Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS (this “Agreement”) is dated as of this 20th day
of August, 2015, by and among (i) Raptor Pharmaceutical Corp., a Delaware corporation, and any successor corporation (the “Company”), (ii) Tripex Pharmaceuticals, LLC, a Delaware limited liability company
(“Tripex”), and (iii) the persons identified on the signature pages hereto and each Person who shall subsequent to the date hereof join in and become a party to this Agreement pursuant to Section 9 (collectively,
the “Stockholders,” and each individually, a “Stockholder”). 
 WHEREAS, the Company and Tripex, have
entered into that certain Asset Purchase Agreement (the “Purchase Agreement”), dated as of the date hereof, whereby the Company may elect to issue shares of its Common Stock to Tripex to be distributed by Tripex solely to Stock
Recipient Members. Capitalized terms used but not defined herein shall have the definitions assigned to them in the Purchase Agreement. 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Stockholders hereby covenant and agree with each other as follows: 
 1. Certain
Definitions. 
 As used in this Agreement, the following terms shall have the following respective meanings: 

“Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency administering the
Securities Act and the Exchange Act at the time. 
 “Common Stock” shall mean the Company’s common stock, par value
$0.001 per share, and any other equity securities issued or issuable by the Company with respect thereto (whether by way of a dividend or stock split or in exchange for or upon conversion of such stock or otherwise in connection with a combination
of stock, recapitalization, merger, consolidation or other corporate reorganization). 
 “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 

“Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization, a
limited liability company or partnership, a government and any agency or political subdivision thereof. 
 “Registrable
Securities” shall mean the shares of Common Stock issued at each Share Issuance Closing Date to Tripex pursuant to the Purchase Agreement and any such shares subsequently distributed by Tripex to the Stock Recipient Members in accordance
with the Purchase Agreement, as applicable; provided, however, that any particular Registrable Securities 

 
will cease to be Registrable Securities when (a) a registration statement covering such Registrable Securities has been declared effective by the Commission in accordance with the Securities
Act and such Registrable Securities have been disposed of pursuant to such effective Registration Statement, (b) such Registrable Securities have been sold pursuant to Rule 144 promulgated under the Securities Act, or (c) such Registrable
Securities are no longer outstanding. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar
successor federal statute, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 

All other capitalized terms not defined herein shall have the meaning set forth in the Purchase Agreement unless otherwise indicated. 

2. Registration Statements. 

The Company is now using, and covenants and agrees during the term of this Agreement to use, commercially reasonable efforts to remain
qualified to register securities pursuant to a registration statement covering the resale of the Registrable Securities on Form S-3 (or any successor form or such other applicable Registration Statement) under the Securities Act. Subject to
Section 8, on or promptly after any applicable Share Issuance Closing Date (and, subject to Tripex’s and/or each Stockholder’s compliance with Section 6.5(b) of the Purchase Agreement), no later than five (5) business days
after the applicable Share Issuance Closing Date, the Company shall cause to be filed a registration statement on Form S-3 registering the resale of the Registrable Securities issued on such Share Issuance Closing Date (it being understood that, if
the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the time of the filing of a registration statement, such registration statement shall be immediately effective). The Company shall use
commercially reasonable efforts to (i) have such registration statement declared effective by the Commission no later than ninety (90) days following the initial filing thereof, in the event that such registration statement is not
automatically effective upon the filing thereof; and (ii) keep such registration statement effective until the earlier of (a) one hundred eighty (180) days following effectiveness thereof or (b) Tripex or the selling
Stockholders, as applicable, have completed the distribution described in such registration statement. The Company shall not be obligated to enter into any underwriting agreement for the sale of any of the Registrable Securities. 

3. Registration Procedures. 

(a) If and whenever the Company is required by the provisions of this Agreement to effect the registration of any of its securities under the
Securities Act, the Company will: 
  

	 	(i)	 use commercially reasonable efforts to diligently prepare, to allow for review and comment by Tripex, and to file with the Commission a registration
statement on the appropriate form under the Securities Act with respect to such securities, which form shall comply as to form in all material respects with the requirements of the applicable

  
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form and include all financial statements required by the Commission to be filed therewith, and use commercially reasonable efforts to cause such registration statement to become and remain
effective as required under this Agreement; 

  

	 	(ii)	use commercially reasonable efforts to diligently prepare, to allow for review and comment by Tripex, and to file with the Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective until the earlier of (A) one hundred eighty (180) days following effectiveness thereof or (B) Tripex or the selling Stockholders, as
applicable, have completed the distribution described in such registration statement, and to comply with the provisions of the Securities Act with respect to the sale or other disposition of all securities covered by such registration statement;

  

	 	(iii)	promptly furnish to each selling Stockholder a copy of such registration statement, any amendments thereto, any documents incorporated by reference therein, the prospectus, including a preliminary prospectus, if
applicable, in conformity with the requirements of the Securities Act, and such other documents as Tripex and/or such selling Stockholder may reasonably request in order to facilitate the public sale or other disposition of the securities owned by
Tripex and/or such selling Stockholder, which documents (other than those incorporated by reference) will be subject to the review of Tripex and/or such selling Stockholder and its counsel; provided that Tripex and/or a selling
Stockholder’s review of such documents shall be limited solely to ensuring the accuracy of any information regarding such selling Stockholder included therein; 

 

	 	(iv)	respond promptly to any comments received from the Commission with respect to each registration statement or any amendment thereto and, upon request of Tripex and/or a selling Stockholder, promptly provide the selling
Stockholders true and complete copies of all correspondence from and to the Commission relating to the registration statement; 

  

	 	(v)	use commercially reasonable efforts to register or qualify the securities covered by such registration statement under such other securities or state blue sky laws of such jurisdictions as each selling Stockholder shall
request, and do any and all other acts and things which may be necessary under such securities or blue sky laws to enable Tripex and/or such selling Stockholder to consummate the public sale or other disposition in such jurisdictions of the
securities owned by Tripex and/or such selling Stockholder, provided that the Company shall not for any such purpose be required to qualify to do business as a foreign corporation in any jurisdiction wherein it is not so qualified;

  
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	 	(vi)	immediately notify Tripex and/or each selling Stockholder of Registrable Securities and (if requested by any such Person) confirm such notice in writing, of the happening of any event which makes any statement made in
the registration statement or related prospectus untrue or which requires the making of any changes in such registration statement or prospectus so that they will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading; and, as promptly as practicable thereafter, prepare and file with the Commission and furnish a
supplement or amendment to such prospectus so that, as thereafter deliverable to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; 

  

	 	(vii)	use commercially reasonable efforts to promptly obtain the withdrawal of (A) any order suspending the effectiveness of a registration statement or (B) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction; 

  

	 	(viii)	promptly deliver to each holder of Registrable Securities to be sold and its counsel, without charge, as many copies of the prospectus or prospectuses (including each form of prospectus) and each amendment or supplement
thereto as such Persons may reasonably request; 

  

	 	(ix)	reasonably cooperate with Tripex and/or the selling Stockholders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold pursuant to a registration statement,
which certificates shall be free, to the extent permitted by applicable law, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such selling holders may request at
least two (2) business days prior to any sale of Registrable Securities pursuant to such registration statement; 

  

	 	(x)	use commercially reasonable efforts to otherwise facilitate the public offering of the securities; 

  

	 	(xi)	 cause the securities covered by such registration statement to be promptly listed on the securities exchange or quoted on the quotation

  
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system on which the Common Stock of the Company is then listed or quoted in the event an application related to the listing of additional shares is required by such exchange or quotation system;

  

	 	(xii)	otherwise cooperate with the Commission and other regulatory agencies and take all actions and execute and deliver or cause to be executed and delivered all documents necessary to effect the registration of any
securities under this Agreement; and 

  

	 	(xiii)	during the period when the prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the
Exchange Act. 

 (b) Tripex and/or each Stockholder who intends to be named as a selling securityholder in such registration
statement shall furnish to the Company in writing, within five (5) business days after the date of the notice including a request therefor as set forth in a questionnaire in the form attached hereto as Exhibit A, such information
regarding Tripex and/or such Stockholder and the proposed distribution by Tripex and/or such Stockholder of its Registrable Securities as the Company may reasonably request for use in connection with such registration statement or any preliminary
prospectus or final prospectus contained therein. Stockholders that do not complete the questionnaire and deliver it to the Company shall not be named as selling securityholders in any preliminary prospectus or final prospectus included in such
registration statement and therefore shall not be permitted to sell any Registrable Securities pursuant to such registration statement. Tripex and/or each Stockholder who intends to be named as a selling securityholder in such registration statement
shall promptly furnish to the Company in writing all information required to be disclosed in order to make information previously furnished to the Company by Tripex and/or such Stockholder not materially misleading and such other information as the
Company may from time to time reasonably request in writing. 
 4. Expenses. All registration and filing fees, printing
expenses, fees and disbursements of counsel for the Company, expenses of any audits incident to or required by any such registration and expenses of complying with the securities or blue sky laws of any jurisdictions, shall be paid by the Company.
Tripex and the Stockholders shall pay any fees and costs of their own counsel and all underwriting discounts, commissions and expenses of underwriters or brokers incurred in connection with the offering and sale of the Registrable Securities. 

5. Indemnification. 

(a) To the extent permitted by law, the Company shall indemnify and hold harmless Tripex and each Stockholder that is a selling holder of
Registrable Securities, its successors and assigns and each other Person, if any, who controls (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) Tripex and/or the selling Stockholder
(individually and collectively, the “Indemnified Person”) against any losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees) (collectively, the “liability”), joint or several,
to which such Indemnified Person may become subject under the 

  
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Securities Act or any other statute or at common law, insofar as such liability (or action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in any registration statement under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement
thereto, or any free writing prospectus used in connection with any offering, including but not limited to, any free writing prospectus used by the Company or the Stockholders, (ii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any violation by the Company of the Securities Act, any state securities or “blue sky” laws or any sale or regulation thereunder in
connection with such registration, or (iv) any information provided by the Company or at the instruction of the Company to any Person participating in the offer at the point of sale containing any untrue statement or alleged untrue statement of
any material fact or omitting or allegedly omitting any material fact required to be included in such information or necessary to make the statements therein not misleading. Except as otherwise provided in Section 5(d), the Company shall
reimburse each such Indemnified Person in connection with investigating or defending any such liability. Notwithstanding the foregoing, the Company shall not be liable to any Indemnified Person in any such case to the extent that any such liability
arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, preliminary or final prospectus, or amendment or supplement thereto, free writing prospectus, or
other information, in reliance upon information furnished in writing to the Company by such Person specifically for use therein. The rights of an Indemnified Person pursuant to this Section 5(a) shall apply regardless of any
investigation made by or on behalf of such Indemnified Person and shall survive transfer of such securities by such Indemnified Person. 

(b) To the extent permitted by law, Tripex and each Stockholder holding any Registrable Securities included in a registration effected
pursuant to this Agreement shall indemnify and hold harmless the Company, its successors and assigns, its directors, managers, officers, employees and agents, and each other Person, if any, who controls (within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act) the Company (individually and collectively, also the “Indemnified Person”), against any liability, joint or several, and solely with respect to a Stockholder, several and
not joint, to which any such Indemnified Person may become subject under the Securities Act or any other statute or at common law, insofar as such liability (or actions in respect thereof) arises out of or is based upon (i) any untrue statement
or alleged untrue statement of any material fact contained in any registration statement under which Registrable Securities were registered under the Securities Act at the request of Tripex or such selling Stockholder, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto, or any free writing prospectus used in connection with such offering, including but not limited to, any free writing prospectus used by the Company, Tripex or the
Stockholders, (ii) any omission or alleged omission by Tripex or such selling Stockholder to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any information
provided at the instruction of Tripex or such Selling Stockholder to any Person participating in the offer at the point of sale containing any untrue statement or alleged untrue statement of any material fact or omitting or allegedly omitting any
material fact required to be included in such information or necessary to make the statements therein not misleading, in the case of (i), (ii) and 

  
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(iii) to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in such registration statement, preliminary or final
prospectus, amendment or supplement thereto, free writing prospectus, or other information, in reliance upon information furnished in writing to the Company by Tripex and/or such selling Stockholder specifically for use therein, including, without
limitation, any comments provided by Tripex to any registration statement, preliminary or final prospectus, amendment or supplement thereto. Tripex and such selling Stockholder shall reimburse any Indemnified Person for any legal fees incurred in
investigating or defending any such liability. Notwithstanding the foregoing in this Section 5(b), (A) in no event shall the liability of Tripex or any Stockholder for indemnification under this Section 5 in its capacity
as a seller of Registrable Securities exceed the amount equal to the net proceeds to Tripex or such Stockholder of the securities sold in any such registration and (B) a Stockholder shall only be liable for indemnification in this
Section 5, in the case of (i), (ii) and (iii), for an untrue statement or alleged untrue statement or omission or alleged omission made by such Stockholder. 

(c) Indemnification similar to that specified in Sections 5(a) and (b) shall be given by the Company, Tripex and each
selling Stockholder (with such modifications as may be appropriate) with respect to any required registration or other qualification of their securities under any federal or state law or regulation of governmental authority other than the Securities
Act. 
 (d) In the event the Company, Tripex, any selling Stockholder or other Person receives a complaint, claim or other notice of any
liability or action, giving rise to a claim for indemnification under Sections 5(a), (b) or (c) above, the Person claiming indemnification under such paragraphs shall promptly notify the Person against whom
indemnification is sought of such complaint, notice, claim or action, and such indemnifying Person shall have the right to investigate and defend any such loss, claim, damage, liability or action with counsel reasonably satisfactory to the
Indemnified Person. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the indemnifying Person
and the Indemnified Person shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying Person and the Indemnified Person, and the
Indemnified Person shall have been advised by counsel that representation of both parties by the same counsel would be inappropriate due to actual differing interests between them. 

(e) If the indemnification provided for in this Section 5 for any reason is held by a court of competent jurisdiction to be
unavailable to an Indemnified Person in respect of any liabilities referred to therein, then each indemnifying Person under this Section 5, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid
or payable by such Indemnified Person as a result of such liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying Person, on the one hand, and the Indemnified Person, on the other hand,
from the offering of Registrable Securities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the indemnifying Person, on the one hand, and the Indemnified Person, on the other hand, in connection with the statements or omissions which resulted in such liabilities. The

  
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relative benefits received by the Company, Tripex, and the Stockholders shall be deemed to be in the same respective proportions that the net proceeds from the offering (before deducting
expenses) received by the Company, Tripex, and the Stockholders, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the Registrable Securities. The relative fault of
the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company,
Tripex or the Stockholders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The parties agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata
or per capita allocation or by any other method of allocation which does not take account the equitable considerations referred to in the immediately preceding paragraph. In no event, however, shall Tripex or a Stockholder be required to contribute
under this Section 5(e) in excess of the lesser of (i) that proportion of the total of such liabilities indemnified against equal to the proportion of the total Registrable Securities sold under such registration statement which are
being sold by Tripex or such Stockholder or (ii) the net proceeds received by Tripex or such Stockholder from its sale of Registrable Securities under such registration statement. No Person found guilty of fraudulent representation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation. 

(f) The amount paid by an indemnifying Person or payable to an Indemnified Person as a result of the liabilities referred to in this
Section 5 shall be deemed to include, subject to limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim, payable as
the same are incurred. The indemnification and contribution provided for in this Section 5 will remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person. No indemnifying Person, in
the defense of any such claim or litigation, shall enter into a consent or entry of any judgment or enter into a settlement without the consent of the Indemnified Person, which consent will not be unreasonably withheld or delayed. 

(g) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in any underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

6. Compliance with Rule 144. The Company will use commercially reasonable efforts to file with the Commission such information
as is required under the Exchange Act for so long as there are holders of Registrable Securities and to take all action as may be required as a condition to the availability of Rule 144 under the Securities Act (or any comparable successor rules)
for the sale of Registrable Securities by the holders thereof. The Company shall furnish to any holder of Registrable Securities upon request a written statement executed by the Company as to the steps it has taken to comply with the current public
information requirement of Rule 144 (or such comparable successor rules). 

  
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 7. Amendments. The provisions of this Agreement may be amended, and the Company may
take any action herein prohibited or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of Tripex and the Stockholders holding a majority of the then outstanding Registrable Securities
held by the Stockholders; provided that in the case of any amendment or waiver which materially and adversely affects any holder of Registrable Securities differently from any other such holder (other than due to any difference in the number
of Registrable Securities owned by any such holder), the written consent of such holder shall also be required. For purposes of this Agreement and all agreements executed pursuant hereto, no course of dealing between or among any of the parties
hereto and no delay on the part of any party hereto in exercising any rights hereunder or thereunder shall operate as a waiver of the rights hereof and thereof. 

8. Postponement. The Company may postpone the filing of any registration statement required hereunder for a reasonable period of
time, not to exceed forty-five (45) days in the aggregate during any twelve-month period, if the Company has been advised by legal counsel that such filing would require a special audit or the disclosure of a material impending transaction or
other matter and the Company’s Board of Directors determines reasonably and in good faith that such disclosure would have a material adverse effect on the Company (a “Black Out Period”). Upon notice of the existence of a Black
Out Period from the Company to Tripex and any Stockholder or Stockholders with respect to any registration statement already effective, Tripex and such Stockholder or Stockholders shall refrain from selling their Registrable Securities under such
registration statement until such Black Out Period has ended; provided, however, that the Company shall not impose a Black Out Period more than once during any period of twelve (12) consecutive months and in no event shall such
Black Out Period exceed forty-five (45) days; provided, further that the Company shall not register any securities for its own account or that of any other Stockholder during the Black Out Period. 

9. Joinder of Stockholders; Transferability of Registration Rights. The registration rights set forth in this Agreement are
transferable to each transferee of Registrable Securities. Each subsequent holder of Registrable Securities must sign an Instrument of Accession in the form of Exhibit B hereto in order to acquire the rights granted pursuant to this
Agreement. 
 10. Damages. The Company recognizes and agrees that each holder of Registrable Securities will not have an
adequate remedy if the Company fails to comply with the terms and provisions of this Agreement and that damages will not be readily ascertainable, and the Company expressly agrees that, in the event of such failure, it shall not oppose an
application by any holder of Registrable Securities or any other Person entitled to the benefits of this Agreement requiring specific performance of any and all provisions hereof or enjoining the Company from continuing to commit any such breach of
this Agreement. 
 11. Termination of Registration Rights. The right of Tripex and/or any Stockholder to request registration
or inclusion of Registrable Securities in any registration pursuant to Section 2 shall terminate on the date upon which all Registrable Securities are freely tradable without limitation under Rule 144 under the Securities Act (or any
comparable successor rules). The rights, obligations and restrictions of Tripex and/or any Stockholder hereunder and of the Company with respect to Tripex and/or such Stockholder, other than those contained in Section 5, shall terminate
as soon as all of the Registrable Securities held by Tripex and/or such Stockholder are freely tradable without limitation under Rule 144 under the Securities Act. 

  
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 12. Miscellaneous. 

(a) Notices. All notices, requests, demands and other communications provided for hereunder shall be in writing and shall be personally
delivered, mailed (by first class registered or certified mail, postage prepaid), or sent by reputable delivery service or courier or facsimile transmission to the applicable party at the addresses and facsimile numbers indicated below: 

If to the Company: 

Raptor Pharmaceutical Corp. 

7 Hamilton Landing, Suite 100 

Novato, CA 94949 

Attention: Ashley Gould 

Facsimile: (###) ###-#### 

With a copy to: 

Latham & Watkins LLP 

650 Town Center Drive, 20th Floor 

Costa Mesa, CA 92626-1925 

Attention: Charles K. Ruck 

If to the Tripex: 

Tripex Pharmaceuticals, LLC 

c/o SV Life Sciences Advisers, LLC 

One Boston Place, Suite 3900 

Boston, MA 02108 

Attention: Dan Burgess 

Facsimile: (###) ###-#### 

With a copy to: 

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP 

3570 Carmel Mountain Rd 

Suite 200 

San Diego, CA 92130 

Attention: Ross L. Burningham 

Facsimile: (###) ###-#### 

If to a Stockholder: 

At such Person’s address for notice as set forth in the books and records of the Company 

  
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 or, as to each of the foregoing, at such other address as shall be designated by such Person in a written notice
to other parties complying as to delivery with the terms of this subsection (a). All such notices, requests, demands and other communications shall be deemed to have been delivered and received (i) when delivered personally to the
recipient, (ii) upon transmission by facsimile if received during normal business hours of the recipient and, if not, the next business day after transmission, as evidenced by confirmation of transmission from the sender’s facsimile
machine or (iii) on the date of delivery set forth in the applicable proof of delivery if sent by reputable delivery service or courier. 

(b) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware, without
giving effect to conflict of laws principles thereof. 
 (c) WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER RELATED DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 12(c). 
 (d) Counterparts. This Agreement may be executed in two or more facsimile
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (e)
Severability. If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal,
invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 

(f) Integration. This Agreement, including the exhibits, documents and instruments referred to herein or therein, constitutes the
entire agreement among the parties with respect to the subject matter. 
 [SIGNATURE PAGES FOLLOW] 

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

			
	COMPANY:
	
	Raptor Pharmaceutical Corp.,
	a Delaware corporation
		
	By:	 	 /s/ Julie Anne Smith

	Name:	 	Julie Anne Smith
	Title:	 	Chief Executive Officer

 Signature Page to Registration Rights Agreement 

 
			
	Tripex:
	
	Tripex Pharmaceuticals, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ David Burgess

	Name:	 	David Burgess
	Title:	 	President and Chief Executive Officer

 Signature Page to Registration Rights Agreement 

 
			
	STOCKHOLDERS:
	
	RiverVest Venture Fund II, L.P.
	By: River VestVenture Partners II, L.P., its General Partner
	By: RiverVest Venture Partners II, LLC, its sole General Partner
		
	By:	 	 /s/ Thomas Melzer

	Name:	 	Thomas Melzer
	Title:	 	Member
	
	Address For Notice:
	
	RiverVest Venture Fund II (Ohio), L.P.
	By: River VestVenture Partners II (Ohio), LLC, its General Partner
	By: RiverVest Venture Partners II, L.P., its sole member
	By: RiverVest Venture Partners II, LLC, its general partner
		
	By:	 	 /s/ Thomas Melzer

	Name:	 	Thomas Melzer
	Title:	 	Member
	
	Address For Notice:
	
	HBM MPEX Holding Ltd.
		
	By:	 	 /s/ Jean Marc LeSieur

	Name:	 	Jean Marc LeSier
	Title:	 	Director
	
	Address For Notice:

			
	
	INTERNATIONAL LIFE SCIENCE FUND III (LP1), L.P.
	By: International Life Sciences Fund III (GP), L.P.,
	its sole General Partner
	By: ILSF III, LLC, its sole General Partner
		
	By:	 	 /s/ Denise W. Marks

	Name:	 	Denise W. Marks
	Title:	 	ILSF III, LLC, Member
	
	Address For Notice:
	
	INTERNATIONAL LIFE SCIENCE FUND III CO-INVESTMENT, L.P.
	By: International Life Sciences Fund III (GP), L.P.,
	its sole General Partner
	By: ILSF III, LLC, its sole General Partner
		
	By:	 	 /s/ Denise W. Marks

	Name:	 	Denise W. Marks
	Title:	 	ILSF III, LLC, Member
	
	Address For Notice:
	
	INTERNATIONAL LIFE SCIENCE FUND III STRATEGIC PARTNERS, L.P.
	By: International Life Sciences Fund III (GP), L.P.,
	its sole General Partner
	By: ILSF III, LLC, its sole General Partner
		
	By:	 	 /s/ Denise W. Marks

	Name:	 	Denise W. Marks
	Title:	 	ILSF III, LLC, Member
	
	Address For Notice:

 
			
	SV LIFE SCIENCES FUND IV, L.P.
	By: SV Life Sciences Fund IV (GP), L.P.,
	its sole General Partner
	By: SVLSF IV, LLC, its sole General Partner
		
	By:	 	 /s/ Denise W. Marks

	Name:	 	Denise W. Marks
	Title:	 	SVLSF IV, LLC, Member
	
	Address For Notice:
	
	SV LIFE SCIENCES FUND IV, STRATEGIC PARTNERS, L.P.
	By: SV Life Sciences Fund IV (GP), L.P.,
	its sole General Partner
	By: SVLSF IV, LLC, its sole General Partner
		
	By:	 	 /s/ Denise W. Marks

	Name:	 	Denise W. Marks
	Title:	 	SVLSF IV, LLC, Member
	
	Address For Notice:
	
	Aberdare Ventures III, LP
	By: Aberdare GP III, LLC;
		 	Its General Partner
		
	By:	 	 /s/ John H. Odden

	Name:	 	John H. Odden
	Title:	 	Manager
	
	Address For Notice:

 
			
	Aberdare Partners III, LP
	By: Aberdare GP III, LLC;
		 	Its General Partner
		
	By:	 	 /s/ John H. Odden

	Name:	 	John H. Odden
	Title:	 	Manager
	
	Address For Notice:
	
	Investor Group LP
	By: Investor Growth Capital LLC, its general partener
		
	By:	 	 /s/ Michael V. Oporto

	Name:	 	Michael V. Oporto
	Title:	 	Director
	
	Address For Notice:
	
	Investor Growth Capital Limited
		
	By:	 	 /s/ Michael V. Oporto

	Name:	 	Michael V. Oporto
	Title:	 	Director
	
	Address For Notice:
	
	Adams Street V, L.P.
	By: Adams Street Partners, LLC, its General Partner
		
	By:	 	 /s/ Elisha P. Gould III

	Name:	 	Elisha P. Gould III
	Title:	 	Partner
	
	Address For Notice:

 Exhibit A 

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE 

 

	
	  

	Name of Selling Stockholder
	(please print)

 RAPTOR PHARMACEUTICAL CORP. 

QUESTIONNAIRE FOR SELLING STOCKHOLDERS 

IMPORTANT: IMMEDIATE ATTENTION REQUIRED 

This Questionnaire is being furnished to all persons or entities (the “Selling Stockholders”) receiving or anticipated to receive
shares of common stock, par value $0.001 per share (“Common Stock”) of Raptor Pharmaceutical Corp., a Delaware corporation (the “Company”), issued or anticipated to be issued by the Company to Tripex Pharmaceuticals, LLC, a
Delaware limited liability company (“Tripex”), in accordance with that certain Asset Purchase Agreement (as such agreement may be amended from time to time, the “Purchase Agreement”), dated as of August 20, 2015, by and
between the Company and Tripex, including pursuant to any distribution from Tripex of such shares of Common Stock. This Questionnaire relates to certain information required to be disclosed in a registration statement on Form S-3 being prepared
by the Company for filing with the United States Securities and Exchange Commission (the “Commission”) pursuant to the Registration Rights Agreement, dated as of August 20, 2015, entered into by and between the persons identified on
the signature pages thereto and each person who shall join pursuant to the terms thereof (the “Registration Rights Agreement”) in connection with the Purchase Agreement. The Company must receive a completed Questionnaire from each
Selling Stockholder in order to include such Selling Stockholder’s shares of Common Stock in the registration statement. 
 The
furnishing of accurate and complete responses to the questions posed in this Questionnaire is an extremely important part of the registration process. The inclusion of inaccurate or incomplete disclosures in the registration statement can result in
potential liabilities, both civil and criminal, to the Company and to the individuals who furnish the information. Accordingly, the Selling Stockholders are advised to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the registration statement and related prospectus. 
 PLEASE GIVE A RESPONSE TO
EVERY QUESTION, indicating “None” or “Not Applicable” where appropriate. Please complete, sign, and return one copy of this Questionnaire by facsimile, email or overnight courier as soon as possible. 

Latham & Watkins LLP 

650 Town Center Drive, 20th Floor 

Costa Mesa, California 92626 

Attn: Alex Coffin 
 Fax: (###)
###-#### 
 ####### 

 Unless stated otherwise, answers should be given as of the date you complete this Questionnaire.
However, it is your responsibility to inform us of any changes that may occur to your situation. If there is any situation about which you have any doubt, or if you are uncertain as to the meaning of any terms used in this Questionnaire, please
contact Alex Coffin at: (714) 540-1235. 

 PART I - STOCK OWNERSHIP 

Item 1. Beneficial Ownership. 

a. Deemed Beneficial Ownership. Please state the amount of securities of the Company you own on the date you complete this
Questionnaire. (If none, please so state in each case.) 
  

			
	 Amount Beneficially Owned1
	  	Number of Shares of
Common Stock Owned
		
	 Please state the number of shares owned by you or by family members, trusts and other organizations with which you have a relationship,
and any other shares of which you may be deemed to be the “beneficial owner”1:
	  	
		
	 Total Shares:
	  	
		
	 Of such shares:
	  	
		
	 Shares as to which you have sole voting power:
	  	
		
	 Shares as to which you have shared voting power:
	  	
		
	 Shares as to which you have sole investment power:
	  	
		
	 Shares as to which you have shared investment power:
	  	
		
	 Shares which you will have a right to acquire before 60 days after the date you complete this Questionnaire through the exercise of
options, warrants or otherwise:
	  	

 Do you have any present plans to exercise options or otherwise acquire, dispose of or to transfer
shares of Common Stock of the Company between the date you complete this Questionnaire and the date which is 60 days after the date in which the Registration Statement is filed? 

Answer: 
 If so, please
describe. 
 b. Pledged Securities. If any of such securities have been pledged or otherwise deposited as collateral or are the
subject matter of any voting trust or other similar agreement or of any contract providing for the sale or other disposition of such securities, please give the details thereof. 

Answer: 
 c. Disclaimer of
Beneficial Ownership. Do you wish to disclaim beneficial ownership1 of any of the securities reported in response to Item 1(a)? 

Answer: 
 If the answer is
“Yes”, please furnish the following information with respect to the person or persons who should be shown as the beneficial owner(s)1 of the securities in question. 

 

					
	 Name and Address of Actual Beneficial Owner
	  	Relationship of
Such Person To You	  	Number of Shares
Beneficially Owned
		  		  	
		  		  	
		  		  	

 d. Shared Voting or Investment Power over Securities. Will any person be deemed to have beneficial
ownership over any of the securities reported in response to Item 1(a)? 
 Answer: 

If the answer is “Yes”, please furnish the following information with respect to the person or persons who should be shown as the
beneficial owner(s)1 of the securities in question. 
  

					
	 Name and Address of Beneficial Owner
	  	Relationship of
Such Person To You	  	Number of Shares
Beneficially Owned
		  		  	
		  		  	
		  		  	

 Item 2. Major Shareholders. Please state below the names of persons or groups
known by you to own beneficially1 more than 5% of the Company’s Common Stock. 

Answer: 
 Item 3.
Change of Control. Do you know of any contractual arrangements, including any pledge of securities of the Company, the operation of which may at a subsequent date result in a change of control of the Company? 

Answer: 
 Item 4.
Relationship with the Company. Please state the nature of any position, office or other material relationship you have, or have had within the past three years, with the Company or its affiliates. 

 

			
	 Name
	  	 Nature of
Relationship

	 	  	 
	 	  	 
	 	  	 

 Item 5. Broker-Dealer Status. Is the Selling Stockholder a broker-dealer
registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)? 
  ̈ Yes. 
  ̈ No. 

Note that the Company will be required to identify any registered broker-dealer as an underwriter in the prospectus. 

If so, please answer the remaining questions in this section. 

a. If the Selling Stockholder is a registered broker-dealer, please indicate whether the Selling Stockholder purchased its Common Stock for
investment or acquired them as transaction-based compensation for investment banking or similar services. 
 Answer: 

Note that if the Selling Stockholder is a registered broker-dealer and received its Common Stock other than as transaction-based
compensation, the Company is required to identify the Selling Stockholder as an underwriter in the Registration Statement and related prospectus. 

 b. Is the Selling Stockholder an affiliate of a registered broker-dealer? For purposes of this
question, an “affiliate” of a specified person or entity means a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person or entity
specified. 
  ̈ Yes. 

 ̈ No. 

If so, please answer the remaining questions in this section. 

i. Please describe the affiliation between the Selling Stockholder and any registered broker-dealers: 

ii. If the Common Stock was received by the Selling Stockholder other than in the ordinary course of business, please describe
the circumstances: 
 iii. If the Selling Stockholder, at the time of its receipt of Common Stock, has had any agreements or understandings,
directly or indirectly, with any person to distribute the Common Stock, please describe such agreements or understandings: 
 Note that
if the Selling Stockholder is an affiliate of a broker-dealer and did not receive its Common Stock in the ordinary course of business or at the time of receipt had any agreements or understandings, directly or indirectly, to distribute the
securities, the Company must identify the Selling Stockholder as an underwriter in the prospectus. 
 Item 6. Nature of
Beneficial Holding. The purpose of this question is to identify the ultimate natural person(s) or publicly held entity that exercise(s) sole or shared voting or dispositive power over the Registrable Securities (as defined in the Registration
Rights Agreement). 
 a. Is the Selling Stockholder a natural person? 

 ̈ Yes. 

 ̈ No. 

 b. Is the Selling Stockholder required to file, or is it a wholly owned subsidiary of a company
that is required to file, periodic and other reports (for example, Form 10-K, 10-Q, 8-K) with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act? 

 ̈ Yes. 

 ̈ No. 

c. Is the Selling Stockholder an investment company, or a subsidiary of an investment company, registered under the Investment Company Act of
1940, as amended? 
  ̈ Yes. 

 ̈ No. 

If a subsidiary, please identify the publicly held parent entity: 

d. If you answered “no” to questions (a), (b) and (c) above, please identify the controlling person(s) of the Selling
Stockholder (the “Controlling Entity”). If the Controlling Entity is not a natural person or a publicly held entity, please identify each controlling person(s) of such Controlling Entity. This process should be repeated until you reach
natural persons or a publicly held entity that exercises sole or shared voting or dispositive power over the Registrable Securities. 

***PLEASE NOTE THAT THE COMMISSION REQUIRES THAT THESE NATURAL PERSONS BE NAMED IN THE PROSPECTUS*** 

PART II - CERTAIN TRANSACTIONS 

Item 7. Transactions with the Company. If you, any of your
associates2, or any member of your immediate family3 had or will have any direct or indirect material interest in any transactions4 or series of transactions to which the Company or any of its subsidiaries was a party at any time since January 1, 2014, or in any currently proposed transactions or series of transactions in
which the Company or any of its subsidiaries will be a party, in which the amount involved exceeds $120,000, please specify (a) the names of the parties to the transaction(s) and their relationship to you, (b) the nature of the interest in
the transaction, (c) the amount involved in the transaction, and (d) the amount of the interest in the transaction. If the answer is “none”, please so state. 

Answer: 

 Item 8. Third Party Payments. Please describe any compensation paid to you by
a third party pursuant to any arrangement between the Company and any such third party. 
 Answer: 

PART III – PLAN OF DISTRIBUTION 

The selling stockholders and any of their pledgees, donees, transferees, assignees or other successors-in-interest may, from time to time,
sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions
may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. The selling stockholders may use one or more of the
following methods when disposing of the shares or interests therein: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	through brokers, dealers or underwriters that may act solely as agents; 

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this prospectus is a part, whether through an options exchange or
otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of disposition; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell
shares under Rule 144 under the Securities Act of 1933, as amended, or Securities Act, if available, rather than under this prospectus. 

 Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do
not expect these commissions and discounts to exceed what is customary in the types of transactions involved. 
 The selling stockholders
may from time to time pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell shares of
common stock from time to time under this prospectus, or under a supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the
pledgee, transferee or other successors in interest as selling stockholders under this prospectus. 
 Upon being notified in writing by a
selling stockholder that any material arrangement has been entered into with a broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer,
we will file a supplement to this prospectus, if required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the participating broker-dealer(s), (ii) the number of shares
involved, (iii) the price at which such shares of common stock were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any
investigation to verify the information set out or incorporated by reference in this prospectus, and (vi) other facts material to the transaction. In addition, upon being notified in writing by a selling stockholder that a donee or pledge
intends to sell more than 500 shares of common stock, we will file a supplement to this prospectus if then required in accordance with applicable securities law. 

The selling stockholders also may transfer the shares of common stock in other circumstances, in which case the transferees, pledgees or other
successors in interest will be the selling beneficial owners for purposes of this prospectus. 
 In connection with the sale of the shares
of common stock or interests in shares of common stock, the selling stockholders may enter into hedging transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial
institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The selling stockholders may also sell shares of common stock short after the effective date of the registration statement
of which this prospectus is a part and deliver these securities to close out their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or
other transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such
broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

 The selling stockholders and any broker-dealers or agents that are involved in selling the shares
may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by
them may be deemed to be underwriting commissions or discounts under the Securities Act. 
 We have advised the selling stockholders that
they are required to comply with Regulation M promulgated under the Securities Exchange Act of 1934, as amended, during such time as they may be engaged in a distribution of the shares. The foregoing may affect the marketability of the common stock.

 The aggregate proceeds to the selling securityholders from the sale of the common stock offered by them will be the purchase price of the
common stock less discounts or commissions, if any. Each of the selling securityholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made
directly or through agents. We will not receive any of the proceeds from this offering. 
 We are required to pay all fees and expenses
incident to the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees), including liabilities under the
Securities Act or any other statute or at common law. 
 We have agreed with the selling stockholders to keep the registration statement of
which this prospectus constitutes a part effective until the earlier of (a) one hundred eighty (180) days following the effective date thereof and (b) until the selling security holders have completed the distribution described in
this registration statement. 
 *        *        * 

The undersigned has reviewed the Plan of Distribution set forth above and does not have a present intention of effecting a sale in a manner
not described therein. 

                      
  Agree                                    Disagree

  

	 	1.	(If left blank, response will be deemed to be “Agree”.) 

 The undersigned hereby
represents that the undersigned understands, pursuant to Interpretation A.65 in the Securities and Exchange Commission, Division of Corporation Finance, Manual of Publicly Available Telephone Interpretations dated July 1997, a copy of which is
attached hereto as Exhibit 1, that the undersigned may not make any short sale of the Common Stock prior to the effectiveness of the Registration Statement, and further covenants to the Company that the undersigned will not engage in any short sales
of such stock to be registered under the Registration Statement prior to its effectiveness. 

 SIGNATURE 

The undersigned understands that the Company anticipates filing the registration statement covering the resale of the Registrable Securities
within the time frame set forth in the Registration Rights Agreement. If at any time any of the information set forth in my responses to this Questionnaire has materially changed due to passage of time, or any development occurs which requires a
change in any of my answers, or has for any other reason become incorrect, the undersigned agrees to furnish as soon as practicable to the individual to whom a copy of this Questionnaire is to be sent, as indicated and at the address shown on the
first page hereof, any necessary or appropriate correcting information. Otherwise, the Company is to understand that the above information continues to be, to the best of my knowledge, information and belief, complete and correct. 

Upon any sale of Common Stock pursuant to the Registration Statement, the undersigned hereby agrees to deliver to the Company and the
Company’s transfer agent the Certificate of Subsequent Sale set forth in Exhibit I hereto. 
 The undersigned understands that the
information that the undersigned is furnishing to the Company herein will be used by the Company in the preparation of the Registration Statement. 
  

									
		 		 	Name of Selling Stockholder:	 	  

		 		 	  

				
	Date:                 , 2015	 		 	Signature:	 	  

				
		 		 	Print Name:	 	  

									
				
		 		 	 Title (if applicable):	 	  

									
				
		 		 	Address:	 	  

		 		 		 	  

		 		 		 	Street
				
		 		 		 	  

		 		 		 	City                                    
State                                     Zip Code
				
		 		 		 	  

		 		 		 	Telephone Number
				
		 		 		 	  

		 		 		 	Facsimile Number

 FOOTNOTES 
  

	1.	Beneficial Ownership. You are the beneficial owner of a security, as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), if you, directly or
indirectly, through any contract, arrangement, understanding, relationship or otherwise have or share: (1) voting power which includes the power to vote, or to direct the voting of, such security, and/or (2) investment power which includes
the power to dispose, or to direct the disposition of, such security. You are also the beneficial owner of a security if you, directly or indirectly, create or use a trust, proxy, power of attorney, pooling arrangement or any other contract,
arrangement or device with the purpose or effect of divesting yourself of beneficial ownership of a security or preventing the vesting of such beneficial ownership. 

You are deemed to be the beneficial owner of a security if you have the right to acquire beneficial ownership of such security at any time
within 60 days including, but not limited to any right to acquire such security (a) through the exercise of any option, warrant or right, (b) through the conversion of a security, or (c) pursuant to the automatic termination
of, or the power to revoke a trust, discretionary account or similar arrangement. 
 Ordinarily, shares held in the name of your spouse or
minor child should be considered as beneficially owned by you absent special circumstances to indicate that you do not have, as a practical matter, voting power or investment power over such shares. Similarly, absent countervailing facts, securities
held in the name of relatives who share your home are to be reported as being beneficially owned by you. In addition, securities held for your benefit in the name of others, such as nominees, trustees and other fiduciaries, securities held by a
partnership of which you are a partner, and securities held by a corporation controlled by you should be regarded as beneficially owned by you. 

This definition of beneficial ownership is very broad; therefore, even though you may not actually have or share voting or investment power
with respect to securities owned by persons in your family or living in your home, you should include such shares in your beneficial ownership disclosure and may then disclaim beneficial ownership of such securities. 

 

	2.	Associate. The term “associate”, as defined in Rule 14a-1 under the Exchange Act, means (a) any corporation or organization (other than the Company or any of its majority owned subsidiaries)
of which you are an officer or partner or are, directly or indirectly, the beneficial owner of 10% or more of any class of equity securities, (b) any trust or other estate in which you have a substantial beneficial interest or as to which you
serve as trustee or in a similar fiduciary capacity, and (c) your spouse, or any relative of yours or relative of your spouse living in your home or who is a director or officer of the Company or of any subsidiary. The term “relative of
yours” as used in this Questionnaire refers to any relative or spouse of yours, or any relative of such spouse, who has the same home as you or who is a director or officer of any subsidiary of the Company. 

Please identify your associate referred to in your answer and indicate your relationship. 

	3.	Immediate Family. The members of your “immediate family” are deemed to include the following: your spouse; your parents; your children; your siblings; your mother-in-law or father-in-law; your sons- and
daughters-in-law; and your brothers- and sisters-in-law. 

  

	4.	Transactions. The term “transaction” is to be understood in its broadest sense, and includes the direct or indirect receipt of anything of value. Please note that indirect as well as direct material
interests in transactions are to be disclosed. Transactions in which you would have a direct interest would include your purchasing or leasing anything (stock in a business acquired by the Company, office space, plants, Company apartments,
computers, raw materials, finished goods, etc.) from or selling or leasing anything to, or borrowing or lending cash or other property from or to, the Company, or any subsidiary. 

 Exhibit 1 

Securities Act Sections Compliance and Disclosure Interpretations Section 239.10: “An issuer filed a Form S-3 registration statement
for a secondary offering of common stock which is not yet effective. One of the selling shareholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The
issuer was advised that the short sale could not be made before the registration statement becomes effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of
Section 5 if the shares were effectively sold prior to the effective date.” 

 Exhibit I 

CERTIFICATE OF SUBSEQUENT SALE 
 American
Stock Transfer & Trust Company, LLC 
  

	 	RE:	Sale of Shares of Common Stock of Raptor Pharmaceutical Corp. (the “Company”) pursuant to the Company’s Registration Statement on Form S-3 (Registration
No. 333-        ) (the “Registration Statement”) and Prospectus dated                 ,     
(the “Prospectus”) 

 Dear Sir/Madam: 

The undersigned hereby certifies, in connection with the sale of shares of Common Stock of the Company included in the table of Selling
Stockholders in the Prospectus, that the undersigned has sold the shares pursuant to the Prospectus and in a manner described under the caption “Plan of Distribution” in the Prospectus and that such sale complies with all securities laws
applicable to the undersigned, including, without limitation, the Prospectus delivery requirements of the Securities Act of 1933, as amended. 
  

			
	Selling Stockholder (the beneficial owner):	 	  

 

			
	Record Holder (e.g., if held in name of nominee):	 	  

 

			
	Book Entry Position or Restricted Stock Certificate No.(s):	 	  

 

			
	Number of Shares Sold:	 	  

 

			
	Date of Sale:	 	  

 In the event that you receive a stock certificate(s) or evidence of a book entry position representing
more shares of Common Stock than have been sold by the undersigned, then you should return to the undersigned a newly issued certificate or book entry position for such excess shares in the name of the Record Holder and BEARING A RESTRICTIVE
LEGEND. Further, you should place a stop transfer on your records with regard to such certificate. Notwithstanding the foregoing, in the event that the undersigned executes and delivers to you and to the Company the certification set forth on
Annex I, upon instructions from the Company, you should return to the undersigned a newly issued certificate or book entry position for such excess shares of Common Stock in the name of the Record Holder without any restrictive legend. 

 In addition, no subsequent certification will be required to be delivered to you by the undersigned provided that
the representations and warranties set forth on Annex I have been delivered to you and continue to be accurate. 
 You acknowledge and agree
that the Company, its transfer agent and Latham & Watkins LLP or other counsel to the Company are hereby authorized to rely upon the representations and covenants made by you in this letter. 

 

									
		 		 		 	Very truly yours,
					
	Dated:	 	  
	 		 	By:	 	  

					
		 		 		 	Print Name:	 	  

					
		 		 		 	Title:	 	  

  

			
	cc:	  	 Raptor Pharmaceutical Corp.
 7 Hamilton Landing,
Suite 100
 Novato, CA 94949
 Attention: Ashley Gould

Facsimile: (###) ###-####

 Annex I 

In connection with any excess shares to be returned to the Selling Stockholder upon a sale of shares of Common Stock of Raptor Pharmaceutical
Corp. (the “Company”) included in the table of Selling Stockholders in the Prospectus, the undersigned hereby certifies to the Company and American Stock Transfer & Trust Company, LLC, that: 

1. In connection with the sale by the undersigned stockholder of any of the shares of Common Stock, the undersigned stockholder will deliver a
copy of the Prospectus included in the Registration Statement to the purchaser directly or through the undersigned stockholder’s broker-dealer in compliance with the requirements of the Securities Act of 1933 and the Securities Exchange Act of
1934. 
 2. Any such sale will be made only in the manner described under “Plan of Distribution” in the Prospectus. 

3. The undersigned stockholder will only sell the shares of Common Stock while the Registration Statement is effective, unless another
exemption from registration is available. 
 4. The Company and its attorneys (including outside counsel to the Company) may rely on this
letter to the same extent as if it were addressed to them. 
 5. The undersigned stockholder agrees to notify you immediately of any
development or occurrence which to his, her or its knowledge would render any of the foregoing representations and agreements inaccurate. 

All terms not defined herein are as defined in the Registration Rights Agreement dated as of August 20, 2015 among the Company and the
persons identified on the signature pages thereto. 
  

									
		 		 		 	Very truly yours,
					
	Dated:	 	  
	 		 	By:	 	  

					
		 		 		 	Print Name:	 	  

					
		 		 		 	Title:	 	  

 Exhibit B 

INSTRUMENT OF ACCESSION 

The undersigned,                      hereby agrees to
become a Stockholder party to that certain Registration Rights Agreement, dated as of August 20, 2015 (the “Agreement”), among Raptor Pharmaceutical Corp., Tripex Pharmaceuticals, LLC and the stockholders named therein, a copy
of which is attached hereto. The undersigned hereby agrees to be bound by the terms of conditions of the Agreement as a “Stockholder”. Pursuant to the terms of the Agreement, the undersigned is hereby made a party to the Agreement and is
entitled to all of the rights and benefits under the Agreement as a “Stockholder” thereunder. This Instrument of Accession shall become a part of such Agreement. 

Executed as of the date set forth below under the laws of the State of Delaware. 

 

			
	Signature:	 	  

	Address:	 	
		
	Date:	 	  

 

			
	 Accepted:

	
	 RAPTOR PHARMACEUTICAL CORP.

		
	 By:
	 	
 

			
		
	 Date:EX-10.1

 Exhibit 10.1 

DEVELOPMENT AND LICENSE AGREEMENT 

This Development and License Agreement (this “Agreement”) effective as of 11th day of February, 2006 (“Effective
Date”), is between PARI GmbH, a German corporation with a principal place of business at Moosstrasse 3, D-82319 Starnberg, Germany (“PARI”) and Mpex Pharmaceuticals, Inc., a Delaware corporation having a principal place of
business at 3030 Bunker Hill St. Suite 200, San Diego, California 92109, United States of America (“Mpex”). Each of PARI and Mpex shall be referred to as a “Party,” and collectively the “Parties.”

 RECITALS 
 WHEREAS,
Mpex is in the business of developing and commercializing drug compounds for the treatment and prevention of bacterial diseases, and Mpex has been engaged in evaluating and developing formulations for the inhalation delivery of certain
Fluoroquinolones and Efflux Pump Inhibitors (as defined below) for treatment of pulmonary bacterial infections; 
 WHEREAS, PARI is in the
business of developing and commercializing drug nebulizer devices and PARI has developed a drug nebulizer device which PARI desires to customize for aerosolizing such drug compounds for pulmonary delivery; 

WHEREAS, PARI also has certain expertise and experience in developing drug formulations and drug products which are made for pulmonary
delivery by nebulizer devices; 
 WHEREAS, Mpex desires the Parties to perform certain joint evaluation, research and development of
potential formulations of such drug compounds for pulmonary delivery with the customized PARI nebulizer devices; and 
 WHEREAS, PARI
desires to perform such evaluation, research and development activities with Mpex, and Mpex desires to pay PARI for such services and to obtain a license to certain PARI intellectual property rights in connection with such services, all on the terms
and conditions set forth herein. 
 AGREEMENT 

In consideration of the recitals set forth above, the mutual covenants, terms and conditions set forth below, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, PART and Mpex agree as follows: 
 Article 1 - Definitions

 As used in this Agreement, the following terms shall have the following meanings while other terms may be defined parenthetically
throughout this Agreement: 
 1.1 “Affiliate(s)” of a Party means any person or entity that directly or indirectly owns or
controls, is owned or controlled by or is under common control with such Party, in each case, only for so long as such control exists. As used in this definition only, “control” of an entity means beneficial ownership, directly or
indirectly, of fifty percent (50%) or more of the outstanding voting shares or securities or the ability otherwise to elect or appoint a majority of the board of directors or other managing authority of such entity. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 1 

 1.2 “Applicable Laws and Standards” means (a) all laws, ordinances, rules,
directives and regulations applicable to the Products, the Project or this Agreement, including without limitation applicable local laws and regulations in each country in the Territory; (b) applicable regulations and guidelines of the FDA and
other Regulatory Authorities and the International Conference on Harmonization (ICH) guidelines; (c) as applicable to the particular activities performed, Good Manufacturing Practices, Good Laboratory Practices and Good Clinical Practices
promulgated by the FDA and other Regulatory Authorities or the ICH; and (d) all applicable industry and trade standards, including the applicable standards of the International Organization for Standardization (ISO), including at least the ISO
9001/9002 quality standards. 
 1.3 “Commercially Reasonable Efforts” means those commercially reasonable efforts
customarily used by companies in the biopharmaceutical industry for carrying out in a sustained manner a particular task or obligation, and at least equivalent to those level of efforts applied by a Party for its [***]. 

1.4 “Confidential Information” means the confidential or proprietary scientific, technical or business information, materials
and technologies of a Party disclosed or learned under this Agreement, including the Work Plans and any information exchanged prior to the Effective Date, whether in written, oral, electronic, photographic, magnetic or other form. For clarity, the
Project Results and Intellectual Property owned by a Party pursuant to this Agreement shall be deemed the Confidential Information of such Party. Confidential Information shall exclude any portion of such information which: (a) was known to the
receiving Party prior to its receipt from the disclosing Party as evidenced by the receiving Party’s written records existing prior to such receipt; (b) is or becomes part of the public domain, through no fault of the receiving Party;
(c) is disclosed to the receiving Party by a third party who has a legal right to make such disclosure; or (d) is independently developed or discovered by the receiving Party without resort to any Confidential Information of the disclosing
Party, as evidenced by documentation contemporaneous with such independent development or discovery. 
 1.5 “Control” means
with respect to an item of information or intellectual property rights, possession by a Party of the power and authority, whether arising by ownership, license, or other authorization, to disclose such item as required by this Agreement, and/or to
grant and authorize licenses or sublicenses under such items that are within the scope granted to the other Party under this Agreement, without violating the terms of any written agreement with any non-Affiliate third party under which such Party
first acquired such rights to such item of information or intellectual property. 
 1.6 “Covered” means with respect to a
product by certain Intellectual Property means that (a) such product or its manufacture, use or sale would infringe a Valid Claim of a Patent Right within such Intellectual Property, in the country of such manufacture, use or sale, or
(b) such product incorporates or is made using material Know-how within such Intellectual Property. 
 1.7 “Data”
means all data, data sets, test data, pre-clinical and clinical trial data, analyses, reports, regulatory filings and approvals and the information therein or associated therewith (including drug master files and device master files, supporting
data, regulatory correspondence and meeting minutes) and rights to reference the same, in each case: 
 (a) that are generated by either
Party in the course of performing the Work Plan (“Project Data”); or 
 (b) that are owned or Controlled by PARI prior to
the Effective Date, or generated by PARI during the term of this Agreement outside of performing the Work Plans, and are necessary or useful for the efforts of Mpex, its Affiliates or Sublicensees in obtaining Marketing Approval for the Products
(“Existing PARI Data”). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 2 

 As used herein, the term “Data” alone refers to both Project Data and Existing PARI Data. 

1.8 “Drug Product” means a pharmaceutical preparation that is formulated for [***], alone or in addition to one or
more other active or inactive substances, chemicals or ingredients. 
 1.9 “eFlow® Device(s)” means the electronic
nebulizer device(s) being sold by PARI as of the Effective Date and improvements thereto made by PARI during the term of this Agreement outside the Project and without use of Mpex Intellectual Property, Project Results or Project Intellectual
Property, in each case that includes [***]. 
 1.10 “[***]” means PARI’s proprietary component of the Project
Nebulizer that is specific to the Drug Product and separable from the Project Nebulizer, which component [***]. It is understood that the [***] may be sold together or apart from the Project Nebulizer or Drug Product and may or may not
be consumable. 
 1.11 “Efflux Pump Inhibitors” means compounds that specifically interfere with the ability of an efflux
pump to export its normal substrate, or other substrate such as an antibiotic, from the cytoplasm, membrane compartment or periplasmic space. The inhibitor may have intrinsic antimicrobial (e.g., antibacterial) activity of its own, but at
least a significant portion of the relevant activity is due to the efflux pump inhibiting activity. Efflux Pump Inhibitors shall include without limitation Pentamidine. 

1.12 “FDA” means the United States Food and Drug Administration or any successor to that agency. 

1.13 “First Commercial Sale” shall mean the first commercial sale of a product subject to royalties under Article 6, by or
under authority of Mpex, its Affiliates and/or their Sublicensees in a country in the Mpex Territory, after Marketing Approval in such country has been obtained. 

1.14 “Fluoroquinolone” means any of a group of antibiotics that are fluorinated derivatives of quinolone compounds, including
without limitation Levofloxacin. 
 1.15 “GAAP” means generally accepted accounting principles in the United States or
Germany, or the International Accounting Standard, consistently applied by a Party throughout its enterprise. 
 1.16 “Good
Manufacturing Practices,” or “GMP” means all good manufacturing practices as promulgated by the FDA and other Regulatory Authorities or the ICH, in the form of laws or regulations or guidance documents, for the
manufacturing of pharmaceutical products including 21 CFR §§ 210-211, and medical devices, including 21 CFR § 820 – Quality System Regulation. 

1.17 “GMP Manufacturing” means all processes and activities typically engaged in by a person or entity in the pharmaceutical
or medical device industry for the GMP manufacture of a product or component thereof, including procuring raw materials, manufacturing, quality control and assurance testing, GMP record keeping, packaging and labeling. 

1.18 “Intellectual Property” means (a) all right, title and interest in all patent applications and patents including,
without limitation divisions, continuations, continuations-in-part, renewals, 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 3 

 
re-examination certificates, reissues, continued prosecution applications, extensions, substitutions, nationalizations and foreign counterparts of such patent applications and patents and all
patents which issue from the foregoing (collectively, “Patent Rights”), and (b) all Data, know-how and technical information, including, without limitation, concepts, inventions (whether or not patentable), trade secrets,
discoveries, formulas, systems, methods, techniques, designs, drawings, sketches, theories, descriptions, instructional materials, computer programs, computer files, images, videos and works of authorship (collectively, “Know-how”).
It is understood, however, that Know-how does not include information that falls within exceptions (a) through (d) of the definition of “Confidential Information” in Section 1.4. 

1.19 “Levofloxacin” means (-)-(S)-9-fluoro-2,3-dihydro-3-methyl-10-(4-methyl-l-piperazinyl)-7-oxo-7H-pyrido[1,2,3-de ]-1 ,4-benzoxazine-6-carboxylic acid hemihydrate, and all solid and liquid forms thereof. 
 1.20
“Licensed Configuration” means both: (a) Drug Product for delivery through the Project Nebulizer (“[***]”), and/or (b) if Mpex deems, acting in good faith as described in Section 4.4, that the Project
Nebulizer is not commercially feasible, or otherwise elects to [***], the configuration of a Drug Product delivered through an [***], provided that such Drug Product, [***] or combination thereof is Covered by PARI Intellectual
Property. For clarity, PARI acknowledges that prior to the Effective Date, Mpex has investigated on its own formulations of Drug Products and [***], and accordingly the combination of Drug Product delivered through an [***], where
neither the Drug Product nor the inhalation delivery device (nor the combination thereof) is [***]. Notwithstanding the foregoing, the Parties agree that if the Project Nebulizer is based upon [***], the same shall not be deemed a
[***], but will instead be considered an [***]. 
 1.21 “MAA” means a fully completed marketing authorization
application (filed with the FDA, if in the United States, or to the counterpart of the FDA, if outside the United States), including all supporting documentation and data required for such application to be accepted for substantive review, filed
with a Regulatory Authority to seek Marketing Approval for a particular indication in a particular country. It is understood that MAA does not include applications for pricing or reimbursement approval. 

1.22 “Marketing Approval” means all approvals, registrations or authorizations of any governmental entity that are necessary
for the manufacture, use, storage, import, transport and sale of products in a regulatory jurisdiction. For countries where governmental approval is required for pricing or reimbursement for Products to be reimbursed by national health insurance,
Marketing Approval shall not be deemed to occur until such pricing or reimbursement approval is obtained. 
 1.23 “Major
Country” means any one of [***] or [***]. 
 1.24 “Mpex Field” means the pulmonary administration of
either clause (a) or (b) below, alone or any combination involving clause (a) or (b) below as an active pharmaceutical ingredient, for the treatment, prophylaxis or management of any disease or condition: 

(a) Levofloxacin or one backup Fluoroquinolone selected or substituted pursuant to Section 2.5; and/or 

(b) Pentamidine and/or any Efflux Pump Inhibitors Covered by those Patent Rights owned or Controlled by Mpex as of the Effective Date listed
on Exhibit 1.24, or any divisions, continuations, continuations-in-part, renewals, re-examination certificates, reissues, continued prosecution applications, extensions, substitutions, or the like, or any nationalizations and foreign counterparts of
such patent applications and patents and all patents which issue from the foregoing. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 4 

 1.25 “Mpex Intellectual Property” means all Intellectual Property owned or
Controlled by Mpex and its Affiliates, as of the Effective Date or during the term of this Agreement, that is reasonably necessary for PARI to perform the Work Plans. 

1.26 “Mpex Territory” means the entire world. 

1.27 “Nebulizer Accessories” means those types of accessories sold by PARI as of the Effective Date or during the term of
this Agreement for use with eFlow® Devices, which are not specific to the drug substance being delivered by such devices, including e.g., power adapters, carrying cases, face masks, and when adapted for use with a Project Nebulizer, may
be desirable for the commercialization of such Project Nebulizer. 
 1.28 “Net Sales” means the amounts received by Mpex,
its Affiliates and its Sublicensees for their sales of Drug Product for use in a Licensed Configuration to non-Affiliate third parties less the following deductions: (a) trade, wholesale, quantity, cash or other discounts, refunds, returns,
credits, allowances, commissions and wholesaler charge backs allowed and taken; (b) import, export, excise, sales or use taxes, value added taxes, and other taxes, tariffs and duties imposed on such sales and actually paid by Mpex, its
Affiliates or Sublicensees, as applicable; (c) out-bound packaging, handling, transportation, freight, freight insurance, and other insurance relating to such sales; and (d) amounts allowed or credited on the sale for retroactive price
reductions or rebates including, but not limited to, Medicaid rebates. Sales between or among a Party, its Affiliates or Sublicensees shall be excluded from the computation of Net Sales if such Party, Affiliate or Sublicensee is not an end-user, but
Net Sales shall include the subsequent re-sale of the Drug Product for use in a Licensed Configuration to a non-Affiliate third party. Net Sales shall not include amounts in respect of Drug Product sold or used for development applications
(including for clinical trials) or as commercial samples. 
 1.29 “PARI Nebulizers” means [***]. 

1.30 “PARI Intellectual Property” means all Intellectual Property owned or Controlled by PARI and its Affiliates, as of the
Effective Date or during the term of this Agreement, including all such Intellectual Property that (a) relate to formulation technology or the Products or the manufacture or use of the Products, or (b) are necessary or useful for either
Party to perform the Project, or (c) are necessary or useful for Mpex, its Affiliates or Sublicensees to commercialize Products in a Licensed Configuration. For clarity, PARI Intellectual Property shall include all Existing PARI Data, existing
PARI know-how, Project Intellectual Property and all Patent Rights listed on Exhibit 1.30. 
 1.31 “Pentamidine” means
4,4’-[1, 5-pentane-diylbis(oxy)]bis-benzenecarboximidamid and all solid and liquid forms thereof. 
 1.32 “Phase I
Trial” means a clinical trial of a drug product in human patients, the principal purpose of which is preliminary determination of safety in healthy individuals or patients. 

1.33 “Phase II Trial” means a clinical trial of a drug product in human patients, the primary endpoints of which are to
define the optimal dose and clinical end points that will be used during a Phase III Trial. As used herein, a Phase I Trial, Phase II Trial or Phase III Trial shall be deemed “initiated” upon the first dosing of the first human patient in
such trial. 
 1.34 “Phase III Trial” means a clinical trial of a drug product conducted in an expanded patient population
at multiple sites, which is statistically powered and designed to definitively establish safety and efficacy with respect to a particular indication of one or more particular doses in the patients being studied and to provide the statistical and
clinical basis for Regulatory Approval of such drug product. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 5 

 1.35 “Products” means (a) a Licensed Configuration, or (b) the
individual Drug Product, [***], Project Nebulizer and/or [***], for use in a Licensed Configuration. 
 1.36
“Project” means all activities to be performed by PARI, individually or jointly with PARI or third parties, that are set forth in specific Work Plans or which are otherwise funded in whole or in part by Mpex. The project shall be
divided into the “Feasibility Phase” and the “Development Phase,” as further described in Section 2.1. 
 1.37
“Project Director” means a development executive appointed by each Party to serve as such Party’s principal coordinator and liaison for the Project. Except in the case of an emergency, each Party agrees to provide thirty
(30) days written notice to the other Party prior to replacing its Project Director. The initial Project Directors shall be: [***] for PARI and [***] for Mpex. 

1.38 “Project Intellectual Property” means all Intellectual Property that is invented or created in the course of performance
of the Work Plans, including without limitation any Intellectual Property directed to the nebulizer apparatus, components or methods of manufacture thereof, and formulation technology (including pharmaceutical compositions and formulations thereof
or methods of use or manufacturing of such compositions or formulations). For clarity, the Project Intellectual Property shall include the Project Data but not the Existing PARI Data, nor any Know-how owned or controlled by PARI prior to the
Effective Date. 
 1.39 “Project Nebulizer” means those nebulizer delivery device(s), based on the eFlow® Device, that
are developed or customized during the Project for aerosolizing and delivering Drug Product, and any improvements made to such device(s) by either Party under this Agreement; in each case that are supplied by PARI to Mpex pursuant to Article 7 or
manufactured by Mpex pursuant to the backup license under Section 7.6(b). It is understood that the Project Nebulizer may be an eFlow® Device existing as of the Effective Date, if such device(s) are investigated under a Work Plan for use to
deliver Drug Product and found to be useful for a Licensed Configuration without further modifications or customizations. 
 1.40
“Project Rate” with respect to activities under the Work Plan shall mean: 
 (a) for Technical Activities, [***] per
billable-hour. As used herein, “Technical Activities” include research, scientific and/or technical activities under the Work Plans, including project management, technology transfer or regulatory support, performed by personnel with
appropriate academic credentials and training, whose qualifications shall be subject to review and approval by the JSC (“R&D Personnel”); and 

(b) for Non-Technical Activities, [***] per billable-hour. As used herein, “Non-Technical Activities” means certain
non-scientific or non-technical activities under the Work Plans, such as approved travel time, performed by R&D Personnel. 
 As used herein, a
“billable-hour” means an hour of Technical Activities or Non-Technical Activities performed by R&D Personnel, but excluding: non-work time and time spent on training, information technology support or laboratory technical
support, administrative or facilities support, time entry, finance, legal, human resources or purely clerical activities, or other support functions not directly requested by Mpex. Time spent by [***] shall be deemed billable-hours only to
the extent he is contributing to the scientific or technical achievements of the Project, and not the corporate or strategic aspects of the collaboration. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 6 

 Each activity under the Work Plan shall be charged to Mpex only under one of the categories above, so that it
shall not be “double-counted.” The Project Rate with respect to Technical Activities or Non-Technical Activities conducted by Affiliates shall be charged as if the hours had been expended by PARI rather than such Affiliate. Activities
performed by approved subcontractors shall be directly billed to Mpex (with no markup), and not counted as billable hours to be charged under this Section 1.40. PARI shall maintain time records by employee in sufficient detail to reflect the
activities performed, results achieved and time spent for each billable-hour, which shall be subject to review by Mpex upon its reasonable request, and adjustment as necessary, upon agreement by PARI. 

1.41 “Regulatory Authority” means any national (e.g., the FDA), supra-national (e.g., the European Commission,
the Council of the European Union, or the European Medicines Agency (EMEA)), or other governmental entity in the Territory involved in regulation of or the granting of Marketing Approval for the Products or the development, manufacture, use or
commercialization thereof. 
 1.42 “Royalty Term” shall mean the period commencing on the Effective Date and continuing
until the later of (a) [***] or (b) [***] years after First Commercial Sale, of the first Product that is subject to royalties under Article 6, in the first country in the Mpex Territory. 

1.43 “Sublicensee” means any person or entity, other than an Affiliate of Mpex, who receives a sublicense from Mpex under
Section 4.1 of this Agreement to make and sell Products or Licensed Configurations to a non-Affiliate third party. 
 1.44
“Valid Claim” means a claim in an issued patent which has not expired, lapsed, been canceled or become abandoned and has not been finally found to be invalid (or not valid) or unenforceable by an unreversed or unappealable final
decision or judgment of a court or other authority or agency of competent jurisdiction. 
 1.45 “Specifications” means the
specifications, parameters and requirements for Drug Product, Project Nebulizer, [***] or other deliverables set forth in the Work Plans or otherwise mutually agreed between the Parties. The Specifications shall include in all cases
compliance with Applicable Laws and Standards, whether or not such compliance is specifically stated in each individual Work Plan. The initial Specification for the Project Nebulizer is set forth in Exhibit 1.45. 

1.46 “Third Party License Agreement” means [***]. Mpex and PARI acknowledge that Mpex has not been provided with a
copy of the Third Party License Agreement. 
 1.47 “Work Plan” means the activities, deliverables, timelines,
Specifications and budget for the Project, established by the Parties pursuant to Section 2.2. 
 In addition, the following terms shall have the meaning
described in the corresponding section of this Agreement. Other terms may be defined throughout the Agreement. 
  

							
	 Term
	  	 Section
	  	 Term
	  	 Section

	AAA	  	14.2	  	Notice to Abandon PARI	  	
	Actual Royalty Rates	  	6.6	  	Configuration	  	4.4
	Agreement	  	Preamble	  	PARI	  	Preamble
	[***]	  	1.20	  	PARI Background Patents	  	6.2.1(a)

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 7 

							
	 Term
	  	 Section
	  	 Term
	  	 Section

	[***]	  	6.5(a)	  	PARI Background Intellectual	  	
	billable-hour	  	1.40(c)	  	Property	  	6.4(a)
	CEO’s	  	2.3.5	  	PARI Competitor	  	4.1.3
	Commercial Supply Agreement	  	7.5	  	[***]	  	1.20
	Defaulted Claims	  	3.4	  	Project Data	  	1.7(a)
	Development Phase	  	2.1	  	Projected Royalty Period	  	6.6(d)(ii)
	Disputing Party Notice	  	14.1	  	Panel	  	14.2(a)
	Effective Date	  	Preamble	  	Party, Parties	  	Preamble
	Enforcement Action	  	10.3	  	Patent Rights	  	1.18(a)
	Existing PARI Data	  	1.7(b)	  	Primary Program	  	4.4
	Existing Nebulizer	  	3.2(c)	  	Priority Party	  	10.3(c)
	Extended Exclusive Period	  	4.2(c)	  	Project Fees	  	2.6
	Failure Event	  	Exhibit 7.5	  	Project Fee Default	  	3.4
	Feasibility Phase	  	2.1	  	Project Results	  	3.1
	Field Infringement	  	10.3	  	Project Patents	  	3.2
	First Exclusive Period	  	4.2(a)	  	Project Patent Infringement	  	10.3
	IND	  	4.2(c)	  	Reduction Effective Date	  	6.6(d)(i)
	Know-how	  	1.18	  	Regulatory Filings	  	7.4
	Litigation Agreement	  	10.3	  	Requesting Party	  	10.3(c)
	Mpex	  	Preamble	  	Response	  	14.1
	Mpex Background Formulation	  	6.4(a)	  	[***]	  	4.2(b)
	Mpex Background Intellectual	  		  	Royalty Buydown Floor	  	6.6
	Property	  	6.4(a)	  	Second Exclusive Period	  	4.2(b)
	Mpex Background Patents	  	6.2.1(a)	  	Sinusitis Field	  	4.3
	Net Present Value	  	6.6(d)(iii)	  	Stated Royalty Rates	  	6.6
	Non-Royalty Components	  	6.4(b)	  	Technical Activity, R&D Personnel	  	1.40(a)
	Non-Technical Activities	  	1.40(b)	  	Third Party IP	  	6.4(a)

 Article 2 - Development Project 

2.1 Scope of the Project. Subject to the terms and conditions of this Agreement, the Parties shall collaborate, in accordance with one
or more Work Plan(s): (a) to evaluate and/or create formulation(s) of compound(s) in the Mpex Field for pulmonary delivery, with the goal of defining a Drug Product and Licensed Configuration which is ready for further clinical development
(“Feasibility Phase”), and (b) to develop and obtain Marketing Approval for such Licensed Configuration in the Mpex Territory (“Development Phase”). 

2.2 Work Plans. The initial Work Plan for the Feasibility Phase is set forth in Exhibit 2.2. Mpex may request additional services to be
performed by PARI for the Feasibility Phase or to establish a Work Plan for the Development Phase or request changes to any existing Work Plan(s), all in accordance with this Section 2.2. 

(a) Upon any such request by Mpex, PARI shall promptly prepare and submit to Mpex a draft Work Plan or an amendment based on such request,
setting forth in reasonable detail the services to be performed, the time and billable-hours required for such services, timelines for the performance and completion of such services, a budget for any out-of-pocket costs required to be expended, any
deliverables and any Specifications. It is understood that PARI may also propose additional Work Plans or amendments on its initiative, and shall submit a draft thereof to Mpex in the same form. 

(b) The Parties shall negotiate in good faith the final version of any additional Work Plan or amendment, which shall be effective only after
mutual agreement thereon in writing. PARI agrees that it shall not unreasonably withhold its agreement to any changes requested by Mpex to the draft Work Plans or amendments prepared by PARI. In addition, PARI shall use Commercially Reasonable
Efforts to accommodate the clinical time lines of Mpex when requested to supply Products for clinical trials. PARI agrees that any Work Plans or amendments proposed by PARI shall be subject to approval by Mpex in its discretion. The other sections
of this Agreement may contain additional provisions regarding certain types of Work Plan(s) contemplated to be executed between the Parties. In the event of any conflict between a Work Plan and the terms and conditions of this Agreement, this
Agreement shall control, unless the Work Plan specifically states that it is intended to supersede specific provisions of this Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 8 

 2.3 Management. 

2.3.1 Joint Steering Committee. Promptly after the Effective Date, Mpex and PARI shall establish a joint steering committee (the
“Joint Steering Committee” or “JSC”) to oversee, review and coordinate the activities of the Parties under this Agreement, including the performance of the Project and the development, manufacture and
commercialization of the [***]. The JSC shall be responsible for: (a) overseeing the activities of the Parties under the Agreement; (b) resolving disputes and disagreements under this Agreement; and (c) undertaking or approving
such other matters as are specifically provided for the JSC under this Agreement. 
 2.3.2 Joint Technical Committee. Promptly after
the Effective Date, the Parties shall establish a joint technical committee (the “Joint Technical Committee” or “JTC”) to oversee, review and coordinate day-to-day work under the Work Plans. The JTC shall exist
until completion of the Development Phase. The JTC shall be responsible for: (a) reviewing, coordinating and monitoring the activities and progress of the Parties in implementing the Work Plans, and ensuring each Party’s compliance
therewith; (b) establishing the goals and priorities for the activities under the Work Plans; and (c) performing such other functions as are specifically designated for the JTC in this Agreement or otherwise as agreed by the Parties. 

2.3.3 Committee Membership. The JSC and JTC (each, a “Committee”) shall each be comprised of an equal number of
representatives from each of PARI and Mpex. Unless otherwise agreed by the Parties, the exact number of such representatives for each of PARI and Mpex shall be: (i) two (2) with respect to the JSC and (ii) three (3) with respect
to the JTC. Either Party may replace its respective Committee representatives at any time with prior notice to the other Party, provided that such replacement is of comparable authority and scope of functional responsibility within that Party’s
organization as the person he or she is replacing. Unless otherwise agreed, each Committee shall have at least one representative with relevant decision-making authority from each Party such that the applicable Committee is able to effectuate all of
its decisions within the scope of such Committee’s responsibilities. 
 2.3.4 Committee Meetings. The JSC shall meet at least
twice during each year in person, or as more often as otherwise agreed by the Parties. The JTC shall meet as often as is required to perform the Work Plans, or as otherwise agreed by the Parties. Such meetings may be conducted by telephone,
videoconference or in person as determined by the applicable Committee; provided that at least once quarterly JTC meetings shall be held in person, and twice yearly JSC meetings shall be conducted in person. All in person Committee meetings shall be
held on an alternating basis between PARI’s and Mpex’s facilities, unless otherwise agreed by the Parties. Each Party may also call for special meetings to resolve particular matters requested by such Party, and upon such request, the
meeting shall be convened within ten (10) business days, in person or by telephone. Each Party shall bear its own personnel, travel and lodging expenses relating to JSC meetings, but personnel, travel and lodging expenses relating to JTC
meetings will be billed as Non-Technical Activities by PARI. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 9 

 2.3.5 Decision Making. Decisions of the Committees shall be made by unanimous vote of the
members present in person or by other means (e.g., teleconference) at any meeting, with at least one representative from each Party participating in such vote. If the JTC does not reach unanimity with respect to a particular matter, then upon
request from either Party such matter shall be referred to the JSC for resolution. In the event that the JSC is unable to reach unanimity with respect to a particular matter, then either Party may, by written notice to the other, have such matter
referred to the Managing Director or Chief Executive Officer (“CEO”) of each of the Parties, who shall meet and attempt to resolve such matter to the Parties’ mutual satisfaction within thirty (30) days thereafter. In the
event the CEO’s are unable to so resolve such matters within such thirty (30) day period, then Mpex shall have the right to make the final decision for the JSC. 

2.3.6 PARI Control. Notwithstanding the foregoing, however, in the event PARI determines that a final decision of the JSC pursuant to
Section 2.3.5 will result in a hazardous or unsafe Project Nebulizer or Drug Product formulation, or infringement of a third party’s Patent Rights covering an inhalation device or method of inhalation, PARI shall provide the JSC with a
written report which establishes a reasonable technical basis for such determination. Upon delivery of such report, and discussion with Mpex at the JSC, PARI shall have the right to refrain from implementing such decision in its performance of the
Work Plans, provided that if Mpex disagrees with the basis of such determination, PARI shall not have the right to refrain from implementing such decision until it has been finally determined in accordance with Section 14.2 that such decision
will result in a hazardous or unsafe Project Nebulizer or infringement of a third party’s Patent Rights covering an inhalation device or method of inhalation. Notwithstanding the foregoing, nothing in this Article 2 shall be deemed to require
PARI to take any action that PARI believes is unlawful. 
 2.3.7 Limited Authority. The decisions of the JSC, whether under this
Section 2.3 or under any other section of this Agreement, shall not have the power to amend or contradict the terms of this Agreement or the agreed Work Plans, nor substitute for either Party’s ability to exercise any right, nor excuse the
performance of any obligation, set forth in this Agreement. 
 2.4 Conduct of the Project. Subject to the terms and conditions of
this Agreement, each Party shall use Commercially Reasonable Efforts to perform the activities assigned to it under the Work Plans in accordance with the Specifications, timelines and budgets set forth therein, under the supervision of the JSC. Each
Party shall keep the JSC informed as to its progress under the Work Plans. 
 2.5 Transition to Development Phase. 

2.5.1 Transition. Except as set forth in this Section 2.5, Mpex shall have the sole right (a) to determine whether and when
to end the Feasibility Phase and proceed to the Development Phase, (b) to define the Licensed Configuration to be pursued in the Development Phase and (c) to approve the final Specifications of any of the Products; provided that if not
earlier designated by Mpex, the Development Phase shall be deemed to have commenced upon achievement of the “first milestone” described in Section 5.3 below (i.e., at such time as the payment described in Section 5.3 below
becomes due and payable). If the Feasibility Phase has not ended by June 1, 2007, and Mpex still desires to investigate the delivery of Drug Product by a PARI Nebulizer, then upon written notice thereof to PARI, the Parties agree to negotiate
in good faith the extent to which the Feasibility Phase should be continued. In the absence of such written agreement of the Parties to continue the Feasibility Phase beyond June 1, 2007, however, PARI shall have the right to end the
Feasibility Phase on or after June 1, 2007 upon written notice. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 10 

 2.5.2 Designation of Fluoroquinolone. Prior to June 1, 2007, Mpex shall also have
notified PARI in writing the identity of the Fluoroquinolone in the Mpex Field, i.e., whether it will be Levofloxacin or another Fluoroquinolone candidate. In the event Mpex has not selected the Fluoroquinolone for inclusion in the Mpex Field
by June 1, 2007, Mpex shall be deemed to have selected Levofloxacin as the Fluoroquinolone in the Mpex Field. Notwithstanding the foregoing, at any time prior to the initiation of the first Phase III Trial for a [***] by or under
authority of Mpex, Mpex may substitute another Fluoroquinolone for inclusion in the Mpex Field by so notifying PARI in writing, provided that such substitute Fluoroquinolone is then available for substitution. For such purposes, a proposed
substitute Fluoroquinolone shall be deemed “available,” unless at the time PARI receives such notice from Mpex: 
  

	 	(a)	[***]; 

  

	 	(b)	[***]; or 

  

	 	(c)	[***]. 

 PARI shall notify Mpex within thirty (30) days of receiving Mpex’ notice under this
Section 2.5.2 or 4.4(d) if such substitute Fluoroquinolone is not so “available” for one of the reasons described in (a) through (c) above, together with a description in reasonable detail of the underlying circumstances. If
PARI does not so notify Mpex within such 30-day period, the “backup Fluoroquinolone” reference in Section 1.24(a) shall be deemed to refer to such substitute Fluoroquinolone. 

2.6 Project Fees. Mpex shall compensate PARI for its performance of the Work Plans at the Project Rate, and shall reimburse PARI for
certain out-of-pocket costs incurred by PARI that are pre-approved in the Work Plans or approved by Mpex in writing in advance of incurring such costs; up to the costs budgeted for each cost category set forth in the Work Plan (“Project
Fees”). The Project Fees shall be invoiced to and paid by Mpex in accordance with Section 9.1 below. PARI shall ensure that the Project Rates offered to Mpex under this Agreement [***]. Except for the compensation and
reimbursement set forth in this Section 2.6, each Party shall perform all of its activities under the Work Plans at its own cost. 

2.7 Reports. Without limiting PARI’s obligations to provide reports as specified in individual Work Plans, PARI agrees to provide
Mpex with a final written report, upon completion or termination of each Work Plan, or if activities in a Work Plan are described in stages, each stage of a Work Plan, describing the procedures used and all results obtained, including all Project
Results and Project Intellectual Property, and all methods, processes, technology and data developed or investigated in connection with evaluating, formulating, manufacturing or analyzing the Drug Product or adapting the Project Nebulizer to the
Drug Product. Each such report shall contain sufficient detail so that Mpex can understand and fully implement and exploit on its own the information described therein, and shall include such information as is required for inclusion in Regulatory
Filings. Upon reasonable request by Mpex from time to time and at Mpex’s expense, PARI shall provide additional assistance to Mpex to understand and implement all such reports. 

2.8 Subcontractors. PARI shall not subcontract its performance of the Project to another entity without Mpex’s prior written
approval. In any case, PARI shall remain completely responsible for any Project activities that are subcontracted. PARI shall ensure that all of its subcontractors are bound by 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 11 

 
the terms and conditions herein, with respect to the subcontracted activities, as if named together with PARI herein, but such subcontractor shall have no direct rights against Mpex thereby. Upon
the request of Mpex, PARI shall permit Mpex to review its agreement(s), or the applicable sections thereof, with the subcontractor pertaining to the Work Plans to ensure compliance with this Section 2.8, and shall enforce the provisions of such
agreement(s) as requested by Mpex to ensure and perfect Mpex’s rights under this Agreement. 
 2.9 Project Equipment. Any
equipment, capital good or other tangible property acquired by PARI for the Project, the cost of which is fully reimbursed by Mpex, shall be solely owned by [***]. [***] Unless sharing of costs of any such equipment, capital good or other tangible
property between the Parties is specified in the Work Plan, any such equipment, capital good or other tangible property shall be acquired by PARI using solely its own funds (including payments received hereunder billed at Project Rates), or solely
on Mpex’s account, and not using co-mingled funds. 
 2.10 Visiting Mpex Personnel. The Parties agree that Mpex may designate
JSC members or other employees reasonably acceptable to PARI to visit PARI’s facilities where activities under the Work Plans are being performed, for purposes of observing, participating in and auditing the performance of the Work Plans. The
arrangements and duration of such visits shall be reasonably agreed by the Parties so as to minimize any disruption to PARI’s business and preventing disclosure to Mpex of third party confidential information, while providing Mpex meaningful
participation as requested by Mpex. While at PARI, Mpex employees shall have full access to Data, PARI Intellectual Property and records pertaining to the Work Plans. 

Article 3 - Project Intellectual Property 

3.1 Project Results. Mpex shall solely own, and PARI hereby assigns to Mpex, all right, title and interest in and to the Project Data
and all tangible chemical, biochemical or biological materials, in each case that are generated or created by or for PARI in the course of performing the Work Plans (“Project Results”). The Project Results shall be the Confidential
Information of Mpex, and PARI shall not have the right to use the Project Results other than to perform the Project, without the prior written consent of Mpex. 

3.2 Project Intellectual Property. Subject to this Section 3.2 below, the Parties shall jointly own all Project Intellectual
Property (other than the Project Results), including any Patent Rights filed thereon by either Party (such Patent Rights, the “Project Patents”). Each Party hereby assigns to the other Party an undivided joint ownership interest in
and to all such Project Intellectual Property, and agrees to assist the other Party, upon the other Party’s reasonable request and at the other Party’s expense, to secure or perfect any and all such rights. 

(a) PARI Exclusive Rights. Mpex hereby grants PARI a worldwide, royalty free, exclusive right and license, with the right to grant and
authorize sublicenses: (i) under its interest in the jointly owned Project Intellectual Property, to make, use, sell, offer for sale, import, practice and otherwise exploit the subject matter thereof, in each case for use with PARI Nebulizers
to deliver drug substances other than with Fluoroquinolones and/or Efilux Pump Inhibitors; and (ii) under its interest in those claims of jointly owned Project Patents that claim solely improvements to specific design elements of the hardware
apparatus or the software of a vibrating mesh nebulizer device, to make, use, sell, offer for sale and import, practice and to otherwise exploit the subject matter claimed therein. It is understood that, as used herein, the patent claims described
in clause (ii) above shall be claimed independently of any particular drug or class of drugs within Fluoroquinolones and/or Efilux Pump Inhibitors or method of therapeutic treatment involving such drugs, and not otherwise directed to blocking
the field of pulmonary 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 12 

 
administration of any Fluoroquinolones and/or Efilux Pump Inhibitors. To the extent there are patentable improvements to specific design elements of the hardware apparatus or the software of a
vibrating mesh nebulizer device within the Project Intellectual Property, if desired by either Party, the Parties shall use their Commercially Reasonable Efforts to file for a patent thereon in a manner that includes claims qualifying under clause
(ii) above. The rights granted to PARI under (ii) above shall be within the PARI Intellectual Property licensed to Mpex under Section 4.1 below. 

(b) Mpex Exclusive Rights. PARI hereby grants Mpex a worldwide, royalty-free exclusive right and license, with the right to grant and
authorize sublicenses, under its interest in the jointly owned Project Intellectual Property other than those patent claims described in clause (ii) of Section 3.2(a) above, to make, use, sell, offer for sale, import, practice and
otherwise exploit the subject matter thereof, for use with devices other than PARI Nebulizers to deliver Fluoroquinolones and/or Effiux Pump Inhibitors. 

(c) Shared. Each Party shall be free to use, and to grant and authorize nonexclusive sublicenses under, the jointly owned Project
Intellectual Property outside of the exclusive areas described above, and the exclusivity granted in Article 4. Except as expressly set forth in this Agreement, neither Party shall be required to obtain the consent of, or to account to the other
Party, with respect to the use, license, assignment or exploitation of Project Intellectual Property by reason of joint ownership thereof, and each Party hereby waives any such rights it has under the laws of any country. It is understood that the
exclusivity granted in Section 3.2(a)(i) above shall not apply with respect to any liquid aerosol delivery device (“Existing Nebulizer”), if Mpex, its Affiliates or sublicensees were practicing the jointly owned Project
Intellectual Property in connection with such Existing Nebulizer prior to the time such Existing Nebulizer became a PARI Nebulizer hereunder. Notwithstanding Section 3.2(a)(i) above, Mpex, its Affiliates or sublicensees may continue to practice
the jointly owned Project Intellectual Property in connection with such Existing Nebulizer and improvements and new versions thereof after such Existing Nebulizer becomes a PARI Nebulizer hereunder. 

3.3 Existing Intellectual Property. Each Party shall retain all of its right, title and interest in and to the Intellectual Property
owned or Controlled by such Party as of the Effective Date (subject to Article 4 below). Mpex hereby grants PARI a royalty-free non-exclusive license under the Mpex Intellectual Property solely to perform PARI’s obligations and responsibilities
under the Work Plans. Likewise, PARI hereby grants Mpex a royalty-free non-exclusive license under the PARI Intellectual Property solely to perform Mpex’s obligations and responsibilities under the Work Plans. 

3.4 Default on Project Fees. Subject to Article 14, including without limitation Section 14.1 and 14.3, in the event of a default
in the payment of any Project Fees under this Agreement, which default is not cured within thirty (30) days after written notice thereof by PARI referencing this Section 3.4, specifying in detail the amount of Project Fees alleged to be
unpaid and a calculation thereof, providing all relevant supporting documentation evidencing such calculation (“Project Fee Default”), then notwithstanding Section 3.1 above, PARI shall not be obligated under Section 3.1
to assign to Mpex ownership of the specific Project Results to which unpaid Project Fees pertain, and as a result, Mpex shall not have the right to use such specific Project Results generated or created by PARI that were not paid for by Mpex until
such Project Fees are paid. In such event, however, it is understood that Mpex shall retain the right to use and exploit other Project Intellectual Property that Mpex has fully paid for and all Project Patents, other than those claims of Project
Patents that are enabled solely by such specific Project Results that were not paid for by Mpex, and that would not be enabled otherwise (“Defaulted Claims”), in accordance with Section 3.2 above. In the event of a Project Fee
Default, neither Party shall initiate or continue filing for prosecution of such Defaulted Claims (other than those patent claims described in clause (ii) of Section 3.2(a) above) except upon mutual agreement, provided that if such
Defaulted Claims 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 13 

 
have issued, they shall not block Mpex from exercising its rights with respect to the other Project Intellectual Property that it has paid for (i.e., such Defaulted Claims shall be
non-exclusively licensed to Mpex for pulmonary administration of Fluoroquinolones and/or Effiux Pump Inhibitors). In addition, if such Project Fee Default is a material default, taking into account the total Project Fees paid or to be paid over all
of the Work Plans during the Feasibility Phase (if occurring during the Feasibility Phase) or the Development Phase (if occurring during the Development Phase), then PARI may request reasonable assurances that Mpex shall continue to pay ongoing
Project Fees and if not received, PARI may suspend further performance of the Work Plans until such assurances are received or such Project Fee Default is paid. 

3.5 Scientific Records. PARI shall maintain laboratory notebooks and all technical, scientific, accounting and other records in
sufficient detail and (as appropriate, in good scientific manner, including documenting the use of GLP or GMP practices) which shall reflect work done, results achieved, intellectual property developed, including all data in the form required by
Applicable Laws and Standards. Such records shall be kept for a period of three (3) years after completion or termination of the respective Work Plan or a longer period mandated by Applicable Laws and Standards. 

Article 4 - Commercial License 

4.1 Commercial License. 

4.1.1 Exclusive Grant in Mpex Field. PARI hereby grants Mpex a royalty-bearing right and license in the Mpex Territory, with the right
to grant and authorize sublicenses (provided such sublicenses shall comply with the terms of this Agreement), under PARI Intellectual Property to develop, manufacture, use, sell, offer for sale, import, export, distribute or otherwise exploit Drug
Products for use in the Mpex Field, including the development, manufacture, use, sale, import, export, distribution and other exploitation of any Products for use in Licensed Configurations. For clarity, the license of this Section 4.1.1 shall
be exclusive in the Mpex Field even as to PARI, and PARI shall not practice itself, nor grant to a third party, any rights with respect to PARI Intellectual Property for use in the Mpex Field in the Mpex Territory, except as set forth in
Section 4.4 or Section 7 .1 (b). The Parties agree that Mpex shall remain fully responsible for performance of this Agreement notwithstanding any sublicenses granted by Mpex. 

4.1.2 Manufacturing Rights. Notwithstanding Section 4.1.1 above, Mpex covenants that it shall not exercise rights to manufacture
the Project Nebulizer or any [***] under the license of this Section 4.1 except pursuant to Section 7.6 below; provided that Mpex or its designated contract manufacturer shall be authorized to download any software accompanying the
[***] directly onto such [***] with PARI’s consent and according to PARI’s Specifications. 
 4.1.3 Restriction
of Certain Sublicenses. Notwithstanding Section 4.1.1 above, Mpex shall not grant to a PARI Competitor a sublicense under the PARI Intellectual Property with respect to a [***], without PARI’s consent. For such purposes a
“PARI Competitor” shall mean an entity identified in Exhibit 4.1.3 hereto, [***]. 
 4.1.4 Sublicense of TTP Technology.
Mpex acknowledges that a portion of the PARI Intellectual Property includes PARI’s rights under the Third Party License Agreement. In the event Mpex transfers or sublicenses the license granted in this Section to a third party, such rights
shall be excluded from such transfer or sub-license. However, in the event that Mpex transfers or sublicenses to a third party any of the license rights granted in this Section 4.1, upon Mpex’s request, PARI shall directly grant to such
third party a sublicense of PARI’s rights under the Third Party License Agreement for no 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 14 

 
additional consideration, other than that already due to PARI under this Agreement with respect to any transfer or sublicense of rights granted to Mpex in this Section 4.1. Such transfer or
sublicense shall be subject to the terms and conditions of this Agreement. 
 4.2 Exclusivity of Efforts. The Parties acknowledge and
agree that nothing contained in Section 4.2 below shall limit PARI from researching, developing, manufacturing, or commercializing medical devices (including existing devices) other than the Project Nebulizer for use in the Mpex Territory as a
stand-alone device (i.e., independent of any particular drug product), that are not intended by PARI for use within the Mpex Field. In addition, it is understood that [***]. 

(a) Feasibility Phase. Subject to Section 4.2(d) below, until the end of the Feasibility Phase but no later than [***]
(“First Exclusive Period”), PARI agrees that it and its Affiliates shall not directly or indirectly engage in any activities or participate in any business, or otherwise compete with Mpex (including developing or manufacturing for,
selling products to, assisting, or licensing, divesting or transferring rights under PARI Intellectual Property to, any third party) in the Mpex Territory in connection with the research, development, manufacture and/or commercialization of
Fluoroquinolones for pulmonary administration. 
 (b) First Phase II Trial. Subject to Section 4.2(d) below, after the First
Exclusive Period, and until six (6) months after initiation of the first Phase II Trial of a Drug Product, but in no event extending beyond [***] (“Second Exclusive Period”), PARI agrees that it and its Affiliates shall
not directly or indirectly engage in any activities or participate in any business, or otherwise compete with Mpex (including developing or manufacturing for, selling products to, assisting, or licensing, divesting or transferring rights under PARI
Intellectual Property to, any third party) in the Mpex Territory in connection with the research, development, manufacture and/or commercialization of [***]. 

(c) Extended Exclusive Period. Subject to Section 4.2(d) below, after the end of the Second Exclusive Period, and during the term
of this Agreement (“Extended Exclusive Period”), PARI agrees that it and its Affiliates shall not directly or indirectly engage in any activities or participate in any business, or otherwise compete with Mpex (including developing
or manufacturing for, selling products to, assisting, or licensing, divesting or transferring rights under PARI Intellectual Property to, any third party) in the Mpex Territory in connection with the research, development, manufacture and/or
commercialization [***]. Upon each of the following events: (i) the end of the Feasibility Phase, (ii) first filing of an Investigational New Drug Application (“IND”) for a Drug Product, and (iii) each
milestone event set forth in Sections 5.3, 5.4 and 5.5, the Parties agree to negotiate in good faith concerning expansion of the scope of the indication subject to this Section 4.2(c) into other indications of Fluoroquinolones within the Mpex
Field that have not been already partnered by PARI at such time. 
 (d) Mpex Diligence. PARI’s obligations under each of
Sections 4.2(a), (b) and (c) shall be conditioned upon: (i) during the Feasibility Phase, Mpex using Commercially Reasonable Efforts to perform the tasks assigned to Mpex under the Work Plans, and (ii) thereafter, Mpex complying
with its diligence obligations as set forth in Section 7.1(a). In the event PARI believes Mpex has failed to use such Commercially Reasonable Efforts, PARI shall notify Mpex who, subject to Section 14.3, shall have a period of [***]
days thereafter to resume using such Commercially Reasonable Efforts in order to maintain the exclusivity of efforts provisions of this Section 4.2. Notwithstanding the foregoing, in the event that Mpex, by itself or through its Affiliates or
Sublicensees, does not meet a milestone in the development timeline set forth in Exhibit 4.2(d) by the time period set forth therein (subject to the adjustments set forth therein, but without any further cure period as set forth in this
Section 4.2(d) above or Section 15 .2), then PARI shall have the option upon written notice, to terminate thereafter its obligation to not compete with Mpex as set forth in this Section 4.2, provided that Mpex has not met such
milestone prior to such notice. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 15 

 4.3 Sinusitis Field. Except as set forth in Section 4.2 above, this Article 4 shall
not be deemed to prevent PARI and its Affiliates from pursuing any Fluoroquinolone outside the Mpex Field for its business purposes. Until the license set forth in Section 4.1.1 has been rendered nonexclusive, Mpex shall have a right of first
negotiation with respect to the grant by PARI of rights for the delivery of the lead product Levotloxacin or the back-up Fluoroquinolone within the Mpex Field, alone or in combination with other active ingredient(s), for the non-pulmonary treatment
of sinusitis (“Sinusitis Field”). PARI shall notify Mpex in writing prior to negotiation with any third party with respect to delivery of such a Fluoroquinolone in the Sinusitis Field. After receipt of such notice, Mpex shall have a
period of [***] days to notify PARI in writing as to whether Mpex desires to exercise its right of first negotiation. In the event Mpex does not notify PARI within such [***] day period of its desire, or if the Parties do not enter
into a signed term sheet, letter of intent or heads of agreement or other similar signed document with respect to the Sinusitis Field within [***] days after PARI’s receipt of Mpex’s notice of its desire to exercise its right of
first negotiation with respect thereto, the Parties’ rights and obligations with respect to the Sinusitis Field under this Section 4.3 (except the last sentence of this Section 4.3) shall terminate, and PARI shall be free to pursue
the delivery of such Fluoroquinolone in the Sinusitis Field with a third party in its sole discretion. In any event, PARI agrees to keep its activities with respect to the Sinusitis Field separate from its activities for Mpex under this Agreement,
and not to use any Project Results for the Sinusitis Field without Mpex’s prior written consent and appropriate compensation to Mpex. 

4.4 Election of [***]. As used herein, “Primary Program” shall mean the first program initiated for development
and/or commercialization of a Licensed Configuration hereunder, which the Parties currently contemplate will be a [***] for an indication within cystic fibrosis. In the event, however, that Mpex has made an affirmative company decision [***],
Mpex shall promptly notify PARI in writing referencing this Section 4.4. Mpex shall make any such affirmative company decision in good faith based on, e.g., technical, regulatory, commercial and/or economic considerations. In the event
of (i) [***], or (ii) if the first Phase III Trial of a Drug Product for use in a Licensed Configuration by or under authority of Mpex is not [***]: 

(a) Sections 4.2(a) through (c) shall thereafter terminate and be of no further effect; 

(b) The license set forth in Section 4.1.1 is rendered non-exclusive under this Section 4.4, and the applicable royalties for all
Licensed Configurations [***] shall be as set forth in Section 6.2.2. Section 6.2.1 shall not apply thereafter. In addition, in such event, Mpex shall be deemed to have satisfied all of its obligations under Section 7.1(a) if
it is using Commercially Reasonable Efforts to pursue development and/or commercialization of at least one (1) configuration that is licensed under Section 4.1.1 (or under the license mutually agreed pursuant to clause (c) below), in
at least one (1) Major Country, and provides annual reports summarizing such efforts to PARI. PARI shall thereafter not have the right to exercise its option under Section 7.1(b), and Section 7.1(b) shall be terminated; 

(c) Mpex shall have the right under this Section 4.4 to negotiate with PARI in good faith the terms (i) for maintaining the license
of Section 4.1.1 as exclusive, and/or (ii) for the inclusion of additional Fluoroquinolones within the Mpex Field, which terms shall be as mutually agreed by the Parties; 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 16 

 (d) Mpex may continue to [***] in the Mpex Field, to the extent [***], from time to time, after
the license of Section 4.1.1 [***], until initiation of the first Phase III Trial for a Licensed Configuration by or under authority of Mpex; and 

(e) For clarity, the exclusivity granted to Mpex under Section 3.2(b) shall not be affected by this Section 4.4. In addition,
Section 3.4 shall remain applicable in accordance with its terms. 
 It is understood that Mpex shall be deemed, without limitation, to be [***] if it
is then [***]. In addition, it is understood that Mpex may elect under the license of Section 4.1 to investigate, pursue or commercialize [***] in or outside the Mpex Field [***], as secondary programs or alternative programs, and may [***] for
the different active ingredients licensed hereunder and/or for different indications. 
 Article 5 - Upfront Project Fee, License Fee and
Milestones 
 5.1 Upfront Project Fee. Within ten (10) days after the Effective Date, Mpex shall pay PARI [***] in cash, as
an upfront Project Fee. [***]. 
 5.2 License Fee. In partial consideration of the rights and licenses granted by PARI
under this Agreement, Mpex shall within ten (10) business days after the completion of the Feasibility Phase, but no later than [***]: (i) pay to PARI [***] in cash; and (ii) issue to PARI (without any payment by PARI to
Mpex) the equivalent of [***] in shares of Mpex preferred stock, [***]. It is understood that in connection with clauses (ii) of Sections 5.2 and 5.3 and in connection with Section 6.6(c), as a pre-condition of the issuance
of the respective shares of Mpex preferred stock to PARI, PARI shall be required to enter into a Preferred Stock Purchase Agreement and other associated documents, in the same or substantially the same form as agreed to by the other investor(s) of
the respective last round of financing. 
 5.3 First Milestone. In further consideration of the rights and license granted by PARI
under this Agreement, Mpex shall within ten (10) business days after receipt and acceptance by Mpex of the first shipment of Drug Product and a Project Nebulizer for use in a [***], manufactured in compliance with GMP and ordered for the
first clinical trial thereof conducted by or under authority of Mpex (i) pay to PARI [***] in cash and (ii) issue to PARI (without any payment by PARI to Mpex) the equivalent of [***] in shares of Mpex preferred stock, of the
same series as the last round of financing prior to such payment, at the price per share established by such financing. 
 5.4 Clinical
Milestones for [***] not containing Fluoroquinolones. In further consideration of the rights and license granted by PARI under this Agreement, Mpex agrees to make the following milestone payments to PARI, within ten (10) business
days after the first achievement of the corresponding events set forth below by or under authority of Mpex, with respect to the first Drug Product not containing a Fluoroquinolone and the first Project Nebulizer, for use in a [***]: 

 

					
	 EVENT
	  	MILESTONE
PAYMENT	 
	 1. Receipt and acceptance by Mpex of the first shipment of such Drug Product and Project Nebulizer, manufactured in compliance with GMP
and ordered by Mpex for the first (pivotal) Phase II Trail
	  	 	[***	] 
	 2. Receipt and acceptance by Mpex of the first shipment of such Drug Product and Project Nebulizer, manufactured in compliance with GMP
and ordered by Mpex for the first (pivotal) Phase II Trial
	  	 	[***	] 
	 3. First MAA submission in a Major Country for such Drug Product and Project Nebulizer
	  	 	[***	] 
	 4. First receipt of Marketing Approval in a Major Country for such Drug Product and Project Nebulizer
	  	 	[***	] 
		  	  
	  
	 
	 Total (for [***] not containing Fluoroquinolones
	  	 	[***	] 
		  	  
	  
	 

  
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document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 17 

 5.5 Clinical Milestones for [***] containing Fluoroquinolones. In further
consideration of the rights and license granted by PARI under this Agreement, Mpex agrees to make the following milestone payments to PARI, within ten (10) business days after the first achievement of the corresponding events set forth below by
or under authority of Mpex, with respect to the first Drug Product containing a Fluoroquinolone and the first Project Nebulizer, for use in a [***], including if such Drug Product contains a combination of a Fluoroquinolone with an Efflux
Pump Inhibitor: 
  

					
	 EVENT
	  	MILESTONE
PAYMENT	 
	 1. Receipt and acceptance by Mpex of the first shipment of such Drug Product and Project Nebulizer, manufactured in compliance with GMP
and ordered for the first (pivotal) Phase II Trial
	  	 	[***	] 
	 2. Receipt and acceptance by Mpex of the first shipment of such Drug Product and Project Nebulizer, manufactured in compliance with GMP
and ordered for the first Phase III Trial
	  	 	[***	] 
	 3. First MAA submission in a Major Country for such Drug Product and the Project Nebulizer
	  	 	[***	] 
	 4. First receipt of Marketing Approval in a Major Country for such Drug Product and the Nebulizer
	  	 	[***	] 
	 5. First Commercial Sale of such Drug Product and the Project Nebulizer in a Major Country
	  	 	[***	] 
		  	  
	  
	 
	 Total (for [***] containing Fluoroquinolones
	  	 	[***	] 
		  	  
	  
	 

 5.6 Certain Terms Pertaining to the Milestone Payments and Upfront License Fee. For clarity, a single
Drug Product shall fall within either Section 5.4 or 5.5 but not both. However, Mpex may develop more than one Drug Product, one of which covered by Section 5.4, and one covered by 5.5, in which case Mpex shall owe milestone payments under
both Sections 5.4 and 5.5, in the order in which the corresponding milestone events are achieved. Each of the payments set forth in Sections 5.2, 5.3, 5.4 and 5.5 shall be made only once. Milestone payments shall not be due under Section 5.4 or
5.5 with respect to clinical feasibility studies, additional Phase II Trials or Phase III Trials beyond the first such study, or development of more than one Licensed Configuration for a Drug Product or more than one Drug Product covered by each
such section. The total cumulative milestone payments due under Sections 5.4 and 5.5 shall in no event exceed [***]. The total cumulative payments under Sections 5.2 through 5.5 shall in no event exceed [***] and the equivalent of
[***] in Mpex preferred stock. 
 5.7 New Project. It is understood that PARI would not be obligated as part of the Project to
develop formulations of [***], for use in a [***]. If the Parties agree for PARI to develop such other combinations in a [***], then the Parties would negotiate appropriate terms and conditions for such a product. 

Article 6 - Royalties 

6.1 Royalties for [***]. In further consideration of the rights and license granted by PARI under this Agreement, during the Royalty
Term, subject to the terms and conditions of this Agreement, 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 18 

 
Mpex agrees to pay PARI a running royalty equal to the following percentage of the Net Sales of Drug Product for use in a [***], which is sold by Mpex, its Affiliates or Sublicensees. Such
royalties shall be paid in accordance with Section 9.2 below. 
 (a) [***] meeting Performance Specification A. In the event
such [***] meets the Performance Specification A as set forth in Exhibit 6.1, the applicable royalty percentage shall be [***] percent ([***]%). 

(b) [***] meeting Performance Specification B. In the event such [***] meets the Performance Specification B as set forth in
Exhibit 6.1, the applicable royalty percentage shall be [***] percent ([***]%). 
 6.2 Royalties for Using an [***].

 6.2.1 Royalties for Using an [***] under an Exclusive License. 

In further consideration of the rights and license granted by PARI under this Agreement, during the Royalty Term, subject to the terms and conditions
of this Agreement and provided that the license set forth in Section 4.1.1 has not been rendered non-exclusive pursuant to Section 4.4 or 7.1(b), Mpex agrees to pay PARI a running royalty equal to the following percentage of the Net Sales
of Drug Products for a Licensed Configuration using an [***], which is sold by Mpex, its Affiliates or Sublicensees. All such royalties shall be paid in accordance with Section 9.2 below. 

(a) Drug Product Covered by Patent Rights. In the event the composition of such Drug Product (independent of any inhalation delivery
device) is Covered by one or more Valid Claim(s) of any Patent Rights within the PARI Intellectual Property in the country for which it is sold, then Mpex shall pay the following royalties to PARI with respect to the Net Sales of such Drug Product.
The applicable royalty percentage shall be between [***] percent ([***]%) and [***] percent ([***]%), and shall be negotiated between the Parties in good faith based on the extent of exclusivity provided by such Patent
Rights, the extent to which performance of the Drug Product is enhanced by incorporation of such PARI Intellectual Property, Mpex’s contributions to the technology of such Drug Product, and other factors agreed as appropriate by the Parties at
the time of such negotiation. In the event the Parties fail to agree on such royalty percentage within [***] days after a request by Mpex to negotiate such percentage, such royalty percentage shall be equal to: 

(i) [***] percent ([***]%) in the event the composition of such Drug Product (independent of any inhalation
delivery device) is so Covered by Valid Claim(s) of PARI Background Patents but not by any Project Patents nor any Mpex Background Patents. As used herein, “PARI Background Patents” means any Patent Rights within the PARI
Intellectual Property other than the Project Patents. “Mpex Background Patents” means any Patent Rights owned or Controlled by Mpex other than the Project Patents and the PARI Patent Rights licensed hereunder. 

(ii) [***] percent ([***]%) in the event the composition of such Drug Product (independent of any inhalation
delivery device) is so Covered by Valid Claim(s) of Project Patents but not of any PARI Background Patents, and such Drug Product is also Covered by Valid Claim(s) of Mpex Background Patents. 

(iii) [***] percent ([***]%) in the event the composition of such Drug Product (independent of any inhalation
delivery device) is so Covered by Valid Claim(s) of Project Patents, but neither clause (i) nor (ii) above applies. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 19 

 (b) Drug Product not Covered by Patent Rights. In the event the Drug Product that is
subject to this Section 6.2.1, by itself, is not Covered by one or more Valid Claim(s) of Patent Rights within the PARI Intellectual Property in the country for which it is sold, then the applicable royalty shall be [***] percent
([***]%) of the Net Sales in such country of such Drug Product by Mpex, its Affiliates or Sublicensees. 
 6.2.2 Royalties for
Using an [***] under a Non-Exclusive License. In further consideration of the rights and license granted by PARI under this Agreement, during the Royalty Term, subject to the terms and conditions of this Agreement, in the event the license set
forth in Section 4.1.1 has been rendered non-exclusive pursuant to Section 4.4 or 7.1(b), Mpex agrees to pay PARI a running royalty equal to the following percentage of the Net Sales of Drug Products for a Licensed Configuration using an
[***], which is sold by Mpex, its Affiliates or Sublicensees. All such royalties shall be paid in accordance with Section 9.2 below. 

(a) Drug Product Covered by Patent Rights. In the event the composition of such Drug Product (independent of any inhalation delivery
device) is Covered by one or more Valid Claim(s) of any Patent Rights within the PARI Intellectual Property in the country for which it is sold, then Mpex shall pay as royalties to PARI with respect to the Net Sales of such Drug Product equal to
[***] percent ([***]%) of such Net Sales. 
 (b) Drug Product not Covered by Patent Rights. In the event such Drug
Product, by itself, is not Covered by one or more Valid Claim(s) of Patent Rights within the PARI Intellectual Property in the country for which it is sold, then the applicable royalty shall be [***] percent ([***]%) of the Net Sales
in such country of such Drug Product by Mpex, its Affiliates or Sublicensees. 
 6.3 Royalties on Drug Products in Licensed Configuration
Only. No royalty shall be due on the Project Nebulizer, the [***], the [***] or on Drug Products that are not intended for use in a Licensed Configuration. In addition, only one royalty shall be paid with respect to each unit of
Drug Product that is subject to royalties under this Article 6. In addition, for clarity, only one of Sections 6.1, 6.2.1 or 6.2.2 shall apply with respect to any particular Licensed Configuration, depending on whether it is a [***], a
configuration involving an [***] and whether or not the license set forth in Section 4.1.1 has been rendered non-exclusive. 

6.4 Adjustments to Royalties. 

(a) Third Party Royalties. As between the Parties, Mpex shall be solely responsible for any royalties or other amounts for third party
patent rights or technologies (“Third Party IP”) Covering the active ingredients of the Drug Product and/or formulation of the Drug Product comprising Mpex Background Intellectual Property (“Mpex Background
Formulation”). As between the Parties, PARI shall be solely responsible for any royalties or other amounts for Third Party IP Covering the Project Nebulizer (including the [***]) and/or formulation of the Drug Product comprising PARI
Background Intellectual Property. With respect to Third Party IP not addressed above in this Section 6.4(a), including e.g., Third Party IP Covering the combination of the Project Nebulizer with the Drug Product or Covering the
formulation of the Drug Product developed hereunder, or that broadly claim pulmonary administration of active ingredients in the Mpex Field, in the event Mpex, its Affiliates or Sublicensees becomes obligated to pay royalties or other amounts for
such Third Party IP, then Mpex 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 20 

 
and PARI shall equally share responsibility for such amounts, i.e., Mpex may deduct [***] percent ([***]%) of such amounts from the royalties owed PARI under this Article 6;
provided such royalties paid to PARI will not be (i) reduced at all in cases where Section 6.1(a), 6.2.1(b) or 6.2.2(b) applies, and (ii) so reduced to [***] percent ([***]%) in cases where Section 6.1(b) applies
and (iii) so reduced to less than (x) [***] percent ([***]%) if Section 6.2.1(a)(i) applies, (y) [***] percent ([***]%)] if Section 6.2.1(a)(ii) or 6.2.2(a) applies, and (z) [***]
percent ([***]%) if Section 6.2.1 (a)(iii) applies, and further provided that sharing of responsibility for amounts or royalties paid for such Third Party IP under clauses (i) through (iii) above may be further adjusted by the
Parties after discussion and upon mutual agreement in writing. The [***] payments due PARI under Section 6.5 below by Mpex, its Affiliate(s) or Sublicensee(s), subject to the limitations set forth in the preceding sentence, shall be
adjusted proportionately to the reduction in the corresponding royalty rate as set forth in this Section 6.4(a); provided that the [***] shall not be so reduced by more than [***] percent ([***]%). As used herein,
“Mpex Background Intellectual Property” means any Intellectual Property owned or Controlled by Mpex other than the Project Intellectual Property and the PARI Intellectual Property licensed hereunder, and “PARI Background
Intellectual Property” means any PARI Intellectual Property other than the Project Intellectual Property. For clarity, the total reductions under this Section 6.4(a) and 6.4(c) and 6.4(d) below shall not result in more than a
[***] percent ([***]%) reduction in the aggregate in the royalties otherwise owing under this Agreement, nor more than a [***] percent ([***]%) reduction in the aggregate in the [***] owed under Section 6.5
below. 
 (b) Combination Product. In the event (i) a Drug Product is sold in combination with the Project Nebulizer,
[***] or other components for a single price, or (ii) a Drug Product or a Licensed Configuration is sold in combination with services or other products, amounts invoiced for such combination sales for purposes of calculating Net Sales of
the Drug Product in such combination shall be reasonably allocated between such amounts attributable to the Drug Product and amounts attributable to the Project Nebulizer, [***], services, other products or other active ingredients
(“Non-Royalty Components”), by or under authority of Mpex. Such allocation shall be based on the relative value(s) of the Drug Product and of the Non-Royalty Components, and if the Parties are unable to agree on such allocation, the
allocation shall be determined in accordance with Section 14.4 below. In the event a Drug Product for a Licensed Configuration using an [***] contains active ingredients other than compounds in the Mpex Field, then upon Mpex’s
request, the Parties shall negotiate in good faith an appropriate allocation of the Net Sales thereof attributable to the relative contribution of the PARI Intellectual Property to enabling such new combination product. 

(c) No Exclusivity for [***] or PARI Competition. On a Drug Product-by-Drug Product and country-by-country basis,
(i) [***], or (ii) if [***], then the royalties payable under Sections 6.1 and 6.2.1(a), as applicable, shall thereafter be reduced by [***]. For the avoidance of doubt, in the event both subsections (i) and
(ii) above apply, then the royalties payable shall only be reduced once by [***]. In the event the royalties payable under Section 6.1 or 6.2.1(a) are reduced by [***], then the [***] shall also be reduced by
[***]. For clarity, the royalties payable under Sections 6.2.1(b), 6.2.2(a) and 6.2.2(b) shall not be reduced by operation of this Section 6.4(c). 

(d) Exclusivity limited to Drug Product in a [***]. [***], then the royalties payable under Section 6.1 on the Drug
Product used in such [***] shall be reduced by [***] on a country-by-country basis. For clarity, the [***] reduction set forth in this Section 6.4(d) shall not apply if the [***] reduction in Section 6.4(c) applies to a [***]. 

(e) Royalty on Sublicensee’s Net Sales. In the event that the royalty charged under this Article 6 with respect to a
Sublicensee’s Net Sales renders a sublicense agreement desired by Mpex economically infeasible, then upon the request of Mpex, the Parties shall discuss the situation in good 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 21 

 
faith, including if mutually agreed, a reduction of the royalty percentage paid on the Net Sales of the Sublicensee in return for a sharing with PARI of certain of the payments received from the
Sublicensee other than royalties. However, it is understood that no such reduction or sharing shall be effective unless and until mutually agreed in writing by the Parties, and this Section 6.4(e) shall not be subject to arbitration under
Section 14.2 below. 
 6.5 [***]. Mpex shall pay to PARI an [***] in accordance with Section 9.3 below. 

(a) Determining the [***]. 

(i) In the event that Mpex is then commercially selling a Drug Product that is subject to the [***] percent
([***]%) royalty under Section 6.1 above, the “[***]” shall be determined by the following table. 
  

			
	 Year of Sales
	  	 [***]

	1st	  	[***]
	2nd	  	[***]
	3rd	  	[***]
	4th	  	[***]
	5th	  	[***]
	6th and thereafter	  	[***]

 (ii) In the event clause (i) above does not apply, and Mpex is then commercially selling a
Drug Product that is subject to the [***] percent ([***]%) royalty under Section 6.1 above, the [***] shall be determined by the following table. 
  

			
	 Year of Sales
	  	 [***]

	1st	  	[***]
	2nd	  	[***]
	3rd	  	[***]
	4th	  	[***]
	5th	  	[***]
	6th and thereafter	  	[***]

 (iii) In the event clauses (i) and (ii) above do not apply (i.e., the only
Drug Products for use in Licensed Configurations being sold by Mpex at the time are those subject to royalties under Section 6.2), then the [***] shall be: A x B / [***]%, where A is the amount determined using the table set
forth in clause (ii) above, and B is the highest royalty rate applicable to the Drug Products then being commercialized by Mpex under Section 6.2 above. 

(b) Adjustment of [***]. In the event that (i) Mpex fails to achieve sufficient Net Sales of Drug Products to accrue royalties
pursuant to this Article 6 in excess of the [***] payment for any calendar year, and (ii) such failure is caused by the factors described in this Section 6.5(b) below that are beyond Mpex’s reasonable control (and not caused by
Mpex’s negligence or its failure to comply with its diligence obligations under Section 7.1(a)), then the [***] shall be reasonably adjusted to account for such factors pursuant to the mutual agreement of the Parties. In the event
the Parties cannot agree on a reasonable adjustment, then either Party may elect to have such adjustment determined pursuant to Section 14.4. The factors include failure to achieve the Specifications for a [***] as anticipated herein,

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 22 

 
PARI’s inability to supply Project Nebulizers as ordered and forecasted by Mpex, product recalls, litigation or adverse events, safety or quality issues involving the Project Nebulizer, Drug
Product or the Licensed Configuration, material restrictions imposed by a Regulatory Authority with respect to the Project Nebulizer, Drug Product, Licensed Configuration, or the marketing, distribution or use thereof, and PARI competition as
described in Section 6.4(c)(ii); but not including inaccurate forecasting by Mpex causing Products to be out of stock, poor marketing or execution on sales by or on behalf of Mpex, late start on obtaining reimbursement codes by Mpex,
competition other than from PARI or third parties licensed by PARI, or defects or issues caused by use of [***] in the Licensed Configuration. Notwithstanding the foregoing, the Parties acknowledge and agree that PARI’ s general
research, development, manufacture, or commercialization of medical devices (including existing devices) other than the Project Nebulizer as stand-alone devices (i.e., independent of any particular drug product) shall not be deemed to be
competition from PARI or third parties licensed by PARI. 
 (c) Failure to pay [***]. In the event Mpex does not pay the
[***] payment due under Section 6.5, PARI may notify Mpex thereof in writing, specifying such default. If Mpex does not, within [***] days thereafter, either cure such default or dispute in good faith its obligation to pay such
amount in writing, PARI shall have the right to render non-exclusive the license set forth in Section 4.1.1 upon written notice to Mpex. [***]. The royalty rates set forth in this Article 6 shall remain unchanged due to the license of
Section 4.1.1 so becoming nonexclusive, subject to Section 6.4(c). 
 6.6 Royalty Buydown. Mpex, in its sole
discretion, shall have the right, on one or more occasions, to decrease the Actual Royalty Rates through the mechanism described in this Section 6.6, to not less than: (i) [***] percent ([***]%) of the Stated Royalty Rates,
except (x) the [***] percent ([***]%) set forth in Section 6.1(b) may be further decreased to [***] percent ([***]%) if such decrease is requested by Mpex prior to the First Commercial Sale of the respective
Drug Product, (y) the [***] percent ([***]%) set forth in Sections 6.2.1 (b) and 6.2.2(b) may not be decreased through the mechanism of this Section 6.6, and (z) the royalty rate set forth in
Section 7.1(c)(i)(y) may be so decreased to [***] percent ([***]%) if such decrease is requested by Mpex prior to First Commercial Sale of the respective Drug Product (the minimum royalty rates set forth in clauses (i) and
(x) through (z), the “Royalty Buydown Floor”). As used herein, the “Actual Royalty Rates” means the royalty rates payable by Mpex for the different categories of Drug Products and Licensed Configurations,
having taken into account the adjustments of Section 6.4 and any other applicable royalty adjustments under this Agreement. “Stated Royalty Rates” means the royalty rates set forth in Sections 6.1, 6.2.1, 6.2.2 and
7.1(c)(i)(y), and without taking into account any other applicable adjustments to royalties. In the event that after the Net Present Value has been determined under this Section 6.6, and the assumed Actual Royalty Rates for purposes of such
calculation are further adjusted due to the application of Sections 4.4, 6.4(a), 6.4(b), 6.4(c), 6.4(d) or other adjustments, Mpex shall retain the full benefit of the Net Present Value that it has already paid (i.e., the
reduction in royalty rates purchased under this Section 6.6 shall apply after such adjustments), provided that if as a result, the Actual Royalty Rates would go below the Royalty Buydown Floor, Mpex shall instead receive [***] hereunder
for the portion of the Net Present Value which it was unable to apply to decrease the royalties (calculated on a pro-rata basis, based on the proportion of the purchased royalty buydown unable to be applied because it would result in the Actual
Royalty Rates falling below the Royalty Buydown Floor, and the remaining duration of the Projected Royalty Period). 
 (a) Upon
request by Mpex at any time after issuance of the QA audited draft Clinical Trial Summary Report (including evaluation of primary endpoints) upon completion of the first Phase II Trial of a Drug Product for use in a Licensed Configuration, provided
Mpex has made such report available to PARI and PARI has had [***] days to review such report, the Parties shall negotiate in good faith to agree upon the Net Present Value of the decrease in royalties requested by Mpex. For clarity, in

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 23 

 
the event such draft Clinical Trial Summary Report was never issued for any reason, it is understood that Mpex may trigger its rights under this Section 6.6 (i) after the final report
from such Phase II Trial, or (ii) if Mpex initiates any additional clinical trials after the completion of such Phase II Trial, or determines such Phase II Trial is unnecessary and conducts a later stage clinical trial, or makes any regulatory
filings based wholly or partly on results of such Phase II Trial or later stage clinical trial, provided that any clinical data for the Drug Product available at such time will be provided by Mpex to PARI. 

(b) If the Parties are unable to agree upon such Net Present Value, it shall be determined as follows. Each Party shall appoint its own
disinterested appraiser who shall be licensed as a Certified Public Accountant doing business in a major metropolitan area in the United States to determine the Net Present Value of the decrease of royalties requested by Mpex. Mpex will provide
PARI, as reasonably requested, with information necessary to complete the Net Present Value analysis. The Parties shall exchange their respective appraisals of the Net Present Value within thirty (30) days following either Party’s request
to have the Net Present Value determined under this Section 6.6. If the two appraised values of the Net Present Value of the decrease in royalties differ by an amount that is less than [***] percent ([***]%) of the higher
appraised Net Present Value, then the arithmetic mean of the two appraised values shall be the Net Present Value for purposes of this Section 6.6. If the two appraised values differ by an amount that is greater than [***] percent
([***]%) of the higher appraised Net Present Value, then the two disinterested appraisers shall select a third disinterested appraiser, who shall determine the Net Present Value of the decrease in royalties requested by Mpex. The valuation
made by the appraiser or appraisers finally chosen (or the average valuation described above) shall be conclusive and binding on the Parties. All costs of an individually selected appraiser shall be borne by the Party selecting such appraiser. All
costs of the appraiser mutually selected by the two disinterested appraisers shall be borne equally by the Parties. Each appraisal by the Parties and by the disinterested appraiser shall also state the Actual Royalty Rate assumed as the basis for
the calculation of Net Present Value. 
 (c) To exercise its right under this Section 6.6, Mpex shall pay to PARI the Net
Present Value so determined within [***] days following such determination, and commencing on the Reduction Effective Date, the royalty rates under Sections 6.1 and 6.2 shall be reduced by the amount of the decrease. For
example, if Mpex desires to reduce the royalty rates under Section 6.1 by [***]%, it shall so notify PARI and the Net Present Value of the difference (i.e., [***]%) shall be determined as
described above; and provided that Mpex pays to PARI the amount of such Net Present Value within [***] days after such determination, the royalty rates under Section 6.1 shall be reduced by [***]%. At
Mpex’s option, Mpex may pay all or part of the Net Present Value in [***] (it being understood and agreed to by Mpex that the deferred cash payment amount shall accrue interest at a rate equal to the prime rate reported by
the Chase Manhattan Bank, New York, New York, on the date of the determination of the Net Present Value, plus an additional [***], and the royalty reduction shall be effective only to the extent, and pro-rated to the percentage,
of the Net Present Value actually paid by Mpex). The Parties also agree to negotiate in good faith what portion of the Net Present Value may be paid in Mpex stock. If at such time Mpex stock is being traded on an over-the-counter market or on an
exchange, then such Mpex stock shall be such publicly traded shares, at a price per share equal to the average of the closing bid and asked prices thereof quoted in the over-the-counter market in which the shares are traded or the closing price
quoted on any exchange on which the shares are listed, whichever is applicable, as published in The Wall Street Journal for the [***] trading days prior to the date thereof (or such shorter period of time during which such stock
was traded over-the-counter or on such exchange). Otherwise, such Mpex stock shall be Mpex preferred stock of the same series as the last round of Mpex financing prior to such payment, at the price per share established by such financing set forth
below: 
 (d) For purposes of the foregoing, the following terms shall have the meanings set forth below: 

(i) “Reduction Effective Date” shall mean the date Mpex requests such reduction to commence, provided that the
Reduction Effective Date shall not be earlier than the First Commercial Sale of such Drug Product. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 24 

 (ii) “Projected Royalty Period” shall mean the period from the
Reduction Effective Date until [***] years after the First Commercial Sale of the first Drug Product for use in the first Licensed Configuration in the first country in the Mpex Territory, provided that if such period calculated according to
the foregoing language is less than [***] years, the Projected Royalty Period shall be [***] years after the Reduction Effective Date. 

(iii) “Net Present Value” shall be calculated by projecting the amount of the royalty decrease over the
Projected Royalty Period, based on a reasonable projection of such Net Sales over such period, and discounting such amounts to the present value at the time of the calculation by a discount factor that reflects both the time value of money and the
risk involved in achieving such Net Sales. 
 (e) The [***] (and the tables and formula set forth in Section 6.5(a)), for
the then-current calendar year and each subsequent calendar year, shall automatically decrease in proportion to the percentage of decrease in the royalty rates established pursuant to this Section 6.6. 

Article 7 - Development, Regulatory and Commercialization Roles and Responsibilities 

7.1 Mpex Development and Commercialization Diligence. 

(a) After the commencement of the Development Phase, and during the remainder of the term of this Agreement, Mpex agrees to use Commercially
Reasonable Efforts to pursue the clinical development of and to obtain Marketing Approval for at least one (I) Drug Product intended for use in a Licensed Configuration in one (1) or more Major Countries, and after obtaining such Marketing
Approval, to use Commercially Reasonable Efforts to market and sell such Drug Product and/or Licensed Configuration in all Major Countries in which it has been approved. Until such first Marketing Approval, provided that the license of
Section 4.1.1 remains exclusive hereunder, Mpex shall provide PARI, at least annually through the JSC, with detailed reports of the progress of its development of Drug Products for use in Licensed Configurations and plans for its development
and commercialization thereof in the upcoming year, and will provide PARI through the JSC quarterly updates thereto. The JSC shall discuss such reports and plans and Mpex shall duly consider any comments thereon provided by PARI, provided that the
Parties agree that Mpex shall retain sole control of its development efforts hereunder and its plans therefor. For clarity, it is understood that the obligation to use Commercially Reasonable Efforts as set forth in this Section 7.1(a) shall
apply to any Sublicensees who are responsible for development of Drug Products for Licensed Configurations, and to the extent Mpex has obtained reports and plans from such Sublicensees and are not restricted by confidentiality obligations, Mpex
shall share such reports and plans with PARI at least annually through the JSC in the same manner as for reports and plans of its own development. This Section 7.1(a) shall also apply to any permitted successors or assigns of Mpex under this
Agreement. The Parties acknowledge and agree that Mpex’ s material breach of this Section 7.1 (a) shall be deemed a material breach of this Agreement and the provisions of Section 15.2 hereof shall specifically apply to such
material breach. 
 (b) Notwithstanding the foregoing, in the event that Mpex, by itself or through its Affiliates or Sublicensees, does not
meet a milestone in the development timeline set forth in Exhibit 7.1 by the time periods set forth therein (subject to the adjustments set forth therein, but without any further 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 25 

 
cure period as set forth in Section 15.2), then PARI shall have the option upon written notice, to render the license set forth in Section 4.1.1 non-exclusive, provided that Mpex has
not met such milestone prior to such notice. 
 (c) In the event PARI exercises its option under Section 7.1(b) to render the license
of Section 4.1.1 non-exclusive, then the royalty rates shall be reduced as follows: 
 (i) the royalty rate (x) for
Section 6.1(a) shall be [***], and (y) the royalty rate for Section 6.1(b) shall be [***]; 

(ii) the royalty rate (x) for Section 6.2.1(a)(i) shall be [***], (y) for Section 6.2.1(a)(ii) shall
be [***], and (z) for Section 6.2.1(a)(iii) shall be [***]; 
 (iii) the royalty rate for
Section 6.2.1 (b) shall remain at [***]. 
 The [***] shall be reduced by a proportional amount. Sections 6.4(a) (first two
sentences), 6.4(b), 6.5 and 6.6 (subject to the Royalty Buydown Floor set forth therein) shall continue to apply to the royalties specified in this Section 7.1 (c). 

(d) In addition, in the event PARI exercises its option under Section 7.1 (b) to render the license of Section 4.1.1
non-exclusive, 
 (i) Section 4.2(a) through (c) shall thereafter terminate and be of no further effect. 

(ii) In the event clause (i) or (ii) of Section 4.4 applies thereafter (i.e., the [***] has been
abandoned), the applicable royalty rates shall be as set forth in Section 7.1(c) above (i.e. Section 6.2.2 shall be adjusted in the same manner as Section 6.2.1). For the avoidance of doubt, the Parties agree that the
applicable royalty rates shall not be changed as a result of Section 4.4, if PARI had previously exercised its option under this Section 7.1 (b). 

(e) For clarity, the exclusivity granted to Mpex under Section 3.2(b) shall not be affected by this Section 7.1. In addition,
Section 3.4 shall remain applicable in accordance with its terms. 
 7.2 Manufacture of Drug Product. As between the Parties,
Mpex shall have the exclusive right to manufacture Drug Product for Licensed Configurations, for clinical and for commercial use. To enable the foregoing, PARI agrees to provide Mpex at its request with all Know-how within the PARI Intellectual
Property necessary or useful for Mpex to manufacture or have manufactured Drug Product and shall assist Mpex, if reasonably requested and at Mpex’s expense (to be invoiced by PARI as Technical Activities), with securing a relationship with
PARI’s third party contract manufacturer(s) or with its vendor(s) of ingredients or components useful for manufacturing Drug Product. 

(a) Clinical Supply. At Mpex’s request, PARI agrees to manage and ensure the supply to Mpex of Drug Product for use in Licensed
Configurations, for preclinical, clinical and other developmental uses. If so elected by Mpex, the supply of Drug Product by PARI for such developmental use shall be pursuant to Work Plans established in accordance with Section 2.2. It is
expected that the manufacturing of Drug Product for such supply shall be performed by a subcontractor, and in such case, the price of the Drug Product shall be directly billed by such subcontractor to Mpex (without any additional markup by PARI).
Notwithstanding the foregoing, the manufacturing and supply of such Drug Products for clinical use shall comply with Article 8 below. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 26 

 7.3 Supply of Project Nebulizers for Clinical Trials. PARI shall be responsible for
supplying Mpex with all Project Nebulizers required for the conduct of clinical trials. The manufacturing and supply of such Products by PARI shall comply with Article 8 below. 

(a) Price. The price charged by PARI for such Project Nebulizer and related parts shall be equal to [***]. 

(b) Initial Forecast. An initial forecast of the Project Nebulizers, including delivery dates, anticipated to be required by
Mpex for clinical trials is set forth in Exhibit 7.3(b). Such forecast shall not be binding on either Party, unless and until such quantities and dates are confirmed in written purchase orders issued by Mpex or set forth in a Work Plan executed by
the Parties. Mpex agrees to provide PARI a lead time of at least three (3) months with any such confirmation. After such confirmation of the quantities and dates, in the event PARI is unable or otherwise fails to supply Project Nebulizers to
Mpex by the specified delivery dates, then without limiting any other remedies Mpex may have, the milestone payment for the respective clinical studies set forth in Sections 5.3, 5.4 and 5.5 shall be appropriately adjusted pursuant to the mutual
agreement of the Parties. In the event the Parties are unable to agree on such adjustment, either Party may have such adjustment determined pursuant to Section 14.4 below. 

(c) [***] or Nebulizer Accessories. If requested by Mpex, PARI shall supply Mpex with [***] and/or Nebulizer Accessories
for clinical trial purposes, at a price equal to [***]. 
 (d) Support. PARI agrees to provide to Mpex, its
Affiliates, Sublicensees or their customers the same or higher level of technical and product support for the Project Nebulizers, [***] and Nebulizer Accessories purchased hereunder, as the level of support generally provided to its other
customers of comparable products, components or accessories, at no additional charge. 
 7.4 Regulatory Matters. As
between the Parties, Mpex shall be responsible for, and shall control all filings and interactions with Regulatory Authorities with respect to the Drug Products and Licensed Configurations. Mpex shall control all clinical and regulatory strategy for
the development of the Drug Products and Licensed Configurations. Any MAAs, Marketing Approvals, INDs, or other regulatory submissions, filings, approvals and documentation (collectively, “Regulatory Filings”) for the Drug Products
and Licensed Configurations shall be submitted solely in the name of, and exclusively owned by, Mpex or its designee. PARI agrees to cooperate with, and provide reasonable assistance to Mpex, in the preparation of such Regulatory
Filings[***]. 
 (a) Marketing Approval for the Project Nebulizer, if sold separately. If in the course of
defining the Project Nebulizer intended to be sold separately from the Drug Product, the Parties have determined that the existing Marketing Approvals of the eFlow® Device(s) are insufficient to permit the commercialization of the Project
Nebulizer in a Licensed Configuration, then PARI shall use Commercially Reasonable Efforts at its own cost to seek Marketing Approval for the Project Nebulizer in the countries requested by Mpex, subject to oversight by the JSC and JTC. PARI shall
keep the JSC and JTC informed as to such efforts, and shall solicit and take into account any reasonable commercial comments provided by Mpex with respect thereto. 

(b) Regulatory Information. PARI shall promptly provide Mpex as requested, at no additional charge other than that set forth in an
applicable Work Plan hereunder, with all Data and 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 27 

 
other available information necessary or useful for Mpex to apply for, obtain, and maintain Marketing Approvals for the Drug Products and Licensed Configurations in any country, including without
limitation (i) information relating to the facilities, or the process, methodology, raw materials and intermediates used in the manufacture, processing, or packaging thereof, and (ii) existing data relating to the eFlow® Devices. In
addition, PARI shall cooperate with Mpex with respect to all reporting obligations relevant to the Products under Applicable Laws and Standards. 

(c) Adverse Event Reporting. Unless otherwise required by law, regulation or agency, each Party shall report to the other Party,
in as much detail as reasonably possible, within forty-eight (48) hours from receipt of the information (or less, where required so as to comply with Applicable Laws and Standards) any experience coincident with the use of the Drug Products,
Project Nebulizers or Licensed Configurations being supplied by PARI to Mpex hereunder, whether or not considered drug related, that suggests a significant hazard, contraindication, side effect or precaution. This includes, but is not limited to,
any serious adverse event. Such a serious adverse event includes, at minimum, any possible event coincident with the use of the Drug Products, Project Nebulizers or Licensed Configurations that result in any of the following outcomes: death, a
life-threatening experience, in-patient hospitalization, prolongation of an existing hospitalization, a persistent or significant disability or incapacity, or a congenital anomaly or birth defect. 

7.5 Nebulizer Commercialization Strategy. Not sooner than thirty (30) days prior to initiation of the first Phase II Trial
of a Drug Product for use with a Project Nebulizer, at the request of Mpex, the Parties shall meet to discuss a commercialization strategy for the Project Nebulizer used therein. As part of such discussion, the Parties may consider, for example,
whether the best commercial interest of the Licensed Configuration is served by having PARI supply the Project Nebulizers to Mpex and having Mpex sell the same in combination with the Drug Product to customers, or by Mpex independently selling the
Project Nebulizers to the market, or some other mutually agreeable arrangement. However, unless the Parties otherwise agree in writing, PARI shall supply the Project Nebulizer and any [***] to Mpex pursuant to a commercial supply agreement to
be negotiated by the Parties in good faith based on the terms and conditions set forth in Exhibit 7.5 (“Commercial Supply Agreement”), and Mpex shall have the right to sell the same, alone or in combination with the Drug Products,
in the Mpex Territory. In the event the Parties fail to agree on and enter into a Commercial Supply Agreement within one hundred and eighty (180) days after a request by Mpex under this Section 7.5 to do so, Mpex may request the terms and
conditions of the Commercial Supply Agreement be established pursuant to Section 14.4 below, which terms and conditions shall then become binding on the Parties. In addition, PARI shall use Commercially Reasonable Efforts to make available to
the market a full complement of Nebulizer Accessories for the Project Nebulizer, and shall ensure that its prices for such Nebulizer Accessories are [***]. 

7.6 Assurance of Supply of Project Nebulizer. 

(a) Backup Supply Planning. PARI warrants that, prior to the date of first submission of an MAA for a [***] by or under
authority of Mpex, PARI shall have its own manufacturing facility in Germany or have an exclusive arrangement with a third party for manufacturing the Project Nebulizer and the critical components thereof. In addition, by such date, PARI agrees that
it shall have in place a backup supply plan to reasonably ensure the uninterrupted supply of Project Nebulizers and components. At the time that the Parties meet to discuss and negotiate the commercialization strategy in accordance with
Section 7.5 above, or upon the request of Mpex from time to time, the Parties shall review such backup supply plan and PARI’s implementation thereof, and shall discuss what, if any, modifications to such plan or further actions are desired
in order to ensure such uninterrupted supply. 
 (b) Backup License. In the event a Failure Event described in
Section 13 of Exhibit 7.5 has occurred prior to the Parties’ entry into a Commercial Supply Agreement, then Section 13 of Exhibit 7.5 shall become effective and binding on the Parties as if it were incorporated into, and re-stated in
its entirety in this Section 7.6(b) of this Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 28 

 Article 8 - Supply of Products by PARI for Clinical Use 

8.1 Delivery. PARI agrees to deliver those quantities of Products ordered by Mpex for clinical trials, [***], by the delivery
dates set forth in the Work Plan or purchase order, as the case may be, in accordance with reasonable shipping instructions provided by Mpex. The Products shall be shipped, at Mpex’ s expense, packaged in containers in accordance with the
Specifications or as otherwise agreed by the Parties in writing. PARI shall cooperate with Mpex, and provide Mpex with all necessary documentation and assistance, at Mpex’ s expense with respect to importation of the Products into any country
of the Mpex Territory. 
 8.2 Payment. PARI shall submit an invoice to Mpex upon shipment of Products ordered hereunder, reflecting
the price therefor as set forth in Article 7 above. All invoices shall state the aggregate and unit price for such Products in a given shipment, plus any insurance, taxes or other costs incident to the purchase or shipment initially paid by PARI but
to be borne by Mpex hereunder. Mpex shall pay PARI such invoiced amounts that are due hereunder within [***] days from the later of (a) Mpex’s receipt of the invoice or (b) receipt of the shipment by Mpex. 

8.3 Quality. All Products supplied by PARI shall meet the Specifications and shall be manufactured in accordance with all Applicable
Laws and Standards, including applicable GMP manufacturing and record keeping procedures. At the request of either Party, the Parties shall enter into a commercially reasonable Quality Agreement, allocating roles and responsibilities to each Party
with respect to quality control and regulatory compliance, consistent with the provisions of this Agreement. 
 8.4 Quality Control.
Prior to each shipment of Products, PARI shall perform quality control procedures and inspections to verify that the Products to be shipped conform to the Specifications and GMP. Each shipment of Products shall be accompanied by a certificate of
analysis or verification signed and dated by a qualified and duly authorized employee of PARI, in a form mutually agreed by the Parties, which sets forth the Specifications for the Products in such shipment and the results of any tests performed on
such Products, and certifying that the Products supplied have been manufactured, controlled and released according to such Specifications and all Applicable Laws and Standards, including GMP. Mpex and its designees shall be under no obligation to
accept any shipment of Product that is not accompanied by such a certificate of analysis or verification. 
 8.5 Acceptance. 

(a) Products delivered by PARI hereunder shall be subject to inspection and applicable testing by Mpex. If on such inspection Mpex discovers
that any Product shipped hereunder fails to conform with the Specifications or otherwise fails to conform to the requirements of this Agreement, Mpex may provide written notice to PARI specifying in reasonable detail the manner in which such Product
fails to meet the foregoing requirements, and shall promptly send to PARI a representative sample of the nonconforming Product. Mpex or its designee shall retain the rejected Products pending PARI’s analysis thereof and the resolution of any
disagreement regarding the nonconformance of such Product. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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 (b) In case of a disagreement between the Parties with respect to the nonconformance of Products
rejected in accordance with this Section 8.5, the Parties shall submit the matter promptly to an independent Third Party laboratory reasonably acceptable to both Parties (the “Laboratory”) for testing and decision. The
determination of such Laboratory with respect to all or part of any shipment of Products shall be final and binding upon the Parties. The Party against which the determination is made shall pay for the costs and expenses of the Laboratory and
out-of-pocket costs for shipping and handling any rejected Product, and in the event the determination is made against Mpex, Mpex shall pay for both the Products that were the subject of such dispute and for any replacement Product provided by PARI
pursuant to Section 8.5(c) below, in each case, unless already paid. 
 (c) Notwithstanding Section 8.5(b) above, PARI shall
replace Products rejected in accordance with this Section 8.5 by Mpex or its designees within the shortest practicable time. It is understood that PARI shall, if possible, make such replacement pending the determination of the Laboratory of any
dispute under Section 8.5(b). Subject to the foregoing, if a shipment or part thereof is rejected in accordance with this Section 8.5 before the date on which payment is due therefor, Mpex may withhold payment for such shipment or the
rejected portion thereof; if a shipment or portion thereof is so rejected after payment, PARI shall replace such Product without additional cost to Mpex (but subject to Section 8.5(b) above). 

(d) Subject to this Section 8.5 above and Section 8.6, Products shall be deemed accepted if no notice to the contrary is received by
PARI within [***] days of receipt of such Products by Mpex. It is understood that the warranties given by PARI in Section 8.7 shall survive any failure to reject under this Section 8.5. 

8.6 Latent Defects. As soon as either Party becomes aware of any defect in Products delivered by PARI that are not discoverable upon a
reasonable inspection or incoming quality assurance testing as set forth in the Specifications, it shall immediately notify the other Party in writing, and the applicable provisions of Section 8.5 shall apply. To the extent such units of
Product have been provided to a clinical site, and PARI is determined to be the Party at fault with respect to such latent defect, PARI shall reimburse Mpex for reasonable, actual costs incurred in replacing units returned by the clinical site. Mpex
may recover amounts to which it may become entitled under this Section 8.6 by crediting such amounts, if agreed to by PARI, from other amounts due to PARI hereunder. Notwithstanding the foregoing, in the event that Mpex fails to reject a
Product within [***] days after it actually becomes aware of any latent defect therein (including, without limitation, by way of written notice from PARI), Mpex shall be deemed to have accepted such Product and Section 8.5 shall not
apply to such Product. 
 8.7 Product Warranties. PARI represents and warrants that (a) the Products supplied to Mpex hereunder
shall comply with the Specifications and shall conform to the information shown on the certificate of analysis or verification provided in accordance with Section 8.4; (b) such Products, the manufacturing of such Products, and the
facilities used in such manufacturing shall comply with all Applicable Laws and Standards, including GMP; and (c) such Products, shall upon shipment to Mpex, be free and clear of all security interests, liens and other encumbrances of any kind
or character. 
 8.8 No Changes. After the filing of an IND with respect to a Drug Product for use in a Licensed Configuration, PARI
shall not change any aspect of manufacture of such Drug Product, [***] or the Project Nebulizer in such Licensed Configuration, including the facilities, equipment, processes, vendors, sub-contractors or record keeping procedures, if such
change is inconsistent with the Specifications or would require the approval of a Regulatory Authority or any changes in regulatory filings; except upon the prior written consent of Mpex and further provided that any manufacturing change shall
comply with all Applicable Laws and Standards and will not adversely affect Product quality. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 30 

 8.9 Manufacturing Audits by Mpex. Upon [***] business days prior written notice
given by Mpex to PARI, Mpex and its designees shall have the right to have a reasonable number of employees or consultants visit, inspect and/or audit facilities at which Drug Products, Project Nebulizers or [***] are manufactured, including
those of PARI’s contractors, if any, in order to verify PARI’s compliance with all Applicable Laws and Standards, including GMP, and other requirements herein, provided, however that (i) such employees or consultants conduct such
visit, inspection or audit during regular business hours and in a manner that does not interfere with the normal activities being carried out at such facilities, (ii) such employees or consultants shall observe all rules and regulations
applicable to visitors and to individuals employed at such facilities, and (iii) such employees or consultants execute and deliver such confidentiality agreements as materially protective of PARI as Article II of this Agreement and reasonable
safety compliance agreements. It is understood that such employees or consultants of Mpex shall not have access during such visits, inspections or audits to any information of PARI’s other customers, nor those areas of PARI’s facilities
that are solely dedicated to use for PARI’s other customers. In the event Mpex or its designee identifies any non-compliance with Applicable Laws and Standards or other agreed requirements from such inspection or audit, PARI shall implement
solely at its own cost all reasonable corrective actions therefor directed by Mpex. 
 8.10 Regulatory Audits. PARI shall permit the
FDA and other Regulatory Authorities to conduct inspections of the facilities of PARI and its contractors as they may request, including preapproval inspections, and shall cooperate with such Regulatory Authorities with respect to such inspections
(and any related matters), in each case which are related to the Project, Products or Licensed Configurations. PARI shall give Mpex prior notice, to the extent practicable, of any such inspections relating to Project, Products or Licensed
Configurations, and keep Mpex informed about the results and conclusions of each such regulatory inspection relating to Project, Products or Licensed Configurations, including actions taken by PARI to remedy conditions cited in the inspections. PARI
shall permit Mpex or its designee to assist in the preparation for the inspections, as reasonably requested and to the extent pertaining to the Project, Products or Licensed Configurations. PARI will provide Mpex with copies of any written
inspection reports issued by the Regulatory Authority and all correspondence between PARI and the Regulatory Authority, including FDA Form 483 Notice of Observation, in each case pertaining to the Project, Products or Licensed Configurations, or
general manufacturing concerns (e.g., facility compliance). Similarly, PARI agrees to promptly notify and provide Mpex copies of any request, directive or other communication of the FDA or other Regulatory Authorities relating to the Project,
Products or Licensed Configurations, and to cooperate with Mpex in responding to such requests, directives and communications. 
 8.11
Conflicting Terms and Conditions. The supply of Products by PARI to Mpex for clinical trial purposes shall be solely in accordance with the terms and conditions of this Agreement. ANY TERMS OR CONDITIONS OF ANY PURCHASE ORDER OR
ACKNOWLEDGMENT GIVEN OR RECEIVED, WHICH ARE ADDITIONAL TO OR INCONSISTENT WITH THIS AGREEMENT SHALL HAVE NO EFFECT, AND SUCH TERMS AND CONDITIONS ARE HEREBY EXCLUDED AND REJECTED BY EACH PARTY. 

Article 9 - Payment Procedures 

9.1 Invoicing. PARI shall submit monthly invoices to Mpex for the Project Fees owed by Mpex for activities under the Work Plan
performed by PARI in the preceding month, other than GMP Manufacturing activities, which shall be invoiced in accordance with Section 8.2 above. Each invoice 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 31 

 
shall at a minimum contain the following information: (a) a description of the activities under the Work Plan conducted during such month; (b) an itemized hourly breakdown of the time
devoted on such activities; (c) upon Mpex’ s reasonable request, the invoice shall include identification of each individual who performed part of such activities, and an hourly breakdown of the time devoted by each such individual in
conducting such activities; (d) supporting documentation for any out-of-pocket costs to be reimbursed by Mpex; and (e) any other information reasonably requested by Mpex. Mpex shall pay the invoiced amounts that are due under this
Agreement within [***] calendar days of receipt of such invoice. 
 9.2 Royalties. Beginning with the first royalty payment
due to PARI under this Agreement and thereafter during the Royalty Term, Mpex shall provide PARI with quarterly written royalty reports applicable to such royalty payments, within [***] days after the last day of each calendar quarter. Each
report shall include a summary of the Net Sales of the Drug Product that are subject to royalties hereunder during the previous calendar quarter and a calculation of the royalties due thereon. Simultaneously with the delivery of each such report,
Mpex shall pay to PARI the total royalties, if any, due to PARI under Article 6 for the period of such report. Notwithstanding the foregoing, with respect to Net Sales by a Sublicensee, the royalty for such Net Sales shall be due for the calendar
quarter in which Mpex receives its royalty from the Sublicensee on such Net Sales. 
 9.3 [***] 

9.4 Method of Payment to PARI. All payments due to PARI under this Agreement shall be made in United States dollars; provided that the
amounts specified in Euros in Section 2.6 and in Sections 5.1 through 5.5 shall be paid in Euros, in each case by wire transfer to the bank account designated by PARI. If any currency conversion shall be required in connection with the payment
of royalties under Article 6, such conversion shall be made by using the averaged buying and selling exchange rate for such conversion, quoted for current transactions reported in The Wall Street Journal, on the last business day of the
calendar quarter immediately prior to such payment. 
 9.5 Late Payment. Any undisputed payments or portions thereof due hereunder
which are not paid when due shall bear interest equal to the prime rate as reported by the Chase Manhattan Bank, New York, New York, on the date such payment is due, plus an additional [***] percent ([***]%)], calculated on the number
of days such payment is delinquent. This Section 9.5 shall not limit other remedies available to the Party entitled to receive such payment. 

9.6 Mpex Books and Records. Mpex shall keep full, true and accurate books and records in accordance with GAAP, which account for the
Net Sales of the Drug Product for use in a Licensed Configuration and the royalties due thereon to PARI. PARI, at its own expense, shall have the right during normal business hours on thirty (30) calendar days’ prior written notice to Mpex
and not more than once in any calendar year to have a nationally recognized independent public accounting firm selected by PARI examine such books and records for the purpose of verifying the royalty payments due to PARI under this Agreement over
the preceding three (3) year period. Such accounting firm shall not work on a contingency fee basis, shall execute and deliver to Mpex a standard confidentiality agreement and shall not disclose to PARI any information relating to Mpex’s
business, except whether Mpex’s royalty reports are correct or incorrect, and if incorrect, the specific details concerning any discrepancies and the amounts of the royalty due to PARI under this Agreement. If such examination reveals a
discrepancy, Mpex shall pay to PARI any additional Royalty owed to PARI, along with audit fees if the discrepancy is greater than [***] ([***]%)] percent over the audited period or PARI shall refund to Mpex any excess royalty payments
made by Mpex, as appropriate. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 32 

 9.7 PARI Books and Records. PARI shall keep full, true and accurate books and records in
accordance with GAAP, which account for the activities under the Work Plan performed by PARI and the Project Fees due to PARI thereon, including the billable-hours expended on Technical Activities and Non-Technical Activities, out-of-pocket costs
incurred, or as are otherwise necessary to determine the amounts due to PARI hereunder. Mpex, at its own expense, shall have the right during normal business hours on [***] calendar days’ prior written notice to PARI and not more than
once in any calendar year to have a nationally recognized independent public accounting firm selected by Mpex and acceptable to PARI examine such books and records of PARI for the purpose of verifying the Project Fees invoiced to Mpex over the
preceding [***] year period. Such accounting firm shall not work on a contingency fee basis, shall execute and deliver to PARI a standard confidentiality agreement and shall not disclose to Mpex any information relating to PARI’s
business, except whether PARI’s invoices are correct or incorrect, and if incorrect, the specific details concerning any discrepancies and the amounts of the Project Fees due hereunder. If such examination reveals a discrepancy, Mpex shall pay
to PARI any additional amount owed to PARI, along with audit fees if the discrepancy is greater than [***] percent ([***]%)] over the audited period, or PARI shall refund to Mpex any excess payments made by Mpex, as appropriate. 

Article 10 - Prosecution, Marking, Enforcement and Defense 

10.1 Patent Prosecution 

(a) PARI Background Patents. During the term of this Agreement, PARI shall use Commercially Reasonable Efforts to prepare, file
and prosecute the PARI Background Patents at its own expense, including in the Major Countries, and shall maintain such PARI Background Patents in any countries in which they have been filed. PARI may select the legal counsel to represent it in
these matters. PARI shall promptly notify Mpex in writing of the filing or issuance of any patent applications or patents within the PARI Background Patents which include subject matter related to the Project or the Products. If PARI elects not to
prepare, file, prosecute or maintain any patent applications or patents within the PARI Background Patents which include subject matter related to the Project or the Products other than in the Major Countries, PARI shall give Mpex written notice
thereof within a reasonable period, not less than [***] calendar days, prior to allowing such patent applications or patents to lapse or become abandoned or unenforceable, and Mpex shall thereafter have the right, at Mpex’ sole expense and
discretion, to prepare, file, prosecute, and maintain such patent applications or patents in the name of PARI in such countries. 
 (b)
Project Patents. The Parties shall mutually agree upon a strategy for the preparation, filing, prosecution and maintenance of Project Patents, including with respect to the sharing of the costs thereof. In the event that the Parties cannot
agree on such a strategy, and only one of the Parties desires to prepare, file, prosecute or maintain a Project Patent, such Party may do so solely at its own expense. However, if in such event both Parties desire to prepare, file, prosecute or
maintain the Project Patent, then the Parties shall engage an independent patent counsel to do so, and shall share the cost thereof equally. Such independent patent counsel shall keep each Party fully informed as to the prosecution activities, and
shall follow the comments and directions provided by each Party to the extent they are consistent. In the event the Parties provide inconsistent comments or directions, such independent patent counsel shall be empowered by the Parties to select one
or the other Party’s approach, or a compromise approach that is in the best interest of obtaining broad patent protection for each Party’s business in a cost-effective manner, consistent with the provisions of this Agreement. 

(c) CREATE Act. The Parties intend for this Agreement to qualify for the benefits of the Cooperative Research and Technology
Enhancement (CREATE) Act (35 U.S.C. 103(c)). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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Accordingly, each Party agrees, without demanding any further consideration therefor, at the request of the other Party, to do (and cause its employees to do) all lawful and just acts that may be
or become necessary for evidencing, maintaining, recording and perfecting the benefits of the CREATE Act. 
 (d) Term Extensions.
Upon the reasonable request of Mpex, PARI shall execute and file an appropriate application to extend the term of any Patent Rights within PARI Intellectual Property which includes subject matter related to the Project or the Products. Each Party
agrees to execute such documents as reasonably requested by the other Party to extend the term of any Project Patents. 
 10.2 Patent
Marking. Each Party agrees to mark all Products in accordance with the applicable statutes or regulations in the country or countries of manufacture and sale thereof. For such purposes, each Party shall use Commercially Reasonable Efforts to
provide the other Party with written notice of all of its patent numbers applicable to the Products. 
 10.3 Enforcement. Subject to
the provisions of this Section 10.3, in the event that Mpex or PARI reasonably believes that (a) any Patent Rights within the PARI Intellectual Property, including any Project Patents, are being infringed or misappropriated in the Mpex
Field by a third party, or (b) any Project Patents are being infringed or misappropriated by a third party outside the Mpex Field but within an area of exclusivity granted to a Party under Section 3.2(a) or (b) above; or is subject to
a declaratory judgment action arising from such type of infringements (collectively (a), “Field Infringements,” and (b) “Project Patent Infringements”), such Party shall promptly notify the other Party.
Promptly after such notice the Parties shall meet to discuss the course of action to be taken with respect to enforcement of the Patent Rights, PARI Intellectual Property or Project Patents with respect to such infringement or misappropriation or
defense of a declaratory judgment action with respect thereto (collectively, “Enforcement Actions”), including the control thereof and sharing of costs and expenses related thereto, for the purposes of entering into a litigation agreement
setting forth the same (“Litigation Agreement”). 
 (a) Initial Right re Field Infringement. If the Parties do not
enter such Litigation Agreement relating to a Field Infringement: (i) Mpex shall have the initial right (but not the obligation) to bring and/or control any Enforcement Action directed to an asserted Field Infringement by a Drug Product,
including directed to a combination thereof with a nebulizer or other inhalation device; and (ii) subject to clause (i), PARI shall have the initial right (but not the obligation) to bring and/or control any Enforcement Action with respect to
an asserted Field Infringement by specific design elements of the hardware apparatus or the software of the nebulizer or inhalation device. 

(b) Initial Right re Project Patent Infringement. If the Parties do not enter such Litigation Agreement relating to a Project Patent
Infringement, each Party shall have the initial right (but not the obligation) to bring and/or control any Enforcement Action directed to an asserted Project Patent Infringement within the area of exclusivity granted to such Party under
Section 3.2(a) or (b) above. 
 (c) Backup Right to Enforce. In the event the Party with the first right to so initiate an
Enforcement Action (the “Priority Party”) does not initiate such Enforcement Action within [***] days after a request by the other Party (the “Requesting Party”) to initiate an Enforcement Action against an alleged Field
Infringement or Project Patent Infringement, or notifies the Requesting Party at any time that it does not desire to enforce or defend such Patent Rights with respect to such alleged infringement, then the Requesting Party shall have the right (but
not the obligation) to enforce or defend against such alleged infringement, provided that any settlement of such infringement shall be subject to the approval of both Parties if such settlement by PARI would not terminate all further use by the
alleged infringer of such Patent Rights in the Mpex Field or if such settlement by the Requesting Party would not terminate all further use by the alleged infringer of such Patent Rights in an area of exclusivity granted to the Priority Party under
Section 3.2(a) or (b) above. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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 (d) Cooperation. Absent a Litigation Agreement, the Party controlling the enforcement
shall keep the other Party reasonably informed of the progress of any Enforcement Action, and the other Party shall have the right to participate with counsel of its own choice at its own expense, and shall reasonably cooperate with the Party
initiating the Enforcement Action (including joining as a party plaintiff to the extent necessary and requested by the other Party) at the expense of the Party requesting such cooperation. 

(e) Allocation of Recoveries. Unless otherwise agreed, all amounts recovered in an Enforcement Action for a Field Infringement or
Project Patent Infringement, after reimbursing each Party for its costs and expenses incurred in such Enforcement Action, shall be shared between the Parties by the proportion and up to the extent of any damages established in such Enforcement
Action, including but not limited to lost profits or royalties. The balance, if any, shall be retained by the Party that initiated the Enforcement Action. 

10.4 Defense of Third Party Infringement Claims. If the development, manufacture, sale or use of the Drug Product or a Licensed
Configuration results in a claim alleging patent infringement against either Party (or its respective Affiliates or Sublicensees), such Party shall promptly notify the other Party hereto in writing. Subject to Sections 13.1 and 13.2, Mpex shall have
the initial right to defend and control the defense of any infringement claim pertaining to primarily the Drug Product or the [***] (but not PARI Nebulizers), and PARI shall have the initial right to defend and control the defense of any
infringement claim pertaining to primarily the Project Nebulizer, eFlow Devices and/or the [***], each Party using counsel of its own choice as applicable; provided, however, that the other Party shall be kept informed of all material
developments in connection with any such claim. Any liabilities and costs incurred in connection with the defense and/or settlement of such claim, to the extent not covered under Section 13.1 or 13.2, may be treated by Mpex [***]. 

Article 11 - Confidentiality 

11.1 Confidential Information. During the term of this Agreement, PARI and Mpex may each provide their Confidential Information to one
another. Each Party shall maintain the other Party’s Confidential Information in strict confidence, and shall not use or disclose such Confidential Information except as expressly permitted in this Agreement, or as reasonably necessary for the
exercise of rights or performance of obligations under this Agreement, or as required by applicable law or court order. If disclosure is required by law, the receiving Party shall provide prompt notice thereof to the disclosing Party, and if
possible permit the disclosing Party to seek a protective order or take other reasonable measures in light of the circumstances. Each of Mpex and PARI shall ensure that its employees, agents, investigators, subcontractors and consultants who have
access to Confidential Information of the other Party hereunder shall comply with all of the obligations of this Article 11 with respect to such Confidential Information. 

11.2 Publicity. 
 (a)
Press Releases. Neither Party shall use the other Party’s name in any press release, publicity, advertising nor other official form of public disclosure without such other Party’s prior written consent, which consent shall not be
unreasonably withheld, delayed or conditioned. Notwithstanding the foregoing, Mpex shall have the right to issue press releases or make other public disclosures announcing milestones or other significant progress pertaining to its development and/or

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 35 

 
commercialization of Drug Products and/or Licensed Configurations, provided that if issued without the prior written consent of PARI, such press releases shall not disclose any Confidential
Information of PARI hereunder and shall give appropriate attribution to PARI’s role(s) in the Project contemplated herein. Mpex shall provide PARI an opportunity to review and comment on the language of such attribution prior to first use
thereof in a press release or other written public disclosure. In addition, once any subject matter has been publicly disclosed pursuant to this Section 11.2, including the attribution language, no further consent from either Party will be
needed for further disclosures of such subject matter. 
 (b) Terms of this Agreement. Neither Party shall disclose the terms
of this Agreement to any third party, without the prior written consent of the other Party. Notwithstanding the foregoing, each Party shall have the right to disclose the material terms of this Agreement in confidence to any bona fide potential or
actual investor, investment banker, auditor, counsel, acquirer, merger target, licensee, sublicensee or others on a need-to-know basis, and where reasonably practicable, shall obtain a written confidentiality agreement consistent with the terms of
this Agreement. 
 (c) Publications. Mpex shall consult with PARI prior to submission of any manuscript for publication
or making any public presentation, including speeches and conference posters, pertaining to the activities conducted under the Work Plan or the Project Results. Such consultation shall include providing a copy of the proposed manuscript or
presentation reasonably in advance of the proposed date of submission of such manuscript to a publisher or the proposed date of presentation, giving due consideration to PARI’s comments as to such publication or presentation, and as requested
by PARI removing any Confidential Information of PARI therefrom. PARI shall not publish or make any presentations regarding the activities conducted under the Work Plan or the Project Results except with the prior written consent of Mpex.

 (d) Required Disclosures. Notwithstanding this Section 11.2 above, either Party may make such disclosures relating
to this Agreement, the terms and conditions hereof or the activities hereunder, as such Party deems to be required by law or in any filings with governmental entities or national securities exchanges, provided that such Party shall use good faith
efforts to apply for confidential treatment of this Agreement to the extent permitted. 
 Article 12 - Representations and
Warranties 
 12.1 PARI Representations and Warranties. PARI represents, warrants and covenants that, other than as set forth on
Exhibit 12.1 attached hereto: 
 (a) PARI is a corporation duly organized, existing and in good standing under the laws of Germany, with
full right, power and authority to enter into and perform this Agreement; 
 (b) the execution, delivery and performance of this Agreement
does not conflict with, violate or breach any agreement to which PARI is a party, any court order to which PARI is a party or subject to or PARI’s certificate of incorporation or bylaws; 

(c) this Agreement has been duly executed and delivered by PARI and is a legal, valid and binding obligation enforceable against PARI in
accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, arrangement, moratorium and other laws relating to or affecting creditors’ rights generally and equitable principles; 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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 (d) as of the Effective Date: (i) except for those in-licensed technologies identified in
Exhibit 12.1 hereto, PARI owns all of the PARI Intellectual Property, and the PARI Intellectual Property includes all Patent Rights and Know-How in which PARI has a right or license that may be applicable to the Products in the Mpex Field;
(ii) PARI has the right to grant the licenses and rights set forth in this Agreement; (iii) no patents within the PARI Intellectual Property have been involved in any reissue, reexamination, interference, opposition or equivalent or
similar proceeding or in any litigation; (iv) to the best of PARI’s knowledge, patents within the PARI Intellectual Property are valid and enforceable, and are not known to be infringed by any third party in the Territory; and
(v) PARI is unaware of any information that would adversely affect the validity or enforceability of any of the Patent Rights within the PARI Intellectual Property. 

(e) With respect to the Third Party License Agreement and any other item of PARI Intellectual Property in-licensed by PARI from a third party,
PARI shall maintain such in-licenses in full force and effect during the full terms thereof and shall not terminate nor materially breach such in-licenses. PARI shall notify Mpex in the event of any dispute between PARI and any such in-licensor that
may result in Mpex’s inability to exercise its rights hereunder. 
 (f) to PARI’s knowledge as of the Effective Date, the
development, manufacture, use, importation, exportation and sale of a Project Nebulizer for use in the Mpex Field does not infringe any patent or other intellectual property rights of any third party; 

(g) as of the Effective Date, PARI has not knowingly withheld from Mpex any material information in PARI’s possession relating to the
functionality, manufacture, safety or efficacy of the eFlow® Devices or the use thereof in the Mpex Field, and to the best knowledge of PARI, the information relating to the functionality, manufacture, safety or efficacy of the eFlow®
Devices and the use thereof in the Mpex Field provided to Mpex does not contain any misstatement of a material fact nor omit to state any material fact required to make such information not misleading; 

(h) PARI shall perform its activities under the Work Plan in a competent and professional manner, in accordance with the Work Plan, Applicable
Laws and Standards and any reasonable instructions provided by PARI to Mpex. PARI shall ensure that its personnel assigned to the Project have sufficient expertise and experience for such activities; and 

(i) PARI represents and warrants to Mpex that neither PARI nor any of its employees have been “debarred” by the FDA under the
Generic Drug Enforcement Act or similar law, or subject to a similar sanction from another Regulatory Agency, nor have debarment proceedings against PARI or any of its employees been commenced. PARI will promptly notify Mpex in writing if any such
proceedings have commenced or if PARI or any of its employees are debarred by the FDA or other Regulatory Agencies. 
 12.2 Mpex
Representations and Warranties. Mpex represents, warrants and covenants that: 
 (a) Mpex is a corporation duly organized, existing and
in good standing under the laws of the State of Delaware, with full right, power and authority to enter into and perform this Agreement; 

(b) the execution, delivery and performance of this Agreement does not conflict with, violate or breach any agreement to which Mpex is a
party, any court order to which Mpex is a party or subject to, or Mpex’s certificate of incorporation or bylaws; 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 37 

 (c) this Agreement has been duly executed and delivered by Mpex and is a binding obligation
enforceable against Mpex in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, arrangement, moratorium and other laws relating to or affecting creditors’ rights generally and equitable principles; 

(d) to Mpex’s knowledge as of the Effective Date, the pulmonary administration of Drug Product through a nebulizer does not infringe any
patent or other intellectual property rights of any third party. 
 12.3 Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS
ARTICLE 12 OR IN SECTION 8.7 ABOVE, NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES TO THE OTHER PARTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, REGARDING PATENT RIGHTS, KNOW-HOW OR DATA INCLUDING, BUT NOT LIMITED TO, NO WARRANTIES
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, NOR VALIDITY. 
 12.4 Limitation of Liability. EXCEPT TO THE
EXTENT SUCH PARTY MAY BE REQUIRED TO INDEMNIFY THE OTHER PARTY UNDER ARTICLE 13 WITH RESPECT TO SUCH DAMAGES CLAIMED BY A THIRD PARTY, NEITHER PARTY SHALL BE LIABLE BY REASON OF A BREACH HEREOF FOR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE
DAMAGES, WHETHER IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY OR OTHERWISE, INCLUDING DAMAGES FOR LOST PROFITS. 
 Article 13 -
Indemnification; Insurance 
 13.1 Indemnification of Mpex. PARI shall at all times during and after the term of this Agreement
be responsible for, and shall defend, indemnify and hold Mpex, its Affiliates, Sublicensees, directors, officers, employees, agents and representatives harmless from and against any and all losses, claims, lawsuits, proceedings, expenses, recoveries
and damages, including reasonable legal expenses, costs and attorneys’ fees, arising out of: (i) any product liability or lawsuit by a third party directly arising from the design, manufacture or function of the Project Nebulizer;
(ii) any claim of infringement of any patent rights, trade secrets rights or other intellectual property rights of a third party arising from the Project Nebulizer (including any associated eKeyTM Component); (iii) any claim of
infringement of any patent rights, trade secrets rights or other intellectual property rights of a third party arising from the combination of the Project Nebulizer and Drug Product wherein such infringement arises proximately from the design,
manufacture or function of the Project Nebulizer or from announcements or statements made by PARI regarding patent rights in the Project Nebulizer; (iv) any material breach of any representation or warranty given in this Agreement by PARI;
(v) any negligent conduct or willful misconduct by PARI in performing the Project under this Agreement, or any negligent conduct or willful misconduct otherwise in performance under this Agreement; or (vi) failure of the Products supplied
by PARI under this Agreement to conform with Specifications or Applicable Laws and Standards; provided however, that (a) Mpex gives PARI prompt notice of any such claim or lawsuit; (b) PARI has the right to compromise, settle or defend
such claim or lawsuit; and (c) Mpex, at the expense of PARI, cooperates with PARI in the defense of such claim or lawsuit. Mpex, at its expense, may participate in the defense of any such claim or lawsuit. 

13.2 Indemnification of PARI. Mpex shall at all times during and after the term of this Agreement be responsible for, and shall defend,
indemnify and hold PARI, its Affiliates, sublicensees, directors, officers, employees, agents and representatives harmless from and against any and all losses, claims, lawsuits, proceedings, expenses, recoveries and damages, including reasonable
legal expenses, 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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costs and attorneys’ fees, arising out of: (i) any product liability claim or lawsuit by a third party directly arising from the Drug Products made, used, sold or distributed by Mpex,
its Affiliates or Sublicensees; (ii) any claim of infringement of any patent rights, trade secrets rights or other intellectual property rights of a third party arising from the active ingredients of the Drug Product or the Mpex Background
Formulation; (iii) any claim of infringement of any patent rights, trade secrets or other intellectual property rights of a third party arising from the combination of the Project Nebulizer and Drug Product wherein such infringement arises
proximately from the active ingredients of the Drug Product or the Mpex Background Formulation; (iv) any material breach of any representation or warranty given in this Agreement by Mpex; and (v) any negligent conduct or willful misconduct
by Mpex in performance under this Agreement; provided however, that: (a) PARI gives Mpex prompt notice of any such claim or lawsuit; (b) Mpex has the right to compromise, settle or defend such claim or lawsuit; and (c) PARI, at the
expense of Mpex, cooperates with Mpex in the defense of such claim or lawsuit. PARI, at its expense, may participate in the defense of any such claim or lawsuit. 

13.3 Insurance. Each Party or its Affiliates, shall maintain appropriate product liability insurance with respect to any clinical
trials, manufacturing, development, sales, marketing, distribution and promotion activities performed by it hereunder, in each case in the amount of [***] per occurrence and in total. Each Party shall maintain such insurance until the Project
Nebulizer and Drug Product are no longer sold (or, in the case of clinical trial insurance, for a reasonable period of time following completion of clinical trials). After the Project Nebulizer and Drug Product are no longer sold, each Party shall
obtain tail end product liability coverage for a [***]-year term in such amounts and subject to such deductibles as the Parties may mutually agree based upon standards prevailing in the industry at the time. Each Party shall name the other
Party as an additional insured on any policy required by this Section 13.3, and shall deliver certificates of insurance to the other Party to document compliance with this Section 13.3. The Parties may, in their sole discretion, obtain
insurance in countries other than the United States. Prior to commercialization of the Drug Product, the Parties shall negotiate in good faith the appropriate amount of insurance for such commercialization. 

Article 14 - Dispute Resolution 

14.1 Negotiation. PARI and Mpex shall endeavor to resolve any claim or controversy arising out of the threatened breach, breach,
enforcement, interpretation, termination or validity of this Agreement informally by good faith negotiation between the senior executives, officers or management of PARI and Mpex. Either Party may give the other Party written notice of any claim or
controversy not resolved in the normal course of business (the “Disputing Party Notice”). Within [***] calendar days after the delivery of the Disputing Party Notice, the receiving Party shall submit to the other Party
a written response (the “Response”). The Disputing Party Notice and Response shall include a statement of each Party’s position and a summary of the arguments supporting that position. Within [***] days after the
Disputing Party Notice, such designated senior executives, officers or management of PARI and Mpex shall meet at a mutually acceptable time and place and thereafter as often as they reasonably deem necessary to attempt to resolve the claim or
controversy. All negotiations pursuant to this Section 14.1 are confidential and without prejudice and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence. 

14.2 Arbitration. If the claim or controversy has not been resolved by negotiation pursuant to Section 14.1 of this Agreement
within [***] days of the Disputing Party Notice, or if the Parties fail to meet within the time periods specified in Section 14.1 of this Agreement, then such claim or controversy, other than those subject to Section 14.4 below,
shall be settled by binding arbitration in the manner described in this Section 14.2. The arbitration shall be conducted by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules then in effect.
Notwithstanding those rules, the following provisions shall apply to the arbitration hereunder: 
 (a) Arbitrators. The arbitration
shall be conducted by a single arbitrator; provided that at the request of either Party, the arbitration shall be conducted by a panel of three (3) arbitrators, with one (1) arbitrator chosen by each of Mpex and PARI and the third
appointed by the other two (2) arbitrators. If the Parties are unable to agree upon a single arbitrator, or the other two arbitrators are unable to agree upon the third arbitrator in case of a panel of three (3), such single or third arbitrator
(as the case may be) shall be appointed in accordance with the rules of AAA. In any event, the arbitrator or arbitrators selected in accordance with this Section 14.2(a) are referred to herein as the “Panel” and shall be
comprised of arbitrators who are familiar with worldwide research and business development in the life sciences industry, unless otherwise agreed. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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 (b) Proceedings. Except as otherwise provided herein, the Parties and the arbitrators
shall use their best efforts to complete the arbitration within one (1) year after the appointment of the Panel under Section 14.2(a) above, unless a Party can demonstrate to the Panel that the complexity of the issues or other reasons
warrant the extension of one or more of the time tables. In such case, the Panel may extend such time table as reasonably required. The Panel shall, in rendering its decision, apply the substantive law of the State of New York, without regard to its
conflicts of laws provisions, except that the interpretation and enforcement of this Article 14 shall be governed by the U.S. Federal Arbitration Act. The arbitration proceeding shall take place in Washington, D.C., United States of America. The
arbitral proceedings and all pleadings, responses and evidence shall be in the English language. If so requested by the arbitrator(s), any evidence originally in a language other than English shall be submitted with an English translation
accompanied by an original or true copy thereof. The decision and/or award rendered by the arbitrator(s) shall be written, final and non-appealable, and judgment on such decision and/or award may be entered in any court of competent jurisdiction. If
the Panel determines that it is reasonable to do so, the fees of the Panel shall be paid by the losing Party, which Party shall be designated by the Panel. Otherwise, the fees of the Panel shall be split equally between the Parties. Each Party shall
bear the costs of its own attorneys’ and experts’ fees; provided that the Panel may in its discretion award the prevailing Party all or part of the costs and expenses incurred by the prevailing Party in connection with the arbitration
proceeding. 
 (c) Serving of Notice for Arbitration. Each Party shall be deemed to have consented that any papers, notices or
process may be served on either party by Federal Express or other reliable overnight courier, or hand delivered or mailed by registered or certified mail, postage prepaid and return receipt requested, addressed to the Party or its representative at
the addresses set forth in Section 16.2 or by personal service where the arbitration is to be held, where such papers, notices or process is necessary or proper for: (i) the initiation or continuation of an arbitration; (ii) any court
action in connection therewith; or (iii) the entry of judgment on any award made by the arbitrator(s). 
 (d) Injunctive Relief.
Notwithstanding anything in this Section 14.2 to the contrary, Mpex and PARI shall each have the right to apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction or other similar interim or
conservatory relief, as necessary, pending resolution under the above described arbitration procedures. Nothing in the preceding sentence shall be interpreted as limiting the powers of the arbitrators with respect to any dispute subject to
arbitration under this Agreement. The Panel may award injunctive relief. 
 14.3 Certain Disputes over Non-compliance. In the event a
Party disputes in good faith a notice by the other Party (a) that it is in material breach of this Agreement, under Section 15.2 during the [***] days set forth therein, or (b) that it is in default on the Project Fees, under
Section 3.4 during the 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 40 

 
[***] days set forth therein, or (c) that it has failed to use Commercially Reasonable Efforts, under Section 4.2(d) during the [***] days set forth therein, then such
notice by the other Party shall be deemed not effective until it has been finally determined in accordance with this Article 14 that such Party has failed to comply with this Agreement as described in such sections, and the applicable cure period
shall not commence until such determination. In addition, in the event a dispute under Section 3.4 is resolved pursuant to this Section 14.3, either Party shall be entitled to have the arbitrator resolve, as part of its decision, the scope
of the Project Results to which the disputed Project Fees pertain and the Defaulted Claims (if the parties are then-currently in a dispute regarding the scope of Defaulted Claims), and whether the default is material as described in the last
sentence of Section 3.4. In the event the Parties are disputing an adjustment to the time periods set forth in Exhibit 4.2(d) or 7.1 pursuant to Section 14.4(ii) below, Mpex shall not be deemed to have failed to meet the respective
milestone(s) until such adjustment has been resolved pursuant to Section 14.4 below. 
 14.4 Short Form Arbitration. With
respect to (i) the establishment of the applicable Net Sales allocation under Section 6.4(b), (ii) any adjustments to the time periods set forth in Exhibit 4.2(d) pursuant to the paragraphs B and C of such Exhibit or the time periods
set forth in Exhibit 7.1 pursuant to paragraphs B through D of such Exhibit, (iii) the establishment of the appropriate milestone reduction under Section 7.3(b), (iv) an appropriate adjustment to the [***] under
Section 6.5(b), (v) the establishment of the terms and conditions of the Commercial Supply Agreement, upon request of either Party in the case of (i) through (iv), and upon the request of Mpex in the case of (v), such allocation,
adjustment, reduction, or terms and conditions shall be determined by binding arbitration conducted pursuant to this Section 14.4 by one (1) arbitrator. In such arbitration, for cases (i) through (iv), the arbitrator shall be an
independent expert (including in the area of the dispute) with at least five (5) years of experience in the pharmaceutical or biotechnology industry mutually acceptable to the Parties, and for case (v), the arbitrator shall also be an attorney
with at least fifteen (15) years experience. If the Parties are unable to agree on an arbitrator, the arbitrator shall be an independent expert as described in the preceding sentence selected by AAA under its rules of arbitration. In an
arbitration conducted under this Section 14.4, each Party shall prepare a written report setting forth its position with respect to the substance of the dispute and THE ARBITRATOR SHALL SELECT ONE OF THE PARTY’S POSITIONS AS HIS DECISION,
BASED ON THE CRITERIA, IF ANY, SET FORTH IN THE RELEVANT SECTIONS OF THIS AGREEMENT, AND SHALL NOT HAVE AUTHORITY TO RENDER ANY SUBSTANTIVE DECISION OTHER THAN TO SO SELECT THE POSITION OF EITHER PARI OR MPEX. In the case of (v), unless the Parties
otherwise agree to have discrete sections of the Commercial Supply Agreement be separately established by the arbitrator under this Section 14.4, each Party’s report to the arbitrator shall set forth its position as to the entirety of the
Commercial Supply Agreement, and the arbitrator shall select one or the other Party’s position as the entire Commercial Supply Agreement. The arbitrator shall establish reasonable additional procedures to facilitate such arbitration, including
preliminary meetings between the Parties to discuss potential terms. Except as provided in this Section 14.4, such arbitration shall be conducted in all respects under the rules of arbitration of AAA. Each Party shall bear its own costs of
arbitration under this Section 14.4 and its own expenses in connection with such arbitration. The Parties shall use Commercially Reasonable Efforts to cause the completion of any such arbitration within [***] days following the initiation of
such arbitration. 
 Article 15 - Term and Termination 

15.1 Term. The term of this Agreement is effective as of the Effective Date as first written above, and except as otherwise provided in
this Article 15, shall terminate on a country-by-country and Drug Product-by-Drug Product basis, upon the expiration of the Royalty Term. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 41 

 15.2 Termination for Breach. Each Party shall have the right to terminate this Agreement
upon written notice, in the event the other Party is in material breach of this Agreement, and does not cure such breach within [***] days after written notice thereof, specifying in reasonable detail the breach. 

15.3 Termination by Mpex. 

(a) Feasibility Phase. Prior to the end of the Feasibility Phase, Mpex shall have the right to terminate this Agreement for its
convenience, in whole or with respect to any Work Plan or activities under a Work Plan, upon [***] days written notice. 
 (b)
Development Phase for Cause. After the end of the Feasibility Phase and until first Marketing Approval for a Drug Product for use in a Licensed Configuration in the first Major Country, Mpex shall have the right to terminate this Agreement in
whole, upon written notice in the event that: 
 (i) Mpex receives a toxicity profile for the Drug Product which would
require Mpex to terminate further pre-clinical or clinical studies in order to avoid: (w) violating a reasonable standard of patient care; (x) endangering or potentially endangering patients; (y) a diminished commercial potential for
such Drug Product which renders such Drug Product not commercially viable; or (z) a restrictive regulatory labeling for such Drug Product; 

(ii) Mpex receives an efficacy profile for the Drug Product from any preclinical or clinical study which, in accordance with
Mpex’ reasonable business judgment, removes the commercial merit from any further testing or development of such Drug Product; 

(iii) the Project reveals significant technical difficulties relating to the Drug Product, its formulation or the adaptation of
the Drug Product for pulmonary delivery, of which are not contemplated or expected by Mpex as of the Effective Date; 
 (iv)
the development of the Drug Product, Project Nebulizer or Licensed Configuration (excluding the [***]) has significant delays beyond that which is contemplated or expected in the Work Plans, not including those delays caused by Mpex, its
Affiliates, Sublicensees or any partner/third party with whom Mpex works in the development of any [***] hereunder; 

(v) the Project Nebulizer or the Licensed Configuration is unable to substantially meet the Specifications (including the
initial specifications set forth in Exhibit 1.45) or the Performance Specification A or B set forth in Exhibit 6.1, or is otherwise incompatible with the formulation of the Drug Product being investigated or developed in the Project; 

(vi) Mpex receives a negative review or negative comments from the FDA, EMEA or another Regulatory Authority which indicates
that Mpex will not likely be able to obtain regulatory approval of an MAA for the Drug Product for use in a Licensed Configuration; or 

(vii) the cost to develop the Drug Product, Project Nebulizer or Licensed Configuration exceeds what the JSC deems to be
commercially reasonable for the 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 42 

 
development of a product for the Mpex Field (it being understood that “commercially reasonable” as set forth in this clause (vii) would be determined in light of projected
profitability and feasibility of the program contemplated by this Agreement, by itself, and not through comparisons with other potential programs being considered by Mpex). 

(c) Termination for Convenience. In addition to the termination rights set forth above, in the event that at any time after
[***], Mpex has determined to abandon the development and/or commercialization of Licensed Configurations in the Mpex Field for any reason, Mpex may terminate this Agreement as a whole, upon [***] days written notice specifically
referencing this Section 15.3(c). 
 15.4 Effects of Expiration or Termination. 

(a) Accrued Obligations. Expiration or any termination of this Agreement shall not release either Party hereto from any
liability which at the time of such expiration or termination has already accrued to such Party, nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in equity. 

(b) Upfront Project Fee. In the event of termination of this Agreement, any remaining un-used portion of the upfront Project Fee shall
be refunded to Mpex within [***] business days thereafter. 
 (c) Expiration. Upon the expiration (but not earlier
termination) of this Agreement, on a country-by-country and Drug Product-by-Drug Product basis, the license in Section 4.1 with respect to such country and Drug Product shall be non-exclusive, fully paid-up, irrevocable and royalty free.

 (d) Stock on Hand. In the event this Agreement is terminated (but excluding termination by PARI under Section 15.2
due to Mpex’ s material breach), Mpex shall have the right to sell or otherwise dispose of all Products in the process of manufacture, testing, in use or in stock, provided that Mpex shall remain obligated to make payment of royalties to PARI
for such Products in accordance with Article 6 hereof. 
 (e) Sublicenses. Upon the termination of this Agreement for
any reason, other than termination by Mpex under Section 15.3, any sublicenses granted by Mpex hereunder shall survive, provided that upon request by PARI, each Sublicensee promptly agrees in writing to be bound by the applicable terms of this
Agreement, and agrees to pay directly to PARI the same amounts that would have been due to PARI from Mpex under this Agreement with respect to such sublicense, had the Agreement not terminated. 

(f) Return of Rights. Except as reasonably necessary for surviving rights or obligations under this Article 15, in the event of
any termination (but not expiration) of this Agreement other than due to PARI’s material breach hereof, (i) all of Mpex’s license rights under Article 4 shall terminate, and (ii) Mpex shall promptly destroy or return all
Confidential Information of PARI then in Mpex’s possession. Upon any termination or expiration of this Agreement, PARI shall promptly destroy or return all Confidential Information of the Mpex’s then in PARI’s possession.
Notwithstanding the foregoing, each Party may retain one (1) copy of the Confidential Information of the other Party in its archival files, subject to the non-use and non-disclosure provisions herein, solely for purposes of determining the
scope of its rights and obligations hereunder. 
 (g) Royalties on Project Intellectual Property. In the event of termination
of this Agreement by Mpex under Section 15.3 or termination of this Agreement by PARI under Section 15.2 for 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 43 

 
Mpex’ s material breach, Mpex shall pay PARI the royalties set forth in Section 6.2.2 (and subject to all applicable adjustments set forth in Article 6, and paid in accordance with
Section 9.2) on Net Sales of Drug Products delivered via pulmonary administration, which Drug Products (i) are either Covered by one or more Valid Claims of any Project Patents or (ii) incorporates or is made using substantial
Know-how within the Project Intellectual Property, until the later of (x) the [***] or (y) [***] years [***]. 

(h) Survival. Articles and Sections 1, 3, 4.1.4, 4.2 (first sentence), 4.3 (first sentence), 6 (only to the extent necessary to apply
Section 15.4(g)), 7.4(b), 7.4(c) (7.4(b) and (c) to the extent necessary to comply with each Party’s surviving legal obligations), 8.5, 8.6, 8.7 (with respect to Products delivered prior to such expiration or termination), 8.10
(to the extent necessary to comply with each Party’s surviving legal obligations), 9.2, 9.4, 9.6 (9.2, 9.4 and 9.6 only to the extent Mpex has remaining royalty obligations to PARI), 10.1 (b), 10.3 (Field Infringements only to the extent prior
to such termination or expiration), shall survive any expiration or termination of this Agreement, 10.4, 11.1, 11.2(a) (for so long as there are any outstanding Sublicensees under Section 15.4(e) or for so long as [***], or if neither of
the foregoing are applicable, for [***] after such expiration or termination), 11.2(b), 11.2(c) (for [***] years thereafter), 11.2(d), 12.1, 12.2 (12.1 and 12.2 only with respect to time periods prior to such termination or
expiration), 12.3, 12.4, 13.1, 13.2 (13.1 and 13.2 only with respect to Products sold, and/or events giving rise to liability, prior to such termination or expiration), 14, 15 and 16. Except as set forth in this Section 15.4, all other Articles
and Sections of this Agreement shall terminate upon any expiration or termination hereof. 
 15.5 Rights in Bankruptcy - United
States. All licenses granted under this Agreement by each Party are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of a right to “intellectual property” as
defined under Section 101 of the United States Bankruptcy Code. Each Party, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the United States Bankruptcy Code in the
event of the commencement of a bankruptcy proceeding by or against the licensor Party under the United States Bankruptcy Code including, but not limited to, the right to treat this Agreement or any agreement supplementary to this Agreement as
terminated or to retain its rights under this Agreement or any Agreement supplementary to this Agreement. In the event that the licensee Party elects to retain its rights under this Agreement or any agreement supplementary to this Agreement, the
licensor Party shall provide to the licensee Party, within fourteen (14) calendar days of written notice by the licensee Party to the licensor Party in accordance with Section 16.2 of this Agreement, all intellectual property and all
embodiments of such intellectual property within the possession or control of the licensor Party. 
 Article 16 - Miscellaneous 

16.1 Entire Agreement. This Agreement, which includes the Exhibits attached hereto, contains the entire agreement between PARI and Mpex
with respect to the transactions contemplated by this Agreement and supersedes all prior arrangements or understandings with respect thereto. 

16.2 Notices. All notices or other communications that are required or permitted under this Agreement shall be in writing and shall be
sent by Federal Express or other reliable overnight courier, or hand delivered or mailed by registered or certified mail, postage prepaid and return receipt requested, to the appropriate party addressed as follows: 

 

			
	If to Mpex:	  	 Mpex Pharmaceuticals, Inc
 3030 Bunker Hill St.
Suite 200,
 San Diego, California 92109,
 United States of
America

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 44 

			
		  	 Attn: William Gerhart, CEO
 Fax: (###)
###-####
 Tel: (###) ###-####

		
	with a copy to:	  	 Wilson Sonsini Goodrich & Rosati
 650
Page Mill Road
 Palo Alto, California 94304-1050
 United States
of America
 Attn: Kenneth A. Clark, Esq.
 Fax: (###)
###-####
 Tel: (###) ###-####

		
	If to PARI:	  	 PARI GmbH
 Moosstrasse 3, D-82319

Stamberg, Germany
 Attn: Dr. Martin Knoch

Title: Managing Director
 Fax: 011 +49 (##) ### ###-##

Tel: 011 +49 (##) ### ###-##

		
	with a copy to:	  	 McGuire Woods LLP
 One James Center

901 East Cary Street
 Richmond, Virginia 23219-4030

Attn: Patrick A. De Ridder, Esq.
 Fax: (###) ###-####

Tel: (###) ###-####

 Any Party may by such notice change the address to which notice or other communications to it are to be
delivered or mailed. 
 16.3 Choice of Law. The rights and obligations of Mpex and PARI under this Agreement shall not be governed by
the provisions of the 1980 U.N. Convention on Contracts for the International Sale of Goods or the United Nations Convention on the Limitation Period in the International Sale of Goods, as amended; rather, such rights and obligations shall be
governed by and construed in accordance with the Uniform Commercial Code and other applicable laws of the State of New York, United States, excluding its conflict-of-law rules. This provision shall not preclude application of the United States
Arbitration Act. 
 16.4 Assignment. This Agreement shall not be assignable by either Party without the prior written consent of the
other Party, and any purported assignment by either Party without the prior written consent of the other Party shall be void, except that either Party may assign its rights under this Agreement to any other corporation or other entity that succeeds
to all or substantially all of that portion of its business to which this Agreement relates, pursuant to a merger, reorganization, consolidation, sale or disposition of substantially all of its assets related to that portion of its business or
otherwise; provided that the assignee agrees to be bound by the assignor’s obligations hereunder. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective successors and permitted assigns. Any
assignment in contravention of the foregoing shall be null and void. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 45 

 16.5 Waivers and Amendments. Any waiver of any term or condition of this Agreement, or any
amendment or supplementation of this Agreement, shall be effective only if in writing signed by the Parties. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a
Party’s rights hereunder at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 16.6
Severability. In the event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and the remaining provisions of this Agreement shall not, at the election of the Party for whose benefit the provision exists, be in any way impaired. In the event a Party seeks to avoid a provision of this Agreement by asserting that
such provision is invalid, illegal or otherwise unenforceable, the other Party shall have the right to terminate this Agreement upon [***] days’ prior written notice to the asserting Party, unless such assertion is eliminated and the
effect of such assertion is cured within such [***] day period. Any termination in accordance with the foregoing sentence shall be deemed an election by PARI to terminate pursuant to Section 15.3, if Mpex exercises its right to terminate
under this Section 16.6, and a termination for the breach of Mpex pursuant to Section 15.2, if PARI exercises its right to terminate under this Section 16.6. 

16.7 Construction. The article and section headings contained in this Agreement are for the purpose of convenience and are not intended
to define or limit the contents of such sections. Unless the context of this Agreement clearly requires otherwise, (a) references to the plural include the singular, the singular the plural, the part the whole, (b) references to any gender
include all genders, (c) “or” has the inclusive meaning frequently identified with the phrase “and/or,” (d) “including” has the inclusive meaning frequently identified with the phrase “including but not
limited to” or “including without limitation”, and (e) references to “hereunder” or “herein” relate to this Agreement. 

16.8 Counterparts. This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 16.9 Further Assurances. Upon the reasonable request of either Party,
the other Party shall execute any additional certificates or other documents that may be reasonably necessary to fully implement this Agreement. 

16.10 Force Majeure. Except pursuant to existing laws, regulations and orders, no failure or omission by either Party in the
performance of any obligation of this Agreement shall be deemed a breach of this Agreement or create any liability if the same shall arise from any cause or causes beyond the control of the Parties including, but not limited to the following which,
for the purposes of this Agreement, shall be regarded as beyond the control of the Party in question: (a) any act or omission of any government; (b) any future rule, regulation or order issued by any governmental authority or by any
officer, department, agency, or instrumentality thereof which makes such performance impossible or commercially unreasonable; or (c) any Act of God; fire; storm; flood; earthquake; accident; war; terrorism; rebellion; insurrection; riot;
invasion; strike; and lockout. 
 16.11 Compliance with Law. In conducting any activity under this Agreement or in connection with
the development, manufacture, use or sale of the Products, PARI and Mpex shall comply with all applicable laws and regulations including, but not limited to, all import and export regulations of the applicable authorities in the Territory. 

16.12 Relationship of the Parties. The relationship of the Parties under this Agreement is that of independent contractors. Neither
Party shall be deemed to be the agent of the other, nor shall the 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 46 

 
Parties be deemed to be partners or joint venturers. Neither Party hereto shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of
the other Party or to bind the other Party to any contract, agreement or undertaking. 
 16.13 Choice of Language. This Agreement,
originally written in the English language, shall be governed by the English language. In the event any dispute arises with respect to this Agreement, the meanings of all terms and provisions of this Agreement shall be interpreted in their original
English form. The governing language of all correspondence related to reporting, negotiation, disputes, arbitration and notice requirements shall be the English language. The Parties shall bear their own expenses for having text or other
communications translated into the English language. 
 16.14 Recordation of Licenses. At the request of Mpex, PARI shall cooperate
with Mpex at Mpex’s expense in its efforts to record its licenses to patents hereunder, including, but not limited to, executing a license recordation form, from time to time, for United States patents and signing documents necessary for Mpex
to record its licenses to patents hereunder in countries other than the United States. 
 IN WITNESS WHEREOF, the Parties hereby have
executed this Agreement, as of the date first above written. 
  

									
	Mpex:	 		 		 	PARI:	 	
			
	MPEX PHARMACEUTICALS, INC.	 		 	PARI GMBH
					
	Print Name:	 	 William Gerhart
	 		 	Print Name:	 	 Martin Knoch

					
	Signature:	 	 /s/ William Gerhart
	 		 	Signature:	 	 /s/ Martin Knoch

					
	Title:	 	 CEO
	 		 	Title:	 	 Managing Director

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 47 

 EXHIBIT 1.24 

CERTAIN EPI PATENT RIGHTS OF MPEX 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 48 

 EXHIBIT 1.30 

PARI INTELLECTUAL PROPERTY 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 49 

 EXHIBIT 1.45 

INITIAL PROJECT NEBULIZER SPECIFICATIONS 

Objectives for Customized eFlow® Nebulizer 
 PARI will
work to establish the following characteristics of a customized eFlow® Nebulizer when used in conjunction with Drug Product. 

[***]. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 50 

 EXHIBIT 2.2 

INITIAL WORK PLAN 

The Parties will finalize within thirty (30) days after the Effective Date and attach hereto. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 51 

 EXHIBIT 4.1.3 

PARI COMPETITORS 
 The following
entities are deemed to be the PARI Competitors: 
  

	 	•	 	[***] 

 In the event of a merger, consolidation, sale of all or substantially all of the assets or
business or other change of control involving the above entities (the “Original Competitors”), such Original Competitor listed above shall be replaced with the successor thereof that is continuing to engage in the business of
developing and/or commercializing nebulizers. However, if the merger or acquisition partner had separate lines of business, divisions or operations prior to such change of control, whether or not relating to nebulizers, the merger or acquisition
partner shall be deemed a PARI Competitor only to the extent it is continuing the business of the Original Competitor, and not with respect to any such separate lines of business, divisions or operations. 

In addition, PARI Competitors shall include any subsidiary that is formed by the Original Competitors, but shall not include any subsidiaries acquired by the
Original Competitors if such subsidiaries had separate lines of business, divisions or operations prior to such acquisition, whether or not relating to nebulizers. However, PARI Competitors shall include such subsidiaries to the extent such
subsidiaries continue the lines of business, divisions or operations of the Original Competitors relating to nebulizers. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 52 

 EXHIBIT 4.2(b) 

EXAMPLES OF [***] 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 53 

 EXHIBIT 4.2(d) 

TIMELINE FOR MAINTAINING NON-COMPETE 

The milestones for maintaining Section 4.2 shall be: 

1. First Phase I Trial of a Drug Product for a Licensed Configuration initiated (“Non-compete Milestone 1”) by [***]

 2. First Phase II Trial of a Drug Product for a Licensed Configuration initiated (“Non-compete Milestone 2”) by
[***], or [***] months after achievement of Non-compete Milestone 1 above, whichever is later. 
 3. First Phase III Trial of
a Drug Product for a Licensed Configuration initiated (“Non-compete Milestone 3”) by (a) [***], or (b) [***] months after achievement of both Non-compete Milestones 1 and 2 above, whichever of (a) or
(b) is later. 
 4. First MAA submission in a Major Country of a Drug Product for a Licensed Configuration initiated
(“Non-compete Milestone 4”) by (a) [***], or (b) [***] months after achievement of all of Non-compete Milestones 1 through 3 above, whichever of (a) or (b) is later. 

A. In the event a Phase I, Phase II or Phase III Trial is not required prior to first MAA submission, Mpex shall document the same for PARI upon its
determination thereof. In such event, the corresponding Non-compete Milestone(s) above shall be deemed automatically met at such time (provided that any milestone payments due therefor under Sections 5.4 and 5.5 above have been paid), for purposes
of this Exhibit 4.2(d) and such Phase I, Phase II or Phase III Trial shall be deemed to have occurred at such time, for purposes of the milestone payments under Sections 5.4 and 5.5 above. 

B. In the event the achievement of Non-compete Milestones 1 through 4 above is delayed due to circumstances caused by PARI (including failure to achieve
results or Specifications as set forth in the Work Plans for the formulation of the Drug Product or the Project Nebulizer), the Non-compete Milestone(s) above shall be reasonably adjusted in proportion to such delay. 

C. In case the Phase II Trial referenced in Non-compete Milestone 2 has to be repeated or if there are documented clinical holds or delays caused by requests
of regulatory authorities preventing Mpex, its Affiliates or Sublicensees from proceeding to a Phase III Trial, the due date for Non-compete Milestone 3 shall be delayed by a reasonable period, to be agreed between the Parties. In case the Phase TIT
Trial referenced in Non-compete Milestone 3 has to be repeated or if there are documented clinical holds or delays caused by requests of regulatory authorities preventing Mpex, its Affiliates or Sublicensees from proceeding to an MAA submission
after Non-compete Milestone 3 above has been achieved, the due date for Non-compete Milestone 4 shall be delayed for by a reasonable period, to be agreed between the Parties. 

  
 [continued on next page] 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission Confidential treatment has been
requested with respect to portions of this agreement. 

  
 54 

 D. Any extension(s) agreed between the Parties for the timelines for any of the Non-compete Milestones above,
whether extensions pursuant to paragraphs B or C above or discretionary extensions by PARI, shall be set forth in writing by the Parties. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 55 

 EXHIBIT 6.1 

PERFORMANCE SPECIFICATIONS FOR [***] 

Performance Specification A 
 As
used herein, “Existing Formulations” means those drug formulations of Fluoroquinolone and Effiux Pump Inhibitor formulations synthesized and investigated by Mpex prior to the first meeting of the JTC, which will meet within two
weeks of the Effective Date to discuss the program to be performed under the Feasibility Phase, and will include (i) disclosure of work performed by Mpex on Existing Formulations to-date, (ii) disclosure of any prior work performed by PARI
related to formulations in the Mpex Field to-date, and (iii) discussion and production of a preliminary proposal for the Initial Work Plan. Within two weeks of the meeting Mpex will provide PARI a report, to be incorporated as an attachment to
Exhibit 2.2, listing the Existing Formulations discussed at the meeting, with information as agreed to in the meeting for such Existing Formulations. 

Exhibit 2.2 will specify (i) the specific compositions of Existing Formulations, and (ii) the functional performance thereof
obtained by Mpex, including lung clearance rate and taste tolerability. Exhibit 2.2 will also specify work to be performed to further define the functional performance characteristics for Existing Formulations. 

Existing Formulations [***]. 

As part of performing the initial Work Plan, the Parties will conduct the work necessary to define this Performance Specification A in greater
detail, to describe levels of functional performance with respect to lung clearance rate, taste tolerability, respirable dose, respirable drug delivery rate and nebulization time, for Existing Formulations delivered by an eFlow [***] or
comparable device. 
 Performance Specification B 

During the course of performing the Work Plans, the Parties will define Specification B by mutual agreement to be a level of functional
performance that: 
 (a) meaningfully improves at least one of the following criteria: respirable dose, respirable drug delivery rate and/or
nebulization time, unless such criteria conflicts with criteria (b) below; and 
 (b) if useful for commercialization of the Drug
Product, meaningfully improves the lung clearance rate and/or taste tolerability characteristics. 
 In addition, formulations meeting
Performance Specification B must be different in composition from the Existing Formulations and subject to additional patent protection (i.e., the Drug Product is Covered by Valid Claims within the Project Patents or the PARI Background
Patents). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 56 

 EXHIBIT 7.1 

TIMELINE FOR MAINTAINING EXCLUSIVE LICENSE 

The milestones tor maintaining the license of Section 4.1.1 exclusive shall be: 

1. First Phase I Trial of a Drug Product for a Licensed Configuration initiated (“Exclusivity Milestone 1”) by [***]. 

2. First Phase II Trial of a Drug Product for a Licensed Configuration initiated (“Exclusivity Milestone 2”) by [***], or [***]
months after Exclusivity Milestone I is achieved, whichever is later. 
 A. In the event a Phase I, Phase II or Phase III Trial is not required prior to
first MAA submission, Mpex shall document the same for PARI upon its determination thereof. In such event, the corresponding Non-compete Milestone(s) above shall be deemed automatically met at such time (provided that any milestone payments due
therefor under Sections 5.4 and 5.5 above have been paid), for purposes of this Exhibit 7.1 and such Phase I, Phase II or Phase III Trial shall be deemed to have occurred at such time, for purposes of the milestone payments under Sections 5.4 and
5.5 above. 
 B. In the event Mpex is unable to achieve the Exclusivity Milestones above due to circumstances caused by PARI (including failure to achieve
results or Specifications as set forth in the Work Plans for the formulation of the Drug Product or the Project Nebulizer), or in the case the Phase I Trial has to be repeated or there are documented clinical holds or delays caused by requests of
the regulatory authorities preventing Mpex from proceeding to a Phase II Trial in accordance with Exclusivity Milestone 2, then the due dates set forth above for such Exclusivity Milestones shall be reasonably adjusted to account for such factors
pursuant to mutual agreement of the Parties. 
 C. If Mpex elects to pay, or has already paid, PARI the [***] milestone of Section 5.3 by the
due date of Exclusivity Milestone 1 (not taking into account the adjustment of this paragraph C), then the due date of Exclusivity Milestone 1 shall be extended by an additional [***] months. For clarity, if Mpex makes an election to pre-pay
such milestone of Section 5.3 prior to its achievement, such amounts shall be creditable against any payments owed under this Agreement thereafter. 

D. If Mpex elects to pay, or has already paid, PARI the [***] Phase II milestone of Section 5.5, by the due date of Exclusivity Milestone 2 (not
taking into account the adjustment of this paragraph D), then the due date of Exclusivity Milestone 2 shall be extended by an additional [***] months. For clarity, if Mpex makes an election to pre-pay the Phase II milestone of
Section 5.5, such amounts shall be creditable against any payments owed under this Agreement thereafter. 
 E. Any extension(s) agreed between the
Parties for the timelines for any of the Non-compete Milestones above, whether extensions pursuant to paragraphs B through D above or other discretionary extensions by PARI, shall be set forth in writing by the Parties. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 57 

 EXHIBIT 7.3(a) 

PRICES 
  

					
	 Item Description
	  	Pricing (Euros)	 
	 Project Nebulizer including control unit, aerosol head, nebulizer handset, power adapter and carrying case
	  	 	[***	] 
	 [***] enabled Project Nebulizer including control unit, aerosol head, nebulizer handset, power adapter and carrying case
	  	 	[***	] 
	 Aerosol Head
	  	 	[***	] 
	 Nebulizer Handset
	  	 	[***	] 
	 Power adapter
	  	 	[***	] 
	 Carrying case
	  	 	[***	] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 58 

 EXHIBIT 7.3(b) 

INITIAL PROJECT NEBULIZER FORECAST 
  

							
	 Phase
	  	 Batch#
	  	 #Devices
	  	 Date Required

	Ib (I-IND)	  	1	  	[***]	  	Done
	I (S-IND)	  	2	  	[***]	  	2-3Q/06
	I/II (C-IND)	  	3	  	[***]	  	1-2Q/07
	III	  	4	  	[***]	  	1Q/08

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 59 

 EXHIBIT 7.5 

OUTLINE OF TERMS AND CONDITIONS FOR 

COMMERCIAL SUPPLY AGREEMENT 

1. Definitions. The capitalized terms included in this Exhibit 7.5 shall have the meanings defined above in Article 1 of the Agreement,
and if not, such capitalized terms shall have the meanings provided in this Exhibit 7.5. 
 “Commercial Supply Agreement”
means the supply agreement, if any, entered into between the Parties or established pursuant to Section 14.4 of the Agreement, for the supply, from PARI to Mpex, of Nebulizers for use with the Drug Products, which shall include, at a minimum,
the Supply Terms set forth in this Exhibit 7.5. 
 “Comparable Nebulizer Devices” means the eFlow® Devices with a
comparable configuration and performance level as the Project Nebulizer. 
 “Drug Product(s)” means the Drug Products
developed for Mpex under the Agreement. 
 “Invoice Price” means the lowest of (a) the then current patient suggested
retail price for any Comparable Nebulizer Device less [***] percent ([***]%) of such patient suggested retail price, (b) the prices set forth in Exhibit 7.3(a), and (c) the most favorable price at which any Comparable Nebulizer Device is
sold by PARI to a wholesaler, or any other third party in transactions of a comparable business arrangement, and in each case based on comparable volumes. As used herein, “comparable business arrangement” include any arrangements in which
PARI is selling customized nebulizers to a commercialization partner, or in which PARI is selling nebulizers to third parties for resale in any vertical markets. 

“Nebulizer(s)” means the Project Nebulizers and any [***]. 

“Nebulizer Specifications” means the Specifications for the Project Nebulizers and for any [***] as set forth in
applicable Work Plans and/or agreed to by the Parties. 
 2. Supply Options. In accordance with the nebulizer commercialization
strategy set forth in Section 7.5 of the Agreement (the “Nebulizer Commercialization Strategy”), Mpex and PARI shall implement the following supply options. However, in the absence of agreement on the Nebulizer
Commercialization Strategy, the default option shall be Section 2(a) below, and at the request of Mpex, the Parties shall implement Section 2(a) on the terms and conditions set forth herein. 

(a) Nebulizers. PARI shall manufacture and exclusively supply the Nebulizers to Mpex, its Affiliates and permitted Sublicensees (and no
other party) during the term of the Commercial Supply Agreement, and such supply shall satisfy all of Mpex’s, its Affiliates’, Sublicensees’, and their customers’ volume requirements of the Nebulizers during the term of the
Commercial Supply Agreement. Except in the case of a Failure Event triggering Mpex’s rights under Section 13 below, Mpex shall purchase from PARI, the entire volume of Mpex’s requirements of the Nebulizers during the term of the
Commercial Supply Agreement. 
 (b) Drug Products. At Mpex’s request in its discretion, and subject to the mutual agreement of
the parties, PARI agrees to manage and ensure the supply to Mpex, its Affiliates and permitted Sublicensees of Drug Products for use in Licensed Configurations during the term of the 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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Supply Agreement, and such supply shall satisfy all of Mpex’s, its Affiliates’, Sublicensees’, and customers’ orders of the Drug Products from PARI during the term of the
Supply Agreement. Notwithstanding anything to the contrary contained in this Agreement, both PARI and Mpex acknowledge and agree that in the event the parties are unable to come to an agreement on the supply of Drug Products described in this
Section 2(b), such dispute shall not be disposed of according to the dispute resolution provisions contained in Article 14 of the Agreement. Each party shall decide, in its own discretion, whether to enter into a supply arrangement for the
supply of Drug Products hereunder. 
 3. Retail Sales Options. In accordance with the Nebulizer Commercialization Strategy, Mpex and
PARI shall implement one or more of the retail sales options identified below. However, in the absence of agreement on the Nebulizer Commercialization Strategy, the default option shall be Section 3(a), and at the request of Mpex, the Parties
shall implement Section 3(a) below on the terms and conditions set forth herein. The Parties will work together in good faith to maximize Net Sales of the Drug Product and Nebulizer. 

(a) Drug Product and Nebulizer Sold by Mpex. Mpex will sell both the Drug Products and the Nebulizers, which in Mpex’s discretion,
may be sold as a combined product for a single price or sold or priced separately. Mpex will consult the suggested retail price list of PARI, for comparable indications if available, prior to establishing its prices for the Nebulizers and/or the
combination. 
 (b) Drug Product and [***] Sold by Mpex. Mpex will sell the Drug Products and [***], which in Mpex’s
discretion, may be sold as a combined product for a single price or sold or priced separately. As between the Parties, the sales price for the Drug Products, [***] and/or the combination thereof shall be determined solely by Mpex. PARI will
sell the Project Nebulizer (in a form adapted to work with the Drug Product and/or [***] being sold by Mpex), and shall ensure that its prices for the Nebulizer are on average no higher than its prices for Comparable Nebulizer Devices, for
comparable volumes and for comparable business arrangements, and if available for comparable indications. 
 (c) Drug Product alone sold
by Mpex. Mpex will sell the Drug Products alone, and as between the Parties, the sale price for such Drug Products will be determined solely by Mpex. PARI will sell the Nebulizer (in a form adapted to work with the Drug Products sold by Mpex),
and shall ensure that its prices for the Project Nebulizer are on average no higher than its prices for Comparable Nebulizer Devices, and its prices for the [***] are on average no higher than its prices for comparable components sold to
third parties, for comparable volumes and for comparable business arrangements, and if available for comparable indications. 
 4.
Forecasts and Purchase Order. On a monthly basis during the term of the Commercial Supply Agreement, beginning [***] days prior to the expected first order of Nebulizer(s) hereunder, Mpex shall provide PARI with its good faith written
projections of the anticipated requirements of Nebulizers to be ordered from and delivered by PARI during the rolling forward twelve month (12) period (the “Supply Forecast”). Mpex shall provide PARI with the Supply Forecast no
later than [***] days before the start of each calendar month. Upon the request of Mpex, PARI shall reasonably consult and assist Mpex in the development of Supply Forecasts which will ensure an adequate supply of Nebulizer in the wholesale
and retail supply chain. Unless otherwise agreed by the Parties, the Supply Forecasts shall be binding on both Parties with respect to the first [***] months specified therein, and non-binding with respect to the remaining [***] months
of the Supply Forecast. Mpex will provide PARI with written purchase orders for its requirements of Nebulizers. The purchase order shall include a delivery date at least [***] days after the placement of such purchase order, unless otherwise
agreed by PARI. PARI shall not reject any purchase orders placed by Mpex consistent with the binding portion of 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
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the Supply Forecast, and shall use reasonable commercial efforts to accept and fill purchase orders placed by Mpex that are in excess of the forecasted quantities from available supplies. Subject
to the foregoing, PARI shall accept or reject purchase orders from Mpex within [***] business days after receipt thereof. Upon acceptance by PARI, such purchase orders including the delivery dates specified therein shall be binding.
PARI’s sales of Nebulizers to Mpex hereunder shall be subject to the terms and limitations of the Commercial Supply Agreement and not to any terms and conditions stated on an Mpex purchase order, an order acknowledged by PARI or other document
not effectively amending the Commercial Supply Agreement, except insofar as such order or other document establishes: (a) the quantity of Nebulizers sold; (b) the delivery date of the Nebulizers; (c) customer-specific labeling or
packing requirements; or (d) the destination of shipment of the Nebulizers. Any additional, inconsistent or different terms and conditions contained in such other documents are hereby expressly rejected. 

5. Delivery. 

(a) Time. PARI shall deliver all Nebulizers for which purchase orders are accepted on or before the delivery date specified in such
purchase orders. PARI recognizes that its failure to timely fill Mpex’s purchase orders for Nebulizers may adversely impact the adoption and sales of the Drug Product, and PARI will take commercially reasonable steps to establish the
appropriate inventory and manufacturing resources in order to prevent any such failure. 
 (b) Risk of Loss, Freight Cost and Shipping
Insurance. Delivery of the Nebulizer ordered by Mpex shall be F.C.A. PARI’s facilities in Germany. Deliveries shall be shipped to an address designated by Mpex. Mpex shall pay all costs of freight incurred in connection with the
transporting of the Nebulizers. All Nebulizers will be shipped by PARI freight collect, or if prepaid, such freight will be subsequently billed to Mpex. PARI shall cooperate with Mpex, and provide Mpex with all necessary documentation and
assistance, at Mpex’s expense, with respect to importation of the Nebulizer in any country of the Mpex Territory. 
 (c)
Quality. PARI shall manufacture the Nebulizer to meet the quality standards set forth in Sections 8.3 and 8.4 of the Agreement in order to achieve an acceptable quality level of non-conforming units. PARI recognizes the importance of
maintaining the consistency in the quality of supply of Nebulizer in the form approved by the FDA and other regulatory authorities, and PARI will consider in good faith any advice of Mpex in order to ensure an on-going supply of Nebulizer, as
approved by such regulatory authorities. PARI shall also comply with Sections 8.8 through 8.10 of the Agreement with respect to its supply of Nebulizers hereunder. 

(d) Acceptance. Mpex or its designee shall have a period of [***] business days from the date of receipt of any shipment of the
Nebulizer to test for quality and quantity of the shipment and to accept or reject such shipment. The detailed acceptance criteria shall be specified in the Commercial Supply Agreement or mutually agreed by the Parties. If Mpex or its designee
determines that any portion of shipment is defective (i.e., not compliant with the Specifications, Applicable Laws and Standards and/or other requirements set forth in the Commercial Supply Agreement), Mpex or its designee shall notify PARI
in writing within such [***] business days, indicating the particular lot, date of delivery and the defective nature of the Nebulizer. In such event, Mpex or its designee shall promptly return the defective portion of such shipment to PARI,
and Mpex shall have no obligation to pay for such defective portion of such shipment. Upon receipt, PARI shall at its own cost replace, or undertake commercially reasonable efforts to repair, rejected Nebulizers and supply Mpex with a replacement
shipment thereof acceptable to Mpex, within the shortest practicable time. In the event Mpex does not so notify PARI of defective Nebulizers within [***] business days of receipt of any shipment thereof, Mpex shall be deemed to have accepted
such shipment and shall be obligated to make payment therefor as 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 62 

 
provided in Section 6 below, provided that in the case of latent defects (i.e., defects that are not discoverable upon a reasonable inspection or incoming quality assurance testing as
set forth in the Specifications), Mpex may return the Nebulizer for repair or replacement as set forth in this Section 5(d) within [***] business days after discovery thereof. In such case, PARI shall also reimburse Mpex for the
reasonable, out-of-pocket costs incurred in replacing any units returned by its Sublicensees or customers (with the cost of the replacement Nebulizer itself to be covered by Section II below). 

6. Invoice Price. Subject to the terms and conditions of the Commercial Supply Agreement, during the term of the Commercial Supply
Agreement, Mpex shall pay PARI the Invoice Price for each Nebulizer ordered by Mpex hereunder, which is supplied by PARI to Mpex. 
 7.
Invoicing and Payment. PARI shall invoice Mpex when PARI ships the Nebulizers to Mpex pursuant to purchase orders. Subject to the terms and conditions of the Commercial Supply Agreement, Mpex shall pay all undisputed invoices for the
Nebulizers delivered to and accepted in accordance with the Commercial Supply Agreement within thirty (30) calendar days after receipt thereof. Any undisputed payments or portions thereof due hereunder which are not paid when due shall bear
interest equal to the prime rate as reported by the Chase Manhattan Bank, New York, New York, on the date such payment is due, plus an additional [***] percent ([***]%) per month calculated on the number of days such payment is delinquent.
This Section 7 shall not limit other remedies available to the party entitled to receive such payment. 
 8. Inspection and
Optimization. Consistent with all applicable industry standards, PARI shall regularly inspect the manufactured Nebulizers manufactured by PARI for quality, defects and flaws. PARI shall provide written results of such inspections to Mpex at
least once per calendar quarter. Upon the request of PARI or Mpex, Mpex and PARI shall meet to discuss such results and plans necessary to optimize the Nebulizer, including redesign or reformulation activities and all other necessary development
activities. In consideration of the development payments made by Mpex to PARI in the Agreement, PARI shall perform such optimization at its sole expense in accordance with a commercially reasonable schedule. 

9. Product Recall. In the event that Mpex physically conducts a recall of the Drug Product pursuant to any regulatory, administrative
or judicial order or because the Drug Product is reasonably perceived by Mpex to violate any provision of applicable law or to be unsafe or defective, Mpex shall bear all costs and expenses of such recall, including without limitation, expenses or
obligations to third parties, the cost of notifying customers and costs associated with shipment of recalled Drug Product from a customer to Mpex, except that PARI shall bear all such costs and expenses to the extent such order or perceived
violation, lack of safety or defect was caused by the design, manufacture or operation of the Nebulizer delivering such Drug Product or otherwise caused by the breach of PARI of its obligations under the Agreement or the Commercial Supply Agreement.
In such case, PARI will meet with Mpex and confer in good faith as to how to carry out such recall. PARI shall maintain and supply to Mpex’s regulatory affairs department complete and accurate records, for such period as may be required by
applicable law. In the event Mpex or PARI is required to conduct a recall of the Nebulizers sold hereunder pursuant to any regulatory, administrative or judicial order or because the Nebulizer is reasonably perceived by either party to violate any
provision of applicable law or to be unsafe, PARI shall bear all costs and expenses of such recall, except that Mpex shall bear all such costs and expenses to the extent such order or perceived violation, lack of safety or defect was caused by use
thereof to deliver the Drug Product (i.e. rather than the Nebulizer itself) or otherwise caused by breach of Mpex of its obligations under the Agreement or the Commercial Supply Agreement. The parties shall discuss the situation in good faith
prior to initiating a recall of the Nebulizers. The party selling the Nebulizers under Section 3 above shall be the party responsible for coordinating and implementing such recall. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 63 

 10. Adulteration; Misbranding. All Nebulizers delivered by PARI to Mpex hereunder shall
comply with the relevant laws, rules or regulations in the countries where the Nebulizers are sold and shall be guaranteed by PARI, as of the date of delivery of the Nebulizers: (a) not to be adulterated or misbranded, as defined under the
United States Food, Drug Product and Cosmetics Act (the “Act”); and (b) not be an article that may not, under the Act, be introduced into interstate commerce. All Nebulizers delivered by PARI to Mpex hereunder for sale within
the Mpex Territory but outside of the United States shall comply with the relevant laws, rules or regulations of the foreign countries in which the Nebulizers are to be sold or delivered. 

11. Product Warranties. PARI warrants and guarantees that: (a) the Nebulizers supplied by PARI to Mpex will comply with the
Nebulizer Specifications, which the Parties shall bring up to date as of the execution of the Supply Agreement; (b) the Nebulizers PARI supplies to Mpex shall have no material defect or faulty workmanship for a period of [***] months
from the date of shipment of the Nebulizers, provided that no modifications are made to the Nebulizers (other than as necessary to use with the Drug Product) and the Nebulizers are properly used and maintained under industry standard conditions in
accordance with any Nebulizer Specifications; and (c) the Nebulizers shall, upon shipment to Mpex, be free and clear of all security interests, liens and other encumbrances of any kind or character. PARI shall promptly repair or replace any
Nebulizers which do not meet the conditions of the warranties provided in this Section 11. PARI shall bear all costs of any such repair or replacement including, without limitation, the costs of shipment between Mpex and its customers and
between Mpex and PARI, and the costs of PARI labor and costs of materials. The Commercial Supply Agreement shall include further provisions to handle the return of consumable parts associated with the Inhalers, including, but not limited to,
nebulizer handsets and aerosol heads. 
 12. Term. The term of the Commercial Supply Agreement will begin upon its execution, and
except as otherwise provided in the Commercial Supply Agreement, shall terminate when the Agreement terminates. The Commercial Supply Agreement shall include further provisions to deal with supply after such termination of the Agreement in case the
[***] is still being sold. 
 13. Backup License. 

(a) Changes. The parties acknowledge the possibility that one or more of the following events may occur: 

(i) PARI undergoes a voluntary or involuntary dissolution; 

(ii) PARI ceases to conduct business in the normal course, becomes insolvent, files for bankruptcy, is subject to a bankruptcy
proceeding or otherwise becomes bankrupt, makes a general assignment for the benefit of creditors, admits in writing its inability to pay its debts as they are due, permits the appointment of a receiver for its business or assets, or avails itself
of or becomes subject to any proceeding under any statute of any governing authority relating to insolvency or the protection of rights of creditors; 

(iii) PARI fails to supply the Nebulizers ordered by Mpex for a period of more than ninety (90) days after the delivery
date specified in Mpex’s, its Affiliates or Sublicensee’s purchase order, subject to those provisions dealing with force majeure to be set forth in the Commercial Supply Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 64 

 (b) Notice and Cure Period. PARI shall promptly notify Mpex in writing upon the occurrence
of any of the events set forth in Section 13(a) hereof, or Mpex may notify PARI in writing upon occurrence of Section 13(a)(iii) (“Notice of Failure Event”). Within [***] days after receipt of the Notice of Failure
Event, the other Party shall submit a written response (“Response to Failure Event”). PARI’s Notice and Mpex’s Response shall each include a statement regarding the lack of Nebulizer supply, each party’s position and
any proposed solutions. Within [***] days after Notice of Failure Event, the designated senior executives, officers or management of PARI and Mpex shall meet at a mutually acceptable time and place and thereafter as often as they reasonably
deem necessary to attempt to resolve the lack of Nebulizer supply. During such meetings, the parties shall, in good faith, negotiate any Nebulizer price reductions or discounts to compensate Mpex, its Affiliates or Sublicensees for PARI’s
temporary failure to supply Nebulizers. 
 (c) Failure Event. The term “Failure Event” means the later of:
(i) the occurrence of any of the events set forth in Section 13(a)(i) or (ii) above, or (ii) PARI’s failure to supply Nebulizers ordered by Mpex in accordance with the Commercial Supply Agreement despite the meetings
required above in Section 13(b). 
 (d) Grant. Effective upon the Failure Event, subject to the terms and conditions of this
Agreement and any Commercial Supply Agreement, Mpex shall have the right to exercise its sole license under the PARI Intellectual Property, to make, use, import, export, offer for sale and sell the Nebulizers in the Mpex Field in the Mpex Territory.
Except to the extent not permitted by the Third Party License Agreement, such sole license shall be sublicensable and shall include the right to have Nebulizers made in the Mpex Field in the Mpex Territory. PARI and its Affiliates shall retain the
right to make, have made, use, import, export, offer for sale and sell the Nebulizers to Mpex hereunder. Such sole license shall survive the termination of the Commercial Supply Agreement. The Parties shall negotiate in good faith a reasonable
royalty obligation on Mpex for the exercise of such manufacturing right, which in the absence of agreement, may be established pursuant to Section 14.4 of the Agreement. If, after the Failure Event, PARI regains its ability to supply Nebulizers
to Mpex, upon PARI’s request, the parties shall negotiate in good faith an arrangement in which PARI supplies on an exclusive or non-exclusive basis Nebulizers to Mpex, to the extent Mpex may grant such rights at the time. To enable exercise of
its manufacturing rights under this Section 13(d), upon a Failure Event, PARI agrees at no additional cost to provide Mpex with all Know-how within the PARI Intellectual Property necessary or useful for Mpex to manufacture or have manufactured
the Project Nebulizer and to assist Mpex, if reasonably requested, with securing a relationship with PARI’s third party contract manufacturer(s) or with its vendor(s) of ingredients or components useful for manufacturing Drug Product. In
addition, upon a Failure Event, PARI shall provide reasonable technical assistance to Mpex and/or its contract manufacturer with respect to manufacturing the Project Nebulizer, at Mpex’s request at the Project Rate. 

14. Trademarks. The Commercial Supply Agreement shall contain reasonable terms and conditions agreed upon by the Parties governing a
grant by PARI to Mpex of a royalty-free right and license in the Mpex Territory, with a right to grant and authorize sublicenses consistent with the foregoing, to use certain of PARI’s trademarks associated with the Nebulizers to market,
promote and sell the Nebulizers and Drug Products for use in [***] in the Mpex Field. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 65 

 EXHIBIT 12.1 

CERTAIN LITIGATION DISCLOSURES 
 PARI GmbH v
Aerogen, Inc. in Germany and the corresponding nullity action by Aerogen, Inc. against The Technology Partnership plc. 
 PARI has entered
into the Third Party License Agreement with The Technology Partnership plc. (“TTP”) under which PARI has an exclusive field license to a TTP patented technology now used in the eFlow® platform technology. PARI believes the
Aeroneb ProTM and Aeroneb GoTM products introduced by Aerogen, Inc. (“Aerogen,” which was recently acquired by Nektar Therapeutics) infringe upon TTP’s patent rights. When Aerogen introduced those products in Germany,
PARI filed an infringement action against Aerogen. Aerogen subsequently filed and successfully prosecuted a nullity action against TTP. While that decision is on appeal, PARI’s infringement litigation against Aerogen is stayed pending a final
decision on the nullity action. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission 
 Confidential treatment has been requested with respect to
portions of this agreement. 

  
 66

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