Document:

EX-10.10

 Exhibit 10.10 

 

			
	 C  L  I  F  F  O  R  D

 
 C  H  A  N  C  E
	  	CLIFFORD CHANCE LLP

 THE SYMBOL “[***]” DENOTES PLACES WHERE CERTAIN 

IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i)

NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE 

COMPANY IF PUBLICLY DISCLOSED 

EXECUTION VERSION 
 AGREEMENT 

DATED 19 DECEMBER 2017 
 FOR

 EUROPEAN INVESTMENT BANK 

and 
 EVOTEC AG 

 
  

RELATING TO A FINANCE CONTRACT DRUG 

DISCOVERY RDI 
 DATED
8 SEPTEMBER 2017 
  
  

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Definitions and Interpretation	  	 	1	 
			
	 2.
	 	Representations	  	 	2	 
			
	 3.
	 	Amendment	  	 	2	 
			
	 4.
	 	Further Assurance	  	 	4	 
			
	 5.
	 	Costs and Expenses	  	 	4	 
			
	 6.
	 	Miscellaneous	  	 	4	 
			
	 7.
	 	Governing Law	  	 	5	 
		
	 Schedule 1 Revised Finance Contract
	  	 	7	 

  
 - i - 

 THIS AGREEMENT is dated 19 December 2017 between: 

 

	(1)	 THE EUROPEAN INVESTMENT BANK having its seat at 100 boulevard Konrad Adenauer, L-2950 Luxembourg (the “Bank”); and 

  

	(2)	 EVOTEC AG, a company incorporated in Germany, having its registered office at Manfred Eiger Campus
Essener Bogen 7. D-22419 Hamburg, Germany (the “Borrower”). 

 RECITALS:

  

	(A)	 The Bank has agreed to make a loan available to the Borrower pursuant to the Original Finance Contract (as
defined below). 

  

	(B)	 It was agreed that certain provisions of the Original Finance Contract would be renegotiated following the
execution of the Original Finance Contract. 

  

	(C)	 Following negotiations, the Bank and the Borrower have agreed to amend certain provisions of the Original
Finance Contract as set out below. 

  

	(D)	 The Bank and the Borrower intend and have agreed that the Original Finance Contract becomes effective on
19 December 2017, subject only to the amendments set out below and in the form of the Revised Finance Contract (as defined below). 

IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 

“Revised Finance Contract” means the Finance Contract, as set out in Schedule 1 to this Agreement. 

“Original Finance Contract” means the facility agreement dated 8 September 2017 between the Bank and the Borrower. 

 

	1.2	 Incorporation of defined terms 

 

	 	1.2.1	 Unless a contrary indication appears, a term defined in the Original Finance Contract has the same meaning in
this Agreement. 

  

	 	1.2.2	 The principles of construction set out in the Original Finance Contract shall have effect as if set out in this
Agreement. 

  

	1.3	 Clauses 

In this Agreement any reference to a “Clause” is, unless the context otherwise requires, a reference to a Clause in this Agreement.

  
 - 1 - 

	2.	 REPRESENTATIONS 

The Repeating Representations are deemed to be made by the Borrower (by reference to the facts and circumstances then existing) on the date of
this Agreement, and references to “this Contract” in the Repeating Representations should be construed as references to this Agreement, the Original Finance Contract and the Revised Finance Contract. 

 

	3.	 AMENDMENT 

  

	3.1	 Amendment of the Original Finance Contract 

With effect from the date of this Agreement, the Original Finance Contract shall be amended as follows: 

 

	 	3.1.1	 In the recitals, the paragraph entitled “Effective Date” is deleted in its entirety and replaced
with: 

 “EFFECTIVE DATE  

The rights and obligations under this Contract shall be effective from 19 December 2017.” 

 

	 	3.1.2	 In Article 1.2 (Definitions) the definition of “Effective Date” is deleted in its entirety.

  

	 	3.1.3	 In Article 5.3 (Compulsory prepayment) the following additional article is included after Article 5.3.4
(Pari Passu to Non-EIB Financing), as article 5.3.4A: 

 “5.3.4A
Mandatory prepayment in case of resolution on dividends  
 Without prejudice to Clause 9, for so long as any amount (other
than Variable Remuneration) is outstanding under this Contract or the Credit is available, if: 
  

	 	(a)	 the general assembly (Hauptversammlung) of the Borrower adopts a resolution to distribute a dividend to
the holders of the issued stock of the Borrower or to return or purchase shares in the Borrower; and 

  

	 	(b)	 at the time of such resolution and/or at the time of the payment of such dividend or the return or purchase of
shares in the Borrower a Default (other than a Default resulting from a non-compliance by the Borrower with the information covenants as set out in Paragraph 2 (Information concerning the Borrower) of
Schedule I (Information and Visits)), has occurred and is continuing; 

  
 - 2 - 

 then: 
  

	 	(i)	 in case of a Default pursuant to Clauses 9.1(a) to (k), the Borrower shall, on request of the Bank, consult
with the Bank as to the impact of such event; and if thirty (30) days have passed since the date of such request and the effects of such event cannot be mitigated to its reasonable satisfaction, then the Bank may by notice to the Borrower:

  

	 	(A)	 cancel the undisbursed portion of the Credit and/or 

 

	 	(B)	 demand the immediate prepayment of the Loan in full, together with accrued interest and all other amounts
accrued or outstanding under this Contract; or 

  

	 	(ii)	 in case of a Default pursuant to Clause 9.1(l), the Borrower shall, on request of the Bank, consult with the
Bank as to the impact of such Default; and if twenty (20) Business Days have passed since the date of such request and such Default is continuing and has not been remedied, then the Bank may by notice to the Borrower: 

 

	 	(A)	 cancel the undisbursed portion of the Credit and/or 

 

	 	(B)	 demand the immediate prepayment of the Loan in full, together with accrued interest and all other amounts
accrued or outstanding under this Contract. 

 For the avoidance of doubt, Variable Remuneration shall remain payable in
respect of the period up to (and including) 31 December 2033, notwithstanding prepayment under this Article 5.3.4A.” 
  

	 	3.1.4	 The text in Paragraph 19 of Schedule H (General Undertakings) is deleted in its entirety, and replaced
with: 

 “19. Restrictions on distributions 

The Borrower shall not, and shall procure that no other Group Company shall, declare or distribute dividends, or return or purchase shares,
save for: 
  

	 	(i)	 with the prior written consent of the Bank; 

 

	 	(ii)	 payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group Company which is
not the Borrower; 

  

	 	(iii)	 any dividend payments made by any Subsidiary; or 

  
 - 3 - 

	 	(iv)	 dividend payments or share repurchases or share returns by a Group Company provided that:

  

	 	(A)	 such dividends and repurchases are made in compliance with applicable corporate law and other mandatory
regulatory restrictions; and 

  

	 	(B)	 to the extent permissible under applicable corporate law and other mandatory regulatory restrictions and for so
long as any amount (other than Variable Remuneration) is outstanding under this Contract or the Credit is available, (i) no Default has occurred and is continuing or (ii) in the case of the Borrower only, the Borrower has ensured that the
Management Board (a) has allocated and transferred 50% of the annual result of the Borrower into the retained earnings of the Borrower in accordance with Sec. 58 (2) sentence 1 of the German Stock Corporation Act (AktG) and (b) has
proposed to the General Meeting of the Borrower to either allocate and transfer any remaining balance sheet profits into the retained earnings of the Borrower or carry any remaining balance sheet profits forward to new account.”

  

	 	3.1.5	 References to this Contract in Paragraphs 2, 4 and 5 of Schedule F (Initial Documentary Conditions
Precedent) shall be construed as references to this Agreement and the Original Finance Contract. 

  

	4.	 FURTHER ASSURANCE 

The Parties shall do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to
this Agreement. 
  

	5.	 COSTS AND EXPENSES 

The Borrower shall promptly on demand pay the Bank the amount of all costs and expenses (including but not limited to legal fees) reasonably
incurred by any of them in connection with the negotiation, preparation, printing and execution of this Agreement. 
  

	6.	 MISCELLANEOUS 

 

	6.1	 Incorporation of terms 

The provisions of Articles 10.2 (Jurisdiction) to 10.7 (Amendments) (inclusive) and Article 11 (Final Clauses) of the
Original Finance Contract shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those articles to “this Contract” are references to this Agreement. 

 

	6.2	 Counterparts 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement. 

  
 - 4 - 

	7.	 GOVERNING LAW 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by the laws of Luxembourg. 
 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 5 - 

 SIGNATURES 
  

	
	 The Bank
  

	 For and on behalf of
  

	 EUROPEAN INVESTMENT BANK
  

	 By:
  

	 The Borrower
  

	 For and on behalf of
  

	 EVOTEC AG
  

	By:

  
 - 6 - 

 SCHEDULE 1 

REVISED FINANCE CONTRACT 
  

			
	 C  L  I  F  F  O  R  D

 
 C  H  A  N  C  E
	  	CLIFFORD CHANCE LLP

 Contract number (FI No.): 88309/86889 

Serapis No.: 2016-0763 
  

 
 EUROPEAN INVESTMENT BANK 

and 
 EVOTEC AG 

 
  

FINANCE CONTRACT 
 DRUG DISCOVERY
RDI 
  
  

 

  
 - 7 - 

 CONTENTS 
  

							
	Article	 	 	  	Page	 
	 1.
	 	Interpretation and Definitions	  	 	9	 
			
	 2.
	 	Credit and Disbursements	  	 	21	 
			
	 3.
	 	The Loan	  	 	24	 
			
	 4.
	 	Remuneration	  	 	24	 
			
	 5.
	 	Repayment	  	 	26	 
			
	 6.
	 	Payments	  	 	29	 
			
	 7.
	 	Borrower Undertakings and Representations	  	 	30	 
			
	 8.
	 	Charges and Expenses	  	 	31	 
			
	 9.
	 	Events of Default	  	 	32	 
			
	 10.
	 	Law and Jurisdiction, Miscellaneous	  	 	33	 
			
	 11.
	 	Final Clauses	  	 	35	 
		
	 Schedule A Investment Specification and Reporting
	  	 	38	 
		
	 Schedule B Definition of EURIBOR
	  	 	41	 
		
	 Schedule C Form of Disbursement Offer/Acceptance
	  	 	43	 
		
	 Schedule D Form of Drawdown Certificate
	  	 	45	 
		
	 Schedule E Form of Compliance Certificate
	  	 	47	 
		
	 Schedule F Initial Documentary Conditions Precedent
	  	 	48	 
		
	 Schedule G Representations and Warranties
	  	 	49	 
		
	 Schedule H General Undertakings
	  	 	52	 
		
	 Schedule I Information and Visits
	  	 	61	 
		
	 Schedule J Research and Development Projects
	  	 	65	 

  
 - 8 - 

 THIS CONTRACT WAS ORIGINALLY MADE ON 8 SEPTEMBER 2017 AND AMENDED ON 19 DECEMBER 2017 BETWEEN:

  

	(1)	 THE EUROPEAN INVESTMENT BANK having its seat at 100 boulevard Konrad Adenauer, L-2950 Luxembourg (the “Bank”); and 

  

	(2)	 EVOTEC AG, a company incorporated in Germany, having its registered office at Manfred Eiger Campus
Essener Bogen 7. D-22419 Hamburg, Germany (the “Borrower”). 

 WHEREAS:

  

	(A)	 The Borrower has stated that it is undertaking research and development projects relating to a proprietary drug
discovery pipeline in Germany as more particularly described in the technical description (the “Technical Description”) set out in Schedule A (the “Investment”). The total cost of the Investment, as estimated by the
Bank, is EUR 156,500,000. 

  

	(B)	 The Bank, considering that the financing of the Investment falls within the scope of its functions, agreed to
provide the Borrower with a credit in an amount of EUR 75,000,000 under this Finance Contract (the “Contract”) to finance the Investment; provided that the amount of the loan hereunder shall not, in any case, exceed 50% of
the cost of the Investment. 

  

	(C)	 This operation benefits from a guarantee from the European Union under the European Fund for Strategic
Investments (“EFSI”). 

  

	(D)	 The statute of the Bank provides that the Bank shall ensure that its funds are used as rationally as possible
in the interests of the European Union; and, accordingly, the terms and conditions of the Bank’s loan operations must be consistent with relevant policies of the European Union. 

 

	(E)	 The Bank considers that access to information plays an essential role in the reduction of environmental and
social risks, including human rights violations, linked to the projects it finances and has therefore established its transparency policy, the purpose of which is to enhance the accountability of the EIB group towards its stakeholders and the
citizens of the European Union in general. 

  

	(F)	 The processing of personal data shall be carried out by the Bank in accordance with applicable European Union
legislation on the protection of individuals with regard to the processing of personal data by the European Union institutions and bodies and on the free movement of such data. 

It is hereby agreed as follows: 
 EFFECTIVE DATE 

The rights and obligations under this Contract shall be effective from 19 December 2017. 

 

	1.	 INTERPRETATION AND DEFINITIONS 

 

	1.1	 Interpretation 

In this Contract: 
  

	 	1.1.1	 References to Articles, Recitals, Schedules and Paragraphs are, save if explicitly stipulated otherwise,
references respectively to articles of, and recitals, schedules and paragraphs of schedules to, this Contract. All Recitals and Schedules form part of this Contract. 

  
 - 9 - 

	 	1.1.2	 References to a provision of law are references to that provision as amended or
re-enacted. 

  

	 	1.1.3	 References to any other agreement or instrument are references to that other agreement or instrument as
amended, novated, supplemented, extended or restated. 

  

	1.2	 Definitions 

In this Contract: 

“Accepted Tranche” means a Tranche in respect of a Disbursement Offer which has been duly accepted by the Borrower in
accordance with its terms on or before the Disbursement Acceptance Deadline. 
 “acting in concert” means acting together
pursuant to an agreement or understanding (whether formal or informal). 
 “Authorisation” means an authorisation, permit,
consent, approval, resolution, licence, exemption, filing, notarisation or registration. 
 “Authorised Signatory” means a
person authorised to sign individually or jointly Disbursement Acceptances on behalf of the Borrower and named in the most recent List of Authorised Signatories and Accounts received by the Bank. 

“Availability Period” means the period starting on the date of this Contract and ending on the Final Availability Date. 

“Business Day” means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general
business in Luxembourg and Hamburg, Germany. 
 “Cash and Cash Equivalent Investments” means, for any financial year, the
aggregate of: 
  

	 	(a)	 cash in hand or on deposit with any bank, including, without limitation, any amounts standing to the credit of
any current account and any overnight and time deposits; 

  

	 	(b)	 any investment in money market funds which have a credit rating of either
A-3 or higher by Standard & Poor’s Rating Services or F3 or higher by Fitch Ratings Ltd or P-3 or higher by Moody’s Investors Service Limited and to
the extent that investment can be turned into cash on not more than 30 days’ notice; 

  

	 	(c)	 the market value of any securities which have a credit rating of either
BBB- or higher by Standard and Poor’s Rating Services or Fitch Ratings Ltd, or Baa3 or higher by Moody’s Investors Service Limited; and 

 

	 	(d)	 any other instrument, securities or investment approved by the Bank. 

“Change in the Beneficial Ownership” means a change in the ultimate ownership or control of the Borrower according to the
definition of “beneficial owner” set out in article 3(6) of Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or
terrorist financing as modified or supplemented from time to time. 

  
 - 10 - 

“Change-of-Control Event” means any person or
group of persons acting in concert gains Control of the Borrower or of any entity directly or ultimately Controlling the Borrower. 

“Change-of-Law Event” means the enactment,
promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) that occurs after the date of this Contract and which, in the
reasonable opinion of the Bank, would materially impair the Borrower’s ability to perform its obligations under this Contract. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule E. 

“Compulsory Prepayment Fee” means, in relation to a Prepayment Amount in respect of a Tranche, a fee as follows: 

 

	 	(a)	 a fee of 1.0% of the Prepayment Amount if (i) the Prepayment Date occurs any time from 5 (five) Business
Days before the relevant Disbursement Date to any time before the first anniversary of such Disbursement Date, or (ii) the relevant Tranche is cancelled in accordance with Article 2.7; 

 

	 	(b)	 a fee of 0.5% of the Prepayment Amount if the Prepayment Date is on or after the first anniversary of the
relevant Disbursement Date but before the second anniversary of such Disbursement Date; or 

  

	 	(c)	 a fee of 0.25% of the Prepayment Amount if the Prepayment Date is on or after the second anniversary of the
relevant Disbursement Date but before the third anniversary of such Disbursement Date, 

 with such fee being payable on
the applicable Prepayment Date. 
 For the avoidance of doubt, no such fee shall be payable if the Prepayment Date is after the third
anniversary of the relevant Disbursement Date. 
 “Contract Number” shall mean the Bank generated number identifying this
Contract and indicated on the cover page of this Contract after the letters “FI N°”. 
 “Control”,
“Controlling” means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise. 

“Credit” has the meaning given to it in Article 2.1 (Amount of Credit). 

“Current Assets” means the aggregate (on a consolidated basis) of all inventory, work in progress, trade and other receivables
of each Group Company including prepayments in relation to operating items and sundry debtors (but excluding Cash and Cash Equivalent Investments) expected to be realised within 12 (twelve) months from the date of computation but excluding amounts
in respect of: 
  

	 	(a)	 receivables in relation to Tax (excluding VAT); 

 

	 	(b)	 Exceptional Items and other non-operating items; 

 

	 	(c)	 insurance claims; and 

 

	 	(d)	 any interest owing to any Group Company. 

  
 - 11 - 

 “Current Liabilities” means the aggregate (on a consolidated basis) of all
liabilities (including trade creditors, accruals and provisions) of each Group Company expected to be settled within 12 (twelve) months from the date of computation but excluding amounts in respect of: 

 

	 	(a)	 liabilities for Indebtedness and Finance Charges; 

 

	 	(b)	 liabilities for Tax (excluding VAT); 

 

	 	(c)	 Exceptional Items and other non-operating items; 

 

	 	(d)	 insurance claims; and 

 

	 	(e)	 liabilities in relation to dividends declared but not paid by the Borrower or by a Group Company in favour of a
person which is not a Group Company. 

 “Debt to Capital Ratio Test” means the test which will be met in
respect of a financial year if the ratio of the aggregate Indebtedness of the Group (excluding intra-Group Indebtedness) to shareholders’ equity in respect of such financial year, in each case as at the end of such financial year and as set out
in the Group financial statements, is no higher than 70:30. 
 “Default” means an Event of Default or any event or
circumstance specified in Article 9 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Contract or any combination of any of the foregoing) be an Event
of Default. 
 “Disbursement Acceptance” means a copy of the Disbursement Offer duly countersigned by the Borrower. 

“Disbursement Acceptance Deadline” means the date and time of expiry of a Disbursement Offer as specified therein. 

“Disbursement Account” means, in respect of each Tranche, the account (specified by IBAN code, if the country is included in
IBAN Registry published by SWIFT, or in the appropriate account format in line with the local banking practice, and BIC/SWIFT code of the bank) set out in the most recent List of Authorised Signatories and Accounts into which the Borrower has
requested in the Disbursement Acceptance that disbursement of such Tranche be made. 
 “Disbursement Date” means the date on
which a Tranche is disbursed in accordance with Article 2.2.2. 
 “Disbursement Offer” means a letter substantially in the
form set out in Schedule C. 
 “Dispute” has the meaning given to it in Article 10.2. 

“Disruption Event” means either or both of: 
  

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with this Contract; or 

  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to
the treasury or payments operations of either the Bank or the Borrower, preventing that party: 

  
 - 12 - 

	 	(i)	 from performing its payment obligations under this Contract; or 

 

	 	(ii)	 from communicating with other parties in accordance with the terms of this Contract, 

and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the party whose
operations are disrupted. 
 “EBITDA” means, in respect of any financial year, the consolidated operating profit of the
Group before taxation (excluding the results from discontinued operations): 
  

	 	(a)	 before deducting any interest income and expenses, commission, fees, discounts, prepayment fees, premiums or
charges and other finance payments whether paid, payable or capitalised by any Group Company (calculated on a consolidated basis) in respect of that financial year; 

 

	 	(b)	 after adding back any amount attributable to the amortisation or depreciation of assets of Group Companies;

  

	 	(c)	 before taking into account any Exceptional Items; 

 

	 	(d)	 after deducting the amount of any profit (or adding back the amount of any loss) of any Group Company which is
attributable to minority interests; 

  

	 	(e)	 plus or minus the Group’s share of the profits or losses (after finance costs and tax) of any investment
or entity (which is not itself a Group Company (including associates and Joint Ventures)) in which any Group Company has an ownership interest; 

  

	 	(f)	 before taking into account any unrealised gains or losses on any financial instrument (other than any
derivative instrument which is accounted for on a hedge accounting basis); and 

  

	 	(g)	 before taking into account any gain arising from an upward revaluation of any other asset,

 in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining
operating profits of the Group before taxation. 
 “EBITDA Leverage Ratio Test” means the test which will be met in respect
of a financial year if the ratio of the aggregate Indebtedness of the Group (excluding intra-Group Indebtedness) net of Cash and Cash Equivalent Investments as at the end of such financial year to EBITDA in respect of such financial year is no
higher than 3:1. 
 “EFSI” has the meaning given in Recital C. 

“EFSI Regulation” means the Regulation 2015/1017 of the European Parliament and of the Council of 25 June 2015 on the
European Fund for Strategic Investments. 
 “Environment” means the following, in so far as they affect human health and
social well-being: 
  

	 	(a)	 fauna and flora; 

  

	 	(b)	 soil, water, air, climate and the landscape; and 

  
 - 13 - 

	 	(c)	 cultural heritage and the built environment, 

and includes, without limitation, occupational and community health and safety. 

“Environmental Approval” means any Authorisation required by Environmental Law. 

“Environmental Claim” means any claim, proceeding, formal notice or investigation by any person in respect of any
Environmental Law. 
 “Environmental Law” means European Union law, including principles and standards, and national laws
and regulations, of which a principal objective is the preservation, protection or improvement of the Environment. 
 “Equity
Investments” means each acquisition of shares or securities of a business or entity (or, in each case, any interest in any of them, including, without limitation, participation rights granting a share in the profits, revenues and/or sale or
liquidation proceeds of another business or entity or a certain project of another entity) by any Group Company (excluding, however, (i) any acquisition of a business or entity by way of an asset deal and/or (ii) any acquisition of 100% of
all shares or securities of a business or entity) pursuant to the Evotec Innovate programme: 
  

	 	(a)	 where such acquisition or the agreement to so acquire occurred during the period commencing on 1 January
2017 and ending on the Final Availability Date; or 

  

	 	(b)	 where such acquisition occurred prior to 1 January 2017 and where the continuing investment requirements
associated with the respective acquisition are at least EUR 375,000 in any year. 

 “EURIBOR” has the
meaning given to it in Schedule B (Definition of EURIBOR). 
 “EUR” or “euro” means the lawful
currency of the Member States of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their
succeeding treaties. 
 “Event of Default” means any of the circumstances, events or occurrences specified in Article 9
(Events of Default). 
 “Exceptional Items” means any material items of an unusual or
non-recurring nature which represent gains or losses including those arising on: 
  

	 	(a)	 the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring;

  

	 	(b)	 disposals, revaluations, write downs or impairment of non-current
assets or any reversal of any write down or impairment; 

  

	 	(c)	 disposals of assets associated with discontinued operations; 

 

	 	(d)	 changes in valuation of contingent consideration liabilities (being obligations on the Borrower to make
payments in respect of earn-out or similar provisions); and 

  

	 	(e)	 any other examples of “exceptional items” (as such term has the meaning attributed to it in IFRS).

  
 - 14 - 

 “Final Availability Date” means 36 months after the date of this Contract.

 “Finance Charges” means, for any financial year, the aggregate amount of the accrued interest, commission, fees,
discounts, prepayment fees, premiums or charges and other finance payments in respect of any Indebtedness of any Group Company (calculated on a consolidated basis) in cash in respect of that financial year: 

 

	 	(a)	 excluding any upfront fees or costs; 

 

	 	(b)	 including the interest (but not the capital) element of payments in respect of Finance Leases;

  

	 	(c)	 including any commission, fees, discounts and other finance payments payable by (and deducting any such amounts
payable to) any Group Company under any interest rate hedging arrangement; 

  

	 	(d)	 if a Joint Venture is accounted for on a proportionate consolidation basis, after adding the Group’s share
of the finance costs or interest receivable of the Joint Venture; 

  

	 	(e)	 taking no account of any unrealised gains or losses on any financial instruments other than any derivative
instruments which are accounted for on a hedge accounting basis; and 

  

	 	(f)	 excluding any capitalised interest, 

together with the amount of any cash dividends or distributions paid or made by the Borrower in respect of that financial year and so that no
amount shall be added (or deducted) more than once. 
 “Finance Lease” means any lease or hire purchase contract which
would, in accordance with IFRS, be treated as a finance or capital lease. 
 “Fixed Rate” means 1.6% (160 basis points) per
annum. 
 “GAAP” means generally accepted accounting principles in Germany, including IFRS. 

“Group” means the Group Companies, taken together as a whole. 

“Group Company” means the Borrower and its Subsidiaries. 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the
relevant financial statements. 
 “Illegal Activities” means any of the following illegal activities or activities carried
out for illegal purposes: tax evasion, tax fraud, fraud, corruption, coercion, collusion, obstruction, money laundering, financing of terrorism, organised crime or any illegal activity that may affect the financial interests of the EU, according to
applicable laws. 
 “Indebtedness” means any: 
  

	 	(a)	 obligations for borrowed money; 

 

	 	(b)	 indebtedness under any acceptance credit; 

 

	 	(c)	 indebtedness under any bond, debenture, note or similar instrument; 

  
 - 15 - 

	 	(d)	 instrument under any bill of exchange; 

 

	 	(e)	 indebtedness in respect of any interest rate or currency swap or forward currency sale or purchase or other
form of interest or currency hedging transaction (including without limit caps, collars and floors); 

  

	 	(f)	 indebtedness under any Finance Lease; 

 

	 	(g)	 indebtedness (actual or contingent) under any guarantee, bond security, indemnity or other agreement;

  

	 	(h)	 indebtedness (actual or contingent) under any instrument entered into for the purpose of raising finance;

  

	 	(i)	 indebtedness in respect of a liability to reimburse a purchaser of any receivables sold or discounted in the
event that any amount of those receivables is not paid; 

  

	 	(j)	 indebtedness arising under a securitisation; or 

 

	 	(k)	 other transaction which has the commercial effect of borrowing. 

“Intellectual Property Rights” shall mean any discovery, invention, formulation, formulae, knowledge, know-how, experience, method, technological development, enhancement, modification, improvement, work of authorship, computer software (including, but not limited to, source code and executable code) and
documentation thereof, data or collection of data, whether patentable or not, or susceptible to copyright or any other form of legal protection, and all patent, copyright, trade secret or other intellectual property or other proprietary rights in
the foregoing in any tangible or intangible form, which may now or in the future subsist. 
 “Investment” has the meaning
given to that term in Recital 0. 
 “Joint Venture” means any joint venture entity, whether a company, unincorporated firm,
undertaking, association, joint venture or partnership or any other entity. 
 “Lead Organisation” means the European Union,
the United Nations, the International Monetary Fund, the Financial Stability Board, the Financial Action Task Force and the Organisation for Economic Cooperation and Development. 

“List of Authorised Signatories and Accounts” means a list, in form and substance satisfactory to the Bank, setting out:
(i) the Authorised Signatories, accompanied by evidence of signing authority of the persons named on the list and specifying if they have individual or joint signing authority, (ii) the specimen signatures of such persons, and
(iii) the name of the account beneficiary, IBAN code (or appropriate format in line with local banking practice) and SWIFT BIC of the bank account(s) to which disbursements may be made under this Contract. 

“Loan” means the aggregate amount of Tranches disbursed from time to time by the Bank under this Contract. 

“Loan Payment Date” means 30 June and 30 December falling in each year up to and including the Maturity Date, save
that: 
  

	 	(a)	 in case any such date (other than the Maturity Date) is not a Relevant Business Day, it means the following
Relevant Business Day without adjustment to the interest due under Article 4.1; and 

  
 - 16 - 

	 	(b)	 in case the Maturity Date is not a Relevant Business Day, it means the preceding Relevant Business Day and only
in this case, with adjustment to the interest due under Article 4.1. 

 “Material Adverse Change” means,
any event or change of condition, which, in the reasonable opinion of the Bank has a material adverse effect on: 
  

	 	(a)	 the ability of the Borrower to perform its obligations under this Contract; or 

 

	 	(b)	 the business, operations, property or financial condition or prospects of the Borrower or the Group as a whole;
or 

  

	 	(c)	 the legality, validity or enforceability of, or the effectiveness or ranking of, or the value of any Security
granted to the Bank, or the rights or remedies of the Bank under this Contract. 

 “Material Subsidiary”
means any Subsidiary of the Borrower from time to time, whose gross revenues, total assets or EBITDA represents not less than 10% of (i) the consolidated gross revenues of the Group or, (ii) the consolidated total assets of the Group or,
(iii) as the case may be, the consolidated EBITDA of the Group, as calculated based on the then latest consolidated annual audited accounts of the Group, which shall be prepared in accordance with GAAP as applied by the Borrower on the date of
this Contract and as GAAP is amended from time to time and tested annually. 
 “Maturity Date” means in respect of each
Tranche, the sole repayment date falling on the seventh anniversary of the relevant Disbursement Date. 
 “Non-EIB Financing” includes any loan (save for the Loan and any other direct loans from the Bank to the Borrower (or any other Group Company)), credit bond or other form of financial indebtedness or any
obligation for the payment or repayment of money originally granted to the Borrower (or any other Group Company)) for a term of more than 3 (three) years. 

“Partnered Projects” means research and development projects which have been entered into by a Group Company prior to the
signing of this Contract, where the Borrower has agreed with a third party that such party will provide the majority of the required funding in relation to such project or investment, and no amount drawn in respect of the Loan will be applied to
such projects or investments. 
 “Party” means a party to this Agreement. 

“Payment Date” means each Loan Payment Date and each Variable Remuneration Payment Date. 

“Permitted Disposal” means any disposal of assets which is permitted in accordance with Paragraph 8 of Schedule H. 

“Permitted Guarantees” means each and every guarantee permitted in accordance with Paragraph 17 of Schedule H. 

“Permitted Hedging” has the meaning given to such term in Paragraph 18 of Schedule H. 

“Permitted Indebtedness” means Indebtedness of the Borrower and/or any Group Company which is permitted in accordance with
Paragraph 16 of Schedule H. 

  
 - 17 - 

 “Permitted Security” means Security of the Borrower and/or any Group
Company which is permitted in accordance with Paragraph 23(c) of Schedule H. 
 “Phase II” means the second clinical phase
of controlled studies during Research and Development Projects, where a human clinical trial of a specific product in any country is conducted to evaluate the efficacy of the drug for a particular indication or indications in patients with the
disease or condition under study and to determine the side effect profile and risks associated with the drug, as well as to further determine the drug-dosage for phase III. 

“Prepayment Amount” means the amount of a Tranche to be prepaid by the Borrower in accordance with Article 5.2, 5.3 or 9.1 or
cancelled in accordance with Article 2.7. 
 “Prepayment Date” means the date, which shall be a Loan Payment Date, on which
the Borrower proposes to effect prepayment of a Prepayment Amount. 
 “Prepayment Event” means any of the events described
in Article 5.3 (Compulsory Prepayment). 
 “Prepayment Fee” means either the Voluntary Prepayment Fee or the
Compulsory Prepayment Fee, as applicable. 
 “Prepayment Notice” means a written notice from the Bank to the Borrower in
accordance with Article 5.2.2. 
 “Prepayment Request” means a written request from the Borrower to the Bank to prepay all
or part of the Loan, in accordance with Article 5.2.1. 
 “Qualifying Investment” means: (a) each Research and
Development Project and Equity Investment where any investment is made by a Group Company during the period from (and including) 1 January 2017 to (and including) the final Disbursement Date; and (b) each Research and Development Project
and Equity Investment specified in any list provided in respect of the final Tranche in accordance with Article 2.5.2(b)(ii); in each case (i) and (ii) provided that if the Bank notifies the Borrower that it requires a limitation (in whole or
in part) of an amount to be disbursed under a Tranche and applied to a particular Research and Development Project and/or Equity Investment, (i) where no amount is disbursed under this Contract in respect of that Research and Development
Project and/or Equity Investment, such Research and Development Project or Equity Investment shall not be a Qualifying Investment; and (ii) where a limited amount is disbursed under this Contract in respect of that Research and Development
Project and/or Equity Investment, a proportionate adjustment to Variable Remuneration in respect of such Qualifying Investment shall be agreed between the Bank and the Borrower prior to disbursement. 

“Relevant Business Day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment
system which utilises a single shared platform and which was launched on 19 November 2007 (TARGET2) is open for the settlement of payments in EUR. 

“Repayment Date” means the date on which the Loan is repaid in full, together with all amounts payable under this Agreement
other than the Variable Remuneration (which shall remain payable in accordance with Clause 4.2. 

  
 - 18 - 

 “Repeating Representations” means each of the representations set
out in Schedule G (Representations and Warranties) other than in Paragraphs 2(a), 6(c), 7(c), 7(g), 8(b), 8(c) and 9 thereof and those Paragraphs thereof which are identified with the words
“(Non-repeating)” at the end of the Paragraphs. 
 “Research and Development
Project” means, other than Partnered Projects, each research and development project entered into by a Group Company pursuant to the Evotec Innovate programme: 
  

	 	(a)	 during the period commencing on 1 January 2017 and ending on the Final Availability Date; or

  

	 	(b)	 where such research and development project was entered into prior to 1 January 2017 and which requires
further investment of at least EUR 375,000 in any year. 

 The Parties acknowledge and agree that such research and
development project is and will be managed by a department unit of a Group Company which is not and will not be solely responsible for such research and development project but rather manages and will manage several research and development projects
under this Contract and otherwise. 
 A list of the projects entered into in 2017 prior to the signing of this Contract which form part of
this definition is set out in Schedule J. 
 “Revenues” means any payment or other consideration (including equity) that the
Borrower or any Group Company receives in connection with a Research and Development Project: 
  

	 	(a)	 other than amounts that are committed or paid on arm’s length terms and at fair market value to cover the
costs of research and development activities related to actual or potential products which are developed in the relevant Research and Development Project; 

  

	 	(b)	 including the proceeds of any disposal of assets relating to a Research and Development Project; and

  

	 	(c)	 net of transaction costs and licence fees committed or paid by the Borrower or any Group Company on arm’s
length terms and directly related to the relevant Research and Development Project. 

 “Security” means
any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 

“Subsidiary” means an entity of which the Borrower has direct or indirect control or owns directly or indirectly more than 50%
of the voting capital or similar right of ownership and “control” for this purpose means the power to direct the management and the policies of the entity, whether through the ownership of voting capital, by contract or otherwise;
provided, however, that Panion Ltd. shall be deemed not to be a Subsidiary. 

  
 - 19 - 

 “Tax” means any tax, levy, impost, duty or other charge or withholding of a
similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Technical Description” has the meaning given to it in Recital 0. 

“Tranche” means each disbursement made or to be made under this Contract. In the event that no Disbursement Acceptance has
been received, Tranche shall mean a Tranche as offered under Article 2.2.2. 
 “Upfront Payments” means an initial payment
received by a Group Company from a third party as part of an intended ongoing arrangement in connection with a Research and Development Project, where such payment shall cover costs of the Research and Development Project already incurred and/or
forecast to be incurred in the future by the relevant Group Company. 
 “Variable Remuneration” has the meaning given to it
in Clause 4.2.1. 
 “Variable Remuneration Payment Date” means the first of 30 June and 30 December in each year
to fall after the publication of the Borrower’s audited consolidated financial statements for the preceding financial year, up to (and including) the first of those dates to fall after the publication of the Borrower’s audited consolidated
financial statements for the year ended 31 December 2033. 
 “Voluntary Non EIB Prepayment” means a voluntary
prepayment by any Group Company (for the avoidance of doubt, prepayment shall include a repurchase, redemption or cancellation where applicable) of a part or the whole of any Non-EIB Financing unless: 

 

	 	(a)	 such prepayment is made within a revolving credit facility (save for the cancellation of the revolving credit
facility); or 

  

	 	(b)	 such prepayment is made out of the proceeds of a loan or other indebtedness having a term at least equal to the
unexpired term of the Non-EIB Financing prepaid. 

 “Voluntary Prepayment
Fee” means, in relation to a Prepayment Amount in respect of a Tranche, a fee as follows: 
  

	 	(a)	 a fee of 1.6% of the Prepayment Amount if (i) the Prepayment Date occurs any time from 5 (five) Business
Days before the Disbursement Date to any time before the first anniversary of such Disbursement Date, or (ii) the relevant Tranche is cancelled in accordance with Article 2.7; 

 

	 	(b)	 a fee of 0.8% of the Prepayment Amount if the Prepayment Date is on or after the first anniversary of the
relevant Disbursement Date but before the second anniversary of such Disbursement Date; or 

  

	 	(c)	 a fee of 0.4% of the Prepayment Amount if the Prepayment Date is on or after the second anniversary of the
relevant Disbursement Date but before the third anniversary of such Disbursement Date, 

 with such fee being payable on
the applicable Prepayment Date. 
 For the avoidance of doubt, no such fee shall be payable if the Prepayment Date is after the third
anniversary of the relevant Disbursement Date. 

  
 - 20 - 

 “Working Capital” means, on any date, Current Assets less Current
Liabilities. 
  

	2.	 CREDIT AND DISBURSEMENTS 

 

	2.1	 Amount of Credit 

By this Contract, the Bank establishes in favour of the Borrower, and the Borrower accepts, a credit in an amount of EUR 75,000,000 for
the financing of the Investment (the “Credit”). 
  

	2.2	 Disbursement procedure 

 

	 	2.2.1	 Tranches 

The Bank shall disburse the Credit in Euros in up to 12 Tranches. The amount of each Tranche, shall be in a minimum amount of
EUR 2,000,000 or (if less) the entire undrawn balance of the Credit. 
  

	 	2.2.2	 Disbursement Offer 

Subject to Article 2.5, upon request by the Borrower, the Bank shall send to the Borrower a Disbursement Offer for the disbursement of a
Tranche. The latest time for receipt by the Borrower of a Disbursement Offer is 10 (ten) days before the Final Availability Date. The Disbursement Offer shall specify: 
  

	 	(a)	 the amount of the Tranche; 

 

	 	(b)	 the Disbursement Date, which shall be a Relevant Business Day, falling at least 10 (ten) days after the date of
the Disbursement Offer and on or before the Final Availability Date; 

  

	 	(c)	 the Fixed Rate, the Loan Payment Dates and interest periods; 

 

	 	(d)	 the terms for repayment of principal, including the Maturity Date; and 

 

	 	(e)	 the Disbursement Acceptance Deadline. 

 

	 	2.2.3	 Disbursement Acceptance 

 

	 	(a)	 The Borrower may accept a Disbursement Offer by delivering a Disbursement Acceptance to the Bank no later than
the Disbursement Acceptance Deadline. The Disbursement Acceptance shall be signed by an Authorised Signatory and shall specify the Disbursement Account to which disbursement of the Tranche should be made in accordance with Article 2.3
(Disbursement Account); 

  

	 	(b)	 If a Disbursement Offer is duly accepted by the Borrower in accordance with its terms on or before the
Disbursement Acceptance Deadline, and provided the conditions in Article 2.5 are met, the Bank shall make the Accepted Tranche available to the Borrower in accordance with the relevant Disbursement Offer and subject to the terms and conditions of
this Contract. 

  

	 	(c)	 The Borrower shall be deemed to have refused any Disbursement Offer which has not been duly accepted in
accordance with its terms on or before the Disbursement Acceptance Deadline, in which case the Tranche shall not be made available to the Borrower by the Bank, and the Credit shall not be affected. 

  
 - 21 - 

	2.3	 Disbursement Account 

 

	 	2.3.1	 Disbursement shall be made to the Disbursement Account specified in the relevant Disbursement Acceptance,
provided that such Disbursement Account is acceptable to the Bank. 

  

	 	2.3.2	 Only one Disbursement Account may be specified for each Tranche. 

 

	2.4	 Currency of disbursement 

The Bank shall disburse each Tranche in EUR. 
  

	2.5	 Conditions of Disbursement 

 

	 	2.5.1	 Initial Documentary Conditions Precedent 

No Disbursement Offer will be provided by the Bank under this Contract unless the Bank has confirmed that prior to the first Disbursement Offer
it has received all of the documents and other evidence listed in Schedule F (Initial Documentary Conditions Precedent) in form and substance satisfactory to it. 
  

	 	2.5.2	 All Tranches—Documentary Conditions Precedent 

No Disbursement Offer, including the first Disbursement Offer, will be provided by the Bank under this Contract unless the Bank has confirmed
that it has received, in form and substance (but excluding, for the avoidance of doubt, the quality of the relevant Research and Development Projects and/or Equity Investments) satisfactory to it: 

 

	 	(a)	 a certificate from the Borrower in the form of Schedule D, signed by an authorised representative of the
Borrower and dated on the date the Disbursement Offer is to be made; and 

  

	 	(b)	 a report, signed by the chief financial officer or the chief executive officer of the Borrower, providing a
detailed overview of the Research and Development Projects and/or Equity Investments to which the Tranche will be applied (and the relevant amounts to be so applied), and including: 

 

	 	(i)	 evidence confirming the amount the Group Companies have already invested (from the Group’s own resources
or a third party lender) towards each Research and Development Project and/or Equity Investment to which the respective Tranche shall be allocated, which (a) to the extent that proceeds of the Tranche shall be further invested in such Research
and Development Project and/or Equity Investment, shall be at least equal to the amount of the relevant Tranche which is intended to be further invested in such Research and Development Project or Equity Investment, and/or (b) to the extent
that the proceeds of the Tranche shall not be further invested in such Research and Development Project and/or Equity Investment, shall be at least two times the amount of the relevant Tranche which is intended to be allocated to (but not further
invested in) such Research and Development Project or Equity Investment, provided that no such amount may be included in the report if and to the extent that such amounts have been included in previous reports as evidence for investments of the
Group Companies (from the Group’s own resources or those of a third party lender) in relation to any previous Disbursement Offer; and/or 

  
 - 22 - 

	 	(ii)	 in relation to the final Tranche only, to the extent that amounts as specified in paragraph (i) above have
not yet been invested in Research and Development Projects or Equity Investments at such time, a list of each Research and Development Project and/or Equity Investment which the Borrower commits to invest in and apply proceeds of the Tranche towards
during the period of six (6) months from the Disbursement Date of the final Tranche, and evidence confirming that the Group Companies will invest (from the Group’s own resources or a third party lender) an amount equal to or greater than
the amount of the Tranche to be allocated to each relevant Research and Development Project and/or Equity Investment towards such projects and investments during such period. 

For the avoidance of doubt, the actual investments will be closely monitored in order to ensure at least 50:50 funding of the underlying
projects. 
  

	 	2.5.3	 All Tranches – Other Conditions 

The Bank will only be obliged to make any Accepted Tranche available to the Borrower if on the Disbursement Date for the proposed Tranche: 

 

	 	(a)	 the representations and warranties which are repeated pursuant to Article 7.2 are materially correct in all
respects; and 

  

	 	(b)	 no event or circumstance has occurred and is continuing which constitutes or would with the expiry of a grace
period and/or the giving of notice under this Contract constitute: 

  

	 	(i)	 an Event of Default; or 

 

	 	(ii)	 a Prepayment Event other than pursuant to Article 5.3.1 (Cost Reduction), 

or would, in each case, result from the disbursement of the proposed Tranche. 

 

	2.6	 Cancellation 

  

	 	2.6.1	 The Borrower may at any time by notice in writing to the Bank cancel, in whole or in part and with immediate
effect, the undisbursed portion of the Credit. However, the notice shall have no effect in respect of an Accepted Tranche which has a Disbursement Date falling within 5 (five) Business Days of the date of the notice. 

 

	 	2.6.2	 The Bank may, by notice in writing to the Borrower, cancel the undisbursed portion of the Credit in whole or in
part at any time and with immediate effect: 

  

	 	(a)	 upon the occurrence of an event or circumstance which constitutes or would with the passage of time or giving
of notice under this Contract constitute a Prepayment Event other than pursuant to Article 5.3.1 (Cost reduction); or 

  

	 	(b)	 by an amount equal to the amount by which it is entitled to cancel the Credit pursuant to Article 5.3.1
(Cost reduction). 

  
 - 23 - 

	2.7	 Fee for cancellation of an Accepted Tranche 

 

	 	2.7.1	 If pursuant to Article 2.6.1. the Borrower cancels a Tranche which is an Accepted Tranche, the Borrower shall
pay to the Bank the Voluntary Prepayment Fee. 

  

	 	2.7.2	 If the Bank cancels an Accepted Tranche upon an Event of Default that is continuing, the Borrower shall pay to
the Bank the Compulsory Prepayment Fee. 

  

	 	2.7.3	 If an Accepted Tranche is not disbursed on the Disbursement Date because the conditions precedent set out in
Article 2.5.3 (All Tranches – Other Conditions) are not satisfied on such date, such Tranche shall be cancelled and the Borrower shall pay to the Bank the relevant Compulsory Prepayment Fee (if any), calculated on the basis that the
cancelled amount is deemed to have been disbursed and repaid on the Disbursement Date. 

  

	2.8	 Cancellation after expiry of the Credit 

On the day following the Final Availability Date, and unless otherwise specifically agreed to in writing by the Bank, the part of the Credit in
respect of which no Disbursement Acceptance has been provided in accordance with Article 2.2.3 shall be automatically cancelled, without any notice being served by the Bank to the Borrower and without liability arising on the part of either party.

  

	2.9	 Sums due under Article 2 

Sums due under Article 2.6 (Cancellation) shall be payable in EUR. They shall be payable within 15 (fifteen) days of the Borrower’s
receipt of the Bank’s demand or within any longer period specified in the Bank’s demand. 
  

	3.	 THE LOAN 

  

	3.1	 Amount of Loan 

The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit. 

 

	3.2	 Currency of repayment, interest and other charges 

 

	 	3.2.1	 Interest, Variable Remuneration, repayments and other charges payable in respect of each Tranche shall be made
by the Borrower in EUR. 

  

	 	3.2.2	 Any other payment shall be made in the currency specified by the Bank having regard to the currency of the
expenditure to be reimbursed by means of that payment. 

  

	4.	 REMUNERATION 

  

	4.1	 Interest 

The Borrower shall pay interest on the outstanding balance of each Tranche at the Fixed Rate, semi-annually in arrears on the relevant Loan
Payment Dates specified in the Disbursement Offer, and calculated on the basis of Article 6.1 (Day count convention). If the period from the Disbursement Date to the first Payment Date is fifteen (15) days or less then the payment of
interest accrued during such period shall be postponed to the following Payment Date. 

  
 - 24 - 

	4.2	 Variable Remuneration 

 

	 	4.2.1	 The Bank and the Borrower agree that in consideration of the Bank making the Credit available to the Borrower
in accordance with this Contract, and in addition to amounts of interest payable under Article 4.1 above, the Borrower shall pay to the Bank a variable remuneration based on performance indicators and for specific periods, as set out in 4.2.2 below
(the “Variable Remuneration”) provided that the aggregate Variable Remuneration payable under this Contract shall not exceed the amount of the Loan actually disbursed (being EUR 75,000,000 if the full Credit is disbursed hereunder).

  

	 	4.2.2	 The Variable Remuneration payable by the Borrower to the Bank shall be equal to the aggregate of:

  

	 	(a)	 in respect of all Revenues received by a Group Company, net of VAT and other transaction taxes paid by a Group
Company, other than Upfront Payments, during the period from (and including) 1 January 2024 to (and including) 31 December 2033 and in relation to any Research and Development Project which is a Qualifying Investment:

  

	 	(i)	 1.5% of such amounts for so long as the relevant Research and Development Project has not yet reached Phase II;
and 

  

	 	(ii)	 8% of such amounts once the relevant Research and Development Project has reached Phase II (i.e. “first
patient in”); 

  

	 	(b)	 5% of all proceeds (net of VAT, other transaction taxes and transaction costs paid by a Group Company) received
by a Group Company from any divestment of Equity Investments which are Qualifying Investments, or distributions or other return on the shares or other securities in such Equity Investments, in each case during the period from (and including) the
date of this Contract to (and including) 31 December 2033. 

  

	 	4.2.3	 The Borrower shall pay to the Bank each year, on the Variable Remuneration Payment Date, the Variable
Remuneration in respect of the financial year to which such financial statements relate, notwithstanding any prior repayment of the Loan. For the avoidance of doubt, Variable Remuneration shall be payable beyond the Maturity Date and will remain
payable in respect of the period up to (and including) 31 December 2033. 

  

	 	4.2.4	 The Borrower shall provide to the Bank, within 10 (ten) Business Days after the same date on which it provides
its annual financial statements in accordance with paragraph 2(a)(i) of Schedule I, a detailed statement setting out how the Variable Remuneration in respect of the relevant financial year has been calculated. The Bank shall be entitled to challenge
or request further information in respect of such statement, and if the Bank does so the Borrower shall provide any information reasonably requested and enter into discussions with the Bank in good faith in order to agree the Variable Remuneration
in respect of such financial year. 

  

	 	4.2.5	 Following agreement on the Variable Remuneration, the Bank shall, by notice to the Borrower, request payment of
the Variable Remuneration. 

  
 - 25 - 

	4.3	 Interest on overdue sums 

Without prejudice to Article 9 and by way of exception to Article 4.1, if the Borrower fails to pay any amount payable by it under this
Contract on its due date, interest shall accrue (subject to mandatory provisions of the applicable laws, including Article 1154 of the Luxembourg Civil Code) on any such overdue amount from the due date to the date of actual payment at an annual
rate equal to the higher of (a) the applicable Fixed Rate plus 2% (200 basis points) or (b) EURIBOR plus 2% (200 basis points), and shall be payable in accordance with the demand of the Bank. For the purpose of determining EURIBOR in
relation to this Article 4.3, the relevant periods within the meaning of Schedule B shall be successive periods of one month commencing on the due date. 

If the overdue sum is in a currency other than the currency of the Loan, the relevant interbank rate that is generally retained by the Bank for
transactions in that currency plus 2% (200 basis points) shall apply, calculated in accordance with the market practice for such rate. 
  

	5.	 REPAYMENT 

  

	5.1	 Normal repayment 

The Borrower shall repay each Tranche disbursed by the Bank under the Credit, together with all other amounts outstanding under this Contract
in relation to that Tranche (other than Variable Remuneration, which will continue to be payable in accordance with Article 4.1) in a single instalment on the Maturity Date of that Tranche. 

 

	5.2	 Voluntary prepayment 

 

	 	5.2.1	 Prepayment option 

 

	 	(a)	 Subject to Articles 5.2.2 and 5.4 (General), the Borrower may prepay all or part of any Tranche,
together with accrued interest and any Voluntary Prepayment Fee and indemnities if any, upon giving a Prepayment Request with at least 1 (one) month’s prior notice specifying (i) the Prepayment Amount, (ii) the Prepayment Date, and
(iii) the Contract Number. 

  

	 	(b)	 The Prepayment Request may not be revoked or altered. 

 

	 	5.2.2	 Prepayment Fee 

If the Borrower prepays a Tranche under this Article 5.2, the Borrower shall pay to the Bank on the Prepayment Date the relevant Voluntary
Prepayment Fee in respect of the Tranche which is being repaid. 
  

	 	5.2.3	 Prepayment mechanics 

Upon presentation by the Borrower to the Bank of a Prepayment Request, the Bank shall issue a Prepayment Notice to the Borrower, not later than
15 (fifteen) days prior to the Prepayment Date. The Prepayment Notice shall specify the Prepayment Amount, the accrued interest due thereon, any Voluntary Prepayment Fee and the method of application of the Prepayment Amount. If the Prepayment
Notice specifies a Voluntary Prepayment Fee, it shall also specify the deadline by which the Borrower may accept the Prepayment Notice, and the Borrower must accept the Prepayment Notice no later than such deadline as a condition to prepayment. The
deadline for the acceptance will be 17:00 CET on the day after the Prepayment Notice is sent. 
 The Borrower shall make a prepayment in
accordance with the Prepayment Notice and shall accompany the prepayment by the payment of accrued interest and any Voluntary Prepayment Fee or indemnity, if any, due on the Prepayment Amount, as specified in the Prepayment Notice, and shall
identify the Contract Number in the prepayment transfer. 

  
 - 26 - 

	5.3	 Compulsory prepayment 

 

	 	5.3.1	 Cost Reduction 

If the total cost of the Investment at completion by the final date specified in the Technical Description falls below the figure stated in
Recital 0 so that the amount of the Credit exceeds 50% of such total cost, the Bank may forthwith, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan up to the amount by which the Credit
exceeds 50% of the total cost of the Investment. 
  

	 	5.3.2	 Change Events 

The Borrower shall promptly inform the Bank if: 
  

	 	(a)	 a Change-of-Control Event has
occurred or is likely to occur in respect of itself; or 

  

	 	(b)	 a Change-of-Law Event has
occurred or is likely to occur. 

 In such case, or if the Bank has reasonable cause to believe that such an event has
occurred or is reasonably likely to occur, the Borrower shall, on request of the Bank, consult with the Bank as to the impact of such event. If 30 (thirty) days have passed since the date of such request and the effects of such event cannot be
mitigated to its reasonable satisfaction, or in any event if a Change-of-Control Event or
Change-of-Law Event has actually occurred and is continuing, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand
prepayment of the Loan, together with accrued interest and all other amounts accrued or outstanding under this Contract. 
 In the event that
the Borrower considers information to be provided to the Bank under this Article 5.3.2 to be “inside information” (as defined in the Market Abuse Regulation (Regulation 596/2014)), it shall notify the Bank thereof. 

 

	 	5.3.3	 Illegality 

If it becomes unlawful in any applicable jurisdiction for the Bank to perform any of its obligations as contemplated in this Contract or to
fund or maintain the Loan, the Bank shall promptly notify the Borrower and may immediately cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan, as applicable, together with accrued interest and all other amounts accrued
or outstanding under this Contract. 
  

	 	5.3.4	 Pari Passu to Non-EIB Financing 

 If: 
  

	 	(a)	 a Voluntary Non EIB Prepayment has occurred; or 

 

	 	(b)	 (i) a Voluntary Non EIB Prepayment is likely to occur and (ii) the Bank has requested a consultation with
the Borrower in respect of such Voluntary Non EIB Prepayment and at least 30 (thirty) days have passed since the date of such request, 

  
 - 27 - 

 the Bank may, by notice to the Borrower, cancel the undisbursed portion of the Credit and
demand prepayment of the Loan. The proportion of the Loan that the Bank may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate
outstanding amount of all Non-EIB Financing. 
  

	 	5.3.4A	 Mandatory prepayment in case of resolution on dividends  

Without prejudice to Clause 9, for so long as any amount (other than Variable Remuneration) is outstanding under this Contract or the Credit is
available, if: 
  

	 	(a)	 the general assembly (Hauptversammlung) of the Borrower adopts a resolution to distribute a dividend to
the holders of the issued stock of the Borrower or to return or purchase shares in the Borrower; and 

  

	 	(b)	 at the time of such resolution and/or at the time of the payment of such dividend or the return or purchase of
shares in the Borrower a Default (other than a Default resulting from a non-compliance by the Borrower with the information covenants as set out in Paragraph 2 (Information concerning the Borrower) of
Schedule I (Information and Visits)), has occurred and is continuing; 

 then: 

 

	 	(i)	 in case of a Default pursuant to Clauses 9.1(a) to (k), the Borrower shall, on request of the Bank, consult
with the Bank as to the impact of such event; and if thirty (30) days have passed since the date of such request and the effects of such event cannot be mitigated to its reasonable satisfaction, then the Bank may by notice to the Borrower:

  

	 	(A)	 cancel the undisbursed portion of the Credit and/or 

 

	 	(B)	 demand the immediate prepayment of the Loan in full, together with accrued interest and all other amounts
accrued or outstanding under this Contract; or 

  

	 	(ii)	 in case of a Default pursuant to Clause 9.1(l), the Borrower shall, on request of the Bank, consult with the
Bank as to the impact of such Default; and if twenty (20) Business Days have passed since the date of such request and such Default is continuing and has not been remedied, then the Bank may by notice to the Borrower: 

 

	 	(A)	 cancel the undisbursed portion of the Credit and/or 

 

	 	(B)	 demand the immediate prepayment of the Loan in full, together with accrued interest and all other amounts
accrued or outstanding under this Contract. 

 For the avoidance of doubt, Variable Remuneration shall remain payable in
respect of the period up to (and including) 31 December 2033, notwithstanding prepayment under this Article 5.3.4A. 

  
 - 28 - 

	 	5.3.5	 Prepayment Fee 

In the case of a Prepayment Event in relation to a Tranche under this Article 5.3, the Borrower shall pay to the Bank on the Prepayment Date
the Compulsory Prepayment Fee in respect of the Tranche which is being prepaid. 
  

	 	5.3.6	 Prepayment mechanics 

Any sum demanded by the Bank pursuant to Articles 5.3.1 to 5.3.3 shall be paid on the date indicated by the Bank in its notice of demand, such
date being a date falling not less than 30 (thirty) days from the date of the demand (or, if earlier, the last day of any applicable grace period permitted by law in respect of the event in Article 5.3.3). 

 

	5.4	 General 

  

	 	5.4.1	 A repaid or prepaid amount may not be reborrowed. 

 

	 	5.4.2	 If the Borrower prepays a Tranche on a date other than a relevant Loan Payment Date, the Borrower shall pay the
Bank an administrative fee as notified by the Bank. 

  

	6.	 PAYMENTS 

  

	6.1	 Day count convention 

Any amount due under this Contract and calculated in respect of a fraction of a year shall be determined based on a year of 360 (three hundred
and sixty) days and a month of 30 (thirty) days. 
  

	6.2	 Time and place of payment 

 

	 	6.2.1	 If neither this Contract nor the Bank’s demand specifies a due date, all sums other than sums of interest,
indemnity and principal are payable within 15 (fifteen) days of the Borrower’s receipt of the Bank’s demand. 

  

	 	6.2.2	 Each sum payable by the Borrower under this Contract shall be paid via [***] to the account open in the name of
the [***], or such other account notified by the Bank to the Borrower. 

  

	 	6.2.3	 The Borrower shall provide the Contract Number as a reference for each payment made under this Contract.

  

	 	6.2.4	 Any disbursements by and payments to the Bank under this Contract shall be made using account(s) acceptable to
the Bank. Any account in the name of the Borrower held with a duly authorised financial institution in the jurisdiction where the Borrower is incorporated or where the Investment is undertaken is deemed acceptable to the Bank. 

 

	6.3	 No set-off by the Borrower 

All payments to be made by the Borrower under this Contract shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

  
 - 29 - 

	6.4	 Disruption to Payment Systems 

If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by the Borrower that a
Disruption Event has occurred: 
  

	 	6.4.1	 the Bank may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to
agreeing with the Borrower such changes to the operation or administration of this Contract as the Bank may deem necessary in the circumstances; 

  

	 	6.4.2	 the Bank shall not be obliged to consult with the Borrower in relation to any changes mentioned in Article
6.4.1 above if, in its reasonable opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; and 

 

	 	6.4.3	 the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption
Event or for taking or not taking any action pursuant to or in connection with this Article 6.4. 

  

	6.5	 Application of sums received 

 

	 	6.5.1	 General 

Sums received from the Borrower shall only discharge its payment obligations if and when received in accordance with the terms of this
Contract. 
  

	 	6.5.2	 Partial payments 

If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the
Bank shall apply that payment in or towards payment of: 
  

	 	(a)	 first, any unpaid fees, costs, indemnities and expenses due under this Contract; 

 

	 	(b)	 secondly, any accrued interest due but unpaid under this Contract or Variable Remuneration;

  

	 	(c)	 thirdly, any principal due but unpaid under this Contract; and 

 

	 	(d)	 fourthly, any other sum due but unpaid under this Contract. 

 

	 	6.5.3	 Allocation of sums related to Tranches 

In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank
and the Borrower on their application, the Bank may apply these between Tranches at its discretion. 
  

	7.	 BORROWER UNDERTAKINGS AND REPRESENTATIONS 

 

	7.1	 The Borrower makes the representations and warranties set out in Schedule G (Representations and
Warranties) to the Bank on the date of this Agreement. 

  

	7.2	 The Repeating Representations are deemed to be made by the Borrower on the date of each Disbursement
Acceptance, each Disbursement Date, each anniversary of the Disbursement Date and each Payment Date by reference to the facts and circumstances then existing. 

  
 - 30 - 

	7.3	 The undertakings in Schedule H (General Undertakings) and Schedule I (Information and Visits)
remain in force from the date of this Contract for so long as any amount is outstanding under this Contract or the Credit is available, save for the undertakings in Paragraphs 8 (to the extent specified in that paragraph), 12, 14, 15, 16, 17, 18,
20, 23 and 24 in Schedule H (General Undertakings) which shall remain in force from the date of this Contract for so long as any amount (other than Variable Remuneration) is outstanding under this Contract or the Credit is available.

  

	8.	 CHARGES AND EXPENSES 

 

	8.1	 Taxes, duties and fees 

The Borrower shall pay all Taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising
out of the execution or implementation of this Contract or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent applicable. 

The Borrower shall pay all principal, interest, indemnities and other amounts due under this Contract gross without any withholding or
deduction of any national or local impositions whatsoever, provided that if the Borrower is required by law or an agreement with a governmental authority or otherwise to make any such withholding or deduction, it will gross up the payment to the
Bank so that after withholding or deduction, the net amount received by the Bank is equivalent to the sum due. 
  

	8.2	 Other charges 

The Borrower shall bear all documented charges and expenses, including professional, banking or exchange charges incurred in connection with
the preparation, execution, implementation, enforcement and termination of this Contract or any related document, any amendment, supplement or waiver in respect of this Contract or any related document, and in the amendment, creation, management,
enforcement and realisation of any security for the Loan. 
  

	8.3	 Increased costs, indemnity and set-off 

 

	 	(a)	 The Borrower shall pay to the Bank any documented sums or expenses incurred or suffered by the Bank as a
consequence of the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or compliance with any law or regulation made after the date of signature of this Contract, in accordance with or
as a result of which (i) the Bank is obliged to incur additional costs in order to fund or perform its obligations under this Contract, or (ii) any amount owed to the Bank under this Contract or the financial income resulting from the
granting of the Credit or the Loan by the Bank to the Borrower is reduced or eliminated. 

  

	 	(b)	 Without prejudice to any other rights of the Bank under this Contract or under any applicable law, the Borrower
shall indemnify and hold the Bank harmless from and against any loss incurred as a result of any payment or partial discharge that takes place in a manner other than as expressly set out in this Contract. 

 

	 	(c)	 The Bank may set off any matured obligation due from the Borrower under this Contract (to the extent
beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to the Borrower regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the
Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Bank may set off in an
amount estimated by it in good faith to be the amount of that obligation. 

  
 - 31 - 

	9.	 EVENTS OF DEFAULT 

 

	9.1	 Right to demand repayment 

The Bank may demand (in writing) immediate repayment by the Borrower of all or part of the Loan (as requested by the Bank), together with
accrued interest, any Compulsory Prepayment Fee and all other accrued or outstanding amounts under this Contract, if: 
  

	 	(a)	 any amount payable pursuant to this Contract is not paid on the due date at the place and in the currency in
which it is expressed to be payable, unless (i) its failure to pay is caused by an administrative or technical error or a Disruption Event and (ii) payment is made within 3 (three) Business Days of its due date; 

 

	 	(b)	 any information or document given to the Bank by or on behalf of the Borrower or any representation, warranty
or statement made or deemed to be made by the Borrower in or pursuant to this Contract is or proves to have been incorrect, incomplete or misleading in any material respect; 

 

	 	(c)	 following any default of the Borrower in relation to any loan, or any obligation arising out of any financial
transaction, other than the Loan, 

  

	 	(i)	 the Borrower is required or is capable of being required or will, following expiry of any applicable
contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or 

 

	 	(ii)	 any financial commitment for such other loan or obligation is cancelled or suspended; 

 

	 	(d)	 the Borrower is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a
composition with its creditors including a moratorium, or commences negotiations with one or more of its creditors with a view to rescheduling any of its financial indebtedness; 

 

	 	(e)	 any corporate action, legal proceedings or other procedure is taken in relation to the suspension of payments,
a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) or an order is made or an effective resolution is passed for the winding up of the Borrower, or if
the Borrower takes steps towards a substantial reduction in its capital, is declared insolvent or ceases or resolves to cease to carry on the whole or any substantial part of its business or activities or any situation similar to any of the above
occurs under any applicable law; 

  

	 	(f)	 an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or
similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by any person, of or over, any part of the business or assets of the Borrower or any property forming part of the Investment;

  

	 	(g)	 the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or
financial instrument entered into with the Bank; 

  
 - 32 - 

	 	(h)	 the Borrower defaults in the performance of any obligation in respect of any other loan made to it from the
resources of the Bank or the European Union; 

  

	 	(i)	 any distress, execution, sequestration or other process is levied or enforced upon the property of the Borrower
or any property forming part of the Investment and is not discharged or stayed within 14 (fourteen) days; 

  

	 	(j)	 a Material Adverse Change occurs, as compared with the position at the date of this Contract;

  

	 	(k)	 it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract, or this
Contract is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms; or 

  

	 	(l)	 the Borrower fails to comply with any other provision under this Contract, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within 20 Business Days from the earlier of the Borrower becoming aware
of the non-compliance and a notice served by the Bank on the Borrower. 

  

	9.2	 Other rights at law 

Article 9.1 (Right to demand repayment) shall not restrict any other right of the Bank at law to require prepayment of the Loan. 

 

	9.3	 Prepayment Fee 

In case of demand under Article 9.1, the Borrower shall pay the Bank the amount demanded including the relevant Compulsory Prepayment Fee. 

 

	9.4	 Non-Waiver 

No failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be
construed as a waiver of such right or remedy. The rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law. 
  

	10.	 LAW AND JURISDICTION, MISCELLANEOUS 

 

	10.1	 Governing Law 

This Contract and any non-contractual obligations arising out of or in connection with it shall be
governed by the laws of Luxembourg. 
  

	10.2	 Jurisdiction 

  

	 	(a)	 The courts of Luxembourg-City have exclusive jurisdiction to settle any dispute (a “Dispute”)
arising out of or in connection with this Contract (including a dispute regarding the existence, validity or termination of this Contract or the consequences of its nullity) or any non-contractual obligation
arising out of or in connection with this Contract. 

  

	 	(b)	 This Article 10.2 is for the benefit of the Bank only. As a result and notwithstanding Article 10.2(a) above,
it does not prevent the Bank from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Bank may take concurrent proceedings in any number of jurisdictions. 

  
 - 33 - 

	10.3	 Place of performance 

Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Contract, shall be the seat of the Bank. 

 

	10.4	 Evidence of sums due 

In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract
shall, in the absence of manifest error, be prima facie evidence of such amount or rate. 
  

	10.5	 Entire Agreement 

This Contract constitutes the entire agreement between the Bank and the Borrower in relation to the provision of the Credit hereunder, and
supersedes any previous agreement, whether express or implied, on the same matter. 
  

	10.6	 Invalidity 

If at any time any term of this Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes
ineffective in any respect, under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect: 
  

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any other term of this Contract or the
effectiveness in any other respect of this Contract in that jurisdiction; or 

  

	 	(b)	 the legality, validity or enforceability in other jurisdictions of that or any other term of this Contract or
the effectiveness of this Contract under the laws of such other jurisdictions. 

  

	10.7	 Amendments 

Any amendment to this Contract shall be made in writing and shall be signed by the parties hereto. 

 

	10.8	 Counterparts 

This Contract may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each
counterpart is an original, but all counterparts shall together constitute one and the same instrument. 

  
 - 34 - 

	11.	 FINAL CLAUSES 

 

	11.1	 Notices to either party 

Notices and other communications given under this Contract addressed to either party to this Contract shall be made to the address, facsimile
number or e-mail address as set out below: 
  

			
	 For the Bank
	  	 Attention: [***] 

		
	 For the Borrower
	  	 Attention: [***]

 The Bank and the Borrower shall notify each other in writing upon changing any of their respective
communication details. 
  

	11.2	 Form of notice 

Any notice or other communication given under this Contract must be in writing. 

Notices and other communications, for which fixed periods are laid down in this Contract or which themselves fix periods binding on the
addressee, may be made by hand delivery, registered letter, facsimile or e-mail. Such notices and communications shall be deemed to have been received by the other party on the date of delivery in relation to
a hand-delivered or registered letter, on receipt of transmission in relation to a facsimile, on the date when the e-mail is sent in relation to an e-mail message sent
by the Bank or when confirmed by return e-mail by an authorised officer to have been received in readable form. 

Other notices and communications may be made by hand delivery, registered letter, facsimile or e-mail.

 Without affecting the validity of any notice delivered by facsimile or e-mail according to the
paragraphs above, a copy of each notice delivered by facsimile or e-mail as applicable shall also be sent by letter to the relevant party on the next following Business Day at the latest. 

Notices issued by the Borrower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Bank together
with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of the Borrower and the authenticated specimen signature of such person or persons. 

Any notice provided by the Borrower to the Bank by e-mail shall mention the Contract Number in the
subject line and shall be in the form of a non-editable electronic image (pdf, tif or other common non-editable file format agreed between the parties) of the notice
signed by one or more Authorised Signatories of the Borrower as appropriate, attached to the e-mail. 

The Bank and the Borrower agree that communications sent in accordance with this Article 11.2 shall constitute admissible evidence in court.

  
 - 35 - 

	11.3	 English language 

 

	 	(a)	 Any notice or communication given under or in connection with this Contract must be in English.

  

	 	(b)	 All other documents provided under or in connection with this Contract must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 if not in English, and if so required by the Bank, accompanied by a certified English translation and, in this
case, the English translation will prevail. 

  
 - 36 - 

 IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in three originals in
the English language. 
  

					
	Signed for and on behalf of	 		 	Signed for and on behalf of
			
	EUROPEAN INVESTMENT BANK	 		 	EVOTEC AG
			
	Name: [***] 
	 		 	Name: [***]

			
	Title: Vice-President 
	 		 	Title: CEO 

			
	Signature:	 		 	Signature:
			
		 		 	Name: [***]

			
		 		 	Title: CFO 

			
		 		 	Signature:

  
 - 37 -EX-10.11

 Exhibit 10.11 

THE SYMBOL “[***]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH
(i) NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 Aptuit Agreement Reference: 00040069

 Drug Discovery & Development Services Agreement 

Aptuit (Verona) Srl 

and     

Novo Nordisk A/S 

 This agreement (“Drug Discovery & Development Services Agreement” or
“Agreement”) is by and between 
 Novo Nordisk A/S, Novo Allé, DK-2880, Bagsværd,
Denmark (“Novo Nordisk”) 
 and 
 Aptuit
(Verona) SRL, an Evotec Company, Via Alessandro Fleming 4, 37135 Verona, Italy (“Aptuit”), 
 and is effective as of the date of the last
signature herunder (“Effective Date”). 
 Novo Nordisk and Aptuit are each referred to individually as a “Party” and
collectively referred to as the “Parties”. 
 Preamble 
  

	(A)	 Aptuit has developed and acquired certain “Aptuit Technology” relating to the Services” (as
hereinafter defined). 

  

	(B)	 Novo Nordisk is interested in purchasing Services from Aptuit. 

 

	(C)	 Aptuit is willing to provide such Services to Novo Nordisk. 

 

	(D)	 This Agreement sets forth the terms and conditions for purchase and use of the Services. 

NOW, THEREFORE, the Parties hereby acknowledge, and intend to be legally bound, and otherwise be bound by proper and reasonable conduct, agree as follows:

  

	1.	 Definitions 

For the purposes of this Drug Discovery & Development Services Agreement, all terms used with capital letters shall have the meaning assigned to such
terms in Section 1 below. 
  

			
	“Affiliates”	  	shall mean, with respect to either Party, any Person that controls, is controlled by or is under common control with such first Party. For purposes of this definition only, “control” means (a) to possess, directly or
indirectly, the power to direct the management or policies of a Person, whether through ownership of voting securities or by contract relating to voting rights or corporate governance, or (b) to own, directly or indirectly, more than fifty
percent (50%) of the outstanding voting securities or other ownership interest of such Person.
		
	Appendix (ces)	  	shall mean the appendix(ces) to this Agreement
		
	“Assay”	  	shall mean a testing system to detect the interaction of the Target(s) with the Compounds.
		
	“Assay Development”	  	shall mean the activities to be carried out by Aptuit to develop, optimize or adapt an Assay to the Aptuit Technology as more particularly described in the Project Description(s).

  
 page 2 of 21 

			
		
	“Business Day”	  	shall mean every day of the week except Saturday, Sunday and nationally recognized holiday of DenmarkItaly or Germany.
		
	“Novo Nordisk Background IP”	  	shall mean all Intellectual Property Rights owned or Controlled by Novo Nordisk and licensed to Aptuit by Novo Nordisk hereunder, such as all Intellectual Property Rights with regard to Novo Nordisk Compounds and Novo Nordisk
Materials to be applied by Aptuit in the conduct of the Projects.
		
	“Novo Nordisk Compounds”	  	shall mean the physical samples or chemical structure information of substances provided to Aptuit by Novo Nordisk upon which Aptuit will perform Screening Services or other Services.
		
	“Novo Nordisk Material”	  	shall mean all physical samples supplied to Aptuit by Novo Nordisk, including Novo Nordisk Compounds, Reagents and other materials to be used in the performance of the Services as detailed in the Project Description(s).
		
	“Compounds”	  	shall mean Novo Nordisk Compounds, Aptuit Compounds and/or Project Compounds.
		
	“Computational Chemistry Services”	  	shall mean computational chemistry services to be performed by Aptuit under this Agreement as specified in the Project Description(s), using Aptuit’s computational chemistry tools.
		
	“Contract Term”	  	shall mean the period defined in Section 11.1.
		
	“Control(led)”	  	shall mean with respect to any Intellectual Property Right, that the Party controlling such right owns a transferable interest or has a license to practice such Intellectual Property Right and has the ability to grant the other
Party access, a license or a sublicense (as applicable) to practice such Intellectual Property Right.
		
	“DMPK Services”	  	shall mean in vitro and in silico DMPK services (Drug Metabolism and Pharmacokinetics services) and biological assay support as specified in the Project Description(s).
		
	“Aptuit Background IP”	  	shall mean all Intellectual Property Rights owned or Controlled by Aptuit relating to (i) the Aptuit Technology and (ii) Aptuit Compounds (that constitute part of the Aptuit Libraries).
		
	“Aptuit Compounds”	  	shall mean the physical samples of fragments and/or small molecules owned or Controlled by Aptuit, with which Aptuit will perform Screening Services or other Services.

  
 page 3 of 21 

			
		
	“Aptuit Libraries”	  	shall mean the libraries of Aptuit Compounds or selections thereof kept by Aptuit or any of its Affiliates.
		
	“Aptuit Technology”	  	shall mean the processes, methodology or technology as employed by Aptuit in the performance of the Services, including but not limited to, assay technology, the Aptuit Libraries, software, algorithms, databases, screening
technology, structural biology technology, and chemical technology.
		
	“FTE”	  	shall mean the equivalent of a full time scientist of Aptuit based on one thousand six hundred and fifty (1650) hours per year, carried out by one or, as the case may be, more scientists of Aptuit, each of whom may devote a
portion of his or her time to the Project(s).
		
	“Intellectual Property Rights”	  	shall mean any discovery, invention, formulation, know-how, method, technological development, enhancement, modification, improvement, work of authorship, computer software (including, but not
limited to, source code and executable code) and documentation thereof, data or collection of data, whether patentable or not, or susceptible to copyright or any other form of legal protection.
		
	“In Vivo Services”	  	shall mean in vivo pharmacology activities to be performed by Aptuit as mutually agreed between the Parties, including (i) single or multiple dose studies (ii) in vivo DMPK studies (iii) Pharmacodynamic studies in the
fields of CNS, diabetes, inflammation, obesity, oncology and pain (iv) In vivo profiling services, (v) dose-range finding studies (vi) tolerability studies and/or combinations thereof as specified in the Project
Description(s).
		
	“Licensee”	  	shall mean with respect to the Novo Nordisk any Person other than Novo Nordisk’s Affiliate(s), that is granted a license by the Novo Nordisk to develop, make, have made, use, offer for sale and sell product(s) derived from
Compounds.
		
	“Manufacturing Services”	  	means the manufacturing, quality control, quality assurance and stability testing, packaging and related services, as contemplated in this Agreement, required to produce the Deliverables.
		
	“Medicinal Chemistry Services”	  	shall mean activities undertaken by Aptuit to perform synthetic services to synthesise and/or acquire Project Compounds in order to optimise their properties as specified in the Project Description(s).

  
 page 4 of 21 

			
		
	“Person”	  	shall mean any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, limited liability partnership, unincorporated organization, government (or any agency or
political subdivision thereof) or other legal entity or organization.
		
	“Preclinical Services”	  	shall man all in vivo and in vitro studies to support regulatory filing applications, drug product formulation, drug product manufacture and drug substance manufacture.
		
	“Profiling Services”	  	shall mean the additional characterization of Compounds that interact with the Target(s) as more particularly described in the respective Project Description(s), including dose response studies or other secondary testing and re-testing, and DMPK testing.
		
	“Project(s)”	  	shall mean the individual Services to be provided and performed by Aptuit for Novo Nordisk.
		
	“Project Compounds”	  	shall mean a discrete organic chemical entity (i) developed and physically produced or (ii) the physical samples acquired from a third party under this Agreement—all as delivered to Novo Nordisk and/or used within any
Services.
		
	“Project Deliverables”	  	shall mean, with respect to each Project, the data, information, reports, Project Compounds, and other items set forth in the Project Description of such Project to be delivered by Aptuit to Novo Nordisk in connection with the
performance by Aptuit of the Services specified in such Project Description.
		
	“Project Description”	  	shall mean with respect to each Project, the written document to be attached to this Agreement as an Appendix prepared in accordance with Section 2.
		
	“Project IP”	  	shall mean all Intellectual Property Rights conceived, discovered, invented or made by Aptuit or Novo Nordisk during the course of the performance of the Services in the conduct of the Projects other than Aptuit IP (as defined in
Section 10.5).
		
	“Project Leader	  	shall mean for each Project, the project manager or designated person who is overall responsible to scientifically manage the Project.
		
	“Public Domain Target”	  	shall mean a Target which can be freely used without infringing Intellectual Property Rights.

  
 page 5 of 21 

			
		
	“Reagent”	  	shall mean chemicals, proteins, antibodies, dyes, cells, conjugates or suchlike that are needed to perform Assay Development, Screening Services Profiling Services or other Services – other than Compounds.
		
	“Reagent Development”	  	shall mean the activities performed by Aptuit relating to the preparation of Reagents detailed in the respective Project Description(s).
		
	“Screening Services”	  	shall mean the primary and/or secondary screening activities including the provision of the Aptuit Library, as described in the respective Project Description(s), to be carried out by Aptuit to identify whether the Compounds
interact with the Target(s) as more particularly described in the respective Project Description(s).
		
	“Section(s)”	  	shall mean the section(s) to this Agreement.
		
	Services”	  	shall mean drug discovery and development activities to be performed by Aptuit as mutually agreed between the Parties, including (i) Reagent Development, (ii) Assay Development, (iii) Screening Services,
(iv) Profiling Services, (v) Structural Biology Services, (vi) Medicinal Chemistry Services, (vii) Computational Chemistry Services, (viii) In Vivo Services, (ix) DMPK Services, (x) Preclinical Services and/or
(xi) Manufacturing Services and/or combinations thereof.
		
	“Steering Committee”	  	shall mean the committee set up by the Parties in accordance with Section 3.
		
	“Structural Biology Services”	  	shall mean structural biology activities to be performed by Aptuit under this Agreement as specified in the Project Description(s), including e.g. crystallization, X-ray analysis or NMR
analysis.
		
	“Sub-Licensee”	  	shall mean with respect to the Novo Nordisk, any Person that is granted a sub-license by the Novo Nordisk to develop, make, have made, use, offer for sale and sell product(s) derived from the
Compounds.
		
	“Target”	  	shall mean a specific biological target to be used in the performance of the respective Screening Services or other Services as detailed in the respective Project Description(s).
		
	“Technical Information Disclosure Package”	  	shall mean the necessary information for Aptuit for the performance of a specific Project, to be provided by Novo Nordisk for the purposes of a specific Project as agreed between the Parties.
		
	“Third Party”	  	shall mean any Person other than Aptuit, Novo Nordisk and their respective Affiliates.
		
	“Term”	  	shall mean the term of this Agreement as defined in Section 11.1.

  
 page 6 of 21 

 References. Unless the context otherwise requires, all references to a particular Section or
Appendix shall be a reference to that Section or Appendix, in or to the Agreement or Appendices as the same may be amended from time to time. 

Headings. Headings are inserted for convenience only and shall have no effect on the meaning of the provisions thereof. 

Appendices. The Appendices form part of this Agreement and have the same force and effect as if expressly set out in the body of the Agreement. Any
reference to the Agreement includes the Appendices. Any breach of the Appendices shall be deemed as a breach of this Agreement. 
  

	2.	 Project Descriptions 

 

	2.1	 Project Descriptions. Upon request of Novo Nordisk, Aptuit shall propose a project description for the
planned project. Each proposed project description developed by Aptuit shall include the following information: (i) a reasonably detailed description of the Services to performed by Aptuit; (ii) an estimated time frame for the completion
of such proposed project; (iii) the Project Deliverables; (iv) pricing and payment schedule; and (v) other information which may be necessary to appropriately describe the Services to be performed by Aptuit in respect of such proposed
project, e.g. the number of FTEs. 

  

	2.2	 Adoption of Proposed Projects by the Parties. The Parties hereby agree that each proposed project and
proposed Project Description shall only be confirmed under this Agreement upon the written approval of both Parties. After such approval, the Parties hereby agree that (i) such proposed project will be deemed a “Project” for the
purposes as that term is defined in this Agreement; and (ii) such proposed Project Description will be deemed attached to, and part of, this Agreement. 

  

	2.3	 Reports. Aptuit shall deliver (i) interim project reports (the “Interim Project
Reports”) and (ii) final project reports (the “Final Project Reports”) to Novo Nordisk’s Project Leader as specified in each Project Description. (Interim Project Reports and Final Project Reports are collectively
referred to as “Project Report(s)”). 

 Each Project Report shall provide (i) a summary of the status
and progress of each Project, (ii) results, material developments and issues in respect to each Project and (iii) such other matters related to each Project as reasonably requested by the Steering Committee in accordance with
Section 3.2. 
  

	3.	 Program Management 

 

	3.1	 Setting up the Steering Committee(s). Novo Nordisk and Aptuit shall establish a Steering Commitee, which
shall be composed of a minimum of two (2) people from each Party, with an equal number of members from each Party, and shall meet on at least a quarterly basis at times to be agreed between the Parties (i) alternating between both
Parties’ sites, or (ii) by video conference, or (iii) by telephone conference (contact type to be mutually agreed between the Parties). Each Party shall be responsible for all travel and related expenses it may incur for the Steering
Committee meetings. The Parties will share as equally as possible the cost and effort of providing administrative support to the Steering Committee, setting meeting agendas, keeping minutes of meetings, and otherwise assuring the operation of the
Steering Committee. 

  
 page 7 of 21 

	3.2	 Obligations of the Steering Committee. The Steering Committee will have the obligation to manage and
review the progress of the Project(s). In particular, the Steering Committee shall: 

  

	 	3.2.1	 Co-ordinate the activities of the Parties in relation to the
Project(s); 

  

	 	3.2.2	 Monitor the progress of the Project(s) and the Parties’ diligence in carrying out their responsibilities;
and 

  

	 	3.2.3	 Agree on type, format and contents of Project Reports to be provided by Aptuit to Novo Nordisk in accordance
with the agreed-upon Project(s). 

  

	3.3	 Voting. The Steering Committee will take action by unanimous vote with each Party having a single
vote, irrespective of the number of representatives a Party has on the Steering Committee. The Parties agree that, in voting on matters as described in this Section 3.3, it shall be conclusively presumed that each representative voting on
behalf of each Party in the Steering Committee has the authority and approval of such member’s respective senior management in casting his or her vote. 

  

	3.4	 Decision-Making. The Steering Committee will attempt to resolve matters by unanimous agreement. However,
in a case where the Steering Committee cannot resolve a matter unanimously, it will be referred to senior management of Novo Nordisk and Aptuit. In the event that an agreement cannot be reached by senior management within fourteen (14) days
from the date of inquiry, Novo Nordisk will have the final decision on the matter, unless the decision would result in (i) extending the Services provided by Aptuit hereunder beyond what has been agreed to by the Parties (ii) altering the
scope of Services leading to additional costs for Aptuit, unless Novo Nordisk agrees to adjust payments to Aptuit to cover such extended Services or additional costs, or (iii) unreasonable alterations in Aptuit’s Project-specific
costs calculations, unless Novo Nordisk agrees to cover such unreasonable alterations. 

  

	3.5	 Project Leader(s). Aptuit and Novo Nordisk shall each appoint a scientific project leader for each
Project, who will serve as the principal point of contact between the Parties for each Project. Aptuit’s Project Leader shall keep Novo Nordisk’s Project Leader fully informed of the progress of the particular Project. Aptuit shall ensure
that its Project Leader is reasonably available for telephone and face-to-face discussions with Novo Nordisk’s personnel. Aptuit’s Project Leader shall report
at least once every two weeks to Novo Nordisk’s Project Leader (with or without participation of project teams) in person, by video, telephone or electronic communication. 

 

	3.6	 Changes. For the avoidance of doubt, the Steering Committee and the Project Leaders shall not be
authorized to amend this Agreement or the Appendices. 

  

	3.7	 Visiting Professionals. Novo Nordisk may invite additional representatives to attend meetings of the
Steering Committee. All such representatives will be bound by terms and conditions equivalent to those of this Agreement. Voting will be in accordance with Section 3.3 

 

	4.	 Performance of the Services 

 

	4.1	 Performance of Projects. The Parties shall collaborate to perform each Project which shall comprise the
provision of Services as specified in the respective Project Description(s). 

  

	4.2	 Obligations of the Parties. The Parties shall: 

 

	 	a)	 use reasonable efforts to carry out their respective obligations under this Agreement; and

  
 page 8 of 21 

	 	b)	 perform their respective obligations under this Agreement with all due skill, care and diligence, in a timely
and professional manner, and in accordance with the estimated timetable mutually agreed between both Project Managers, the Steering Committee and/or in the respective Project Description(s). 

 

	4.3	 No Guarantee of Outcome. The Parties acknowledge that, as with all research and development projects, it
is not possible to guarantee that any Project will be successful or completed within a specified time-scale, or at all. In particular, it is not possible to guarantee that the Assay Development will result in a useful Assay, that the Screening
Services and Profiling Services will generate any hits or the Medicinal Chemistry Services any leads. Accordingly, Aptuit shall not be liable for failure of any Project to generate any useful results provided that Aptuit has used reasonable efforts
to carry out its obligations under this Agreement in accordance with Section 4.2 and has adhered to the expressed and mutually agreed Project Description(s) in the performance of Services of each respective Project. 

 

	4.4	 Re-allocation of FTEs. The Steering Committee shall have the
right to re-allocate any or all of the FTEs being sponsored by Novo Nordisk hereunder to perform any of the various Services covered under the Agreement; provided, however, that such re-allocation shall take effect at a reasonable time to be mutually determined by the Parties but in no event any later than sixty (60) days from the Steering Committee’s date of decision.

  

	4.5	 Pursuant to the terms and conditions of this Agreement, Aptuit will apply to the Services at its site in Verona
the then-current and applicable Good Manufacturing Practices, Good Clinical Practices and/or Good Laboratory Practices. 

  

	5.	 Novo Nordisk Materials 

 

	5.1	 Providing Novo Nordisk Materials. Novo Nordisk shall provide Novo Nordisk Materials to Aptuit free of
charge in accordance with the timetable and the specification set out in each respective Project Description(s), and to the extent mutually agreed between the Parties as being necessary for the performance of a Project(s) by Aptuit hereunder.

 Novo Nordisk hereby represents that to Novo Nordisk’s knowledge, it shall have the right to transfer, or has
transferred, all such Novo Nordisk Materials to Aptuit for the purposes of performing the Services in each respective Project. 
 Novo
Nordisk hereby further represents that such Novo Nordisk Materials provided to Aptuit will be provided in compliance with all applicable federal, state, local and international laws, rules, regulations, orders and guidelines. In accordance with
Section 9.5 of this Agreement, Novo Nordisk shall inform Aptuit of any safety hazard that relates to any of the Novo Nordisk Material. 
  

	5.2	 Property of Novo Nordisk Materials. Novo Nordisk Materials shall remain the exclusive property of Novo
Nordisk. Aptuit shall use Novo Nordisk Materials solely for the purpose of carrying out its obligations under this Agreement. 

  

	5.3	 Use of Novo Nordisk Materials. Aptuit shall not provide any of Novo Nordisk Materials, or any
information associated with Novo Nordisk Materials to any Third Party. Aptuit may provide such Novo Nordisk Materials to its Affiliates and to Services Sub-Contractors as defined and in accordance with
Section 13.8 for providing Service. Aptuit shall not use Novo Nordisk Materials in humans, animals, or plants, or for any purpose other than the Project’s purpose. 

Except to the extent required to enable Aptuit to perform the Drug Discovery Services, Aptuit hereby further agrees that it will not, directly
or indirectly, reverse engineer, deconstruct or in any way analyze or determine the identity, structure or composition of any Novo Nordisk Materials or the properties thereof (chemical, biochemical, physical, biological or other). 

  
 page 9 of 21 

	5.4	 Retention of Novo Nordisk Materials. Unless otherwise agreed or directed by Novo Nordisk in writing (or,
in case of other obligations of Aptuit for Novo Nordisk Materials provided by Third Parties on behalf of Novo Nordisk under separate agreements with Aptuit), Aptuit shall retain all unused Novo Nordisk Materials for a period of six (6) months
(“Retention Period”). Upon the expiration of such Retention Period, Aptuit shall return or appropriately discard or destroy all such unused Novo Nordisk Materials as directed by Novo Nordisk. Upon request, an authorised officer of
Aptuit shall confirm in writing its compliance with this Section. In case Novo Nordisk Material is provided to Aptuit on behalf of Novo Nordisk by Third Parties under separate agreements between Third Parties and Aptuit, these agreements may require
the return of such Novo Nordisk Material to the providing Third Party. For the avoidance of doubt, in such a case, these agreements shall prevail with respect to Aptuit’s obligation to return, discard or destroy the unused Novo Nordisk
Materials as set forth in Section 5.4 (second sentence). 

  

	6.	 Confidential Information 

 

	6.1	 “Confidential Information” shall mean all Novo Nordisk Background IP, Aptuit Background IP,
Project IP, Aptuit IP disclosed by one Party to the other Party under this Agreement or other proprietary business, technical and/or research information. 

  

	6.2	 “Confidential Information” shall not include any information which: 

 

	 	6.2.1	 is or becomes public knowledge through no improper conduct on the part of the Party receiving the Confidential
Information; and/or 

  

	 	6.2.2	 is already lawfully possessed by the Party receiving Confidential Information prior to receiving it; and/or

  

	 	6.2.3	 is obtained subsequently from a Third Party without any obligations of confidentiality and such Third Party is
in lawful possession of such information and is not in violation of any contractual or legal obligation to maintain the confidentiality of such information; and/or 

 

	 	6.2.4	 is independently developed by the Party receiving the Confidential Information, as evidenced by such
Party’s written records, without use or reliance upon such Confidential Information; 

  

	 	6.2.5	 is approved for release by written authorization of the original Party disclosing the Confidential Information.

  

	6.3	 Exceptions. For the purpose of Section 6.2, no information which is specific shall be deemed to be
within any of the exceptions, stipulated in Section 6.2, merely because it encompasses more general information which falls within one or more of the foregoing exceptions. 

 

	6.4	 Onus to demonstrate. The onus to demonstrate that any of the exceptions set out in Section 6.2
applies shall fall on the asserting Party. 

  

	6.5	 Disclosure of Confidential Information. Each Party shall keep, and shall cause its respective employees,
directors, auditors, agents, consultants, and Affiliates to keep confidential all Confidential Information belonging to the other Party and shall not use any Confidential Information belonging to the other Party for purposes other than carrying out
the Project(s) and/or exercising its rights hereunder. 

  
 page 10 of 21 

	6.6	 Permitted Disclosures. In the event any Party determines that it is required by law or by a regulatory
authority having jurisdiction to disclose any Confidential Information, whether by way of public filing or otherwise, then that Party shall promptly give written notice thereof to the other Party and (subject to such law or regulatory authority)
permit the other the right to review such disclosure, obtain a protective order or to terminate any further discussions. Disclosures made under this paragraph shall not otherwise exempt the disclosed Confidential Information from protection under
this Agreement. 

  

	6.7	 Confidentiality Term. The requirements of this Section 6 shall continue in effect for a period of
seven (7) years, with the exception set forth in Section 10.3 b), following expiration or Term of this Drug Discovery & Development Services Agreement or the expiry of the exclusivity period defined in
Section 10.4 (whatever is later 

  

	7.	 Publicity and Company Names 

 

	7.1	 Press Releases. In the event Aptuit or Novo Nordisk wish to publish a press release relating to this
Agreement, either Party will contact the other Party to discuss the possibility of a release, and such other Party will give reasonable consideration to the request. 

In any event, both Parties agree not to issue any press releases without written approval from the other Party. 

 

	7.2	 Neither the Novo Nordisk nor Aptuit shall produce or make public, any forms of advertising, sales literature or
other written or oral statements in connection with, or alluding to: 

  

	 	a)	 work performed under this Agreement or the relationship between the Parties created by it, having or containing
any reference to the names of Novo Nordisk or Aptuit; 

  

	 	b)	 work having or containing the logos, trademarks or service marks, alone or as part of another name or mark,
without the prior written approval of an authorized representative the other Party. 

  

	8.	 Delivery and Payments 

 

	8.1	 Project Costs. All Project costs and fees will be invoiced by Aptuit as specified in the particular
Project Description on an FTE or non-FTE basis as the case may be. All sums specified in the Project Description are exclusive of Value Added Tax or any other sales tax or duties. Where applicable, the
foregoing shall be payable to Aptuit by the Novo Nordisk. All sums payable under this Agreement shall be paid in EURO unless otherwise specified in the respective Project Description. Payments shall be made by direct wire transfer within forty-five
(45) days of the date of invoice. Any payment payable by Novo Nordisk hereunder is subject to receipt by Novo Nordisk of an invoice prepared in accordance with the Novo Nordisk invoicing instructions set forth in Appendix 1.

  

	8.2	 Delivery. Title to and all risk in each Project Deliverable shall pass to Novo Nordisk on an
Aptuit’s                      Ex-Works
(Hamburg/Abingdon/Manchester/Munich/Goettingen/Toulouse/Verona/Reinach – as the case may be) (Incoterms 2010) basis. 

Notwithstanding the foregoing, unless requested otherwise by Novo Nordisk, Aptuit shall act as an agent to arrange shipping of all Project
Deliverables to Novo Nordisk or any designee and shall insure such Project Deliverables during shipment in accordance with Novo Nordisk’s instructions. 

  
 page 11 of 21 

 For the avoidance of any doubts, both Parties agree, that payments are payments for research
services, including associated costs. In case that reagents, Active Pharmaceutical Ingredients (API) etc. need to be send between the Parties, as part of the research activities, those will be send from Aptuit, including its sites mentioned above,
based on Ex-Works (Incoterms 2010). 
  

	8.3	 Licenses. If (a) license(s) from a Third Party is (are) required to perform the Project(s) and
payment to such Third Party for such license(s) is required, Novo Nordisk shall be notified of, and shall make a decision as to (i) obtain said license(s) which would enable Aptuit to perform such Project(s), to the extent specified in the
respective Project Description(s);or (ii) exclude those Services from the Project(s) that would require such Third Party license(s). If Novo Nordisk determines to obtain said license(s), then Novo Nordisk shall bear the cost of said license(s).
If Novo Nordisk elects said exclusion or cessation, the amount payable by Novo Nordisk to Aptuit shall be reasonably adjusted according to such exclusion or cessation. 

 

	8.4	 Interest. If Novo Nordisk fails to pay any sum due under this Agreement in full by the due date for
payment, then Aptuit may, without prejudice to any other available right or remedy, charge interest on any outstanding amount on a daily basis at a rate equivalent to LIBOR six (6) months plus two percent (1%), or, if lower, the highest rate
permitted under applicable law. 

  

	8.5	 Withholding Tax. All sums payable under this Agreement shall be paid in full without any deductions
(including, but not limited to, deductions in respect of items such as income, corporation, or other taxes, charges and/or duties) except insofar as Novo Nordisk is required by law to deduct withholding tax from sums payable to Aptuit. If Novo
Nordisk is required by law to deduct withholding tax, then Novo Nordisk and Aptuit shall co-operate in all respects and take all reasonable steps necessary to (i) lawfully avoid the making of any such
deduction or (ii) to enable Aptuit to obtain a tax credit in respect of the amount withheld. 

  

	9.	 Warranties 

  

	9.1	 Representations and Covenants of the Parties. The Parties hereby agree to each of the following:

  

	 	9.1.1	 Compliance with Law. The Services will be conducted in compliance with all applicable federal, state,
local, international, health authority and institutional laws, rules, regulations, orders and guidelines. Each Party shall do all things necessary to obtain, in a timely manner, all licenses and approvals required to conduct the Services.

 Novo Nordisk acknowledges that only electronic laboratory notebooks will be kept for all work conducted at Aptuit’s
sites in Hamburg, Munich and Goettingen (Germany); Manchester and Abingdon (UK) and Toulouse (France) and that Novo Nordisk will receive only excerpts from such laboratory notebooks. 

 

	 	9.1.2	 Conflicting Obligations. Neither Party has, to its knowledge, granted any right or entered into any
agreement or understanding with any Third Party that conflicts with either Party’s obligations or rights under this Agreement, nor will either Party do so during the term of this Agreement. 

 

	 	9.1.3	 Further Assurances. Each Party shall execute such further documents, instruments, and assurances, and
take such further actions as the other Party may reasonably request from time to time to better enable the other Party to exercise its rights under this Agreement. 

  
 page 12 of 21 

	9.2	 Assignment of Rights. As far as permissible by the applicable law, Aptuit warrants that each of its
employees, students, representatives, agents, consultants, allowed Sub-contractors (in accordance with Section 13.8) or any other Person engaged in performing the Services has entered or will enter into
an agreement which provides for the assignment to Aptuit of all Project IP made, conceived of or reduced to practice by such employee, student, representative, agent, consultant, allowed Sub-contractor or any
other Person in the performance of the Services under this Agreement . Unless agreed otherwise or other than those that may be specifically listed or referenced herein, no license or other Intellectual Property Right to Project IP is granted to
Aptuit by implication or otherwise, by virtue of this Agreement. All use of Project IP by Aptuit or its employees, representatives, agents, consultants, allowed Sub-contractors or any other Person engaged in
performing the Services will at all times inure to the benefit of Novo Nordisk. 

  

	9.3	 Skills and training. Aptuit will ensure (i) that its staff employed in providing the Services have
the necessary skills and training to provide the Services, and (ii) that Aptuit’s facilities and equipment used by the staff to provide the Services are of an appropriate standard. 

 

	9.4	 Exclusion of Warranties. Except as set forth herein, all warranties implied by law (whether by statute,
common law, trade usage, custom or otherwise) are hereby excluded for Aptuit to the maximum extent permitted by law.  

Without limitation to the generality of Section 9.1-9.3, Aptuit gives no warranty that the Aptuit
Compounds or Project Compounds: 
  

	 	a)	 are fit for any purpose; 

 

	 	b)	 are safe for use in connection with humans, animals or plants; 

 

	 	c)	 are non-toxic; 

 

	 	d)	 are non-hazardous; 

 

	 	e)	 are new or have never been published; and/or 

 

	 	f)	 do not infringe the Intellectual Property Right of any Third Party nor that the production or use of the Aptuit
Compounds or Project Compounds will not infringe the Intellectual Property Right of any Third Party. 

  

	9.5	 Safety Hazards. If either Party becomes aware of any safety hazards that relate to any of the
deliverables, it shall promptly notify the other Party by providing all information in its possession or control concerning such safety hazards. 

  

	10.	 Ownership of Intellectual Property 

 

	10.1	 Ownership of Project IP. Subject to Sections 10.3 and 10.4, Novo Nordisk shall own all Project IP and
Aptuit hereby assigns all Project IP to Novo Nordisk as far as permissible by applicable law. To the extent any rights in the Project IP cannot be assigned to Novo Nordisk by Aptuit, Aptuit hereby grants to Novo Nordisk a perpetual, irrevocable,
worldwide, royalty-free, exclusive, transferable license with the right to sublicense through multiple tiers to practice such non-assignable rights in any manner for any purpose. Aptuit shall have no ownership
or other interest in any Project IP. Upon the reasonable request of Novo Nordisk, Aptuit shall execute such documents deemed necessary by Novo Nordisk and assure that all ownership or other interests of the Project IP vest in Novo Nordisk. Novo
Nordisk shall reimburse Aptuit for all reasonable out-of-pocket costs and expenses actually incurred by Aptuit to execute and deliver to Novo Nordisk any such document
referred to immediately above. 

  
 page 13 of 21 

	10.2	 Notification and Delivery of Project IP. Aptuit shall inform Novo Nordisk of, and deliver, all Project
IP to Novo Nordisk through the Project Reports or as otherwise agreed. 

  

	10.3	 Structures. 

For clarity, the spatial pattern of a crystallized Target or complexes of such Target with Compounds characterized
(“Structures”) e.g. by X-ray analysis or NMR analysis generated from the performance of Structural Biology Services under this Agreement shall be considered Project IP. 

In case and as long as the Target and/or the Compounds are exclusively owned or Controlled by Novo Nordisk, Aptuit will not perform Structural
Biology Services to Third Parties on such Target and/or Compounds.  
 Notwithstanding the foregoing, Aptuit shall be free to
perform Structural Biology Services on the Public Domain Target either alone with no ligands bound or within complexes with any ligands other than Compounds owned or Controlled by the Novo Nordisk. 

For the avoidance of doubt, in case the Target is a Public Domain Target but a Compound is owned or Controlled by the Novo Nordisk, Aptuit
shall be free to perform Structural Biology Services on such Target on compounds other than the Compound owned or Controlled by the Novo Nordisk. 

In case the Structure of a particular Public Domain Target is owned or Controlled by Aptuit, Aptuit will grant to Novo Nordisk a non-exclusive, fully paid up, worldwide, perpetual, irrevocable, sub-licensable and assignable license to use such Structure of the Public Domain Target to the extent
necessary to develop and commercialize Project IP. 
  

	10.4	 Certain Project Compounds. Excluded from Project IP shall be the composition of matter of
(i) Project Compounds re-synthesized from the Aptuit Libraries, (ii) Project Compounds acquired from Third Party supplier(s), or (iii) Project Compounds which are or become part of the public
domain or the prior art at or after the date of first shipment of compounds, other than through Aptuit’s breach of its confidentiality obligations under this Agreement. 

Compound Exclusivity. All Project Compounds, other than those excluded in Section 10.4 paragraph 1, shall be exclusive to Novo
Nordisk for a period of [***] from the date of first shipment of such Project Compound. At the expiration of such exclusivity period for a given Project Compound, Aptuit’s confidentiality obligation as set forth in Section 6.7 with regard
to such Project Compound as composition of matter shall end. For the avoidance of doubt, with the exception of the regulation set out in the preceding sentence, Aptuit’s confidentiality obligations towards Novo Nordisk regarding all other Novo
Nordisk Confidential Information shall continue as outlined in Section 6 and by way of example, Aptuit shall not be permitted to use any know-how which is part of the Project IP for screening with any
third party Targets. 
 Restrictions. The screened Aptuit Compounds shall not be screened against the same Target for any third party other
than Novo Nordisk and Aptuit represents and warrants that it has and shall have sufficient operational procedures in place to prevent any such screening from occurring. For clarity, Aptuit agrees and acknowledges that the physical Project Compound
samples used under this Agreement shall not be used by Aptuit for any third Party. 

  
 page 14 of 21 

	10.5	 Ownership of Aptuit IP. Aptuit shall own (i) all Aptuit Background IP and/or (ii) all
Intellectual Property Rights relating to generally applicable technology, methodology or processes essentially developed by Aptuit, including all improvements, variations, modifications or enhancements of the Intellectual Property Rights described
in (i) and (ii) conceived, discovered, invented or made by Aptuit during the performance of Services hereunder (referred to as “Aptuit IP”). Novo Nordisk shall have no ownership or other interest in any Aptuit IP. No rights to
Aptuit IP are granted under this Agreement, unless explicitly stated hereunder or mutually agreed otherwise in writing on a case-by-case basis. 

Aptuit will not in any way seek to rely on any Aptuit IP which it may have to prevent Novo Nordisk from exercising any right or using the
Project IP or Structures owned by the Novo Nordisk under this Section 10. 
 Novo Nordisk acknowledges that Aptuit does not guarantee
that a Third Party has not filed any patent application or will not file any patent application on any Project Compound, hit, or their manufacture, use or formulation. 
  

	10.6	 Ownership of Novo Nordisk Background IP and Project IP and license. Novo Nordisk shall own all Novo
Nordisk Background IP and Project IP. Aptuit shall have no ownership or other interest in any Novo Nordisk Background IP. Novo Nordisk grants to Aptuit a limited non-exclusive, royalty-free, non-transferable, sub-licensable license to use Novo Nordisk Background IP solely for the purposes of carrying out its obligations under this Agreement. The limited non-exclusive, royalty-free,
non-transferable, sub-licensable license expires either the day that the particular Project is completed or the last day of this Agreement, whichever day occurs first.

  

	10.7	 Know-How in the Public Domain. Nothing contained in this
Agreement shall restrict, hinder or prohibit the right of either Party to use any know-how, data or information of the other Party which is freely available and in the public domain. 

 

	10.8	 Support. Novo Nordisk shall have the exclusive right but not the obligation to initiate and file for
patent, prosecute, maintain and defend any and all patentable ideas and concepts with respect to Project IP that it owns (exclusively pursuant to this Agreement). Aptuit will report in writing to Novo Nordisk any and all Project IP through the
Project Reports or as otherwise agreed. 

 Aptuit agrees to assist Novo Nordisk, at Novo Nordisk’s expense, to obtain
and from time to time enforce and defend Project IP in any and all countries, and to execute all documents reasonably necessary for Novo Nordisk or any designee to do so. 
  

	10.9	 Rights. Each Party shall have the right to grant, sell, license or otherwise transfer in whole or in
part any of the Intellectual Property Rights which it owns in accordance with the terms and conditions of this Agreement. 

  

	10.10	 No Implied Rights. Except as provided in this Agreement, no express or implied licenses or other rights
are provided by either Party to the other under any patents, patent applications, trade secrets or other proprietary rights of a Party herein. 

  

	11.	 Term and Termination 

 

	11.1	 Term of Drug Discovery & Development Services Agreement. This Drug
Discovery & Development Services Agreement shall become effective on the Effective Date and shall continue in effect for a period of three (3) years unless renewed by the Parties or terminated in accordance with Section 11.3
below. 

  
 page 15 of 21 

	11.2	 Termination of Projects. 

 

	 	11.2.1	 Subject to Section 11.2.2, either Party to a particular Project may only terminate such Project in the
event of material breach of any of its essential requirements by the other Party and failure of the other Party to remedy such breach within thirty (30) days of receipt of written notice specifying the breach (or, if the breach cannot
reasonably be remedied within such thirty (30) day period, failure by the other Party to make good faith efforts diligently to pursue completion of remedy). 

The Parties agree that the Project objectives as defined in the individual Project(s) are target objectives. Aptuit’s ability to fulfill
these objectives inter alia depends at least partly on the technical parameters defined from time to time by the Steering Committee. Aptuit and Novo Nordisk agree that any failure to meet the defined Project objectives shall not be deemed a
material breach of Aptuit’s obligations under the Projects, provided that Aptuit uses reasonable efforts to fulfill the Project objectives in accordance with Section 4, including Aptuit’s adherence to the expressed and mutually agreed
Project Descriptions in the performance of Services of each respective Project. 
  

	 	11.2.2	 The Parties may agree to terminate a particular Project with immediate effect or in accordance with a specific
schedule if the Parties mutually agree that the Project is technically not feasible. 

  

	 	11.2.3	 Novo Nordisk may terminate a particular Project without cause by providing Aptuit with forty-five
(45) days prior written notice. 

  

	 	11.2.4	 Termination of a specific Project will be effective only as to such specific Project, as the case may be, and
shall not affect the validity of this Agreement or the continuation of other Projects; provided however, that such reason for termination by a Party in a specific Project is not tantamount to a material breach of this Agreement. In such case,
either Party may have the right to terminate this Agreement pursuant to Section 11.3.1 below. 

  

	11.3	 Termination of Drug Discovery & Development Services Agreement.

  

	 	11.3.1	 Aptuit or Novo Nordisk may only terminate this Agreement immediately by giving written notice to
the other Party in the event Aptuit or Novo Nordisk (a) files a petition in bankruptcy or is adjudicated as bankrupt or insolvent under applicable law; or if a petition in bankruptcy is filed against such Party and that proceeding is not
terminated within one hundred twenty (120) days of being instituted; (b) makes an assignment for the benefit of creditors; (c) applies for or consents to the appointment of an administrator, administrative receiver, or receiver or
similar official appointed over the whole or any significant part of its business and assets and is unable to pay its debts generally as they become due; or (d) makes an order or passes or proposes a resolution for winding-up Aptuit or Novo Nordisk (except for the purposes of a valid amalgamation or reconstruction), or upon or after the breach of any material provision of this Agreement by the other Party.

  

	 	11.3.2	 Novo Nordisk may terminate this Agreement immediately by giving written notice to Aptuit upon an Aptuit Change
of Control (defined in Section 13.2). 

  

	 	11.3.3	 Novo Nordisk may terminate this Agreement on 180 days written notice without cause. 

 

	 	11.3.4	 With respect to each Project and subject to Section 11.2.3 above, this Drug Discovery &
Development Services Agreement will in any event remain in force until the respective Project expires or is terminated. 

  
 page 16 of 21 

	11.4	 General Effects of Termination. The termination of this Drug Discovery & Development Services
Agreement or any individual Project shall not affect the obligations of either Party in relation to activities which have been rendered or payments made by a Party prior to such termination, including without limitation, Novo Nordisk’s
ownership rights to Project IP and Aptuit’s obligation to assign all Project IP to Novo Nordisk as further expressed in Section 10.4 herein up to the time of termination. 

All provisions of this Agreement which must survive in order to give effect to its meaning will survive termination or expiration of this
Agreement. 
 The provisions of Section 6 (Confidential Information) shall survive the expiration or termination of this Agreement in
accordance with Section 6.7. 
  

	11.5	 Specific Effects of Termination. 

 

	 	11.5.1	 Termination of this Agreement or an individual Project shall be without prejudice to any rights of action which
may have accrued to either Party. Aptuit will invoice to Novo Nordisk all costs for Drug Discovery & Development Services completed and irrevocable costs incurred by Aptuit in accordance with this Agreement and/or the particular Project
Description prior to the effective date of termination (e.g. raw materials or Reagents ordered, the reservation of screening slots). Additional payments may be due in accordance with the Project Description(s). 

 

	 	11.5.2	 Subject to Section 11.2.3 and 11.3.2, upon termination, all rights and obligations of the Parties under
this Agreement or one or more individual Projects, as the case may be, shall terminate unless specified in this Agreement or the individual Project(s) to survive termination, except for Novo Nordisk’s ownership rights and Aptuit’s related
obligations in accordance with Section 10.4 and 11.4, and Novo Nordisk’s obligation to pay Aptuit for any amounts due in accordance with Section 11.5.1. 

Upon termination of this Agreement or an individual Project by Aptuit or Novo Nordisk for any reason, the Parties shall, in good faith,
work out a transition plan to wind down their respective work, return materials to each other, complete and deliver required reports and accountings, and settle any other outstanding issues; provided that, it is agreed that each Party is
obligated to return to the other Party, or destroy, upon the written request of the other Party, all Confidential Information of the other Party in its possession, and in the case of Aptuit, Novo Nordisk Materials. 

 

	12.	 Human Biosamples and Animal Welfare. 

 

	12.1	 In regard of the collection, storage, handling and use of human biosamples hereunder, the Parties represent and
warrant to use best efforts to adhere to and comply with their respective obligations and undertakings set forth in 3 hereto. The Parties understand that 3 is an integral part of this Agreement. 

 

	12.2	 The Parties agree to ensure high welfare standards for experimental animals. Aptuit acknowledges that it has
read and understood the Novo Nordisk Principles for the Use of Animals attached hereto as 0 and agrees to adhere to and comply with these obligations. Aptuit must promptly notify Novo Nordisk in the event of any unexpected issues in relation to
animal welfare or bioethical concerns that occur in the Project and during the Term. The Parties agree to collaborate to address any such issues and concerns. 

  
 page 17 of 21 

	12.3	 Novo Nordisk i) will review the Project and the protocol(s) and ii) may require an on-site animal welfare inspection prior to approval of the particular Project. If Novo Nordisk wishes to perform an animal welfare inspection prior to or during the Term, Aptuit grants Novo Nordisk, upon 30 days
prior written notice, the right to audit, in a manner minimally disruptive to Aptuit’s operations, Aptuit’s compliance with applicable animal welfare law. Novo Nordisk’s representatives conducting such audit shall be bound by terms
and conditions that are at least equivalent to those of this Agreement. 

  

	13.	 No Consequential Damages, Liability, and Indemnification 

 

	13.1	 No Consequential Damages. Neither Party shall be liable to the other Party for any consequential,
special, incidental or indirect damages or lost profits arising out of the activities contemplated hereunder or resulting from breach by the other Party of its obligations under this Agreement, even if a Party has been advised of the possibility of
such damages. 

  

	13.2	 Aptuit shall have no liability whatsoever to Novo Nordisk or any designee whether in contract or tort, for any
loss or damage arising out of any development, exploitation, use or other activity by Novo Nordisk relating to the deliverables provided by Aptuit hereunder on behalf of Novo Nordisk or any designee, or its/their respective licensees, transferees or
assignees, unless due to the negligence or willful misconduct of Aptuit. 

 Aptuit’s total liability to Novo Nordisk
in respect of any matters arising out of or in connection with a breach of Section 6 or of any other matters arising out of or in connection with this Agreement shall not exceed (i) where a matter relates to or is under a specific Project,
one time (1x) all fees paid by Novo Nordisk to Aptuit under such Project, or (ii) where a matter does not relate to or is under a Project, one (1) million Euros.. 
  

	13.3	 Section 13.2 shall not operate to include or limit any liability which Aptuit is prohibited by law from
excluding or limiting, including liability for death or personal injury caused by the negligence of Aptuit. 

  

	13.4	 Aptuit shall fully indemnify, and keep fully indemnified, Novo Nordisk’s officers, directors, governing
board members, professional staff, employees, and agents and their respective successors and assigns (the “Novo Nordisk Indemnitees”) against any and all claims, liabilities, damages, losses, costs or expenses (including reasonable legal
expenses and experts’ fees) incurred by or imposed on Novo Nordisk Indemnitees or any one or more of them arising out of any Third Party claim, action, demand or judgment (“Claim”) to the extent resulting from (i) Aptuit’s
gross negligence or willful misconduct, or (ii) Aptuit’s material breach of this Agreement. 

  

	13.5	 Novo Nordisk shall fully indemnify, and keep fully indemnified, Aptuit’s officers, directors, governing
board members, professional staff, employees, and agents and their respective successors and assigns (the “Aptuit Indemnitees”) against any and all claims, liabilities, damages, losses, costs or expenses (including reasonable legal
expenses and experts’ fees) incurred by or imposed on the Aptuit Indemnitees or any one or more of them arising out of any Third Party claim, action, demand or judgment (“Claim”) to the extent resulting from (i) Novo
Nordisk’s negligence or willful misconduct; (ii) Novo Nordisk’s breach of this Agreement; (iii) Novo Nordisk’s (or any designee’s) use of the Project IP; or (iv) Aptuit’s use of any information or other
deliverable of the Novo Nordisk (including Novo Nordisk Materials or Novo Nordisk Background IP) for the purpose of performing the Drug Discovery & Development Services, but only to the extent such claim does not result from, or arise out
of, an action for which Aptuit is obligated to indemnify Novo Nordisk pursuant to Section 13.4. 

  
 page 18 of 21 

	14.	 Miscellaneous 

 

	14.1	 Force Majeure. Neither Party shall have any liability or be deemed to be in breach of this Agreement for
any delays or failures in performance of this Agreement which result from circumstances beyond the reasonable control of that Party, including without limitation labour disputes, natural disasters, or any other force majeure event, involving that
Party. The Party affected by such circumstances shall promptly notify the other Party in writing when such circumstances cause a delay or failure in performance and when they cease to do so. If the Parties are affected by such circumstances for
ninety (90) or more days, either Party may terminate a Project or this Agreement without fault. 

  

	14.2	 Assignment. Neither Party may assign its obligations under this Agreement without the prior written
consent of the other Party. However, both Parties may, without such consent assign this Agreement, and its rights and obligations hereunder, to any successor in interest (whether by merger, acquisition, consolidation, operation of law, asset
purchase or otherwise) to all or substantially all of the business to which this Agreement relates (such transaction called a “Change of Control”). Notwithstanding the foregoing, Both Parties may assign its rights to any of its Affiliates.

  

	14.3	 Entire Drug Discovery & Development Services Agreement; Amendment. This Agreement
constitutes the entire agreement between the Parties relating to the Services and all prior understandings and agreements relating to the Services are superseded hereby from the Effective Date. The Parties acknowledge that they are not relying on
any agreement, understanding, arrangement, warranty, representation or term which is not set out in this Agreement. 

 This
Drug Discovery & Development Services Agreement (including this Section 13) and the attached Appendices may not be amended except by mutual agreement by the Parties herein as expressed in writing signed by authorized representatives of
the Parties. 
 For the avoidance of doubt, no Project Description, invoice or any other document shall be deemed to vary the terms of this
Agreement or any Appendix, unless explicitly stated otherwise and confirmed by authorized representatives of the Parties. 
  

	14.4	 No Waiver. Any failure of a Party to enforce any provision of this Agreement shall not be deemed a
waiver of its right to enforce such provision on any subsequent occasion. No waiver of any provision of this Agreement shall be valid unless it is in writing and is executed by the Party against which such waiver is sought to be enforced. A waiver
by any of the Parties of any provision of this Agreement will not be construed to be a waiver of any succeeding breach thereof or of any other provision of this Agreement. 

 

	14.5	 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law. In the event a court of competent jurisdiction holds any provision of this Agreement to be invalid, such holding shall have no effect on the remaining provisions of this Agreement, and they shall
continue in full force and effect. 

  

	14.6	 Governing Law. The laws of Denmark (without giving effect to its conflict of laws principles) govern all
matters arising out of or relating to this Agreement (including, without limitation, its interpretation, construction, performance, and enforcement). 

14.7 Dispute Resolution. The Parties shall attempt in good faith to resolve promptly any dispute arising out of or relating to this
Agreement by negotiation between executives who have authority to settle the dispute. The executives must be at a higher level of management than the persons with direct responsibility for administration of this Agreement. Thereafter, any
disagreements that prevail for more than thirty (30) days should be settled by arbitration. 

  
 page 19 of 21 

	14.8	 Sub-Contracting. With respect to each Project, if Aptuit desires
to sub-contract Services to a Third Party sub-contractor (each sub-contractor a “ Services
Sub-Contractor”), Novo Nordisk shall have the right to approve the use of such Services Sub-Contractor. For the avoidance of any doubts, Aptuit’s
Affiliates shall not be deemed as Services Sub-Contractors. Aptuit may sub-contract Services to its Affiliate(s) without obtaining prior written approval of Novo
Nordisk. Aptuit hereby agrees that each Services Sub-Contractor and its Affiliates shall agree in writing to conduct such sub-contracted Services in accordance with, and
subject to, terms and conditions equivalent to those of this Agreement. Aptuit hereby further agrees that Aptuit shall be solely responsible and liable for the Services conducted by each Services
Sub-Contractor or Affiliate as if such Services were conducted by Aptuit. 

  

	14.9	 Independent Contractors. It is expressly agreed that Aptuit and Novo Nordisk will be independent
contractors and that the relationship between the parties will not constitute a partnership or agency of any kind. Neither Aptuit nor Novo Nordisk will have the authority to make any statements, representations or commitments of any kind, or to take
any action, which will be binding for the other Party, without the prior written consent of the other Party. 

  

	14.10	 Notices. All notices and other communications provided for under this Agreement will be in English in
writing sent as PDF via e-mail in advance. Originals are sent without undue delay by airmail as a default unless overnight delivery service is requested, and in each case will be addressed to the parties at
the following addresses: 

  

					
		 	For Aptuit:	  	For Novo Nordisk:
			
		 	Aptuit(Verona) Srl	  	Novo Nordisk A/S
		 	Attn. Contract Negotiations	  	Novo Alle
		 	Via Alessandro Fleming 4	  	2880 Bagsvaerd, Denmark
		 	37135 Verona, Italy	  	Attn: Head of Business Development
		 	copy: Legal Dept        	  	  
 Email: legal@aptuit.com

Fax:    +45- 4442 1830

  

	14.11	 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which will be
deemed an original, but all of which together will constitute one and the same instrument. Counterparts may be signed and delivered by facsimile, each of which will be binding when sent, and in each case an original will be sent via overnight
courier. 

 [signature page follows] 

  
 page 20 of 21 

 IN WITNESS WHEREOF, Aptuit and Novo Nordisk have executed this Agreement by duly authorized representatives
as of the Effective Date. 
  

					
	Novo Nordisk A/S	 		 	Aptuit (Verona) Srl
			
	 	 		 	 
	By: [***]	 		 	By: [***]
	Title: Executive Vice President	 		 	
	Chief Science Officer	 		 	Title: Director
	Date:	 		 	Date: July 10, 2018
			
	 	 		 	 
	By: [***]	 		 	[***]
	Title: President & CEO	 		 	Title: Director
	Date:	 		 	Date: July 10, 2018

  
 page 21 of 21

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