest rate fixing notices to Sanofi at the address listed in Section 5.B. 

  

	 	B.	Notice of Insolvency. Scynexis will promptly provide notice to Sanofi at the address named in Section 5.B. upon occurrence of or anticipation of insolvency as contained in Section 7(f) of the
Facility. 

  

	 	C.	 Financial Statements, Reports, Certificates. Scynexis shall deliver to Sanofi: (i) as soon as available, but in any event within 30 days
after the end of each calendar month, a company prepared consolidated and consolidating balance sheet, income statement, and statement of cash flows covering Scynexis’s operations during such period, in a form and substance reasonably
acceptable to Sanofi and certified by a Responsible Officer; (ii) (a) as soon as available, but in any event within 45 days of the end of each fiscal quarter the consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows of Scynexis and its subsidiaries as of the end of and for such fiscal quarter, each prepared in accordance with GAAP, and (b) in the case of the financial statements referred to in the foregoing clause
(a), a certification by the chief financial officer of Scynexis to the effect that such consolidated financial statements present fairly in all material respects the financial conditions and results of operations of Scynexis and its subsidiaries on
a consolidated basis in accordance with GAAP, consistently applied (subject to normal year-end adjustments); (iii) as applicable, (a) as soon as available, but in any event within 60 days of the end of each fiscal semi-annual period the
consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows of Scynexis and its subsidiaries as of the end of and for such fiscal semi-annual period, each prepared in accordance with GAAP, and
(b) in the case of the financial statements referred to in the foregoing clause (a), a certification by the chief financial officer of Scynexis to the effect that such consolidated financial statements present fairly in all material respects
the financial conditions and results of operations of Scynexis and its subsidiaries on a consolidated basis in accordance with GAAP, consistently applied (subject to normal year-end adjustments); (iv) as soon as available, but in any event
within 150 days after the end of Scynexis’s fiscal year, audited consolidated and consolidating financial statements of Scynexis prepared in accordance with generally acceptable accounting principles, consistently applied; (v) an annual
budget, approved by Scynexis’s Board of Directors, as soon as available but not later than 15 days after the 

  
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beginning of each fiscal year of Scynexis during the term of this Agreement; (vi) if applicable, copies of all statements, reports and notices sent or made available by Scynexis to any
holders of Subordinated Debt; (vii) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Scynexis or any subsidiary that could reasonably be expected to result in damages or costs to Scynexis or
any subsidiary of $300,000 in aggregate or more; (viii) promptly upon receipt, each management letter prepared by Scynexis’s independent certified public accounting firm regarding Scynexis’s management control systems; and
(ix) such budgets, sales projections, operating plans or other financial information generally prepared by Scynexis in the ordinary course of business as Sanofi may reasonably request from time to time. 

 

	 	a.	In addition, Scynexis shall also furnish to Sanofi any other material information pertaining to: (i) the financial condition or prospects of Scynexis; (ii) the ability of Scynexis to service the HSBC credit
under the Facility as amended from time to time; (iii) the terms of the Credit Agreement; (iv) the Collateral (as defined in the Security Agreement) granted to Sanofi by the Security Agreement; (v) the terms of the Security Agreement,
(vi) the terms of the Guarantee, or (vii) any change in the status of items (i)-(vi) above. 

  

	 	b.	At the same time as the financial statements required above for Scynexis are delivered, Scynexis shall deliver to Sanofi a certificate signed by Scynexis’ chief financial officer to the effect that, with reference
to the circumstances and facts then prevailing, no GEA EOD (as defined below), no Event of Default as defined in Section 12 of the Security Agreement, no failure to comply with the terms of the Addendum thereof dated 9 April 2010,
no Event of Default as defined in Section 7 of the Amended Facility, and no event which, with the giving of notice or the lapse of time, or both, would constitute such an event of default, has occurred and is continuing (any such event
of default or default, a “Credit Event”). 

  

	 	c.	As soon as possible, and in any event within three (3) calendar days after becoming aware of the occurrence of a Credit Event, Scynexis shall deliver to Sanofi a written statement of a Responsible Officer
satisfactory to Sanofi setting forth details of the Credit Event, and the action which Scynexis has taken or proposes to take with respect thereto. 

For the purposes of this Agreement, “Responsible Officer” shall mean each of the Chief Executive Officer, or the Chief
Financial Officer of Scynexis. For the purposes of this Agreement, “Subordinated Debt” shall mean any debt incurred by Scynexis that is subordinated in writing to the debt owing by Scynexis to Sanofi on terms reasonably acceptable
to Sanofi (and is identified as being such by Scynexis and Sanofi). 

  
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 SECTION 3. REPRESENTATIONS AND WARRANTIES. 

Scynexis represents and warrants to Sanofi that the following statements are true and correct in all material respects (and without limiting
the foregoing, that the following sections A, C, D, F, G, J, K, and L shall be true and correct on the Guarantee Extension Agreement Effective Date, on the extension of the Guarantee, on each day the commitment fee is payable under
Section 1.4 of the Amended Facility, on each repayment date under the Amended Facility, and on each interest payment date under the Amended Facility): 
  

	 	A.	Corporate Power and Authority. Scynexis has all requisite power and authority to enter into this Agreement, the Fourth Amendment Agreement, and the Observer Agreements and to carry out the transactions
contemplated by this Agreement, the Fourth Amendment Agreement, the Amended Facility, and the Observer Agreements. 

  

	 	B.	Authorization of Agreements. The execution and delivery of this Agreement, the Fourth Amendment Agreement, the First Amendment to the Facility, and the Observer Agreements by Scynexis has been duly authorized by
all necessary action on the part of Scynexis and any relevant Scynexis shareholder. 

  

	 	C.	Reaffirmation of Security Agreement Representations and Warranties. All representations and warranties contained in the Security Agreement, the First Amendment to the Facility, the Fourth Amendment Agreement and
the Observer Agreements are true and correct in all material respects as of the Guarantee Extension Agreement Effective Date, as of the effective date of the extension of the Guarantee, and as of the effective date of the First Amendment to
Facility. 

  

	 	D.	No Conflict. The execution, delivery and performance of this Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements by Scynexis does not and will not:
(i) violate: (A) any provision of any law or any governmental rule or regulation applicable to Scynexis; (B) the certificate or articles of incorporation or by-laws of Scynexis; or (C) any order, judgment or decree of any court
or other agency or government binding on Scynexis; (ii) conflict with, result in a breach or constitute (with or without due notice or lapse of time or both) a conflict, breach or default under any Contractual Obligation of Scynexis, which such
breach or default would give rise to any liability (or liabilities) and/or other payment obligation(s) of Scynexis (whether current, future, actual or contingent) of at least $300,000 in aggregate; or (iii) require any approval of stockholders,
members or partners or any approval or consent of any Person under any Contractual Obligation of Scynexis, except for such approvals or consents which will be obtained on or before the Guarantee Extension Agreement Effective Date and disclosed to
Sanofi. 

  
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 For the purposes of this Agreement, “Person” shall mean any individual, corporation, limited
liability company, partnership, joint venture, joint stock company, trust, land trust, business trust, employee benefit plan or trust, unincorporated organization or other entity. For the purposes of this Agreement, “Material Adverse
Effect” shall mean (a) a material adverse change in, or a material adverse effect upon, the assets, properties, operations, business, condition, or prospects (financial or otherwise) of Scynexis, (b) a material impairment of the
ability of any of Scynexis or an Affiliate of Scynexis to perform under any Loan Document (as defined in the Observer Agreements) to which it is a party, or (c) a material adverse effect upon the legality, validity, binding effect, or
enforceability against Scynexis of any Loan Document to which it is a party. For the purposes of this Agreement, “Contractual Obligations” shall mean as to any Person, any provision of any security issued by such Person or of any
agreement, undertaking, contract, indenture, mortgage, lien, deed of trust or other instrument or arrangement (whether in writing or otherwise) and whether now existing or contingent on some future event to which such Person is a party or by which
it or any of such Person’s property is or may become bound. 
  

	 	E.	No HSBC Correspondence. Scynexis has not received any notice or correspondence pertaining to, threatening, suggesting or stating that there has been or may have been an Event of Default or Default (as such terms
are defined in the Facility) under the Facility. 

  

	 	F.	Solvent; No Fraudulent Transfer. No event or circumstance contemplated by Section 7(f) of the Facility with respect to Scynexis has occurred and consummation of the transactions contemplated by this
Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements, will cause the occurrence of any such event or circumstance. No transfer of property is being made and no obligation is being incurred by
Scynexis or any subsidiary in connection with the transactions contemplated by this Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements with the intent or where the effect is to hinder, delay or
defraud either present or future creditors of Scynexis or any subsidiary. 

  

	 	G.	Outstanding Balance. Scynexis has provided to Sanofi a summary of the outstanding balance of both the Revolving Facility and the Term Facility as of the Guarantee Extension Agreement Effective Date.

  

	 	H.	Binding Obligation. This Agreement, the Fourth Amendment Agreement, the First Amendment to Facility, and the Observer Agreements have been duly executed and delivered by Scynexis and this Agreement, the Fourth
Amendment Agreement, the First Amendment to Facility, and the Observer Agreements are the legally valid and binding obligations of Scynexis, enforceable against Scynexis in accordance with their respective terms. 

 

	 	I.	Absence of Default – Omnibus. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement, the Fourth Amendment Agreement, the First
Amendment to Facility, or the Observer Agreements that would constitute an Event of Default or Default (as defined in the Facility). 

  
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	 	J.	Absence of Default – Security Agreement and Amended Facility. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement, the Fourth
Amendment Agreement, the First Amendment to Facility, or the Observer Agreements that would constitute an Event of Default or Default under the Security Agreement or the Amended Facility. 

 

	 	K.	Absence of Guarantee Extension Agreement Event of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement, the Fourth Amendment
Agreement, the First Amendment to Facility, or the Observer Agreements that would constitute an Event of Default or Default under the Guarantee Extension Agreement. 

SECTION 4. GUARANTEE EXTENSION AGREEMENT EVENTS OF DEFAULT 

The following shall constitute Guarantee Extension Agreement Events of Default (each, a “GEA EOD”) hereunder: 

 

	 	A.	Any representation or warranty made (i) by Scynexis in this Guarantee Extension Agreement or any related document or in connection with the extension of the Guarantee or (ii) in any certificate, statement or
report made in compliance with this Guarantee Extension Agreement shall prove to have been false in any respect when made, repeated, and deemed repeated. 

  

	 	B.	Any covenant made by Scynexis in this Guarantee Extension Agreement or any related document or in connection with the extension of the Guarantee or made in compliance with this Guarantee Extension Agreement shall prove
to have materially not have been complied with. 

  

	 	C.	Any covenant made (i) by Scynexis in this Guarantee Extension Agreement or any related document or in connection with the extension of the Guarantee or (ii) in any certificate, statement or report made in
compliance with this Guarantee Extension Agreement shall have proved to have been breached, provided that the following grace periods apply: 

  

	 	a.	Under Section 2.A. of this Agreement: 

  

	 	i.	Five (5) Business Days, where the correspondence does not relate to an Event of Default under Section 7 of the Facility, 

 

	 	ii.	Two (2) Business Days, where the correspondence does relate to an Event of Default under Section 7 of the Facility, 

 

	 	b.	Under Section 2.B. of this Agreement, there is no grace period, 

  

	 	c.	Under Section 2.C. of this Agreement, five (5) Business Days. 

 For the purposes of this
Agreement, “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which commercial banks are authorized or required to close in New York. 

  
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 SECTION 5. MISCELLANEOUS 
  

	 	A.	Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the State of North Carolina, without giving effect to applicable principles of conflicts of laws
thereof. 

  

	 	B.	Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made as of the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

if to Sanofi: 
 Sanofi 

54 rue La Boétie 
 75008
Paris, France 
 Attention: Marie Debans; Corinne Cervantes; Alexander de Daranyi 

with a copy to: 
 Life Sciences
Law 
 870 Martin Luther King, Jr. Blvd. 

Chapel Hill, NC 27514 
 Attention:
Sheila Mikhail 
 if to Scynexis: 

3501 C Tricenter Boulevard 

Durham, North Carolina 27713 

Attn: Yves Ribeill, Ph.D 

          President and Chief Executive Officer 

Tel: (919) 544-8600 
 Fax:
(919) 544-8697 
  

	 	C.	Terms Defined. As used herein, capitalized terms shall have the meanings given to them in the Facility, as in effect at any given time, except as otherwise defined herein, or as the context otherwise requires,
provided that, the definitions of Preferred Stock and Holders shall have the meanings given to them in the Fourth Amendment Agreement. 

  

	 	D.	 Waiver. On or prior to the Guarantee Extension Agreement Effective Date, and contingent upon Scynexis fully executing and delivering that
certain Certificate attached to the HEOS Waiver (as defined below), Sanofi has waived in writing, all of its rights in connection with HEOS ® information management software, together with all
parts, accessories, attachments, replacements thereof and additions thereto other than any 

  
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hardware including any tangible Collateral (as defined in the Security Agreement) in which such elements have been uploaded in the past (collectively, the “HEOS Software” the
waiver referred to as the “HEOS Waiver”), as further described in the HEOS Waiver, attached hereto as Exhibit D. Any inaccuracy of any representation or warranty and any breach of any covenant hereunder arising in connection
with the HEOS Software shall not constitute a breach hereunder to the extent waived in the HEOS Waiver. 

  

	 	E.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original agreement, but all of which together shall constitute one and the same agreement.

  

	 	F.	Entire Agreement. This Agreement, and the terms and provisions hereof, constitute the entire understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersedes any and
all prior or contemporaneous amendments or understandings with respect to the subject matter hereof; whether express or implied, oral or written. 

  

	 	G.	Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	 	H.	Further Assurances. The Parties each, at any time or from time to time shall execute and deliver or cause to be executed and delivered such further assurances, instruments, consents, waivers, or documents as may
be reasonably necessary to fulfill the terms and conditions of this Agreement. The responsible party shall promptly cure any defects in the execution and delivery of the documents evidencing the granting of the board observer rights and immediately
execute and deliver to the other Party all such other and further instruments as may be reasonably required from time to time in order to satisfy or comply with the covenants and agreements made in this Agreement. 

 

	 	I.	Specific Performance. Irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with the terms hereof, and the Parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

  

	 	J.	 Venue. SCYNEXIS HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE BROUGHT EXCLUSIVELY IN THE FEDERAL AND STATE COURTS LOCATED IN THE STATE OF NORTH CAROLINA AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE

  
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PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH COURTS ARE AN INCONVENIENT FORUM. SCYNEXIS HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF THE
AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 5.B. OF THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10
DAYS AFTER SUCH MAILING. 

 [SIGNATURE PAGE FOLLOWS) 

  
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 IN WITNESS WHEREOF, Scynexis and Sanofi have caused this Agreement to be executed by their
respective duly authorized agents or officers, to be effective as of the Effective Date. 
  

			
	SCYNEXIS, INC.
		
	By:	 	/s/ Yves Ribeill
	Name:	 	Yves Ribeill
	Title:	 	President and CEO
	
	SANOFI
		
	By:	 	/s/ Jerome Contamine
	Name:	 	Jerome Contamine
	Title:	 	Executive Vice President, Chief Financial Officer

  
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 Exhibit A 

Sanofi Board Observation Rights Agreement 

 BOARD OBSERVATION RIGHTS AGREEMENT 

This Board Observation Rights Agreement (this “Agreement”) is made and entered into as of 5 March 2013 (the
“Effective Date”) by and between Sanofi, a French Société Anonyme (“Sanofi”), and Scynexis, Inc,, a Delaware corporation (“Scynexis”, together with Sanofi, the
“Parties”). 
 RECITALS 

WHEREAS, Sanofi and HSBC Bank USA, National Association (“HSBC”) entered into that certain Stand-Alone First Demand
Guarantee, dated as of April 9, 2010, as subsequently amended (the “Guarantee”), whereby Sanofi guaranteed the loan; 

WHEREAS, the Parties entered into that certain Reimbursement Agreement; General Security Agreement dated as of April 9, 2010 (the
“Security Agreement”); 
 WHEREAS, Scynexis has requested that Sanofi amend and extend the Expiration Date of the Guarantee
(as defined therein) to and including 30 January 2015; 
 WHEREAS, Sanofi is willing to amend and extend the Expiration Date of the
Guarantee, subject to the terms of that certain Guarantee Extension Agreement dated as of 5 March 2013, by and between Parties (the “GEA”); 

WHEREAS, in consideration of the amendment and extension of the Guarantee, Sanofi requires that Scynexis obtain all necessary consents to
grant and shall subsequently grant Sanofi and Merial Limited (“Merial”) board observation rights; 
 WHEREAS, Merial is the
Animal Health Division of Sanofi; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties agree as follows: 
 SECTION 1. RIGHTS GRANTED 

As consideration for the amendment and extension of the Guarantee, Scynexis hereby grants Sanofi the following rights: 

 

	 	A.	Additional Observer Rights. In addition to the contractual board observer rights Sanofi shall be entitled to in Section 1.B. below, Sanofi shall be entitled to receive and Scynexis shall furnish:
(a) nonpublic financial information about Scynexis; (b) the same financial information as set forth in Sections 3.1(a), (b) and (c) of that certain Fourth Amended and Restated Investor Rights Agreement of
Scynexis dated as of 5 March 2013 (the “Fourth Amended and Restated Investor Rights Agreement”); and (c) inspection rights equivalent to the rights set out in Section 3.2 of the Fourth Amended and Restated
Investor Rights Agreement. 

  
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	 	B.	Sanofi Observer. Until the later of (i) all obligations of Sanofi under or in connection with the Guarantee (whether current, future, actual or contingent) irrevocably terminating and (ii) Sanofi having
been irrevocably indemnified (by cash payment) in full by Scynexis for all amounts Sanofi shall have paid (if any) under or in connection with the Guarantee, Scynexis shall invite Sanofi, and Sanofi shall have the right, but not the obligation, to
designate one (1) individual who shall be reasonably acceptable to Scynexis, which consent shall not be unreasonably withheld, conditioned, or delayed (the “Sanofi Observer”) to attend in a nonvoting observer capacity all
meetings of the Board of Directors of Scynexis (the “Scynexis Board”), provided that, Sanofi will exercise reasonableness when deciding whether to send such Sanofi Observer to any meeting of the Scynexis Board taking
into consideration available meeting space, and in connection therewith, Scynexis shall give the Sanofi Observer copies of all notices, minutes, consents and other materials, financial or otherwise, which Scynexis provides to the Scynexis Board;
provided, however, that Scynexis reserves the right to exclude the Sanofi Observer from access to any material or meeting or portion thereof if Scynexis believes upon advice of counsel that such exclusion is reasonably necessary to
preserve the attorney-client privilege between Scynexis and its counsel, to protect highly confidential information, or if the information relates to a transaction or arrangement with a third party whose business is competitive with the business of
Sanofi or its affiliates and the Scynexis Board reasonably determines that it is in the best interest of Scynexis to withhold such information from Sanofi Observer; provided that such exclusion of the Sanofi Observer is to the minimum
extent required to preserve the attorney-client privilege, to protect highly confidential information, or to protect competitive third parties interests, as applicable. 

 

	 	C.	 Confidentiality. Sanofi Observer agrees to use, and to use the same degree of care that Sanofi Observer uses to protect its own confidential
information and to keep confidential any information furnished to it pursuant to Sections 3.1 and 3.2 of the Fourth Amended and Restated Investor Rights Agreement that Scynexis identifies as being confidential or proprietary (so
long as such information is not in the public domain), except that Sanofi Observer may disclose such proprietary or confidential information to any subsidiary, affiliate or parent of Sanofi as long as such subsidiary, affiliate or parent is advised
of the confidentiality provisions of this Section 1.C. Sanofi Observer shall have no obligations of confidentiality or non-use with respect to information (i) at such time as it enters the public domain through no fault of Sanofi
Observer; (ii) that is communicated to it by a third party free of any obligation of confidentiality to Scynexis known to Sanofi Observer; or (iii) that is developed by Sanofi Observer or its agents independently of and without reference
to any confidential information communicated by Scynexis. Without limiting the foregoing, 

  
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the Sanofi Observer may disclose all information provided to the Sanofi Observer in connection with the Sanofi Observer’s rights under this Agreement to Sanofi and to any subsidiary, parent
or affiliate of Sanofi, provided that, Sanofi Observer may not disclose any information provided to it that Scynexis identifies as being confidential or proprietary (unless the addressee of the disclosure is advised of the
confidentiality provisions of this Section 1.C.), except to the extent required to be disclosed by law, court order, or regulatory process, (but solely to the extent such information has not otherwise been disclosed by Scynexis to
Sanofi’s shareholders as a result of its ongoing business relationship). Nothing in this Agreement shall prevent disclosure to any stock exchange, subsidiary, affiliate, parent, attorney, tax authority, financial, antitrust, trade or life
science regulator, auditor, or accountant of Sanofi or of any subsidiary thereof. Sanofi and the Sanofi Observer shall have no fiduciary duty, including, without limitation, a duty of loyalty or care, to Scynexis or any shareholder of the Company,
under Delaware law or otherwise, with respect to or arising from Sanofi’s and the Sanofi Observer’s rights and position as a board observer or receipt of information from Scynexis. Notwithstanding any other provision in this Agreement, the
obligation of confidentiality and non-use of this Section 1.C. shall only apply to information which in the reasonable judgment of Scynexis and Sanofi from content and circumstances is confidential. 

 

	 	D.	Termination. The rights described in this Agreement shall terminate and be of no further force or effect upon the later of: (a) the first date that Sanofi and Sanofi’s affiliates no longer hold any
shares of Scynexis’s stock (or shares of Scynexis’s stock issued upon conversion thereof) or (b) Sanofi no longer has any obligations under the Guarantee and Scynexis no longer has any obligations under the Security Agreement. In
addition, Sanofi shall have the right to replace or terminate Sanofi Observer any time, without prior notice to Scynexis, and without cause. The confidentiality provision of this Agreement shall survive any termination for five (5) years.

 SECTION 2. REPRESENTATIONS AND WARRANTIES 

Scynexis represents and warrants to Sanofi as of the Effective Date that the following statements are true and correct in all material
respects: 
  

	 	A.	Corporate Power and Authority. Scynexis has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated by this Agreement. 

 

	 	B.	Authorization of Agreements. The execution and delivery of this Agreement by Scynexis has been duly authorized by all necessary action on the part of Scynexis. 

 

	 	C.	Necessary Consents. All necessary consents, approvals, waivers, instruments, amendments, registrations, and authorizations of all governmental authorities and other Persons, including, without limitation, the
Scynexis Board and shareholders of Scynexis, in connection with this Agreement have been obtained. 

  
 3 

	 	D.	No Conflict. The execution, delivery and performance of this Agreement by Scynexis does not and will not: (i) violate: (A) any provision of any law or any governmental rule or regulation applicable to
Scynexis; (B) the certificate or articles of incorporation or partnership agreement or other agreements by which Scynexis is bound, other constitutive documents or by-laws of the Scynexis; or (C) any order, judgment or decree of any court
or other agency or government binding on the Scynexis; (ii) conflict with, result in a breach or constitute (with or without due notice or lapse of time or both) a conflict, breach or default under any Contractual Obligation of Scynexis, except
to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, or has otherwise been specifically waived by Sanofi, in writing; or (iii) require any approval of stockholders, directors,
members or partners or any approval or consent of any Person under any Contractual Obligation of Scynexis, except for such approvals or consents which will be obtained on or before the Effective Date and disclosed to Sanofi, and except for any such
approvals or consents the failure of which to obtain will not have a Material Adverse Effect. 

 For the purposes of this
Agreement, “Person” shall mean any individual, corporation, limited liability company, partnership, joint venture, joint stock company, trust, land trust, business trust, employee benefit plan or trust, unincorporated organization
or ether entity. For the purposes of this Agreement, “Material Adverse Effect” shall mean (a) a material adverse change in, or a material adverse effect upon, the assets, properties, operations, business, or condition
(financial or otherwise) of Scynexis, (b) a material impairment of the ability of Scynexis or an affiliate of Scynexis to perform under any Loan Document (as defined below) to which it is a party, or (c) a material adverse effect upon the
legality, validity, binding effect, or enforceability against Scynexis of any Loan Document to which it is a party. For the purposes of this Agreement, “Contractual Obligations” shall mean as to any Person, any provision of any
security issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which it or any of such
Person’s property is bound. For the purposes of this Agreement, “Loan Documents” shall mean the Security Agreement, the GEA, that Credit Agreement by and between HSBC and Scynexis, dated as of April 9, 2010 (the
“Credit Agreement”), as in effect at any given time, that certain Board Observation Rights Agreement, by and between Merial and Scynexis, dated as of      March 2013 (the “Merial BORA”)
and this Agreement. 

  
 4 

	 	E.	Binding Obligation. This Agreement has been duly executed and delivered by Scynexis and the Agreement is the legally valid and binding obligation of Scynexis, enforceable against Scynexis in accordance with its
respective terms. 

  

	 	F.	Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement that would constitute an Event or Default or Default (as defined
in the Facility). 

 SECTION 3. MISCELLANEOUS 
  

	 	A.	Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the State of North Carolina, without giving effect to applicable principles of conflicts of laws
thereof. 

  

	 	B.	Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made as of the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

if to Sanofi: 
 Sanofi 

54 rue La Boétie 
 75008
Paris, France 
 Attention: Marie Debans; Corinne Cervantes; Alexander de Daranyi 

with a copy to: 
 Life Sciences
Law 
 870 Martin Luther King, Jr. Blvd. 

Chapel Hill, NC 27514 
 Attention:
Sheila Mikhail 
 if to Scynexis: 

3501C Tricenter Boulevard 

Durham, North Carolina 27713 

Attn: Yves Ribeill, Ph.D. 

          President and Chief Executive Officer 

Tel: (919) 544-8600 
 Fax:
(919) 544-8697 

  
 5 

	 	C.	Indemnity. Without prejudice to the provisions of Section 1.C. and without creating any implication that observer owes any fiduciary duties of any kind, including, without limitation, a duty of
loyalty or care, to Scynexis, its shareholders, its affiliates and other related Persons or any other person or entity, Scynexis shall, to the maximum extent legally permissible, indemnify, defend and hold harmless each and every person who may
serve or who has served at any time as a Sanofi Observer against any and all losses, costs, expenses and liabilities of any type, kind or nature, including, without limitation, counsel fees and expenses, judgments, fines, excise taxes, penalties and
settlement payments, or other costs, incurred by or imposed upon such person in connection with any threatened, pending or completed action, suit or proceeding, whether in law or in equity, in which he or she may become involved as a result of, by
virtue of being a Sanofi Observer, or by reason of his or her service in such capacity. 

 The indemnification provided
hereunder shall inure to the benefit of the heirs, executors and administrators of persons entitled to indemnification hereunder. The right of indemnification under this Section 3.C. shall be in addition to and not exclusive of all other
rights to which any person may be entitled. 
 No amendment or repeal of the provisions of this Section 3.C. which adversely
affects the right of an indemnified person under this Section 3.C. shall apply to such person with respect to those acts or omissions which occurred at any time prior to such amendment or repeal, unless such amendment or repeal was voted
by or was made with the written consent of Sanofi. 
  

	 	D.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original agreement, but all of which together shall constitute one and the same agreement.

  

	 	E.	Entire Agreement. This Agreement, and the terms and provisions hereof, constitute the entire understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersedes any and
all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 

  

	 	F.	Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	 	G.	 Further Assurances. The Parties each, at any time or from time to time, shall execute and deliver or cause to be executed and delivered such
further assurances, instruments, consents, waivers, or documents as may be reasonably necessary to fulfill the terms and conditions of this Agreement. The responsible party shall promptly cure any defects in the execution and delivery of the
documents evidencing 

  
 6 

	 	
the granting of the board observer rights and immediately execute and deliver to the other Party all such other and further instruments as may be reasonably required from time to time in order to
satisfy or comply with the covenants and agreements made in this Agreement. 

  

	 	H.	Specific Performance. Irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with the terms hereof, and the Parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

  

	 	I.	Venue. SCYNEXIS HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE
BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NORTH CAROLINA AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH
COURTS ARE AN INCONVENIENT FORUM. SCYNEXIS HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,
TO ITS ADDRESS SET FORTH IN SECTION 3.B. OF THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. 

[SIGNATURE PAGE FOLLOWS] 

  
 7 

 IN WITNESS WHEREOF, Scynexis and Sanofi have caused this Agreement to be executed by their
respective duly authorized agents or officers, to be effective as of the Effective Date. 
  

			
	SCYNEXIS, INC.
		
	By:	 	/s/ Yves Ribeill
	Name:	 	Yves Ribeill
	Title:	 	President and CEO
	
	SANOFI
		
	By:	 	/s/ Jérôme Contamine
	Name:	 	Jérôme Contamine
	Title:	 	Executive Vice President, Chief Financial Officer

  
 8 

 Exhibit B 

Merial Board Observation Rights Agreement 

 BOARD OBSERVATION RIGHTS AGREEMENT 

This Board Observation Rights Agreement (this “Agreement”) is made and entered into as of 8 March 2013 (the
“Effective Date”) by and between Merial Limited, a company domesticated in Delaware (“Merial”), and Scynexis, Inc., a Delaware corporation (“Scynexis”, together with Merial, the
“Parties”). 
 RECITALS 

WHEREAS, Sanofi, a French Société Anonyme (“Sanofi”), and HSBC Bank USA, National Association
(“HSBC”) entered into that certain Stand-Alone First Demand Guarantee, dated as of April 9, 2010, as subsequently amended (the “Guarantee”), whereby Sanofi guaranteed the loan; 

WHEREAS, Scynexis has requested that Sanofi amend and extend the Expiration Date of the Guarantee (as defined therein) to and including
30 January 2015; 
 WHEREAS, Sanofi is willing to amend and extend the Expiration Date of the Guarantee, subject to the terms of that
certain Guarantee Extension Agreement, dated as of      March 2013, by and between the Parties (the “GEA”); 

WHEREAS, in consideration of the amendment and extension of the Guarantee, Sanofi requires that Scynexis obtain all necessary consents to
grant and shall subsequently grant Sanofi and Merial board observation rights; 
 WHEREAS, Merial is the Animal Health Division of Sanofi;

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as
follows: 
 SECTION 1. RIGHTS GRANTED 

As consideration for the amendment and extension of the Guarantee, Scynexis hereby grants Merial the following rights: 

 

	 	A.	Additional Observer Rights. In addition to the contractual board observer rights Merial shall be entitled to in Section 1.B. below, Merial shall be entitled to receive and Scynexis shall furnish:
(a) nonpublic financial information about Scynexis; (b) the same financial information as set forth in Sections 3.1(a), (b) and (c) of that certain Fourth Amended and Restated Investor Rights Agreement
of Scynexis, dated as of March      2013 (the “Fourth Amended and Restated Investor Rights Agreement”); and (c) inspection rights equivalent to the rights set out in Section 3.2 of the
Fourth Amended and Restated Investor Rights Agreement. 

  
 1 

	 	B.	Merial Observer. Scynexis shall invite Merial, and Merial shall have the right, but not the obligation, to designate one (1) individual who shall be reasonably acceptable to Scynexis, during any period that
a representative of Merial is not a member of the Board of Directors of Scynexis (the “Scynexis Board”), which consent shall not be unreasonably withheld, conditioned, or delayed (the “Merial Observer”) to attend in
a nonvoting observer capacity all meetings of the Scynexis Board, and in connection therewith, Scynexis shall give the Merial Observer copies of all notices, minutes, consents and other materials, financial or otherwise, which Scynexis provides to
the Scynexis Board; provided, however, that Scynexis reserves the right to exclude the Merial Observer from access to any material or meeting or portion thereof if Scynexis believes upon advice of counsel that such exclusion is
reasonably necessary to preserve the attorney-client privilege between Scynexis and its counsel, to protect highly confidential information, or if the information relates to a transaction or arrangement with a third party whose business is
competitive with the business of Merial or its affiliates and the Scynexis Board reasonably determines that it is in the best interest of Scynexis to withhold such information from Merial; provided that such exclusion of the Merial Observer
is to the minimum extent required to preserve the attorney-client privilege, to protect highly confidential information, or to protect competitive third parties interests, as applicable. 

 

	 	C.	 Confidentiality. Merial Observer agrees to use, and to use the same degree of care that Merial Observer uses to protect its own confidential
information and to keep confidential any information furnished to it pursuant to Sections 3.1 and 3.2 of the Fourth Amended and Restated Investor Rights Agreement, that Scynexis identifies as being confidential or proprietary
(so long as such information is not in the public domain), except that Merial Observer may disclose such proprietary or confidential information to any subsidiary, affiliate or parent of Merial as long as such subsidiary, affiliate or parent is
advised of the confidentiality provisions of this Section 1.C. Merial Observer shall have no obligations of confidentiality or non-use with respect to information (i) at such time as it enters the public domain through no fault of
Merial; (ii) that is communicated to it by a third party free of any obligation of confidentiality to Scynexis known to Merial Observer; or (iii) that is developed by Merial Observer or its agents independently of and without reference to
any confidential information communicated by Scynexis. Without limiting the foregoing, the Merial Observer may disclose all information provided to the Merial Observer in connection with the Merial Observer’s rights under the this Agreement to
Merial, Sanofi and to any subsidiary, parent or affiliate of Sanofi, provided that, Merial Observer may not disclose any information provided to it that Scynexis identifies as being confidential or proprietary (unless the addressee of
the disclosure is advised of the confidentiality provisions of this Section 1.C.), except to the extent required to be disclosed by law, court order or regulatory process, (but solely to the extent such

  
 2 

	 	
information has not otherwise been disclosed by Scynexis to Merial’s shareholders as a result of its ongoing business relationship). Nothing in this Agreement shall prevent disclosure to any
stock exchange, subsidiary, affiliate, parent, attorney, tax authority, financial, antitrust, trade or life science regulator, auditors, accountants of Merial or of any parent or subsidiary thereof. Merial and the Merial Observer shall have no
fiduciary duty, including, without limitation, a duty of loyalty or care, to Scynexis or any shareholder of Scynexis, under Delaware law or otherwise, with respect to or arising from Merial’s and the Merial Observer’s rights and position
as a board observer or receipt of information from Scynexis. Notwithstanding any other provision in this Agreement, the obligation of confidentiality and non-use of this Section 1.C. shall only apply to information which in the
reasonable judgment of Scynexis and Merial from content and circumstances is confidential. 

  

	 	D.	Termination. The rights described in this Agreement shall terminate and be of no further force or effect upon the later of: (a) the first date that Merial and Merial’s affiliates no longer hold any
shares of Scynexis’s stock (or shares of Scynexis’s stock issued upon conversion thereof) or (b) Sanofi no longer has any obligations under the Guarantee and Scynexis no longer has any obligations under the Security Agreement.
In addition, Merial shall have the right to replace or terminate the Merial Observer any time, without prior notice to Scynexis, and without cause. The confidentiality provision of this Agreement shall survive any termination for five
(5) years. 

 SECTION 2. REPRESENTATIONS AND WARRANTIES 

Scynexis represents and warrants to Merial as of the Effective Date that the following statements are true and correct in all material
respects: 
  

	 	A.	Corporate Power and Authority. Scynexis has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated by this Agreement. 

 

	 	B.	Authorization of Agreements. The execution and delivery of this Agreement by Scynexis has been duly authorized by all necessary action on the part of Scynexis. 

 

	 	C.	Necessary Consents. All necessary consents, approvals, waivers, instruments, amendments, registrations, and authorizations of all governmental authorities and other Persons, including, without limitation, the
Scynexis Board and shareholders of Scynexis, in connection with this Agreement have been obtained. 

  

	 	D.	 No Conflict. The execution, delivery and performance of this Agreement by Scynexis does not and will not: (i) violate: (A) any
provision of any law or any governmental rule or regulation applicable to Scynexis; (B) the certificate or articles of incorporation or partnership agreement or other agreements by which Scynexis is bound, other constitutive documents or
by-laws of the Scynexis; or (C) any order, 

  
 3 

	 	
judgment or decree of any court or other agency or government binding on the Scynexis; (ii) conflict with, result in a breach or constitute (with or without due notice or lapse of time or
both) a conflict, breach or default under any Contractual Obligation of Scynexis, except to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, or has otherwise been specifically waived by
Sanofi in writing; or (iii) require any approval of stockholders, directors, members or partners or any approval or consent of any Person under any Contractual Obligation of Scynexis, except for such approvals or consents which will be obtained
on or before the Effective Date and disclosed to Merial, and except for any such approvals or consents the failure of which to obtain will not have a Material Adverse Effect. 

For the purposes of this Agreement, “Person” shall mean any individual, corporation, limited liability company, partnership,
joint venture, joint stock company, trust, land trust, business trust, employee benefit plan or trust, unincorporated organization or other entity. For the purposes of this Agreement, “Material Adverse Effect” shall mean (a) a
material adverse change in, or a material adverse effect upon, the assets, properties, operations, business, or condition (financial or otherwise) of Scynexis, (b) a material impairment of the ability of Scynexis or an affiliate of Scynexis to
perform under any Loan Document (as defined in the First Amendment to Credit Agreement) to which it is a party, or (c) a material adverse effect upon the legality, validity, binding effect, or enforceability against Scynexis of any Loan
Document to which it is a party. For the purposes of this Agreement, “Contractual Obligations” shall mean as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture,
mortgage, deed of trust or other instrument or arrangement (whether in writing or otherwise) to which such Person is a party or by which it or any of such Person’s property is bound. For the purposes of this Agreement, “Loan
Documents” shall mean that certain Security Agreement by and between Sanofi and Scynexis, dated as of April 9, 2010 (the “Security Agreement”), the GEA, that certain Facility, by and between Scynexis and HSBC, dated as
of April 9, 2010 (the “Facility”), as in effect at any given time, that certain Board Observation Rights Agreement, by and between Sanofi and Scynexis, dated as of March      2013 (the
“Sanofi BORA”) and this Agreement. 
  

	 	E.	Binding Obligation. This Agreement has been duly executed and delivered by Scynexis and the Agreement is the legally valid and binding obligation of Scynexis, enforceable against Scynexis in accordance with its
respective terms. 

  

	 	F.	Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Agreement that would constitute an Event of Default or Default (as defined
in the Facility). 

  
 4 

 SECTION 3. MISCELLANEOUS 
  

	 	A.	Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws of the State of North Carolina, without giving effect to applicable principles of conflicts of laws
thereof. 

  

	 	B.	Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made as of the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

if to Merial: 
 Merial Limited

 3239 Satellite Boulevard 

Duluth, Georgia 30096 
 Attention:
US General Counsel 
 Fax: 678-638-3960 

with a copy to: 
 Life Sciences
Law 
 870 Martin Luther King, Jr. Blvd. 

Chapel Hill, NC 27514 
 Attention:
Sheila Mikhail 
 if to Scynexis: 

3501C Tricenter Boulevard 

Durham, North Carolina 27713 

Attn: Yves Ribeill, Ph.D 

          President and Chief Executive Officer 

Tel: (919) 544-8600 
 Fax:
(919) 544-8697 
  

	 	C.	 Indemnity. Without prejudice to the provisions of Section 1.C. and without creating any implication that observer owes any
fiduciary duties of any kind, including, without limitation, a duty of loyalty or care, to Scynexis, its shareholders, its affiliates and other related Persons or any other person or entity, Scynexis shall, to the maximum extent legally permissible,
indemnify, defend and hold harmless each and every person who may serve or who has served at any time as a Merial Observer against any and all losses, costs, expenses and liabilities of any type, kind or nature, including, without limitation,
counsel fees and expenses, judgments, fines, excise taxes, penalties and settlement payments, or other costs, incurred by or imposed upon 

  
 5 

	 	
such person in connection with any threatened, pending or completed action, suit or proceeding, whether in law or in equity, in which he or she may become involved as a result of, by virtue of
being a Merial Observer, or by reason of his or her service in such capacity. 

 The indemnification provided hereunder shall
inure to the benefit of the heirs, executors and administrators of persons entitled to indemnification hereunder. The right of indemnification under this Section 3.C. shall be in addition to and not exclusive of all other rights to which
any person may be entitled. 
 No amendment or repeal of the provisions of this Section 3.C. which adversely affects the right of
an indemnified person under this Section 3.C. shall apply to such person with respect to those acts or omissions which occurred at any time prior to such amendment or repeal, unless such amendment or repeal was voted by or was made with
the written consent of Merial. 
  

	 	D.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original agreement, but all of which together shall constitute one and the same agreement.

  

	 	E.	Entire Agreement. This Agreement, and the terms and provisions hereof, constitute the entire understanding and agreement between the Parties hereto with respect to the subject matter hereof and supersedes any and
all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written. 

  

	 	F.	Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Agreement and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  

	 	G.	Further Assurances. The Parties each, at any time or from time to time, shall execute and deliver or cause to be executed and delivered such further assurances, instruments, consents, waivers, or documents as may
be reasonably necessary to fulfill the terms and conditions of this Agreement. The responsible party shall promptly cure any defects in the execution and delivery of the documents evidencing the granting of the board observer rights and immediately
execute and deliver to the other Party all such other and further instruments as may be reasonably required from time to time in order to satisfy or comply with the covenants and agreements made in this Agreement. 

 

	 	H.	Specific Performance. Irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with the terms hereof, and the Parties shall be entitled to specific performance of
the terms hereof, in addition to any other remedy at law or equity. 

  
 6 

	 	I.	Venue. SCYNEXIS HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY SHALL BE
BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF NORTH CAROLINA AND HEREBY EXPRESSLY SUBMITS TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH
COURTS ARE AN INCONVENIENT FORUM. SCYNEXIS HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,
TO ITS ADDRESS SET FORTH IN SECTION 3.B. OF THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. 

[SIGNATURE PAGE FOLLOWS] 

  
 7 

 IN WITNESS WHEREOF, Scynexis and Merial have caused this Agreement to be executed by their
respective duly authorized agents or officers, to be effective as of the Effective Date. 
  

			
	SCYNEXIS, INC.
		
	By:	 	/s/ Yves Ribeill
	Name:	 	Yves Ribeill
	Title:	 	President and CEO

  

			
	MERIAL LIMITED
		
	By:	 	/s/ Jose Barella
	Name:	 	Jose Barella
	Title:	 	Global Chairman

  
 8 

 Exhibit C 

Final Draft of First Amendment to Facility 

 AMENDMENT NO. 1 dated as of March 8, 2013 to the credit agreement referred to below (this
“Amendment No. 1”), between SCYNEXIS, INC., a corporation organized under the laws of Delaware (the “Company”), and HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association organized under the laws
of the United States of America (the “Bank”). 
 WHEREAS, the Company and the Bank are party to a credit agreement dated as
of April 9, 2010 (the “Existing Credit Agreement”), providing for revolving credit loans and a term loan to be made by the Bank to the Company in an aggregate principal amount of up to $15,000,000; and 

WHEREAS, the parties hereto desire to amend the Existing Credit Agreement in certain respects, including to extend the maturity thereof. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

Section 1. Definitions. Except as otherwise expressly defined herein, terms defined in the Existing Credit Agreement are used
herein as defined therein. 
 Section 2. Amendments. Subject to the satisfaction of the conditions precedent specified in
Section 4 below and to the accuracy, on the Effective Date (as defined below), of the representations and warranties contained in Section 3 below, the Existing Credit Agreement shall be amended as follows: 

2.01 References. References in the Existing Credit Agreement to “this Letter Agreement” (and indirect references such as
“hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Existing Credit Agreement as amended hereby. 

2.02 Extension of Maturity Date. Section 1.1(a) of the Existing Credit Agreement shall be amended by replacing the date “11
March, 2013” with the date “31 December, 2014”. 
 2.03 Interest Period. Section 1.8(a) of the Existing Credit
Agreement shall be amended by adding the words “(as to which term a quotation for the London interbank offered rate is published)” following the words “90 days”. 

Section 3. Representations and Warranties. The Company represents and warrants to the Bank that as of the date hereof both
immediately prior to and after giving effect to this Amendment No. 1 (a) the representations and warranties of the Company set forth in the Existing Credit Agreement are true and correct on and as of the date hereof as if made on and as of
the date hereof, as if each reference therein to “this Letter Agreement” included reference to this Amendment No. 1, and (b) no Event of Default or event which with notice or lapse of time or both would become an Event of
Default, has occurred and is continuing. 
 Section 4. Conditions Precedent. As provided in Section 2 above, the amendments
to the Existing Credit Agreement set forth in said Section 2 shall become effective subject to the satisfaction of the following conditions precedent on or before March 11, 2013 (the first date upon which such conditions shall have been
satisfied herein referred to as the “Effective Date”): 

  
 1 

 4.01 Documents. The Bank shall have received the following documents, each of which shall
be satisfactory to the Bank in form and substance: 
 (a) Amendment No. 1. An executed copy of this Amendment No. 1. 

(b) Secretary’s Certificate. A certificate from the Secretary of the Company certifying (i) as to the incumbency and
signature of each officer authorized to execute and deliver on behalf of the Company this Amendment No. 1, (ii) that attached thereto are the true and complete copies of the Certificate of Incorporation and the By-Laws of the Company and
all amendments thereto, and (iii) that attached thereto is a true and complete copy of the resolutions of the Board of Directors of the Company authorizing the execution, delivery and performance by the Company of this Amendment No. 1 (or,
in each case, written confirmation that such documents have not changed since those delivered in connection with the most recent amendment of the Existing Credit Agreement). 

(c) Confirmation and Extension of Guaranty. A letter from Sanofi (formerly, sanofi-aventis) extending the expiration date of the
Guaranty to January 30, 2015 and confirming that the Guaranty remains in full force and effect after giving effect to this Amendment No. 1. 

Section 5. Miscellaneous. Except as otherwise expressly set forth herein, nothing in this Amendment No. 1 shall be deemed to
constitute an amendment or modification of any provision of the Existing Credit Agreement. This Amendment No. 1 may be executed in any number of counterparts, all of which taken together shall constitute one and the same amendatory instrument
and any of the parties hereto may execute this Amendment No. 1 by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or other electronic transmission (i.e., a
“pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. This Amendment No. 1 shall be governed by, and construed in accordance with, the law of the State of New York. 

[signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. l to be duly executed and
delivered as of the day and year first above written. 
  

			
	 COMPANY
  

SCYNEXIS, INC.

		
	By: 	 	/s/ Yves Ribeill
		 	Name: Yves Ribeill
		 	Title: CEO & President

  

			
	 BANK
  

HSBC BANK USA, NATIONAL ASSOCIATION

		
	By: 	 	/s/ Courtney Wright
		 	Name: Courtney Wright
		 	 Title: Vice President

          Multinationals #19791

  
 3 

 Exhibit D 

HEOS Waiver 

 WAIVER 

REFERENCE IS HEREBY MADE to that certain Reimbursement Agreement; General Security Agreement by and between Sanofi, a French Société Anonyme
(“Secured Party”), and Scynexis, Inc., a Delaware Corporation (“Debtor”), dated as of April 9, 2010 (the “Security Agreement”). Unless otherwised defined herein, capitalized terms used in this
document shall have the meaning ascribed to them in the Security Agreement. 
 On the basis of the attached certificate executed by Charles F. Osborne, Jr.
in his personal capacity, on or about the date hereof, (i) the Secured Party hereby irrevocably acknowledges and agrees that the Debtor has disposed of all rights in HEOS® information
management software, together with all parts, accessories, attachments, replacements thereof and additions thereto other than any hardware including any tangible Collateral in which such elements have been uploaded in the past (collectively the
“HEOS Software”) and (ii) the Secured Party hereby irrevocably and unconditionally waives all licenses, rights (including, without limitation, any rights to sublicense the HEOS Software and any rights to assign or transfer its
rights to the HEOS Software, regardless of any past or future event giving rise to an Event of Default (as defined in the Security Agreement) or otherwise) and claims (whether current, future, actual or contingent) the Secured Party has or may have
with respect to the HEOS Software under or in connection with section 7 of the Security Agreement. 
  

			
	SANOFI
		
	By: 	 	/s/ Jerome Contamine
	Jérôme Contamine
	Executive Vice President, Chief Financial Officer

 Date: 8 March 2013 

  
 1 

 CONFIRMATION AND EXTENSION LETTER 

 

	To:	HSBC Bank USA, National Association, 

 452 Fifth Avenue, New York, NY 10018, USA 

(the “Bank”) 

11 March 2013 
 Dear Sirs, 

 

	1.	The undersigned, Sanofi, a société anonyme incorporated in France with a share capital of Euro 2,652,685,918 with its registered office at 54 rue de la Boétie, 75008 Paris registered with the
Paris Registry of Commerce and Companies (Registre du Commerce et des Sociétés) under number 395 030 844 (the “Guarantor”) refers to a first demand guarantee agreement entitled
“Stand-Alone First Demand Guarantee” (the “Guarantee”) dated 9 April 2010 entered into with the Bank as beneficiary. 

 

	2.	Unless otherwise defined herein, capitalised terms shall have the meaning ascribed to them in the Guarantee. 

  

	3.	Whereas, the Bank and the Borrower have agreed to enter into, prior to 11 March 2013, an amendment agreement the purpose of which being to amend the Facility by postponing the Maturity Date (as defined in the
Facility) thereof from 11 March 2013 to 31 December 2014 (such amendment agreement, the “First Amendment to Credit Agreement”). 

 

	4.	Sanofi hereby irrevocably confirms that, as from the moment the First Amendment to Credit Agreement shall have been executed by both the Bank and the Borrower and shall have become effective, (i) in article 3 of
the Guarantee, the words “30 April 2013” immediately following the words “will remain in force until” and immediately preceding the words “, midnight Paris (France) time” shall be replaced by the words “30 January
2015” and (ii) accordingly, “Expiration Date” in the Guarantee shall mean 30 January 2015, midnight Paris (France) time. 

 

	5.	Sanofi hereby agrees and confirms to the Bank, in so far as necessary, that, the obligations of Sanofi (whether current, future, actual or contingent) as set out in the Guarantee (as amended by section 4 hereof) will
remain in full force and effect after the Borrower and the Bank having entered into the First Amendment to Credit Agreement, notwithstanding the Borrower and the Banking having done so. 

 

	6.	For the avoidance of doubt, any reference in this letter to the Facility or the First Amendment to Credit Agreement, is made for reference purposes only and cannot in any case be interpreted as a waiver, by one or other
of the parties to the Guarantee, of the independent nature of the Guarantor’s commitment under the Guarantee. 

  
 1. 

	7.	For further avoidance of doubt, this confirmation letter shall not be construed as the issuance of a new guarantee within the meaning of articles L. 225-35 and R. 225-28 of the French Commercial Code. 

 

	8.	This letter and any non-contractual obligations arising out of or in connection with it, is governed by and shall be construed in accordance with the laws of France. The courts falling within the territorial
jurisdiction of the Tribunal de Commerce of Paris, France, are to have exclusive jurisdiction to settle any dispute arising out of or in connection with this letter and the Guarantee (including a dispute relating to the existence, validity or
termination of this letter and/or of the Guarantee). 

  

			
	 Executed in two (2) originals on 11 March 2013

	For:	 	SANOFI
	By:	 	Jérôme Contamine    /s/ Jérôme Contamine
	Title:	 	Executive Vice President, Chief Financial Officer

  

			
	We acknowledge the receipt of this letter
	
	  

		
	For:	 	HSBC BANK USA, NATIONAL ASSOCIATION
	By:	 	
	Titles:	 	

  
 2.Prepared by R.R. Donnelley Financial -- EX-10.23

 Exhibit 10.23 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to
Rule 406 of the Securities Act of 1933, as amended. 
 AMENDED and RESTATED 

LICENSE, DEVELOPMENT & 

COMMERCIALIZATION AGREEMENT 

Between 

SCYNEXIS, Inc. 

And 
 ELANCO
ANIMAL HEALTH, 
 a division of ELI LILLY AND COMPANY 

 This AMENDED and RESTATED LICENSE, DEVELOPMENT & COMMERCIALIZATION AGREEMENT (this
“Agreement”) is made and effective as of the last date of signature hereto (the “New Effective Date”) by and between: 

SCYNEXIS, Inc., a corporation organized and existing under the laws of the State of Delaware, United States of America, having its principal place of
business at 3501C Tricenter Blvd., Durham, North Carolina, and its Affiliates (hereafter collectively referred to as “Scynexis”); 

and 
 ELI LILLY AND COMPANY, a
publicly-traded Indiana corporation, operating through its Elanco Animal Health division and having a principal place of business at 2500 Innovation Way N., Greenfield, Indiana 46140-9163 USA, and its Affiliates (hereafter collectively referred to
as “Elanco”). 
 INTRODUCTION 

A. WHEREAS, Scynexis and/or its Affiliate(s) control intellectual property that allow it to discover and develop innovative medicines over a broad range of
therapeutic areas. 
 B. WHEREAS, Scynexis and/or its Affiliate(s) possess facilities, know-how, expertise and intellectual property rights pertaining to the
design and development of parasiticides for companion, production and food chain animals. 
 C. WHEREAS, Elanco is engaged in the research, development,
marketing, manufacturing and distribution of food chain and companion animal products including but not limited to animal health pharmaceutical and diagnostic products. 

D WHEREAS, Elanco and Scynexis desire to collaborate to develop parasiticides for companion, production and food chain animals which Elanco would have the
right to commercialize on an exclusive basis in the Field in the Territory, 
 E. WHEREAS, capitalized terms in this Agreement refer to defined terms in this
Agreement. 
 F. WHEREAS, Scynexis and Elanco are parties to a certain LICENSE, DEVELOPMENT & COMMERCIALIZATION AGREEMENT dated (the “Prior
Agreement”), which they now desire to amend and restate in its entirety. 
 G. WHEREAS, this Agreement shall supersede the Prior Agreement. 

NOW THEREFORE, in consideration of the foregoing premises and the following mutual covenants and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 1. DEFINITIONS 

Interpretation. In this Agreement, unless the context otherwise requires, a reference to: 

 

	 	(a)	a paragraph, section, exhibit or schedule is a reference to a paragraph, section, exhibit or schedule to this Agreement; 

  

	 	(b)	any document includes a reference to that document (and, where applicable, any of its provisions) as amended, novated, supplemented or replaced from time to time; 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

1 

	 	(c)	a statute or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them; 

 

	 	(d)	the singular includes the plural and vice versa, except as it regards the definitions of Party and Parties; 

  

	 	(e)	a Party, person or entity includes: 

 (ii) an individual, firm, company, corporation,
association, trust, estate, state or agency of a state, government or government department or agency, municipal or local authority and any other entity, whether or not incorporated and whether or not having a separate legal personality; and 

(iii) an employee, agent, successor, permitted assign, executor, administrator and other representative of such party, person or entity; 

 

	 	(f)	one gender includes the other; 

  

	 	(g)	“written” and in writing” include any means of reproducing words, figures or symbols in a tangible and visible form; 

  

	 	(h)	a month or year is a reference to a calendar month or calendar year, as the case may be; and 

  

	 	(i)	individuals or persons include companies and other corporations and vice versa. 

 “Affiliate”
means any corporation or other entity that controls, is controlled by, or is under common control with a Party to this Agreement. A corporation or other entity will be regarded as in control of another corporation or entity if the latter corporation
or entity owns or directly or indirectly controls more than fifty percent (50%) of the voting stock or other ownership interest of the former corporation or other entity, or if the latter corporation or entity possesses, directly or indirectly,
the power to direct or cause the direction of the management and policies of the former corporation or other entity or the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the former corporation or
other entity. An Affiliate will be bound under this Agreement in the same manner as if it were a Party hereto. 
 “Active Ingredient” means
any chemical component that helps a product to perform its desired function in the Field and includes, without limitation, any [*] of such chemical component. 

“Arising IP” means any Intellectual Property Rights arising through the performance of this Agreement. 

“Background IP” means any Intellectual Property Rights relevant to the Field owned or controlled by a Party prior to the Effective Date,
and/or (ii) a discovery or invention created or acquired outside the scope of this Agreement [*]. 
 “Confidential Information” means,
with respect to a Party, all data, results, and information of any type whatsoever, in any tangible or intangible form, including know-how, trade secrets, practices, techniques, methods, processes, inventions, developments, specifications,
formulations, formulae, materials or compositions of matter of any type or kind (patentable or otherwise), software, algorithms, marketing reports, customer information, business or financial information, expertise, technology, test data including
pharmacological, biological, chemical, biochemical, toxicological, and clinical test data, analytical and quality control data, stability data, studies and procedures of a Party that is disclosed to the other Party under this Agreement.
Notwithstanding the foregoing, all [*], shall be deemed the Confidential Information [*]. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

2 

 “Control” means, with respect to any material, Information, or intellectual property right, that
a Party owns or has a license to such material, Information, or intellectual property right and has the ability to grant to the other Party access, a license, or a sublicense (as applicable) to such material, Information, or intellectual property
right on the terms and conditions set forth herein without violating the terms of any agreement or other arrangement with any Third Party existing at the time such Party would be first required hereunder to grant to the other Party such access,
license, or sublicense. 
 “Development Candidate” shall mean a compound developed under a Development Program which is chosen by the
Steering Committee to be presented to Elanco for consideration as an Elanco Compound. 
 “Development Plan” means a screening, early
development project proposed by Elanco under this Agreement which describes, in broad terms, the parasite to be controlled and the applicable animal host (e.g. [*]). 

“Development Program” means the work performed by Scynexis and Elanco and/or their respective Affiliate(s) in accordance with a Development
Plan as revised from time to time by the Steering Committee. 
 “Dollar” or “$” means the lawful currency of the United
States of America. 
 “Effective Date” means December 23, 2013. 

“Elanco Arising IP” means (i) all Arising IP [*] or [*], and all Arising IP that are [*] and [*] and (ii) all Arising IP [*] or [*] or
[*] pursuant to Section [*]. 
 “Elanco Background IP” means the Elanco Test Materials and all Background IP of Elanco. For clarity, Elanco
Background IP shall exclude any Background IP of any Third Party that becomes an Affiliate due to such Third Party’s acquisition of Elanco except as provided in Section 11.16. 

“Elanco Compound Families” means compounds [*]. 

“Elanco Compound” means a single Active Ingredient directly resulting from a Development Program that is selected by Elanco for further
development for commercialization as a Product, and as to which [*] in accordance with Section [*]. 
 “Elanco Know-How” shall mean all
Know-How (excluding any published Elanco Patent Rights) that is (a) Controlled as of the Effective Date or thereafter during the Term by Elanco and is reasonably necessary or useful for the research, development, manufacture, use, importation
or sale of the Elanco Compound(s) or Product(s) in the Field, including any such Know-How made by or on behalf of Elanco or sublicensees (other than by Scynexis or its Affiliates) in the course of performing Elanco’s obligations or exercising
Elanco’s rights under this Agreement. For clarity, for purposes of this definition an Affiliate shall exclude any Third Party that becomes an Affiliate due to such Third Party’s acquisition of Elanco except as provided in Section 11.16.

 “Elanco Compound Patent Rights” means all Patent Rights with respect to Elanco Test Materials, Other Compounds, and Elanco Compound
Families. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

3 

 “Elanco Technology” means the Elanco Test Materials, Elanco Compound Families, Other Compounds,
Elanco Patent Rights and Elanco Know-How. 
 “Elanco Test Materials” means the compounds provided to Scynexis from Elanco under this
Agreement in either physical or virtual form. In the event that [*] or [*], Elanco shall notify Scynexis of the same within [*] and the Parties shall discuss whether or not to [*] the Agreement. 

“Field” means all applications and uses of parasiticides for, in and/or on animals (companion or food), animal products, animal feed, human
food, or the food chain, including but not limited to related systems or processes, amelioration, diagnosis, control, prevention, prophylaxis and/or treatment of pathogens, diseases, pests, parasites or sign(s) or symptom(s) related thereto. 

“First Commercial Sale” of any Product means the first sale for use by an end-user customer of such Product, as applicable, in a country.

 “First in the First New Class” means [*]. 

“GxP” means compliance with all relevant Regulatory Agency requirements for Good Clinical Practices (per FDA/CVM guidance “Good Clinical
Practices: VICH GL9”), Good Laboratory Practices (per FDA/CVM regulation “21 CFR Part 58”), and Current Good Manufacturing Practices (per FDA/CVM regulation “21 CFR Part 211, 225 or 226”). 

“Intellectual Property Rights” means any and all Patent Rights, trademarks, trademark applications, copyrighted or copyrightable material,
trade secrets and other intellectual property rights, as well as any Know-How or work result whether or not patentable, trademarkable, copyrightable or protectable as a trade secret. 

“Know-How” shall mean any and all formulae, processes, trade secrets, technologies, know-how, inventions, improvements, discoveries and
claims (including confidential data and Confidential Information), whether patentable or unpatentable, including, without limitation, synthesis, preparation, recovery and purification processes and techniques, control methods and assays, chemical
data, toxicological and pharmacological data and techniques, clinical data, medical uses, product forms and product formulations and specifications. 

“Net Sales” means, with respect to a Product, the gross amount invoiced by Elanco (including any Elanco Affiliate) or any sublicensee or
successor in interest thereof to unrelated Third Parties (excluding any sublicensee) for Product sales in the Territory, less the following: 
  

	 	(a)	Customary trade, quantity and cash discounts allowed; 

  

	 	(b)	[*] discounts, refunds, rebates, chargebacks, retroactive price adjustments and similar allowances, limited to reasonable adjustments and allowances which effectively reduce the net selling price; 

 

	 	(c)	Actual Product returns or allowances; 

  

	 	(d)	[*]; 

  

	 	(e)	Allowance for [*]; 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

4 

	 	(f)	Any tax imposed on the sale, delivery or use of the Product, including, without limitation, sales, use, excise or value added taxes, but excluding any tax on income; and 

 

	 	(g)	[*] deductions. 

 Such amounts will be determined from the books and records of Elanco,
Elanco Affiliates and/or sublicensee(s) (as applicable), maintained in accordance with U.S. Generally Accepted Accounting Principles (also known as “GAAP”), or, in the case of sublicenses, such similar accounting principles,
consistently applied. Elanco further agrees in determining such amounts, it will use Elanco’s then-current standard procedures and methodology, including Elanco’s then current standard exchange rate methodology for the translation of
foreign currency sales into U.S. Dollars or, in the case of sublicensees, such similar methodology, consistently applied. 
 In the
event the Product is sold together with one or more other product(s) at a single price (such combination is hereinafter referred to as a “Combination Product”), the Net Sales attributable to such Combination Product shall be calculated by
multiplying the Net Sales (as defined above) of the Combination Product by the fraction A/(A+B), where A is the weighted average sale price of the Product in such calendar quarter when sold separately and B is the weighted average sale price of the
other product(s) sold separately in finished form in such calendar quarter. 
 In the event that the weighted average sale price of the
Product can be determined but the weighted average sale price of the other product(s) cannot be determined, Net Sales shall be calculated by multiplying the Net Sales of the Combination Product by the fraction A / C, where A is the weighted average
sale price of the Product when sold separately in finished form in such calendar quarter and C is the weighted average sale price of the Combination Product in such calendar quarter. 

In the event that the weighted average sale price of the other product(s) can be determined but the weighted average sale price of the Product
cannot be determined, Net Sales shall be calculated by multiplying the Net Sales of the Combination Product by the following formula: 1 minus (B / C), where B is the weighted average sale price of the other product(s) when sold separately in
finished form in such calendar quarter and C is the weighted average sale price of the Combination Product in such calendar quarter. 
 In
the event that the weighted average sales price of both the Product and the other product(s) in the Combination Product cannot be determined, Net Sales with respect to such Combination Product shall be commercially reasonable and determined by good
faith negotiation between Scynexis and Elanco consistent with the ratios referenced above. 
 “Notice” means the definition provided in
Section 11.6. 
 “Other Arising IP” means Arising IP other than Elanco Arising IP and Scynexis Arising IP. 

“Other Compound” shall mean compounds [*] and/or [*] except any compound which is [*] or [*]. 

“Parties” means Scynexis and Elanco. 

“Party” means Scynexis or Elanco. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

5 

 “Patent Right” means any patent or patent application, including: (i) all substitutions,
divisions, continuations, continuations-in-part thereof and requests for continued examination of any of the foregoing, (ii) all patents issued from any of the foregoing patent applications, (iii) all reissues, renewals, registrations,
confirmations, re-examinations, extensions, and supplementary protection certificates of any of the foregoing, and (iv) all foreign equivalents of any of the foregoing. 

“Primary Contact Person” will be the respective individuals designated by Scynexis and Elanco, as noted in Exhibit C, who will be responsible
for the day-to-day interactions between the Parties related to the Development Program and the management of the day-to-day operations of the Development Program. Each Party may change its Primary Contact Person upon Notice to the other Party. 

“Product” means any embodiment that incorporates, uses or implements an Elanco Compound that is commercialized by or for Elanco in the Field
in the Territory. For clarity, a Product is considered [*] if [*]. A Product is not considered [*] due to [*] or because of [*] that [*]. 

“Program Year” means each twelve (12) calendar month period during the term of the Research Phase, except in the first Program Year in
which case the Program Year will not be twelve (12) calendar months in length, but will be the period from the Effective Date through 31-December 2014. 

“Reasonable Commercial Efforts” means effort, expertise and resources normally used by the Party in the development and/or commercialization
of a compound or product owned or controlled by such Party which is of similar market potential at a similar stage in its development or product life, taking into account issues of safety and efficacy, product profile, the competitiveness of the
marketplace, the proprietary position of the compound or product, the regulatory structure involved, the profitability of the applicable products, and other relevant factors. 

“Regulatory Agency” means, any governmental authority that regulates Products, including but not limited to the Drug Enforcement
Administration (DEA), including the Controlled Substance Section (CSS); Environmental Protection Agency (EPA); Food and Drug Administration (FDA), including the Center for Veterinary Medicine (CVM) and the Center for Drug Evaluation and Research
(CDER); Food Safety and Inspection Service (FSIS); U.S. Department of Agriculture (USDA); or any counterparts thereof in jurisdictions outside of the USA. 

“Regulatory Approval” means, with respect to a Product in a country in the Territory, the receipt of all necessary approvals by the
applicable Regulatory Agencies to allow the Product to be commercially sold in such country. 
 “Research Phase” means the stage of this
Agreement during which the Parties collaborate to accomplish the objectives set out in the Development Plan(s) and during such time the Parties will undertake such activities as may be agreed from time to time under relevant Development Program(s)
as may be useful or necessary to determine whether any given compound should be designated as an Elanco Compound, in each case as more fully described in Article 4. The Research Phase shall commence upon the Effective Date and conclude upon
expiration of the Research Term. 
 “Research Term” has the meaning provided in Section 4.1(c). 

“Royalty Term” means, with respect to a Product, the period beginning on the First Commercial Sale of such Product in any country and ending
the later of (i) the expiration of the last to expire Valid Claim covering the manufacturing, use, sale, offer for sale, or importation of such Product in any country, or (ii) nine (9) years after the First Commercial Sale of such Product in any
country. 
 “Scynexis Arising IP” means all Arising IP [*] or [*], and all Arising IP that are [*] and [*]. 

“Scynexis Compound Families” mean compounds [*]. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

6 

 “Scynexis Background IP” means all Background IP of Scynexis. For clarity, Scynexis
Background IP shall exclude any Background IP of any Third Party that becomes an Affiliate due to such Third Party’s acquisition of Scynexis except as provided in Section 11.16. 

“Scynexis Know-How” means all Know How (excluding any Scynexis Compound Patent Rights) that is Controlled as of the Effective Date or
thereafter during the Term by Scynexis and is reasonably necessary or useful for the research, development, manufacture, use, importation or sale of the Elanco Compound(s) or Product(s) in the Field, including any such Know-How made by or on behalf
of Scynexis in the course of performing Scynexis’s obligations or exercising Scynexis’s rights under this Agreement. For clarity, for purposes of this definition an Affiliate shall exclude any Third Party that becomes an Affiliate due to
such Third Party’s acquisition of Scynexis except as provided in Section 11.16. 
 “Scynexis Compound Patent Rights”
means all Patent Rights with respect to Scynexis Test Materials and Scynexis Compound Families. 
 “Scynexis Technology”
means the Scynexis Test Materials, Scynexis Compound Families, Scynexis Patent Rights and Scynexis Know-How. 
 “Scynexis Test
Materials” means the compounds Controlled by Scynexis as of the Effective Date and provided by Scynexis for screening purposes under the Development Program in either physical or virtual form and listed in the attached Exhibit B. In the
event that [*] or [*], Elanco shall notify Scynexis of the same within [*] and the Parties shall discuss whether or not to [*] the Agreement. 

“Steering Committee” means the joint committee composed of representatives of Scynexis and Elanco, as described in this Agreement.

 “Territory” means worldwide. 

“Third Party” means any entity, including any natural person, other than Scynexis or Elanco and their respective Affiliates.

 “Valid Claim” means a claim of [*] Patent Right [*] which has not been held unenforceable or invalid by a decision of a court
or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through re-examination, reissue or disclaimer or otherwise.

 2. LICENSING AND TRADEMARKS 

2.1 License Grant. 

(a) Scynexis hereby grants to Elanco an exclusive, even as to Scynexis, sub-licensable royalty-bearing license under the Scynexis Compound
Patent Rights and Scynexis’ rights in Joint Patent Rights in the Field in the Territory, to, research, develop, make, have made, use, sell, have sold, offer for sale, import, export and sub-license Elanco Compounds or Products; provided,
however, Scynexis shall retain such rights as are necessary or appropriate to allow Scynexis to perform its obligations under all Development Programs. 

(b) Scynexis hereby grants to Elanco a worldwide, perpetual, fully-paid, royalty-free, non-exclusive, license in the Field in the Territory
with respect to any Scynexis Know-How to research, develop, make, have made, use, sell, have sold, offer for sale, import, export and sub-license Elanco Compounds or Products; and 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

7 

 (c) Elanco hereby grants to Scynexis a non-exclusive license under the Elanco Technology inside
the Field in the Territory for the sole purpose of performing Scynexis’s obligations under this Agreement. 
 2.2 Scynexis Rights and
Rights Retained. Subject to the license grant in Section 2.1, Scynexis retains its rights for any and all purposes outside the Field in the Territory to use any Scynexis Patent Rights in any Scynexis Test Materials, Scynexis Compound
Families, and Scynexis’ Joint Patent Rights, including, without limitation, to research, develop, make, have made, use, sell, have sold, offer for sale, import, export and license products and processes. Furthermore, subject to
Section 2.1(c), no license or other rights are granted to Scynexis to the Elanco Technology, except solely for the benefit of Elanco. 

2.3 Sublicenses. Subject to the other provisions of this Agreement, Elanco shall have the sole right to sublicense any and all rights
licensed to Elanco under Section 2.1(a). Any such sublicense by Elanco shall be consistent with the terms of this Agreement, and shall include an obligation for each such sublicensee to comply with the applicable obligations of Elanco set forth
in this Agreement. 
 2.4 Trademarks. Elanco will be free to use and to register in any trademark office any trademark for use with a
Product in its sole discretion, except for trademarks proprietary to Scynexis and its Affiliates. Elanco will own all right, title and interest in and to any such trademark in its own name during and after the term of this Agreement. As necessary
for Elanco to fulfill its obligations and rights under this Agreement, Scynexis hereby grants to Elanco the worldwide, perpetual, fully-paid, royalty-free exclusive sub-licensable license to use in the Field Scynexis trademarks for Products under to
this Agreement 
 3. RESEARCH PHASE 

3.1 From time to time during the Research Phase of this Agreement, Elanco shall propose to Scynexis a Development Plan. Thereafter the parties
shall meet and confer to develop a Development Program designed to accomplish the Development Plan. The Development Program, shall, among other things, set forth the budget and allocation of FTEs. 

3.2 Steering Committee Formation and Composition. A joint committee comprising of four (4) members, two (2) named representatives
of each of Elanco and Scynexis (the “Steering Committee”), to be appointed within [*] of the Effective Date, shall be formed. Each Party will provide the other Party via Notice with the name, title, e-mail address, telephone number
and facsimile number of their respective Steering Committee members. The Steering Committee will meet as needed, but not less than [*] during the term of the Agreement or upon such schedule as agreed upon by the Steering Committee. Such meetings
will be at such times agreed to by Scynexis and Elanco, and will alternate between the offices of the Parties unless the Parties otherwise agree, or will be in such other form (e.g., telephone or video conference) as the members of the Steering
Committee will agree. 
 3.3 Steering Committee Functions and Powers. The Steering Committee will be responsible for review of the
Development Program consistent with each Party’s internal policies and procedures. Notwithstanding anything to the contrary, the Steering Committee will have no right, power or authority to amend this Agreement. The principal functions of the
Steering Committee will include: 
  

	 	(a)	prioritization of chemical families for development; 

  

	 	(b)	monitoring the progress and results achieved to support a Development Plan under the Development Program; 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

8 

	 	(c)	fostering the collaborative relationship between the Parties; 

  

	 	(d)	identify barriers to achieving the purpose of the collaboration and designing solutions thereto; 

  

	 	(e)	select Development Candidates from the Active Ingredients submitted by Scynexis and/or Elanco for consideration as Elanco Compounds; and 

 

	 	(f)	such other functions in regard to the Development Plan(s) and Development Program(s) as mutually agreed by the Parties. 

A Party may change one or more of its representatives to the Steering Committee at any time. Members of the Steering Committee may be represented at any
meeting by another member of the Steering Committee, or by a proxy. Either Party may permit additional employees and consultants to attend and participate (on a non-voting basis) in the Steering Committee meetings, subject to the confidentiality
provisions of this Agreement. 
 3.4 Decisions of the Steering Committee. A quorum of the Steering Committee will be present at any
meeting of the Steering Committee if one (1) representative of each Party is present at such meeting in person or by telephone or videoconference. If a quorum exists at any meeting, a unanimous vote of the members of the Steering Committee
present at such meeting is required to take any action on behalf of the Steering Committee. If the Steering Committee fails to reach unanimity on a matter before it for decision, the matter shall be resolved between the through good faith
negotiations. If the Parties are unable to reach agreement within [*], the matter shall be referred to the president of Elanco and the chief executive officer of Scynexis. If the Parties are still unable to reach agreement after within [*] of
referring the matter to the president of Elanco and the chief executive officer of Scynexis, then the matter shall [*]. Notwithstanding the foregoing, a Party’s resolution of a disputed matter in accordance with the foregoing shall be
consistent with the terms of this Agreement. The Steering Committee shall not have the authority to amend or change the terms of this Agreement, to resolve disputes regarding the breach of this Agreement or payments due hereunder, or to resolve
matters that are expressly identified herein as being subject to the mutual agreement of the Parties. 
 3.5 Chair. The Steering
Committee will be chaired by [*]. The chair does not have a second or casting vote. 
 3.6 Minutes and Reports. The Steering
Committee will be responsible for keeping accurate minutes of its deliberations that record all proposed decisions and all actions recommended or taken. Within [*] of each meeting, the chair will provide the Parties with draft minutes of such
meeting and a draft of a report describing in reasonable detail the status of the Development Program, a summary of the work and progress to date, any issues requiring resolution and any proposed decisions and actions recommended or taken to all
members of the Development Committee. Minutes will be deemed approved unless a Development Committee representative of either Party objects to the accuracy of such minutes or accompanying report by providing Notice to the other Party’s
Development Committee representatives within [*] of receipt of such minutes and report. In the event that any such objection is not resolved by the Development Committee, such minutes and accompanying report will be amended to reflect such
unresolved dispute. All records of the Steering Committee will be considered Confidential Information and will be available to both Parties. 

3.7 Information and Results. Except as otherwise provided, the Parties will make available and disclose to one another all results of
the work conducted pursuant to the Development Program prior to and in preparation for the Development Committee meetings, by the deadline and in the form and format to be designated by the Development Committee. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

9 

 3.8 Subcontracts. 

(a) Elanco may subcontract to Affiliates and Third Parties portions of the Development Program to be performed, provided [*] and [*] that [*]
subcontracting by Elanco; and provided, however, that such Affiliate and Third Party subcontractors will be required to enter into appropriate obligations of confidentiality including [*] (said agreements of which signed copies will be submitted to
the Development Committee upon request by Scynexis), unless such subcontracting would [*] the Affiliate or Third Party subcontractor, and further provided that the Parties’ rights under this Agreement are not adversely affected. 

(b) If Scynexis is performing development work for Elanco, Scynexis shall not subcontract any or all portions of such development work without
prior written approval from Elanco. Scynexis may submit to Elanco a request for approval of subcontractors. Upon Elanco approval of such subcontractor, Scynexis shall subcontract under terms that are no less stringent than those to which Scynexis is
held under this Agreement, including [*] (said agreements of which signed copies will be submitted to the Development Committee upon request by Scynexis). In addition, Elanco shall have the right, upon request, to audit the subcontractor. 

4. DEVELOPMENT PLANS 
 4.1
Performance and Early Termination 
 (a) For each Development Plan, Scynexis and Elanco will use Reasonable Commercial Efforts to
collaboratively identify and develop Active Ingredients consistent with the target of such Development Plan, with the initial focus of identifying Active Ingredients through screening by Scynexis of the Elanco Test Materials and the Scynexis Test
Materials. 
 (b) Scynexis and Elanco will use Reasonable Commercial Efforts to perform the design and development tasks as described in each
applicable Development Plan and Development Program. Each Party shall be responsible for its respective compliance with the requirements of all applicable Regulatory Agencies in the manufacture, distribution or animal testing of the Active
Ingredients. It is initially contemplated that the first Development Plan will focus on [*] and [*] (the “[*] Development Plan”). 

(c) The Research Phase shall become effective on the Effective Date and continue for a period of four (4) years from the Effective Date.
(“Research Term”) If the Research Phase is not progressing to the satisfaction of either Party after the second anniversary of the Effective Date, either Party may terminate the Research Phase upon [*] Notice. Upon Notice of termination of
the Research Phase, Scynexis will begin to discontinue work under all Development Plan(s) and related Development Program(s) (“Scale Down”). During Scale Down, Scynexis will not incur any reimbursable expense that is not preapproved by
Elanco and will invoice Elanco for the sum of all uncancelable out-of-pocket expenses approved in advance by Elanco up through the date of Notice of termination. Upon termination, Scynexis will invoice Elanco for the sum of all un-invoiced amounts
actually incurred by Scynexis. For the sake of clarity, the licenses granted to Elanco by Scynexis pursuant to Sections 2.1(a) and 2.1(b) with respect to any Elanco Compound for which [*] shall not terminate upon expiry or early termination of the
Research Phase and all Milestones and/or Royalties shall accrue and become payable in accordance with Article 5. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

10 

 In the event Scynexis terminates the Research Phase consistent with this Section 4.1(c) prior to full
Research Term expiring, Elanco, at Elanco’s sole discretion, may continue the Research Phase for the duration of the Research Term alone or with a third party. 

(i) In the event Elanco elects an Elanco Compound after early termination by Scynexis and (A) such Elanco Compound is [*] or
(B) such Elanco Compound is [*] which [*] prior to early termination by Scynexis, [*]. 
 (ii) In the event Elanco elects an Elanco
Compound after early termination by Scynexis and (A) such Elanco Compound is [*] or (B) such Elanco Compound is [*] which [*] prior to early termination by Scynexis, [*]. 

4.2 Development Program. The Development Program will be conducted by the Research Team in accordance with the Development Plan and
will more fully describe the work to be pursued by Scynexis and Elanco during each Program Year to develop the information necessary for Elanco to make an Elanco Compound Selection in accordance with 4.2(a). The Development Plan shall provide high
level guidance as to the types of information necessary for Elanco to consider making an Elanco Compound Selection. Each Development Plan shall, at a minimum, [*]. 

(a) Attached as Exhibit C is a draft outline of a Development Plan, the specifics of which shall be agreed upon by the Parties, subject to
amendment by the Steering Committee. Except for the first Program Year, the Development Plan will be updated and approved by the Steering Committee no later than [*] prior to the start of each Program Year. The Development Plan in effect at any time
may not be amended except as agreed in writing by the Steering Committee. If at any time during a Program Year, either Party determines that a change to the Development Plan is necessary, such Party will prepare and submit to the Steering Committee
a written proposal detailing its proposed changes to the Development Plan. Any budget for Scynexis’s costs under a modified Development Plan, over and above those costs reflected in Section 4.2(h) that are to be reimbursed by Elanco will
be approved by the Steering Committee before Scynexis commences any work on such modified Development Plan. So long as such proposed change(s) is (are) submitted to the Steering Committee at least [*] prior to its next regular meeting, then the
Steering Committee will decide on such proposed change(s) at its next meeting. 
 (b) Sharing of Data. Parties will provide to each
other, at no charge, access to testing, pilot manufacturing and regulatory data relevant to the Active Ingredients in the Field, or if required in response to inquiries from Regulatory Agencies related to Products. 

(c) Results and Records. The Parties will make available and disclose to one another all results of the work conducted pursuant to the
Development Program, and will keep such records as described herein; provided that each Party will maintain such results and records of the other Party in confidence in accordance with the confidentiality provisions in this Agreement, and will not
use such results or records except to the extent otherwise permitted by this Agreement. The Parties will maintain records of the results in sufficient detail and in good scientific manner appropriate for patent purposes, and in a manner that
properly reflects all work done and results achieved in the performance of the Development Program (including all data in the form required to be maintained under any applicable governmental regulations). Such records will include reports, research
notes, charts, graphs, computations, analyses, recordings, photographs, and other graphic or written data specifically relevant to the Development Program. 

(d) Ownership of Active Ingredients and other compounds. Subject to the license [*], all data, reports, and compounds identified,
developed, and/or created under the Development Program, [*] and compounds originating from [*] shall be [*]. Subject to the license [*], all data, reports, and 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

11 

 
compounds identified, developed, and/or created under the Development Program, [*] and all compounds originating from [*] shall be [*]. For the sake of clarity, all data and reports developed
and/or created under the Development Program shall [*]. With respect to each Elanco Test Material, each Other Compound, and each Elanco Compound Family, (i) Scynexis shall not use Elanco Test Material, Other Compound, or Elanco Compound Family
in any manner inconsistent with this Agreement or for any commercial or internal research purpose; (ii) Scynexis shall use, store and dispose of Elanco Test Material, Other Compound, and Elanco Compound Families in compliance with all
applicable laws, regulations and guidelines, (iii) Scynexis shall not reverse engineer, reverse compile, disassemble or derivatize Elanco Test Material, and (iv) shall keep records documenting the quantities of Elanco Test Material
received and the disposition of such quantities. With respect to each Scynexis Test Material and Scynexis Compound Family, (i) Elanco shall not use Scynexis Test Material or Scynexis Compound Family in any manner inconsistent with this
Agreement or for any commercial or internal research purpose; (ii) Elanco shall use, store and dispose of Scynexis Test Material and Scynexis Compound Families in compliance with all applicable laws, regulations and guidelines,
(iii) Elanco shall not reverse engineer, reverse compile, disassemble or derivatize Scynexis Test Material or Scynexis Compound Families and (iv) shall keep records documenting the quantities of Scynexis Test Material and Scynexis Compound
Families received and the disposition of such quantities. 
 (e) Availability of Employees. Each Party agrees to make its employees
and non-employee consultants to a Development Program reasonably available at their respective places of employment to consult with the other Party on issues arising during the Development Program and in connection with any request related to
Development Program from any Regulatory Agency, including regulatory, scientific, technical and clinical testing issues. 
 (f) Visit of
Facilities. Representatives of the Parties may, upon reasonable advanced notice and at times reasonably acceptable to the other Party, visit the portions of the other Party’s facilities where activities are being performed in connection
with the Development Program, and consult informally, during such visits and by telephone, facsimile and e-mail, with the other Party’s personnel performing work on the Development Program. Notwithstanding the foregoing, either Party may
restrict the other’s access to its facilities as required to protect the confidentiality of information not directly related to the Development Program. 

(g) Research Team. During the Research Term, unless earlier terminated in accordance with Section 4.1(c), Scynexis shall appoint an
integrated team, consisting of a project leader, and members from the following disciplines: [*] consisting of [*] full time employee equivalents (“FTEs”); provided, however, in the event that [*], the number of [*] assigned to the
Development Program may be [*] FTEs for a period of up to the [*] of the Development Program, in which event the Research Fee for such period shall be [*] accordingly. 

(h) Research Fees. Each Development Program shall establish the Research Fees payable by Elanco to Scynexis for performance of its
obligations under the Development Program. The parties hereby agree that the Research Fees for during the Research Term shall be $2.75 million each year for the first two Program Years, and, unless earlier terminated in accordance with
Section 4.1(c), $3.0 million each year for the final two Program Years. All Research Fees shall be due and payable in equal [*] installments, by the [*] of the [*]. 

(i) Out-Of-Pocket Expense Reimbursements. It is acknowledged and agreed that Scynexis will have external studies conducted by Third
Parties in furtherance of the Development Program, the costs of which shall be reimbursed by Elanco within [*] of Elanco’s receipt of invoice from Scynexis, or paid directly to the Third Parties, at Elanco’s sole election. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

12 

 (j) Regulatory / Quality Assurance / Quality Control / Legal. Parties will allow
Regulatory, Quality Assurance, Quality Control, Accounting and Legal personnel from either Party or its attorneys, advisors, accountants and contractors timely and reasonable access to audit financial records, trial protocols, pilot scale
manufacturing documents, procedures manuals, patent documents and other Active Ingredient, Elanco Compound or Product-related items relating to the license granted by Scynexis pursuant to this Agreement. Any such audit shall be conducted no more
frequently than [*] unless reasonably required more frequently to timely address regulatory issue(s). 
 4.3 Development and
Commercialization of Elanco Compounds and Products 
 (a) Selection of Elanco Compounds. 

(i) Upon completion of the activities to be performed by Scynexis pursuant to the [*] of any Development Program in accordance with
Section 4.2, Scynexis and/or Elanco shall prepare for the Steering Committee an application for consideration of an Active Ingredient as a Development Candidate. Within [*] of submission of such application, the Steering Committee shall either
(a) designate the as a Development Candidate or (b) decline to designate as a Development Candidate. Any failure of the Steering Committee to make a designation within such time [*] period shall constitute a decision by the Steering
Committee to decline to designate the Active Ingredient as a Development Candidate. In the event that the Steering Committee is unable to agree upon whether or not to designate an Active Ingredient as a Development Candidate, such designation shall
be made consistent with Elanco’s position. 
 (ii) Within [*] of the designation of as a Development Candidate by the Steering
Committee, the Steering Committee shall submit such Development Candidate to Elanco for consideration as an Elanco Compound. Within [*] of such submission, Elanco shall either (a) designate such Development Candidate as an Elanco Compound or
(b) decline to designate the Development Candidate as an Elanco Compound. Any failure of Elanco to make a designation within such [*] period shall constitute a decision by Elanco to decline to designate the Development Candidate as an Elanco
Compound. 
 (iii) Except as provided for in Subsection 4.3(a)(v), in the event that Elanco develops, or has developed on its behalf,
(1) any Active Ingredient after the presentation of the Active Ingredient for consideration by the Steering Committee, or (2) any Development Candidate, such Active Ingredient shall be deemed an Elanco Compound. 

(iv) All licenses to Scynexis Compound Patent Rights to Elanco under Section 2(a) hereof for any Active Ingredient which is submitted to
the Steering Committee for designation as a Development Candidate which the Steering Committee declines to so designate as a Development Candidate or which is submitted to Elanco for designation as an Elanco Compound which Elanco declines to
designate as an Elanco Compound, shall terminate and all such rights shall revert to Scynexis. 
 (v) Notwithstanding anything to the
contrary contained herein, in the event that [*], and [*], then [*] pursuant to Sections [*]. Furthermore, in the event that [*] an Active Ingredient for further development and commercialization [*] the Development Program in accordance with
Section [*] and such Active Ingredient [*], or [*] shall [*] and [*] such Active Ingredient [*]. 
 (b) Development and Commercialization
of Elanco Compounds and Products by Elanco. Elanco will conduct all development and commercialization activities for the Elanco Compound(s) and/or Product(s) in the Field and Territory at its expense, including, but not limited to the
preparation and submission of the appropriate regulatory documents, manufacturing activities, and 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

13 

 
marketing and sales activities required for commercialization within the Field and Territory. All Know-How, including, but not limited to, manufacturing information, formulation development,
marketing authorizations, including the veterinary master file and any foreign equivalents, developed by or on behalf of Elanco after Elanco’s selection of an Elanco Compound pursuant to section 4.8 shall be owned by Elanco. 

(c) Performance. Elanco will use Reasonable Commercial Efforts to identify, develop and commercialize Elanco Compounds and Products in
the Field in the Territory, but will be under no obligation to market a Product if it determines, in its sole and reasonable business judgment, that such an effort is not commercially viable for Elanco. 

(d) Regulatory / Quality Assurance / Quality Control / Legal. Parties will allow Regulatory, Quality Assurance, Quality Control,
Accounting and Legal personnel from either Party or its attorneys, advisors, accountants and contractors timely and reasonable access to audit financial records, trial protocols, pilot scale manufacturing documents, procedures manuals, patent
documents and other Active Ingredient, Elanco Compound or Product-related items relating to the license granted by Scynexis pursuant to this Agreement. Any such audit shall be conducted no more frequently than [*] unless reasonably required more
frequently to timely address regulatory issue(s). 
 5. MILESTONES AND ROYALITES 

5.1 Licensing and Milestone Fees 

(a) Licensing Fee. In further consideration of the licenses granted by Scynexis under Article 2 of this Agreement and to the Scynexis
Test Materials, Elanco has made a one-time payment in the sum of Five Hundred Thousand United States Dollars ($500,000). 
 (b)
Milestone Payments for [*]. In further consideration of the license granted by Scynexis under Article 2 of this Agreement, upon [*], Elanco shall make a one-time payment in the sum of (i) [*] for each [*] Elanco Compound [*],
within [*] of attainment of such milestone; or (ii) [*] for each [*] Elanco Compound [*], within [*] of attainment of such milestone (“Development Milestone”). For the sake of clarity, the milestone payment listed above is
payable only once per Elanco Compound. 
 (c) Milestone Payments for [*]. In further consideration of the license
granted by Scynexis under Article 2 of this Agreement, upon [*], Elanco shall make a one-time payment in the sum of (i) [*] for a Product that contains an Active Ingredient which is [*], within [*] of attainment of such milestone; or
(ii) [*] for any Product contains an Active Ingredient which is [*], within [*] of attainment of such milestone. For the sake of clarity, the milestone payment listed above is payable only once per Elanco Compound. 

(d) Payments for [*] Milestones. In further consideration of the license granted by Scynexis under Article 2 of this Agreement,
Elanco shall make one-time payments within [*] of [*]: 
  

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

 For the sake of clarity, the milestone payment listed above is payable only once per Elanco Compound. 

(e) Payments for [*] Milestones. In further consideration of the license granted by Scynexis under Article 2 of this Agreement,
Elanco shall make one-time payments within [*] of first time a Product attains such milestone as follows: 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

14 

			
	 [*] a Product [*]
	  	 Milestone Payment:

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

 For the sake of clarity, the milestone payment listed above is payable only once per Elanco Compound. 

5.2 Royalties to Scynexis. In further consideration of the rights and licenses granted under Article 2, 

(a) for Products [*], for each Product, Elanco will pay to Scynexis on a quarterly basis royalties (“Royalties”) on global Net
Sales of Products in the Field in the Territory during the applicable Royalty Term, on a Product-by-Product basis, calculated pursuant to table below. 
  

			
	 Annual Net Sales of:
	  	 Royalty Payment on Net Sales:

	Zero United States Dollars to [*]	  	[*]
	From Net Sales over [*] to [*]	  	[*]
	For all Net Sales over [*]	  	[*]

 (b) No Patent Countries. The Royalty rates set forth above shall be reduced by [*] for any Net Sales in
a country during the applicable Royalty Term where no Valid Claim exists for Products [*], Elanco will pay to Scynexis on a quarterly basis Royalties on global Net Sales by Elanco of Products in the Field in the Territory, during the applicable
Royalty Term on a Product-by-Product basis, calculated pursuant to the table below: 
  

			
	 Annual Net Sales of:
	  	 Royalty Payment on Net Sales:

	Zero United States Dollars to [*]	  	[*]
	From Net Sales over [*] to [*]	  	[*]
	For all Net Sales over [*]	  	[*]

 No Patent Countries. The Royalty rates set forth above shall be reduced by [*] for any Net Sales in a country during
the applicable Royalty Term where no Valid Claim exists. 
 5.3 Audits. Upon request via Notice from Scynexis, Elanco
will permit [*] independent auditing firm to have access during normal business hours to such of the records of Elanco as may be reasonably necessary to verify the accuracy of the financial records (including, without limitation, payment reports) of
Elanco relating to amounts paid or payable to Scynexis hereunder in respect of any calendar year ending not more than [*] prior to the date of such request. Except as described in the next paragraph, all such audits will be conducted at the expense
of Scynexis and not more than [*]. 
 (a) In the event such accountant concludes that additional payments of any kind as required by
this Agreement were owed to Scynexis during such calendar year, the additional amounts will be paid within [*] of the date Scynexis delivers to Elanco such accountant’s written report so concluding. The fees charged by such accountant will be
paid by Scynexis, unless the audit discloses that the amounts payable by Elanco for the audited calendar year are more than [*] than the amounts actually paid for such period, in which case Elanco will pay the reasonable fees and expenses charged by
the accountant. 
 (b) Elanco will include in each sublicense granted by it pursuant to this Agreement a provision requiring the sublicensee
to make reports to Elanco, to keep and maintain sufficient records of Product sales and Net Sales pursuant to such sublicense, and to grant access to such records by Scynexis’s independent accountant to the same extent required of Elanco under
this Agreement. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

15 

 (c) Upon request via Notice from Elanco, Scynexis will, at Scynexis’s option, permit [*]
independent auditing firm [*] to have access during normal business hours to such records of Scynexis as may be reasonably necessary to verify Scynexis’s performance under the Agreement in respect of any calendar year ending not more than [*]
prior to the date of such request. Except as described in the next paragraph, all such audits will be conducted at the expense of Elanco and not more than [*]. 

(d) In the event such accountant concludes that amounts reimbursed to Scynexis by Elanco during such period exceeded the amounts approved via
Notice in advance by Elanco pursuant to Sections 4.2(a) and 4.2(h) and out-of-pocket expenses approved by Elanco pursuant to Section 4.2(i), the amount of the excess expenses will be paid to Elanco within [*] of the date Elanco delivers to
Scynexis such accountant’s written report so concluding. The fees charged by such accountant will be paid by Elanco, unless the audit discloses that the amounts paid by Elanco to Scynexis for the audited calendar year are more than [*] than the
amount of the expenses approved by Elanco for such calendar, in which case Scynexis will pay the reasonable fees and expenses charged by such accountant for the audit of such calendar year. 

(e) The Parties agree that all information subject to review under this Section 5.6 or under any sublicense agreement is Confidential
Information and that it will cause its accountant to retain all such information in confidence. 
 5.4 Royalty Payment Terms.
Royalties shown to have accrued by each royalty report provided for under this Agreement will be due and payable on the date such royalty report is due, Payment of Royalties in whole or in part may be made in advance of such due date. Royalties
determined to be owing, and any overpayments to be credited with respect to any prior period, will be added together with interest (calculated in accordance with Section 5.8) on any overdue amounts accruing under this Agreement from the date of
the report for the period for which such amounts are owing, or credited, as the case may be, to the next quarterly payment hereunder. 

5.5 Royalty Reports. Royalty reports are due for each calendar quarter [*] after the end of the quarter. For each calendar
quarter, the royalty report will set out the Royalty amount due and Net Sales, as well as any amounts payable to Scynexis in accordance with Section 5.6 with respect to sublicense payments or consideration which Elanco has received in such
calendar quarter. 
 5.6 Withholding of Taxes. Any withholding of taxes levied by tax authorities outside the United
States on the payments hereunder will be deducted by Elanco from the sums otherwise payable by it hereunder for payment to the proper tax authorities on behalf of Scynexis and will be borne by Scynexis. Elanco agrees to cooperate with Scynexis in
the event Scynexis claims exemption from such withholding or seeks deductions under any double taxation or other similar treaty or agreement from time to time in force, such cooperation to include, without limitation, providing receipts of payment
of such withheld tax or other documents reasonably available to Elanco. 
 5.7 Exchange Controls. Except as otherwise
provided in this Agreement, all payments to be made pursuant to this Agreement will be paid in U.S. Dollars. If at any time legal restrictions prevent the prompt remittance of part or all Royalties with respect to any country where Product is sold,
payment will be made through such lawful means or methods as Elanco may determine. When in any country the law or regulations prohibit both the transmittal and deposit of Royalties on sales or any other payments due under this Agreement in such a
country, royalty payments due by Elanco to Scynexis in respect of sales in such country will be suspended for as long as such prohibition is in effect, and as soon as such prohibition ceases to be in effect, all payments that Elanco would have been
obligated to transmit or deposit, but for the prohibition, will forthwith be deposited or transmitted promptly to the extent allowable, as the case may be. If the royalty rate specified in this Agreement should exceed the permissible rate
established in any country, the royalty rate for sales in such country will be adjusted to the highest legally permissible or government-approved rate. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

16 

 5.8 Interest on Late Payments. If either Party fails to pay any payment due under
this Agreement on or before the date such payment is due, as provided in this Agreement, such late payment shall bear interest, to the extent permitted by applicable law, at the prime rate as of the date of U.S. Mail postmark of the relevant payment
if sent by U.S. Mail, or otherwise on the date of receipt of payment, as published in The Wall Street Journal and found on the wsj.com website at the following link or its successor site: 

http://interactive5.wsj.com/edition/resources/documents/mktindex.hherates.htm 

plus [*], as calculated on the number of days the relevant payment is delinquent from and including the date payment is due through and including the date
upon which the owed Party has collected immediately available funds in its own account. 
 6. INVENTIONS AND PATENT RIGHTS 

6.1 Background IP. The Parties acknowledge that any Background IP of a Party used in the under a Development Plan remains the
property of such Party. Save to the extent necessary for the purpose of and to the extent required under a Development Plan for performing the Development Program, nothing in this Agreement shall be interpreted as an obligation on a Party or its
Affiliates to give access to or grant a license under its Background IP. 
 6.2 Disclosure of Inventions. Each Party
shall promptly disclose to the other all Arising IP, including all invention disclosures or other similar documents submitted to such Party by its or its Affiliates’, employees, agents or independent contractors describing such Arising IP. Such
Party shall also respond promptly to reasonable requests from the other Party for more Information relating to such inventions. 

6.3 Scynexis Arising IP. All right, title and interest in all Scynexis Arising IP will, regardless of inventorship, be owned by
Scynexis. In the event that [*] and/or [*] Scynexis Arising IP, [*] and [*] such Scynexis Arising IP. 
 6.4 Elanco Arising
IP. All right, title and interest in all Elanco Arising IP will, regardless of inventorship, be owned by Elanco. 
 6.5
Sole Property. The Parties agree that, where Arising IP and any resulting Patent Right shall be and become the sole property of the relevant Party as set out in Sections 6.3. and 6.4. above, said Party shall have the right to determine
whether any application for a patent or other intellectual property right shall be made and shall have the exclusive benefit throughout the world thereof, together with the right to maintain, defend, assign or abandon such intellectual property
rights without reference to any other person. 
 6.6 Joint Arising IP. In the event that any Arising IP is either Scynexis
Arising IP or Elanco Arising IP, the Parties shall assign of the patent applications to establish ownership consistent with whether the IP is Scynexis Arising IP or Elanco Arising IP. In the event that any Arising IP is [*], the Arising IP shall be
jointly-owned (“Joint Arising IP”). [*] will have the first right, but not the obligation, to assume responsibility for the preparation, filing, prosecution (including any interferences, reissue proceedings and reexaminations) and
maintenance of patent applications covering such Joint Arising IP (any such patent application and any patents issuing therefrom a “Joint Patent Right”) in any 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

17 

 
jurisdictions throughout the Territory. If [*] declines to prepare, file, prosecute, and/or maintain a patent application covering a potentially patentable Joint Arising IP or a Joint Patent
Right, then [*] shall have the right, but not the obligation, to assume responsibility for the preparation, filing, prosecution (including any interferences, reissue proceedings and reexaminations) and/or maintenance of patent applications covering
such Joint Arising IP (any such patent application and any patents issuing therefrom shall be deemed a Joint Patent Right) in any jurisdictions throughout the Territory. The Party that prosecutes a patent application in the Joint Patent Rights (the
“Prosecuting Party”) shall provide the other Party reasonable opportunity to review and comment on such filing and prosecution efforts regarding the applicable Joint Patent Rights in the particular jurisdictions, and such other
Party shall provide the Prosecuting Party reasonable assistance in such efforts. The Prosecuting Party shall provide the other Party with a copy of all material communications with any patent authority in the applicable jurisdictions regarding the
Joint Patent Right being prosecuted by such Party promptly following receipt or dispatch thereof by such Party. The Prosecuting Party shall provide drafts of any material filings or responses to be made to such patent authorities a reasonable amount
of time in advance of submitting such filings or responses for the other Party to review and comment thereon and will incorporate, absent a substantial reason to the contrary, such Party’s comments on such filing before submitting such filing
to the relevant patent authority. In particular, each Party agrees to provide the other Party with all information necessary or desirable to enable the other Party to comply with the duty of candor/duty of disclosure requirements of any patent
authority. [*] shall be responsible for all out-of-pocket expenses incurred in connection with such preparation, filing, prosecution and maintenance of Joint Patent Rights for all Patent Rights [*]. For any Joint Patent Right [*] or [*], [*] the
reasonable out-of-pocket expenses incurred in connection with the filing, prosecution, and maintenance of such Joint Patent Rights. The Prosecuting Party will invoice the other Party for the other Party’s share of such expenses. The other Party
will reimburse the Prosecuting Party for the other Party’s share of such expenses within [*] after receipt of invoice (including supporting documentation, upon written request of the other Party); if the other Party fails or declines to pay its
one-half share of expenses within the [*] period, the Prosecuting Party may deduct from amounts due and owing to the other Party such share of unpaid expense. Either Party may determine that it is no longer interested in supporting the continued
prosecution or maintenance of a particular Joint Patent in a country or jurisdiction, in which case the disclaiming Party shall notify the other Party. 

6.7 Further Assistance. Each Party and its employees, agents, representatives and contractors shall provide the other Party all
reasonable assistance and cooperation in the prosecution of Arising IP as provided in this Section, including providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution at the expense of
said relevant Party; provided, however that any payments, other obligations, and/or acts due to an inventor under statutory national laws will be the responsibility of [*] and [*], and/or [*] of any such payments, other obligations, and/or acts.

 6.8 Scynexis Patent Rights. Except as otherwise provided in this Article 6, Scynexis shall direct the preparation, filing,
prosecution (including any interferences, reissue proceedings and reexaminations) and maintenance of the Scynexis Patent Rights, other than Joint Patents, in any jurisdiction in the Territory. Scynexis shall provide Elanco reasonable opportunity to
review and comment on such filing and prosecution efforts regarding such Scynexis Patent Rights in the Territory. Scynexis shall provide Elanco with a copy of all material communications from any patent authority in the Territory regarding such
Scynexis Patent Rights, and shall provide drafts of any material filings or responses to be made to such patent authorities a reasonable amount of time in advance of submitting such filings or responses for Elanco to review and comment thereon [*]
before submitting such filing to the relevant patent authority, [*] and provided [*]. If Scynexis determines in its sole discretion to abandon or not maintain any Scynexis Patent Right anywhere in the Territory, then Scynexis shall provide Elanco
written notice of such determination at least [*] before any deadline for taking action to avoid abandonment upon written request by Elanco and shall [*] provide Elanco with the opportunity to prepare, file, prosecute and

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

18 

 
maintain such Patent Right in the Territory, at Elanco’s sole expense. If Elanco desires Scynexis to file, in a particular jurisdiction in the Territory, a Scynexis Patent Right that claims
priority to another Scynexis Patent Right, Elanco shall provide written notice to Scynexis requesting that Scynexis file such patent application in such jurisdiction. If Elanco provides such written notice to Scynexis, Scynexis shall either
(i) file and prosecute such patent application and maintain any patent issuing thereon in such jurisdiction, or (ii) notify Elanco that Scynexis does not desire to file such patent application and shall [*] provide Elanco with the
opportunity to file and prosecute such patent application and maintain any patent issuing thereon, at Elanco’s sole expense. Elanco’s rights under this Section 6.6 with respect to any Scynexis Patent Right licensed to Scynexis by a
Third Party and listed in Exhibit A shall be subject to the rights of such Third Party to file, prosecute, and/or maintain such Scynexis Patent Rights. 

(a) At any time that Elanco is filing and prosecuting a patent application and maintaining any patent issuing thereon on pursuant to this
Section 6.8, Elanco shall provide Scynexis reasonable opportunity to review and comment on such filing and prosecution efforts regarding such Scynexis Patent Rights in the Territory. Elanco shall provide Scynexis with a copy of all material
communications from any patent authority in the Territory regarding such Scynexis Patent Rights, and shall provide drafts of any material filings or responses to be made to such patent authorities a reasonable amount of time in advance of submitting
such filings or responses for Scynexis to review and comment thereon 
 (b) No later than [*] of each calendar year (or within [*] of the
Effective Date, in the case of the first Program Year) during the term of this Agreement, Scynexis will provide Elanco with an updated Exhibit D and report describing the status of the Scynexis Patent Rights licensed to Elanco pursuant to
Section 2.1. Such report will include, at a minimum, the patent application and patent number, country(ies), filing date, issue date, expiration date and other relevant information. 

6.9 Elanco Patent Rights. Elanco will have sole responsibility for and control over the filing, prosecution, maintenance and
enforcement of the Elanco Patent Rights, at Elanco’s expense. 
 6.10 Patent Extensions. Scynexis will cooperate
with Elanco in obtaining patent term extension or supplemental protection certificates and the like with respect to the Scynexis Patent Rights and Joint Patent Rights in the Field as to which Elanco is licensed under this Agreement, in each country
and region where [*]. [*] which Patent Right to extend and [*]. Each Party shall provide reasonable assistance to the other Party in connection with obtaining any such extensions. To the extent reasonably and legally required in order to obtain any
such extension in a particular country, each Party shall make available to the other Party a copy of the necessary documentation to enable such other Party to use the same for the purpose of obtaining the extension in such country. 

7. INFRINGEMENT; ENFORCEMENT 

7.1 Infringement Claims. If the manufacture, sale or use of a Product pursuant to this Agreement results in, or may result in,
any claim, suit or proceeding by a Third Party alleging patent infringement by Scynexis or Elanco (or its licensees or sublicensees), or by an Affiliate of Scynexis or Elanco, such Party will promptly notify the other Party hereto via Notice. The
Party subject to such Third Party claim will have the exclusive right to defend and control the defense of any such claim, suit or proceeding, at its own expense, using counsel of its own choice; provided, however, that neither Party will enter into
any settlement which admits or concedes that any aspect of the Patent Rights (including Joint Patent Rights) of the other Party is invalid or unenforceable without the prior written consent of said other Party. The Party subject to the Third Party
claim will keep the other Party hereto reasonably informed of all material developments in connection with any such claim, suit or proceeding. Should [*] decide not to actively defend or fail to defend any such claim, suit, or proceedings by a Third
Party relating to [*], then [*] will be entitled to take over, at its option, the right to defend such infringement proceedings and the control of any such defense, at its cost. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

19 

 7.2 Enforcement of Joint Patent Rights. Scynexis and Elanco will each promptly
notify the other via Notice of any alleged or threatened infringement of the Joint Patent Rights of which they become aware. Scynexis and Elanco will then confer and may agree jointly to prosecute any such infringement. If the Parties do not agree
on whether or how to proceed with enforcement activity (a) within [*] following the notice of alleged infringement or (b) [*] before the time limit, if any, set forth in the appropriate laws and regulations for the filing of such actions,
whichever comes first, then [*] may commence litigation with respect to the alleged or threatened infringement at its own expense. In the event that [*] does not commence litigation within [*] of the above-specified date, [*] may do so, at [*]
expense. In the event a Party brings an infringement action against a Third Party, the other Party will cooperate fully, including, if required to bring such action, the furnishing of a power of attorney. 

(a) Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement, any recovery realized as a result of such litigation
(whether by way of settlement or otherwise) will be first allocated to reimbursement of unreimbursed legal fees and expenses incurred by the Party initiating the proceeding, then toward reimbursement of any unreimbursed legal fees and expenses of
the other Party, and then the remainder will be divided between the Parties as follows: (y) if the award is based on lost profit], Elanco will receive an amount equal to the damages the court determines Elanco has suffered as a result of the
infringement less the amount of any Royalties that would have been due to Scynexis on sales of Products lost by Elanco or any Affiliate or sublicensee of Elanco as a result of the infringement had Elanco or any Affiliate or sublicensee of Elanco
made such sales, and Scynexis will receive an amount equal to the Royalties and other payments it would have received under Article V if such sales had been made by Elanco or any Affiliate or sublicensee of Elanco; and (z) as to awards other
than those based on lost profits, [*] to the Party initiating such proceedings and [*] to the other Party. 
 7.3 Enforcement
Action in the Field. 
 (a) [*] shall have the sole right, but not the obligation, to commence and control any legal action or
proceeding, or the filing of any counterclaim, related to any alleged infringement of the [*] Patent Rights (“Action”) in the Field in the Territory. In the event that [*] elects, in its sole discretion, to undertake such an Action, [*]
agrees to reasonably cooperate with [*], including providing access to all necessary documents, executing all papers and performing such other acts as may be reasonably required for such Action, including, but not limited to, consenting to be joined
as a Party plaintiff in such Action. [*] shall control such Action, and [*] may enter into settlements, stipulated judgments or other arrangements respecting such infringement; provided, however, [*] shall not settle or make any agreement that would
have an adverse effect on [*] rights under this Agreement, without the prior written consent of [*], which shall not be unreasonably withheld or delayed. [*] shall keep [*] reasonably apprised of the progress of any such Action. [*] may, at its
option and sole expense, be represented by counsel of its choice, but all other costs associated with any such Action shall be at the sole expense of [*]. 

(b) In the event that [*] does not commence and or continue to control such Action within [*] of receipt of Notice from [*], [*] shall have the
sole right, but not the obligation, to commence and control any such Action in the Field in the Territory. In the event that [*] elects, in its sole discretion, to undertake such an Action, [*] agrees to reasonably cooperate with [*], including
providing access to all necessary documents, executing all papers and performing such other acts as may be reasonably required for such Action, including, but not limited to, consenting to be joined as a party plaintiff in such Action. Upon such
election, [*] shall control such Action, and [*] may enter into settlements, stipulated judgments or other arrangements respecting such infringement; provided, however, [*] shall not settle or 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

20 

 
make any agreement that would have an adverse effect on [*] rights under this Agreement, without the prior written consent of [*], such consent not to be unreasonably withheld or delayed. [*]
shall keep [*] reasonably apprised of the progress of any such Action. [*] may, at its option and sole expense notwithstanding the immediately following paragraph, be represented by counsel of its choice, but all other costs associated with any such
Action shall be at the sole expense of [*]. 
 (c) Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement, any
recovery realized as a result of such litigation (whether by way of settlement or otherwise) will be first allocated to reimbursement of unreimbursed legal fees and expenses incurred by the Party initiating the Action, then toward reimbursement of
any unreimbursed legal fees and expenses of the other Party, and then the remainder will be divided between the Parties as follows: (y) if the award is based on lost profits, Elanco will receive an amount equal to the lost Net Sales the court
determines Elanco has lost as a result of the infringement less the amount of any Royalties that would have been due to Scynexis on sales of Products lost by Elanco or any Affiliate or sublicensee of Elanco as a result of the infringement had Elanco
or any Affiliate or sublicensee of Elanco made such sales, and Scynexis will receive an amount equal to the Royalties and other payments it would have received under Article V if such sales had been made by Elanco or any Affiliate or sublicensee of
Elanco; and (z) as to awards other than those based on lost sales, [*] to the Party initiating such Action and [*] to the other Party. 

8. CONFIDENTIALITY 

8.1 Confidentiality Agreement. The Parties are bound by a Confidential Disclosure Agreement effective as of [*]. The
Parties’ rights and obligations under the Confidential Disclosure Agreement are incorporated herein by reference and are now extended for the term of this Agreement; should there be any conflict, the provisions of this Agreement shall
prevail. 
 8.2 Nondisclosure; Exceptions. Neither Scynexis nor Elanco shall publish or disclose to any Third Party,
including its independent contractors, any or all Confidential Information of the other Party without the advance execution of a binding confidentiality agreement between the Third Party and the disclosing Party [*]. Neither Scynexis nor Elanco
shall disclose to any Third Party or use for any purpose besides this Agreement Confidential Information of the other Party, unless such Party can demonstrate that such information: 

 

	 	(a)	Was known to the receiving Party or to the public prior to disclosure by the disclosing Party under this Agreement, as shown by written records; 

 

	 	(b)	Becomes known to the public from a source other than the receiving Party; 

  

	 	(c)	Is disclosed to the receiving Party on a non-confidential basis by a Third Party having a legal right to make such disclosure; 

  

	 	(d)	Is required to be disclosed by law or judicial order; provided, however, the receiving Party shall promptly notify the disclosing Party and shall not disclose any information without the disclosing Party’s prior
written consent or until the disclosing Party has exhausted any legal actions it may take to prevent or limit the requested disclosure; or 

  

	 	(e)	Is independently developed by the receiving Party not having access to the disclosing Party’s information. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

21 

 8.3 Survival of Confidentiality and Non-Use Obligations. Such obligations of
confidentiality and non-use shall survive expiration or termination of this Agreement for a period of [*] from the effective date of such termination or expiration. 

8.4 Authorized Disclosure. Each Party may disclose Confidential Information belonging to the other Party to the extent such
disclosure is reasonably necessary in the following instances: 
  

	 	(a)	filings submitted to a Regulatory Agency to the extent necessary for obtaining marketing approvals in the Field; 

  

	 	(b)	complying with applicable governmental regulations; 

  

	 	(c)	as necessary in order for Elanco to exercise its rights including subcontracting under this Agreement; 

  

	 	(d)	conducting pre-clinical or clinical trials of Elanco Compounds or Products; and 

  

	 	(e)	disclosure on a “need to know” basis to Affiliates, sublicensees, employees, consultants or agents who agree to be bound by similar terms of confidentiality and non-use at least equivalent in scope to those
set forth in this Article VIII. 

 9. INDEMNIFICATION; REPRESENTATIONS & WARRANTIES 

9.1 Liabilities; Indemnification by Elanco. Elanco will at all times during and after the term of this Agreement be responsible
for, and will defend, indemnify and hold Scynexis, its Affiliates and their respective directors, officers, employees and contractors harmless from and against any and all losses, claims, suits, proceedings, expenses, recoveries and damages,
including reasonable legal expenses and costs including attorneys’ fees (collectively, “Claims”), arising out of any claim by any Third Party to the extent such Claims results or arises from (a) Elanco’s breach of
this Agreement; (b) the negligence or willful misconduct of Elanco, its Affiliates, or their respective directors, officers, employees or contractors in their performance hereunder; (c) the development, use, sale, distribution, marketing,
promoting or commercialization of the Elanco Compounds or Products; except to the extent such Claims are caused by a breach of this Agreement by Scynexis or the negligence or willful misconduct of Synexis; or (d) the commercialization of the
Products infringing upon the Intellectual Property Rights of any Third Party. Scynexis will give Elanco prompt Notice of any such Claims and, without limiting the foregoing indemnity, Elanco will have the right to compromise, settle or defend such
Claim (to the extent subject to indemnity by Elanco as set forth herein); provided that (i) no offer of settlement, settlement or compromise by Elanco shall be binding on Scynexis without its prior written consent (which consent shall not be
unreasonably withheld or delayed), unless such settlement fully releases Scynexis without any liability, loss, cost or obligation incurred by Scynexis and (ii) Elanco shall not have authority to admit any wrongdoing or misconduct on the part of
Scynexis or its Affiliates except with Scynexis’ prior written consent. 
 9.2 Indemnification by Scynexis. Scynexis will
at all times during and after the term of this Agreement be responsible for, and will indemnify, defend and hold Elanco, its Affiliates, and their respective directors, officers, employees and contractors harmless from and against any and Claims
arising out of any claim by any Third Party to the extent arising out of (a) Scynexis’ breach of this Agreement; or (b) the negligence or willful misconduct of Scynexis, its Affiliates, or their respective directors, officers,
employees or contractors in their performance hereunder. Elanco will give Scynexis prompt Notice of any such Claim and, without limiting the foregoing indemnity, Scynexis will have the right to compromise, settle or defend any such Claim (to the
extent subject to indemnity by Scynexis as 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

22 

 
set forth herein); provided that (i) no offer of settlement, settlement or compromise by Scynexis shall be binding on Elanco without its prior written consent (which consent shall not be
unreasonably withheld or delayed), unless such settlement fully releases Elanco without any liability, loss, cost or obligation incurred by Elanco and (ii) Scynexis shall not have authority to admit any wrongdoing or misconduct on the part of
Elanco or its Affiliate except with Elanco’s prior written consent. 
 9.3 Scynexis Representations & Warranties to
Elanco. As of the Effective Date, Scynexis represents and warrants that it owns all right and title to, or owns the exclusive rights to, the Scynexis Patent Rights listed in Exhibit D and the Scynexis Technology existing as of the Effective Date
and licensed by Elanco hereunder, and that it has the right to enter into this Agreement. 
 9.4 Representations &
Warranties of the Parties to Each Other. Scynexis and Elanco each represent and warrant that, as of the Effective Date, execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of such
Party, its officers and directors and does not conflict with, violate, or breach any agreement to which either Elanco or Scynexis is a party, or either Party’s articles of incorporation or bylaws. 

9.5 Warranty and Disclaimer Concerning Intellectual Property. 

(a) Scynexis represents and warrants that, as of the Effective Date of this Agreement, Scynexis has not received any written notice from any
Third Party asserting or alleging that the use the Scynexis Technology by Scynexis prior to the Effective Date infringed, will be subject to a royalty or payment or has misappropriated the intellectual property rights of such Third Party. 

(b) Scynexis represents and warrants, as of the Effective Date of this Agreement and to Scynexis’s actual knowledge, without any duty of
inquiry, the research, development, manufacture, use and sale of any Elanco Compound or Product incorporating Scynexis Test Materials will not infringe upon the intellectual property rights of a Third Party. 

(c) As of the Effective Date of the Agreement, there are no pending, and to Scynexis’s knowledge no threatened, actions, suits or
proceedings against Scynexis involving the Scynexis Technology. 
 (d) EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, NEITHER PARTY MAKES
ANY WARRANTIES, WRITTEN OR UNWRITTEN, EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ANY OTHER EXPRESS OR IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR TITLE.

 (e) Without limiting the generality of the foregoing, each Party expressly does not warrant (i) the success of any research or
development activities commenced under the Development Plan or (ii) the safety or usefulness for any purpose of the technology it provides hereunder. 

9.6 Limitations of Liability. 

(a) Except for the obligations of the Parties to indemnify each other under Sections 9.1 and 9.2 AND BREACHES OF SECTIONS 2, 6, AND 8, IN NO
EVENT SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHER INDIRECT OR SPECIAL DAMAGES INCLUDING, BUT NOT LIMITED TO, LOST PROFITS OR REVENUE, WHETHER SUCH CLAIM IS BASED IN CONTRACT, IN TORT OR IN ANY OTHER LEGAL
THEORY. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

23 

 (b) EXCEPT FOR THE OBLIGATIONS OF THE PARTIES TO INDEMNIFY EACH OTHER UNDER SECTIONS 9.1 AND 9.2
AND BREACHES OF SECTIONS 2, 6 AND 8, IN NO EVENT SHALL EITHER PARTY’S LIABILITY UNDER THIS AGREEMENT EXCEED THE AMOUNT ACTUALLY RECEIVED BY SCYNEXIS FROM ELANCO (NOT INCLUDING REIMBURSEABLE EXPENSES RECEIVED BY SCYNEXIS). 

10. TERM & TERMINATION 

10.1 Term. Except as otherwise provided in this Agreement, the term of this Agreement will commence on the Effective Date and
end on the date of expiration of the last remaining Royalty Term. For the avoidance of doubt, expiration of the Agreement pursuant to this Section 10.1 will not preclude Elanco from continuing to market and sell Products or to use Elanco
Compounds or Products after the term of this Agreement. 
 10.2 Expiration of License. For the avoidance of doubt, the
license for the Field in the Territory granted by Scynexis to Elanco pursuant to Section 2.1(a) and (b) and all other rights granted to Elanco (other than those expressly stated to continue after expiration or termination of this
Agreement), will cease upon the expiration or earlier termination of this Agreement, [*]. 
 10.3 Scynexis Termination For
Cause and Consideration. If Scynexis terminates this Agreement pursuant to Section 10.7, Scynexis will [*] and Elanco will [*]. 

10.4 Elanco Termination For Cause and Consideration. If Elanco terminates this Agreement pursuant to Section 10.7, Scynexis
will [*] Elanco [*]. 
 10.5 Surviving Obligations. Upon expiration or termination of this Agreement, the obligations
which by their nature are intended to survive expiration or termination of this Agreement, will survive. 
 10.6 Accrued
Obligations. Expiration or earlier termination of this Agreement for any reason, will not relieve the Parties of any obligation that accrued prior to such expiration or termination. 

10.7 Termination At Will. Subject to the provisions of this Agreement, Elanco may terminate this Agreement upon [*] written
Notice to Scynexis any time after termination or expiration of the Research Term. In the event Elanco terminates the Agreement pursuant to this Section [*] for an Elanco Compound and [*] for such Elanco Compound [*], Elanco will grant to Scynexis
(i) a worldwide, perpetual, fully-paid, royalty-free, non-exclusive, license in the Field in the Territory with respect to any Elanco Know-How to research, develop, make, have made, use, sell, have sold, offer for sale, import, export and
sub-license such Elanco Compounds or Products and (ii) a worldwide, royalty-bearing, exclusive, license (at the rates [*]) to research, develop, make, have made, use, sell, have sold, offer for sale, import, export and sub-license such Elanco
Compounds or Products. 
 10.7 Events of Default. An event of default (“Event of Default”) will have
occurred and this Agreement may be terminated by the Party first named in each paragraph below in the following circumstances: 
 (a)
Material Breach. By the non-breaching Party, if the breaching Party fails to remedy a material breach of this Agreement within [*] after Notice thereof detailing the breach has been given to the breaching Party by the non-breaching Party.

 (b) Failure of Elanco to Pay. By Scynexis, if Elanco fails to make any payment not disputed in good faith as required under this
Agreement within the period(s) identified in this Agreement after such payment becomes payable, and such failure is not remedied within [*] after Notice thereof from Scynexis. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

24 

 (c) Bankruptcy. By either Party, upon a proceeding in bankruptcy that is not dismissed
within [*], insolvency, dissolution or winding up of the other Party. 
 10.8 Termination Not Sole Remedy. Termination is not
the sole remedy under this Agreement, and, whether or not termination is effected, all other remedies will remain available except as the Parties have expressly agreed to otherwise herein. 

11. MISCELLANEOUS 

11.1 Separate Entities / Disclaimer of Agency. Scynexis and Elanco are and will remain separate independent entities. This
Agreement will not constitute, create or otherwise imply a joint venture, partnership or formal business organization of any kind. Each Party to this Agreement will act as an independent contractor and not as an agent or legal representative of the
other. Neither Party will have the right or authority to assume, create or incur any Third Party liability or obligation of any kind, express or implied, against or in the name of or on behalf of the other Party except as expressly set forth in this
Agreement. 
 11.2 Press Releases & Disclosures. Neither Party will submit for written or oral publication any
document, data, or other information generated and provided by the other Party during the term of this Agreement without first obtaining the prior written consent of the other Party, which consent will not be unreasonably withheld, especially as it
relates to releases required for local fiscal reporting laws, filing regulations or stock rules relating to the Party or any Affiliate of the Party. The contributions of each Party will be noted in all publications, presentations, and press
releases. 
 11.3 Publicity. Until [*], or [*], neither Party will disclose to the public, any information about this
Agreement, including its existence, without the prior written consent of the other Party, which decision regarding consent will be communicated no later than [*] from the date of receipt of the request, except where required for local fiscal
reporting laws, filing regulations or stock exchange rules relating to the Party or any Affiliate of the Party. Furthermore, neither Party shall use in advertising, publicity or otherwise the name or any trademark of the other Party without prior
written consent. 
 11.4 Force Majeure. If either Party is affected by any extraordinary, unexpected and unavoidable
event, including, without limitation, acts of God, floods, fires, riots, terrorism, war, accidents, labor disturbances, breakdown of plant or equipment, lack or failure of transportation facilities, unavailability of equipment, sources of supply or
labor, raw materials, power or supplies, infectious diseases of animals, or by the reason of any law, order, proclamation, regulation, ordinance, demand or requirement of the relevant government or any sub-division, authority or representative
thereof (provided that in all such cases the Party claiming relief on account of such event can demonstrate that such event was extraordinary, unexpected and unavoidable by the exercise of reasonable care) (“Force
Majeure”), it will as soon as reasonably practicable notify the other Party of the nature and extent thereof and take all reasonable steps to overcome the Force Majeure and to minimize the loss occasioned to
that other Party. Neither Party will be deemed to be in breach of this Agreement or otherwise be liable to the other Party by reason of any delay in performance or nonperformance of any of its obligations hereunder to the extent that such delay and
nonperformance is due to any Force Majeure of which it has notified the other Party and the time for performance of that obligation will be extended accordingly. Notwithstanding the foregoing sentence, should the Force Majeure continue for more than
[*], then the other Party shall have the right to terminate this Agreement immediately upon Notice of termination delivered to the affected Party. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

25 

 11.5 Assignment. This Agreement may not be assigned or otherwise transferred by
either Party without the prior written consent of the other Party, which consent will not be unreasonably withheld or delayed; provided, however, that each of the Parties may, without such consent, assign this Agreement and its rights and
obligations hereunder to its Affiliates or in connection with the transfer or sale of all or substantially all of the portion of its business to which this Agreement relates, or in the event of its merger or consolidation or change in control or
similar transaction or, in the case of Scynexis, the creation of a special purpose corporation or design and development limited partnership. Any permitted assignee will assume all obligations of its assignor under this Agreement in writing prior to
the assignment. Any purported assignment in violation of the preceding sentences will be void. 
 11.6 Notices. Any
consent, notice or report required or permitted to be given or made under this Agreement by one of the Parties hereto to the other Party (a “Notice”) will be delivered in writing by one of the following means: delivered personally;
sent via e-mail with express confirmation from the addressee of its receipt; by facsimile (and promptly confirmed by personal delivery or courier); by a reputable, commercial courier; or by U.S. mail postage prepaid (where applicable), and addressed
to such other Party at its address indicated below, or to such other address as the addressee will have last furnished in writing to the addressor and will be effective upon receipt by the addressee. Such Notices will be effective within three
(3) business days of the postmark or transmittal date or when delivered to the addressee, whichever is earlier. 
 If to
Scynexis: 
 SCYNEXIS, Inc. 

3501C Tricenter Blvd 
 Durham, NC
27713 
 Attn: Vice President, Animal Health 

With copy to: 

SCYNEXIS, Inc. 

3501C Tricenter Blvd 
 Durham, NC
27713 
 Attn: General Counsel 

If to Elanco: 
 For General
Notices: 
 Elanco Animal Health 

Greenfield Laboratories 
 2500
Innovation Way / P.O. Box 708 
 Greenfield, IN 46140 

Attention: Legal Department 

Fax: 317-276-9434 
 E-mail:
elancolegal@elanco.com 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

26 

 For Notices related to Intellectual Property 

Elanco Animal Health 

Greenfield Laboratories 
 2500
Innovation Way / P.O. Box 708 
 Greenfield, IN 46140 

Attention: General Patent Counsel/EAM 

Fax: 317- 276-3861 
 E-mail:
elancolegal@elanco.com 
 11.7 Execution of Agreement. This Agreement may be executed by original or facsimile signature in
several counterparts, all of which shall be deemed to be originals, and all of which shall constitute one and the same Agreement. Notwithstanding the foregoing, the Parties shall deliver original execution copies of this Agreement to one another as
soon as practicable following execution thereof. 
 11.8 Waiver. The waiver by a Party of a breach or a default of any
provision of this Agreement by the other Party shall be in writing only, shall not be construed as a waiver of any succeeding breach of the same or any other provision, nor shall any delay or omission on the part of a Party to exercise or avail
itself of any right, power or privilege that it has or may have hereunder and shall not operate as a waiver of any right, power or privilege by such Party. 

11.9 Entire Agreement. This Agreement and the Exhibits hereto (which Exhibits are deemed to be a part of this Agreement for all
purposes) contain the full understanding of the Parties with respect to the subject matter hereof and supersede all prior understandings and writings relating thereto. No waiver, alteration or modification of any of the provisions hereof shall be
binding unless made in writing and signed by the Parties. 
 11.10 Headings. The headings contained in this Agreement
are for convenience of reference only and shall not be considered in construing this Agreement. 
 11.11 Severability.
In the event that any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable because it is invalid or in conflict with any law of any relevant jurisdiction, the validity of the remaining provisions shall not be
affected, and the Parties shall negotiate a substitute provision that, to the extent possible, accomplishes the original business purpose. During the period of such negotiation, and thereafter if no substituted provision is agreed upon, any such
provision which is enforceable in part but not in whole shall be enforced to the maximum extent permitted by law. 
 11.12
Successors and Assigns. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their successors and permitted assigns under Section 11.5 of this Agreement. 

11.13 Independent Contractors. It is understood and agreed that the relationship between the Parties hereunder is that of
independent contractors and that nothing in this Agreement shall be construed as authorization for either Scynexis or Elanco to act as agent for the other. 

11.14 No Third Party Beneficiaries. No person or entity other than Scynexis, Elanco and their respective Affiliates and permitted
assignees hereunder shall be deemed an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

27 

 11.15 Governing Law; Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of the State of [*] applicable therein, without regard to any conflict of law principles. 

11.16 Change Control. The use of Affiliate shall exclude any Third Party (and its affiliates) that becomes an Affiliate of a
Party due to such Third Party’s acquisition (however structured, including by merger, acquisition of stock, acquisition of all or substantially all assets or otherwise) of such Party or the acquisition (however structured, including by merger,
acquisition of stock, acquisition of all or substantially all assets or otherwise) by a Party of a Third Party. 
 12. DISPUTE
RESOLUTION 
 12.1 Dispute Resolution. In the event of a dispute, controversy or claim under or relating to this Agreement
(a “Dispute”), the Parties shall refer such dispute as follows: 
 (a) Informal Dispute Resolution: Within [*] of the notice
of dispute, the key executives for each shall meet to negotiate resolution of such dispute. 
 (b) Mediation: In the event that parties are
not able to resolve the dispute through informal dispute resolution, the parties will mediate the dispute before a nationally recognized mediator agreeable to both parties within [*] of the notice of dispute. 

(c) Arbitration: In the event that the parties are not able to resolve the dispute through mediation within [*] of the notice of dispute, then
the dispute shall be finally resolved by arbitration in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by three arbitrators, of whom each party shall appoint one from the CPR
National Panels of Distinguished Neutrals and the selected arbitrators selecting the neutral arbitrator from the CPR National Panels of Distinguished Neutrals. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1
et seq., and judgment upon the award rendered by the arbitrator’s) may be entered by any court having jurisdiction thereof. The place of the arbitration shall be in a location mutually agreed to by the parties. The parties agree that they shall
present the dispute to the panel of arbitrators within [*] of the notice of dispute with the panel of arbitrators issuing their ruling within [*] of the notice of dispute resolution. The arbitral tribunal may extend this time limit in the interest
of justice. Failure to adhere to this time limit shall not constitute a basis for challenging the award. 
 (d) The Parties hereby submit and
consent to the dispute resolution provisions provided in this Agreement as the exclusive jurisdiction for such disputes and irrevocably agree that all actions or proceedings relating to this Agreement and any dispute shall be litigated as provided
herein, and each of the Parties waives any objection which it may have based on improper venue or forum non conveniens to the conduct of any such action or proceeding in such venue. Any such legal remedies in an arbitration, court or judicial body
of competent jurisdiction shall be conducted in the English language. 
 12.2 No Delay in Unrelated Payments. In the event of a
Dispute, a Party shall have no right to toll or delay any payment or other obligation in this Agreement unrelated to the Dispute as a result of the Dispute. 

13. COMPLIANCE 
 13.1
Mutual Covenant. Each Party shall ensure that it and its activities under this Agreement shall at all times comply with all applicable laws, regulations and industry codes. Each party represents that any funds paid to the other pursuant to
this Agreement are not proceeds of any illegal activity. 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

28 

 13.2 Notice of Inspections. Scynexis shall provide Elanco with immediate notice of
any governmental or regulatory review, audit or inspection of its facility, processes, or products that might relate to the goods, software, or services furnished Elanco under this Agreement. Scynexis shall provide Elanco with the results of any
such review, audit or inspection. Elanco shall be given the opportunity to provide assistance to Scynexis in responding to any such review, audit or inspection. 

13.3 Books and Records. During the term of this Agreement and for a period of [*] thereafter, the records of each Party relating
to the performance of its duties and obligations under this Agreement shall be open to inspection and subject to audit and reproduction by the other Party or other Party’s agent or representative. 

13.4 Anti-Corruption Laws. In carrying out their responsibilities under this Agreement, the Parties shall comply with all
applicable anti-corruption laws in the countries where the Parties have their principal places of business and where they conduct activities under this Agreement. Additionally, the Parties understand and agree to comply with the U.S. Foreign Corrupt
Practices Act, as revised, which generally prohibits the promise, payment or giving of anything of value either directly or indirectly to any government official for the purpose of obtaining or retaining business or any improper advantage. For
purposes of this section, “government official” means any official, officer, representative, or employee of, including any doctor employed by, any non-U.S. government department, agency or instrumentality (including any government-owned or
controlled commercial enterprise), or any official of a public international organization or political party or candidate for political office. Additionally, each Party represents to the other Party that neither it nor any of its owners, directors,
employees, agents, consultants (1) is a government official, or will directly or indirectly (2) pay or give or promise to pay or give anything of value to any government official for purposes of (A) influencing any act or decision of
such government official in his official capacity; (B) inducing such government official to do or omit to do any act in violation of the lawful duty of such official; (C) securing any improper advantage; or (D) inducing such
government official to use his influence with the government or instrumentality thereof to affect or influence any act or decision of the government or such instrumentality with respect to any activities undertaken relating to this Agreement.
Additionally, the Parties will make reasonable efforts to comply with requests for information, including answering questionnaires and narrowly tailored audit inquiries, to enable the other Party to ensure compliance with applicable anti-corruption
laws. 
 13.5 Early Termination. The Parties agree that a breach of these Anti-Corruption Commitments shall be
considered a material breach of this Agreement and that either Party may immediately seek all remedies available under law and equity including termination of this Agreement if it believes, in good faith, that the warranties under these
Anti-Corruption Commitments have been breached by the other Party without owing to the other any damages or indemnification resulting from such termination. 

[Signature page follows] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

29 

 AMENDED and RESTATED LICENSE, DEVELOPMENT &COMMERCIALIZATION 

AGREEMENT 
 EXECUTED 

Signed on behalf of 
 Eli Lilly and Company, operating through
its Elanco Animal Health division) 
  

	
	by an authorized officer
	
	 /s/Jeffrey N. Simmons

	
	Signature of Authorized Officer
	
	 Jeffrey N. Simmons

	
	Name of Authorized Officer (please print)
	
	 1/8/14

	
	Date Signed
	
	Signed on behalf of
	
	 Scynexis, Inc.
 by an authorized
officer

	
	 /s/Yves J. Ribeill

	Signature Authorized Officer
	
	 Yves J. Ribeill

	Name of Authorized Officer (please print)
	
	 01/10/2014

	
	Date Signed

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

30 

 Exhibit A 

Primary Contact Persons 

[*] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

31 

 Exhibit B 

SCYNEXIS Test Materials 
 [*] 

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

32 

 Exhibit C 

Draft Development Plan [*] 
 [*]

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Exhibit D 

SCYNEXIS Patent Rights 
  

							
	 Reference
	  	 Application No.
	  	 Filing Date
	  	 Type

	[*]	  		  		  	

  
 [*] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

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