Document:

EX-10.1

 Exhibit 10.1 

VIAVI SOLUTIONS INC. 

EXECUTIVE SEVERANCE AND RETENTION PLAN 
  

	 	1.	ESTABLISHMENT AND PURPOSE OF PLAN 

1.1 Establishment. The Viavi Solutions Inc. Executive Severance and Retention Plan (the “Plan”) is
hereby established by the Compensation Committee (the “Committee”) of the Board of Directors of Viavi Solutions Inc., effective October 14, 2015, (the “Effective Date”). This
document constitutes both the plan document and summary plan description with respect to the Plan. 
 1.2 Purpose. The Company draws
upon the knowledge, experience and advice of its Executive Officers and Key Employees in order to manage its business for the benefit of the Company’s stockholders. The Committee has determined that it is in the best interests of the Company
and its stockholders to provide for the continued dedication of its Executive Officers and Key Employees by establishing this Plan to provide severance benefits to eligible Executive Officers and Key Employees of the Company whose employment is
terminated involuntarily under certain circumstances. 
  

	 	2.	DEFINITIONS AND CONSTRUCTION 

2.1 Definitions. Whenever used in this Plan, the following terms shall have the meanings set forth below: 

(a) “Base Salary Benefit Period” means, for each Participant, the Base Salary Benefit Period set forth
in the Participant’s Participation Agreement. 
 (b) “Base Salary Rate” means the
Participant’s monthly base salary rate in effect immediately prior to the Participant’s termination of employment (without giving effect to any reduction in the Participant’s base salary rate constituting Good Reason). Base Salary
Rate does not include any bonuses, commissions, fringe benefits, car allowances, other irregular payments or any other compensation except base salary. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Cause” means the occurrence of any of the following, in each case as reasonably determined by the
Board: 
 (1) gross negligence or willful misconduct in Participant’s performance of duties to the Company Group; or 

(2) a material and willful violation of any federal or state law by Participant that if made public would injure the business or reputation
of the Company Group; or 
 (3) refusal or willful failure by the Participant to comply with any specific lawful direction or order of the
Company Group or the material policies and 

 
procedures of the Company Group, including but not limited to the Viavi Solutions, Inc. Code of Business Conduct and Inside Information and Securities Transactions policy, as well as any
obligations concerning proprietary rights and confidential information of the Company Group; or 
 (4) conviction (including a plea of nolo
contendere) of a the Participant of a felony, or of a misdemeanor that would have a material adverse effect on the goodwill of the Company Group if the Participant were to be retained as an employee of the Company Group; or 

(5) substantial and continuing willful refusal by Participant to perform duties ordinarily performed by an employee in the same position and
having similar duties as the Participant. 
 (e) “Change of Control” means the occurrence of one or more of the
following with respect to the Company: 
 (1) the acquisition by any person (or related group of persons), whether by tender or exchange
offer made directly to the Company’s stockholders, open market purchases or any other transaction or series of transactions, of stock of the Company that, together with stock of the Company held by such person or group, constitutes more than
fifty percent (50%) of the total fair market value or total voting power of the then outstanding stock of the Company entitled to vote generally in the election of the Board; 

(2) a merger or consolidation in which the Company is not the surviving entity, except for a transaction in which both (A) securities
representing more than fifty percent (50%) of the total combined voting power of the surviving entity are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934), directly or indirectly,
immediately after such merger or consolidation by persons who beneficially owned common stock immediately prior to such merger or consolidation and (B) the members of the Board immediately prior to the transaction (the “Existing
Board”) constitute a majority of the Board immediately after such merger or consolidation; 
 (3) any reverse merger or series
of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but in which either (i) persons who beneficially owned, directly
or indirectly, common stock immediately prior to such reverse merger do not retain immediately after such reverse merger direct or indirect beneficial ownership of securities representing more than sixty percent (60%) of the total combined
voting power of the Company’s outstanding securities or (ii) the members of the Existing Board do not constitute a majority of the Board immediately after such reverse merger; or 

(4) the sale, transfer, lease or other disposition of all or substantially all of the assets of the Company or the exclusive license of all
or substantially all of the intellectual property of the Company (other than a sale, transfer, lease or other disposition or exclusive license to one or more subsidiaries of the Company). 

(f) “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto and any
applicable regulations promulgated thereunder. 

  
 2 

 (g) “Committee” means the Compensation Committee of the
Board. 
 (h) “Company” means Viavi Solutions Inc., a Delaware corporation, and a Successor that
agrees to assume all of the rights and obligations of the Company under this Plan or a Successor which otherwise becomes bound by operation of law under this Plan. 

(i) “Company Group” means the group consisting of the Company and each present or future parent and
subsidiary corporation or other business entity thereof. 
 (j) “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended. 
 (k) “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 
 (l) “Executive Officer” means an individual appointed by the Board as an
executive officer of the Company subject to Section 16 of the Exchange Act and serving in such capacity upon becoming a Participant. 

(m) “Good Reason” means: 

(1) The occurrence of any of the following conditions without the Participant’s express written consent, which condition(s) remain(s) in
effect thirty (30) days after written notice to the Company from the Participant of such condition(s) and which notice must have been given within thirty (30) days following the initial occurrence of such condition(s): 

(i) the significant reduction of the Participant’s duties, authority, responsibilities, job title or reporting relationships relative to
the Participant’s duties, authority, responsibilities, job title, or reporting relationships as in effect immediately prior to such reduction, or the assignment to the Participant of such reduced duties, authority, responsibilities, job title,
or reporting relationships; or 
 (ii) a material reduction by the Company Group in the base salary or cash variable incentive compensation
target, of the Participant as in effect immediately prior to such reduction; or 
 (iii) a material reduction by the Company Group in the
kind or level of employee benefits, including bonuses, to which the Participant was entitled immediately prior to such reduction with the result that the Participant’s overall benefits package is significantly reduced; or 

(iv) the relocation of the Participant’s principal work location to a facility or a location more than fifty (50) miles from the
Participant’s then present principal work location; or 

  
 3 

 (v) the failure of Company to obtain agreement from any Successor to provide the benefits
provided for in this Plan, as it exists as the time of succession; 
 (2) The existence of Good Reason shall not be affected by the
Participant’s temporary incapacity due to physical or mental illness not constituting a Permanent Disability. The Participant’s continued employment for a period not exceeding ninety (90) days following the initial occurrence of any
condition constituting Good Reason shall not constitute consent to, or a waiver of rights with respect to, such condition. For the purposes of any determination regarding the existence of Good Reason, any claim by the Participant that Good Reason
exists shall be presumed to be correct unless the Company establishes to the Board that Good Reason does not exist, and the Board, acting in good faith, affirms such determination (excluding the Participant if the Participant is a member of the
Board). 
 (n) “Involuntary Termination” means the occurrence of either of the
following events: 
 (1) termination by the Company Group of the Participant’s employment for any reason other than Cause; or 

(2) the Participant’s termination of employment with the Company Group for Good Reason, provided that such termination occurs within
ninety (90) days following the initial occurrence of the condition constituting Good Reason; 
 provided, however, that Involuntary Termination
shall not include any termination of the Participant’s employment which is (i) for Cause, (ii) a result of the Participant’s death or Permanent Disability, or (iii) a result of the Participant’s voluntary termination of
employment other than for Good Reason. 
 (o) “Key Employee” means an individual employed by the
Company Group, other than as an Executive Officer, who is designated by the Committee as a Key Employee eligible to participate in the Plan. 

(p) “Participant” means each Executive Officer and each Key Employee designated by the Committee to
participate in the Plan and who has executed a Participation Agreement. 
 (q) “Participation
Agreement” means an Agreement to Participate in the Viavi Solutions Inc. Executive Severance and Retention Plan in the form attached hereto as Exhibit A or in such other form as the Committee may approve from time to
time; provided, however, that, after a Participation Agreement has been entered into between a Participant and the Company, it may be modified only by a supplemental written agreement executed by both the Participant and the Company. The terms of
such forms of Participation Agreement need not be identical with respect to each Participant. 
 (r) “Performance-Based
Restricted Stock Units” means any award of Restricted Stock Units granted to the Participant by the Company (whether before or after such Participant’s participation in the Plan commenced), the vesting or earning of which is

  
 4 

 
conditioned in whole or in part upon the achievement of one or more performance goals (e.g., the attainment of a total stockholder return metric or the achievement of a corporate financial goal),
notwithstanding that the vesting or earning of such award may also be conditioned upon the continued service of the Participant. 
 (s)
“Performance-Based RSU Continued Vesting Period” means for each Participant, the Performance-Based RSU Continued Vesting Period set forth in the Participant’s Participation Agreement. 

(t) “Permanent Disability” means a Participant’s incapacity due to bodily injury or disease which
(1) prevents the Participant from engaging in the full-time performance of the Participant’s duties for a period of six (6) consecutive months and (2) will, in the opinion of a qualified physician, be permanent and continuous
during the remainder of the Participant’s life. 
 (u) “Release” means a general release of all
known and unknown claims against the Company and its affiliates and their stockholders, directors, officers, employees, agents, successors and assigns substantially in the form attached hereto as Exhibit B (“General Release of
Claims [Age 40 and over]”) or Exhibit C (“General Release of Claims [Under age 40]”), whichever is applicable, with any modifications thereto determined by legal counsel to the Company to be necessary
or advisable to comply with applicable law or to accomplish the intent of Section 7 (Exclusive Remedy) hereof. 
 (v)
“Release Deadline Date” means the sixtieth (60th) day following the date of the Participant’s Involuntary Termination. 

(w) “Restricted Stock Units” means any compensatory award of rights to receive shares of the capital
stock or cash in an amount measured by the value of shares of the capital stock of the Company or of any other member of the Company Group granted to a Participant by the Company or any other Company Group member prior to a termination of
employment, including any such rights issued in exchange for any such rights by a Successor or any other member of the Company Group. 

(x) “Retention Period” means, for each Participant, the Retention Period set forth in the Participant’s
Participation Agreement. 
 (y) “Section 409A” means Section 409A of the Code. 

(z) “Section 409A Deferred Compensation” means compensation and benefits provided by the Plan that
constitute deferred compensation subject to and not exempted from the requirements of Section 409A. 
 (aa) “Separation
from Service” means a separation from service within the meaning of Section 409A. 
 (bb)
“Successor” means any successor in interest to substantially all of the business and/or assets of the Company. 

  
 5 

 (cc) “Time-Based Restricted Stock Units” means any award of Restricted
Stock Units granted to the Participant by the Company (whether before or after such Participant’s participation in the Plan commenced), the vesting or earning of which is based solely upon the continued service of the Participant over a
specified period of time. 
 (dd) “Time-Based RSU Acceleration Period” means for each Participant, the Time-Based
RSU Acceleration Period set forth in the Participant’s Participation Agreement. 
 2.2 Construction. Captions and titles
contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
  

	 	3.	ELIGIBILITY AND PARTICIPATION 

The Committee shall designate those Executive Officers and Key Employees who shall be eligible to become Participants in the Plan.
Notwithstanding the foregoing, the individuals eligible to become Participants shall be limited to a select group of management or highly compensated employees within the meaning of Sections 201, 301 and 404 of ERISA. To become a Participant,
an eligible individual must execute a Participation Agreement. 
  

	 	4.	INVOLUNTARY TERMINATION 

In the event of a Participant’s Involuntary Termination, the Participant shall be entitled to receive the compensation and benefits
described in this Section 4. 
 4.1 Accrued Obligations. The Participant shall be entitled to receive: 

(a) all salary, commissions and accrued but unused vacation or paid time off earned through the date of the Participant’s termination of
employment; 
 (b) all bonuses earned and vested in accordance with the terms of the applicable bonus plan, agreement, policy or practice
prior to the date of the Participant’s termination of employment but then remaining unpaid; 
 (c) reimbursement within ten
(10) business days of submission, such submission to be made within thirty (30) days following the Participant’s termination of employment, of proper expense reports of all expenses reasonably and necessarily incurred by the
Participant in connection with the business of the Company Group prior to his or her termination of employment; and 
 (d) the benefits, if
any, under any Company Group retirement plan, nonqualified deferred compensation plan, share-based compensation plan or agreement (other than any such plan or agreement pertaining to Equity Awards, or other stock-based compensation whose treatment
is prescribed by this Plan, health benefits plan or other Company Group benefit plan to which the Participant is entitled pursuant to the terms of such plans or agreements. 

  
 6 

 4.2 Severance Benefits. Provided that, on or before the Release Deadline Date, the
Participant executes the Release applicable to such Participant and the period for revocation, if any, of such Release has lapsed without the Release having been revoked, the Company shall pay to the Participant in a lump sum cash payment an amount
equal to the product of the Participant’s Base Salary Rate and the number of months contained in the Participant’s Base Salary Benefit Period. Such payment shall be made to the Participant through the Company’s payroll system on first
regular payroll date occurring at least five (5) business days following the effective date of the Participant’s Release (but in any event no later than the 15th day of the third calendar month following the later to end of the calendar
year or the Company’s fiscal year in which the Involuntary Termination occurs). 
 4.3 Vesting of Restricted Stock Units.
Provided that the Participant’s Involuntary Termination occurs during the Retention Period, then notwithstanding any provision to the contrary contained in any plan or agreement evidencing an award of Restricted Stock Units granted to the
Participant, but subject to Section 5.1(e): 
 (a) the vesting and settlement of each of the Participant’s outstanding
awards of Time-Base Restricted Stock Units shall be accelerated with respect to that portion of each such award that would vest during the Time-Based RSU Acceleration Period commencing on the date of the Participant’s termination of employment
had the Participant’s employment with the Company Group continued throughout such period (provided that no more than 100% of the Restricted Stock Units subject to an award become vested) as of the Participant’s termination of employment;
and 
 (b) the vesting and settlement of each of the Participant’s outstanding awards of Performance-Base Restricted Stock Units shall
be determined during the Performance-Based RSU Continued Vesting Period based upon the extent to which the performance goal(s) applicable to such award is (are) actually attained in accordance with the terms of such award for each performance period
ending during the Performance-Based RSU Continued Vesting Period but determined as if the Participant’s employment with the Company Group continued throughout such period. 

The vested portion of each award of Time-Based Restricted Stock Units to which Section 4.3(a) applies shall be settled no later than the
15th day of the third calendar month following the later to end of the calendar year or the Company’s fiscal year in which the Involuntary Termination occurs. The vested portion of each award of Performance-Based Restricted Stock Units to which
Section 4.3(b) applies shall be settled no later than the 15th day of the third calendar month following the later to end of the calendar year or the Company’s fiscal year in which the applicable performance period ends. 

 

	 	5.	CERTAIN FEDERAL TAX CONSIDERATIONS 

5.1 Compliance with Section 409A. The Company intends that this Plan (and all payments and other benefits
provided under this Plan) shall be exempt from the requirements of Section 409A to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the involuntary
separation pay plan exception described in Treasury Regulation Section 1.409A-

  
 7 

 
1(b)(9)(iii), or otherwise. To the extent Section 409A is applicable to such payments, the Company intends that this Plan (and such payments and benefits) shall comply with the requirements
of Section 409A. Notwithstanding any other provision of this Plan to the contrary, this Plan shall be interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and
notwithstanding any other provision of this Plan to the contrary, the provision, time and manner of payment or distribution of all compensation and benefits provided by the Plan that constitute Section 409A Deferred Compensation shall be
subject to, limited by and construed in accordance with the requirements of Section 409A, including the following: 
 (a)
Separation from Service. To the extent required to be exempt from, or to comply with Section 409A, payments and benefits otherwise payable or provided pursuant to the Plan upon a Participant’s Involuntary Termination shall be paid
or provided only at the time of a termination of the Participant’s service which constitutes a Separation from Service. 
 (b)
Six-Month Delay Applicable to Specified Employees. Payments and benefits constituting Section 409A Deferred Compensation to be paid or provided pursuant to the Plan upon the Separation from Service of a Participant who is a
“specified employee” within the meaning of Section 409A (determined using the identification methodology selected by the Company from time to time, or if none, the default methodology described in applicable Treasury Regulation) shall
be paid or provided only upon the later of (1) the date that is six (6) months and one (1) day after the date of such Separation from Service or, if earlier, the date of death of the Participant (in either case, the
“Delayed Payment Date”), or (2) the date or dates on which such Section 409A Deferred Compensation would otherwise be paid or provided in accordance with the Plan. All such amounts that would, but for
this Section, become payable prior to the Delayed Payment Date shall be accumulated and paid on the Delayed Payment Date. 
 (c)
Separate Payments. Each payment made under this Plan shall be treated as a separate payment, and the right of a Participant to a series of installment payments under this Plan shall be treated as a right to a series of separate payments. 

(d) Expense Reimbursements and In-Kind Benefits. With regard to any provision in this Plan for reimbursement of expenses or in-kind
benefits, except for any expense, reimbursement or in-kind benefit provided pursuant to this Plan that does not constitute Section 409A Deferred Compensation, (i) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year, provided that the foregoing clause (ii) shall not be deemed to be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are
subject to a limit related to the period the arrangement is in effect, and (iii) such payments shall be made on or before the last day of Participant’s taxable year following the taxable year in which the expense occurred. 

(e) Equity Awards. The vesting of any equity award which constitutes Section 409A Deferred Compensation and is held by a
Participant who is a Specified 

  
 8 

 
Employee shall be accelerated in accordance with Section 4.3 to the extent applicable; provided, however, that the payment in settlement of any such equity award that would otherwise
occur prior to the Delayed Payment Date shall occur on the Delayed Payment Date and otherwise shall be paid in accordance with its then existing settlement schedule. 
  

	 	6.	CONFLICT IN BENEFITS; NONCUMULATION OF BENEFITS 

6.1 Effect of Plan. The terms of this Plan, when accepted by a Participant pursuant to an executed Participation Agreement, shall
supersede all prior arrangements, whether written or oral, and understandings regarding the subject matter of this Plan and, subject to Section 6.2, shall be the exclusive agreement for the determination of any payments and benefits due
to the Participant upon the events described in this Plan. 
 6.2 Noncumulation of Benefits. Except as expressly provided in a
written agreement between a Participant and the Company entered into after the date of such Participant’s Participation Agreement and which expressly disclaims this Section 6.2 and is approved by the Board or the Committee, the
total amount of payments and benefits that may be received by the Participant as a result of the events described in (a) the Plan, (b) any agreement between the Participant and the Company, or (c) any other plan, practice or statutory
obligation of the Company, shall not exceed the amount of payments and benefits provided by this Plan upon such events, and the aggregate amounts payable under this Plan shall be reduced to the extent of any excess (but not below zero). 

 

	 	7.	EXCLUSIVE REMEDY 

 The
payments and benefits provided by this Plan, shall constitute the Participant’s sole and exclusive remedy for any alleged injury or other damages arising out of the cessation of the employment relationship between the Participant and the
Company in the event of the Participant’s Involuntary Termination. The Participant shall be entitled to no other compensation, benefits, or other payments from the Company as a result of the Participant’s Involuntary Termination with
respect to which the payments and benefits described in this Plan have been provided to the Participant, except as expressly set forth in this Plan or, subject to the provisions of Section 6.2, in a duly executed employment agreement
between Company and the Participant. 
  

	 	8.	PROPRIETARY AND CONFIDENTIAL INFORMATION 

The Participant agrees to continue to abide by the terms and conditions of the confidentiality and/or proprietary rights agreement between the
Participant and the Company or any other member of the Company Group. 
  

	 	9.	NONSOLICITATION 

 If the Company
performs its obligations to deliver the payments and benefits required by this Plan, then for a period equal to the Base Salary Benefit Period applicable to a Participant following the Participant’s Involuntary Termination, the Participant
shall not, directly or indirectly, recruit, solicit or invite the solicitation of any employees of the Company or any other member of the Company Group to terminate their employment relationship with the Company Group. 

  
 9 

	 	10.	NO CONTRACT OF EMPLOYMENT 

Neither the establishment of the Plan, nor any amendment thereto, nor the payment or provision of any benefits thereunder shall be construed as
giving any person the right to be retained by the Company, a Successor or any other member of the Company Group. Except as otherwise established in a written employment agreement between the Company and a Participant, the employment relationship
between the Participant and the Company is an “at-will” relationship. Accordingly, either the Participant or the Company may terminate the relationship at any time, with or without cause, and with or without notice except as otherwise
provided by Section 14. In addition, nothing in this Plan shall in any manner obligate any Successor or other member of the Company Group to offer employment to any Participant or to continue the employment of any Participant which it
does hire for any specific duration of time. 
  

	 	11.	CLAIMS FOR BENEFITS 

11.1 ERISA Plan. This Plan is intended to be (a) an employee welfare benefit plan as defined in Section 3(1) of ERISA and
(b) a “top-hat” plan maintained for the benefit of a select group of management or highly compensated employees of the Company Group. 

11.2 Application for Benefits. All applications for payments and/or benefits under the Plan
(“Benefits”) shall be submitted to the Company’s Chief Financial Officer (the “Claims Administrator”), with a copy to the Company’s Chief Executive Officer.
Applications for Benefits must be in writing on forms acceptable to the Claims Administrator and must be signed by the Participant or beneficiary. The Claims Administrator reserves the right to require the Participant or beneficiary to furnish such
other proof of the Participant’s expenses, including without limitation, receipts, canceled checks, bills, and invoices as may be required by the Claims Administrator. 

11.3 Appeal of Denial of Claim. 

(a) If a claimant’s claim for Benefits is denied, the Claims Administrator shall provide notice to the claimant in writing of the denial
within ninety (90) days after its submission. The notice shall be written in a manner calculated to be understood by the claimant and shall include: 

(1) The specific reason or reasons for the denial; 

(2) References to the specific Plan provisions on which the denial is based; 

(3) A description of any additional material or information necessary for the applicant to perfect the claim and an explanation of why such
material or information is necessary; and 

  
 10 

 (4) An explanation of the Plan’s claims review procedures and time limits applicable to
such procedures, including a statement of claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination. 

(b) If special circumstances require an extension of time for processing the initial claim, a written notice of the extension and the reason
therefor shall be furnished to the claimant before the end of the initial ninety (90) day period. In no event shall such extension exceed ninety (90) days. 

(c) If a claim for Benefits is denied, the claimant, at the claimant’s sole expense, may appeal the denial to the Committee as
constituted immediately prior to the applicable Involuntary Termination (the “Appeals Administrator”), regardless of whether all or any of the members of the Appeals Administrator continue to be affiliated with
the Company following the Involuntary Termination, within sixty (60) days of the receipt of written notice of the denial. In pursuing such appeal the claimant or his or her duly authorized representative: 

(1) may request in writing that the Appeals Administrator review the denial; 

(2) may review pertinent documents; and 

(3) may submit issues and comments in writing. 

(d) The decision on review shall be made within sixty (60) days of receipt of the request for review, unless special circumstances
require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of the request for review. If such an extension of time is required,
written notice of the extension shall be furnished to the claimant before the end of the original sixty (60) day period. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by the claimant,
and, if the decision on review is a denial of the claim for Benefits, shall include: 
 (1) The specific reason or reasons for the denial;

 (2) References to the specific Plan provisions on which the denial is based; 

(3) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Plan and
all documents, records and other information relevant to his or her claim for benefits; and 
 (4) A statement of claimant’s right to
bring a civil action under ERISA Section 502(a) following an adverse benefit determination. 
 11.4 Exhaustion of
Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes: 

  
 11 

 (a) No claimant shall be permitted to commence any legal action to recover benefits or to
enforce or clarify rights under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have been exhausted in their entirety; and 

(b) In any such legal action, all explicit and implicit determinations by the Claims Administrator (including, but not limited to,
determinations as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law. 
  

	 	12.	DISPUTE RESOLUTION 

In the event of any dispute or claim relating to or arising out of this Plan that is not resolved in accordance with procedure described in
Section 11, the Company and the Participant, each by executing a Participation Agreement, agree that all such disputes or claims shall be resolved by means of binding arbitration in Santa Clara County, California before a sole
arbitrator, in accordance with the laws of the State of California for agreements made in that State or as otherwise required by ERISA. Any arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures.
Judgment on the award may be entered in any court having jurisdiction. The prevailing party shall be entitled to recover from the losing party its attorneys’ fees and costs incurred in any action brought to enforce any right arising out of this
Plan. 
  

	 	13.	SUCCESSORS AND ASSIGNS 

13.1 Successors of the Company. The Company shall require any successor or assign (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, expressly, absolutely and unconditionally to assume and agree to perform this Plan in the same manner and to the same extent that the Company would
be required to perform it if no such succession or assignment had taken place. 
 13.2 Acknowledgment by Company. If the Company
fails to reasonably confirm that it has performed the obligation described in Section 13.1 within twenty (20) days after written request for such confirmation from a Participant, such failure shall be a material breach of this Plan
and shall entitle the Participant to resign for Good Reason and to receive the benefits provided under this Plan in the event of Involuntary Termination. 

13.3 Heirs and Representatives of Participant. This Plan shall inure to the benefit of and be enforceable by the Participants’
personal or legal representatives, executors, administrators, successors, heirs, distributees, devises, legatees or other beneficiaries. If a Participant should die while any amount would still be payable to the Participant hereunder (other than
amounts which, by their terms, terminate upon the death of the Participant) if the Participant had continued to live, then all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to the executors,
personal representatives or administrators of the Participant’s estate. 

  
 12 

	 	14.	NOTICES 

 14.1 General. For
purposes of this Plan, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by
overnight courier, postage prepaid, as follows: 
 (a) if to the Company: 

Viavi Solutions Inc. 
 430 North
McCarthy Boulevard 
 Milpitas, California 95035 

Attention: Chief Financial Officer 

(b) if to the Participant, at the home address which the Participant most recently communicated to the Company in writing. 

Either party may provide the other with notices of change of address, which shall be effective upon receipt. 

14.2 Notice of Termination. Any termination by the Company of the Participant’s employment or any resignation from employment by
the Participant shall be communicated by a notice of termination or resignation to the other party hereto given in accordance with Section 14.1. Such notice shall indicate the specific termination provision in this Plan relied upon,
shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the termination date. 

 

	 	15.	TERMINATION AND AMENDMENT OF PLAN 

Unless extended by the Board or the Committee, the Plan shall terminate and all Participation Agreements shall expire on the first to occur of
a Change of Control or the third anniversary of the Effective Date, provided that the obligation of the Company or a Successor to pay or provide all benefits to which a Participant has become entitled by reason of such Participant’s Involuntary
Termination occurring on or before the Plan’s termination date shall survive the Plan’s termination. Except as provided by the preceding sentence, the Plan and/or any Participation Agreement executed by a Participant may not be terminated
with respect to such Participant without the written consent of the Participant and the approval of the Board or the Committee. The Plan and/or any Participation Agreement executed by a Participant may be modified, amended or superseded with respect
to such Participant only by a supplemental written agreement between the Participant and the Company approved by the Board or the Committee. Notwithstanding any other provision of the Plan to the contrary, the Committee may, in its sole and absolute
discretion and without the consent of any Participant, amend the Plan or any Participation Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Participation
Agreement to any present or future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. 

  
 13 

	 	16.	MISCELLANEOUS PROVISIONS 

16.1 Administration. The Plan shall be administered by the Committee. The Committee shall have the exclusive discretion and authority
to establish rules, forms and procedures for the administration of the Plan, to construe and interpret the Plan, and to decide all questions of fact, interpretation, definition, computation or administration arising in connection with the Plan,
including, but not limited to, eligibility to participate in the Plan and the amount of benefits paid under the Plan. The rules, interpretations and other actions of the Committee shall be binding and conclusive on all persons. All expenses incurred
in connection with the administration of the Plan, including the claims procedures described in Section 11, shall be paid by the Company. 

16.2 Unfunded Obligation. Any amounts payable to Participants pursuant to the Plan are unfunded obligations. The Company shall not be
required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust
investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the
Board or the Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company. 

16.3 No Duty to Mitigate; Obligations of Company. A Participant shall not be required to mitigate the amount of any payment or benefit
contemplated by this Plan by seeking employment with a new employer or otherwise, nor shall any such payment or benefit be reduced by any compensation or benefits that the Participant may receive from employment by another employer. Except as
otherwise provided by this Plan, the obligations of the Company to make payments to the Participant and to make the arrangements provided for herein are absolute and unconditional and may not be reduced by any circumstances, including without
limitation any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Participant or any third party at any time. 

16.4 Clawback. Without the consent of any Participant, the obligations of the Company to make a payment pursuant to this Plan shall be
subject to (a) the terms and conditions of a policy on the recoupment of incentive compensation as shall be adopted by the Company to implement the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (the “Dodd-Frank Act”) or other mandate under law applicable to such payment, or (b) a determination by the Committee that an action with regard to such payment is appropriate after obtaining in
connection with an Involuntary Termination a stockholder advisory vote required by Section 951 of the Dodd-Frank Act, or any successor provision, on golden parachute compensation arrangements, provided that such payment is a subject of that
advisory vote. 
 16.5 No Representations. By executing a Participation Agreement, the Participant acknowledges that in becoming a
Participant in the Plan, the Participant is not relying and has not relied on any promise, representation or statement made by or on behalf of the Company which is not set forth in this Plan. 

  
 14 

 16.6 Waiver. No waiver by the Participant or the Company of any breach of, or of any lack
of compliance with, any condition or provision of this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

16.7 Choice of Law. The validity, interpretation, construction and performance of this Plan shall be governed by the substantive laws
of the State of California, without regard to its conflict of law provisions. 
 16.8 Validity. The invalidity or unenforceability of
any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect. 

16.9 Benefits Not Assignable. Except as otherwise provided herein or by law, no right or interest of any Participant under the Plan
shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including, without limitation, by execution, levy, garnishment, attachment, pledge or in any other manner, and no attempted transfer or
assignment thereof shall be effective. No right or interest of any Participant under the Plan shall be liable for, or subject to, any obligation or liability of such Participant. 

16.10 Tax Withholding. All payments made pursuant to this Plan will be subject to withholding of applicable income and employment
taxes. 
 16.11 Consultation with Legal and Financial Advisors. By executing a Participation Agreement, the Participant acknowledges
that this Plan confers significant legal rights, and may also involve the waiver of rights under other agreements; that the Company has encouraged the Participant to consult with the Participant’s personal legal and financial advisors; and that
the Participant has had adequate time to consult with the Participant’s advisors before executing the Participation Agreement. 
 16.12
Further Assurances. From time to time, at the Company’s request and without further consideration, the Participant shall execute and deliver such additional documents and take all such further action as reasonably requested by the
Company to be necessary or desirable to make effective, in the most expeditious manner possible, the terms of the Plan, the Participant’s Participation Agreement and the Release, and to provide adequate assurance of the Participant’s due
performance thereunder. 
  

	 	17.	AGREEMENT 

 By executing a
Participation Agreement, the Participant acknowledges that the Participant has received a copy of this Plan and has read, understands and is familiar with the terms and provisions of this Plan. This Plan shall constitute an agreement between the
Company and the Participant executing a Participation Agreement. 

  
 15 

 IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies that the foregoing sets
forth the Plan as duly adopted by the Committee on October 14, 2015. 
  

	
	 /s/ Kevin Siebert

	Kevin Siebert, Secretary

  
 16 

 EXHIBIT A 

FORM OF 
 AGREEMENT TO PARTICIPATE
IN THE 
 VIAVI SOLUTIONS INC. 

EXECUTIVE SEVERANCE AND RETENTION PLAN 

 AGREEMENT TO PARTICIPATE IN THE 

VIAVI SOLUTIONS INC. 

EXECUTIVE SEVERANCE AND RETENTION PLAN 

In consideration of the benefits provided by the Viavi Solutions Inc. Executive Severance and Retention Plan (the
“Plan”), the undersigned employee of Viavi Solutions Inc. (the “Company”) and the Company agree that, as of the date written below, the undersigned shall become a
Participant in the Plan and shall be fully bound by and subject to all of its provisions. All references to a “Participant” in the Plan shall be deemed to refer to the undersigned. 

For the purposes of the Participant’s participation in the Plan, certain capitalized terms shall have the following meanings: 

 

	 	1.	“Base Salary Benefit Period” means: 

  

	 	a.	If Involuntary Termination occurs before [2ND ANNIVERSARY OF EMPLOYMENT/PROMOTION], a period of [●] months; 

  

	 	b.	If Involuntary Termination occurs on or after [2ND ANNIVERSARY OF EMPLOYMENT/PROMOTION], a period of [●] months; 

  

	 	c.	provided further that, notwithstanding the foregoing, if Involuntary Termination occurs during the Retention Period, a period of [●] months. 

 

	 	2.	“Retention Period” means [●] [a period commencing on the Effective Date and ending on the last to occur of (i) the first anniversary of the hiring of a new Chief Executive Officer of
the Company after the Effective Date and (ii) December 31, 2016.] 

  

	 	3.	“Time-Based RSU Acceleration Period” means a period of [●] months. 

  

	 	4.	“Performance-Based RSU Continued Vesting Period” means a period ending [●] months following the Participant’s employment termination date. 

The undersigned employee acknowledges that the Plan confers significant legal rights and may also constitute a waiver of rights under other
agreements with the Company; that the Company has encouraged the undersigned to consult with the undersigned’s personal legal and financial advisors; and that the undersigned has had adequate time to consult with the undersigned’s advisors
before executing this agreement. 
 The undersigned employee acknowledges that he or she has received a copy of the Plan and has read,
understands and is familiar with the terms and provisions of the Plan. The undersigned employee further acknowledges that (1) by accepting the arbitration provision set forth in Section 12 of the Plan, the undersigned is waiving any
right to a jury trial in the event of any dispute covered by such provision and (2) except as otherwise established in a written employment agreement between the Company and the undersigned, the employment relationship between the undersigned
and the Company is an “at-will” relationship. 

 Executed on
                                        .

  

							
	PARTICIPANT	 		 	VIAVI SOLUTIONS INC.
				
	  
	 		 	By:	 	  

	Signature	 		 		 	
				
	  
	 		 	Title:	 	  

	Name Printed	 		 		 	
				
	  
	 		 		 	
	Address	 		 		 	
				
	  
	 		 		 	

 EXHIBIT B 

FORM OF 
 GENERAL RELEASE OF
CLAIMS 
 [Age 40 and over] 

 GENERAL RELEASE OF CLAIMS 

[Age 40 and over] 
 This
Agreement is by and between [Employee Name] (“Employee”) and [Viavi Solutions Inc. or Successor that agrees to assume the Executive Severance and Retention Plan] (the “Company”). This Agreement will become effective
on the eighth (8th) day after it is signed by Employee (the “Effective Date”), provided that the Company has signed this Agreement and Employee has not revoked this Agreement (by written notice to [Company Contact Name] at the
Company) prior to that date. 
 RECITALS 

A. Employee was employed by the Company as of
                    ,             . 

B. Employee and the Company entered into an Agreement to Participate in the Viavi Solutions Inc. Executive Severance and Retention Plan (such
agreement and plan being referred to herein as the “Plan”) effective as of                     ,
            wherein Employee is entitled to receive certain benefits in the event of an Involuntary Termination (as defined by the Plan), provided Employee signs and does not revoke a
Release (as defined by the Plan). 
 C. Employee’s employment has been terminated as a result of an Involuntary Termination (as defined
by the Plan). Employee’s last day of work and termination are effective as of                     ,
            . Employee desires to receive the payments and benefits provided by the Plan by executing this Release. 

NOW, THEREFORE, the parties agree as follows: 

1. Commencing on the Effective Date, the Company shall provide Employee with the applicable payments and benefits set forth in the Plan in
accordance with the terms of the Plan. Employee acknowledges that the payments and benefits made pursuant to this paragraph are made in full satisfaction of the Company’s obligations under the Plan. Employee further acknowledges that Employee
has been paid all wages and accrued, unused vacation that Employee earned during his or her employment with the Company. 
 2. Employee and
Employee’s successors release the Company, its respective subsidiaries, stockholders, investors, directors, officers, employees, agents, attorneys, insurers, legal successors and assigns of and from any and all claims, actions and causes of
action, whether now known or unknown, which Employee now has, or at any other time had, or shall or may have against those released parties based upon or arising out of any matter, cause, fact, thing, act or omission whatsoever directly related to
Employee’s employment by the Company or the termination of such employment and occurring or existing at any time up to and including the Effective Date, including, but not limited to, any claims of breach of written contract, wrongful
termination, retaliation, fraud, defamation, infliction of emotional distress, or national origin, race, age, sex, sexual orientation, disability or other discrimination or harassment under the Civil Rights Act of 1964, the Age Discrimination In
Employment Act of 1967, the Americans with Disabilities Act, the Fair Employment and Housing Act or any other applicable law. Notwithstanding the foregoing, this release shall not apply to any right of the Employee to receive the applicable payments
and benefits set forth in the Plan in accordance with the terms of the Plan. 

 3. Employee acknowledges that he or she has read Section 1542 of the Civil Code of the State
of California, which states in full: 
 A general release does not extend to claims which the creditor does not know or suspect to exist in
his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

Employee waives any rights that Employee has or may have under Section 1542 and comparable or similar provisions of the laws of other states in the
United States to the full extent that he or she may lawfully waive such rights pertaining to this general release of claims, and affirms that Employee is releasing all known and unknown claims that he or she has or may have against the parties
listed above. 
 4. Employee and the Company acknowledge and agree that they shall continue to be bound by and comply with the terms and
obligations under the following agreements: (i) any proprietary rights or confidentiality agreements between the Company and Employee, (ii) the Plan, and (iii) any stock option, stock grant or other equity award agreements between the
Company and Employee. 
 5. This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective
successors, assigns, heirs and personal representatives. 
 6. The parties agree that any and all disputes that both (i) arise out of
the Plan, the interpretation, validity or enforceability of the Plan or the alleged breach thereof and (ii) relate to the enforceability of this Agreement or the interpretation of the terms of this Agreement shall be subject to the provisions
of Section 11 and Section 12 of the Plan. 
 7. The parties agree that any and all disputes that (i) do not
arise out of the Plan, the interpretation, validity or enforceability of the Plan or the alleged breach thereof and (ii) relate to the enforceability of this Agreement, the interpretation of the terms of this Agreement or any of the matters
herein released or herein described shall be resolved by means of a court trial conducted by the superior or district court in Santa Clara County, California. The parties hereby irrevocably waive their respective rights to have any such disputes
tried to a jury, and the parties hereby agree that such courts will have personal and subject matter jurisdiction over all such disputes. Notwithstanding the foregoing, in the event of any such dispute, the parties may agree to mediate or arbitrate
the dispute on such terms and conditions as may be agreed in writing by the parties. The prevailing party shall be entitled to recover from the losing party its attorneys’ fees and costs incurred in any action brought to resolve any such
dispute. 
 8. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes
all prior negotiations and agreements, whether written or oral, with the exception of any agreements described in paragraph 4 of this Agreement. This Agreement may not be modified or amended except by a document signed by

  
 -2- 

 
an authorized officer of the Company and Employee. If any provision of this Agreement is deemed invalid, illegal or unenforceable, such provision shall be modified so as to make it valid, legal
and enforceable, and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected. 

EMPLOYEE UNDERSTANDS THAT EMPLOYEE SHOULD CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT AND THAT EMPLOYEE IS GIVING UP ANY LEGAL CLAIMS EMPLOYEE
HAS AGAINST THE PARTIES RELEASED ABOVE BY SIGNING THIS AGREEMENT. EMPLOYEE FURTHER UNDERSTANDS THAT EMPLOYEE MAY HAVE UP TO [21] [45] DAYS TO CONSIDER THIS AGREEMENT, THAT EMPLOYEE MAY REVOKE IT AT ANY TIME DURING THE 7 DAYS AFTER EMPLOYEE SIGNS IT,
AND THAT IT SHALL NOT BECOME EFFECTIVE UNTIL THAT 7-DAY PERIOD HAS PASSED. EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE IS SIGNING THIS AGREEMENT KNOWINGLY, WILLINGLY AND VOLUNTARILY IN EXCHANGE FOR THE COMPENSATION AND BENEFITS DESCRIBED IN
PARAGRAPH 1. 
  

									
	Dated:	 	  
	 		 	  

		 		 		 	[Employee Name]
				
		 		 		 	[Company]
					
	Dated:	 	  
	 		 	By:	 	  

  
 -3- 

 EXHIBIT C 

FORM OF 
 GENERAL RELEASE OF
CLAIMS 
 [Under age 40] 

 GENERAL RELEASE OF CLAIMS 

[Under age 40] 
 This
Agreement is by and between [Employee Name] (“Employee”) and [Viavi Solutions Inc. or Successor that agrees to assume the Executive Severance and Retention Plan] (the “Company”). This Agreement is effective on the
day it is signed by Employee (the “Effective Date”). 
 RECITALS 

A. Employee was employed by the Company as of
                    ,             . 

B. Employee and the Company entered into an Agreement to Participate in the Viavi Solutions Inc. Executive Severance and Retention Plan (such
agreement and plan being referred to herein as the “Plan”) effective as of                     ,
            wherein Employee is entitled to receive certain benefits in the event of an Involuntary Termination (as defined by the Plan), provided Employee signs a Release (as defined by
the Plan). 
 C. Employee’s employment has been terminated as a result of an Involuntary Termination (as defined by the Plan).
Employee’s last day of work and termination are effective as of                     ,
            (the “Termination Date”). Employee desires to receive the payments and benefits provided by the Plan by executing this Release. 

NOW, THEREFORE, the parties agree as follows: 

1. Commencing on the Effective Date, the Company shall provide Employee with the applicable payments and benefits set forth in the Plan in
accordance with the terms of the Plan. Employee acknowledges that the payments and benefits made pursuant to this paragraph are made in full satisfaction of the Company’s obligations under the Plan. Employee further acknowledges that Employee
has been paid all wages and accrued, unused vacation that Employee earned during his or her employment with the Company. 
 2. Employee and
Employee’s successors release the Company, its respective subsidiaries, stockholders, investors, directors, officers, employees, agents, attorneys, insurers, legal successors and assigns of and from any and all claims, actions and causes of
action, whether now known or unknown, which Employee now has, or at any other time had, or shall or may have against those released parties based upon or arising out of any matter, cause, fact, thing, act or omission whatsoever directly related to
Employee’s employment by the Company or the termination of such employment and occurring or existing at any time up to and including the Termination Date, including, but not limited to, any claims of breach of written contract, wrongful
termination, retaliation, fraud, defamation, infliction of emotional distress, or national origin, race, age, sex, sexual orientation, disability or other discrimination or harassment under the Civil Rights Act of 1964, the Age Discrimination In
Employment Act of 1967, the Americans with Disabilities Act, the Fair Employment and Housing Act or any other applicable law. Notwithstanding the foregoing, this release shall not apply to any right of the Employee to receive the applicable payments
and benefits set forth in the Plan in accordance with the terms of the Plan. 

  
 -1- 

 3. Employee acknowledges that he or she has read Section 1542 of the Civil Code of the State
of California, which states in full: 
 A general release does not extend to claims which the creditor does not know or suspect to exist in
his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

Employee waives any rights that Employee has or may have under Section 1542 and comparable or similar provisions of the laws of other states in the
United States to the full extent that he or she may lawfully waive such rights pertaining to this general release of claims, and affirms that Employee is releasing all known and unknown claims that he or she has or may have against the parties
listed above. 
 4. Employee and the Company acknowledge and agree that they shall continue to be bound by and comply with the terms and his
obligations under the following agreements: (i) any proprietary rights or confidentiality agreements between the Company and Employee, (ii) the Plan, and (iii) any stock option, stock grant or other equity award agreements between the
Company and Employee. 
 5. This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective
successors, assigns, heirs and personal representatives. 
 6. The parties agree that any and all disputes that both (i) arise out of
the Plan, the interpretation, validity or enforceability of the Plan or the alleged breach thereof and (ii) relate to the enforceability of this Agreement or the interpretation of the terms of this Agreement shall be subject to
Section 11 and Section 12 of the Plan. 
 7. The parties agree that any and all disputes that (i) do not arise
out of the Plan, the interpretation, validity or enforceability of the Plan or the alleged breach thereof and (ii) relate to the enforceability of this Agreement, the interpretation of the terms of this Agreement or any of the matters herein
released or herein described shall be resolved by means of a court trial conducted by the superior or district court in Santa Clara County, California. The parties hereby irrevocably waive their respective rights to have any such disputes tried to a
jury, and the parties hereby agree that such courts will have personal and subject matter jurisdiction over all such disputes. Notwithstanding the foregoing, in the event of any such dispute, the parties may agree to mediate or arbitrate the dispute
on such terms and conditions as may be agreed in writing by the parties. The prevailing party shall be entitled to recover from the losing party its attorneys’ fees and costs incurred in any action brought to resolve any such dispute. 

8. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
negotiations and agreements, whether written or oral, with the exception of any agreements described in paragraph 4 of this Agreement. This Agreement may not be modified or amended except by a document signed by an authorized officer of the
Company and Employee. If any provision of this Agreement is deemed invalid, illegal or unenforceable, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining
provisions of this Agreement shall not in any way be affected. 

  
 -2- 

 EMPLOYEE UNDERSTANDS THAT EMPLOYEE SHOULD CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT AND THAT
EMPLOYEE IS GIVING UP ANY LEGAL CLAIMS EMPLOYEE HAS AGAINST THE PARTIES RELEASED ABOVE BY SIGNING THIS AGREEMENT. EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE IS SIGNING THIS AGREEMENT KNOWINGLY, WILLINGLY AND VOLUNTARILY IN EXCHANGE FOR THE COMPENSATION AND
BENEFITS DESCRIBED IN PARAGRAPH 1. 
  

									
	Dated:	 	  
	 		 	  

		 		 		 	[Employee Name]
				
		 		 		 	[Company]
					
	Dated:	 	  
	 		 	By:	 	  

  
 -3-EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 NOTES
PURCHASE AGREEMENT 
 This Notes Purchase Agreement (this “Agreement”) is dated as of October 14, 2015, between
Keryx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), and Baupost Group Securities, L.L.C., a Massachusetts limited liability company (the “Purchaser”). 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an indenture to be dated on or about October 16,
2015 (the “Indenture”), by and among the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), in substantially the form of Exhibit B attached hereto, with such changes as
the Trustee may reasonably request, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described in this Agreement. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1: 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities Act. 

“Board” means the Company’s board of directors. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Capital Stock” of any Person means (a) in the case of a corporation, corporate stock of such Person,
(b) in the case of an association or business entity, shares, interests, participations, rights or other equivalents (however designated) of corporate stock of such Person, (c) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited) of such Person and (d) in the case of any other legal form, any other interest or participation of such Person that confers the right to receive a share of the profits and losses
of, or distribution of assets of, such Person. 
 “Closing” means the closing of the purchase and sale of
the Notes pursuant to Section 2.1. 

 “Closing Date” means the Trading Day on which this Agreement has
been executed and delivered by the parties hereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Notes, in each case, have been
satisfied or waived, but in no event later than the third Trading Day following the date hereof. 

“Commission” means the United States Securities and Exchange Commission. 

“Company Counsel” means Alston & Bird LLP with offices located at 90 Park Avenue, New York, NY 10016.

 “Company Intellectual Property” shall have the meaning ascribed to such term in Section 3.1(q). 

“Company Patent Applications” shall have the meaning ascribed to such term in Section 3.1(r). 

“Company Patents” shall have the meaning ascribed to such term in Section 3.1(q). 

“Common Stock” means the common stock of the Company, par value $0.001 per share. 

“Enforceability Exceptions” shall have the meaning ascribed to such term in Section 3.1(f). 

“Environmental Laws” shall have the meaning ascribed to such term in Section 3.1(n). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “FDA” shall have the meaning ascribed to such term in Section 3.1(o). 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(h). 

“Indenture” shall have the meaning ascribed to such term in the recitals. 

“Investor Designee” shall have the meaning ascribed to such term in the Registration Rights Agreement;
however, for the purposes of Section 4.6, “Investor Designee” means any Investor Designee that is also a partner, member or employee of the Purchaser (or serves in a similar capacity) and also includes any partner, member or
employee of the Purchaser (or person serving in a similar capacity) that is serving as an Investor Observer pursuant to the Registration Rights Agreement. 

“Liens” means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or
other restriction. 

  
 2 

 “Material Adverse Effect” shall have the meaning ascribed to
such term in Section 3.1(b). 
 “Notes” shall have the meaning ascribed to such term in
Section 2.1. 
 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” or “proceeding” means an action, claim, suit, investigation or proceeding
(including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

“PTO” shall have the meaning ascribed to such term in Section 3.1(q). 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.2. 

“Registration Rights Agreement” shall mean that certain Registration Rights Agreement between the Purchaser
and the Company, to be dated on or about October 16, 2015, in substantially the form of Exhibit A attached hereto, as the same may be amended from time to time. 

“Sanctions” shall have the meaning ascribed to such term in 3.1(aa). 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Share Conversion Cap” shall have the meaning ascribed to such term in the Indenture. 

“Subscription Amount” has the meaning set forth in Section 2.1. 

“Subsidiary” means in respect of any Person, any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers,
general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person; (b) such Person and one or more Subsidiaries of such Person; or (c) one or more Subsidiaries of such Person. 

“Trading Day” means a day on which the NASDAQ Capital Market is open for trading. 

“Transaction Agreements” means this Agreement, the Indenture, the Notes and the Registration Rights Agreement.

 “Trustee” shall have the meaning ascribed to such term in the recitals. 

  
 3 

 ARTICLE II. 

PURCHASE AND SALE 
 2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees to purchase, $125,000,000 aggregate principal amount of zero-coupon senior convertible notes
(the “Notes”) upon the terms and subject to the conditions contained in the Transaction Agreements. The Company shall deliver to the Purchaser one or more certificates, in substantially the form of Exhibit D attached hereto,
representing the Notes, as the case may be, registered in such names and denominations as the Purchaser may request, against payment by the Purchasers of $125,000,000 (the “Subscription Amount”) by wire transfer of federal (same
day) funds to the account specified by the Company. The Closing of the purchase of the Notes shall occur at the offices of Company Counsel or such other location as the parties shall mutually agree. 

2.2 Deliveries. 

(a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following: 

(i) the Transaction Agreements duly executed by the Company and, in the case of the Notes and the Indenture, the Trustee; 

(ii) one or more certificated Notes in such names and denominations as the Purchaser may request duly authenticated by the
Trustee in an aggregate principal amount of $125,000,000; 
 (iii) a certificate in form and substance reasonably
satisfactory to the Purchaser duly executed on behalf of the Company by an authorized executive officer of the Company, certifying that (A) the representations and warranties of the Company contained in Article III shall be true and correct in
all respects as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, which shall be true and correct in all respects as of that
specified date), and (B) the conditions to Closing set forth in Section 2.3(a)(ii) of this Agreement have been fulfilled; 

(iv) a certificate of the secretary of the Company dated as of the Closing Date certifying (A) that attached thereto is a
true and complete copy of the bylaws of the Company as in effect at the time of the actions by the Board referred to in clause (B) below, and on the Closing Date; (B) that attached thereto is a true and complete copy of all resolutions
adopted by the Board authorizing the execution, delivery and performance of the Transaction Agreements and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated
hereby as of the Closing Date; (C) that attached thereto is a true and complete copy of the Company’s Certificate of Incorporation as in effect at the time of the actions by the Board referred to in clause (B) above, and on the
Closing Date; and (D) as to the incumbency of any officer of the Company executing a Transaction Agreement on behalf of the Company; and 

  
 4 

 (v) a legal opinion of Company Counsel, in substantially the form of Exhibit
C attached hereto. 
 (b) On or prior to the Closing Date, the Purchaser shall deliver to the Company, the following:

 (i) the Transaction Agreements to which the Purchaser is a party duly executed by the Purchaser; and 

(ii) the Subscription Amount by wire transfer to the account specified by the Company. 

2.3 Closing Conditions. 

(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met
or able to be satisfied contemporaneous with the Closing: 
 (i) the accuracy in all material respects on the Closing Date of
the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 

(ii) all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall
have been performed; and 
 (iii) the delivery by the Purchaser of the items set forth in Section 2.2(b) of this
Agreement. 
 (b) The obligations of the Purchaser hereunder in connection with the Closing are subject to the following
conditions being met or able to be satisfied contemporaneous with the Closing: 
 (i) the accuracy in all material respects
when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 

(ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall
have been performed; 
 (iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement and
any such further certificates and documents as the Purchaser may reasonably request; 

  
 5 

 (iv) there shall have been no Material Adverse Effect with respect to the Company
since the date hereof; and 
 (v) there shall be a vacancy on the Board to permit the appointment of the Investor Designee to
the Board as of the Closing. 
 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to the
Purchaser: 
 (a) Subsidiaries. the Company owns, directly or indirectly, all of the capital stock or other equity
interests of each of its Subsidiaries free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to
subscribe for or purchase securities. Other than the Subsidiaries, the Company does not control, directly or indirectly, through one or more intermediaries, any other Person. 

(b) Organization and Qualification. The Company and each of its Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently
conducted. Neither the Company nor any of its Subsidiaries is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and
its Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a material adverse effect on (i) the results of operations, assets, business or condition (financial or
otherwise) of the Company and its Subsidiaries, taken as a whole, or (ii) the consummation of the transactions contemplated by the Transaction Agreements (each, a “Material Adverse Effect”). 

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to
consummate the transactions contemplated by the Transaction Agreements and otherwise to carry out its obligations thereunder. The execution and delivery of the Transaction Agreements by the Company, and in the case of the Notes and the Indenture, by
the Trustee, and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part of the Company, its officers, directors and shareholders and no further action is required by the Company,
its officers, directors or shareholders in connection therewith, other than application to the NASDAQ Capital Market for the listing of the additional shares of Common Stock into which the Notes are initially convertible for trading thereon in the
time and manner required thereby. The Transaction Agreements have been duly executed and delivered by the Company, and in the case of the Notes and the 

  
 6 

 
Indenture, by the Trustee, and constitute the valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

(d) No Conflicts. The execution, delivery and performance by the Company of the Transaction Agreements, the issuance and
sale of the Notes, including the shares of Common Stock into which the Notes are initially convertible, and the consummation by it of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the
Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of
time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the
Company or any Subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company
or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not have or reasonably be expected to result in a Material Adverse Effect. 
 (e) Filings, Consents and Approvals.
Except as provided in the Registration Rights Agreement, the Company is not required to obtain any consent, waiver, authorization, approval or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Agreements and the consummation of the transactions contemplated thereby, other than application to
the NASDAQ Capital Market for the listing of the additional share of Common Stock into which the Notes are initially convertible for trading thereon in the time and manner required thereby. 

(f) The Indenture. The Indenture has been duly authorized by the Company and, when duly executed and delivered in
accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability Exceptions”). 

  
 7 

 (g) Issuance of the Notes. The Notes have been duly authorized by the
Company and, when duly executed, authenticated, issued and delivered against payment therefor as provided herein and in the Indenture, will be duly and validly issued, fully paid and nonassessable and will constitute valid and legally binding
obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture free and clear of any Lien and will conform to the description
thereof in the Indenture; and the issuance of the Notes is not subject to any preemptive or similar rights that have not been waived. Upon issuance and delivery of the Notes in accordance with this Agreement and the Indenture, the Notes will be
convertible at the option of the holder thereof into shares of Common Stock in accordance with the terms of the Notes. The maximum number of shares of Common Stock initially issuable upon conversion of the Notes (subject to the Share Conversion Cap)
have been duly authorized and reserved for issuance upon such conversion by all necessary corporate action, and, when issued upon such conversion in accordance with the terms of the Notes, will be validly issued, fully paid and non-assessable; no
holder of the shares of Common Stock will be subject to personal liability by reason of being such a holder; and the issuance of the shares of Common Stock upon such conversion will not be subject to the preemptive or other similar rights of any
shareholder of the Company. 
 (h) SEC Reports; Financial Statements. 

(i) Since January 1, 2012, the Company has filed all reports, schedules, forms, statements and other documents with the Commission
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof and the Company will file prior to the Closing all forms,
reports and documents with the Commission that are required to be filed by it under the Securities Act and the Exchange Act prior to such time (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received or will receive a valid extension of such time of filing and has filed or will file any such SEC Reports prior to the expiration of any
such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the
Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods specified therein (“GAAP”), except as may be otherwise specified in such financial statements or the
notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 

  
 8 

 (ii) To the knowledge of the Company, the Company has (x) devised and maintained a system
of internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and preparation of financial statements in accordance with GAAP, and has evaluated such system on a quarterly basis and
concluded that it is effective and (y) disclosed to the Company’s auditors and the audit committee of the Company’s board of directors (i) all significant deficiencies and material weaknesses in the design or operation of
internal controls over financial reporting that have been identified and which are reasonably likely to adversely affect the Company’s or its Subsidiaries’ ability to record, process, summarize and report financial information and
(ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls of the Company. The Company has established and maintains disclosure controls and procedures (as such
term is defined in Rule 13a-14 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company and its Subsidiaries required to be included in the Company’s periodic
reports under the Exchange Act is made known to the Company’s principal executive officer and its principal financial officer by others within those entities, and, to the knowledge of the Company, such disclosure controls and procedures are
effective in timely alerting the Company’s principal executive officer and its principal financial officer to such material information required to be included in the Company’s periodic reports required under the Exchange Act. There
are no outstanding loans made by the Company or its Subsidiaries to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of the Company. Since the enactment of the Sarbanes-Oxley Act of 2002, neither the Company
nor any Subsidiary has made any loans to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of the Company or any Subsidiary. 

(iii) Neither the Company nor its Subsidiaries is a party to, or has any commitment to become a party to, (x) any off-balance sheet
partnership or any similar contract or arrangement (including any contract or arrangement relating to any transaction or relationship between or among the Company and any Subsidiary, on the one hand, and any unconsolidated Affiliate on the other
hand), including any “off-balance sheet arrangement” (as defined in Item 303(a) of Regulation S-K promulgated by the Commission); (y) any hedging, derivatives or similar contract or arrangement, in each case in an amount material
to the Company and its Subsidiaries, taken as a whole, or (z) any contract or arrangement pursuant to which the Company or any Subsidiary is obligated to make any capital contribution or other investment in or loan to any Person (other than a
Subsidiary of the Company). 
 (i) Duly Authorized Capital Stock. The issued and outstanding shares of capital stock
of the Company have been validly issued, are fully paid and nonassessable and are not subject to any preemptive or similar rights that have not been effectively waived. The Company has an authorized, issued and outstanding capitalization as set
forth in the SEC Reports (other than the grant of additional options under the Company’s existing stock option plans, or changes in the number of outstanding shares of Common Stock due to the issuance of shares upon the exercise or conversion
of securities exercisable for, or convertible into, shares of Common Stock outstanding on the date hereof, including without limitation issuances of shares under the Company’s employee stock purchase plan) and such authorized capital stock
conforms to the description thereof set forth in the SEC Reports. The description of the securities of the Company in 

  
 9 

 
the SEC Reports is complete and accurate in all material respects. Except as disclosed in the SEC Reports, as of the dates referred to therein, the Company did not have outstanding any options to
purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities. 

(j) Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial
statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, the business of the Company and its Subsidiaries has been conducted in the ordinary course of business consistent
with past practices and (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or
otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to
GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or
purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option
plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except for the issuance of the Notes contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or
development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition that would be required to be
disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made. Except for the
transactions contemplated hereby, which the Company covenants and agrees will be fully disclosed on Form 8-K within four business days of the date hereof, the Company is not aware of any material non-public information regarding the Company that has
not previously been disclosed in the SEC Reports. 
 (k) Litigation. There are no material legal or governmental
proceedings pending or, to the knowledge of the Company, threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject (i) other than proceedings
accurately described in all material respects in the SEC Reports or (ii) that are required to be described in the SEC Reports and are not so described; and there are no statutes, regulations, contracts or other documents that are required to be
described in the SEC Reports or to be filed as exhibits to the SEC Reports that are not described or filed as required. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a
claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission

  
 10 

 
involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 
 (l) Accountants. UHY
LLP, who have certified certain financial statements of the Company and its Subsidiaries, are independent public accountants as required by the rules and regulations of the Commission. 

(m) Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event
has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that
it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in
violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in the case of clauses (ii) or (iii) as could not
have or reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Company, neither the Company or its Subsidiaries nor any director, officer, employee, consultant or agent of the Company or its Subsidiaries has
(i) used any funds for unlawful contributions, gifts, entertainment or other unlawful payments relating to political activity, (ii) made any unlawful payment to any foreign or domestic government official or employee or to any foreign or
domestic political party or campaign or violated any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, (iii) consummated any transaction, made any payment, entered into any contract or arrangement or taken any other
action in violation of Section 1128B(b) of the U.S. Social Security Act, as amended, (iv) consummated any transaction, made any payment, entered into any contract or arrangement or taken any other action in violation of the Currency and
Foreign Transactions Reporting Act of 1970, as amended, the anti-money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened, or (iv) made any other similar unlawful payment under any similar foreign laws. 

(n) Environmental. The Company and its Subsidiaries (i) are in compliance with any and all applicable foreign,
federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”), (ii) have
received all permits, licenses or other approvals required of them under applicable 

  
 11 

 
Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance
with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a Material Adverse
Effect. There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit,
license or approval, any related constraints on operating activities and any potential liabilities to third parties) which would, singly or in the aggregate, have a Material Adverse Effect. 

(o) Regulatory Permits. The Company and its Subsidiaries possess all material certificates, authorizations and permits
issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as currently conducted and as described in the SEC Reports, including without limitation all such certificates,
authorizations and permits required by the United States Food and Drug Administration (the “FDA”) or any other federal, state or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous materials, and
neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such material, singly or in the aggregate, certificate, authorization or permit, except as described in the SEC Reports.

 (p) Title to Assets. The Company and its Subsidiaries have good and marketable title in fee simple to all real
property owned by them and good and marketable title in all personal property (whether tangible or intangible) owned by them that is material to the business of the Company and its Subsidiaries, in each case free and clear of all Liens, except for
Liens that do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries and (iii) Liens for the payment of federal, state or
other taxes, for which appropriate reserves have been made in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with which the Company and its Subsidiaries are in compliance. 

(q) Intellectual Property. Except as described in the SEC Reports, (i) the Company and its Subsidiaries own,
possess, or have valid, binding and enforceable licenses or other rights to use the patents, patent rights and patent applications, copyrights, trademarks, service marks, trade names, Internet domain names, technology, confidential information,
software, know-how, (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) and other intellectual property and proprietary rights necessary or used in connection with the
conduct of their business in the manner in which it is presently being conducted and in the manner set forth in the SEC Reports (collectively, the “Company Intellectual Property”), except as would not reasonably be expected to
result in a Material Adverse Effect, and to the extent that the Company Intellectual Property is not sufficient to so conduct their business, including with respect to any products described in the SEC

  
 12 

 
Reports as being under development, the Company believes it can acquire such rights on reasonable terms; (ii) to the knowledge of the Company, (A) none of the patents and patent
applications owned by the Company or its Subsidiaries (the “Company Patents”) is invalid or unenforceable and neither the Company nor any of its Subsidiaries has received any challenge (including without limitation, notices of
expiration) to the validity or enforceability of Company Patents from any third party or governmental authority and the Company and its Subsidiaries have made all filings and paid all fees necessary to maintain any Company Patents owned by any of
them, and (B) none of the Company Intellectual Property owned by the Company or its Subsidiaries is invalid or unenforceable and neither the Company nor any of its Subsidiaries has received any challenge (including without limitation, notices
of expiration) to the validity or enforceability of Company Intellectual Property from any third party or governmental authority and the Company and its Subsidiaries have made all filings and paid all fees necessary to maintain any Company
Intellectual Property owned by any of them, except as would not reasonably be expected to result in a Material Adverse Effect for Company Intellectual Property other than Company Patents; (iii) the Company and its Subsidiaries have taken
reasonable measures necessary to secure their interests in Company Intellectual Property, including the confidentiality of all trade secrets and confidential information which constitutes Company Intellectual Property, and to secure assignment of
Company Intellectual Property from its employees and contractors; (iv) neither the Company nor any of its Subsidiaries has received any claim of infringement or misappropriation of (and the Company does not know of any infringement or
misappropriation of) intellectual property rights of others by the Company or any of its Subsidiaries (A) with respect to the Company Patents or (B) with respect to the Company Intellectual Property, except as would not reasonably be
expected to result in a Material Adverse Effect for Company Intellectual Property other than Company Patents; (vi) the Company and its Subsidiaries are not in breach of, and have complied with all terms of, any license or other agreement
relating to any Company Intellectual Property, and no party to any such agreement has given the Company or its Subsidiaries notice of its intention to cancel, terminate, alter the scope of rights under or fail to renew any such agreement, except as
would not reasonably be expected to result in a Material Adverse Effect; and (vii) no suit or other proceeding is pending against the Company or any of its Subsidiaries concerning any agreement concerning the Company Intellectual Property,
including any proceeding concerning a claim that the Company or its Subsidiaries or another person has breached any such agreement. 

(r) Patents. All patent applications owned by the Company or its Subsidiaries and filed with the U.S. Patent Trademark
Office (“PTO”) or any foreign or international patent authority (the “Company Patent Applications”) have been duly and properly filed; the Company and each of its Subsidiaries has complied with its duty of candor
and disclosure to the PTO for the Company Patent Applications; neither the Company nor any of its Subsidiaries is aware of any facts required to be disclosed to the PTO that were not disclosed to the PTO and which would preclude the grant of a
patent for the Company Patent Applications; and neither the Company nor any of its Subsidiaries has knowledge of any facts which would preclude it from having clear title to the Company Patent Applications that have been identified by the Company
and its Subsidiaries as being exclusively owned by the Company and its Subsidiaries. 

  
 13 

 (s) Clinical Trials. The studies, tests and preclinical and clinical
trials conducted by or on behalf of the Company or any of its Subsidiaries that are described in the SEC Reports were and, if still pending, are, to the Company’s and any of its Subsidiary’s knowledge, being conducted in all material
respects in accordance with experimental protocols, procedures and controls pursuant to, where applicable, accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company or its
Subsidiaries; the descriptions of the results of such studies, tests and trials contained in the SEC Reports do not contain any misstatement of a material fact or omit to state a material fact necessary to make such statements not misleading;
neither Company nor any of its Subsidiaries has any knowledge of any studies, tests or trials not described in the SEC Reports the results of which reasonably call into question in any material respect the results of the studies, tests and trials
described in the SEC Reports; and neither the Company nor any of its Subsidiaries has received any notices or correspondence from the FDA or any foreign, state or local governmental body exercising comparable authority or any Institutional Review
Board or comparable authority requiring the termination, suspension or material modification of any material studies, tests or preclinical or clinical trials conducted by or on behalf of the Company. 

(t) Insurance. The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and its Subsidiaries are engaged and which the Company believes is adequate for the operation of its business, including, but not limited
to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. All such insurance policies are in full force and effect, no notice of cancellation has been received, and there is no existing default or event
which, with the giving of notice or lapse of time or both, would constitute a default, by any insured thereunder, except for such defaults that would not, individually or in the aggregate, have a Material Adverse Effect. To the knowledge of the
Company, there is no material claim pending under any of such policies as to which coverage has been denied or disputed by the underwriters of such policies and there has been no threatened termination of any such policies. Neither the Company nor
any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a
significant increase in cost. 
 (u) Certain Fees. No brokerage or finder’s fees or commissions are or will be
payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. The Purchaser shall have no
obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement. 

(v) Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the
Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment
company” subject to registration under the Investment Company Act of 1940, as amended. 

  
 14 

 (w) Listing and Maintenance Requirements. The shares of Common Stock are
registered pursuant to Section 12(b) of the Exchange Act and are listed on the NASDAQ Capital Market, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of
the shares of Common Stock under the Exchange Act or delisting the shares of Common Stock from the NASDAQ Capital Market, nor has the Company received any notification that the Commission or the NASDAQ Capital Market is contemplating terminating
such registration or listing. The Company has not, in the 12 months preceding the date hereof, received notice from the NASDAQ Capital Market on which the shares of Common Stock are or have been listed to the effect that the Company is not in
compliance with the listing or maintenance requirements of the NASDAQ Capital Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance
requirements. 
 (x) Tax Status. The Company and each of its Subsidiaries (i) has made or filed all material
United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges
that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such
claim. 
 (y) Regulation M Compliance. The Company has not, and to its knowledge no one acting on its behalf has,
(i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for,
purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company. 

(z) U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding
corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request. 

(aa) Compliance with Sanctions Laws. None of the Company, any of its Subsidiaries or, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company or any of its Subsidiaries is currently subject to any sanctions administered or enforced by the U.S. government (including the Office of Foreign Assets Control of the U.S.
Department of the Treasury or the U.S. Department of State and 

  
 15 

 
including the designation as a “specially designated national” or “blocked person”) or, to the knowledge of the Company, other relevant sanctions authority (collectively,
“Sanctions”); and the Company will not, directly or indirectly, use the proceeds of the offering of the Notes hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other
person or entity, for the purpose of financing the activities of any person currently subject to any Sanctions. 
 (bb)
Common Stock Reservation. The Company has reserved no less than 16,224,840 shares of its Common Stock for the conversion of the Notes, 

(cc) Investor Designee. As of the Closing, there is a vacancy on the Board to permit the appointment of the Investor
Designee to the Board as of the Closing. 
 (dd) Solvency. The Company and its Subsidiaries, taken as a whole, are,
and immediately after the Closing Date, will be, Solvent. As used herein, the term “Solvent” means that on such date (i) the fair market value of the assets of such person and its subsidiaries, on a consolidated basis exceeds, on a
consolidated basis, the debts and liabilities, subordinated, contingent or otherwise, of such person and its subsidiaries, (ii) the present fair saleable value of the assets of such person and its subsidiaries, on a consolidated basis, is
greater than the amount that will be required to pay the probable liabilities of such person and its subsidiaries, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other
liabilities become absolute and matured, (iii) such person and its subsidiaries, on a consolidated basis, are able to pay their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities they mature
and (iv) such person and its subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. 

3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the
Closing Date (unless as of a specific date therein) to the Company as follows: 
 (a) Organization; Authority. The
Purchaser is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation with full corporate power and authority to enter into the Transaction Agreements, to which it is a
party, and to consummate the transactions contemplated by the Transaction Agreements and otherwise to carry out its obligations thereunder. The execution and delivery of the Transaction Agreements, to which it is a party, and performance by the
Purchaser of the transactions contemplated by the Transaction Agreements have been duly authorized by all necessary corporate action on the part of the Purchaser. The Transaction Agreements, to which it is a party, have been duly executed and
delivered by the Purchaser and constitute the valid and legally binding obligations of the Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

  
 16 

 (b) Understandings or Arrangements. The Purchaser is acquiring the Notes
as principal for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of the Notes (this representation and warranty shall not limit the Purchaser’s right
to sell the Notes pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws). 

(c) Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the
Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or sales of the securities of the Company during the period commencing as of October 9,
2015. 
 (d) No Legal Advice from the Company. The Purchaser acknowledges that it had the opportunity to review the
Transaction Agreements and the transactions contemplated by the Transaction Agreements with its own legal counsel and investment and tax advisors. The Purchaser is relying solely on such counsel and advisors and not on any statements or
representations of the Company, except as specifically set forth in the Transaction Agreements, or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by the
Transaction Agreements or the securities laws of any jurisdiction. 
 ARTICLE IV. 

OTHER AGREEMENTS OF THE PARTIES 

4.1 Furnishing of Information; Public Information. Until the time the Purchaser owns no Notes, the Company covenants to maintain the
registration of the shares of Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company
after the date hereof pursuant to the Exchange Act. 
 4.2 Indemnification of the Purchaser. Subject to the provisions of this
Section 4.2, the Company will indemnify and hold the Purchaser and its Affiliates, directors, officers, stockholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such
titles notwithstanding a lack of such title or any other title), each Person who controls the Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, stockholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of
investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this

  
 17 

 
Agreement, and (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, with respect to the transactions contemplated by this
Agreement (unless such action is based upon a breach of such Purchaser Party’s representations, warranties or covenants under this Agreement or any agreements or understandings such Purchaser Party may have with any such shareholder or any
violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party
in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably
acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser
Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel (not to
exceed 90 days) or (iii) in such action there is a conflict or potential conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the
reasonable fees and expenses of no more than one such separate counsel and local counsel and shall pay such fees and expenses as incurred. The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a
Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; provided, however, that if at any time a Purchaser Party shall have requested the Company to reimburse such Purchaser
Party for fees and expenses of counsel as contemplated by this Section 4.2, the Company agrees that it shall be liable for any settlement of any proceeding effected without their written consent if (i) such settlement is entered into more
than 30 days after receipt by such Purchaser Party of the aforesaid request, (ii) the Company shall have received notice of the terms of such settlement at least 10 days prior to such settlement being entered into, and (iii) the Company
shall not have reimbursed the Purchaser Party in accordance with such request; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement. The Company shall not, without the prior written consent of the Purchaser, not to be unreasonably withheld, effect any settlement, compromise or
consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any Purchaser Party is or could have been a party and indemnity was or could have been sought hereunder by such Purchaser Party, unless such
settlement, compromise or consent (i) includes an unconditional release of such Purchaser Party from all liability on claims that are the subject matter of such action, suit or proceeding and (ii) does not include any statements as to or
any findings of fault, culpability or failure to act by or on behalf of any Purchaser Party. The indemnification required by this Section 4.2 shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may
be subject to pursuant to law. 
 4.3 Reservation of Shares of Common Stock. As of the date hereof, the Company has reserved, free of
preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue the maximum number of shares initially issuable in accordance with the Notes, subject to the Share Conversion Cap. 

  
 18 

 4.4 Increased Authorized Share Capital. The Company shall use its best efforts to
(i) obtain stockholder approval of an increase in its authorized share capital sufficient to cover the conversion of $125,000,000 aggregate principal amount of the Notes into shares of Common Stock and (ii) reserve such additional shares
of Common Stock for such conversion. 
 4.5 Listing of Additional Shares. The Company hereby agrees to apply to list the additional
shares of Common Stock into which the Notes are initially convertible on the NASDAQ Capital Market and promptly secure the listing of such additional shares of Common Stock on the NASDAQ Capital Market. 

4.6 Waiver of Corporate Opportunities. In recognition that the Purchaser and Investor Designee currently have and will in the future
have, or will consider, investments in numerous companies with respect to which Purchaser, Investor Designee or another Purchaser Party may serve as an advisor, a director or in some other capacity, and in recognition that Purchaser, Investor
Designee and other Purchaser Parties have myriad duties to various investors and partners, and in anticipation that the Company and its Subsidiaries, on the one hand, and the Purchaser, Investor Designee and any other Purchaser Party, on the other
hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in recognition of the benefits to be derived by the Company hereunder and in recognition of the
difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions of this Section 4.6 are set forth to
regulate, define and guide the conduct of certain affairs of the Company as they may involve the Purchaser, Investor Designee or Purchaser Party, and, except as the Purchaser and Investor Designee may otherwise agree in writing after the date
hereof: 
 (a) the Purchaser, Investor Designee and any Purchaser Party will have the right: (i) to directly or
indirectly engage in any business (including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Company and its Subsidiaries), (iii) to directly or
indirectly do business with any client or customer of the Company and its Subsidiaries, (C) to take any other action that the Purchaser, Investor Designee or Purchaser Party believes in good faith is necessary to or appropriate to fulfill its
obligations as described in the first sentence of this Section 4.6 to third parties and (iv) not to communicate or present potential transactions, matters or business opportunities to the Company or any of its Subsidiaries, and to pursue,
directly or indirectly, any such opportunity for itself, and to direct any such opportunity to another person or entity; 

(b) the Purchaser, Investor Designee and any Purchaser Party will have no duty (contractual or otherwise) to communicate or
present any corporate opportunities to the Company or any of its Affiliates or to refrain from any actions specified in the preceding paragraph, and the Company, on its own behalf and on behalf of its Affiliates, hereby renounces and waives any
right to require the Purchaser, Investor Designee or any Purchaser Party to act in a manner inconsistent with the provisions of this Section 4.6; 

  
 19 

 (c) none of the Purchaser, Investor Designee or any Purchaser Party will be
liable to the Company or any of its Affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this Section 4.6 or of any such person’s or entity’s participation
therein; and 
 (d) there is no restriction on Purchaser, Investor Designee or any Purchaser Party using such knowledge and
understanding in making investment, voting, monitoring, governance or other decisions relating to other entities or securities. 
 4.7
Investor Designee. The Company will take no action that is inconsistent with the objective of having Investor Designee serve on the Board. 

4.8 Purchaser Covenant. At any annual or special meeting of stockholders called by the Company for the purpose of satisfying its
obligations pursuant to Section 4.4 of this Agreement, Purchaser and its Affiliates (other than the Company and any of its subsidiaries) shall vote any shares owned by them as of the applicable record date in favor of the increase in authorized
share capital under Section 4.4. 
 ARTICLE V. 

MISCELLANEOUS 
 5.1
Termination. This Agreement may be terminated by the Purchaser by written notice to the Company, if the Closing has not been consummated on or before October 20, 2015. In the event of termination of this Agreement pursuant to this
Section 5.1, the Agreement shall forthwith become void and there shall be no liability on the part of either party; provided, however, that nothing herein shall relieve either party from liability for (i) any breach of this
Agreement or any agreement made as of the date hereof or subsequent thereto pursuant to this Agreement or (ii) any willful breach of, or fraud in connection with this Agreement. 

5.2 Fees and Expenses. The Company shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by the Company incident to the negotiation, preparation, execution, delivery and performance of the Transaction Agreements. In addition, the Company shall reimburse the Purchaser for the Purchaser’s reasonable
out-of-pocket expenses (including fees of counsel, consultants and accountants) incurred in connection with the Transaction Agreements, including in connection with any amendments, waivers or consents under or in respect of the Transaction
Agreements (whether or not such amendment, waiver or consent becomes effective), including the reasonable and documented out-of-pocket costs and expenses incurred in enforcing, defending or declaring (or determining whether or how to enforce, defend
or declare) any rights or remedies under the Transaction Agreements. The Company shall pay all Trustee fees, stamp taxes and other taxes and duties levied in connection with the delivery of the Notes to the Purchaser. 

5.3 Entire Agreement. The Transaction Agreements contain the entire understanding of the parties with respect to the subject matter
hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents. 

  
 20 

 5.4 Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the
signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set
forth on the signature pages attached hereto on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, (c) the next Business Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. 

5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed by the Company and the Purchaser. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. 

5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit
or affect any of the provisions hereof. 
 5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser (other than by merger). The Purchaser may assign any or
all of its rights under the Transaction Agreements to any Person to whom the Purchaser assigns or transfers any Notes. 
 5.8 No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, stockholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service

  
 21 

 
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Agreement, then, in addition to the obligations of the Company under Section 4.2, the
prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or
proceeding. 
 5.10 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the
Notes. 
 5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the
same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
 5.12 Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 5.13 Remedies. In addition to being entitled
to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser will be entitled to specific performance under this Agreement. The parties agree that monetary damages may not be adequate compensation for any
loss incurred by the Purchaser by reason of any breach of obligations contained in this Agreement and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be
adequate. 
 5.14 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

  
 22 

 5.15 Construction. The parties agree that each of them and/or their respective counsel
have reviewed and had an opportunity to revise this Agreement and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this
Agreement or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in this Agreement shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and
other similar transactions of the shares of Common Stock that occur after the date of this Agreement. 
 5.16 WAIVER OF JURY
TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.  
 (Signature Pages Follow) 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Notes Purchase Agreement to be duly
executed by their respective authorized signatories as of the date first indicated above. 
  

			
	KERYX BIOPHARMACEUTICALS, INC.	  	Address for Notice:
		
	 By:__________________________________________

      Name:

      Title:
	  	 Keryx Biopharmaceuticals, Inc.
 One Marina Park
Drive
 Tenth Floor
 Boston, MA 02210

Attention: Brian Adams
 Telephone: (617) 466-3452

Facsimile: (617) 466-3500
 Email: brian.adams@keryx.com

 
 With a copy to (which shall not constitute notice):

 
 Alston &Bird LLP

90 Park Avenue
 New York, NY 10016

 
 Attention: Mark F. McElreath

Telephone: (212) 210-9595
 Facsimile: (212) 210-9444

Email: mark.mcelreath@alston.com

 [Signature Page of Keryx Biopharmaceuticals, Inc. to Notes Purchase Agreement] 

			
	 BAUPOST GROUP SECURITIES, L.L.C.
  

By:__________________________________________

      Name:

      Title:
	  	 Address for Notice:
  

Baupost Group Securities, L.L.C.
 c/o The Baupost Group,
L.L.C.
 10 St. James Avenue, Suite 1700
 Boston, MA 02116

Attn: Gregory A. Ciongoli, Michael Sperling, Frederick H. Fogel and John F. Harvey

Office: (617) 210-830
 Fax: (617) 451-7731

		
		  	 With a copy to (which shall not constitute notice):
  

Ropes & Gray LLP
 Three Embarcadero Center

San Francisco, CA 94111
 Attention: Thomas Holden

thomas.holden@ropesgray.com
 Office: (415) 315-2355

Fax: (415) 315-4823

 [Signature Page of Baupost Group Securities, L.L.C. to Notes Purchase Agreement] 

 EXHIBIT A 

FORM OF REGISTRATION RIGHTS AGREEMENT 

 EXHIBIT B 

FORM OF INDENTURE 

 EXHIBIT C 

FORM OF OPINION 

 EXHIBIT D 

FORM OF NOTE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]