Document:

Exhibit 4.2

    

    

    DEPOSIT AGREEMENT

    

    

    among

    

    

    OLD NATIONAL BANCORP

    

    

    and

    

    

    CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

    

    

    as Depositary

    

    

    and

    

    

    THE HOLDERS FROM TIME TO TIME OF

    

    

    THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

    

    

    Dated as of [_______]

    
      
        

    

    TABLE OF CONTENTS

     

    

    	 	
            Page

          
	
            ARTICLE I DEFINED TERMS

          	
            1

          
	 	 
	
            Section 1.1

          	
            Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II FORM OF RECEIPTS, DEPOSIT OF SERIES C PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

          	
            3

          
	 	 
	
            Section 2.1

          	
            Form and Transfer of Receipts

          	
            3

            

          
	
            Section 2.2

          	
            Deposit of Series C Preferred Stock; Execution and Delivery of Receipts in Respect Thereof

          	
            4

          
	
            Section 2.3

          	
            Registration of Transfer of Receipts

          	
            5

          
	
            Section 2.4

          	
            Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series C Preferred Stock

          	
            6

          
	
            Section 2.5

          	
            Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts

          	
            7

            

          
	
            Section 2.6

          	
            Lost Receipts, Etc.

          	
            7

          
	
            Section 2.7

          	
            Cancellation and Destruction of Surrendered Receipts

          	
            7

          
	
            Section 2.8

          	
            Redemption of Series C Preferred Stock

          	
            8

            

          
	
            Section 2.9

          	
            Bank Accounts

          	
            9

            

          
	 	 
	
            ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

          	
            9

          
	 	 
	
            Section 3.1

          	
            Filing Proofs, Articles of Amendment and Other Information

          	
            9

          
	
            Section 3.2

          	
            Payment of Taxes or Other Governmental Charges

          	
            9

          
	
            Section 3.3

          	
            Warranty as to Series C Preferred Stock

          	
            9

          
	
            Section 3.4

          	
            Warranty as to Receipts

          	
            10

            

          
	 	 	 
	
            ARTICLE IV THE DEPOSITED SECURITIES; NOTICES

          	
            10

          
	 	 
	
            Section 4.1

          	
            Cash Distributions

          	
            10

          
	
            Section 4.2

          	
            Distributions Other than Cash, Rights, Preferences or Privileges

          	
            10

          
	
            Section 4.3

          	
            Subscription Rights, Preferences or Privileges

          	
            11

          
	
            Section 4.4

          	
            Notice of Dividends, Etc.; Fixing Record Date for Holders of Receipts

          	
            12

          
	
            Section 4.5

          	
            Voting Rights

          	
            12

          
	
            Section 4.6

          	
            Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, Etc.

          	
             12

          
	
            Section 4.7

          	
            Delivery of Reports

          	
            13

          
	
            Section 4.8

          	
            Lists of Receipt Holders

          	
            13

          
	 	 	 
	
            ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION

          	
             13

          
	 	 
	
            Section 5.1

          	
            Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar

          	
             13

          
	
            Section 5.2

          	
            Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation

          	
             14

          

    

    

    
      
        

    

    	
            Section 5.3

          	
            Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation

          	
             14

          
	
            Section 5.4

          	
            Resignation and Removal of the Depositary; Appointment of Successor Depositary

          	
             17

          
	
            Section 5.5

          	
            Corporate Notices and Reports

          	
            17

          
	
            Section 5.6

          	
            Indemnification by the Corporation

          	
            18

          
	
            Section 5.7

          	
            Fees, Charges and Expenses

          	
            18

          
	
            Section 5.8

          	
            Tax Compliance

          	
            18

          
	 	 	 
	
            ARTICLE VI AMENDMENT AND TERMINATION

          	
            19

          
	 	 
	
            Section 6.1

          	
            Amendment

          	
            19

          
	
            Section 6.2

          	
            Termination

          	
            19

          
	 	 	 
	
            ARTICLE VII MISCELLANEOUS

          	
            20

            

          
	 	 
	
            Section 7.1

          	
            Counterparts

          	
            20

            

          
	
            Section 7.2

          	
            Exclusive Benefit of Parties

          	
            20

          
	
            Section 7.3

          	
            Invalidity of Provisions

          	
            20

          
	
            Section 7.4

          	
            Notices

          	
            20

          
	
            Section 7.5

          	
            Depositary’s Agents

          	
            21

          
	
            Section 7.6

          	
            Appointment of Registrar, Transfer Agent, Dividend Disbursing Agent and Redemption Agent in Respect of the Series C Preferred Stock

          	
             21

          
	
            Section 7.7

          	
            Governing Law

          	
            21

          
	
            Section 7.8

          	
            Inspection of Deposit Agreement

          	
            21

          
	
            Section 7.9

          	
            Headings

          	
            21

          
	
            Section 7.10

          	
            Confidentiality

          	
            22

          
	
            Section 7.11

          	
            Holders of Receipts Are Parties

          	
            22

          
	 	 	 
	
            Exhibit A

          	
            Form of Receipt

          	
            A-1

          
	
            Exhibit B

          	
            Form of Officer’s Certificate

          	
            B-1

          

    

    

    
      
        

    

    
    DEPOSIT AGREEMENT

    

    

    THIS DEPOSIT AGREEMENT, dated as of [________], among (i) OLD NATIONAL BANCORP, an Indiana corporation (the “Corporation” as hereinafter defined) (ii) CONTINENTAL STOCK TRANSFER & TRUST COMPANY
      (the “Depositary” as hereinafter defined), and (iii) the Holders (as hereinafter defined) from time to time of the Receipts (as hereinafter defined).

    

    

    WHEREAS, the Corporation desires to appoint Continental Stock Transfer & Trust Company as Depositary;

    

    

    WHEREAS, Continental Stock Transfer & Trust Company desires to accept such appointment and perform the services related to such appointment;

    

    

    WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series C Preferred Stock of the Corporation from time to time with the Depositary
      for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series C Preferred Stock so deposited; and

    

    

    WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement;

    

    

    NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:

    

    

    ARTICLE I

    DEFINED TERMS

    

    

    Section 1.1    Definitions.

    

    

    The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

    

    

    “Articles of Amendment” shall mean the relevant Articles of Amendment filed or to be filed with the Secretary of State of the State of Indiana establishing
      the Series C Preferred Stock as a series of preferred stock of the Corporation.

    

    

    “Continental” shall mean Continental Stock Transfer & Trust Company.

    

    

    “Corporation” shall mean Old National Bancorp, an Indiana corporation, and its successors.

    

    

    “Deposit Agreement” shall mean this Deposit Agreement, as amended, modified or supplemented from time to time in accordance with the terms hereof.

    

    

    “Depositary” shall mean Continental Stock Transfer & Trust Company, and any successor as Depositary hereunder.

    

    

    “Depositary Shares” shall mean the depositary shares, each representing one-fortieth of one share of the Series C Preferred Stock, evidenced by a Receipt.

    

    

    “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5.

     

    

    
      -1-

      
        

    

    “Depositary’s Office” shall mean the principal office of the Depositary in 1 State Street 30th Floor, New York, NY 10004-1561, or other such Continental
      office at which at any particular time its depositary receipt business shall be administered.

    

    

    “DTC” means The Depository Trust Company, a New York corporation.

    

    

    “DTC Participant” means any financial institution (or any nominee of such institution) having one or more participant accounts with DTC for receiving, holding
      and delivering the securities and cash held in DTC.

    

    

    “DTC Receipt” shall have the meaning assigned to it in Section 2.1.

    

    

    “Merger Agreement” shall mean that certain Merger Agreement, dated as of May 30, 2021, by and between the Corporation and First Midwest Bancorp, Inc.

     

    

     “Officer’s Certificate” means a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and
      which shall include the terms and conditions of the Series C Preferred Stock to be issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof.

    

    

    “Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or
      temporary form, and evidencing the number of Depositary Shares with respect to the Series C Preferred Stock held of record by the Record Holder of such Depositary Shares.

    

    

    “Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on
      the books of the Depositary maintained for such purpose.

    

    

    “Redemption Date” shall have the meaning assigned to it in Section 2.8.

    

    

    “Registrar” shall mean Continental Stock Transfer & Trust Company, collectively, or such other successor bank or trust company which shall be appointed by
      the Corporation to register ownership and transfers of Receipts or the deposited Series C Preferred Stock, as the case may be, as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by
      the Depositary shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose.

    

    

    “Securities Act” shall mean the Securities Act of 1933, as amended.

    

    

    “Series C Preferred Stock” shall mean the shares of the Corporation’s 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, no par value, with
      a liquidation preference of $1,000 per share, designated in the Articles of Amendment and described in the Officer’s Certificate delivered pursuant to Section 2.2 hereof.

    

    

    “Transfer Agent” shall mean Continental Stock Transfer & Trust Company, collectively, or such other successor bank or trust company that shall be
      appointed by the Corporation to transfer the Receipts or the deposited Series C Preferred Stock, as the case may be, as herein provided.

     

    

    
      -2-

      
        

    

    ARTICLE II

    FORM OF RECEIPTS, DEPOSIT OF SERIES C PREFERRED STOCK,

    EXECUTION AND DELIVERY, TRANSFER, SURRENDER

    AND REDEMPTION OF RECEIPTS

    

    

    Section 2.1    Form and Transfer of Receipts.

    

    

    The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided
      and shall be engraved or otherwise prepared so as to comply with applicable rules of the Nasdaq Global Select Market Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance
      with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate
      insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause
      definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Depositary’s Office,
      without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by
      the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this
      Deposit Agreement as definitive Receipts.

    

    

    Receipts shall be executed by the Depositary by the manual, facsimile or electronic signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this
      Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by the facsimile or electronic signature of a duly authorized officer of the Depositary. If a Registrar for the Receipts (other than the
      Depositary) shall have been appointed, Receipts shall be countersigned by the manual, facsimile or electronic signature of a duly authorized officer of the Registrar. The Depositary shall record on its books each Receipt so signed and delivered as
      hereinafter provided. Receipts bearing the manual, facsimile or electronic signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such
      signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

    

    

    Receipts shall be in denominations of any number of whole Depositary Shares.

    

    

    Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement, all as may be required by
      the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Series C Preferred Stock, the Depositary Shares or
      the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject.

    

    

    Title to Depositary Shares evidenced by a Receipt that is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in
      the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat
      the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other
      purposes.

     

    

    
      -3-

      
        

    

    Notwithstanding the foregoing, upon request by the Corporation, the Depositary and the Corporation will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry
      settlement system. In connection with any such request, the Corporation hereby appoints the Depositary acting through any authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements,
      certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law,
      all Depositary Shares to be traded on the Nasdaq Global Select Market with book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such
      Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests
      in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC.

    

    

    If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling or unable to continue to make its book-entry
      settlement system available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so informed in writing, (ii) DTC notifies the Corporation at any time that it has ceased to be a
      clearing agency registered under applicable law and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so informed in writing, (iii) the Corporation executes and delivers to DTC a notice to the effect
      that such DTC Receipt shall be so exchangeable, or (iv) a DTC Participant has made a request to DTC on behalf of a beneficial owner, following any administrative procedures (which the Corporation shall also be obligated to follow upon such request
      being made) in place at such time with DTC, to exchange an interest in the Depositary Shares for a definitive Receipt evidencing such Depositary Shares being exchanged. If the beneficial owners of interests in Depositary Shares are entitled to
      exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii), (iii) or (iv) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such
      beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Corporation shall instruct the Depositary in writing
      to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear such legend
      or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for
      book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the
      relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Corporation.

    

    

     Section 2.2    Deposit of Series C Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.

    

    

    Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series C Preferred Stock under this Deposit Agreement by delivery to the
      Depositary of such shares of Series C Preferred Stock, including via electronic book-entry, for such Series C Preferred Stock to be deposited (or in such other manner as may be agreed to by the Corporation and the Depositary), properly endorsed or
      accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions
      of this Deposit Agreement and an executed Officer’s Certificate attaching the Articles of Amendment and all other information required to be set forth therein, and together with a written order of the Corporation directing the Depositary to execute
      and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Series C Preferred Stock. Each Officer’s
      Certificate delivered to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which
      such Officer’s Certificate relates.

     

    

    
      -4-

      
        

    

    The shares of Series C Preferred Stock that are deposited shall be held by the Depositary in an account to be established by the Depositary at the Depositary’s Office or at such other place or
      places, as the Depositary shall determine. As registrar and transfer agent for the deposited Series C Preferred Stock, Trust Company will reflect changes in the number of shares of deposited Series C Preferred Stock held by it by notation, book-entry
      or other appropriate method. The Depositary shall not lend any shares of Series C Preferred Stock deposited hereunder.

    

    

    Upon receipt by the Depositary of shares of Series C Preferred Stock deposited in accordance with the provisions of this Section 2.2, together with the other documents required as above specified,
      and upon recordation of the Series C Preferred Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement,
      shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.2, a Receipt or Receipts evidencing in the aggregate the number of
      Depositary Shares representing the shares of Series C Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the
      Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery.

    

    

    In connection with the deposit of the shares of Series C Preferred Stock hereunder, the Corporation shall cause to be provided an opinion of counsel prior to the date hereof with respect to the due
      issuance of the Series C Preferred Stock and the Depositary Shares. The opinion shall state that: (1) the Depositary Shares and the Series C Preferred Stock have been registered under the Securities Act; and (2) when each share of the Series C
      Preferred Stock is issued and delivered in exchange for each share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, no par value per share, of First Midwest, against payment therefor as provided in the Merger Agreement, such
      Series C Preferred Stock will be duly and validly issued and fully paid and non-assessable.

    

    

    Section 2.3    Registration of Transfer of Receipts.

    

    

    The Corporation hereby appoints Continental as the Registrar, Transfer Agent and disbursing agent for the Receipts and Continental hereby accepts such appointment, subject to the express terms and
      conditions of this Deposit Agreement. Subject to the terms and conditions of this Deposit Agreement, the Transfer Agent shall register on its books from time to time transfers of Receipts upon any surrender thereof by the Holder, properly endorsed or
      accompanied by a properly executed instrument of transfer and including a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other
      evidence of authority that may be reasonably required by the Transfer Agent, together with (if applicable) evidence of the payment by the applicable party of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a
      new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. With respect to
      the appointment of Continental as Registrar, Transfer Agent and disbursing agent in respect of the Receipts, Continental shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in
      each such provision. The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days next preceding any selection of Depositary Shares and Series C Preferred Stock to be
      redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section
      2.8.

     

    

    
      -5-

      
        

    

     Section 2.4    Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series C Preferred Stock.

    

    

    Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and
      subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the
      Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered.

    

    

    Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series C Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or
      Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such
      Holder as hereinafter provided, the number of whole shares of Series C Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series C
      Preferred Stock will not thereafter be entitled to deposit such Series C Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such
      withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series C Preferred Stock, Depositary shall at the same time, in addition to such number of whole shares of
      Series C Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such excess number of Depositary Shares.

    

    

    In no event will fractional shares of Series C Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Any fraction of a share of Series C Preferred Stock that would be
      required to satisfy such an obligation shall be disregarded. Delivery of the Series C Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as
      the Depositary may deem appropriate.

    

    

    If shares of the Series C Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder of the related Receipt or
      Receipts being surrendered for withdrawal of such shares of Series C Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts
      surrendered by such Holder for withdrawal of such shares of Series C Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank.

    

    

    Delivery of shares of the Series C Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary at the Depositary’s
      Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

     

    

    
      -6-

      
        

    

    Section 2.5    Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

    

    

    As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the
      Corporation may require (i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a
      Receipt pursuant to Section 5.7, (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence will include a signature guarantee from an eligible guarantor institution participating in a
      signature guarantee program approved by the Securities Transfer Association), and (iii) any other reasonable evidence of authority that may be required by the Depositary, and may also require compliance with such regulations, if any, as the
      Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law and as may be required by any securities exchange on which the Series C Preferred Stock, the Depositary Shares or the Receipts
      may be listed.

    

    

    The deposit of shares of the Series C Preferred Stock may be refused, the delivery of Receipts against shares of Series C Preferred Stock may be suspended, the registration of transfer of Receipts
      may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of shareholders of the Corporation is closed or (ii) if any such action is deemed necessary or
      advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Deposit
      Agreement.

    

    

    Section 2.6    Lost Receipts, Etc.

    

    

    In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution for such
      mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such
      Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing of the Depositary with an affidavit and an open penalty surety bond reasonably satisfactory to the Depositary. Such Holder shall also
      comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect in the State of New York.

    

    

    Section 2.7    Cancellation and Destruction of Surrendered Receipts.

    

    

    All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized and
      directed to destroy all Receipts so cancelled.

     

    

    
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    Section 2.8    Redemption of Series C Preferred Stock.

    

    

    Whenever the Corporation shall be permitted and shall elect to redeem shares of Series C Preferred Stock in accordance with the terms of the Articles of Amendment, it shall (unless otherwise agreed
      to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series C Preferred
      Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, and the place or places where the certificates evidencing such shares, if any, are to be surrendered for payment of the redemption
      price, which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Series C Preferred Stock is in accordance with the provisions of the Articles of Amendment. On the date of such redemption, provided that
      the Corporation shall then have paid or caused to be paid in full to Continental the Redemption Price (as such term is defined in the Articles of Amendment) of the Series C Preferred Stock to be redeemed, plus an amount equal to any declared and
      unpaid dividends (without accumulation of any undeclared dividends) thereon to the date fixed for redemption, in accordance with the provisions of the Articles of Amendment, the Depositary shall redeem the number of Depositary Shares representing
      such Series C Preferred Stock. Notice of the Corporation’s redemption of Series C Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Series C Preferred Stock to be redeemed shall be (1) mailed
      by first-class mail, postage prepaid, at the respective last addresses as they appear on the records of the Depositary, or (2) transmitted by such other method approved by the Depositary, in its reasonable discretion, in either case not less than 30
      days and not more than 60 days prior to the date fixed for redemption of such Series C Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed; but
      neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the
      proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held
      by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment
      of the redemption price; and (v) that dividends in respect of the Series C Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are
      to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot.

    

    

    Notice having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the
      shares of Series C Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series C Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares
      being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary
      Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable
      law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to one one-fortieth of the Redemption Price (as such term is defined in the Articles of Amendment) per share of Series
      C Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of dividends which on the Redemption Date have been declared on the shares of
      Series C Preferred Stock to be so redeemed and have not theretofore been paid.

    

    

    If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender to the Depositary, together
      with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption.

     

    

    
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              Section 2.9    Bank Accounts.

    

    

    All funds received by Continental under this Deposit Agreement that are to be distributed or applied by Continental in the performance of services (the “Funds”) shall be held by Continental as agent
      for the Corporation and deposited in one or more bank accounts to be maintained by Continental in its name as agent for the Corporation. Until paid pursuant to this Deposit Agreement, Continental may hold or invest the Funds through such accounts in:
      (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Global Ratings (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii)
      money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier 1 capital
      exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). The
      Corporation shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Continental in accordance with this paragraph, except for any losses resulting from a default by any bank,
      financial institution or other third party. Continental may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Continental shall not be obligated to pay such interest, dividends or
      earnings to the Corporation, any Holder or any other party.

    

    

    ARTICLE III

    CERTAIN OBLIGATIONS OF

    HOLDERS OF RECEIPTS AND THE CORPORATION

    

    

    Section 3.1    Filing Proofs, Articles of Amendment and Other Information.

    

    

    Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute such certificates and to make such representations and
      warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of the Series
      C Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other information is filed or such
      certificates are executed or such representations and warranties are made.

    

    

    Section 3.2    Payment of Taxes or Other Governmental Charges.

    

    

    Holders of Receipts shall be obligated to make payments to Continental of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series
      C Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld
      or any part of or all the Series C Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to
      notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any
      deficiency.

    

    

    Section 3.3    Warranty as to Series C Preferred Stock.

    

    

    The Corporation hereby represents and warrants that the Series C Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty
      shall survive the deposit of shares of the Series C Preferred Stock and the issuance of the related Receipts.

     

    

    
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    Section 3.4    Warranty as to Receipts.

    

    

    The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in shares of the Series C Preferred Stock. Such representation and warranty
      shall survive the deposit of shares of the Series C Preferred Stock and the issuance of the Receipts.

    

    

    ARTICLE IV

    THE DEPOSITED SECURITIES; NOTICES

    

    

    Section 4.1    Cash Distributions.

    

    

    Whenever Continental shall receive any cash dividend or other cash distribution on the Series C Preferred Stock, Continental shall, subject to Section 3.1 and Section 3.2, distribute to Record
      Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
      Holders; provided, however, that in case the Corporation or Continental shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series C Preferred Stock an amount on account of taxes, the
      amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution to be paid to any Record Holder on the
      aggregate number of Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount Continental shall distribute to such record holder shall be
      rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded by the Depositary; provided, however, upon the Depositary’s request, the Corporation shall pay the otherwise disregarded amount to the Depositary for
      distribution. Each Holder of a Receipt shall provide Continental with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance
      with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Continental of a portion of any of the distributions to be made hereunder.

    

    

    Section 4.2    Distributions Other than Cash, Rights, Preferences or Privileges.

    

    

    Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series C Preferred Stock, the Depositary shall, at the direction of the Corporation,
      subject to Section 3.1 and Section 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the
      respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If, in the opinion of the Depositary, such distribution
      cannot be made proportionately among such Record Holders in accordance with the direction of the Corporation, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the
      Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable and practicable for the purpose of effecting such
      distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Section 3.1 and Section 3.2, be
      distributed or made available for distribution, as the case may be, by Continental to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such
      securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities or
      property have been registered under the Securities Act or do not need to be registered in connection with such distributions.

     

    

    
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    Section 4.3    Subscription Rights, Preferences or Privileges.

    

    

    If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series C Preferred Stock is recorded on the books of the Corporation any rights, preferences or
      privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the Record Holders of
      Receipts in such manner as the Corporation shall direct and the Depositary may agree in writing, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by
      the Corporation in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after
      consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire
      to exercise such rights, preferences or privileges, then the Corporation, in its discretion (with acknowledgement of the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or
      privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may
      deem proper. The net proceeds of any such sale shall, subject to Section 3.1 and Section 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in
      cash. The Depositary shall not make any distribution of such rights, preferences or privileges, unless the Corporation shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been
      registered under the Securities Act or do not need to be so registered.

    

    

    The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of
      Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to
      such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or
      privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless
      and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration
      under the provisions of the Securities Act.

    

    

    The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for
      such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or obtain such authorization, consent or
      permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges.

     

    

    
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    Section 4.4    Notice of Dividends, Etc.; Fixing Record Date for Holders of Receipts.

    

    

    Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered,
      with respect to the Series C Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series C Preferred Stock are entitled to vote or of which holders of the Series C Preferred Stock are entitled to
      notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise
      in accordance with the terms of the Series C Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or
      to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.

    

    

    Section 4.5    Voting Rights.

    

    

    Subject to the provisions of the Articles of Amendment, upon receipt of notice of any meeting at which the holders of the Series C Preferred Stock are entitled to vote, the Depositary shall, as soon
      as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained
      in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series C Preferred Stock represented by their
      respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions
      may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the
      maximum number of whole shares of Series C Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action that
      may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series C Preferred Stock or cause such Series C Preferred Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depositary
      will vote the Series C Preferred Stock represented by the Depositary Shares evidenced by the Receipts of such Holders proportionately with votes cast pursuant to instructions received from the other Holders.

    

    

    Section 4.6    Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, Etc.

    

    

    Upon any change in par or stated value, split-up, combination or any other reclassification of the Series C Preferred Stock, subject to the provisions of the Articles of Amendment, or upon any
      recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary shall, upon the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are
      certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series C Preferred Stock and in the ratio of the redemption price per Depositary Share to the Redemption Price (as such term is defined in
      the Articles of Amendment) per share of Series C Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series C Preferred Stock, or
      of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series C Preferred Stock as new deposited securities
      so received in exchange for or upon conversion or in respect of such Series C Preferred Stock. In any such case, the Depositary shall, upon the receipt of written instructions of the Corporation, execute and deliver additional Receipts or may call
      for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the
      effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series C Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the
      Depositary with instructions to convert, exchange or surrender the Series C Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series C
      Preferred Stock represented by such Receipts might have been converted or for which such Series C Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction.

     

    

    
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    Section 4.7    Delivery of Reports.

    

    

    The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation that is received by the Depositary and which the Corporation is required to furnish to
      the holders of the Series C Preferred Stock.

    

    

    Section 4.8    Lists of Receipt Holders.

    

    

    Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of
      the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

    

    

    ARTICLE V

    THE DEPOSITARY, THE DEPOSITARY’S AGENTS,

    THE REGISTRAR AND THE CORPORATION

    

    

    Section 5.1    Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

    

    

    Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and
      exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement.

    

    

    The Depositary shall keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books at all reasonable times during regular business hours shall be
      made available for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s
      interest as an owner of Depositary Shares evidenced by the Receipts.

    

    

    The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder, or because of any requirement of law or
      any government, governmental body or commission, stock exchange or any applicable self-regulatory body.

    

    

    The Corporation may appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series C
      Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Corporation will appoint a Registrar for registration of the Receipts or Depositary Shares in accordance with any requirements of
      such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Corporation. If the Receipts, Depositary Shares or Series C Preferred
      Stock are listed on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary
      Shares or Series C Preferred Stock as may be required by law or applicable securities exchange regulation.

     

    

    
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    Section 5.2    Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

    

    

    Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall incur any liability to any Holder of Receipt if by reason of any provision of any
      present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or any Transfer Agent, by reason of any provision,
      present or future, of the Corporation’s Restated Certificate of Incorporation, as amended (including the Articles of Amendment) or by reason of any act of God, war, shortage of supply, civil unrest, pandemics, epidemics or other circumstance beyond
      the reasonable control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar, the Transfer Agent or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or
      thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent or the Corporation incur liability to any Holder of a Receipt (i) by reason of any
      nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
      discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement.

    

    

    Section 5.3    Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.

    

    

    Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement
      to Holders of Receipts or any other person other than for its gross negligence, willful misconduct, bad faith or fraud (each as determined by a final non-appealable judgment of a court of competent jurisdiction). Notwithstanding anything in this
      Deposit Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or
      damages of any kind whatsoever (including but not limited to lost profits) even if that party has been advised of or has foreseen the possibility of such damages and regardless of the form of action. Notwithstanding anything contained herein to the
      contrary, the Depositary’s, any Depositary’s Agent, Registrar’s or Transfer Agent’s aggregate liability during any term of this Deposit Agreement with respect to, arising from, or arising in connection with this Deposit Agreement, or from all
      services provided or omitted to be provided under this Deposit Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to Depositary as fees and charges, but not
      including reimbursable expenses.

    

    

    Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or
      other proceeding in respect of the Series C Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often
      as may be reasonably required.

    

    

    Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the written
      advice of legal counsel or accountants, or information from any person presenting Series C Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary,
      any Depositary’s Agent, any Registrar or Transfer Agent and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to
      have been signed or presented by the proper party or parties.

     

    

    
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    The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series C Preferred Stock or for the manner or effect of any such vote made, as long
      as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar and Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit
      Agreement (or as may subsequently be agreed to in writing by the parties), and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar or any Transfer Agent.

    

    

    The Depositary, the Depositary’s Agents, and any Registrar or Transfer Agent may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also
      act as transfer agent or registrar of any of the securities of the Corporation and its affiliates.

    

    

    The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary
      Shares or the Series C Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have
      no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments.

    

    

    In the event the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
      other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent shall deem it necessary or
      desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent may, in its sole discretion upon written notice to the
      Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary, the
      Depositary’s Agent, the Registrar or Transfer Agent, as applicable, receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s Agent,
      any Registrar or any Transfer Agent or which proves or establishes the applicable matter to its satisfaction.

    

    

    In the event the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent shall receive conflicting claims, requests or instructions from any Holders of Receipts, on the one hand, and
      the Corporation, on the other hand, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent, shall be entitled to act on such claims, requests or instructions received from the Corporation, and shall be entitled to the
      indemnification set forth in Section 5.6 hereof in connection with any action so taken.

    

    

    From time to time, the Corporation may provide the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent with instructions concerning the services performed by the Depositary under
      this Deposit Agreement. In addition, at any time, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent may apply to any officer of the Corporation for instruction, and may consult with legal counsel for the Depositary or the
      Corporation with respect to any matter arising in connection with the services to be performed by the Depositary, Depositary’s Agent, Registrar or Transfer Agent, as applicable, under this Deposit Agreement. The Depositary, Depositary’s Agent,
      Registrar, Transfer Agent and their respective agents and subcontractors shall not be liable and shall be indemnified by the Corporation for any action taken, suffered or omitted to be taken by them in reliance upon any instructions from the
      Corporation or upon the advice or opinion of such counsel. None of the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent shall be held to have notice of any change of authority of any person, until receipt of written notice
      thereof from the Corporation.

     

    

    
      -15-

      
        

    

    The Depositary, any Depositary’s Agent, Transfer Agent, and Registrar hereunder:

    

    

    (i)    shall have no obligation to make any payment hereunder unless the Corporation shall have provided the necessary federal or other immediately available funds or securities or property, as the
      case may be, to pay in full amounts due and payable with respect thereto;

    

    

    (ii)    may rely on and shall be authorized and protected in acting or omitting to act upon any certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security
      delivered to it and believed by it to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for determining the accuracy thereof;

    

    

    (iii)   may rely on and shall be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions given in accordance with this Agreement, with
      respect to any matter relating to its actions as Depositary, Transfer Agent or Registrar covered by this Agreement (or supplementing or qualifying any such actions), of officers of the Corporation;

    

    

    (iv)    shall not be called upon at any time to advise any person with respect to the Preferred Stock, Depositary Shares or Receipts;

    

    

    (v)    shall not be liable or responsible for any recital or statement contained in any documents relating hereto or to the Preferred Stock, the Depositary Shares or Receipts; and

    

    

    (vi)    shall not be liable in any respect on account of the identity, authority or rights of the parties (other than the Depositary) executing or delivering or purporting to execute or deliver this
      Agreement or any documents or papers deposited or called for under this Agreement.

    

    

    The obligations of the Corporation and the rights of the Depositary, the Depositary’s Agent, Transfer Agent or Registrar set forth in this Section 5.3 shall survive the replacement, removal or
      resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement.

    

    

    It is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it
      being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Series C Preferred Stock; provided, however, that the Depositary agrees to comply with all
      information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary.

    

    

    The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities laws in
      connection with the issuance, transfer or exchange of the Receipts, Stock or Depositary Shares.

     

    

    
      -16-

      
        

    

    Section 5.4    Resignation and Removal of the Depositary; Appointment of Successor Depositary.

    

    

    The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such resignation to take effect upon the appointment of a successor
      Depositary and its acceptance of such appointment as hereinafter provided.

    

    

    The Corporation may at any time remove the Depositary by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
      its acceptance of such appointment as hereinafter provided.

    

    

    In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be,
      appoint a successor Depositary, which shall be (i) a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, including with its affiliates, of at least $50,000,000 or (ii) an
      affiliate of a person specified in clause (i). If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent
      jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor
      Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon
      payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all
      right, title and interest in the Series C Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other
      information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of
      Receipts.

    

    

    Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and
      notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary.

    

    

    The provisions of this Section 5.4 as they apply to the Depositary apply to the Registrar and Transfer Agent as if specifically enumerated herein.

    

    

    Section 5.5    Corporate Notices and Reports.

    

    

    The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses
      recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Series C Preferred Stock, the Depositary Shares
      or the Receipts are listed or by the Corporation’s Restated Articles of Incorporation, as amended (including the Articles of Amendment), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the
      Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other
      documents as may be requested by the Corporation.

    

    

    From time-to-time and after the date hereof, the Corporation agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts,
      documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Deposit Agreement.

     

    

    
      -17-

      
        

    

    Section 5.6    Indemnification by the Corporation.

    

    

    Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each of their officers, directors, agents and
      employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of actions taken, suffered or omitted to be taken in
      connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar, any Transfer Agent or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, including
      Depositary’s reliance on any instructions of the Corporation delivered to the Depositary hereunder, except for any liability arising out of gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a
      court of competent jurisdiction) on the respective parts of any such person or persons. The obligations of the Corporation and the rights of the Depositary set forth in this Section 5.6 shall survive the termination of this Deposit Agreement and any
      resignation or replacement, removal, succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent.

    

    

    Section 5.7    Fees, Charges and Expenses.

    

    

    The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary hereunder and to reimburse the Depositary for
      its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary without gross negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depositary Agent) in connection
      with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series C Preferred Stock and the initial issuance of the Depositary
      Shares, all withdrawals of shares of Series C Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Series C Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and
      governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a
      Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option,
      require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at
      such intervals as the Corporation and the Depositary may agree.

    

    

    Section 5.8    Tax Compliance.

    

    

    The Depositary, on its own behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting, and withholding (including “backup withholding”) requirements
      imposed by applicable tax laws, regulations, or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption, or exercise of rights under the
      Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its
      designated agent. The Depositary shall comply with any direction received from the Corporation with respect to the application of such requirements to particular payments or holders or in other particular circumstances and may, for purposes of this
      Deposit Agreement, rely on any such direction in accordance with the provisions of Section 5.3 hereof. The Depositary shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on
      request to the Corporation or to its authorized representatives.

     

    

    
      -18-

      
        

    

    ARTICLE VI

    AMENDMENT AND TERMINATION

    

    

    Section 6.1    Amendment.

    

    

    The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which
      they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been
      approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by
      continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Section 2.5 and Section 2.6 and
      Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series C Preferred Stock and all money and other property, if any, represented
      thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent to the Depositary’s execution of
      any amendment, the Corporation shall deliver to the Depositary a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1.

    

    

    Section 6.2    Termination.

    

    

    Either party may terminate this Deposit Agreement upon thirty (30) days’ prior written notice to the other party.  Unless terminated earlier by the parties hereto, this Deposit Agreement may be
      terminated by the Corporation or the Depositary if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution in respect of the Series C Preferred Stock in
      connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or Section 4.2, as applicable, (iii)
      upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding or (iv) at any time by any party upon a material breach of a representation, covenant or term of this Deposit
      Agreement by any other party which is not cured within a period not to exceed thirty (30) days after the date of written notice thereof by one of the other parties.

    

    

    Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s
      Agent and any Registrar under Section 5.6 and Section 5.7 (including as to any services of the Depositary, any Depositary’s Agent, any Transfer Agent, and any Registrar that are necessary following and in connection with the termination of this
      Deposit Agreement); provided further that Section 5.2, Section 5.3, Section 5.6, Section 7.4, Section 7.7 and Section 7.10 and the respective rights and obligations of the Corporation and the Depositary, Registrar, Transfer Agent or Depositary’s
      Agent set forth therein shall survive the termination of this Deposit Agreement and any resignation or succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent.

     

    

    
      -19-

      
        

    

    ARTICLE VII

    MISCELLANEOUS

    

    

    Section 7.1    Counterparts.

    

    

    This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be
      deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original
      signature.

    

    

    Section 7.2    Exclusive Benefit of Parties.

    

    

    This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to
      any other person whatsoever.

    

    

    Section 7.3    Invalidity of Provisions.

    

    

    In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and
      enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if any such provision adversely affects the rights, duties, liabilities or obligations of the
      Depositary, the Depositary shall be entitled to resign immediately.

    

    

    Section 7.4    Notices.

    

    

    Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, overnight
      delivery or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at

    

    

    Old National Bancorp

    One Main Street, Evansville, IN 47708

    Attention: General Counsel

    

    

    or at any other address of which the Corporation shall have notified the Depositary in writing.

    

    

    Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, overnight
      delivery or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary at the Depositary’s Office at

    

    

    Continental Stock Transfer & Trust Company

    1 State Street 30th Floor, New York, NY 10004-1561

    Attention: Account Administration

    

    

    or at any other address of which the Depositary shall have notified the Corporation in writing.

     

    

    
      -20-

      
        

    

    Except as otherwise provided herein, any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
      if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, overnight delivery or facsimile transmission confirmed by letter, addressed to such Record Holder at the address of such Record
      Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such request.
      Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile
      transmission) is deposited, postage prepaid, in a post office letter box or in the case of an overnight delivery service, when deposited with such service, delivery fees prepaid; provided, that the Depositary or the Corporation may, however, act upon
      any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

    

    

    Section 7.5    Depositary’s Agents.

    

    

    The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional
      Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action.

    

    

    Section 7.6    Appointment of Registrar, Transfer Agent, Dividend Disbursing Agent and Redemption Agent in Respect of the Series C Preferred Stock.

    

    

    Unless otherwise set forth on the Officer’s Certificate delivered pursuant to Section 2.2 hereof, the Corporation hereby appoints Continental as registrar, transfer agent, redemption agent and
      dividend disbursing agent in respect of the Series C Preferred Stock deposited with the Depositary hereunder, and Continental hereby accept such appointments on the express terms and conditions set forth in this Deposit Agreement. With respect to the
      appointment of Continental as registrar, transfer agent, redemption agent and dividend disbursing agent in respect of the Series C Preferred Stock, Continental shall be entitled to the same rights, indemnities, immunities and benefits as the
      Depositary hereunder as if explicitly named in each such provision.

    

    

    Section 7.7    Governing Law.

    

    

    This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New
      York without giving effect to applicable conflicts of law principles.

    

    

    Section 7.8    Inspection of Deposit Agreement.

    

    

    Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours upon reasonable notice to the
      Depositary by any Holder of a Receipt.

    

    

    Section 7.9    Headings.

    

    

    The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a
      part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts.

     

    

    
      -21-

      
        

    

    Section 7.10    Confidentiality.

    

    

    The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public Holder information,
      which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process.

    

    

    Section 7.11    Holders of Receipts Are Parties.

    

    

    The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts and of the Officer’s Certificate
      by acceptance of delivery thereof.

    

    

    

    

    [Signature Page to Deposit Agreement]

    

    

    
      -22-

      
        

    

    IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit Agreement as of the day and year first above set forth.

    

    

    

    

    	 	
            OLD NATIONAL BANCORP

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	

          
	 	
            Title:

          	
            

            

          

    

    

    	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    [Signature Page to Deposit Agreement]

    

    

    
      
        

    

    
    EXHIBIT A

    

    

    [FORM OF FACE OF RECEIPT]

    

    

    THE DEPOSITARY SHARES REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
      GOVERNMENT AGENCY.

    

    

    IF GLOBAL RECEIPT IS ISSUED: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO OLD NATIONAL BANCORP OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
      OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

    

    

    TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
      GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW.

    

    

    IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT
      THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

    

    

    DEPOSITARY SHARES

    DR – 1

    DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH

    REPRESENTING ONE-FORTIETH OF ONE SHARE OF

     7.000% FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES C,

    OF

    OLD NATIONAL BANCORP

    INCORPORATED UNDER THE LAWS OF THE STATE OF INDIANA

    CUSIP 68003D 303

    SEE REVERSE FOR CERTAIN DEFINITIONS

    

    

    Continental Stock Transfer & Trust Company acting as Depositary (the “Depositary”), hereby certifies that CEDE & Co. is the registered owner of [____] DEPOSITARY SHARES (“Depositary Shares”),
      each Depositary Share representing one-fortieth of one share of 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, no par value, with a liquidation preference of $1,000 per share, (the “Series C Preferred Stock”), of Old National
      Bancorp, an Indiana corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of [________] (the “Deposit Agreement”), between the Corporation and the
      Depositary. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or
      entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by either the manual or facsimile signature of a duly authorized officer. To the extent a Registrar (other than the Depositary) is also
      appointed, such Registrar may countersign by either the manual or facsimile signature of a duly authorized officer thereof.

     

    

    
      A-1

      
        

    

    Dated:

    

    

    Continental Stock Transfer & Trust Company, acting as Depositary

     

    

    	By:	 	 
	 Name:	 	
              

            

          	 
	 Title:	 	
            

            

          	 

     

    

    
      A-2

      
        

    

    [FORM OF REVERSE OF RECEIPT]

    

    

    OLD NATIONAL BANCORP

    

    

    OLD NATIONAL BANCORP WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT RELATING TO THE 7.000% FIXED RATE
      NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES C, OF OLD NATIONAL BANCORP. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

    

    

    The Corporation will furnish without charge to each receipt holder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of
      stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Registrar.

    

    

    EXPLANATION OF ABBREVIATIONS

    

    

    The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations. Abbreviations in
      addition to those appearing below may be used.

    

    

    	
            Abbreviation

          	 	
            Equivalent Phrase

          	 	
            Abbreviation

          	 	
            Equivalent Phrase

          
	
            JT TEN

          	 	
            As joint tenants, with right of survivorship and not as tenants in common

          	 	
            TEN BY ENT

          	 	
            As tenants by the entireties

          
	
            TEN IN COM

          	 	
            As tenants in common

          	 	
            UNIF GIFT MIN ACT

          	 	
            Uniform Gifts to Minors Act

          

    
       

      

    

    	
            Abbreviation

          	 	
            Equivalent Word

          	 	
            Abbreviation

          	 	
            Equivalent Word

          	 	
            Abbreviation

          	 	
            Equivalent Word

          
	
            ADM

          	 	
            Administrator(s), Administratrix

          	 	
            EX

          	 	
            Executor(s), Executrix

          	 	
            PAR

          	 	
            Paragraph

          
	
            AGMT

          	 	
            Agreement

          	 	
            FBO

          	 	
            For the benefit of

          	 	
            PL

          	 	
            Public Law

          
	
            ART

          	 	
            Article

          	 	
            FDN

          	 	
            Foundation

          	 	
            TR

          	 	
            (As) trustee(s), for, of

          
	
            CH

          	 	
            Chapter

          	 	
            GDN

          	 	
            Guardian(s)

          	 	
            U

          	 	
            Under

          
	
            CUST

          	 	
            Custodian for

          	 	
            GDNSHP

          	 	
            Guardianship

          	 	
            UA

          	 	
            Under agreement

          
	
            DEC

          	 	
            Declaration

          	 	
            MIN

          	 	
            Minor(s)

          	 	
            UW

          	 	
            Under will of, Of will of, Under last will & testament

          
	
            EST

          	 	
            Estate, of Estate of

          	 	 	 	 	 	 	 	 

     

    

    
      A-3

      
        

    

    For value received,                  hereby sell(s), assign(s) and transfer(s) unto                  [INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]                                      [PRINT OR
      TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE] Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute and appoint              Attorney to transfer the said Depositary Shares on the books of
      the within named Depositary with full power of substitution in the premises.

    

    

    	
            Dated:

          	 	 
	 	 	 
	
            Signature:

          	 	 
	 	 	 
	
            Signature:

          	 	 

    

    

    NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt, in every particular, without alteration or enlargement, or any change whatsoever.

    

    

    SIGNATURE GUARANTEED

    

    

    NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature
      guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

     

    

    
      A-4

      
        

    

    
    EXHIBIT B

    

    

    FORM OF OFFICER’S CERTIFICATE

    

    

    I, [name]                , [title]                 of Old National Bancorp, an Indiana corporation (the “Corporation”), hereby certify that pursuant to the terms of the Articles of Amendment filed
      with the Secretary of State of the State of Indiana on [________] (the “Articles of Amendment”), and pursuant to resolutions adopted at a meeting of the Board of Directors of the Corporation (the “Board”) on [_____], 2022, and the Corporation has
      established 7.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), no par value, with a liquidation preference of $1,000 per share, which the Corporation desires to deposit with the Depositary for the
      purposes of being subject to the terms and conditions of the Deposit Agreement, dated as [________], by and between the Corporation, on the one hand, and Continental Stock Transfer & Trust Company, as Depositary, on the other hand (the “Deposit
      Agreement”). In connection therewith, the Board of Directors or a duly authorized committee thereof has authorized the terms and conditions with respect to the Series C Preferred Stock as described in the Articles of Amendment attached as Annex A
      hereto. Any terms of the Series C Preferred Stock that are not so described in the Articles of Amendment and any terms of the Receipts representing such Series C Preferred Stock that are not described in the Deposit Agreement are described below:

    

    

    Aggregate Number of shares of Series C Preferred Stock issued on the day hereof:

    

    

    CUSIP Number for Receipt:

    

    

    Denomination of Depositary Share per share of Series C Preferred Stock (if different than 1/40 of a share of Series C Preferred Stock):

    

    

    Redemption Provisions (if different from as set forth in the Deposit Agreement):

    

    

    Name of Global Receipt Depositary:

    

    

    Name of Registrar with respect to the Receipts (if other than Continental Stock Transfer & Trust Company):

    

    

    Name of Registrar, Transfer Agent and Redemption Agent with respect to the Series C Preferred Stock (if other than Continental Stock Transfer & Trust Company):

    

    

    Name of Dividend Disbursing Agent with respect to the Series C Preferred Stock (if other than Continental Stock Transfer & Trust Company)

    

    

    Special terms and conditions:

    

    

    Closing date:

    

    

    All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement.

    

    

    Date: [________].

     

    

    	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

     B-1EX-10.1

 Exhibit 10.1 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE ROIVANT SCIENCES LTD. (THE “COMPANY”) HAS
DETERMINED THAT THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 

EXCLUSIVE LICENSE AGREEMENT 
 by
and between 
 EISAI CO. LTD. 

and 
 PHARMAVANT 7 GmbH 

dated as of November 24, 2021 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

TABLE OF CONTENTS 
  

							
	 	    	 	  	Page	 
			
	 Article 1
	    	 DEFINITIONS
	  	 	1	 
			
	 Article 2
	    	 GRANT OF RIGHTS AND LICENSES
	  	 	18	 
			
	 2.1
	    	 License Grants to Pharmavant
	  	 	18	 
	 2.2
	    	 Subcontracting
	  	 	19	 
	 2.3
	    	 Eisai Retained Rights
	  	 	20	 
	 2.4
	    	[***]	  	 	20	 
	 2.5
	    	 No Other Rights
	  	 	20	 
			
	 Article 3
	    	 DEVELOPMENT ACTIVITIES; REGULATORY ACTIVITIES; COMMERCIALIZATION
	  	 	20	 
			
	 3.1
	    	 Development Activities
	  	 	20	 
	 3.2
	    	 Regulatory Matters
	  	 	22	 
	 3.3
	    	 Commercialization
	  	 	24	 
	 3.4
	    	[***]	  	 	25	 
			
	 Article 4
	    	 ASSISTANCE; DISCLOSURE OF KNOW-HOW;TECHNOLOGY TRANSFER;
MANUFACTURING
	  	 	26	 
			
	 4.1
	    	 Disclosure of Eisai Product Know-How and Eisai Background Know-How
	  	 	26	 
	 4.2
	    	 Manufacturing Rights
	  	 	26	 
	 4.3
	    	 Supply of Licensed Compound and Raw Materials to Pharmavant
	  	 	26	 
	 4.4
	    	 Manufacturing Technology Transfer
	  	 	28	 
			
	 Article 5
	    	 FINANCIAL TERMS
	  	 	29	 
			
	 5.1
	    	 Upfront Payment
	  	 	29	 
	 5.2
	    	 Milestones
	  	 	29	 
	 5.3
	    	 Royalties
	  	 	32	 
	 5.4
	    	 Additional Payment Terms
	  	 	34	 
	 5.5
	    	 Records; Audit Rights
	  	 	34	 
			
	 Article 6
	    	 INTELLECTUAL PROPERTY
	  	 	35	 
			
	 6.1
	    	 Ownership
	  	 	35	 
	 6.2
	    	 Prosecution and Maintenance
	  	 	36	 
	 6.3
	    	 Infringement by Third Parties
	  	 	38	 
	 6.4
	    	 Common Interest Agreement
	  	 	41	 
	 6.5
	    	 Defense
	  	 	41	 
	 6.6
	    	 Pharmavant Trademarks
	  	 	42	 

  
 i 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

							
	 Article 7
	    	 CONFIDENTIALITY
	  	 	42	 
			
	 7.1
	    	 Nondisclosure
	  	 	42	 
	 7.2
	    	 Exceptions
	  	 	43	 
	 7.3
	    	 Authorized Disclosure
	  	 	43	 
	 7.4
	    	 Terms of this Agreement
	  	 	45	 
	 7.5
	    	 Securities Filings; Disclosure under Applicable Law
	  	 	45	 
	 7.6
	    	 Press Releases
	  	 	46	 
	 7.7
	    	 Publication of Results
	  	 	46	 
	 7.8
	    	 Disclosure of Clinical Data
	  	 	47	 
	 7.9
	    	 Use of Names
	  	 	47	 
	 7.10
	    	 [***]
	  	 	47	 
			
	 Article 8
	    	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	47	 
			
	 8.1
	    	 Mutual Representations and Warranties
	  	 	47	 
	 8.2
	    	 Representations and Warranties of Eisai
	  	 	48	 
	 8.3
	    	 Representations and Warranties of Pharmavant
	  	 	49	 
	 8.4
	    	 Covenants
	  	 	49	 
	 8.5
	    	 Disclaimer
	  	 	50	 
			
	 Article 9
	    	 INDEMNIFICATION; INSURANCE
	  	 	50	 
			
	 9.1
	    	 Indemnification by Pharmavant
	  	 	50	 
	 9.2
	    	 Indemnification by Eisai
	  	 	51	 
	 9.3
	    	 Procedure
	  	 	51	 
	 9.4
	    	 Insurance
	  	 	52	 
	 9.5
	    	 LIMITATION OF LIABILITY
	  	 	52	 
			
	 Article 10
	    	 TERM AND TERMINATION
	  	 	53	 
			
	 10.1
	    	 Term; Expiration
	  	 	53	 
	 10.2
	    	 Termination for Material Breach
	  	 	53	 
	 10.3
	    	 Termination for Challenge
	  	 	54	 
	 10.4
	    	 Termination for Bankruptcy
	  	 	54	 
	 10.5
	    	 [***]
	  	 	55	 
	 10.6
	    	 Effects of Termination
	  	 	55	 
	 10.7
	    	 Surviving Provisions
	  	 	59	 
			
	 Article 11
	    	 MISCELLANEOUS
	  	 	59	 
			
	 11.1
	    	 Severability
	  	 	59	 
	 11.2
	    	 Notices
	  	 	60	 
	 11.3
	    	 Assignment
	  	 	60	 
	 11.4
	    	 Waivers and Modifications
	  	 	61	 
	 11.5
	    	 WAIVER OF JURY TRIAL
	  	 	61	 
	 11.6
	    	 Choice of Law; Dispute Resolution; Jurisdiction
	  	 	61	 

  
 ii 

							
	 11.7
	    	 Confidentiality
	  	 	64	 
	 11.8
	    	 Patent Disputes
	  	 	64	 
	 11.9
	    	 Relationship of the Parties
	  	 	64	 
	 11.10
	    	 Performance by Affiliates
	  	 	64	 
	 11.11
	    	 Export Control
	  	 	65	 
	 11.12
	    	 Compliance with Applicable Law
	  	 	65	 
	 11.13
	    	 Force Majeure
	  	 	65	 
	 11.14
	    	 Fees and Expenses
	  	 	66	 
	 11.15
	    	 Third Party Beneficiaries
	  	 	66	 
	 11.16
	    	 Entire Agreement
	  	 	66	 
	 11.17
	    	 Counterparts
	  	 	66	 
	 11.18
	    	 Equitable Relief; Cumulative Remedies
	  	 	66	 
	 11.19
	    	 Interpretation
	  	 	67	 
	 11.20
	    	 Further Assurances
	  	 	68	 

  
 iii 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 
 [***] 

  
 iv 

 Execution Version 

Certain confidential information contained in this document, marked by [***], has been omitted because Roivant Sciences, Ltd. (the “Company”) has
determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

EXCLUSIVE LICENSE AGREEMENT 

This EXCLUSIVE LICENSE AGREEMENT (this “Agreement”) is entered into as of November 24, 2021 (the “Effective
Date”) by and between Eisai Co. Ltd., a Japanese corporation with offices at [***] (“Eisai”), and Pharmavant 7 GmbH, a company organized under the laws of Switzerland and having an address of [***]
(“Pharmavant”) . For purposes of this Agreement, Eisai and Pharmavant are each referred to herein by name, individually as a “Party” or, collectively, as the “Parties.” 

RECITALS 
 WHEREAS, Eisai
Controls certain Patents and Know-How Covering the Licensed Compound and Licensed Products (as such terms are defined below); 

WHEREAS, Pharmavant has experience in the development and commercialization of pharmaceutical products in the Territory (as defined below);

 WHEREAS, Pharmavant is a wholly-owned subsidiary of Roivant Sciences Ltd. (“Roivant Sciences”); 

WHEREAS, the Parties desire to enter into this Agreement pursuant to which, among other things, Eisai will grant to Pharmavant certain
exclusive licenses with respect to the development, manufacture and commercialization of the Licensed Compound and Licensed Products in the Territory for use in the Field (as such terms are defined below), on the terms and subject to the conditions
set forth herein; and 
 WHEREAS, [***]. 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements set forth below, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 As used in this
Agreement, the terms with initial letters capitalized, whether used in the singular or plural form, shall have the meanings set forth in this Article 1 or, if not listed below, the respective meanings designated throughout this Agreement. 

1.1 “Accounting Standards” means (a) United States Generally Accepted Accounting Principles (“GAAP”) or
(b) International Accounting Standards/International Financial Reporting Standards of the International Accounting Standards Board (“IAS/IFRS”), as the case may be, consistently applied. 

 1.2 “Affiliate” means any Person which, directly or indirectly through one
or more intermediaries, controls, is controlled by, or is under common control with a Party. For purposes of this definition only, the term “control” (including, with correlative meanings, the terms “controlled by” and
“under common control with”) as used with respect to a Person means: (a) direct or indirect ownership of fifty percent (50%) or more of the voting securities or other voting interest of any Person (including attribution from related
parties); or (b) the possession, directly or indirectly, of the power to direct, or cause the direction of, the management and policies of such Person, whether through ownership of voting securities, by contract, as a general partner, as a
manager, or otherwise. 
 1.3 “Annual Net Sales” means, the aggregate Net Sales by Pharmavant, its Affiliates, and its
Sublicensees in the Territory of the Licensed Product in a particular Eisai Fiscal Year, calculated in accordance with Accounting Standards. 

1.4 Anti-Corruption Laws” means any local and foreign anti-corruption laws, including the provisions of the United States Foreign
Corrupt Practices Act of 1977, as amended, and the UK Bribery Act of 2010, as amended. 
 1.5 “Applicable Law” means all
applicable laws, statutes, rules, regulations, orders, judgments, or ordinances having the effect of law of any national, multinational, federal, state, provincial, county, city, or other political subdivision, including, to the extent applicable,
GCP, GLP, and GMP, as well as all applicable data protection and privacy laws, rules, and regulations, including, to the extent applicable, the United States Department of Health and Human Services privacy rules under the Health Insurance
Portability and Accountability Act and the Health Information Technology for Economic and Clinical Health Act and the EU Data Protection Directive (Council Directive 95/46/EC), applicable laws implementing the EU Data Protection Directive and the
General Data Protection Regulation (2016/679), as well as all applicable all Anti-Corruption Laws, including the U.S. Foreign Corrupt Practices Act (15 U.S.C. § 78dd-1 et seq.), that, in each case, govern
or otherwise apply to a Party. 
 1.6 “Assist” means providing, directly or indirectly, a Third Party with (a) any
analysis of any Eisai Product Patents and/or Eisai Patents, or any portion thereof; (b) prior art or analysis of any prior art to any such Patents; (c) any documents in Pharmavant’s possession, custody, or control relating to any such
Patents, in whole or in part, or to any prior art to any such Patents; or (d) financial or technical support, in each case, as part of a Challenge of any such Patents. 

1.7 “Business Day” means a day that is not a Saturday, a Sunday or a day on which banking institutions in Basel, Switzerland,
New York, New York or Tokyo, Japan are required or authorized by Applicable Law to remain closed. 
 1.8 “Calendar Quarter”
means each of the three (3) month periods ending March 31, June 30, September 30, and December 31; provided, that: (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first
complete three (3)-month period thereafter; and (b) the final Calendar Quarter of the Term shall end on the last day of the Term. 

  
 2 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.9 “Challenge” means to contest or Assist in the contest of the validity or enforceability of any Eisai Product Patents
and/or Eisai Patents, in whole or in part, in any court, arbitration proceeding or other tribunal, including the United States Patent and Trademark Office and the United States International Trade Commission. For the avoidance of doubt, the term
“contest” includes: (a) filing an action under 28 U.S.C. §§ 2201-2202 seeking a declaration of invalidity or unenforceability of any such Patents; (b) citation to the United States Patent and Trademark Office pursuant
to 35 U.S.C. § 301 of prior art patents or printed publications or statements of the patent owner concerning the scope of any such Patents; (c) filing a request under 35 U.S.C. § 302 for
re-examination of any such Patents; (d) filing, or joining in, a petition under 35 U.S.C. § 311 to institute inter partes review of any such Patents or any portion thereof; (e) filing, or
joining in, a petition under 35 U.S.C. § 321 to institute post-grant review of any such Patents or any portion thereof; (f) becoming a party to an interference with an application for any such Patents pursuant to 35 U.S.C. § 135; (f) filing or commencing any re-examination, opposition, cancellation, nullity or similar proceedings against any such Patents in any country; or (g) any
foreign equivalents of subsection (a) through (e) applicable in any country. 
 1.10 “Change of Control” means, with
respect to a Party (an “Acquired Party”), the occurrence of any of the following events from and after the Effective Date: [***]. 

1.11 “Clinical Data” means any and all raw data (together with all clinical trial reports and the results of analyses
thereof) derived or generated in any Clinical Trial conducted by or on behalf of a Party pursuant to this Agreement. 
 1.12
“Clinical Trial” means any human clinical trial conducted with the Licensed Product, including any Phase 1 Clinical Trial, Phase 2 Clinical Trial and Phase 3 Clinical Trial, and any post-marketing clinical trial commenced after
Regulatory Approval of the Licensed Product. 
 1.13 “CMC” means chemistry, manufacturing and controls processes with
respect to the Licensed Compound or any Licensed Product, including the chemistry, manufacturing and controls section of any Regulatory Materials for such Licensed Compound or Licensed Product. 

1.14 “CMC Development Activities” means all activities pertaining manufacturing development or formulation development,
including manufacturing process, for the Licensed Compound or any Licensed Product. 
 1.15 “Commercialization” means the
marketing, promotion, sale (and offer for sale or contract to sell), distribution, importation or other commercial exploitation (including the conduct of pricing and reimbursement activities) of a Licensed Product in the Territory, including the
conduct of Medical Affairs Activities. For purposes of clarity, Commercialization shall include any commercial activities conducted in preparation for the launch of a Licensed Product but shall not include Manufacturing. When used as a verb,
“Commercialize” means to engage in Commercialization. 

  
 3 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.16 “Commercialization Plan” means, with respect to the Licensed Product, the plan for the Commercialization of such
Licensed Product in the Territory in a given Eisai Fiscal Year (or in the case of the initial Commercialization Plan, the period through First Commercial Sale and for the [***] period thereafter), as such plan may be amended from time to time in
accordance with this Agreement, which Commercialization Plan shall be comprised of two parts: (a) a strategic plan addressing matters including (i) demographics and general market strategies; (ii) specific Commercialization and
marketing objectives; (iii) the expected Regulatory Filings to be required and prepared, and the expected timetable for making such Regulatory Filings and (b) a tactical plan (the “Tactical Plan”) that includes (i) a
marketing plan with advertising and general pricing strategies; and (ii) a timeline for Commercialization activities, including the estimated launch date(s) 

1.17 “Commercially Reasonable Efforts” means, with respect to Pharmavant in relation to an obligation under this Agreement
applicable to the Licensed Compound or any Licensed Product, such efforts that [***] (which in any event shall not be less than the efforts used by a reasonable international biopharmaceutical company or pharmaceutical company, in each case, that is
of comparable size and has comparable resources to Pharmavant), in the performance of a corresponding activity for a similar pharmaceutical compound or product, as applicable, at a similar stage in its research, development, or commercial life as
the Licensed Compound or such Licensed Product, and that has commercial and market potential similar to the Licensed Compound or such Licensed Product, taking into account [***]. 

1.18 “Confidential Information” means, with respect to a Disclosing Party, all confidential and proprietary information,
including chemical or biological materials, chemical structures, commercialization plans, correspondence, customer lists, data, development plans, formulae, improvements, Inventions, Know-How, processes,
regulatory filings, reports, strategies, techniques, or other information, in each case, that are disclosed by or on behalf of such Disclosing Party to the Receiving Party pursuant to this Agreement, regardless of whether any of the foregoing are
marked “confidential” or “proprietary” or communicated to the other Party by or on behalf of the Disclosing Party in oral, written, visual, graphic, or electronic form. [***]. 

1.19 “Control,” “Controls,” or “Controlled” means, with respect to any Patent, Know-How or Confidential Information, the ability of a Party or its Affiliates, as applicable (whether through ownership or license (other than a license granted in this Agreement)) to grant to the other Party the
licenses or sublicenses to such Patent or Know-How as provided herein, or to otherwise disclose or grant access to or a right to use or reference such Confidential Information to the other Party, without
violating the terms of any then-existing agreement with any Third Party at the time such Party or its Affiliates, as applicable, would first be required hereunder to grant such license, sublicense, access or right to use or reference or make such
disclosure. Notwithstanding the foregoing, a Party and its Affiliates will not be deemed to “Control” any Patent, Know-How or Confidential Information that, prior to the consummation of a Change of
Control of an Acquired 

  
 4 

 
Party, is owned or in-licensed by a Third Party that becomes an Affiliate of such Acquired Party after the Effective Date as a result of such Change of
Control unless (a) prior to the consummation of such Change of Control, such Acquired Party or any of its Affiliates also Controlled such Patent, Know-How or Confidential Information, (b) the Know-How, Patents or Confidential Information owned or in-licensed by such Third Party were not used in the performance of activities under this Agreement prior to the
consummation of such Change of Control, but after the consummation of such Change of Control, the Acquired Party or any of its Affiliates determines to use or uses any such Patents, Know-How or Confidential
Information in the performance of its obligations or exercise of its rights under this Agreement, or (c) such Patents, Know-How or Confidential Information were generated from participation by employees
or consultants of such Third Party in furtherance of Development, Manufacturing, Medical Affairs Activities or Commercialization activities with respect to the Licensed Compound or the Licensed Products under this Agreement after such Change of
Control, in each of which cases (a), (b) and (c), such Patents, Know-How or Confidential Information will be “Controlled” by such Party for purposes of this Agreement. 

1.20 “Cover”, “Covered” or “Covering” means, with respect to the Licensed Compound or any
Licensed Product and a Patent, that, in absence of a license or sublicense under, or ownership of, such Patent, the making, using, offering for sale, selling or importing of such Licensed Compound or Licensed Product would infringe (a) if an
issued Patent, a claim of such Patent as issued (without regard to the validity or enforceability of such claim) or (b) if a patent application, a claim included in such patent application in good faith and if it were to issue in its
then-current form. 
 1.21 “Damages” means all losses, costs, claims, damages, judgments, liabilities, and expenses
(including reasonable attorneys’ fees and other reasonable out-of-pocket costs in connection therewith). 

1.22 “Data Security and Privacy Laws” means any Applicable Law relating to the privacy, data protection, integrity,
Processing and security of Personal Data, including but not limited to: (a) federal and state Applicable Law, including the Health Insurance Portability and Accountability Act of 1996, as amended and all implementing regulations, (b) state
data protection laws, (c) state breach notification laws, (d) the General Data Protection Regulation (EU) 2016/679, and (e) any related Applicable Law implementing the foregoing. 

1.23 “Development” means all development activities for the Licensed Compound and any Licensed Products, including
(a) the conduct of preclinical, clinical and all other regulatory trials for the Licensed Compound and any Licensed Products; (b) the conduct of all CMC Development Activities; and (c) all other regulatory activities necessary to
securing and maintaining the Regulatory Approval for a Licensed Product. For purposes of clarity, “Developing” and “Development” shall have correlative meanings. When used as a verb, “Develop” means
to engage in Development. 
 1.24 “Dollars” or “$” means the legal tender of the United States. 

  
 5 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.25 “Eisai Background Know-How” means any
Know-How, other than Eisai Product Know-How, that is Controlled by Eisai or its Affiliates as of the Effective Date or thereafter during the Term and
(a) encompasses or relates to the Licensed Compound or any Licensed Product or (b) is necessary or reasonably useful for the Development, Manufacture or Commercialization of the Licensed Compound or any Licensed Product; provided, however,
that, Know-How related to a total synthesis method for Manufacture of the Licensed Compound or any raw materials thereof shall not be included in Eisai Background
Know-How. For clarity, Eisai Background Know-How expressly excludes Eisai Inventions and Joint Inventions. 

1.26 “Eisai Background Patents” means any Patents, other than Eisai Product Patents, that are Controlled by Eisai or its
Affiliates as of the Effective Date or during the Term and (a) Cover the Licensed Compound or any Licensed Product; (b) are necessary or reasonably useful for the Development, Manufacture or Commercialization of the Licensed Compound or
Licensed Products; or (c) claim any Eisai Background Know-How. For clarity, (i) the Eisai Background Patents as of the Effective Date consist of the Patents listed in Schedule 1.26 attached
hereto and (ii) Eisai Background Patents expressly exclude Eisai Invention Patents and Joint Patents. 
 1.27 “Eisai Fiscal
Year” means each successive period of twelve (12) months commencing on April 1 and ending on March 31; provided, that, the first Eisai Fiscal Year of the Term shall begin on the Effective Date and end on March 31 of the
then-current Eisai Fiscal Year and the last Eisai Fiscal Year of the Term shall begin on the first day of such Eisai Fiscal Year and end on the last day of the Term. 

1.28 “Eisai Invention” means any Invention, other than Eisai Product Know-How, that
is conceived or reduced to practice solely by any employee, agent or independent contractor of Eisai or its Affiliates. For clarity, Eisai Invention expressly excludes (a) Eisai Background Know-How and
Joint Inventions and (b) any Invention related to a total synthesis method for Manufacture of the Licensed Compound or any raw materials thereof. 

1.29 “Eisai Invention Patents” means any Patents, other than Eisai Product Patents, Controlled by Eisai during the Term that
claim Eisai Inventions. For clarity, Eisai Invention Patents expressly exclude Eisai Background Patents and Joint Patents. 
 1.30
“Eisai IP” means, collectively, the Eisai Patents, the Eisai Background Know-How and the Eisai Inventions. 

1.31 “Eisai Manufacturers” means any and all Eisai subcontractors identified in Schedule 1.31. 

1.32 “Eisai Ongoing Clinical Trial” means [***]. 

1.33 “Eisai Patents” means, collectively, the Eisai Background Patents and the Eisai Invention Patents. 

  
 6 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.34 “Eisai Product Know-How” means (a) any
Know-How that is Controlled by Eisai or its Affiliates as of the Effective Date or during the Term and (b) any Invention that is, in either case, specifically directed to (i) the composition of
matter of a Licensed Compound or Licensed Product or (ii) a (A) formulation, (B) product by process, (C) polymorph, or (D) method of use or treatment, manufacture, preparation or administration, each of (A) through (D)
above, of a Licensed Compound or Licensed Product; [***]. For the avoidance of doubt, Eisai Product Know-How does not include any Know-How or Invention that is directed
to a formulation, product by process, method of use or treatment, manufacture, preparation or administration or biomarker that is not solely directed to the Licensed Compound or Licensed Product. 

1.35 “Eisai Product Patents” means any Patents that are Controlled by Eisai or its Affiliates as of the Effective Date or
during the Term (a) that have claims specifically directed to (i) the composition of matter of a Licensed Compound or Licensed Product or (ii) a (A) formulation, (B) polymorph, or (C) method of use or treatment, or
administration of, each of (A) or (B), of a Licensed Compound or Licensed Product; and (b) that are either listed in Schedule 1.35 or that claim any Eisai Product Know-How and, in either case,
any Eisai Patents that claim priority from such Patents that are filed, granted or issued during the Term. [***]. 
 1.36
“EU” means all countries that are officially recognized as member states of the European Union at any particular time; [***]. 

1.37 “EU Regulatory Approval” means, with respect to a Licensed Product and a particular Indication: (a) Regulatory
Approval of such Licensed Product for such Indication in three (3) Major European Markets, by the European Commission (in the case of any Major European Markets other than the United Kingdom) or the MHRA (in the case of the United Kingdom) and
(b) Pricing Approvals for such Licensed Product for such Indication in such Major European Markets, by the European Commission (in the case of any Major European Markets other than the United Kingdom) or the MHRA (in the case of the United
Kingdom). 
 1.38 “Excluded Compounds” means [***]. 

1.39 “Existing IND” means the IND for the conduct of the Eisai Ongoing Clinical Trial as more particularly identified on
Schedule 1.39. 
 1.40 “Field” means the prevention, treatment or diagnosis of any indications in humans and
animals. 
 1.41 “First Commercial Sale” means, with respect to a Licensed Product and country, the first sale to a Third
Party of such Licensed Product in such country after Regulatory Approval has been obtained in such country to market and sell such Licensed Product. For purposes of clarity, First Commercial Sale excludes (a) any sale to an Affiliate or
Sublicensee unless the Affiliate or Sublicensee is the last entity in the distribution chain of the Licensed Product; and (b) any sale or other distribution of a Licensed Product for use in a Clinical Trial or for other Development activity or
for any compassionate or named-patient use to the extent sold or distributed at or below the selling Party’s manufacturing costs for such Licensed Product. 

  
 7 

 1.42 “GCP” means all applicable good clinical practice standards for the
design, conduct, performance, monitoring, auditing, recording, analyses and reporting of Clinical Trials, including, as applicable, as set forth in (a) the International Conference on Harmonization of Technical Requirements for Registration of
Pharmaceuticals for Human Use Harmonized Tripartite Guideline for Good Clinical Practice (CPMP/ICH/135/95) (the “ICH Guidelines”) and any other guidelines for good clinical practice for trials on medicinal products in the Territory,
(b) the Declaration of Helsinki (2004), as last amended at the 52nd World Medical Association in October 2000 and any further amendments or clarifications thereto, and (c) U.S. Code of Federal Regulations Title 21, Parts 50 (Protection of
Human Subjects), 56 (Institutional Review Boards), and 312 (Investigational New Drug Application), each as may be amended from time to time. 

1.43 “Generic Launch Quarter” means, with respect to a Generic Product in a country or geographic region in the Territory,
the Calendar Quarter in which the first commercial sale of the applicable Generic Product in such country or geographic region occurs following receipt of all necessary Regulatory Approvals from the applicable Regulatory Authorities in such country
or region to market and sell such Generic Product in such country or geographic region 
 1.44 “Generic Product” means,
with respect to a particular Licensed Product in a country, a pharmaceutical product sold by a Third Party that (a) contains the same active ingredient(s) as such Licensed Product, (b) is determined to be bioequivalent to such Licensed
Product in accordance with Applicable Law, and (c) is approved for use in such country pursuant to an expedited regulatory approval process governing approval of generic products based on the then-current standards for regulatory approval in
such country and where such regulatory approval was based in significant part upon clinical data generated by a Party (or the Parties) hereunder.  

1.45 “GLP” means the applicable then-current good laboratory practice standards as are required by applicable Regulatory
Authorities or Applicable Law in the relevant jurisdiction, including in the United States, those promulgated or endorsed by the FDA in U.S. 21 C.F.R. Part 58, or the equivalent thereof as promulgated or endorsed by the applicable Regulatory
Authorities outside of the United States. 
 1.46 “GMP” means all applicable then-current good manufacturing practice
standards for fine chemicals, intermediates, bulk products, or finished pharmaceutical products, as are required by applicable Regulatory Authorities or Applicable Law in the relevant jurisdiction, including, as applicable: (a) all applicable
requirements detailed in the FDA’s current Good Manufacturing Practices regulations, U.S. 21 C.F.R. Parts 210 and 211; (b) all applicable requirements detailed in the EMA’s “The Rules Governing Medicinal Products in the European
Community, Volume IV, Good Manufacturing Practice for Medicinal Products;” and (c) all Applicable Law promulgated by any Governmental Authority having jurisdiction over the manufacture of the applicable compound or pharmaceutical product,
as applicable. 
 1.47 “GPV” means all applicable then-current good pharmacovigilance practice standards as required by
applicable Regulatory Authorities or Applicable Law in the relevant jurisdiction. 

  
 8 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.48 “Governmental Authority” means any: (a) federal, state, local, municipal, foreign, or other government;
(b) governmental or quasi-governmental authority of any nature (including any agency, board, body, branch, bureau, commission, council, department, entity, governmental division, instrumentality, office, officer, official, organization,
representative, subdivision, unit, and any court or other tribunal); (c) multinational governmental organization or body; or (d) entity or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative,
regulatory, police, military, or taxing authority or power of any nature. 
 1.49 “ICH” means the International Council for
Harmonisation of Technical Requirements for Pharmaceuticals for Human Use. 
 1.50 “IND” means an investigational new drug
application (including any amendment or supplement thereto) submitted to the FDA pursuant to U.S. 21 C.F.R. Part 312, including any amendments thereto. For clarity, references herein to an IND shall include, to the extent applicable, any comparable
filing(s) outside the United States for the investigation of any product in any other country or group of countries (such as a Clinical Trial Application in the EU). 

1.51 “Indication” means an entirely separate and distinct disease or medical condition in humans for which a
biopharmaceutical product: (a) that is in a Clinical Trial is intended to treat in such Clinical Trial or (b) has received a separate and distinct Regulatory Approval with an approved label claim to treat such disease or condition, as
applicable. For clarity, distinctions between human indications, diseases or conditions with respect to the Licensed Product shall be made by reference to the World Health Organization International Classification of Diseases, version 10 (as revised
and updated, the “ICD10”). 
 1.52 “Initiation” means [***]. 

1.53 “Invention” means any Know-How (including any new and useful process, method of
manufacture, chemical composition or composition of matter or biomarker, or any new and useful improvement thereof), whether or not patentable, that is first conceived or reduced to practice (actually or constructively) during the Term, by or on
behalf of either Party, or jointly by the Parties, in connection with the Development, Manufacture or Commercialization of the Licensed Compound or any Licensed Product pursuant to this Agreement. 

1.54 “Japan Regulatory Approval” means, with respect to a Licensed Product in an Indication, Regulatory Approval (including
Pricing Approvals) by the Regulatory Authority in Japan of such Licensed Product for such Indication. 
 1.55 “Joint
Invention” means any Invention, other than Eisai Product Know-How, that is conceived or reduced to practice jointly by any employee, agent or independent contractor of Eisai or its Affiliates and any
employee, agent or independent contractor of Pharmavant or its Affiliates. 
 1.56 “Joint IP” means, collectively, the
Joint Inventions and the Joint Patents. 

  
 9 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.57 “Joint Patent” means any Patent, other than Eisai Product Patents, that claims a Joint Invention. 

1.58 “Know-How” means algorithms, data, information, inventions, knowledge, methods
(including methods of use or administration or dosing), practices, results, software, techniques, technology, know-how and trade secrets, including analytical and quality control data, analytical methods
(including applicable reference standards), assays, batch records, chemical structures and formulations, compositions of matter, formulae, manufacturing processes and data, pharmacological, toxicological and clinical test data and results,
processes, reports, research data, research tools, sequences, standard operating procedures, and techniques, in each case, whether patentable or not, and, in each case, tangible manifestations thereof. 

1.59 “Licensed Compound” means (a) the proprietary compound of Eisai designated as
H3B-8800 and described more fully on Schedule 1.59 attached hereto [***]. 
 1.60
“Licensed Product” means any product that constitutes, incorporates, comprises or contains the Licensed Compound, whether or not as the sole active ingredient, in all forms, presentations, and formulations (including manner of
delivery and dosage). [***]. 
 1.61 “Loss of Market Exclusivity” means a condition pursuant to which, with respect to a
particular Licensed Product in a particular country or region: (a) one or more Generic Products are being marketed or sold in such country or region by a Third Party and (b) such Generic Products, by unit equivalent volume, in any [***]
following the [***], exceed [***] of the aggregate market share of the Generic Products and Licensed Product based on data provided by [***], [***] or other comparable firm reasonably acceptable to the Parties (the “Royalty Reduction
Trigger”); provided, that, if in any [***] following the Royalty Reduction Trigger date, the Generic Products, by unit equivalent volume fall to below [***] of the aggregate market share of the Generic Products and Licensed Product
(determined as provided above), then the condition of Loss of Market Exclusivity will cease with respect to such Licensed Product in such country or region unless and until the Royalty Reduction Trigger occurs again with respect thereto. 

1.62 “MA” or “Marketing Authorization” means an MAA that has been approved by the applicable Governmental
Authority to market the applicable pharmaceutical product in a country or group of countries. 
 1.63 “MAA” means a
Marketing Authorization Application or similar application, as applicable, and all amendments and supplements thereto, submitted to the FDA, EMA, or any equivalent filing in a country or regulatory jurisdiction other than the United States or EU
with the applicable Regulatory Authority, to obtain marketing approval for a pharmaceutical product, in a country or in a group of countries. 

  
 10 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.64 “Major European Markets” means [***]. 

1.65 Major Market” means [***]. 

1.66 “Manufacture” means all activities related to the manufacture of the Licensed Compound or any Licensed Product or any
raw materials thereof, including (a) manufacturing process development and validation, process improvements, associated analytical development and validation, and the manufacture and testing of stability or consistency lots; and
(b) manufacturing a product or compound for the Development or Commercialization, including labelling and packaging, of the Licensed Compound or any Licensed Product, including both in-process and as a
finished product or for any compound testing, quality assurance activities related to manufacturing and release of such Licensed Compound or Licensed Product, ongoing stability tests, and regulatory activities related to any of the foregoing. 

1.67 “Medical Affairs Activities” means the design, oversight and implementation of activities designed to ensure or improve
appropriate medical use of, conduct medical education of, or support or conduct Clinical Trials regarding, the Licensed Product, including: (a) the activities to be conducted by Medical Liaisons; (b) sponsoring, or the obtaining of grants
to support, continuing independent medical education (including independent symposia and congresses); (c) participation in international congresses and (d) the development, publication and dissemination of scientific and clinical information in
support of an approved Indication for the Licensed Product, as well as medical information services (and the content thereof) provided in response to inquiries communicated via the sales representatives or other external-facing representatives of or
received by letter, phone call or email or other means of communication by Pharmavant, its Affiliates or its Sublicensees. 
 1.68
“Medical Liaisons” means the health care professionals employed or engaged by Pharmavant, its Affiliates or its Sublicensees with sufficient health care experience to engage in in-depth
scientific dialogue with physicians regarding medical issues or relevant scientific topics associated with the Licensed Product and are not sales representatives or otherwise engaged in direct selling or promotion of the Licensed Product. 

1.69 “Milestone Event” means, as applicable, a Development Milestone Event, a Regulatory Milestone Event or a
Commercialization Milestone Event. 
 1.70 “Milestone Payment” means, as applicable, a Development Milestone Payment, a
Regulatory Milestone Payment or a Commercialization Milestone Payment. 
 1.71 “NDA” means a New Drug Application submitted
to the FDA, or any successor application or procedure, as more fully defined in 21 C.F.R. § 314.50 et. seq. 
 1.72 “Net
Sales” means [***]. 

  
 11 

 1.73 “Paragraph IV Certification” means, with respect to a Licensed
Product, the certification filed against the Licensed Product with the FDA under and pursuant to 21 U.S.C. § 355(b)(2)(A)(iv) and 21 C.F.R. § 314.50(i)(1)(i)(A)(4), or 21 U.S.C. § 355(j)(2)(A)(vii)(IV) and 21 C.F.R. §
314.94(a)(12)(i)(A)(4). 
 1.74 “Patents” means(a) all patents and patent applications, including provisional patent
applications; (b) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from any of these, including divisionals, continuations, continuations-in-part, converted provisionals, and continued prosecution applications; (c) any and all patents that have issued or in the future issue from the foregoing
patent applications in (a) and (b), including utility models, petty patents and design patents and certificates of invention; (d) any and all extensions or restorations by existing or future extension or restoration mechanisms, including
adjustments, revalidations, reissues, reexaminations and extensions (including any supplementary protection certificates) of the foregoing patents or patent applications in (a), (b) and (c); and (e) any similar rights, including registration
patent or patents of addition to any of such foregoing patent applications and patents. 
 1.75 “PMDA” means the
Pharmaceuticals and Medical Devices Agency, which is the Governmental Authority in Japan in charge of reviewing drugs and medical devices, overseeing post-marketing safety issues and providing relief for adverse health effects. 

1.76 “Person” means any individual, partnership, joint venture, limited liability company, corporation, firm, trust,
association, unincorporated organization, governmental authority or agency, or any other entity not specifically listed herein. 
 1.77
“Personal Data” means (a) all information identifying, or in combination with other information, identifiable to, an individual, including pseudonymized (key-coded) Clinical Data
containing such information; and (b) any other information that is governed, regulated or protected by one or more Data Security and Privacy Laws. 

1.78 “Pharmavant Background Know-How” means any
Know-How that (a) is Controlled by Pharmavant or any of its Affiliates as of the Effective Date or (b) becomes Controlled by Pharmavant during the Term outside of the conduct of Development,
Manufacture or Commercialization activities with respect to the Licensed Compound or the Licensed Products which, in either case, (i) encompasses or relates to the Licensed Compound or any Licensed Product or (ii) is necessary or
reasonably useful for the Development, Manufacture or Commercialization of the Licensed Compound or the Licensed Products in the Field in the Territory. 

1.79 “Pharmavant Background Patents” means any Patents that (a) are Controlled by Pharmavant or any of its Affiliates as
of the Effective Date or (b) become Controlled by Pharmavant during the Term outside of the conduct of Development, Manufacture or Commercialization activities with respect to the Licensed Compound or the Licensed Products and that, in either
case, claim any Pharmavant Background Know-How. 

  
 12 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.80 “Pharmavant Invention” means any Invention, other than Eisai Product Know-How,
that is conceived or reduced to practice solely by any employee, agent or independent contractor of Pharmavant or its Affiliates, including any such Invention that is directed to a formulation, product by process, method of use or treatment,
manufacture, preparation or administration or biomarker not solely directed to the Licensed Compound or Licensed Product. 
 1.81
“Pharmavant Invention Patents” means any Patents, other than Eisai Product Patents, that are Controlled by Pharmavant during the Term that claim Pharmavant Inventions. 

1.82 “Pharmavant IP” means, collectively, the Pharmavant Background Patents, the Pharmavant Background Know-How, the Pharmavant Inventions and the Pharmavant Invention Patents. 
 1.83 “Pharmavant
Patents” means, collectively, the Pharmavant Background Patents and the Pharmavant Invention Patents. 
 1.84 “Phase 1
Clinical Trial” means a Clinical Trial of a Licensed Product on a sufficient numbers of normal volunteers and/or patients that is designed to establish that such Licensed Product is safe for its intended use and to support its continued
testing in Phase 2 Clinical Trials, as further defined in Federal Regulation 21 C.F.R. §312.21(a) and its foreign equivalents. 
 1.85
“Phase 2 Clinical Trial” means a Clinical Trial of a Licensed Product, including a separate Clinical Trial or the second part of a fused “Phase 1/2” trial, in which either such separate Clinical Trial or second part of
such fused “Phase 1/2” trial utilizes the pharmacokinetic and pharmacodynamic information obtained from one or more previously conducted Phase 1 Clinical Trials that are designed to provide a preliminary determination of efficacy or an
appropriate dose of such Licensed Product in the target patient population as further defined in Federal Regulation 21 C.F.R. §312.21(b) and its foreign equivalents. 

1.86 “Phase 3 Clinical Trial” means a pivotal Clinical Trial in humans of the efficacy and safety of a Licensed Product,
which is prospectively designed to demonstrate statistically whether such Licensed Product if effective and safe for use in a particular Indication in a manner sufficient to file an NDA or MAA to obtain regulatory approval to market the Licensed
Product, as further defined in Federal Regulation 21 C.F.R. §312.21(c) and its foreign equivalents, and that is registered with FDA (or its foreign equivalents) as a Phase 3 Clinical Trial. 

1.87 “Pricing Approval” means any approval, agreement, determination, or decision establishing prices that can be charged to
consumers for a pharmaceutical product or that will be reimbursed by Governmental Authorities or other payers for a biopharmaceutical product, in each case, in a country where Governmental Authorities approve or determine pricing for pharmaceutical
products for reimbursement or otherwise. 
 1.88 [***]. 

  
 13 

 1.89 “Processing” (or its conjugates) means any operation or set of
operations that is performed upon Personal Data, whether or not by automatic means, such as collection, recording, organization, storage, adaptation or alternation, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise
making available, alignment or combination, blocking, erasure or destruction. 
 1.90 “Prosecution and Maintenance” or
“Prosecute and Maintain” means, with regard to a Patent, the preparation, filing, prosecution, and maintenance of such Patent, as well as re-examinations, reissues, appeals, and requests for patent term adjustments, patent term
extensions and Supplemental Protection Certificates with respect to such Patent, together with the initiation or defense of interferences, oppositions, post grant review, inter partes review, derivations,
re-examinations, post-grant proceedings, and other similar proceedings (or other defense proceedings with respect to such Patent, but excluding the defense of challenges to such Patent as a counterclaim in an
infringement proceeding) with respect to the particular Patent, and any appeals therefrom. 
 1.91 “Public Official” means
(a) any officer, employee or representative of any regional, federal, state, provincial, county or municipal government or government department, agency or other division; (b) any officer, employee or representative of any commercial
enterprise that is owned or controlled by a government, including any state-owned or controlled veterinary, laboratory or medical facility; (c) any officer, employee or representative of any public international organization, such as the
International Monetary Fund, the United Nations or the World Bank; and (d) any person acting in an official capacity for any government or government entity, enterprise, or organization identified above. 

1.92 “Regulatory Approval” means with respect to a country, geographic region, extra-national territory, province, state or
other regulatory jurisdiction, any and all approvals, licenses, registrations or authorizations of any Regulatory Authority necessary in order to commercially distribute, sell, manufacture, import, export or market a Licensed Product in such
country, geographic region, extra-national territory, province, state or other regulatory jurisdiction (whether as an initial or accelerated approval or for a label expansion that was already approved), and including, where applicable, (a) any
Pricing Approvals, (b) pre- and post-approval marketing authorizations (including any prerequisite Manufacturing approval or authorization related thereto) and (c) labeling approvals. 

1.93 “Regulatory Authority” means any national or supranational Governmental Authority, including the U.S. Food and Drug
Administration (and any successor entity thereto) (the “FDA”) in the United States, the European Medicines Agency (and any successor entity thereto) (the “EMA”) or the European Commission (and any successor entity
thereto), as applicable, in the EU, and the Ministry of Health, Labour, and Welfare (the “MHLW”) or the PMDA (or any successor to either of them) as the case may be in Japan, the Medicines and Healthcare Products Regulatory Agency
(the “MHRA”) in the United Kingdom, or any health regulatory authority in any country that is a counterpart to the foregoing agencies, in each case, that holds responsibility for development and commercialization of, and the
granting of Regulatory Approval for, a pharmaceutical product in such country. 

  
 14 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.94 “Regulatory Exclusivity” means, with respect to a particular Licensed Product in a country in the Territory, any
exclusive marketing rights or data protection (including for clarity new chemical entity exclusivity, new use or indication exclusivity, new formulation exclusivity, orphan drug exclusivity, pediatric exclusivity, or any applicable data exclusivity)
conferred by the Regulatory Authority in such country which confers an exclusive commercialization period during which Pharmavant, its Affiliates or Sublicensees have the exclusive right to market and sell such Licensed Product in such country and
excludes the Commercialization of a Generic Product, excluding any rights conferred by or based on any Patents. 
 1.95 “Regulatory
Filing” means any filing with any Regulatory Authority with respect to the research, development, manufacture, distribution, pricing, reimbursement, marketing or sale of a Licensed Product. 

1.96 “Regulatory Materials” means the regulatory registrations, applications, authorizations, and approvals (including MAs,
supplements and amendments, pre- and post-approvals, Pricing Approvals, and labeling approvals), Regulatory Filings, Regulatory Approvals, and other submissions made to or with, and minutes of meetings with,
any Regulatory Authority for the research, development (including the conduct of Clinical Trials), manufacture, or commercialization of a pharmaceutical product in a regulatory jurisdiction, together with all related correspondence to or from any
Regulatory Authority and all documents, referenced in the complete regulatory chronology for each such submission including all drug master files (if any), INDs and NDAs, and foreign equivalents of any of the foregoing. 

1.97 “Regulatory Transition Plan” means the written plan which will set forth the Regulatory Transition Activities to be
conducted by Eisai and Pharmavant pursuant to Section 3.2.3, as such written plan may be amended, modified or updated from time-to-time in accordance with the terms
of this Agreement. 
 1.98 “Related Party” means, with respect to a Licensed Product, Pharmavant’s Affiliates and its
and their respective Sublicensees (and such Sublicensees’ affiliates), in each case, that sells such Licensed Product. For clarity, the term Related Party does not include any distributors or wholesalers of Pharmavant unless any such entity is
an Affiliate of Pharmavant. 
 1.99 “Royalty Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the period of time commencing on the First Commercial Sale of such
Licensed Product in such country and expiring upon the latest of: (a) the expiration of the last Valid Claim within the Eisai Product Patents, Eisai Patents or Joint Patents which Covers such Licensed Compound or Licensed Product in such
country; (b) the ten (10) year anniversary of the date of First Commercial Sale of the first Licensed Product in such country; and (c) the expiration of the
last-to-expire Regulatory Exclusivity with respect to such Licensed Product in such country. 

1.100 “Share Price” means [***]. 

  
 15 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

1.101 “Sublicensee” means, with respect to Pharmavant, a Third Party to which Pharmavant has granted a sublicense, either
directly or indirectly, under Eisai Product Patents, the Eisai Product Know-How and the Eisai IP licensed to Pharmavant by Eisai pursuant to this Agreement, to Develop, Manufacture or Commercialize Licensed
Products in the Field in the Territory, but excluding: (a) any Third Party acting as a distributor or to which specific limited activities have been delegated; and (b) Eisai and any of its Affiliates. 

1.102 “Tax” means any direct or indirect tax, excise or duty and any surcharge thereon levied by any Governmental Authority
in accordance with Applicable Law. 
 1.103 “Terminated Product” means, with respect to a given Licensed Product with
respect to which this Agreement is terminated in accordance with Article 10, the form as such Licensed Product exists as of the effective date of termination. 

1.104 Terminated Territory” means, with respect to a given Licensed Product, any country or other jurisdiction with respect to
which this Agreement is terminated in accordance with Article 10. In the event of termination of this Agreement in its entirety with respect to such Licensed Product, all countries and jurisdictions in the Territory will be Terminated Territories.

 1.105 “Territory” means all countries and territories of the world. 

1.106 “Third Party” means any Person, other than Eisai or Pharmavant, that is not an Affiliate of Eisai or of Pharmavant.

 1.107 “Third Party Claim” means any and all suits, claims, actions, proceedings, or demands brought by a Third Party.

 1.108 “United States” or “U.S.” means the United States of America and all of its territories and
possessions. 
 1.109 “U.S. Regulatory Approval” means, with respect to a Licensed Product and a given Indication,
Regulatory Approval by the FDA of such Licensed Product for that Indication. 
 1.110 “Valid Claim” means (a) a claim
of an issued and unexpired patent which has not been held permanently revoked, 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 that is not admitted to be invalid or unenforceable through reissue, disclaimer or otherwise (i.e., only to the extent the subject matter is disclaimed or is sought to be deleted or amended through reissue), or (b) [***]. 

1.111 Additional Definitions. Each of the following terms has the meanings described in the corresponding section of this Agreement
indicated below: 

  
 16 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

			
	Agreement	  	Preamble
	Commercialization Milestone Event	  	Section 5.2.3(a)
	Commercialization Milestone Payment	  	Section5.2.3(a)
	[***]	  	[***]
	Cure Period	  	Section 10.2.1
	Developing	  	Section 1.23
	Development	  	Section 1.24
	Development Milestone Event	  	Section 5.2.1(a)
	Development Milestone Event Notice	  	Section 5.2.1(a)
	Development Milestone Payment	  	Section 5.2.1(a)
	Development Plan	  	Section 3.1.2
	Disclosing Party	  	Section 7.1
	Dispute	  	Section 11.6.2(a)
	EEA	  	Section 8.4.1(b)
	Effective Date	  	Preamble
	Eisai	  	Preamble
	Eisai Indemnitees	  	Section 9.1
	Eisai Transition Plan	  	Section 10.6.1(d)
	Electronic Delivery	  	Section 11.17
	EMA	  	Section 1.94
	Executive Officer	  	Section 3.4.3
	Existing Drug Substance Inventory	  	Section 4.3.1(a)
	Existing Raw Materials Inventory	  	Section 4.3.1(b)
	Existing Transferred Inventory	  	Section 4.3.1(a)
	Existing Regulatory Materials	  	Section 3.2.3(a)
	FDA	  	Section 1.94
	GAAP	  	Section 1.1
	[***]	  	[***]
	IAS/IFRS	  	Section 1.1
	ICC	  	Section 11.6.2(b)
	ICD10	  	Section 1.51
	ICH Guidelines	  	Section 1.42
	Indemnification Claim Notice	  	Section 9.3.1
	Indemnitee	  	Section 9.3.1
	Indemnitor	  	Section 9.3.1
	Infringement	  	Section 6.3.1
	Insolvency Event	  	Section 10.4.1
	[***]	  	[***]
	Manufacturing Know-How and Materials	  	Section 4.4.1
	Manufacturing Technology Transfer	  	Section 4.4.1
	Manufacturing Technology Transfer Plan	  	Section 4.4.1

  
 17 

			
	MHLW	  	Section 1.94
	MHRA	  	Section 1.94
	Parties	  	Preamble
	Party	  	Preamble
	Patent Term Restoration	  	Section 6.3.10
	Receiving Party	  	Section 7.1
	Regulatory Milestone Event	  	Section 5.2.2
	Regulatory Milestone Payment	  	Section 5.2.2
	Regulatory Transition Activities	  	Section 3.2.3(b)
	Royalty Reduction Trigger	  	Section 1.61
	Pharmavant	  	Preamble
	Pharmavant Indemnitees	  	Section 9.2
	Pharmavant Manufacturing Know-How	  	Section 10.6.1(d)(ix)
	Roivant Sciences	  	Recitals
	Pharmavant Trademarks	  	Section 6.6
	Securities Regulators	  	Section 7.3.1(a)
	Share Purchase Agreement	  	Section 5.1(b)
	Tactical Plan	  	Section 1.16
	Term	  	Section 10.1.1
	Third Party Infringement	  	Section 6.5.1
	Transferred Regulatory Materials	  	Section 3.2.3(b)
	Transitional Supply Agreement	  	Section 4.3.2

 ARTICLE 2 

GRANT OF RIGHTS AND LICENSES 
 2.1
License Grants to Pharmavant. 
 2.1.1 Grant of Exclusive License. Subject to the terms and conditions of this Agreement,
Eisai hereby grants to Pharmavant and its Affiliates an exclusive (even as to Eisai and its Affiliates, but subject to Eisai’s retained rights set forth in Section 2.3 below) license, with the right to grant sublicenses in accordance with
Section 2.1.3, under the Eisai Product Patents and Eisai Product Know-How, to Develop, Manufacture and Commercialize the Licensed Compound and Licensed Products in the Field in the Territory. 

2.1.2 Grant of Non-Exclusive License. Subject to the terms and conditions of this Agreement,
Eisai hereby grants to Pharmavant and its Affiliates a non-exclusive license, with the right to grant sublicenses in accordance with Section 2.1.3, under the Eisai IP, to Develop, Manufacture and
Commercialize the Licensed Compound and Licensed Products in the Field in the Territory. 
 2.1.3 Right to Sublicense. Pharmavant
shall have the right to grant sublicenses under the licenses granted to it in Section 2.1.1 and Section 2.1.2 through multiple tiers of sublicensees: (a) subject to Section 2.2, to contract research organizations, contract
manufacturing organizations, distributors and other Third Party subcontractors for the sole purpose of performing Pharmavant’s obligations hereunder with respect to the Development, Manufacture and 

  
 18 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

Commercialization of the Licensed Compound and the Licensed Products in the Field in the Territory; and (b) to any Sublicensee with respect to the
Development, Manufacture and/or Commercialization of the Licensed Product in the Field and in the Territory. In connection with any sublicense agreement entered into by Pharmavant pursuant to this Section 2.1.3, (i) Pharmavant shall ensure that
each of its Sublicensees is bound by a written agreement that is consistent with, and subject to the terms and conditions of, this Agreement; (ii) Pharmavant shall be responsible for the performance of any of its Sublicensees that are
exercising rights under a sublicense of the license granted to it in Section 2.1.1 and/or Section 2.1.2, and the grant of any such sublicense shall not relieve Pharmavant of its obligations under this Agreement, except to the extent they
are satisfactorily performed by any such Sublicensee(s); and (iii) no later than [***] following the execution of each sublicense with a Sublicensee for the Development, Manufacture or Commercialization of any Licensed Product in the Territory
as provided in this Section 2.1.3, Pharmavant shall provide Eisai with a redacted copy of such sublicense agreement as executed; provided, that, such copy may be redacted to remove provisions that are not necessary to monitor compliance with
this Section 2.1.3; and provided, further, that no such copy need be shared for a sublicense agreement entered into by Pharmavant with any entity listed in clause (a) above. In the event of any material breach by any such Sublicensee of
any sublicense agreement entered into by Pharmavant pursuant to this Section 2.1.3 that would be a material breach of this Agreement by Pharmavant, Pharmavant shall promptly terminate such sublicense agreement if such breach is not cured within
[***] of Pharmavant becoming aware of such breach. 
 2.2 Subcontracting. Pharmavant may subcontract to Third Parties the performance
of tasks and obligations related to Pharmavant’s Development, Manufacture and Commercialization of the Licensed Compound and any Licensed Products under this Agreement as Pharmavant deems appropriate, which subcontract may include a sublicense
of rights necessary for the performance of the subcontract as reasonably required; provided, that Pharmavant shall remain responsible for the performance of this Agreement and shall cause any such subcontractor to comply with all applicable terms
and conditions of this Agreement. 

  
 19 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

2.3 Eisai Retained Rights. Notwithstanding the foregoing, Eisai hereby retains the right under Eisai Product Know-How and Eisai Product Patents to (a) conduct the Eisai Ongoing Clinical Trial until the transfer of sponsorship and control of the Eisai Ongoing Clinical Trial to Pharmavant pursuant to the Regulatory
Transition Plan in accordance with Section 3.2.3(b) and (b) Manufacture the Licensed Compound in the Territory solely for use (i) by Pharmavant for clinical Development in the Field and in the Territory pursuant to Section 4.3.2
and (ii) by Eisai to conduct the Eisai Ongoing Clinical Trial until the transfer of sponsorship and control of the Eisai Ongoing Clinical Trial to Pharmavant pursuant to the Regulatory Transition Plan in accordance with Section 3.2.3(b),
in each case, whether directly or through its Affiliates or Third Party contractors. 
 2.4 [***] 

2.5 No Other Rights. Except for the rights expressly granted under this Agreement, no right, title, or interest of any nature
whatsoever is granted whether by implication, estoppel, reliance, or otherwise, by a Party to the other Party. All rights with respect to Patents, Know-How or other intellectual property rights that are not
specifically granted herein are reserved to the owner thereof. Except as otherwise expressly provided in this Agreement, under no circumstances shall a Party or any of its Affiliates, as a result of this Agreement, obtain any ownership interest,
license, or other right in or to any Patents, Know-How, or other intellectual property rights of the other Party, including tangible or intangible items owned, controlled, or developed by the other Party, or
provided by the other Party to the receiving Party at any time, in each case, pursuant to this Agreement. 
 ARTICLE 3 

DEVELOPMENT ACTIVITIES; REGULATORY ACTIVITIES; COMMERCIALIZATION 

3.1 Development Activities. 

3.1.1 In General. Subject to the terms and conditions of this Agreement, including Section 3.4.2, and, except with respect to the
conduct by Eisai of the Eisai Ongoing Clinical Trial pursuant to Section 3.1.3, Pharmavant shall have the sole right and responsibility and sole authority, itself or with or through its Affiliates, Sublicensees, or other Third Parties, [***],
to Develop the Licensed Compound and Licensed Products in the Field in the Territory in accordance with the Development Plan. On and after the Effective Date, subject to the terms and conditions of this Agreement,[***] associated with the
Development of the Licensed Compound and Licensed Products in the Field in the Territory. 
 3.1.2 Development Plan. The Development
of the Licensed Compound and Licensed Products by Pharmavant, its Affiliates or its Sublicensees in the Territory will be governed by a written development plan covering the Development of the Licensed Compound and the Licensed Products, and
regulatory strategy for the Licensed Products, by Indication and 

  
 20 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

by individual countries or geographic regions in the Territory (each such plan, as updated from time-to-time in accordance with the terms of this Agreement, a “Development Plan”). Commencing on the date of transfer of sponsorship and control of the Eisai Ongoing Clinical Trial to
Pharmavant pursuant to the Regulatory Transition Plan and continuing for the remainder of the Term, Pharmavant may make any amendment to the Development Plan at any time, [***]. 

3.1.3 Conduct of Eisai Ongoing Clinical Trial. Until the date of transfer of sponsorship and control of the Eisai Ongoing Clinical
Trial to Pharmavant pursuant to the Regulatory Transition Plan in accordance with Section 3.2.3(b), Eisai shall be responsible for the conduct of the Eisai Ongoing Clinical Trial in accordance with the protocol set forth in the Initial
Development Plan. For the avoidance of doubt, [***] associated with the conduct of the Eisai Ongoing Clinical Trial on and after the Effective Date shall be borne by [***], and [***] on and after the Effective Date and until the date of such
transfer, for which [***] delivers an invoice, together with reasonable supporting documentation, to [***] within [***] after the end of [***] in which they were incurred. On and after the date of transfer sponsorship and control of the Eisai
Ongoing Clinical Trial to Pharmavant pursuant to the Regulatory Transition Plan in accordance with Section 3.2.3(b), Pharmavant shall be responsible,[***], for the conduct of the Eisai Ongoing Clinical Trial in accordance with the protocol set
forth in the Initial Development Plan or the Development Plan in effect at such time, as applicable. 
 3.1.4 Use of Third Parties.
Pharmavant may retain one or more Third Parties to conduct Development activities with respect to the Licensed Compound and any Licensed Products in the Field in the Territory, subject to the terms of this Agreement. Any Third Parties conducting
such Development activities shall be subject to (a) an obligation to assign or exclusively license back all intellectual property, whether or not patentable, to Pharmavant generated in the conduct of such activities (other than intellectual
property solely related to improvements to any such Third Party’s background technology that would not be infringed or misappropriated by the Development, Manufacture or Commercialization of the Licensed Compound or the Licensed Products in the
Field in the Territory) and (b) confidentiality and non-use obligations consistent with those set forth in this Agreement; provided, that, the term of such Third Party’s obligations regarding
confidentiality and non-use may be limited to [***] after the date of disclosure to such Third Party. Pharmavant shall remain responsible and liable for the performance by its Affiliates or permitted Third
Party contractors of any of its obligations under this Agreement that it delegates to any such Third Party contractor. 
 3.1.5
Development Diligence. Subject to the terms and conditions of this Agreement, Pharmavant, itself or with or through its Affiliates, Sublicensees, or other Third Parties, shall use Commercially Reasonable Efforts to (a) Develop the
Licensed Compound in at least one Major Market and (b) seek and obtain Regulatory Approvals for a Licensed Product in at least one Major Market. 

  
 21 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

3.1.6 Standards of Conduct. Pharmavant shall perform, and shall ensure that its Affiliates perform, and shall cause its Sublicensees
and Third Party contractors to perform, its Development activities with respect to the Licensed Compound and the Licensed Products in good scientific manner, and in compliance with the requirements of Applicable Law, including GLP, GCP, GMP, GPV and
part 11 of Title 21 of the Code of Federal Regulations (Electronic Systems and Data Integrity) (21 CFR Part 11) to the extent applicable (and, if and as appropriate under the circumstances, ICH guidance or other comparable regulation and guidance of
any Regulatory Authority in any applicable country). 
 3.1.7 Development Records. Pharmavant shall maintain and shall cause its
Affiliates, Sublicensees and Third Party contractors to maintain reasonably complete and accurate records regarding its Development of the Licensed Compound and Licensed Products in the Field in the Territory in accordance with GLP, GMP, GCP, GPV,
and part 11 of Title 21 of the C ode of Federal Regulations (Electronic Systems and Data Integrity) (21 CFR Part 11) as applicable, and in compliance with other Applicable Law. Such records will fully and properly reflect all work done and results
achieved in the performance of the Development activities for the Licensed Compound and Licensed Products in good scientific manner appropriate for regulatory and patent purposes. 

3.1.8 Development Updates. Pharmavant shall submit [***] a written report summarizing all material Development activities with respect
to the Licensed Compound and Licensed Products pursuant to this Agreement since Pharmavant’s delivery of the prior report which shall include reasonable detail regarding the status of all preclinical
IND-enabling studies and activities (including toxicology and pharmacokinetic studies), Clinical Trials, Manufacturing and other Development activities conducted under this Agreement: (a) during Calendar
Year 2022, [***], and (b) commencing with Calendar Year 2023 and continuing thereafter,[***]. Such report shall contain sufficient detail to enable Eisai to assess Pharmavant’s compliance with its Development obligations under
Section 3.1.5. 
 3.2 Regulatory Matters. 

3.2.1 Responsibility. Subject to the terms and conditions of this Agreement, including Section 3.4.2, (a) Pharmavant shall have
the sole responsibility and sole authority with respect to all regulatory matters applicable to the Licensed Compound or any Licensed Products in the Territory in accordance with the Development Plan and Commercialization Plan, including the content
of any regulatory filing or dossier, pharmacovigilance reporting, labeling, safety, and the decision to file or withdraw any MAA or to cease or suspend any Clinical Trial, or to recall or withdraw any Licensed Product and (b) Pharmavant shall
have sole responsibility,[***], for preparing and submitting all Regulatory Materials for Licensed Products in the Field in the Territory, including the responsibility for preparing, submitting and holding all INDs, NDAs and MAAs for Licensed
Products in the Territory. Pharmavant will own all Regulatory Materials for Licensed Products and all such Regulatory Materials shall be submitted in the name of Pharmavant (or its Affiliate or Sublicensee, as applicable). For clarity, this
Section 3.2.1 shall not be deemed to transfer ownership of any Know-How provided by Eisai to Pharmavant for use in preparing and submitting such Regulatory Materials. [***] 

  
 22 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

3.2.2 Eisai Ongoing Clinical Trial. Notwithstanding the foregoing and except as set forth in the Development Plan, until the transfer
of sponsorship and control of the Eisai Ongoing Clinical Trial to Pharmavant pursuant to the Regulatory Transition Plan in accordance with Section 3.2.3(b), Eisai shall be responsible for any communications and interactions with Regulatory
Authorities with respect to the Eisai Ongoing Clinical Trial in accordance with the Development Plan; provided, that, Eisai shall previously have consulted and coordinated with and shall implement all comments received from Pharmavant with respect
thereto. 
 3.2.3 Regulatory Materials. 

(a) Existing Regulatory Materials. Prior to the transfer of all Regulatory Materials for the Licensed Compound held or filed by or on
behalf of Eisai or its Affiliates prior to the Effective Date (the “Existing Regulatory Materials”) in accordance with the Regulatory Transition Plan, Eisai (or its designee) shall have the right to file, maintain, and hold title to
such Existing Regulatory Materials; provided, that, with respect to any such filings and maintenance, Eisai shall previously have consulted and coordinated with and shall implement all comments received from Pharmavant with respect thereto. 

(b) Regulatory Transition Plan and Regulatory Transition Activities. Eisai shall (a) as promptly as possible following the
Effective Date and in accordance with the timeline set forth in the Regulatory Transition Plan, assign and transfer to Pharmavant (or its designee) sponsorship and control of the Eisai Ongoing Clinical Trial and (b) assign and transfer to
Pharmavant, within the timelines specified in the Regulatory Transition Plan, any and all Regulatory Materials, including the Existing IND, for or in respect of the Licensed Compound in the Territory held or filed by or on behalf of Eisai or its
Affiliates prior to or after the Effective Date (the “Transferred Regulatory Materials”), by undertaking the steps described in the Regulatory Transition Plan within the timelines set forth in the Regulatory Transition Plan (the
“Regulatory Transition Activities”); provided, further, that, such Regulatory Transition Activities shall be subject to any obligations of Eisai under Applicable Law. Unless otherwise required by Applicable Law, from and after such
assignment and transfer, Pharmavant (or its designee) shall have the sole right, [***], to (i) conduct the Eisai Ongoing Clinical Trial in accordance with the Development Plan and (ii) file, maintain, and hold title to all Transferred
Regulatory Materials in accordance with the Development Plan and the Commercialization Plan. As promptly as practicable following the Effective Date, but no later than [***] from the Effective Date, the Parties shall cooperate reasonably in good
faith to agree on the Regulatory Transition Plan and to make arrangements to allow for the completion of the Regulatory Transition Activities as promptly as practicable after the Effective Date. The preliminary Regulatory Transition Plan is attached
as Exhibit C, the details of which shall be subject to review and approval by Eisai. 

  
 23 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

3.2.4 Right of Reference; Access to Data. 

(a) Pharmavant Right of Reference. Until the date on which the Existing Regulatory Materials have been transferred and assigned to
Pharmavant or its designee, Pharmavant and its designees shall have, and Eisai (on behalf of itself and its Affiliates) hereby grants to Pharmavant and its designees, access and a right of reference (without any further action required on the part
of Eisai or its Affiliates, whose authorization to file this consent with any Regulatory Authority is hereby granted) to all such Existing Regulatory Materials and all data contained or referenced in any such Existing Regulatory Materials for
Pharmavant and its designees to exercise its rights and perform its obligations under this Agreement. Pharmavant and its designees shall have access to all data contained or referenced in any such Existing Regulatory Materials in order to exercise
such access and right of reference, and Eisai shall ensure that Pharmavant and its designees are afforded such access. Eisai shall provide or submit any written consents or notices as may be required in order for Pharmavant to exercise such rights
contemplated in this Section 3.2.4(a). 
 (b) Eisai Right of Reference. Eisai and its designees shall have, and Pharmavant (on
behalf of itself and its Affiliates) hereby grants to Eisai and its designees, access and a right of reference (without any further action required on the part of Pharmavant or its Affiliates, whose authorization to file this consent with any
Regulatory Authority is hereby granted) to all Regulatory Materials Controlled by Pharmavant with respect to the Licensed Compound and the Licensed Product and all data contained or referenced in any such Regulatory Materials, for Eisai and its
designees to the extent necessary to perform its obligations under this Agreement. Eisai and its designees shall have access to all data contained or referenced in any such Regulatory Materials in order to exercise such access and right of reference
to the extent necessary to comply with this Agreement, and Pharmavant shall ensure that Eisai and its designees are afforded such access to the extent necessary to comply with this Agreement. Pharmavant shall provide or submit any written consents
or notices as may be required in order for Eisai to exercise such rights contemplated in this Section 3.2.4(b). 
 3.3
Commercialization. 
 3.3.1 Pharmavant Responsibilities. Subject to the terms and conditions of this Agreement, including
Section 3.4.2, Pharmavant shall have the sole right and sole authority, at [***] and itself or with or through its Affiliates, Sublicensees, to Commercialize the Licensed Products in the Field in the Territory in accordance with the
Commercialization Plan, including the sole right, at [***], itself or with or through its Affiliates, Sublicensees, or other Third Parties, to, in accordance with the Commercialization Plan, (a) conduct Medical Affairs Activities with respect
to the Licensed Products in the Field in the Territory, (b) book all sales of the Licensed Products in the Territory, (c) develop and implement the brand and commercial strategy to be used for the Licensed Products in the Territory,
(d) make all pricing determinations with respect to the Licensed Product in the Territory and (e) conduct all marketing, promotion and sales activities for the Licensed Products in the Territory. Pharmavant may make any amendment to the
Commercialization Plan at any time; [***]. 

  
 24 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

3.3.2 Diligence. Pharmavant will use Commercially Reasonable Efforts to Commercialize a Licensed Product in accordance with the
Commercialization Plan in each country in the Territory in which Pharmavant receives Regulatory Approval for such Licensed Product in the Indications for which it receives Regulatory Approval for such Licensed Product in such country. 

3.3.3 Reports. Following the first Regulatory Approval of a Licensed Product in any country in the Territory, Pharmavant shall provide
[***] a written report not less [***] that summarizes the Commercialization activities on a Licensed Product-by-Licensed Product basis conducted by Pharmavant, and its
Affiliates and Sublicensees in the Territory since the date of the prior report by Pharmavant. Such report shall contain sufficient detail to enable Eisai to assess Pharmavant’s compliance with its Commercialization obligations in
Section 3.3.2. In addition, Pharmavant shall have a meeting in person, by videoconference, teleconference or other similar communications equipment not less than [***] to update Eisai as to the status of Pharmavant’s Commercialization
activities. 
 3.3.4 Compliance. Pharmavant will conduct all Commercialization activities with respect to the Licensed Products in
good scientific manner, and in compliance with Applicable Law, including GLP, GCP, GMP or GPV to the extent applicable (and, if and as appropriate under the circumstances, ICH guidance or other comparable regulation and guidance of any Regulatory
Authority in any country in the Territory). 
 3.4 [***]. 

3.4.1 [***] 
 (a) [***].

 3.4.2 [***]. 
 3.4.3
[***]. 
 3.4.4 [***]. 

3.4.5 [***]. 
 3.4.6
[***]. 
 3.4.7 [***]. 

  
 25 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

ARTICLE 4 
 ASSISTANCE; DISCLOSURE
OF KNOW-HOW; TECHNOLOGY TRANSFER; MANUFACTURING 
 4.1 Disclosure of Eisai Product Know-How and Eisai Background Know-How. As soon as reasonably practicable and in any event within[***] of the Effective Date and thereafter during the Term as may be
reasonably requested by Pharmavant from time to time, Eisai shall disclose to Pharmavant and its designees, including by providing electronic copies thereof, via a mutually agreeable method of transfer, all Eisai Product Know-How and Eisai Background Know-How (other than Eisai Background Know-How solely relating to the Manufacture of the Licensed
Compound, which shall be disclosed to Pharmavant pursuant to Section 4.4) licensed to Pharmavant pursuant to Section 2.1.1 or 2.1.2, including any materials and documentation (including data and protocols) included therein. Eisai shall,
and shall cause its Affiliates to, cooperate with Pharmavant and its designees and provide reasonable assistance to Pharmavant for up to [***] after the Effective Date to enable Pharmavant to Develop the Licensed Compound, as and to the extent
reasonably requested by Pharmavant and agreed to by Eisai, including by: (a) providing Pharmavant with such assistance as may be reasonably requested by Pharmavant with respect to Development transition matters related to the Licensed Compound;
and (b) providing Pharmavant with such access as may be reasonably requested by Pharmavant, by teleconference or in-person to Eisai personnel (and personnel of its Affiliates) involved in the Development
of the Licensed Compound to assist with the transition and answer questions related to the Licensed Compound. After the expiration of such [***] period, and for a period of up to [***] from the Effective Date, Pharmavant may request continued
reasonable assistance from Eisai, at [***] and Eisai shall use commercially reasonable efforts to provide such reasonable assistance upon Pharmavant’s request and to the extent agreed to by Eisai. 

4.2 Manufacturing Rights. Subject to the terms and conditions of this Agreement, Pharmavant shall have the sole right (and shall solely
control, at its discretion), itself or with or through its Affiliates, Sublicensees, or other Third Parties, [***], to Manufacture the Licensed Product in the Field for the Territory. Notwithstanding the foregoing, Eisai hereby retains the right to
Manufacture the Licensed Compound and the Licensed Products in the Territory solely as provided in Section 4.3, whether directly or through its Affiliates or the Eisai Manufacturer. 

4.3 Supply of Licensed Compound and Raw Materials to Pharmavant. 

4.3.1 Initial Supply of Existing Drug Substance Inventory and Existing Raw Materials Inventory. 

(a) Eisai shall supply to Pharmavant or to any Third Party designee any or all (as and to the extent requested by Pharmavant) quantity of the
existing inventory of the Licensed Compound (both drug substance and drug product), including [***] (the “Existing Drug Substance Inventory”), together with all intermediates identified on Schedule 4.3.1(a) attached 

  
 26 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

hereto (the “Existing Transferred Inventory”), held as of the Effective Date by or on behalf of Eisai or its Affiliates [***]. To the extent
that Pharmavant wishes to have any portion of the Existing Transferred Inventory supplied to any Third Party designee other than an Eisai Manufacturer, Pharmavant shall provide Eisai with prior written notice which shall identify such Third Party
designee. Notwithstanding the foregoing, Eisai shall have the right to retain such quantities of drug product of the Licensed Compound as may be reasonably necessary for Eisai to continue its activities with respect to the Eisai Ongoing Clinical
Trial as contemplated by this Agreement until the transfer of sponsorship and control of the Eisai Ongoing Clinical Trial to Pharmavant in accordance with Section 4.4, after which any remaining amount of such retained quantities will be
transferred to Pharmavant. 
 (b) To the extent requested by Pharmavant, Pharmavant may, in its discretion, purchase from Eisai the
quantity of the materials identified on Schedule 4.3.1(b) (the “Existing Raw Materials Inventory”), [***], pursuant to terms of sale mutually agreed by the Parties. 

(c) Delivery of the Existing Transferred Inventory and the Existing Raw Materials Inventory supplied by Eisai will be made [***]. [***] shall
be responsible for obtaining all licenses or other authorizations for the exportation and importation of such Existing Transferred Inventory and Existing Raw Materials Inventory and [***] shall contract for shipment and insurance of such Existing
Transferred Inventory and Existing Raw Materials Inventory from Eisai’s or the Eisai Manufacturer’s facility, at [***], provided that [***] or its Affiliates shall provide any reasonable assistance requested by [***] in connection with
such activities at [***]. [***] shall also be responsible for the clinical packaging, labeling, QC/QA/QP release, storage, customs clearance and distribution of such Existing Transferred Inventory and Existing Raw Materials Inventory, at [***].
Following the Effective Date, the Parties hereby agree to negotiate in good faith and execute a quality agreement as may be needed for quality assurance in connection with the delivery of the Existing Transferred Inventory and the Existing Raw
Materials Inventory by Eisai. 
 4.3.2 Manufacture and Clinical Supply. Pharmavant shall be solely responsible for the Manufacture
and supply of the Licensed Compound and all Licensed Products during the Term in the Field for the Territory; provided, that, upon the written request of Pharmavant, the Parties will negotiate in good faith the terms of a transitional supply
agreement (the “Transitional Supply Agreement”) to have Eisai and/or the Eisai Manufacturers Manufacture and supply to Pharmavant drug product, at [***]. 

4.3.3 No Additional Supply Obligations. Pharmavant may not at any time during the Term request Eisai to, and Eisai shall have no
obligation under this Agreement to, procure or Manufacture any Licensed Compound (drug substance or drug product) for, or for the benefit of, Pharmavant other than the transfer of the Existing Transferred Inventory and the Existing Raw Materials
Inventory as provided in this Section 4.3 and pursuant to Section 4.3.2 and the terms of the Transitional Supply Agreement. 

  
 27 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

4.4 Manufacturing Technology Transfer. 

4.4.1 Manufacturing Technology Transfer. Without limiting the other provisions of this Article 4, as soon as reasonably
practicable following the Effective Date, Eisai shall transfer (from Eisai or its Affiliates) to Pharmavant and its designees copies (in an electronic format) of all Eisai Product Know-How and Eisai Background Know-How, respectively, solely related to the Manufacture of the Licensed Compound (including drug substance and drug product) (the
“Manufacturing Know-How”), [***] (such activities, “Manufacturing Technology Transfer”). 

4.4.2 Eisai Assistance. At the reasonable request of Pharmavant from time to time, Eisai shall make its sites, employees and
consultants (including personnel and sites of its Affiliates) reasonably available to Pharmavant and its Third Party designees for up to [***] after the Effective Date to provide consultation and technical assistance in order to ensure an orderly
transition of the Manufacturing Know-How to Pharmavant and its designees and to assist Pharmavant and its designees in its Manufacture of the Licensed Compound. After the expiration of such [***] period, and
for a period of up to [***] from the Effective Date, Pharmavant may request continued reasonable assistance from Eisai at [***] and Eisai shall use commercially reasonable efforts to provide such reasonable assistance upon Pharmavant’s request.

 4.4.3 [***]. The Parties shall cooperate in good faith in order to finalize, and, within [***] of the Effective Date, execute, an
Assignment and Assumption Agreement by and among the Parties and [***] substantially in the form of the draft agreement prepared by the Parties on the Effective Date pursuant to which Eisai shall assign and transfer to Pharmavant or its designee the
[***] dated as of [***] between Eisai and [***], as may be amended from time to time with Pharmavant’s consent (not to be unreasonably conditioned, withheld or delayed) [***]. Eisai shall, or shall cause its Affiliates to, as applicable, obtain
the consent of [***] to the assignment by Eisai to Pharmavant of the [***] in accordance with the preceding sentence. Pharmavant hereby acknowledges and agrees that, from and after the effective date of the Assignment and Assumption Agreement,
Pharmavant (a) shall assume and perform all of the duties, obligations, terms, provisions and covenants under and (b) shall discharge Eisai from any of the duties, obligations, terms, provisions and covenants under, in each case ((a) and
(b)), the [***] after such effective date of assignment. 
 4.4.4 Assistance. Eisai shall, or shall cause its Affiliates to, as
applicable, introduce to Pharmavant any or all Eisai Manufacturers in order to reasonably assist Pharmavant or its Affiliate in entering into new agreements directly with such Eisai Manufacturers to Manufacture the Licensed Product in the Field for
the Territory, to the extent requested by Pharmavant in writing. 

  
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 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

ARTICLE 5 
 FINANCIAL TERMS 

5.1 Upfront Payment. Pharmavant shall pay to Eisai a one-time
non-refundable, non-creditable payment in the aggregate amount of Fifteen Million Dollars ($15,000,000), payable as follows: 

(a) Eight Million Dollars ($8,000,000) shall be paid in immediately available funds by wire transfer, within [***] of the Effective Date, in
accordance with wire instructions to be provided in writing by Eisai in a written invoice submitted by Eisai to Pharmavant on or before the Effective Date; and 

(b) Seven Million Dollars ($7,000,000) shall be paid through the issuance of shares of common stock of Roivant Sciences valued at the Share
Price pursuant to the term of a share purchase agreement entered into by Eisai and Roivant Sciences on the Effective Date substantially in the form of Exhibit B attached hereto (the “Share Purchase Agreement”). 

5.2 Milestones. 
 5.2.1
Development Milestones. 
 (a) Pharmavant shall notify Eisai in writing (the “Development Milestone Event Notice”)
within [***] following the achievement by Pharmavant, its Affiliates, or its Sublicensees under this Agreement of each milestone event described under the heading “Development Milestone Event” in the below table in this
Section 5.2.1(a) (each, a “Development Milestone Event”) by the first Licensed Product, and Pharmavant shall thereafter pay the applicable one-time amount set forth below corresponding to
the applicable Development Milestone Event in accordance with Section 5.2.1 (each, a “Development Milestone Payment”): 
  

			
	 Development Milestone Event
	  	Development Milestone
Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  
 29 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(b) Each Development Milestone Payment will be due and payable only once following the achievement of the corresponding Development Milestone
Event regardless of the number of times such Development Milestone Event is achieved and/or the number of Licensed Products that achieve such Development Milestone Event. If any of Development Milestone Event (2), (3) or (4) is achieved prior
to the achievement of Development Milestone Event (1), then the Development Milestone Payment for Development Milestone Event (1) shall be paid concurrently with the Development Milestone Payment for the first to occur of Development Milestone
Event (2), (3) or (4), as the case may be. 
 5.2.2 Regulatory Milestones. Subject to the terms of this Section 5.2.2,
Pharmavant shall notify Eisai within [***] following the achievement by Pharmavant, its Affiliates, or its Sublicensees under this Agreement of each milestone event described under the heading “Regulatory Milestone Event” in the below
table in this Section 5.2.2 (each, a “Regulatory Milestone Event”) by the first Licensed Product and Pharmavant shall thereafter pay the applicable one -time amount set forth below corresponding to the applicable
Regulatory Milestone Event in accordance with Section 5.2.4 (each, a “Regulatory Milestone Payment”) in respect of Licensed Products: 
  

			
	 Regulatory Milestone Event
	  	Regulatory
Milestone Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 Each Regulatory Milestone Payment will be due and payable only once following the achievement of the
corresponding Regulatory Milestone Event regardless of the number of times such Regulatory Milestone Event is achieved and/or the number of Licensed Products that achieve such Regulatory Milestone Event. 

5.2.3 Commercialization Milestones. 

(a) Pharmavant shall notify Eisai within [***] following the achievement by Pharmavant, its Affiliates, or its Sublicensees under this
Agreement of each milestone event described under the heading “Commercialization Milestone Event” in the below table in this Section 5.2.3(a) (each, a “Commercialization Milestone Event”) by the Licensed Product and
Pharmavant shall thereafter pay the applicable one-time amount set forth below corresponding to the applicable Commercialization Milestone Event in accordance with Section 5.2.3(b) (each, a
“Commercialization Milestone Payment”) in respect of Licensed Products: 

  
 30 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

 

					
	 Commercialization Milestone Event
	  	Commercialization
Milestone Payment	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 (b) Each Commercialization Milestone Payment will be due and payable only once following the achievement of
the corresponding Commercialization Milestone Event regardless of the number of times such Commercialization Milestone Event is achieved and/or the number of Licensed Products that achieve such Commercialization Milestone Event. Pharmavant shall pay
each Commercialization Milestone Payment within [***] after Eisai’s receipt of notice from Pharmavant that any applicable Commercialization Milestone Event was first achieved; provided, that, if any of the Commercialization Milestone Events set
forth in (5) through (7) of the above table are achieved for a given Licensed Product in a same Eisai Fiscal Year (i) the corresponding Commercialization Milestone Payment shall be payable [***] as follows: (A) [***] of the amount of the
corresponding Commercialization Milestone Payment shall be paid within [***] after the date of receipt by Eisai of such notice that any applicable Commercialization Milestone Event was achieved and (B) [***] of the corresponding Commercialization
Milestone Payment shall be paid within [***] after notice from Pharmavant for the immediate next Eisai Fiscal Year that such Commercialization Milestone Event was again achieved for such immediate next Eisai Fiscal Year; [***]. 

5.2.4 Invoice and Payment of Milestone Payments. Following Eisai’s receipt of notice from Pharmavant that Pharmavant has achieved
any Milestone Event or Milestone Events, Eisai shall invoice Pharmavant for the applicable Milestone Payment or Milestone Payments, and Pharmavant shall pay such Milestone Payment within[***] after receipt of each such invoice. 

  
 31 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

5.3 Royalties. 
 5.3.1
Royalty Rates. Subject to this Section 5.3.1, Pharmavant shall pay Eisai royalties on Annual Net Sales of the Licensed Product during the applicable Royalty Term, equal to the following portions of Annual Net Sales of the Licensed
Product multiplied by the applicable royalty rate set forth below for such portion of Annual Net Sales during the applicable Royalty Term for the Licensed Product, which royalties shall be paid in accordance with Section 5.3.5. 

 

					
	 Annual Net Sales in the Territory for the Licensed Product

in a given Eisai Fiscal Year
	  	Royalty Rate	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 The applicable royalty rate set forth in the tables above shall apply only to that portion of the Annual Net
Sales of the Licensed Product during a given Eisai Fiscal Year that falls within the indicated range. [***]  
 5.3.2 Royalty
Term. Pharmavant’s royalty obligations to Eisai under Section 5.3.1 shall apply, on a country-by-country and Licensed Product-by-Licensed Product basis, during the applicable Royalty Term for the Licensed Product in such country. Following the expiration of the applicable Royalty Term for the Licensed Product in a given
country: (a) no further royalties shall be payable with respect to sales of the Licensed Product in such country (and no sales of Licensed Products in such country shall be counted for purposes of determining Net Sales for any period commencing
on or after the expiration of such Royalty Term); and (b) the license granted to Pharmavant under this Agreement with respect to the Licensed Product in such country shall become fully paid-up, perpetual,
irrevocable, and royalty-free in accordance with Section 10.1. 
 5.3.3 Royalty Reductions. 

(a) Valid Claims. Subject to Section 5.3.3(d), the royalty rates set forth in Section 5.3.1 shall be reduced on a Licensed Product-by-Licensed Product and country-by-country basis, to (i) [***] of the rates otherwise
payable pursuant to Section 5.3.1 during any portion of the Royalty Term in which there is not at least one Valid Claim of an Eisai Product Patent, Eisai Patent or Joint Patent which Covers the [***] Licensed Compound or Licensed Product in
such country of sale, and (ii) [***] of the rates otherwise payable pursuant to Section 5.3.1 during any portion of the Royalty Term in which there is not at least one Valid Claim of an Eisai Product Patent, Eisai Patent or Joint Patent which
Covers the Licensed Compound or Licensed Product in such country of sale. 

  
 32 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(b) Generic Products. Subject to Section 5.3.3(d), if during the portion of the applicable Royalty Term of a Licensed Product in
a particular country or geographic region in the Territory, one or more products are being sold in such country or geographic region in the Territory that are Generic Products with respect to such Licensed Product and there is Loss of Market
Exclusivity for such Licensed Product in such country or geographic region in the Territory, then the royalty rates set forth in Section 5.3.1 with respect to such Licensed Product in such region or country shall be reduced by [***] of the
applicable royalty rates that would otherwise be owed on such Net Sales of such Licensed Product in such region or country, for so long as the Loss of Market Exclusivity continues during the Royalty Term for the applicable Licensed Product in such
region or country. Pharmavant will promptly notify Eisai of the occurrence of Loss of Market Exclusivity, which notice will specify the applicable Generic Product and country or geographic region in the Territory and include reasonable supporting
evidence of such Loss of Market Exclusivity. 
 (c) Royalty Offset for Third Party Payments. If Pharmavant (or any of its Affiliates
or sublicensees) in-licenses any Patents from any Third Party that may be used in order to Manufacture or Commercialize any Licensed Compound or Licensed Product in the Territory, then Pharmavant will have the
right to credit [***] of any[***] payments attributable to the Manufacture or Commercialization of such Licensed Product in the Territory actually paid by Pharmavant or its Affiliates or sublicensees under such license in [***] against any royalty
payment payable to Eisai under this Agreement for such Licensed Product. 
 (d) Cumulative Effect of Royalty Reductions and Offsets.
In no event will the aggregate amount of royalty payments due to Eisai for a Licensed Product in the Territory in any given [***] during the Royalty Term for such Licensed Product be reduced to less than [***] of the amount that otherwise would have
been due and payable to Eisai in such [***] for such Licensed Product but for the reductions set forth in Sections 5.3.3(a), (b) and (c); provided, that, if but for the proviso in this Section 5.3.3(d), the reductions under Sections 5.3.3(a),
(b) and (c) would have reduced a royalty payment made by Pharmavant in any [***] by more than [***], then the amount of such reduction that exceeds[***] shall be carried over to royalty payments due and payable in subsequent [***]. 

5.3.4 [***]. 
 5.3.5 Payment
of Royalties; Royalty Reports. Pharmavant shall, within [***] following the end of each [***] in which a royalty payment pursuant to Section 5.3.1 accrues, (a) provide to Eisai a report specifying, for such [***]: (i) the amount of
aggregate Net Sales of the Licensed Product in each country in the Territory; (ii) the applicable royalty rate under this Agreement; (iii) the royalty calculation and royalties payable in Dollars; and (iv) the amount of 

  
 33 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

withholding taxes, if any, required by Applicable Law to be deducted with respect to such royalties; and (b) make the royalty payments owed to Eisai
under this Agreement in accordance with such royalty report within [***] following Pharmavant’s receipt of a written invoice for the royalty payments specified in such royalty report. Pharmavant shall have the responsibility to account for and
report sales of any Licensed Product in the Territory by its Sublicensee on the same basis as if such sales were Net Sales by Pharmavant. Pharmavant shall pay to Eisai any such royalty payments when due under this Agreement. 

5.4 Additional Payment Terms. 

5.4.1 Currency. All payments under this Agreement shall be made in US Dollars. Any sales incurred in a currency other than US Dollars
shall be converted to the US Dollar equivalent using Pharmavant’s then-current standard exchange rate methodology as applied in its external reporting for the conversion of foreign currency sales into US Dollars. 

5.4.2 Taxes. Each Party will pay any and all taxes levied on account of all payments it receives under this Agreement. If Applicable
Law requires that taxes be withheld with respect to any payments by either Party to the other Party under this Agreement, such Party will provide advance (not less than [***]) written notice of such Party’s intent to withhold any taxes. The
Party required to withhold such taxes shall: [***]. Each Party agrees to cooperate with the other Party in claiming refunds or exemptions from such deductions or withholdings under any relevant agreement or treaty which is in effect. The Parties
shall discuss applicable mechanisms for minimizing or mitigating such taxes to the extent possible in compliance with Applicable Law. In addition, the Parties shall cooperate in accordance with Applicable Law to minimize indirect taxes (such as
value added tax, sales tax, consumption tax and other similar taxes) in connection with this Agreement. 
 5.4.3 Late Payments. Any
payments or portions thereof due hereunder that are not paid on the date such payments are due under this Agreement shall bear interest at a rate equal to the lesser of: (a) [***] above the prime rate as published in [***] or any successor thereto,
at [***] or (b) the maximum rate permitted by Applicable Law, in each case calculated on the number of days such payment is delinquent, compounded [***]. 

5.5 Records; Audit Rights. 

5.5.1 Records. Pharmavant shall keep, and shall cause its Affiliates to keep, complete, true and accurate books of accounts and records
sufficient to determine and establish the royalties payable incurred under this Agreement, and compliance with the other terms and conditions of this Agreement. Such books and records shall be kept reasonably accessible and shall be made available
for inspection for a [***] period in accordance with Section 5.5.2 below. 
  

  
 34 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

5.5.2 Inspection of Pharmavant Records. Upon reasonable prior written notice, Pharmavant shall permit an independent nationally
recognized certified public accounting firm, appointed by Eisai and reasonably acceptable to Pharmavant to inspect the audited financial records of Pharmavant maintained pursuant to Section 5.5.1 above with respect to any Eisai Fiscal Year
ending not more than [***] prior to Eisai’s request to verify the amount of royalties due Eisai hereunder; provided, that, such inspection shall not occur more often than [***] unless a material error is discovered as part of such inspection,
in which case Eisai shall have the right to conduct one more additional thorough inspection for such period. Any inspection conducted under this Section 5.5.2 shall be at the expense of Eisai, unless such inspection reveals any underpayment of
the royalties due hereunder for the audited period by at least [***], [***]. Any underpayment of the royalties due hereunder shall be paid by Pharmavant to Eisai within [***] with interest on the underpayment at the rate specified in
Section 5.4.4 from the date such payment was originally due, and any overpayment of the royalties due hereunder shall be credited against future amounts due by Pharmavant to Eisai. 

ARTICLE 6 
 INTELLECTUAL PROPERTY

 6.1 Ownership. 

6.1.1 Inventions. 
 (a)
Eisai IP. Eisai or its Affiliates shall have sole and exclusive ownership of all right, title and interest on a worldwide basis in and to any and all Eisai IP, Eisai Product Know-How and Eisai Product
Patents. 
 (b) Pharmavant IP. Pharmavant shall have sole and exclusive ownership of all right, title and interest on a worldwide
basis in and to any and all Pharmavant IP, including all Pharmavant Background Patents, Pharmavant Background Know-How, Pharmavant Inventions and Pharmavant Invention Patents. 

(c) Joint IP. All Joint IP will be owned jointly by the Parties. Subject to the rights and licenses granted under this Agreement, each
Party shall have the right to use Joint IP, practice the Joint IP, and grant licenses under its interest in Joint IP, as it deems appropriate and neither Party shall have any obligation to account to the other Party for profits, or to obtain any
approval of the other Party to license, assign or otherwise exploit such Joint IP, by reason of the joint ownership thereof, and each Party hereby waives any right it may have under the Applicable Law of any jurisdiction to require any such approval
or accounting. 
 6.1.2 Clinical Data. All Clinical Data shall be [***]. 

6.1.3 Assignment Obligations. 
  

  
 35 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(a) Each Party shall cause all employees of such Party (or any of its Affiliates) who perform activities for such Party under this Agreement
to be under an obligation to assign their rights in any Inventions, whether or not patentable, resulting therefrom to such Party. With respect to any activip1b ties of a Party under this Agreement that are subcontracted to a Person that is not an
employee, the Party retaining such subcontractor will include in the applicable subcontract an assignment to such Party of all rights in Inventions made by such subcontractor resulting from such activities, and in any event will include in the
applicable subcontract a license to such Party that is sublicensable to the other Party under this Agreement, of any Inventions made by such contractor resulting from such activities. 

(b) Pharmavant agrees to assign and hereby assigns all of its right, title and interest in and to all [***] to Eisai or its
designee. Pharmavant agrees to sign all necessary documents and assignments or take such other actions as Eisai may reasonably request in order to perfect and enforce any and all of its rights in and to such [***]. [***] of perfecting and
enforcing its rights in such [***] shall be borne by [***]. 
 6.2 Prosecution and Maintenance. 

6.2.1 Eisai First Right. Eisai will have the first right, but not the obligation, using patent counsel of its choice, to Prosecute and
Maintain any Eisai Product Patents. Eisai shall give Pharmavant a reasonable opportunity to review and comment on the text of any application before filing Eisai Product Patents, shall reasonably consult with Pharmavant with respect thereto, shall
supply Pharmavant with a copy of the application as filed, together with notice of its filing date and serial number, and shall reasonably provide advance copies of any substantive papers related to the filing, prosecution and maintenance of such
Eisai Product Patents with sufficient time to provide Pharmavant with a reasonable opportunity to review and comment. Eisai shall keep Pharmavant advised of the status of the Eisai Product Patents and applications related thereto and shall promptly
give notice to Pharmavant of the pending grant, lapse, revocation, surrender, invalidation or abandonment of any Eisai Product Patents. [***]. 

6.2.2 Pharmavant Fallback Right. Eisai shall give reasonable notice to Pharmavant if Eisai intends to cease Prosecution and Maintenance
of any Eisai Product Patents in any country in the Territory and, in such case, Pharmavant shall have the right (but not the obligation) to continue the Prosecution and Maintenance of such Eisai Product Patents. If Pharmavant elects to continue such
Prosecution and Maintenance, then Eisai shall execute such documents and perform such acts as may be reasonably necessary to effect a transfer of such responsibility in relation to the applicable Eisai Product Patents to Pharmavant in a timely
manner to allow Pharmavant to continue such prosecution or maintenance. Pharmavant shall keep Eisai reasonably advised of the status of such Eisai Product Patents and, upon Eisai’s request, shall reasonably provide advance copies of substantive
papers related to the filing, prosecution and maintenance of such Eisai Product Patents. Pharmavant shall promptly give notice to Eisai of the grant, lapse, revocation, surrender, invalidation or abandonment of any such Eisai Product Patents. [***].

  
 36 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

6.2.3 Pharmavant First Right. Pharmavant will have the first right, but not the obligation, using patent counsel of its choice, to
Prosecute and Maintain, [***] any Pharmavant Patents. Pharmavant shall give Eisai a reasonable opportunity to review and comment on the text of any application before filing Pharmavant Patents, shall reasonably consult with Eisai with respect
thereto, shall supply Eisai with a copy of the application as filed, together with notice of its filing date and serial number, and shall reasonably provide advance copies of any substantive papers related to the Prosecution and Maintenance of such
Pharmavant Patents with sufficient time to provide Eisai with a reasonable opportunity to review and comment. Pharmavant shall keep Eisai advised of the status of the Pharmavant Patents and applications related thereto and shall promptly give notice
to Eisai of the pending grant, lapse, revocation, surrender, invalidation or abandonment of any Pharmavant Patents. [***]. 
 6.2.4 Eisai
Fallback Right. Pharmavant shall give reasonable notice to Eisai if Pharmavant intends to cease Prosecution and Maintenance of any Pharmavant Invention Patents in any country in the Territory and, in such case, Eisai shall have the right (but
not the obligation) to continue the Prosecution and Maintenance of such Pharmavant Invention Patents. If Eisai elects to continue such Prosecution and Maintenance, then Pharmavant shall execute such documents and perform such acts as may be
reasonably necessary to effect a transfer of such responsibility in relation to the applicable Pharmavant Invention Patents to Eisai in a timely manner to allow Eisai to continue such Prosecution and Maintenance. Eisai shall keep Pharmavant
reasonably advised of the status of such Pharmavant Invention Patents and, upon Pharmavant’s request, shall reasonably provide advance copies of substantive papers related to the Prosecution and Maintenance of such Pharmavant Invention Patents.
Eisai shall promptly give notice to Pharmavant of the grant, lapse, revocation, surrender, invalidation or abandonment of any such Pharmavant Invention Patents. [***]. 

6.2.5 Eisai Patents. Eisai will have the sole right, but not the obligation, using patent counsel of its choice, to Prosecute and
Maintain, [***] any Eisai Patents. [***]. 
 6.2.6 Joint Patents. The Parties shall mutually agree in good faith which Party shall be
responsible for Prosecuting and Maintaining each Joint Patent on behalf of both Parties; provided, that, such activities shall, to the extent mutually agreed by the Parties, be handled by outside counsel free of ethical conflict and mutually
agreeable to both Parties. [***]. 
 6.2.7 Patent Prosecution Conferences. Each Party shall cause its patent counsel to confer no
less frequently than every [***] regarding the status of all Patents for which it is responsible under this Section 6.2, and whether and in which countries foreign counterparts of such Patents shall be filed and any subject matter claimed in
each. The Parties shall set the location, date, time and type of meeting (either in person, by teleconference, or by videoconference) so as to be mutually agreeable to the patent counsel of each Party. 

  
 37 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

6.3 Infringement by Third Parties. 

6.3.1 Notice and Consultation. Each Party shall inform the other Party within [***] of becoming aware of (a) any infringement of
or invalidity challenge to any Eisai Product Patents, Eisai Patents, Pharmavant Invention Patents or Joint Patents, including any declaratory judgment, opposition, post grant review, inter partes review, a Paragraph IV Certification in any
Abbreviated New Drug Application or New Drug Application (each, as defined in the Federal Food, Drug, and Cosmetic Act) filing or similar action alleging the invalidity, unenforceability, unpatentability, or
non-infringement with respect to such Eisai Product Patents, Eisai Patents, Pharmavant Invention Patents or Joint Patents, or any other actual or potential infringement of such Patents by a Third Party
anywhere in the Territory, or (b) any misappropriation or misuse of Eisai Product Know-How, Eisai Background Know-How, Eisai Inventions, Pharmavant Inventions or
Joint Inventions, in each case, to the extent such alleged infringing or misappropriating activities involve, as to the Licensed Product, any competing product with respect thereto (collectively, an “Infringement”). Pharmavant and
Eisai shall thereafter consult and cooperate fully to determine and agree on a course of action, including the commencement of legal action by either or both Pharmavant and Eisai, to terminate or defend any Infringement (provided that, with respect
to the defense of an invalidity challenge, such defense includes or involves at least one claim that relates to the Licensed Compound or any Licensed Product; provided, that, if the Parties are unable to agree upon whether to commence any action to
defend any Infringement, Section 6.3.2 and Section 6.3.3 shall apply. 
 6.3.2 Eisai Right to Control. Unless otherwise
agreed by the Parties, Eisai shall have the right to control (including to retain counsel to prosecute) any action to terminate or defend an Infringement for which notice to Pharmavant is provided of any (a) Eisai Product Patents,
(b) Eisai Product Know-How and (c) Eisai IP. Eisai shall consult with Pharmavant, and Pharmavant shall have the right to review and comment on any material submissions to be made by Eisai in
connection with any such action. In any such action, Pharmavant shall have the right to be represented by counsel of its own choice, [***]. 

6.3.3 Pharmavant Right to Control. Unless otherwise agreed by the Parties, Pharmavant shall have the right to control (including to
retain counsel to prosecute) any action to terminate or defend an Infringement for which notice is provided under Section 6.3.1 of any (a) Pharmavant Invention Patents and (b) Pharmavant Inventions. Pharmavant shall consult with Eisai
and Eisai shall have the right to review and comment on, any material submissions to be made by Pharmavant in connection with any such action. In any such action, Eisai shall have the right to be represented by counsel of its own choice, [***]. 

6.3.4 Joint IP. The Parties shall mutually agree in good faith which Party shall be responsible for controlling (including to retain
counsel to prosecute) any action to terminate or defend an Infringement of any Joint IP. In any such action, the controlling Party shall consult with the non-controlling Party and the non-controlling Party shall have the right to review and comment on any material submissions to be made by the controlling Party connection with any such action. In any such action, the other Party shall have the
right to be represented by counsel of its own choice, [***].  
  

  
 38 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

6.3.5 Fallback Right. The controlling Party shall give reasonable notice to the non-controlling
Party if such controlling Party elects not to initiate, or intends to cease an action to terminate or defend an Infringement for which notice is provided under Section 6.3.1. In each such case, for (a) Eisai Product Patents, (b) Eisai
Product Know-How, (c) Pharmavant Invention Patents and (d) Pharmavant Inventions, to the extent consistent with the controlling Party’s global intellectual property strategy, the non-controlling Party shall have the right (but not the obligation) to initiate or continue such action. If the non-controlling Party elects to initiate or continue such
action, then the controlling Party shall execute such documents and perform such acts as may be reasonably necessary to effect a transfer of such responsibility in relation to the applicable Patents to the
non-controlling Party in a timely manner to allow the non-controlling Party to initiate or continue such action. The
non-controlling Party shall keep the controlling Party reasonably advised of the status of such action and, upon the controlling Party request, shall reasonably provide advance copies of substantive papers
related to the action. 
 6.3.6 Settlements. For any action involving (a) Eisai Product Patents, (b) Eisai Product Know-How, (c) Pharmavant Invention Patents and (d) Pharmavant Inventions, the controlling Party shall not enter into any settlement, consent judgment or other disposition of any action to terminate or
defend an Infringement without the prior written consent of the non-controlling Party, which consent shall not be unreasonably conditioned, withheld or delayed; provided, that, any such settlement, consent
judgment or other disposition of any action or proceeding by a Party under this Section 6.3 will not, without the consent of the other Party, (a) impose any liability or obligation on such other Party, (b) include the grant of any
license, covenant or other rights to any Third Party that would conflict with or reduce the scope of the subject matter included under the rights and licenses granted to such other Party under this Agreement, or (c) otherwise materially affect
the licenses or other rights granted to such other Party hereunder adversely in any respect.  
 6.3.7 Cooperation. In
connection with any action to terminate or defend an Infringement, Pharmavant and Eisai will reasonably cooperate and will provide each other with any information or assistance that either may reasonably request. Each Party shall keep the other
Party informed of developments in any such action or proceeding, including, to the extent permissible by Applicable Law, consultation on any settlement, the status of any settlement negotiations and the terms of any offer related thereto. 

6.3.8 Joinder. For any action to terminate or defend any Infringement, in the event that a controlling Party is unable to initiate or
prosecute such action solely in its own name, and it is necessary that the non-controlling Party join such action to do so, the non-controlling Party will join such
action and shall execute and cause its Affiliates to execute all documents necessary for the controlling such Party to initiate litigation to prosecute and maintain such action.  

 

  
 39 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

6.3.9 Costs/Recoveries. A Party bringing a claim, suit or action to terminate or defend any Infringement will be solely responsible for
any expenses incurred by such Party as a result of such claim, suit or action. If such Party recovers monetary damages from such Third Party in such suit or action, such recovery will [***]. If such recovery is insufficient to cover all such costs
and expenses of both Parties, it will be [***]. If, after such reimbursement, any funds remain from such damages, all such remaining funds will be allocated between the Parties as follows: (a) if Eisai controls enforcement in accordance with
this Section 6.3, Eisai shall be entitled to receive [***] of all remaining proceeds and (b) if Pharmavant controls enforcement in accordance with this Section 6.3, Eisai shall be entitled to [***] 

6.3.10 Cooperation and Patent Term Restoration. The Parties agree to reasonably cooperate and to take reasonable actions to maximize
the protections available under the safe harbor provisions of 35 U.S.C. § 102(c) for U.S. patents and patent applications with respect to the Licensed Compound and any Licensed Products. The Parties shall cooperate with each other, including by
providing necessary information and assistance as the other Party may reasonably request, in obtaining patent term restoration or supplemental protection certificates or their equivalents (collectively “Patent Term Restoration”) in
any country in the Territory where applicable to any Eisai Product Patents, Eisai Patents, Pharmavant Background Patents, Pharmavant Invention Patents or Joint Patents. Eisai, following consultation with Pharmavant shall have the right to select
which Patent or Patents to file for Patent Term Restoration and to control (including to retain counsel to prosecute) any such Patent Term Restoration filing. 

6.3.11 Patent Listings. The Parties shall reasonably agree upon the filings to be made with Regulatory Authorities in the Territory
with respect to Eisai Product Patents, Eisai Patents, Pharmavant Background Patents, Pharmavant Invention Patents or Joint Patents that contain any claims that cover a Licensed Product including without limitation as required or allowed (a) in
the United States, in the FDA’s Orange Book, (b) in the European Union, under the national implementations of Article 10.1(a)(iii) of Directive 2001/EC/83 and (c) in any other country in the Territory under the equivalent Regulatory
Authorities in such country. If the Parties are unable to agree, Eisai will retain final decision-making authority with respect to any such listing; provided, that, in making such decision, Eisai shall reasonably consider in good faith
Pharmavant’s position in connection therewith. 
 6.3.12 Disclosure of Inventions. Each Party will promptly disclose to the
other Party all invention disclosures submitted to such Party by its or its Affiliates’ employees describing Inventions. Each Party will also respond promptly to reasonable requests from the other Party for more information relating to such
Inventions. Inventorship of such Inventions and whether the Patents claiming such Inventions are deemed to be the Eisai Product Patents shall be determined in good faith by the Parties prior to the filing of patent application claiming such
Inventions. 

  
 40 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

6.3.13 Personnel Obligations. Prior to receiving any Confidential Information or beginning work under this Agreement relating to the
Development or Commercialization of the Licensed Compound or any Licensed Products, each employee, agent or independent contractor of Pharmavant or Eisai or of either Party’s respective Affiliates will be bound in writing by non-disclosure and invention assignment obligations which are consistent with the obligations of Pharmavant or Eisai under this Agreement; provided, that, to the extent necessary in the case of a Third Party
(a) such Third Party shall agree to grant Pharmavant or Eisai, as the case may be, an exclusive license with the right to grant sublicenses with respect to resulting Inventions and Patents and (b) the period of time with respect to non-disclosure obligations may be shorter, but in no event less than [***] from the effective date of the written obligation. 

6.4 Common Interest Agreement. At the request of either Party, the Parties will negotiate in good faith to enter into a common interest
agreement with respect to the subject matter of this Article 6. The Parties shall assert and not waive the joint defense privilege with respect to any communications between the Parties in connection with the defense of such claim or assertion. 

6.5 Defense. 
 6.5.1
Notice. Each Party shall promptly notify the other Party of any claim alleging that the Development, Manufacture or Commercialization of any Licensed Product in the Territory infringes, misappropriates, or otherwise violates any Patents, Know-How, or other intellectual property rights of any Third Party (“Third Party Infringement”). In any such instance, the Parties shall as soon as practicable thereafter discuss in good faith the
best response to such notice of Third Party Infringement. 
 6.5.2 Pharmavant Right to Defend. Pharmavant shall have the first right,
but not the obligation, to defend, and take other actions (including to settle) with respect to, any such claim of Third Party Infringement, at Pharmavant’s sole discretion, cost, and expense; provided, that, (a) Pharmavant will discuss in
good faith and coordinate with Eisai in connection therewith and Pharmavant will consider in good faith and reasonably address Eisai’s input and comments with respect thereto and (b) Pharmavant will not, without the prior written consent
of Eisai, enter into any settlement, consent judgment or other disposition of any action or proceeding that would (i) impose any liability or obligation on Eisai, or (ii) admit the invalidity of, or otherwise impair, any Eisai Product
Patents or Eisai Patents without the prior written consent of Eisai. Eisai shall have the right to be represented in any such action by counsel of its own choice at [***]. Any damages or other monetary awards that are awarded to a Third Party in any
Third Party Infringement or in connection with a settlement of any such Third Party Infringement that is defended by Pharmavant under this Section 6.5.2 will be borne [***]. 

 

  
 41 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

6.5.3 Eisai Fallback Right. If Pharmavant determines not to institute an action or proceeding with respect to a given Third Party
Infringement pursuant to Section 6.5.2 or if Pharmavant or its designee fails to defend such Third Party Infringement in the Territory or to file an action to defend such Third Party Infringement in the Territory within [***] after a written
request from Eisai to do so, or if Pharmavant discontinues the defense of any such action after filing without abating such Third Party Infringement, then Eisai shall have the right, but not the obligation, to defend, and take other actions
(including to settle) with respect to, any such claim of Third Party Infringement, at Eisai’s sole discretion, [***] and shall keep Pharmavant reasonably informed with respect to any such enforcement action; provided, that, Eisai shall not,
without the prior written consent of Pharmavant, enter into any settlement, consent judgment or other disposition of any action or proceeding that would (i) impose any liability or obligation on Pharmavant, (ii) include the grant of any
license, covenant or other rights to any Third Party that would conflict with or reduce the scope of the subject matter included under the rights and licenses granted to Pharmavant under this Agreement, or (iii) otherwise adversely affect the
licenses or other rights granted to Pharmavant hereunder in any respect. Any damages or other monetary awards that are awarded to a Third Party in any Third Party Infringement or in connection with a settlement of any such Third Party Infringement
that is defended by Eisai under this Section 6.5.3 will be shared as follows: (A) Pharmavant shall bear [***] of such damages or monetary awards and (B) Eisai shall bear [***] of such damages or monetary awards. 

6.6 Pharmavant Trademarks. Pharmavant and its Affiliates shall have the exclusive right, but not the obligation, to brand the Licensed
Products using trademarks and trade names it determines appropriate for the Licensed Products, which may vary for different countries (the “Pharmavant Trademarks”). Pharmavant shall exclusively own all rights in and goodwill
associated with the Pharmavant Trademarks and shall register, maintain and defend the Pharmavant Trademarks [***]. The benefit of the Pharmavant Trademarks shall inure entirely to Pharmavant. 

ARTICLE 7 
 CONFIDENTIALITY 

7.1 Nondisclosure. Each Party hereby agrees that a Party (the “Receiving Party”) which receives any Confidential
Information of the other Party (the “Disclosing Party”) pursuant to this Agreement shall: (a) maintain in confidence such Confidential Information using not less than the efforts that such Receiving Party uses to maintain in
confidence its own proprietary information of similar kind and value, but in no event less than a reasonable degree of efforts; (b) not disclose such Confidential Information to any Third Party without first obtaining the prior written consent
of the Disclosing Party (which shall not be unreasonably conditioned, delayed or withheld), except for disclosures expressly permitted pursuant to this Article 7; and (c) not use such Confidential Information for any purpose except those
permitted under this Agreement, including, in the case of each Party, the exercise of the rights and licenses granted to such Party hereunder. The obligations of confidentiality, non-disclosure, and non-use under this Section 7.1 shall be in full force and effect from the Effective Date until the [***] of the date of termination 

  
 42 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

or expiration of this Agreement. The Receiving Party shall return all copies of or destroy the Confidential Information of the Disclosing Party disclosed or
transferred to it by the other Party pursuant to this Agreement, within [***] after the expiration or termination of this Agreement; provided, that, the Receiving Party may retain (i) Confidential Information of the Disclosing Party to exercise
rights and licenses which expressly survive such termination or expiration pursuant to this Agreement; and (ii) one copy of all other Confidential Information in its archives solely for the purpose of establishing the contents thereof. 

7.2 Exceptions. 
 7.2.1
General. Section 7.1 shall not apply with respect to any portion of the Confidential Information of the Disclosing Party to the extent that such Confidential Information: 

(a) was known to the Receiving Party or any of its Affiliates, as evidenced by written records, without any obligation to keep it
confidential or any restriction on its use, prior to disclosure by the Disclosing Party; 
 (b) is subsequently disclosed to the Receiving
Party or any of its Affiliates by a Third Party lawfully in possession thereof and without any obligation to keep it confidential or any restriction on its use; 

(c) is published by a Third Party or otherwise becomes publicly available or enters the public domain, either before or after it is disclosed
to the Receiving Party, without any breach by the Receiving Party of its obligations hereunder; or 
 (d) is independently developed by or
for the Receiving Party or any of its Affiliates, as evidenced by contemporaneous written records, without reference to or reliance upon the Disclosing Party’s Confidential Information. 

Any combination of features or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are published or
available to the general public or in the rightful possession of the Receiving Party unless the combination itself and principle of operation are published or available to the general public or in the rightful possession of the Receiving Party. 

7.3 Authorized Disclosure. 

7.3.1 Disclosure. Notwithstanding Section 7.1, the Receiving Party may disclose Confidential Information belonging to the
Disclosing Party in the following instances: 
 (a) subject to Section 7.5, to comply with Applicable Law (including the rules and
regulations of the U.S. Securities and Exchange Commission or any national securities exchange in any jurisdiction in the Territory) (collectively, the “Securities Regulators”) or with judicial process (including prosecution or
defense of litigation), if, in the reasonable opinion of the Receiving Party’s counsel, such disclosure is necessary for such compliance or for such judicial process (including prosecution or defense of litigation); 

  
 43 

 (b) disclosure to governmental or other regulatory agencies in order to obtain or maintain
approval to conduct Clinical Trials, or to Commercialize the Licensed Products under this Agreement, in each case, in accordance with this Agreement; provided, that, reasonable steps are taken to ensure confidential treatment of such Confidential
Information to the extent available; 
 (c) disclosure to any of its or its Affiliates’ officers, employees, directors, consultants,
agents, or Affiliates, including: (i) in the case of Pharmavant, any actual or potential collaborators, licensees, or Sublicensees; (ii) in the case of either Party, to such Party’s permitted subcontractors for purpose of such
subcontractors performing obligations of such Party under this Agreement as it deems necessary or advisable in the course of conducting activities in accordance with this Agreement in order to carry out its responsibilities or exercise its rights
under this Agreement (including the exercise of the rights and licenses granted to the relevant Party under this Agreement); and (iii) in the case of either Party, to such Party’s actual or potential acquirers, investment bankers or other
financial advisors, or actual or potential investors, lenders or other financial partners; provided, that, prior to any such disclosure, each such disclosee is bound by written obligations of confidentiality,
non-disclosure, and non-use no less restrictive than the obligations set forth in this Article 7 to maintain the confidentiality thereof and not to use such Confidential
Information except as expressly permitted by this Agreement (except to the extent that a shorter confidentiality period is customary in the industry); provided, that, in each of the above situations in this Section 7.3.1(c), the Receiving Party
shall remain responsible for any failure by any Person who receives Confidential Information from such Receiving Party pursuant to this Section 7.3.1(c) to treat such Confidential Information as required under this Article 7; 

(d) disclosure to its advisors (including attorneys and accountants) in connection with activities under this Agreement; provided, that,
prior to any such disclosure, each such disclose is bound by written obligations of confidentiality, non-disclosure, and non-use no less restrictive than the obligations
set forth in this Article 7 (provided, that, in the case of legal advisors and accountants, no written agreement shall be required), to maintain the confidentiality thereof and not to use such Confidential Information except as expressly permitted
by this Agreement; provided, that, in each of the above situations in this Section 7.3.1(d), the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information from such Receiving Party pursuant to
this Section 7.3.1(d) to treat such Confidential Information as required under this Article 7; and 
 (e) disclosure of any
pharmacovigilance information originating from a Party its Affiliates, or the other Party to Regulatory Authorities, investigators, ethical committees and internal review boards, and any other Third Parties that have a need to know such information
according to each Party’s risk management and adverse event reporting policies and requirements. 

  
 44 

 7.3.2 Terms of Disclosure. If and whenever any Confidential Information is disclosed
in accordance with Section 7.3.1, such disclosure shall not cause any such information to cease to be Confidential Information, except to the extent that such disclosure results in a public disclosure of such information other than by breach of
this Agreement. Subject to Section 7.6, the Receiving Party will notify the Disclosing Party of the Receiving Party’s intent to make any disclosures pursuant to Section 7.3.1 sufficiently prior to making such disclosure so as to allow
the Disclosing Party adequate time to take whatever action it may deem appropriate to protect the confidentiality of the information, and the Receiving Party will provide reasonable assistance to the Disclosing Party with respect thereto; provided
that, in such event, the Receiving Party will use reasonable measures to ensure confidential treatment of such information and will only disclose such Confidential Information of the Disclosing Party as is necessary for the purposes of
Section 7.3.1. 
 7.4 Terms of this Agreement. The Parties agree that this Agreement shall be deemed to be Confidential
Information of both Eisai and Pharmavant, and each Party agrees not to disclose this Agreement or any terms hereof without obtaining the prior written consent of the other Party; provided, that each Party may disclose this Agreement or any terms
hereof in accordance with the provisions of Sections 7.3 or 7.5, as applicable. 
 7.5 Securities Filings; Disclosure under Applicable
Law. Each Party acknowledges and agrees that the other Party may submit this Agreement to, or file this Agreement with, the Securities Regulators or to other Persons as may be required by Applicable Law, and if a Party submits this Agreement to,
or files this Agreement with, any Securities Regulator or other Person as may be required by Applicable Law, such Party agrees to consult with the other Party with respect to the preparation and submission of a redacted version of this Agreement in
compliance with Applicable Law. Notwithstanding the foregoing, if a Party determines that disclosure of the terms of this Agreement or material activities hereunder is required in a filing or other submission to a Securities Regulator or other
Person, and such Party has: (a) provided copies of the disclosure to the other Party reasonably in advance under the circumstances of such filing or other disclosure; (b) promptly notified the other Party in writing of such requirement and
any respective timing constraints; and (c) given the other Party reasonable time under the circumstances from the date of provision of a copy of such disclosure to comment upon and request confidential treatment for such disclosure, then such
Party shall have the right to make such disclosure at the time and in the manner reasonably determined by its counsel to be required by the Securities Regulator or the other Person. 

If a Party seeks to make a disclosure as required by a Securities Regulator or other Person as may be required by Applicable Law as set forth in this
Section 7.5 and the other Party provides comments in accordance with this Section 7.5, the Party seeking to make such disclosure or its counsel, as the case may be, shall use good-faith efforts to consider the incorporation of such
comments. The contents of any filing or submission that has been disclosed in accordance with this Section 7.5 may be re-filed or re-submitted by such reviewing
Party or disclosing Party without a requirement to repeat the process contemplated in clauses (a) through (c) above. 

  
 45 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

7.6 Press Releases. Subject to this Section 7.6 and Section 7.7, each Party agrees not to, and agrees to cause its Affiliates
not to, issue any press release disclosing the material activities hereunder, or the transactions contemplated hereby, unless such press release is approved by the other Party in writing, provided such approval shall not be unreasonably conditioned,
delayed or withheld. For any press releases made by a Party, the Party issuing the press release shall provide the other Party with a copy of the press release for review and comment at least [***] before the proposed release. Notwithstanding the
foregoing, each Party will be authorized to make any disclosure, without the approval of the other Party, that is required by Applicable Law (including the U.S. Securities Act of 1933, as amended, and the U.S. Securities Exchange Act of 1934, as
amended) or the rules of any Securities Regulator, or by judicial process, subject to and in accordance with Section 7.5. The contents of any press release that has been reviewed and approved by a reviewing Party may be re-released by such reviewing Party or publishing Party without a requirement for re-approval. 

7.7 Publication of Results. During the Term, Pharmavant will have the sole and exclusive right to publish on the Development,
Manufacture, performance of Medical Affairs Activities and Commercialization of the Licensed Compound and the Licensed Products in the Field in the Territory; provided, that, Pharmavant will provide a copy of any proposed abstract, publication or
presentation to Eisai at least [***] prior to Pharmavant’s intended submission for publication or presentation so that Eisai may review such proposed abstract, publication or presentation and (a) provide comments to Pharmavant on such
proposed abstract, publication or presentation, which comments Pharmavant will consider in good faith and (b) if applicable, identify and require Pharmavant to delete from such abstract, publication or presentation any of Eisai’s
Confidential Information, which Confidential Information Pharmavant will delete from such proposed abstract, publication or presentation prior to disclosure thereof; but, further provided however that, for purposes of Eisai’s rights under the
foregoing clause (b), [***] shall not be deemed Confidential Information of Eisai. Eisai will use reasonable efforts to complete such review at least [***] prior to Pharmavant’s intended publication or presentation date. Further, Eisai will
have the right to request a reasonable delay in the publication or presentation date in order to protect patentable information, in which case Pharmavant will delay submission for a period of [***] (or such other period as may be agreed by the
Parties in writing) to enable Eisai to file patent applications protecting Eisai’s rights in such information. Pharmavant subsequently will provide Eisai a copy of the abstract, publication or presentation at the time of its submission. Without
limiting the foregoing, Pharmavant agrees to acknowledge the contributions of Eisai and its employees in all abstracts, publications or presentations, as scientifically appropriate. After the release of any abstract, publication or presentation by
Pharmavant in accordance with this Section 7.7, Pharmavant may further disclose the information contained in such abstract, publication or presentation without the need for further notice to, or review by, Eisai under this Section 7.7 or
otherwise, so long as such information remains true, correct, and the most current information with respect to the subject matters set forth therein.otherwise, so long as such information remains true, correct, and the most current information with
respect to the subject matters set forth therein. 

  
 46 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

7.8 Disclosure of Clinical Data. Pharmavant agrees with respect to any such disclosure to comply with the Pharmaceutical Research and
Manufacturers of America (PhRMA) Guidelines on the listing of Clinical Trials and the Publication of Clinical Trial results. 
 7.9 Use
of Names. Except as otherwise expressly set forth herein, neither Party (or any of its respective Affiliates) shall use the name, trademark, trade name, or logo of the other Party or any of its Affiliates, or its or their respective employees,
in any publicity, promotion, news release, or other public disclosure relating to this Agreement or its subject matter, without first obtaining the prior written consent of the other Party; provided, that, such consent shall not be required to the
extent (a) use thereof may be required by Applicable Law, including the rules of any securities exchange or market on which a Party’s or its Affiliate’s securities are listed or traded, or (b) use is limited to the other
Party’s name and logo in non-confidential presentations, company website, or collateral materials, in each case to identify such other Party as a licensing partner. 

7.10 [***]. 
 ARTICLE 8 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

8.1 Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party, as of the Effective Date, as
follows: 
 (a) such Party is duly organized, validly existing, and in good standing under the Applicable Law of the jurisdiction of its
formation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 
 (b) such Party
has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

(c) this Agreement has been duly executed and delivered on behalf of such Party and constitutes a legal, valid, and binding obligation,
enforceable against it in accordance with its terms, except to the extent that enforcement of the rights and remedies created hereby is subject to: (i) bankruptcy, insolvency, reorganization, moratorium, and other similar laws of general
application affecting the rights and remedies of creditors; or (ii) laws governing specific performance, injunctive relief, and other equitable remedies; 

(d) the execution, delivery, and performance of this Agreement by such Party does not breach or conflict with any agreement or any provision
thereof, or any instrument or understanding, oral or written, to which such Party (or any of its Affiliates) is a partyor by which such Party (or any of its Affiliates) is bound, nor violate any Applicable Law of any Governmental Authority having
jurisdiction over such Party (or any of its Affiliates); 

  
 47 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(e) no government authorization, consent, approval, license, exemption of or filing or registration with any court or governmental department,
commission, board, bureau, agency, or instrumentality, domestic or foreign, under any Applicable Law currently in effect, is or shall be necessary for, or in connection with, the transactions contemplated by this Agreement, or for the performance by
it of its obligations under this Agreement, except (i) as may be required to conduct Clinical Trials or to seek or obtain Regulatory Approvals or prepare and submit Regulatory Materials; or (ii) as set forth in Article 7; 

(f) it has obtained all necessary authorizations, consents, and approvals of any Third Party that is required to be obtained by it for, or in
connection with, the transactions contemplated by this Agreement, or for the performance by it of its obligations under this Agreement, except as may be required to conduct Clinical Trials or to seek or obtain Regulatory Approvals or prepare and
submit Regulatory Materials; 
 (g) there are no legal claims, judgments, or settlements against or owed by either Party or any of its
Affiliates, or pending or, to either Party’s knowledge, threatened, legal claims or litigation, in each case, relating to antitrust, anti-competition, or Anti-Corruption Law violations; and 

(h) to its knowledge, neither such Party nor any of its Affiliates, or its or their directors, officers, employees, distributors, agents,
representatives, sales intermediaries, or other Third Parties acting on behalf of either Party or any of its Affiliates: (i) has taken any action in violation of any applicable Anti-Corruption Laws; or (ii) has corruptly offered, paid,
given, promised to pay or give, or authorized the payment or gift of anything of value, directly or indirectly, to any Public Official, for the purposes of: (A) influencing any act or decision of any Public Official in his or her official
capacity; (B) inducing such Public Official to do or omit to do any act in violation of his or her lawful duty; (B) securing any improper advantage; (D) or inducing such Public Official to use his or her influence with a government,
governmental entity, or commercial enterprise owned or controlled by any government (including state-owned or controlled veterinary, laboratory or medical facilities) in obtaining or retaining any business. 

8.2 Representations and Warranties of Eisai. Eisai hereby represents and warrants to Pharmavant, as of the Effective Date, as follows:

 (a) [***] 
 (b) [***] 

(c) [***] 

  
 48 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

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

(f) [***] 
 (g) [***] 

(h) [***] 
 (i) [***] 

(j) [***] 
 (k) [***] 

(l) [***] 
 (m) [***] 

(n) [***] 
 (o) [***] 

8.3 Representations and Warranties of Pharmavant. [***] 

8.4 Covenants. 
 8.4.1
Mutual Covenants. Each Party hereby covenants to the other Party as follows: 
 (a) [***]; 

(b) [***]; 
 (c) [***]; 

(d) [***]; 
 (e) [***] 

(f) [***]. 
 8.4.2
Additional Covenants of Eisai. 

  
 49 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(a) [***]. 
 (b) [***]. 

8.5 Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY
WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED (AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES NOT EXPRESSLY PROVIDED IN THIS AGREEMENT), INCLUDING WITH RESPECT TO ANY PATENTS OR
KNOW-HOW, INCLUDING WARRANTIES OF VALIDITY OR ENFORCEABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, PERFORMANCE, AND NON-INFRINGEMENT OF ANY THIRD
PARTY PATENT OR OTHER INTELLECTUAL PROPERTY RIGHT. WITHOUT LIMITING THE FOREGOING, THE PARTIES AGREE THAT THE MILESTONE EVENTS, ROYALTY TIERS AND NET SALES LEVELS SET FORTH IN THIS AGREEMENT OR THAT HAVE OTHERWISE BEEN DISCUSSED BY THE PARTIES ARE
MERELY INTENDED TO DEFINE THE MILESTONE PAYMENTS, AND ROYALTY OBLIGATIONS IF SUCH MILESTONE EVENTS OR NET SALES LEVELS ARE ACHIEVED. NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY, EITHER EXPRESS OR IMPLIED, THAT IT WILL BE ABLE TO SUCCESSFULLY
DEVELOP, MANUFACTURE, OR COMMERCIALIZE ANY LICENSED PRODUCT OR, IF COMMERCIALIZED, THAT ANY PARTICULAR SALES LEVEL OF SUCH LICENSED PRODUCT WILL BE ACHIEVED. 

ARTICLE 9 
 INDEMNIFICATION;
INSURANCE 
 9.1 Indemnification by Pharmavant. Pharmavant shall indemnify, defend, and hold harmless Eisai, its Affiliates, and its
and their respective directors, officers, employees, agents, successors, and assigns (collectively, the “Eisai Indemnitees”) from and against any and all Damages to the extent arising out of or relating to, directly or indirectly,
any Third Party Claim based upon: 
 (a) [***]; 

(b) the gross negligence or willful misconduct of Pharmavant or its Affiliates or Sublicensees or its or their respective directors,
officers, employees, or agents, including its Third Party subcontractors, in connection with Pharmavant’s performance of its obligations under this Agreement; or 

(c) any material breach by Pharmavant of any of its representations, warranties, covenants, agreements, or obligations under this
Agreement;provided, that, in each case ((a)-(c)), such indemnity shall not apply to the extent Eisai has an indemnification obligation pursuant to Sections 9.2(a), 9.2(b), 9.2(c) or 9.2(d) for such Damages. 

  
 50 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

9.2 Indemnification by Eisai. Eisai shall indemnify and hold harmless Pharmavant, its Affiliates, and its and their respective
directors, officers, employees, agents, successors, and assigns (collectively, the “Pharmavant Indemnitees”), from and against any and all Damages to the extent arising out of or relating to, directly or indirectly, any Third Party
Claim based upon: 
 (a) [***]; 

(b) [***]; 
 (c) the gross
negligence or willful misconduct of Eisai or its Affiliates or its or their respective directors, officers, employees, or agents, in connection with Eisai’s performance of its obligations under this Agreement; or 

(d) any material breach by Eisai of any of its representations, warranties, covenants, agreements, or obligations under this Agreement; 

provided, that, in each case ((a)-(e)), such indemnity shall not apply to the extent Pharmavant has an indemnification obligation pursuant to Sections 9.1(a),
9.1(b), or 9.1(c) for such Damages. 
 9.3 Procedure. 

9.3.1 Indemnification Claim Notice. If a Party is seeking indemnification under Section 9.1 or Section 9.2, as applicable
(the “Indemnitee”), it shall inform the other Party (the “Indemnitor”) of the claim giving rise to the obligation to indemnify pursuant to Section 9.1 or Section 9.2, as applicable, as soon as reasonably
practicable after receiving notice of the Third Party Claim (an “Indemnification Claim Notice”); provided, that, any delay or failure to provide such notice shall not constitute a waiver or release of, or otherwise limit, the
Indemnitee’s rights to indemnification under Section 9.1 or Section 9.2, as applicable, except to the extent that such delay or failure materially prejudices the Indemnitor’s ability to defend against the relevant Third Party
Claim. 
 9.3.2 Right to Assume Defense. The Indemnitor shall have the right, upon written notice given to the Indemnitee within
[***] after receipt of the Indemnification Claim Notice, to assume the defense of any such Third Party Claim for which the Indemnitee is seeking indemnification pursuant to Section 9.1 or Section 9.2, as applicable. The Indemnitee shall
cooperate with the Indemnitor and the Indemnitor’s insurer as the Indemnitor may reasonably request, [***]. The Indemnitee shall have the right to participate, [***] and with counsel of its choice, in the defense of any Third Party Claim that
has been assumed by the Indemnitor. 

  
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 9.3.3 Right to Settle. The Indemnitor shall not settle any Third Party Claim without
first obtaining the prior written consent of the Indemnitee, not to be unreasonably withheld, conditioned, or delayed; provided, that, the Indemnitor shall not be required to obtain such consent if the settlement: (a) involves only the payment
of money and shall not result in the Indemnitee (or other Eisai Indemnitees or Pharmavant Indemnitees, as applicable) becoming subject to injunctive or other similar type of relief; (b) does not require an admission by the Indemnitee (or other
Eisai Indemnitees or Pharmavant Indemnitees, as applicable); and (c) does not adversely affect the rights or licenses granted to the Indemnitee (or its Affiliate) under this Agreement. The Indemnitee shall not settle or compromise any such
Third Party Claim without first obtaining the prior written consent of the Indemnitor. 
 9.3.4 Disputes. If the Parties cannot agree
as to the application of Section 9.1 or Section 9.2, as applicable, to any Third Party Claim, pending the resolution of the dispute pursuant to Section 11.6.2, the Parties may conduct separate defenses of such claims, with each Party
retaining the right to claim indemnification from the other Party in accordance with Section 9.1 or Section 9.2, as applicable, upon resolution of the underlying Third Party Claim. In each case, the Indemnitee shall reasonably cooperate
with the Indemnitor and shall make available to the Indemnitor all pertinent information under the control of the Indemnitee, which information shall be subject to Article 7. 

9.4 Insurance. Each Party shall maintain a program of insurance or self-insurance sufficient to fulfill its obligations under this
Agreement which are [***] at all times during which the Licensed Compound or any Licensed Product is being clinically tested in human subjects or commercially distributed or sold. It is understood that such insurance shall not be construed to create
a limit of either Party’s liability with respect to its indemnification obligations under this Article 9. Each Party shall provide the other Party with written evidence of such insurance upon request, which evidence shall be treated as such
Party’s Confidential Information. Each Party shall provide the other Party with written notice at least [***] prior to the cancellation, nonrenewal or material change in such insurance. 

9.5 LIMITATION OF LIABILITY. NEITHER PARTY NOR ANY OF THEIR RESPECTIVE AFFILIATES, WILL BE LIABLE TO THE OTHER PARTY OR ITS AFFILIATES
UNDER OR IN CONNECTION WITH THIS AGREEMENT FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, OR PUNITIVE OR EXEMPLARY DAMAGES (INCLUDING LOST PROFITS OR LOST REVENUES), WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND
STRICT PRODUCT LIABILITY), INDEMNITY, CONTRIBUTION, OR OTHERWISE, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THATPARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE. [***].

  
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 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

ARTICLE 10 
 TERM AND TERMINATION

 10.1 Term; Expiration. 

10.1.1 Term. The term of this Agreement shall commence on the Effective Date and unless earlier terminated in accordance with this
Article 10, this Agreement shall remain in effect until it expires as follows (the “Term”): 
 (a) on a country-by-country basis, this Agreement shall expire on the date of the expiration of the Royalty Term with respect to the Licensed Product in such country; and 

(b) this Agreement shall expire in its entirety upon the expiration of all applicable Royalty Terms under this Agreement with respect to all
Licensed Products in all countries in the Territory. 
 10.1.2 Effect of Expiration. Upon the expiration of the Term pursuant to
Section 10.1.1, the following terms shall apply: 
 (a) Licenses after Licensed Product Expiration. Upon the expiration of the
Term with respect to a Licensed Product in a given country pursuant to Section 10.1.1(a), the licenses set forth in Section 2.1 with respect to such Licensed Product in such country shall become fully
paid-up, perpetual, irrevocable and royalty-free. 
 (b) Licenses after Expiration of
Agreement. Upon the expiration of the Term with respect to this Agreement in its entirety pursuant to Section 10.1.1(b), the licenses set forth in Section 2.1 with respect to all Licensed Products in all countries in the Territory
shall become fully paid-up, perpetual, irrevocable, and royalty-free. 
 10.2 Termination for
Material Breach. 
 10.2.1 Termination Notice. This Agreement may be terminated in its entirety or on a Licensed Product-by-Licensed Product or country-by-country basis by a Party for the material breach by
the other Party of this Agreement; provided, that, the breaching Party has not cured such breach within [***]after the date of written notice to the breaching Party of such breach (the “Cure Period”), which notice shall describe
such material breach in reasonable detail and shall state the non-breaching Party’s intention to terminate this Agreement. Notwithstanding the foregoing, if such material breach by its nature cannot be
cured within the foregoing Cure Period or is incurable, but the consequences of such breach can be reasonably alleviated but not within the foregoing 

  
 53 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

Cure Period, then such Cure Period shall be extended if, prior to the end of the initial [***] Cure Period, the
non-terminating Party provides a reasonable written plan for curing or reasonably alleviating the consequences of such material breach and thereafter uses Commercially Reasonable Efforts (or commercially
reasonable efforts where Eisai is the breaching Party) to cure or alleviate such material breach in accordance with such written plan. Notwithstanding the foregoing, in no event shall such Cure Period extend for more than [***] after the breaching
Party provides such written plan to the other Party, subject to Section 10.2.2. 
 10.2.2 Disagreement as to Material Breach.
Notwithstanding Section 10.2.1, if the Parties in good faith disagree as to whether there has been a material breach of this Agreement, then: (a) the Party that disputes whether there has been a material breach may contest the allegation
by referring such matter, within [***] following its receipt of notice of alleged material breach, for resolution in accordance with Section 11.6.2; (b) unless otherwise determined by the arbitrators pursuant to Section 11.6.2, the
relevant Cure Period with respect to such alleged material breach shall be tolled from the date on which the Party that disputes whether there has been a material breach notifies the other Party of such dispute and through the resolution of such
dispute in accordance with the applicable provisions of this Agreement; and (c) during the pendency of such dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their
respective obligations hereunder. 
 10.3 Termination for Challenge. Except to the extent the following is unenforceable under the
Applicable Law of a particular jurisdiction where a Patent within any Eisai Product Patents or Eisai Patents, is pending or a patent within any such Patents issued, Eisai may terminate this Agreement in its entirety or on a Licensed Product-by-Licensed Product or country-by-country basis upon written notice if Pharmavant or
any of its Affiliates, Sublicensees or distributors initiates a Challenge or Assists a Third Party in initiating a Challenge. 
 10.4
Termination for Bankruptcy. 
 10.4.1 If either Party makes a general assignment for the benefit of, or an arrangement or composition
generally with, its creditors, appoints or suffers appointment of an examiner or of a receiver or trustee over all or substantially all of its property, passes a resolution for its winding up, or files a petition under any bankruptcy or insolvency
act or law or has any such petition filed against it which is not dismissed, discharged, bonded, or stayed within [***] after the filing thereof (each, an “Insolvency Event”), the other Party may terminate this Agreement in its
entirety, effective immediately upon written notice to such Party. 
 10.4.2 If this Agreement is terminated due to the rejection of this
Agreement by or on behalf of Eisai due to an Insolvency Event, all licenses and rights to licenses granted under or pursuant to this Agreement by Eisai to Pharmavant are and shall otherwise be deemed to be licenses of rights to “intellectual
property.” The Parties agree that Pharmavant, as a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections 

  
 54 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

under any applicable insolvency statute, and that upon commencement of an Insolvency Event by or against Eisai, Pharmavant shall be entitled to a complete
duplicate of or complete access to (as Pharmavant deems reasonably appropriate) any such intellectual property and all embodiments of such intellectual property. Such intellectual property and all embodiments thereof shall be promptly delivered to
Pharmavant: (a) upon any such commencement of a bankruptcy proceeding (or other Insolvency Event) upon written request therefore by Pharmavant, unless Eisai elects to continue to perform all of its obligations under this Agreement; or
(b) if not delivered pursuant to (a) above, upon the rejection of this Agreement by or on behalf of Eisai, then upon written request therefore by Pharmavant. The provisions of this Section 10.4.2 shall be: (i) without prejudice
to any rights Pharmavant may have arising under any applicable insolvency statute or other Applicable Law; and (ii) effective only to the extent permitted by Applicable Law. 

10.5 [***]. 
 10.6 Effects of
Termination. 
 10.6.1 Termination by Eisai for Material Breach or Bankruptcy, or by Eisai for Challenge, [***]. Upon
termination of this Agreement in its entirety or, subject to Section 10.6.1(f), with respect to a country or countries in the Territory or with respect to a Licensed Product: by Eisai, in accordance with Section 10.2, Section 10.3 or
Section 10.4 [***]: 
 (a) all licenses granted by Eisai to Pharmavant under this Agreement shall terminate; 

(b) all rights granted by Eisai to Pharmavant under this Agreement shall terminate; 

(c) Pharmavant shall (i) grant, and hereby does grant, to Eisai or its designee, effective as of the effective date of such termination,
[***] license under the Pharmavant Inventions, Pharmavant Invention Patents, Joint Inventions and Joint Patents, and (ii) grant, and hereby does grant, to Eisai, effective as of the effective date of such termination, [***] license under the
Pharmavant Background Know-How and Pharmavant Background Patents, in each case, that are necessary or reasonably useful for the Development, Manufacture or Commercialization of the Terminated Products in the
Field in the Terminated Territory as of the effective date of termination, in each case ((i) and (ii)), to Develop, Manufacture and Commercialize the Terminated Products in the Field in the Terminated Territory; provided, that, to the extent
necessary in the case of any such Pharmavant Background Know-How and such Pharmavant Background Patents that are in-licensed by Pharmavant from a Third Party Eisai shall
be responsible for (A) making any payments (including royalties, milestones and other amounts) payable by Pharmavant (or any of its Affiliates) to such Third Party under any agreement between Pharmavant (or its Affiliate) and the Third Party
pursuant to which Pharmavant obtained a license to such Pharmavant Background Know-How or Pharmavant Background Patents, which payment 

  
 55 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

is triggered by the grant or exercise of such license to such Pharmavant Background Know-How or Pharmavant Background
Patents by or on behalf of Eisai (or any of its Affiliates or Sublicensees) pursuant to this Section 10.6.1, and (B) complying with any other obligations included in any such Third Party agreements that are applicable to the grant to Eisai
of such license or to the exercise of such license by Eisai or any of its Affiliates or sublicensees; 
 (d) the Parties will negotiate in
good faith the terms and conditions of a written plan (the “Eisai Transition Plan”) pursuant to which Pharmavant and Eisai will effectuate and coordinate an orderly transition of the relevant obligations and rights to Eisai as
reasonably necessary for Eisai to Develop, Manufacture and Commercialize Terminated Products after termination of this Agreement (either in its entirety or with respect to the Terminated Territory, as applicable) in a manner consistent with
Applicable Law and standards of ethical conduct of human Clinical Trials as and to the extent set forth in this Article 10. The Eisai Transition Plan shall provide that Pharmavant shall: 

(i) where permitted by Applicable Law, transfer to Eisai all of its right, title and interest in all Regulatory Materials then Controlled by
Pharmavant that are solely applicable to the Terminated Products in the Terminated Territory, or to the extent not so transferrable, Pharmavant shall take all reasonable actions to make available to Eisai or its designee the benefits of such
Regulator Materials, including upon Eisai’s request, by providing a right of reference to such Regulatory Materials Controlled by Pharmavant for the Terminated Products on the effective date of termination, to the extent necessary for Eisai to
Develop and Commercialize Terminated Products; 
 (ii) at Eisai’s request and expense, notify the applicable Regulatory Authorities in
the Terminated Territory and take any other actions reasonably necessary to effect the transfers in subsection (i) above; 
 (iii)
provide Eisai with copies of all Clinical Data and all material correspondence between Pharmavant and such Regulatory Authorities relating to such Regulatory Materials of subsection (i) above; 

(iv) unless expressly prohibited by any Regulatory Authority, (A) transfer sponsorship and control to Eisai of all Clinical Trials of
Terminated Products being conducted by or on behalf of Pharmavant in the Terminated Territory as of the effective date of termination and (B) continue to conduct such Clinical Trials after the effective date of termination to enable such
transfer to be completed without interruption of any such Clinical Trial for up to [***] from the effective date of termination, with the cost of the conduct of such Clinical Trials until the completion of transfer [***]; 

 

  
 56 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(v) if requested by Eisai, use Commercially Reasonable Efforts to assign any agreements with Third Parties that relate solely to the
Terminated Product in the Terminated Territory which Pharmavant has in place on the effective date of termination with respect to the conduct of Clinical Trials for Terminated Products for the Terminated Territory or the Manufacture of Terminated
Products for the Terminated Territory (including agreements with contract manufacturing organizations, contract research organizations, clinical sites and investigators), or, to the extent any such Third Party agreement is not assignable to Eisai,
at Eisai’s request and expense, use Commercially Reasonable Efforts to arrange to continue to provide such services for a reasonable time after termination (to the extent permitted under the agreement with such Third Party) and to facilitate
Eisai’ s entry into a replacement agreement with such Third Party for such services; 
 (vi) [***] solely upon Eisai’s request
made within [***] from the effective date of termination, transfer to Eisai any supplies of any Terminated Products for the Terminated Territory in the inventory of Pharmavant or any Affiliate or contractor of Roivant Sciences (it being understood
that Eisai shall have the right, but not the obligation, to purchase any such Terminated Products), [***]; 
 (vii) provide Eisai with
copies of all Know-How included within the license set forth in Section 10.6.1(b) that solely relate to any Terminated Product in the Terminated Territory that have not previously been provided to Eisai;
provided, that, with respect to any such Know-How that Pharmavant or its Affiliates maintains as a trade secret, Pharmavant may impose restrictions on Eisai’s maintenance and use of such Information or
provide Eisai the benefit of such Information without providing or disclosing such Information to Eisai; 
 (viii) transfer to Eisai all of
its right title and interest in all Pharmavant Trademarks that are solely applicable to the Terminated Products in the Terminated Territory; and 

(ix) if Pharmavant is Manufacturing or is having Manufactured the Licensed Compound, Licensed Products or any intermediate of such Licensed
Products as of the date of termination, Pharmavant shall use Commercially Reasonable Efforts to (A) transfer copies of any documents and materials Controlled by Pharmavant as of the effective date of termination and embodying Pharmavant IP that
is at the time of such termination being used by Pharmavant or its Third Party manufacturers to Manufacture the Licensed Compound and any Licensed Products, including but not limited to all suppliers, analytical methods, quality standards,
specifications, commercial active pharmaceutical ingredient formula, process chemistry, Manufacturing process descriptions, process flows, cycle times, process parameters, process equipment type and sizes, cleaning methods, commercial active
pharmaceutical ingredient samples, master safety data sheets, and stability reports (the “Pharmavant Manufacturing Know-How”) to enable the Manufacture of any Terminated Products by Eisai, its
Affiliates or any Third Party manufacturer of Eisai, in each case to the extent that such Pharmavant Manufacturing Know-How was not transferred to Pharmavant or such Third Party(ies) by Eisai or its Affiliates
or their respective Third Party manufacturers or is otherwise already known to Eisai, its Affiliate or their 

  
 57 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

respective Third Party manufacturers; and (B) promptly make available to Eisai or any such Third Party manufacturer a reasonable number of appropriately
trained personnel to provide, on a mutually convenient timetable, reasonable technical assistance in the transfer of Pharmavant Manufacturing Know-How to Eisai. 

(e) The provisions of Article 6 (other than Section 6.1) shall be terminated with respect to the Licensed Product and Eisai shall have
the right to assume all Prosecution and Maintenance and enforcement activities under Article 6 with respect to Eisai Patents as to which Pharmavant has assumed the right and authority to Prosecute and Maintain or enforce and Pharmavant will
cooperate with Eisai and provide Eisai with reasonable assistance in connection with the transfer of such Prosecution and Maintenance and enforcement activities with respect to such Eisai Patent. 

(f) If this Agreement is terminated only with respect to a given country or geographic region or only with respect to a given Licensed
Product, then the foregoing effects of termination shall only apply with respect to the terminated country or geographic region or Licensed Product (and, for clarity, the terms and conditions of this Agreement will continue with respect to all other
countries and geographic regions and Licensed Products). For the avoidance of doubt, if this Agreement is terminated only with respect to a given country or geographic region or only with respect to a given Licensed Product, Article 6 shall continue
to survive and apply after any such termination during the Term on a global basis; provided, that, Eisai’s continued Development, Manufacture and Commercialization of the Terminated Products in the Terminated Territory in accordance with this
Section 10.6.1(f) will not be subject to Section 6.2.2. 
 (g) Any and all sublicense agreements entered into by Pharmavant or
any of its Affiliates with a Sublicensee pursuant to this Agreement shall survive such termination of this Agreement, except to the extent that: (i) any such Sublicensee is in material breach of this Agreement or such sublicense agreement; or
(ii) Eisai elects to grant such Sublicensee a direct license of the sublicensed rights on the same terms applicable to Pharmavant under this Agreement. Pharmavant shall, upon the written request of Eisai, assign any such sublicense (to the
extent not terminated pursuant to the preceding sentence) to Eisai or its Affiliates and, upon such assignment, Eisai or its Affiliates, as applicable, shall assume such sublicense. 

10.6.2 Termination by Pharmavant for Material Breach or Bankruptcy. Upon termination of this Agreement by Pharmavant in accordance with
Section 10.2 or Section 10.4, Pharmavant shall have the right, by providing written notice to Eisai on or before[***] from the effective date of such termination, to have the following apply: 

(a) the licenses set forth in Section 2.1 with respect to the Licensed Compound and any Licensed Products in all countries in the
Territory shall remain in effect; subject to Pharmavant’s continued compliance with the terms of this Agreement; and 

  
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 (b) the provisions of Article 6 shall remain in effect; provided, however, Eisai’s
rights in respect of Joint Patents in the Territory shall terminate and Pharmavant shall have the right to assume all Prosecution and Maintenance and enforcement activities under Article 6 with respect to Joint Patents as to which Eisai has assumed
the right and authority to Prosecute and Maintain or enforce. 
 10.7 Surviving Provisions. 

10.7.1 Accrued Rights; Remedies. The expiration or termination of this Agreement for any reason shall be without prejudice to any
rights that shall have accrued to the benefit of any Party prior to such expiration or termination, and any and all damages or remedies (whether at law or in equity) arising from any breach hereunder, each of which shall survive expiration or
termination of this Agreement. Such expiration or termination shall not relieve any Party from obligations which are expressly indicated to survive expiration or termination of this Agreement. Except as otherwise expressly set forth in this
Agreement, the termination provisions of this Article 10 are in addition to any other relief and remedies available to either Party under this Agreement, at law, or in equity. 

10.7.2 Survival. Without limiting the provisions of Section 10.6 (and any Sections referenced therein), the rights and obligations
of the Parties set forth in the following Sections and Articles of this Agreement shall survive the expiration or termination of this Agreement, in addition to those other terms and conditions that are expressly stated to survive termination or
expiration of this Agreement: Article 1 (to the extent the definitions are used in other surviving provisions), Section 2.5, Sections 5.2, 5.3, 5.4 and 5.5 (solely in case of termination and solely with respect to amounts accrued prior to
termination but not paid), Section 6.1, Sections 6.2.6, 6.3.1, 6.3.4, 6.3.10 and 6.3.11 (respectively, with respect to Joint Patents and Joint IP), Section 6.4, Sections 7.1, 7.2, 7.3, 7.4, 7.5 and 7.10, Section 8.5, Article 9,
Section 10.1.2 (solely in case of expiration), Section 10.6 and Section 10.7 and Article 11. 
 ARTICLE 11 

MISCELLANEOUS 
 11.1
Severability. If one or more of the terms or provisions of this Agreement is held by a court of competent jurisdiction to be void, invalid, or unenforceable in any situation in any jurisdiction, such holding shall not affect the validity or
enforceability of the remaining terms and provisions hereof or the validity or enforceability of the void, invalid, or unenforceable term or provision in any other situation or in any other jurisdiction, and the term or provision shall be considered
severed from this Agreement solely for such situation and solely in such jurisdiction, unless the void, invalid, or unenforceable term or provision is of such essential importance to this Agreement that it is to be reasonably assumed that the
Parties would not have entered into this Agreement without the void, invalid, or unenforceable term or provision. If the final judgment of such court declares that any term or provision hereof is void, invalid, or unenforceable, the Parties agree
to: (a) reduce the scope, duration, area, or applicability of the term or provision or to delete specific words or phrases to the minimum extent necessary to cause such term or provision as so reduced or amended to be enforceable; and
(b) make a good-faith effort to replace any void,invalid, or unenforceable term or provision with a valid and enforceable term or provision such that the objectives contemplated by the Parties when entering this Agreement may be realized. 

  
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 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

11.2 Notices. Any notice required or permitted to be given by this Agreement shall be in writing and in English and shall be:
(a) delivered by hand or by overnight courier with tracking capabilities; (b) mailed postage prepaid by first class, registered, or certified mail; or (c) delivered by electronic mail followed by delivery via either of the methods set
forth in Sections 11.2(a) and (b), in each case, addressed as set forth below unless changed by notice so given: 
 If to Pharmavant: 

Pharmavant 7 GmbH 
 [***] 

[***] 
 [***] 

If to Eisai: 
 EISAI CO., LTD.

 [***] 
 With copies to: 

Eisai Inc. 
 [***] 

[***] 
 Any such notice shall be deemed given on
the date received, except any notice received after 5:30 p.m. (in the time zone of the receiving Party) on a Business Day or received on a non-Business Day shall be deemed to have been received on the next
Business Day. A Party may add, delete, or change the person or address to which notices should be sent at any time upon written notice delivered to the other Parties in accordance with this Section 11.2. 

11.3 Assignment. Neither Party may assign this Agreement or assign or transfer any rights or obligations hereunder without the prior
written consent of the other Party, except that a Party may make such an assignment or transfer without the other Party’s consent (a) to any Affiliate of such Party (including for internal restructuring purposes), provided, that, such
transfer shall not adversely affect the other Party’s rights and obligations under this Agreement and that such assigning/transferring Party (or its successor entity to the extent such Party is no longer in existence) remains jointly and
severally liable with such Affiliate for the performance of this 

  
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 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

Agreement or the assigned obligations, or (b) to any Third Party
successor-in-interest in connection with a Change of Control Transaction of such Party; provided, that, in each case (a) and (b) that the assigning Party provides
written notice to the other Party of such assignment and the assignee shall have agreed in writing to be bound (or is otherwise required by operation of Applicable Law to be bound) in the same manner as such assigning Party hereunder; provided,
further, that, no such written notice shall be required in connection with any permitted assignment to any Affiliate of such Party for internal restructuring purposes. In addition, either Party may assign its right to receive proceeds under this
Agreement or grant a security interest in such right to receive proceeds under this Agreement to one or more Third Parties providing financing to such Party pursuant to the terms of a security or other agreement related to such financing, including
any assignment or transfer to a Third Party of the right to receive payments hereunder in a royalty monetization or similar transaction or for purposes of a royalty financing arrangement. Any permitted assignment shall be binding on the successors
of the assigning Party. Any assignment or attempted assignment by either Party in violation of the terms of this Section 11.3 shall be null, void and of no legal effect. For clarity, the provisions of this Section 11.3 shall not apply to
or encompass sublicensing of the rights licensed to a Party under this Agreement. [***]. 
 11.4 Waivers and Modifications. The
failure of any Party to insist on the performance of any obligation hereunder shall not be deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof shall not be deemed to be a waiver of any other breach of such
provision or any other provision on such occasion or any succeeding occasion. No waiver, modification, release, or amendment of any obligation under or provision of this Agreement shall be valid or effective unless in writing and signed by the
Parties. 
 11.5 WAIVER OF JURY TRIAL. EXCEPT AS LIMITED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE, AND
ENFORCEMENT HEREOF. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY, AND BARGAINED-FOR AGREEMENT BETWEEN THE PARTIES
IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

11.6 Choice of Law; Dispute Resolution; Jurisdiction. 

11.6.1 Choice of Law. This Agreement shall be governed by, enforced, and construed in accordance with the laws of the State of New
York without reference to any rules of conflict of laws and excluding the United Nations Convention on Contracts for the International Sales of Goods. Any dispute relating to the
inventorship, scope, validity, enforceability or infringement of any patent right shall be governed by and construed and enforced in accordance with the patent laws of the applicable jurisdiction. 

  
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 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

11.6.2 Dispute Resolution. 

(a) Disputes. The Parties hereby agree that, unless otherwise stipulated in this Agreement, the procedures set forth in this
Section 11.6.2 shall be the exclusive mechanism for resolving any dispute (whether in contract, tort, or otherwise), controversy, or claim between the Parties arising out of or in connection with this Agreement, any Party’s rights or
obligations under this Agreement, breach of this Agreement, or the transactions contemplated by this Agreement (each, a “Dispute”). 

(b) Notice; Selection of Arbitrators. Either Party may refer any Dispute to arbitration by submitting a written notice of such request
to the other Party. Such Dispute shall be finally resolved by binding arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce (“ICC”), except to the extent the foregoing conflicts with this
Section 11.6.2, in which case this Section 11.6.2 shall control. In any such arbitration, (i) the panel will be comprised of one arbitrator chosen by Eisai, one arbitrator chosen by Pharmavant and one arbitrator, who shall act as the
chairman of the panel, chosen by the two co-arbitrators; and (ii) if either Party fails or both Parties fail to choose an arbitrator or arbitrators within [***] after receiving notice of commencement of
arbitration or if the two arbitrators fail to choose a third arbitrator within [***] after their appointment, then either or both Parties shall immediately request that the ICC select the remaining number of arbitrators to be selected. The
arbitrators shall be neutral and independent of the Parties and their respective Affiliates, and may not be current or former directors, officers or employees of the Parties or their respective Affiliates. No party may have any ex parte discussion
with any potential arbitrator, except for confirming if such arbitrator is willing and able to serve on the arbitration panel. All arbitrators shall have ten (10) or more years of experience in the pharmaceutical and biotechnology industries,
shall have appropriate experience with respect to the matter(s) to be arbitrated, and shall have some experience in mediating or arbitrating issues relating to such agreements. In the case of any Dispute involving an alleged failure to use
Commercially Reasonable Efforts, the arbitrators shall, in addition, have experience and expertise in the worldwide development, manufacture and commercialization of pharmaceuticals and the business, legal and scientific considerations related
thereto. An arbitrator will be deemed to meet these qualifications unless a Party objects within[***] after the arbitrator is nominated. In the case of a Dispute involving a scientific or accounting matter or determination, an expert having
applicable expertise and experience will be selected by the Parties to assist the arbitrators in such scientific or accounting matter or determination (and the arbitrators will select such expert if the Parties cannot agree on such expert within
[***] following the selection of the arbitrators). The governing law in Section 11.6.1 shall govern such proceedings. No individual will be appointed to arbitrate a Dispute pursuant to this Agreement unless he or she agrees in writing to be
bound by the provisions of this Section 11.6.2. The place of arbitration will be in New York, NY unless otherwise agreed to by the Parties, and the arbitration shall be conducted in English. 

  
 62 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(c) Arbitration Hearing. The arbitrators shall set a date for a hearing that shall be held no later than [***] following the
appointment of the last of such three (3) arbitrators. The Parties shall have the right to be represented by counsel. 
 (d)
Conduct of Arbitration. No less than [***] prior to the hearing, each Party shall submit the following to the other Party and the arbitration panel: (i) a copy of all exhibits on which such Party intends to rely in any oral or written
presentation to the panel; (ii) a list of any witnesses such Party intends to call at the hearing, and a short summary of the anticipated testimony of each witness; and (iii) a brief in support of such Party’s proposed rulings and
remedies; provided, that the brief shall not exceed twenty-five (25) pages. This page limitation shall apply regardless of the number of issues raised in the arbitration proceeding. Unless the Parties agree otherwise, no discovery shall be
required or permitted by any means, including depositions, interrogatories, requests for admissions, or production of documents. The arbitration panel shall have sole discretion regarding the admissibility of any evidence, except statements made
during settlement negotiations and affidavits prepared for the purposes of the hearing shall not be admissible. Within [***] following completion of the hearing, each Party may submit to the other Party and the panel a post-hearing brief in support
of its proposed rulings and remedies; provided, that such brief shall not contain or discuss any new evidence and shall not exceed ten (10) pages. This page limitation shall apply regardless of the number of issues raised in the proceeding.

 (e) Decision of Arbitrators. The arbitrators shall use their best efforts to rule on each disputed issue within [***] after
completion of the hearing described in Section 11.6.2(d). The determination of the arbitrators as to the resolution of any Dispute shall be binding and conclusive upon the Parties, absent manifest error. All rulings of the arbitrators shall be
in writing and shall be delivered to the Parties as soon as is reasonably possible. Any arbitration award may be entered in and enforced by a court in accordance with Section 11.6.1. 

(f) Awards. Any award to be paid by one Party to the other Party as determined by the arbitrators as set forth above under this
Section 11.6.2 shall be promptly paid in Dollars free of any tax, deduction or offset; and any costs, fees or taxes incident to enforcing the award shall, to the maximum extent permitted by law, be charged against the Party resisting
enforcement. Each Party agrees to abide by the award rendered in any arbitration conducted pursuant to this Section 11.6.2, and agrees that, subject to the Federal Arbitration Act, judgment may be entered upon the final award in a court of
competent jurisdiction and that other courts may award full faith and credit to such judgment in order to enforce such award. With respect to money damages, nothing contained herein shall be construed to permit the arbitrators or any court or any
other forum to award punitive or exemplary damages. By entering into this agreement to arbitrate,the Parties expressly waive any claim for punitive or exemplary damages and agree that the only damages recoverable under this Agreement are
compensatory damages. 

  
 63 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

(g) [***] 
 (h) Until final
resolution of the dispute through judicial determination: (i) this Agreement shall remain in full force and effect; and (ii) the time periods for cure as to any termination shall be tolled. The Parties further agree that any payments made
pursuant to this Agreement pending resolution of the Dispute shall be refunded if a court determines that such payments are not due. 
 11.7
Confidentiality. The existence of a Dispute, any settlement negotiations or any arbitration proceeding, or any submissions or rulings as part of such proceeding, shall be confidential and the arbitrators shall issue appropriate protective
orders to safeguard each Party’s Confidential Information. Except as required by Applicable Law, no Party shall make (or instruct the arbitrators to make) any public announcement with respect to the proceedings or decision of the arbitrators
without prior written consent of the other Party. The existence of any Dispute submitted to arbitration, and any award, shall be kept in confidence by the Parties and the arbitrators, except as required in connection with the enforcement of such
award or as otherwise required by Applicable Law. Notwithstanding the foregoing, each Party shall have the right to disclose information regarding the arbitration proceeding to the same extent as it may disclose Confidential Information of the other
Party under Article 7 above. 
 11.8 Patent Disputes. Notwithstanding Section 11.6.2, any Dispute, controversy or claim relating
to the inventorship, scope, validity, enforceability or infringement of any Patents Covering the Licensed Compound or the Licensed Products shall be submitted to a court of competent jurisdiction in the country in which such patent rights were
granted or arose. 
 11.9 Relationship of the Parties. Eisai and Pharmavant are independent contractors under this Agreement. Nothing
contained herein is intended or is to be construed so as to constitute either Party as a partner, agent, or joint venturer of the other Party. No Party will incur any debts or make any commitments for the other Party, except to the extent, if at
all, specifically provided herein. Neither Eisai nor Pharmavant, respectively, shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of Eisai and Pharmavant, respectively, or to bind
Eisai and Pharmavant, respectively, to any contract, agreement, or undertaking with any Third Party.  
 11.10 Performance by
Affiliates. Subject to the terms and conditions of this Agreement, each Party may discharge any obligations and exercise any right hereunder through any of its Affiliates. Each Party hereby guarantees the performance by its Affiliates of such
Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations under
this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any obligation to first proceed against such Party’s Affiliate. 

  
 64 

 11.11 Export Control. This Agreement is made subject to any restrictions concerning
the export of products or technical information from the U.S. or other countries which may be imposed upon or related to Eisai or Pharmavant from time to time. Each Party agrees that it shall not export, directly or indirectly, any technical
information acquired from the other Party under this Agreement or any products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first
obtaining the written consent to do so from the appropriate agency or other governmental entity.  
 11.12 Compliance with
Applicable Law. Each Party shall comply with Applicable Law in the course of performing its obligations or exercising its rights pursuant to this Agreement. Neither Party (nor any of their Affiliates) shall be required under this Agreement to
take any action or to omit to take any action otherwise required to be taken or omitted by it under this Agreement if the taking or omitting of such action, as the case may be, could in its opinion violate any settlement, consent order, corporate
integrity agreement, or judgment to which it may be subject from time to time during the Term. Notwithstanding anything to the contrary in this Agreement, neither Party nor any of its Affiliates shall be required to take, or shall be penalized for
not taking, any action that such Party reasonably believes is not in compliance with Applicable Law. 
 11.13 Force Majeure. Each
Party shall be excused from the performance of its obligations under this Agreement to the extent that such performance is prevented by force majeure (as defined below) and the nonperforming Party promptly provides notice of such prevention to the
other Party. Such excuse shall be continued so long as the condition constituting force majeure continues. The Party affected by such force majeure also shall notify the other Party of the anticipated duration of such force majeure, any actions
being taken to avoid or minimize its effect after such occurrence, and shall take reasonable efforts to remove the condition constituting such force majeure. For purposes of this Agreement, “force majeure” means conditions beyond the
control of a Party, including an act of God, acts of terrorism, voluntary or involuntary compliance with any regulation, law or order of any government, war, acts of war (whether war be declared or not), labor strike or lockout, civil commotion,
pandemic, epidemic, failure or default of public utilities or common carriers, destruction of production facilities or materials by fire, earthquake, storm or like catastrophe. The payment of invoices due and owing hereunder shall in no event be
delayed by the payer because of a force majeure event affecting the payer. 

  
 65 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

11.14 Fees and Expenses. Except as otherwise specified in this Agreement, each Party shall [***] incurred in connection with this
Agreement. 
 11.15 Third Party Beneficiaries. There are no express or implied Third Party beneficiaries hereunder. The provisions of
this Agreement are for the exclusive benefit of the Parties, and no other person or entity shall have any right or claim against any Party by reason of these provisions or be entitled to enforce any of these provisions against any Party, except for
the indemnification rights of the Eisai Indemnitees pursuant to Sections 10.1 and 10.3 and the Pharmavant Indemnitees pursuant to Sections 10.2 and 10.3. 

11.16 Entire Agreement. This Agreement, together with the attached Exhibits and Schedules, the Share Purchase Agreement [***] contain
the entire agreement by the Parties with respect to the subject matter hereof and supersedes any prior express or implied agreements, understandings, and representations, either oral or written, which may have related to the subject matter hereof in
any way, including any and all term sheets relating to the transactions contemplated by this Agreement and exchanged between the Parties prior to the Effective Date; provided, that, this Agreement shall not supersede the terms and provisions of the
[***] applicable to any period prior to the Effective Date. 
 11.17 Counterparts. This Agreement may be executed in counterparts
with the same effect as if both Parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together, and shall constitute one and the same instrument. Any such counterpart, to the extent delivered by
means of facsimile by .pdf, .tif, .gif, .jpeg, or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be
considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No Party hereto shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or
instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each Party forever waives any such defense, except to the extent that such defense relates to lack of authenticity.

 11.18 Equitable Relief; Cumulative Remedies. Notwithstanding anything to the contrary herein, the Parties shall be entitled to
seek equitable relief, including injunction and specific performance, as a remedy for any breach of this Agreement. Such remedies shall not be deemed to be the exclusive remedies for a breach of this Agreement but shall be in addition to all other
remedies available at law or in equity. The Parties further agree not to raise as a defense or objection to the request or granting of such relief that any breach of this Agreement is or would be compensable by an award of money damages. No remedy
referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under Applicable Law. 

  
 66 

 11.19 Interpretation. 

11.19.1 Generally. This Agreement has been diligently reviewed by and negotiated by and between the Parties, and in such negotiations
each of the Parties has been represented by competent (in-house or external) counsel, and the final agreement contained herein, including the language whereby it has been expressed, represents the joint
efforts of the Parties and their counsel. Accordingly, in interpreting this Agreement or any provision hereof, no presumption shall apply against any Party as being responsible for the wording or drafting of this Agreement or any such provision, and
ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 

11.19.2 Definitions; Interpretation. 

(a) The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined and, where a word or phrase
is defined herein, each of its other grammatical forms shall have a corresponding meaning. 
 (b) Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine, and neuter forms. 
 (c) The word “will” shall be construed to have
the same meaning and effect as the word “shall.” 
 (d) The words “including,” “includes,”
“include,” “for example,” and “e.g.,” and words of similar import, shall be deemed to be followed by the words “without limitation.” 

(e) The word “or” shall be interpreted to mean “and/or,” unless the context requires otherwise. 

(f) The words “hereof,” “herein,” and “herewith,” and words of similar import, shall, unless otherwise stated,
be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 (g) Unless the context
requires otherwise or otherwise specifically provided: (i) all references herein to Articles, Sections, Schedules, or Exhibits shall be construed to refer to Articles, Sections, Schedules, and Exhibits of this Agreement; and (ii) reference
in any Section to any subclauses are references to such subclauses of such Section. 
 11.19.3 Subsequent Events. Unless the context
requires otherwise: (a) any definition of or reference to any agreement, instrument, or other document herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, supplemented, or
otherwise modified (subject to any restrictions on such amendments, supplements, or modifications set forth herein); (b) any reference to any Applicable Law herein shall be construed as referring to such Applicable Law as from time to time enacted,
repealed, or amended; and (c) subject to Section 11.4, any reference herein to any Person shall be construed to include the Person’s successors and assigns. 

  
 67 

 11.19.4 Headings. Headings, captions, and the table of contents are for convenience
only and shall not be used in the interpretation or construction of this Agreement. 
 11.19.5 Prior Drafts. No prior draft of this
Agreement shall be used in the interpretation or construction of this Agreement. 
 11.19.6 Independent Significance. Although the
same or similar subject matter may be addressed in different provisions of this Agreement, the Parties intend that, except as reasonably apparent on the face of the Agreement or as expressly provided in this Agreement, each such provision shall be
read separately, be given independent significance, and not be construed as limiting any other provision of this Agreement (whether or not more general or more specific in scope, substance, or content). 

11.20 Further Assurances. Each Party shall execute, acknowledge, and deliver such further instruments, and do all such other
ministerial, administrative, or similar acts, as may be reasonably necessary or appropriate in order to carry out the expressly stated purposes and the clear intent of this Agreement. 

[Signature Pages Follow] 

  
 68 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have caused this Agreement to be executed by their respective duly
authorized officers as of the Effective Date. 
  

									
	EISAI CO, LTD	 		 	PHARMAVANT 7 GmbH
					
	By:	 	[***]	 		 	By:	 	[***]
	Name:	 	[***]	 		 	Name:	 	[***]
	Title:	 	[***]	 		 	Title:	 	[***]

  
 [Signature page to
Exclusive License Agreement] 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 
 [***] 

  
 Schedule 1.26 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 

  
 Schedule 1.31 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 

  
 Schedule 1.35-1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 

  
 Schedule 1.39 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 

  
 Schedule 1.59 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***]  

  
 Schedule 4.3.1(a)-1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***]  

  
 Schedule 4.3.1(b) 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

[***] 

  
 Schedule 4.4.1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

  
 Schedule 8.4.1-1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

  
 Exhibit A 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

  
 Exhibit B 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

  
 Exhibit C-1 

 Certain confidential information contained in this document, marked by [***], has been omitted because
Roivant Sciences, Ltd. (the “Company”) has determined that the information (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. 

[***] 
 [***] 

  
 Annex 1

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