Document:

brentbowmanofferletter1

                                      VEEVA SYSTEMS     INC.                                               April 19, 2020    Brent Bowman       Dear Brent,    Veeva Systems Inc. (the "Company'') is pleased to offer you employment on the following terms:    1.     Position. Your initial title will be Executive Vice President, Finance and you will initially report to  the Chief Financial Officer. After an agreed upon transition period, it is expected that you will be appointed  the Chief Financial Officer, reporting to the Chief Executive Officer. This is a full-time position. While you  render services to the Company, you will not engage in any other employment, consulting or other business  activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing  this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.   2.     Compensation. The   Company   will pay you a starting salary at the rate of $350,000 per year,  payable in accordance with the Company's standard payroll schedule. You will also be eligible to participate  in the Company's equity compensation program. Your equity compensation includes two types of equity (i)  restricted stock units with a value intended to approximate 125% of your base salary (your "Stock Bonus")  and (ii) stock options, both of which are described in further detail at Exhibit B. Your compensation, as  described above, will be subject to adjustment pursuant to the Company's policies, which may change from  time to time.   3.     Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a  number of Company-sponsored   benefits. In addition, you will be entitled to paid vacation in accordance  with the Company's vacation policy, as in effect from time to time.  4.      Proprietary Information and Inventions Agreement.   Like all Company employees, you will be  required, as a condition of your employment with the Company, to sign the Company's standard Proprietary  Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A.  5.      Employment Relationship.   Employment with the Company is for no specific period of time. Your  employment with the Company will be "at will," meaning that either you or the Company may terminate your  employment at any time and for any reason, with or without cause. Any contrary representations that may  have been made to you are superseded by this letter agreement. This is the full and complete agreement  between you and the Company on this term. Although your job duties, title, compensation and benefits, as  well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature  of your employment may  only be changed  in an express written agreement signed by you and  a  duly  authorized officer of the Company (other than you).

 

 6.     Taxes. All forms of compensation referred to in this  letter agreement are subject to reduction to  reflect applicable withholding and payroll taxes and other deductions required by law. You agree that the  Company does not have a  duty to design its compensation policies in a manner that minimizes your tax  liabilities, and you will not make any claim against the Company or its Board of Directors related to tax  liabilities arising from your compensation.   7.     Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the  complete agreement between you and the Company,  contain all of the terms of your employment with the  Company and supersede any prior  agreements, representations or understandings (whether written, oral  or implied) between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The  terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or  validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with  the Company or any other relationship between you and the Company  ("Disputes") will be governed by California law, excluding laws relating to conflicts or choice of law. You and  the Company submit to the exclusive personal jurisdiction of the federal and state courts located in Alameda  County, California in connection with any Dispute or any claim related to any Dispute.                                               * * * * *    We hope that you will accept our offer to join the Company. You may indicate your agreement with these   terms and accept this offer by signing, dating and returning a copy of this letter agreement and the attached   Proprietary Information and Inventions Agreement to me. Your employment with the Company is contingent   upon completion  of a successful background  check  and providing legal proof of your identity and  authorization to work in the United States. Your employment is also contingent upon your starting work   with the Company on or before June 29th.                                                    Very truly yours,                                                     VEEVA SYSTEMS  INC.                                                    7[111Ca/Jtal                                                    Tim Cabral (Apr 19, 2020)                                                    By: Tim Cabral                                                   Title: Chief Financial Officer     I have read and accept this employment offer:    Brent;8 t?tttf114fk   Brent Bowman (Apr 20, 2020)   Signature of Brent Bowman    Date: Apr 20, 2020 

 

                                            Exhibit A              PROPRIETARY INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT    The following confirms and memorializes  an agreement  between   Veeva  Systems  Inc., a Delaware  corporation (the "Company") and Brent Bowman ("Agreement"):      1.  I have not entered into, and I agree I will not enter into, any agreement either written or oral in        conflict with this Agreement or my employment with Company. I will not violate any agreement with        or rights of any third party or, except as expressly authorized by Company in writing hereafter, use        or disclose my own or any third party's confidential information or intellectual property when acting        within the scope of my employment or otherwise on behalf of Company. Further, I have not retained        anything containing any confidential information of a prior employer or other third party, whether or        not created by me.     2.  Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights,        mask work rights, sui generis database rights and all other intellectual property rights of any sort        throughout the world) relating to any and  all inventions (whether or not patentable), works of        authorship (including software code), mask works, designs, know-how, ideas and  information        (including trade secrets) made or conceived or reduced to practice, in whole or in part, by me during        the term of my employment with Company to  and only to the fullest extent allowed by California        Labor Code  Section 2870 (which is attached as Appendix A) (collectively "Inventions") and I will        promptly  disclose all Inventions to Company.  Without  disclosing any third party confidential        information, I will also disclose anything I believe is excluded by Section 2870 so that the Company        can make an independent assessment.   I hereby make all assignments necessary to accomplish        the foregoing. I shall further assist Company, at Company's expense, to further evidence, record        and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights        specified to be so owned or assigned. I hereby irrevocably designate and appoint Company as my        agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and        in my behalf to execute and file any document and to do all other lawfully permitted acts to further        the purposes of the foregoing with the same legal force and effect as if executed by me. If I wish        to clarify that something created by me prior to my employment that relates to Company's actual        or proposed business  is  not within the scope of the foregoing assignment, I have listed  it on        Appendix  B  in  a manner that does not violate any third party rights  or disclose any confidential        information.  Without limiting Section 1 or Company's other rights and remedies, if, when acting        within the scope of my employment or otherwise on behalf of Company, I use or disclose my own        or any third party's confidential information or intellectual property (or if any Invention cannot be        fully made, used,  reproduced, distributed and otherwise exploited without using or violating the        foregoing), Company will have and  I hereby grant Company a perpetual, irrevocable, worldwide        royalty-free, non-exclusive, sublicensable right and license to exploit and  exercise  all  such        confidential information and intellectual property rights.     3.  To the extent allowed by law, paragraph 2 includes all rights of paternity, integrity, disclosure and        withdrawal and any other rights that may be known as or referred to as "moral rights," "artist's        rights," "droit moral," or the like (collectively "Moral Rights"). To the extent I retain any such Moral        Rights under applicable law, I hereby ratify and consent to any action that may be taken with respect        to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with        respect thereto. I will confirm any such ratifications, consents and agreements from time to time        as requested by Company.     4.  I agree that all Inventions and all other business, technical and financial information I develop, learn        or obtain during the term of my employment that relate to Company or the business or demonstrably

 

    anticipated business of Company or that are received by or for Company in confidence, constitute      "Proprietary Information." Examples of Proprietary Information include, without limitation, trade      secrets, business plans, product plans and road maps, information hosted and processed by Veeva      on  behalf of its customers, financial information,  information related to customer sales and      contracts, and material non-public information within the meaning   of the securities laws.      Proprietary Information does not include information the use or disclosure of which is protected by      the National Labor Relations Act, the California Labor Code (including Labor Code§§ 232, 232.5,      1102.5, and 1197.5), or laws against restraints of trade (including Business & Professions Code§§      16600 and 17200 et seq). If I am unsure of whether certain information is Proprietary Information      or not, I will consult with the Company, except as set forth in Section 5.   5.  I will hold in confidence and not disclose or, except within the scope of my employment, use any     Proprietary Information.  However, I shall not be obligated under this paragraph with respect to     information I can document is or becomes readily publicly available without restriction through no     fault of mine. Notwithstanding the above, I understand that I am allowed to engage in "Protected     Activity" under this Agreement without first notifying Veeva. Protected Activity means filing a charge     or complaint with the government or disclosing relevant information to the government (so long as     that  information is not protected as an attorney-client communication of Veeva). I  further     understand that, notwithstanding my obligations under this Agreement:          a.  I will not be held criminally or civilly liable under any federal or state trade secret law for             the disclosure of a trade secret that: (A) is made in confidence to a Federal, State, or local             government official, either directly or indirectly, or to an attorney, and solely for the purpose             of reporting or investigating a suspected violation of law; or (B) is made in a complaint or             other document filed in a lawsuit or other proceeding, if such filing is made under seal; and          b.  If I file a lawsuit for retaliation for reporting a suspected violation of law, I may disclose the             trade secret relevant to that lawsuit to my attorney and use the trade secret in the court            proceeding if: (A) all documents containing the trade secret are filed under seal; and (B)             neither I nor my attorney disclose the trade secret except pursuant to court order.  6.  Upon  termination of my employment, I will promptly return to Company all items containing or     embodying Proprietary Information (including all copies). I also recognize and agree that I have no     expectation of privacy with respect to Company's telecommunications, networking or information     processing systems (including, without limitation, stored computer files, email messages and voice     messages) and that my activity and any files or messages on or using any of those systems may     be monitored at any time without notice.  7.  Until one year after the term of my employment, I will not encourage or solicit any employee or     consultant of Company  to leave Company   for any reason (except for the bona fide firing of     Company personnel within the scope of my employment).  8.  I agree that during the term of my employment with Company  (whether or  not during business     hours),  I will not engage in any activity that is in any way competitive with the business or     demonstrably  anticipated business of Company,  and  I will not  assist any other person or     organization in competing or in preparing to compete with any business or demonstrably anticipated     business of Company.  9.  I agree that this Agreement is not an employment contract for any particular term and that I have     the right to resign and Company has the right to terminate my employment at will, at any time, for     any or no reason, with or without cause. In addition, this Agreement does not purport to set forth     all of the terms and conditions of my employment, and, as an employee  of Company,  I have     obligations to Company which are not set forth in this Agreement. However, the terms of this     Agreement govern over any inconsistent terms and can only be changed by a subsequent written     agreement signed by the President of Company.

 

    10. I  agree that my obligations under paragraphs 2,  3,  4,  5 and 6 of this Agreement shall continue in         effect after termination of my employment, regardless of the reason or reasons for termination, and         whether such termination is voluntary or involuntary on my part, and that Company is entitled to         communicate my obligations under this Agreement to any future employer or potential employer of         mine. My obligations under paragraphs 2, 3 and 4 also shall be binding upon my heirs, executors,         assigns, and administrators and shall inure to the benefit of Company, its subsidiaries, successors         and assigns.      11. Any dispute in the meaning, effect or validity of this Agreement or otherwise arising under or related         to this Agreement shall be resolved in accordance with the laws of the State of California without         regard to the conflict of laws provisions thereof, and I and the Company submit to the exclusive         personal  jurisdiction of the federal and state courts located in Alameda County, California in         connection with any such dispute. I further agree that if one or more provisions of this Agreement         are held to be illegal or unenforceable under applicable California law, such illegal or unenforceable         portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that         this Agreement shall otherwise remain in full force and effect and enforceable in accordance with         its  terms.  This Agreement is fully assignable and transferable by Company, but any purported         assignment or transfer by me is void. I also understand that any breach of this Agreement will cause         irreparable harm to Company for which damages would not be an adequate remedy, and, therefore,         Company will be entitled to injunctive relief with respect thereto in addition to any other remedies         and without any requirement to post bond.                  I HAVE READ THIS AGREEMENT CAREFULLY AND I           UNDERSTAND AND ACCEPT   THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION.                 NO PROMISES OR  REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT.                   I SIGN   THIS AGREEMENT      VOLUNTARILY  AND     FREELY,   IN DUPLICATE,   WITH   THE  UNDERSTANDING   THAT THE COMPANY WILL RETAIN ONE COUNTERPART AND THE OTHER COUNTERPART WILL   BE RETAINED BY ME.                                               Employee                                                     Brfflf-B�                                                   Brent Bowman (Apr 20, 2020)                                                   Signature                                                    Name:  Brent Bowman                                                    Date: Apr 20, 2020    7[111Cabtal  Tim Cabral (Apr 19, 2020)   Signature of Tim Cabral   CFO Veeva Systems Inc. 

 

                                          APPENDIX   A                   California Labor Code Section 2870. Application of provision providing that employee shall  assign or offer to assign rights in invention to employer.                  1.     Any provision in an employment agreement which provides that an employee                       shall assign, or offer to assign, any of his or her rights in an invention to his or her                       employer shall not apply to an invention that the employee developed entirely on                       his or her own time without using the employer's equipment, supplies, facilities,                       or trade secret information except for those inventions that either:                        a)      Relate at the time of conception or reduction to practice of the invention                               to the employer's business, or actual or demonstrably anticipated                               research or development of the employer; or                        b)      Result from any work performed by the employee for his employer.                 2.     To the extent a provision in an employment agreement purports to require an                       employee to assign an invention otherwise excluded from being required to be                       assigned under subdivision (a), the provision is against the public policy of this                       state and is unenforceable.

 

                                          APPENDIX B                                           PRIOR MATTER    None: ---X   Candidate Initials:_¥-___  

 

                               l'eeva                                             Exhibit B                                EQUITY GRANT RECOMMENDATION    Upon acceptance of employment with Veeva Systems Inc. ("Veeva") or a subsidiary of Veeva Systems   Inc., management will recommend to the board of directors (the "Board") of Veeva Systems Inc., a   Delaware corporation with headquarters in Pleasanton, California, that you be granted restricted stock   units and stock options (as further described below) for the Class A Common Stock of Veeva Systems   Inc. Formal grant agreements will be sent to you after Board approval, assuming the Board, in its sole   discretion, approves the grants.    Grantee Name:   Brent Bowman   1.  Restricted Stock Units ("RSUs"): Your initial grant of RSUs will be based on your Stock Bonus of     125% of your base salary. The number of shares in your RSU grant will be calculated by dividing     your Stock Bonus by the appropriate Veeva stock price at the time of your start date to arrive at an     annual RSU share amount ("Annual  RSU Share Amount"). The number of shares in your initial     RSU grant will be the Annual RSU Share Amount prorated monthly to coincide with a final vest date     of April 1, 2021 (the "Initial RSU Share Grant Amount"). Your RSUs will begin vesting on the first     day of the month after your start date. RSUs vest quarterly on January 1, April 1, July 1, and October     1. Subject to changes in equity practices by Veeva, you will be eligible for an additional RSU grant     each year based on the same calculation methodology.  2.  Initial Stock Option Grant: The number of shares in your initial stock option grant will be 20,000.     These stock options will vest at a rate of 20% per year over 5 years, and vesting will commence on     the first day of the month after your start date. The strike price of your stock options will be the     closing Veeva stock price on the date of grant.  3.  Annual Stock Option Grants: Subject to changes in equity practices by Veeva, you will be eligible     for an additional stock option grant each year based on the following calculation methodology. The     number of shares in your annual stock option grant will be four (4) times the number of shares in     your annual RSU grant, which reflects an "option factor" of four. These stock options will vest at a     rate of 25% per year over 4 years. The strike price of your annual stock options will be the closing     Veeva stock price on the date of grant.   Vesting for all equity grants ends when your employment with Veeva or a subsidiary of Veeva ends.   Neither these grants nor the vesting schedule described above constitutes a guarantee of continued   employment. The grants referenced above are subject to the sole discretion and approval of the Board,   and the final terms of the grants will be as reflected in the final agreements documenting such grants.   The equity awards described above are an additional benefit that may be given to you by Veeva Systems   Inc. and not by any subsidiary which may employ you.    7[111Cabtat   Tim Cabral (Apr 19, 2020)   Tim Cabral   Chief Financial Officer   Veeva Systems Inc. 

 

Signature:                   Brent:�                             Brent Bowman (Apr 20, 2020)Exhibit 10.1

 

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

THIS THIRD AMENDMENT
TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of August 28, 2020 (the “Amendment
Effective Date”), is made among Axcella Health Inc., a Delaware corporation (the “Axcella”), and Acora
Nutrition LLC, a Delaware limited liability company (“Acora” and, individually and collectively, jointly and
severally with Axcella, the “Borrower”), Solar Capital Ltd., a Maryland corporation (“Solar”),
in its capacity as collateral agent (in such capacity, together with its successors and assigns in such capacity, “Collateral
Agent”) and the Lenders listed on Schedule 1.1 of the Loan and Security Agreement (as defined below) or otherwise a party
hereto from time to time including Solar in its capacity as a Lender (each a

 

“Lender” and collectively, the “Lenders”).

 

The Borrower, the Lenders
and Collateral Agent are parties to a Loan and Security Agreement dated as of January 9, 2018 (as amended by that certain
First Amendment to Loan and Security Agreement, dated as of October 5, 2018, and that certain Second Amendment to Loan and
Security Agreement, dated as of November 30, 2018, and as further amended, restated or modified from time to time, the “Loan
and Security Agreement”). The Borrower has requested that the Lenders agree to certain amendments to the Loan and Security
Agreement. The Lenders have agreed to such request, subject to the terms and conditions hereof.

 

Accordingly, the parties hereto agree as follows:

 

SECTION 1          Definitions;
Interpretation.

 

(a)           Terms Defined
in Loan and Security Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise
defined herein shall have the meanings assigned to them in the Loan and Security Agreement.

 

(b)           Interpretation.
The rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall be applicable to this Amendment
and are incorporated herein by this reference.

 

SECTION 2          Amendments
to the Loan and Security Agreement.

 

(a)           The Loan and
Security Agreement shall be amended as follows effective as of the Amendment Effective Date:

 

(i)           New Definitions.
The following definitions are added to Section 1.3 in their proper alphabetical order:

 

“Fifth Interest Only
Extension Conditions” shall mean satisfaction of each of the following: (a) no Default or Event of Default shall
have occurred and be continuing and Borrower has achieved First Interest Only Extension Conditions, Second Interest Only Conditions,
Third Interest Only Extension Conditions and Fourth Interest Only Extension Conditions; and (b) after the Third Amendment
Effective Date and on or before September 30, 2021, Borrower shall have provided Collateral Agent evidence satisfactory to
Collateral Agent of achievement of each of the following: (i) Borrower shall have submitted an IND for AXA-1665, (ii) Borrower
shall have submitted an IND for AXA-1125 in adult Nonalcoholic Steatohepatitis and (iii) a patient has completed enrollment
in a Borrower-sponsored Phase 2b clinical trial for adult Nonalcoholic Steatohepatitis.

 

“Fourth Interest
Only Extension Conditions” shall mean satisfaction of each of the following: (a) no Default or Event of
Default shall have occurred and be continuing and Borrower has achieved First Interest Only Extension Conditions, Second
Interest Only Conditions and Third Interest Only Extension Conditions; and (b) after the Third Amendment Effective Date
and on or before September 30, 2021, Borrower shall have provided Collateral Agent evidence satisfactory to Collateral
Agent of achievement of any two of the following: (i) Borrower shall have submitted an IND for AXA-1665, (ii) Borrower
shall have submitted an IND for AXA-1125 in adult Nonalcoholic Steatohepatitis and (iii) a patient has completed
enrollment in a Borrower-sponsored Phase 2b clinical trial for adult Nonalcoholic Steatohepatitis.

 

    1

     

    

 

“IND” means an
Investigational New Drug Application submitted to the FDA pursuant to 21 C.F.R. § 312 (or its successor regulation)
requesting authorization to initiate clinical trials in human subjects.

 

“Third Amendment Effective Date”
means August 28, 2020.

 

(ii)          Amended and Restated Definitions.
The following definitions are hereby amended and restated as follows:

 

“Amortization Date”
is November 1, 2021; provided that, (i) if the Fourth Interest Only Extension Conditions are satisfied and Borrower
so elects, then February 1, 2022; and (ii) if the Fifth Interest Only Extension Conditions are satisfied and Borrower
so elects, then May 1, 2022.

 

“Final Fee”
is a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on
the earliest to occur of (a) the Maturity Date, or (b) the acceleration of any Term Loan, or (c) the prepayment
of a Term Loan by Borrower pursuant to Section 2.2(c) or (d), equal to 6.35% of the Term Loans funded under this Agreement.

 

“LIBOR Rate”
means the greater of (a) 0.20% per annum, and (b) the rate per annum rate published by the Intercontinental Exchange
Benchmark Administration Ltd. (the “Service”) (or on any successor or substitute page of such Service,
or any successor to or substitute for such Service) for a term of one month, which determination by Collateral Agent shall be conclusive
in the absence of manifest error.

 

(b)           References
Within Loan and Security Agreement. Each reference in the Loan and Security

 

Agreement to “this Agreement” and the words “hereof,”
“herein,” “hereunder,” or words of like import, shall mean and be a reference to the Loan and Security
Agreement as amended by this Amendment.

 

SECTION 3 Conditions of Effectiveness. The effectiveness
of Section 2 of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:

 

(a)           Fees
and Expenses. The Borrower shall have paid (i) an amendment fee of $39,000, (ii) all invoiced costs and expenses
then due in accordance with Section 5(e), and (iii) all other fees, costs and expenses, if any, due and payable
as of the Amendment Effective Date under the Loan and Security Agreement.

 

(b)          This
Amendment. Collateral Agent shall have received this Amendment, executed by Collateral Agent, the Lenders and the Borrower.

 

(c)           Representations
and Warranties; No Default. On the Amendment Effective Date, after giving effect to the amendment of the Loan and Security
Agreement contemplated hereby:

 

(i)           The representations and warranties
contained in Section 4 shall be true and correct on and as of the Amendment Effective Date as though made on and as of such
date; and

 

(ii)          There exist no Events of Default
or events that with the passage of time would result in an Event of Default.

 

    2

     

    

 

SECTION 4          Representations
and Warranties. To induce the Lenders to enter into this Amendment, the Borrower hereby confirms, as of the date hereof,
(a) that the representations and warranties made by it in Section 5 of the Loan and Security Agreement and in the
other Loan Documents are true and correct in all material respects; provided, however, that such materiality qualifier shall
not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; (b) that there has not been and there does not exist a Material Adverse Change; and (c) that the
information included in the Perfection Certificate delivered to Collateral Agent on the Effective Date is true and correct in
all material respects as of the Amendment Effective Date, subject to changes reflected in Borrower’s monthly Compliance
Certificates. For the purposes of this Section 4, (i) each reference in Section 5 of the Loan and Security
Agreement to “this Agreement,” and the words “hereof,” “herein,” “hereunder,”
or words of like import in such Section, shall mean and be a reference to the Loan and Security Agreement as amended by this
Amendment, and (ii) any representations and warranties which relate solely to an earlier date shall not be deemed
confirmed and restated as of the date hereof (provided that such representations and warranties shall be true, correct and
complete in all material respects as of such earlier date).

 

SECTION 5          Miscellaneous.

 

(a)            Loan
Documents Otherwise Not Affected; Reaffirmation. Except as expressly amended pursuant hereto or referenced herein, the Loan
and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified
and confirmed in all respects. The Lenders’ and Collateral Agent’s execution and delivery of, or acceptance of, this
Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide
any other or further amendments, consents or waivers in the future. The Borrower hereby reaffirms the grant of security under Section

 

4.1            of
the Loan and Security Agreement and hereby reaffirms that such grant of security in the Collateral secures all Obligations under
the Loan and Security Agreement, including without limitation any Term Loans funded on or after the Amendment Effective Date, as
of the date hereof.

 

(b)            Conditions.
For purposes of determining compliance with the conditions specified in Section 3, each Lender that has signed this
Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Collateral Agent shall have received
notice from such Lender prior to the Amendment Effective Date specifying its objection thereto.

 

(c)            Release.
In consideration of the agreements of Collateral Agent and each Lender contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Borrower, on behalf of itself and its successors, assigns, and other
legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever discharges Collateral
Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents and other representatives (Collateral Agent, the Lenders and all
such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”),
of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, or
any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the
Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time
on or prior to the day and date of this Amendment, including, without limitation, for or on account of, or in relation to, or in
any way in connection with the Loan Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.
Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and
may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted
in breach of the provisions of such release. Borrower agrees that no fact, event, circumstance, evidence or transaction which could
now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of
the release set forth above.

 

(d)            No
Reliance. The Borrower hereby acknowledges and confirms to Collateral Agent and the Lenders that the Borrower is executing
this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation,
understanding or communication by or on behalf of any other Person.

 

    3

     

    

 

(e)            Costs
and Expenses. The Borrower agrees to pay to Collateral Agent within thirty (30) days of its receipt of an invoice (or on the
Amendment Effective Date to the extent invoiced on or prior to the Amendment Effective Date), the out-of-pocket costs and expenses
of Collateral Agent and the Lenders party hereto, and the reasonable documented fees and disbursements of counsel to Collateral
Agent and the Lenders party hereto (including allocated costs of internal counsel), in connection with the negotiation, preparation,
execution and delivery of this Amendment and any other documents to be delivered in connection herewith on the Amendment Effective
Date or after such date.

 

(f)            Binding
Effect. This Amendment binds and is for the benefit of the successors and permitted assigns of each party.

 

(g)           Governing Law. THIS AMENDMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION
OF ANY LAWS OTHER THAN THE LAWS OF THE STATE OF NEW YORK), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE,
REGARDLESS OF THE LOCATION OF THE COLLATERAL.

 

(h)            Complete
Agreement; Amendments; Exit Fee Agreement. This Amendment and the Loan Documents represent the entire agreement about
this subject matter and supersede prior negotiations or agreements with respect to such subject matter. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment
and the Loan Documents merge into this Amendment and the Loan Documents. For the avoidance of doubt and notwithstanding
anything to the contrary in this Amendment, Borrower (a) reaffirms its obligations under the Exit Fee Agreement,
including without limitation its obligation to pay the Exit Fee (as defined in the Exit Fee Agreement) if and when due
thereunder, and (b) agrees that the defined term “Loan Agreement” as defined in the Exit Fee Agreement shall on
and after the Amendment Effective Date mean the Loan and Security Agreement as amended by this Amendment and as may be
amended, restated or modified from time to time on or after the Amendment Effective Date.

 

(i)            Severability
of Provisions. Each provision of this Amendment is severable from every other provision in determining the enforceability of
any provision.

 

(j)            Counterparts.
This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, is an original, and all taken together, constitute one Amendment. Delivery of an executed counterpart
of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission will
be as effective as delivery of a manually executed counterpart hereof.

 

(k)           Loan Documents.
This Amendment and the documents related thereto shall constitute Loan Documents.

 

(l)            Electronic
Execution of Certain Other Documents. The words “execution,” “execute”, “signed,”
“signature,” and words of like import in or related to any document to be signed in connection with this Amendment
and the transactions contemplated hereby (including without limitation assignments, assumptions, amendments, waivers and
consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract
formations on electronic platforms approved by Collateral Agent, or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act.

 

[Balance of Page Intentionally Left Blank;
Signature Pages Follow]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Amendment, as of the date first above written.

 

		BORROWER:
	 	 
	 	AXCELLA HEALTH INC.,
	 	as Borrower
	 	 
	 	By:	/s/ Laurent Chardonnet	 
	 	Name: Laurent Chardonnet
	 	Title: Chief Financial Officer

 

	 	ACORA NUTRITION LLC,
	 	as Borrower
	 	 
	 	By: Axcella Health Inc., its sole member
	 	 
	 	By:	/s/ Laurent Chardonnet	 
	 	Name: Laurent Chardonnet
	 	Title: Chief Financial Officer

 

[Signature Page to Third Amendment to Loan and Security
Agreement]

 

    

     

    

 

	 	COLLATERAL AGENT AND LENDER:
	 	 
	 	SOLAR CAPTAL LTD.,
	 	as Collateral Agent and a Lender
	 	 
	 	By:	/s/ Anthony Storino 	 
	 	Name: Anthony Storino 
	 	Title: Authorized Signatory

 

[Signature Page to Third Amendment to Loan and Security
Agreement]

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