Document:

Exhibit 10.23

    

   

    

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

   

    

    PURCHASE AND SALE AGREEMENT

   

  dated as of November 3, 2020

   

  between

   

  AQUESTIVE THERAPEUTICS, INC.

   

  and

   

  MAM PANGOLIN ROYALTY, LLC

   

  
    
      

  

  
    Table of Contents

     

  

  	 	
          Page

        
	 
	
          ARTICLE I

        
	
          DEFINED TERMS AND RULES OF CONSTRUCTION

        
	 
	
          Section 1.1

        	
          Defined Terms

        	
          1

        
	
          Section 1.2

        	
          Rules of Construction

        	
          9

        
	 
	
          ARTICLE II

        
	
          PURCHASE AND SALE OF THE PURCHASED ASSETS

        
	 
	
          Section 2.1

        	
          Purchase and Sale.

        	
          10

        
	
          Section 2.2

        	
          Purchase Price

        	
          11

        
	
          Section 2.3

        	
          [*****]

        	
          12

        
	
          Section 2.4

        	
          No Assumed Obligations

        	
          12

        
	
          Section 2.5

        	
          Excluded Assets

        	
          12

        
	
          Section 2.6

        	
          Payment Default

        	
          13

        
	 
	
          ARTICLE III

        
	
          REPRESENTATIONS AND WARRANTIES OF THE SELLER

        
	 
	
          Section 3.1

        	
          Organization

        	
          13

        
	
          Section 3.2

        	
          No Conflicts.

        	
          13

        
	
          Section 3.3

        	
          Authorization

        	
          14

        
	
          Section 3.4

        	
          Ownership

        	
          14

        
	
          Section 3.5

        	
          Governmental and Third Party Authorizations

        	
          15

        
	
          Section 3.6

        	
          No Litigation

        	
          15

        
	
          Section 3.7

        	
          Solvency

        	
          15

        
	
          Section 3.8

        	
          No Brokers’ Fees

        	
          16

        
	
          Section 3.9

        	
          Compliance with Laws

        	
          16

        
	
          Section 3.10

        	
          Intellectual Property Matters.

        	
          16

        
	
          Section 3.11

        	
          Regulatory Approval, Manufacturing and Marketing.

        	
          17

        
	
          Section 3.12

        	
          Counterparty License Agreement.

        	
          17

        
	
          Section 3.13

        	
          UCC Matters

        	
          19

        
	
          Section 3.14

        	
          Set-off and Other Sources of Royalty Reduction

        	
          20

        
	
          Section 3.15

        	
          Competing Products

        	
          20

        
	 
	
          ARTICLE IV

        
	
          REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

        
	 
	
          Section 4.1

        	
          Organization

        	
          20

        
	
          Section 4.2

        	
          No Conflicts

        	
          20

        
	
          Section 4.3

        	
          Authorization

        	
          21

        
	
          Section 4.4

        	
          Governmental and Third Party Authorizations

        	
          21

        
	
          Section 4.5

        	
          No Litigation

        	
          21

        

  

  

  
    
      

  

  
  
    Table of Contents

      (Continued)

  

   

  

  	 	 	
          Page

        
	 	 	 
	
          Section 4.6

        	
          Access to Information

        	
          21

        
	
          Section 4.7

        	
          Funds Available

        	
          21

        
	 
	
          ARTICLE V

        
	
          COVENANTS

        
	 
	
          Section 5.1

        	
          Books and Records; Notices.

        	
          22

        
	
          Section 5.2

        	
          Confidentiality; Public Announcement.

        	
          23

        
	
          Section 5.3

        	
          Reasonable Best Efforts; Further Assurances.

        	
          24

        
	
          Section 5.4

        	
          Payments on Account of the Purchased Assets.

        	
          25

        
	
          Section 5.5

        	
          Counterparty License Agreement.

        	
          27

        
	
          Section 5.6

        	
          Termination of the Counterparty License Agreement; Mergers, Consolidations and Asset Sales Involving Counterparty.

        	
          31

        
	
          Section 5.7

        	
          Audits

        	
          32

        
	
          Section 5.8

        	
          Tax Matters.

        	
          32

        
	
          Section 5.9

        	
          Existence

        	
          33

        
	 
	
          ARTICLE VI

        
	
          THE CLOSING

        
	 
	
          Section 6.1

        	
          Closing

        	
          33

        
	
          Section 6.2

        	
          Closing Deliverables of the Seller

        	
          33

        
	
          Section 6.3

        	
          Closing Deliverables of the Purchaser

        	
          34

        
	
          Section 6.4

        	
          Seller’s Conditions to Closing

        	
          34

        
	
          Section 6.5

        	
          Purchaser’s Conditions to Closing

        	
          34

        
	
          Section 6.6

        	
          Termination

        	
          35

        
	
          Section 6.7

        	
          Effect of Termination

        	
          35

        
	 
	
          ARTICLE VII

        
	
          INDEMNIFICATION

        
	 
	
          Section 7.1

        	
          Indemnification by the Seller

        	
          36

        
	
          Section 7.2

        	
          Indemnification by the Purchaser

        	
          36

        
	
          Section 7.3

        	
          Procedures

        	
          37

        
	
          Section 7.4

        	
          Exclusive Remedy

        	
          38

        
	
          Section 7.5

        	
          Survival

        	
          38

        
	
          Section 7.6

        	
          Adjustment to Purchase Price

        	
          38

        

  

  

  
    ii

    
      

  

  
    Table of Contents

      (Continued)

     

  

  	 	 	
          Page

        
	 	 	 
	
          ARTICLE VIII

        
	
          MISCELLANEOUS

        
	 
	
          Section 8.1

        	
          Specific Performance

        	
          38

        
	
          Section 8.2

        	
          Notices

        	
          39

        
	
          Section 8.3

        	
          Successors and Assigns

        	
          39

        
	
          Section 8.4

        	
          Independent Nature of Relationship

        	
          39

        
	
          Section 8.5

        	
          Entire Agreement

        	
          40

        
	
          Section 8.6

        	
          Governing Law.

        	
          40

        
	
          Section 8.7

        	
          Waiver of Jury Trial

        	
          41

        
	
          Section 8.8

        	
          Severability

        	
          41

        
	
          Section 8.9

        	
          Counterparts

        	
          41

        
	
          Section 8.10

        	
          Amendments; No Waivers

        	
          41

        
	
          Section 8.11

        	
          Cumulative Remedies

        	
          41

        
	
          Section 8.12

        	
          Table of Contents and Headings

        	
          42

        
	
          Section 8.13

        	
          Waiver of Immunity

        	
          42

        

  

  

  	
          Exhibit A

        	
          Form of Bill of Sale

        
	
          Exhibit B

        	
          Form of Counterparty Instruction

        
	
          Exhibit C

        	
          Intellectual Property Matters

        
	
          Exhibit D

        	
          Form of Counterparty Confirmation

        
	
          Exhibit 5.4(b)

        	
          Purchaser Account

        
	
          Exhibit 5.4(d)

        	
          Seller Account

        
	
          Exhibit 8.2

        	
          Notice Addresses

        
	 	 
	
          Schedule I

        	
          [*****]

        

  

  

  

  
    iii

    
      

  

  
  PURCHASE AND SALE AGREEMENT

   

  This PURCHASE AND SALE AGREEMENT (this “Purchase and Sale Agreement”) dated as of November 3, 2020 is between AQUESTIVE THERAPEUTICS, INC., a Delaware corporation (the “Seller”), and MAM PANGOLIN ROYALTY,
    LLC, a Delaware limited liability company (the “Purchaser”).

   

  W I T N E S S E T H :

   

  WHEREAS, the Seller has the right to receive royalties based on Net Sales of the Products in the Territory and certain regulatory and commercial milestone payments under the Counterparty License Agreement; and

   

  WHEREAS, the Seller desires to sell, assign, transfer, convey and grant to the Purchaser, and the Purchaser desires to purchase, acquire and accept from the Seller, the Purchased Assets described herein, upon and subject
    to the terms and conditions set forth in this Purchase and Sale Agreement;

   

  NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties set forth herein and of other good and valuable consideration, the receipt and adequacy of which are hereby
    acknowledged, the parties hereto covenant and agree as follows:

   

  ARTICLE I

  DEFINED TERMS AND RULES OF CONSTRUCTION

   

  Section 1.1          Defined Terms. The following terms, as used herein, shall have the following respective meanings:

   

  “Additional License Agreement” has the meaning set forth in Section 5.6(a).

   

  “Additional Licensee” has the meaning set forth in Section 5.6(a).

   

  “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this definition, “control”
    of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Securities, by contract or otherwise, and the terms “controlled”
    and “controlling” have meanings correlative to the foregoing.

   

  “Applicable Law” means, with respect to any Person, all laws, rules, regulations and orders of Governmental Authorities applicable to such Person or any of its properties or assets.

   

  [*****]

   

  
    1

    
      

  

  “Bill of Sale” means that certain bill of sale dated as of the Closing Date executed by the Seller and the Purchaser substantially in the form of Exhibit A.

   

  “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Applicable Law to remain closed.

   

  “Capital Securities” means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding
    or issued after the Closing Date, including common shares, ordinary shares, preferred shares, membership interests or share capital in a limited liability company or other Person, limited or general partnership interests in a partnership, beneficial
    interests in trusts or any other equivalent of such ownership interest or any options, warrants and other rights to acquire such shares or interests, including rights to allocations and distributions, dividends, redemption payments and liquidation
    payments.

   

  “Closing” has the meaning set forth in Section 6.1.

   

  “Closing Date” has the meaning set forth in Section 6.1.

   

  “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations thereunder.

   

  “Competitor” shall mean any Person engaged in research, development, manufacturing, marketing, sale, importation or exportation of (i) any product containing the active pharmaceutical ingredient apomorphine, or any
    salts, prodrugs, derivative and analogues thereof, alone or in combination with any antiemetic, or (ii) any oral film pharmaceutical technologies or products.

   

  

  
    2

    
      

  

  “Confidential Information” means, as it relates to the Seller and its Affiliates, the Counterparty, any Additional Licensee, the Products, the Licensed Patents and the related Intellectual Property, all information
    (whether written or oral, or in electronic or other form) involving or relating in any way, directly or indirectly, to the Products, the Counterparty License Agreement, any Additional License Agreement, the Purchased Assets or the Royalties, including
    (a) any license, sublicense, assignment, product development, royalty, sale, supply, escrow or other agreements (including the Counterparty License Agreement and any applicable Additional License Agreement) involving or relating in any way, directly or
    indirectly, to the Purchased Assets, the Royalties, the Licensed Patents or the other related Intellectual Property, compounds or products giving rise to the Purchased Assets, and including all terms and conditions thereof and the identities of the
    parties thereto, (b) any reports, data, materials or other documents of any kind concerning or relating in any way, directly or indirectly, to the Seller, the Counterparty, any Additional Licensee, the Products, the Counterparty License Agreement, any
    Additional License Agreement, the Purchased Assets, the Royalties or the Intellectual Property, compounds or products giving rise to the Purchased Assets (including, for the avoidance of doubt, any and all “Confidential Information” as such term is
    defined in the Counterparty License Agreement any similar concept defined in any Additional License Agreement), and including reports, data, materials or other documents of any kind delivered pursuant to or under any of the agreements referred to in
    clause (a) above or based on or derived from any such reports, data, materials or other documents of any kind, and (c) any inventions, devices, improvements, formulations, discoveries, compositions, ingredients, patents (including the Licensed
    Patents), patent applications, know-how, processes, trial results, research, developments or any other intellectual property, trade secrets or information involving or relating in any way, directly or indirectly, to the Purchased Assets or the
    compounds or products giving rise to the Purchased Assets; provided, however, that Confidential Information shall not include information that is (i) already in the public domain at the time the information is disclosed other than as a
    result of disclosure in violation of the confidentiality undertakings in this Purchase and Sale Agreement, (ii) lawfully obtainable from other sources without the breach of any such other source’s confidentiality obligations to the Seller, the
    Counterparty or any Additional Licensee, (iii) already known by the Purchaser at the time that such information is disclosed, as demonstrated by documentary evidence (unless such information was disclosed to the Purchaser as a result of disclosure to
    the Purchaser that was subject to a written confidentiality agreement between the Purchaser and the Seller, the Counterparty or any Additional Licensee) or (iv) independently developed by the Purchaser’s directors, officers, managers, members,
    partners, employees, affiliates, assigns, representatives, agents or similar persons or entities who have not had access to such information, as demonstrated by documentary evidence.

   

  

  “Contingent Payments” the portions of the Purchase Price payable, if at all, in compliance with clauses (b) through (g) of Section 2.2.

   

  “Counterparty” means Sunovion Pharmaceuticals Inc., a Delaware corporation (formerly Cynapsus Therapeutics Inc.), and any successor thereto.

   

  “Counterparty Confirmation” means written confirmation signed by an authorized officer of the Counterparty, in form and substance as set forth on Exhibit D, with only such changes as are acceptable to the Purchaser
    in its reasonable discretion.

   

  “Counterparty Instruction” means the irrevocable direction to Counterparty substantially in the form set forth in Exhibit B.

   

  “Counterparty License Agreement” means that certain License Agreement, dated as of April 1, 2016, by and between the Seller (formerly MonoSol Rx, LLC) and the Counterparty, as amended by the First Amendment and the
    Second Amendment, as further amended in accordance with the provisions of this Purchase and Sale Agreement.

   

  “Defaulting Party” has the meaning set forth in Section 5.5(d).

   

  “Disputes” has the meaning set forth in Section 3.10(e).

   

  “Dollar” or the sign “$” means United States dollars.

   

  
    3

    
      

  

  “Earned Date” means, with respect to any Contingent Payment described in clauses (c) through (g) of Section 2.2, the date on which the Purchaser has received Royalties Received with respect to the period set forth
    in the applicable clause sufficient to satisfy the conditions set forth in such clause.

   

  “FDA” means the U.S. Food and Drug Administration and any successor agency thereto.

   

  “Field” has the meaning set forth in Section 1.1.25 of the Counterparty License Agreement.

   

  “First Amendment” means that certain First Amendment to License Agreement, dated as of March 16, 2020, by and between the Seller and the Counterparty.

   

  “GAAP” means generally accepted accounting principles in effect in the United States from time to time (or the applicable accounting standards in any relevant jurisdiction outside of the United States).

   

  “Governmental Authority” means the government of the United States or any other nation or any political subdivision thereof, whether state or local, and any agency, authority (including supranational authority),
    commission, instrumentality, regulatory body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including each Patent Office, the
    FDA and any other governmental authority in any jurisdiction.

   

  “Infringement” has the meaning set forth in Section 5.5(f).

   

  “Initial Contingent Payment” has the meaning set forth in Section 2.3.

   

  “Intellectual Property” has the meaning set forth in Section 1.1.31 of the Counterparty License Agreement.

   

  “Invalidity Claim” has the meaning set forth in Section 5.5(f).

   

  “Involuntary Seller Bankruptcy” means, without the consent or acquiescence of the Seller, the entering of an order for relief or approving a petition for relief or reorganization or any other petition seeking any
    reorganization, arrangement, composition, readjustment, liquidation, dissolution or other similar relief under any present or future bankruptcy, insolvency or similar Applicable Law, or the filing of any such petition against the Seller or, without the
    consent or acquiescence of the Seller, the entering of an order appointing a trustee, custodian, receiver or liquidator of the Seller or of all or any substantial part of the property of the Seller, in each case where such petition or order shall
    remain unstayed or shall not have been stayed or dismissed within 90 days from entry thereof.

   

  “Licensed Patents” has the meaning set forth in Section 1.1.32 of the Counterparty License Agreement; provided, however, that, for purposes of this Purchase and Sale Agreement, as limited to those
    owned by the Seller that are listed in the Orange Book in the U.S. and their foreign counterparts as set forth on Exhibit C, including any patents owned by Seller that are listed in the Orange book for the Product after the date of this Purchase and
    Sale Agreement.1

    

  
  

   

    

  1 Aquestive: Please confirm whether there is any portion of this definition that you’d prefer to redact.

   

  

  
    4

    
      

  

  “Lien” means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in property or other priority or
    preferential arrangement of any kind or nature whatsoever, in each case to secure payment of a debt or performance of an obligation, including any conditional sale or any sale with recourse.

   

  “Loss” means any loss, assessment, award, cause of action, claim, charge, cost, expense (including expenses of investigation and attorneys’ fees), fine, judgment, liability, obligation, penalty or Set-off.

   

  “Material Adverse Change” means any event, circumstance or change that could reasonably be expected to result, individually or in the aggregate, in a material adverse effect, in any respect, on (a) the legality,
    validity or enforceability of any of the Transaction Documents, the Counterparty License Agreement or any Additional License Agreement or the back-up security interest granted pursuant to Section 2.1(d), (b) the right or ability of the Seller (or any
    permitted assignee) to perform any of its obligations under any of the Transaction Documents, the Counterparty License Agreement or any Additional License Agreement, or to consummate the transactions contemplated hereunder or thereunder, (c) the rights
    or remedies of the Purchaser under any of the Transaction Documents, the Counterparty License Agreement or any Additional License Agreement, (d) the timing, amount or duration of the Royalties, taken as a whole, under the Counterparty License Agreement
    and any Additional License Agreement or the right of the Purchaser to receive the Royalties under this Purchase and Sale Agreement, (e) the Purchased Assets, or (f) the Licensed Patents.

   

  “Net Sales” has the meaning set forth in Section 1.1.41 of the Counterparty License Agreement.

   

  [*****]

   

  “Patent” means any pending or issued patent or continuation, continuation in part, division, extension or reissue thereof.

   

  “Patent Office” means the applicable patent office, including the United States Patent and Trademark Office and any comparable foreign patent office, for any Licensed Patents.

   

  [*****]

   

  

  
    5

    
      

  

  “Pending Patent Application” means “U.S. Patent Application No. [*****]” and/or any continuation application thereof.

   

  “Person” means any natural person, firm, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority or any other
    legal entity, including public bodies, whether acting in an individual, fiduciary or other capacity.

   

  “Product” has the meaning set forth in Section 1.1.46 of the Counterparty License Agreement.

   

  “Purchase and Sale Agreement” has the meaning set forth in the preamble.

   

  “Purchased Assets” means, collectively, the Seller’s (a) right, title and interest in, to and under the Counterparty License Agreement and any Additional License Agreement to receive all of the Royalties, (b) right
    to receive the Quarterly Royalty Reports produced by Counterparty pursuant to the Counterparty License Agreement and any comparable reports or information produced by any Additional License pursuant to any applicable Additional License Agreement, and
    (c) right to transfer, assign or pledge the foregoing, in whole or in part, and the payments, proceeds and income of and the rights to enforce each of the foregoing in accordance with the terms hereof.

   

  “Purchase Price” has the meaning set forth in Section 2.2.

   

  “Purchaser” has the meaning set forth in the preamble.

   

  “Purchaser Indemnified Party” has the meaning set forth in Section 7.1.

   

  “Quarterly Payment Date” means the 30th day following the end of each calendar quarter, beginning with the calendar quarter ending
    March 31, 2021.

   

  “Quarterly Royalty Reports” has the meaning set forth in Section 1.1.48 of the Counterparty License Agreement.

   

  “Regulatory Agency” means a Governmental Authority with responsibility for the approval of the marketing and sale of pharmaceuticals or other regulation of pharmaceuticals in any jurisdiction.

   

  “Regulatory Approvals” means, collectively, all regulatory approvals, registrations, certificates, authorizations, permits and supplements thereto, as well as associated materials (including the product dossier)
    pursuant to which the Products may be marketed, sold and distributed in a jurisdiction, issued by the appropriate Regulatory Agency.

   

  “Retained Liabilities” has the meaning set forth in Section 2.4.

   

  [*****]

   

  

  
    6

    
      

  

  “Royalties” means, without duplication, (a) all royalties and other amounts or fees paid, owed, accrued or otherwise required to be paid to the Seller pursuant to the Counterparty License Agreement (net of any
    deduction or withholding from or Set-offs against such amounts made by the Counterparty in accordance with Section 5.4(e) hereof and the terms thereof) arising out of, related to or resulting from the sale by Counterparty or any of its Affiliates,
    successors, Sublicensees, subcontractors or agents of any and all Products in the Territory and, in each case, attributable to the period commencing on the Royalties Commencement Date, including all amounts due or to be paid to the Seller or any of its
    Affiliates under Section 3.3 or Section 3.4 of the Counterparty License Agreement (whether based upon Net Sales of the Products in the Territory or otherwise), (b) all milestone payments paid, owed, accrued or otherwise required to be paid to the
    Seller by the Counterparty or any of its Affiliates or successors pursuant to the Counterparty License Agreement (net of any deduction or withholding from or Set-offs against such amounts made by the Counterparty in accordance with Section 5.4(e)
    hereof and the terms thereof) and, in each case, attributable to the achievement during the period from and after the date hereof of any regulatory or sales milestones set forth in Sections 3.1.2 and 3.1.3 of the Counterparty License Agreement (but
    excluding, for the avoidance of doubt, the $4,000,000 milestone payment payable pursuant to section 3.1.2 of the Counterparty License Agreement upon the first day of Product availability at a pharmacy in the United States, which shall remain the
    property of the Seller), (c) all amounts due or to be paid to the Seller pursuant to Sections 3.5, 3.6 or 3.11 of the Counterparty License Agreement in respect or in lieu of amounts described in clauses (a) and (b) above, (d) all Substitute Amounts
    paid or payable to the Seller or any of its Affiliates by one or more Additional Licensees under any Additional License Agreement, and (e) all proceeds (as defined under the UCC) of any of the foregoing.

   

  “Royalties Commencement Date” means October 1, 2020.

   

  “Royalties Received” means, with respect to Net Sales during any specified period, the Royalties received with respect to such Net Sales in accordance with the terms of the Counterparty License Agreement; including
    Royalties received after the end of such specified period with respect to Net Sales made during such period.  For the purpose of determining whether or not the Contingent Payments are due to the Seller (or adjustments thereto) or [*****] are due to
    [*****], as applicable, Royalties as used in the calculation of Royalties Received shall include any Royalties paid pursuant to Section 3.4 of the Counterparty License Agreement but shall not include milestone payments, late payment interest or other
    penalties.

   

  “Second Amendment” means that certain Second Amendment to License Agreement, dated as of October 23, 2020, by and between the Seller and the Counterparty.

   

  “Seller” has the meaning set forth in the preamble.

   

  “Seller Account” has the meaning set forth in Section 5.4(d).

   

  “Seller Indemnified Party” has the meaning set forth in Section 7.2.

   

  

  
    7

    
      

  

  “Set-off” means any set-off, off-set, rescission, counterclaim, reduction, deduction or defense.

   

  “Sublicensee” means any sublicensee of Counterparty under the Counterparty License Agreement.

   

  “Subsidiary” means, with respect to any Person, any other Person of which more than 50% of the outstanding Voting Securities of such other Person (irrespective of whether at the time Capital Securities of any other
    class or classes of such other Person shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more other Subsidiaries of such Person or
    by one or more other Subsidiaries of such Person.

   

  “Substitute Amounts” has the meaning set forth in Section 5.6(a).

   

  [*****]

   

  “Territory” has the meaning set forth in Section 1.1.56 of the Counterparty License Agreement.

   

  “Total Net Sales” means, with respect to any period, the sum of the Net Sales of the Product under the Counterparty License Agreement during such period plus total net sales of the Product under any Additional
    License Agreements during such period; provided that, for purposes of determining Total Net Sales, any Net Sales or net sales in a currency other than Dollars shall be converted to Dollars as provided for in the Counterparty License Agreement
    or Additional License Agreement, as applicable.

   

  “Transaction Documents” means this Purchase and Sale Agreement, the Bill of Sale and the Counterparty Instruction.

   

  “UCC” means the Uniform Commercial Code as in effect from time to time in Delaware; provided, that, if, with respect to any financing statement or by reason of any provisions of Applicable Law, the
    perfection or the effect of perfection or non-perfection of the back-up security interest or any portion thereof granted pursuant to Section 2.1(d) is governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other
    than Delaware, then “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions of this Purchase and Sale Agreement and any financing statement relating to such perfection or
    effect of perfection or non-perfection.

   

  “U.S.” or “United States” means the United States of America, its 50 states, each territory thereof and the District of Columbia.

   

  

  
    8

    
      

  

  “Voluntary Seller Bankruptcy” means (a) an admission in writing by the Seller of its inability to pay its debts generally or a general assignment by the Seller for the benefit of creditors, (b) the filing of any
    petition or answer by the Seller seeking to adjudicate itself as bankrupt or insolvent, or seeking for itself any liquidation, winding-up, reorganization, arrangement, adjustment, protection, relief or composition of the Seller or its debts under any
    Applicable Law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization, examination, relief of debtors or other similar Applicable Law now or hereafter in effect, or seeking, consenting to or acquiescing in the entry
    of an order for relief in any case under any such Applicable Law, or the appointment of or taking possession by a receiver, trustee, custodian, liquidator, examiner, assignee, sequestrator or other similar official for the Seller or for any substantial
    part of its property, or (c) corporate or other action taken by the Seller to authorize any of the actions set forth above.

   

  “Voting Securities” means, with respect to any Person, Capital Securities of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing
    body of such Person.

   

  Section 1.2          Rules of Construction. Unless the context otherwise requires, in this Purchase and Sale Agreement:

   

  (a)         A term has the meaning assigned to it and an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP.

   

  (b)         Unless otherwise defined, all terms that are defined in the UCC shall have the meanings stated in the UCC.

   

  (c)         Words of the masculine, feminine or neuter gender shall mean and include the correlative words of other genders.

   

  (d)         The definitions of terms shall apply equally to the singular and plural forms of the terms defined.

   

  (e)         The terms “include,” “including” and similar terms shall be construed as if followed by the phrase “without limitation.”

   

  (f)         The word “or” is not exclusive.

   

  (g)         Unless otherwise specified, references to an agreement or other document include references to such agreement or document as from time to time amended, restated,
    reformed, supplemented or otherwise modified in accordance with the terms thereof (subject to any restrictions on such amendments, restatements, reformations, supplements or modifications set forth herein) and include any annexes, exhibits and
    schedules attached thereto.

   

  (h)         References to any Applicable Law shall include such Applicable Law as from time to time in effect, including any amendment, modification, codification, replacement or
    reenactment thereof or any substitution therefor.

   

  (i)          References to any Person shall be construed to include such Person’s successors and permitted assigns (subject to any restrictions on assignment, transfer or
    delegation set forth herein or in any of the other Transaction Documents), and any reference to a Person in a particular capacity excludes such Person in other capacities.

   

  

  
    9

    
      

  

  (j)          The word “will” shall be construed to have the same meaning and effect as the word “shall.”

   

  (k)         The words “hereof,” “herein,” “hereunder” and similar terms when used in this Purchase and Sale Agreement shall refer to this Purchase and
    Sale Agreement as a whole and not to any particular provision hereof, and Article, Section and Exhibit references herein are references to Articles and Sections of, and Exhibits to, this Purchase and Sale Agreement unless otherwise specified.

   

  (l)          In the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and each of the words “to” and “until” means “to but excluding.”

   

  (m)       Where any payment is to be made, any funds are to be applied or any calculation is to be made under this Purchase and Sale Agreement on a day
    that is not a Business Day, unless this Purchase and Sale Agreement otherwise provides, such payment shall be made, such funds shall be applied and such calculation shall be made on the succeeding Business Day, and payments shall be adjusted
    accordingly.

   

  (n)         Any reference herein to a term that is defined by reference to its meaning in the Counterparty License Agreement shall refer to such term’s meaning in the Counterparty
    License Agreement as in existence on the date hereof (and not to any new, substituted or amended version thereof).

   

  

  ARTICLE II

  PURCHASE AND SALE OF THE PURCHASED ASSETS

   

  Section 2.1          Purchase and Sale.

   

  (a)         Subject to the terms and conditions of this Purchase and Sale Agreement, on the Closing Date, the Seller hereby sells, assigns, transfers, conveys and grants to the
    Purchaser, and the Purchaser hereby purchases, acquires and accepts from the Seller, all of the Seller’s rights, title and interest in and to the Purchased Assets, free and clear of any and all Liens, other than those Liens created in favor of the
    Purchaser by the Transaction Documents.

   

  (b)         The Seller and the Purchaser intend and agree that the sale, assignment, transfer, conveyance and granting of the Purchased Assets under this Purchase and Sale
    Agreement shall be, and are, a true, complete, absolute and irrevocable assignment and sale by the Seller to the Purchaser of the Purchased Assets and that such assignment and sale shall provide the Purchaser with the full benefits of ownership of the
    Purchased Assets. Neither the Seller nor the Purchaser intends the transactions contemplated hereby to be, or for any purpose characterized as, a loan from the Purchaser to the Seller or a pledge or assignment or a security agreement. The Seller waives
    any right to contest or otherwise assert that this Purchase and Sale Agreement does not constitute a true, complete, absolute and irrevocable sale and assignment by the Seller to the Purchaser of the Purchased Assets under Applicable Law in any
    Voluntary Seller Bankruptcy or Involuntary Seller Bankruptcy. The sale, assignment, transfer, conveyance and granting of the Purchased Assets shall be reflected on the Seller’s financial statements and other records as a sale of assets to the Purchaser
    (except to the extent GAAP or the rules of the SEC require otherwise with respect to the Seller’s consolidated financial statements).

   

  

  
    10

    
      

  

  (c)         The Seller hereby authorizes the Purchaser or its designee to execute, record and file, and consents to the Purchaser or its designee executing, recording and filing,
    at the Purchaser’s sole cost and expense, financing statements in the appropriate filing offices under the UCC (and continuation statements with respect to such financing statements when applicable), and amendments thereto or assignments thereof, in
    such manner and in such jurisdictions as are necessary or appropriate to evidence or perfect the sale, assignment, transfer, conveyance and grant by the Seller to the Purchaser, and the purchase, acquisition and acceptance by the Purchaser from the
    Seller, of the Purchased Assets and to perfect the security interest in the Purchased Assets granted by the Seller to the Purchaser pursuant to Section 2.1(d).

   

  (d)         Notwithstanding that the Seller and the Purchaser expressly intend for the sale, assignment, transfer,
    conveyance and granting of the Purchased Assets to be a true, complete, absolute and irrevocable sale and assignment, the Seller hereby assigns, conveys, grants and pledges to the Purchaser, as security for its obligations created hereunder in the
    event that the transfer contemplated by this Purchase and Sale Agreement is held not to be a sale, a security interest of first priority in and to all of the Seller’s right, title and interest in, to and under the Purchased Assets, whether now or
    hereafter acquired or arising, and wherever located, and any and all “proceeds” thereof (as such term is defined in the UCC), to secure payment to Purchaser of amounts equal to the Purchased Assets as they are paid under the Counterparty License
    Agreement, in such event, this Purchase and Sale Agreement shall constitute a security agreement, and Seller does hereby authorize Purchaser to file such financing statements (and continuation statements with respect to such financing statements when
    applicable), in form and substance reasonably acceptable to the Seller, as may be necessary to perfect its security interest.

   

  Section 2.2          Purchase Price. In full consideration for the sale, assignment, transfer, conveyance and
    granting of the Purchased Assets, and subject to the terms and conditions set forth herein, the Purchaser shall pay (or cause to be paid) to the Seller, or the Seller’s designee, the following amounts, to the extent earned and payable in accordance
    with the below (collectively, the “Purchase Price”):

   

  (a)         the sum of $40,000,000 on the Closing Date;

   

  (b)         the sum of $10,000,000 upon the first to occur of (1) the Counterparty executes and delivers the Counterparty Confirmation, or (2) the patent issued pursuant to the
    Pending Patent Application is listed in the Orange Book for the Product;

   

  (c)         the sum of $[*****] in the event that [*****];

   

  
    11

    
      

  

  (d)         the sum of $[*****] in the event that [*****];

   

  (e)         the sum of $[*****] in the event that [*****];

   

  (f)         the sum of $[*****] in the event that [*****]; and

   

  (g)         the sum of $[*****] in the event that [*****].

   

  Payment of the Purchase Price shall be made in Dollars in immediately available funds by wire transfer to the Seller Account.  Payment of the Purchase Price (i) described in clause (a) above shall be made on the Closing
    Date, (ii) described in clause (b) above shall be made, subject to the limitations set forth in Section 2.3, on the date that is no later than twelve (12) Business Days following the satisfaction of the conditions set forth in clause (b), (iii)
    described in clauses (c) through (e) above, shall be made on a date that is no later than 30 days following the Earned Date for such clause, (iv) described in clause (f) above, shall be made [*****] following such Earned Date, [*****] and (v) described
    in clause (g) above, shall be made [*****] following the Earned Date for clause (g), [*****].  [*****].  In the event that the Seller changes the payment instructions set forth in the Counterparty Instruction without the prior written consent of the
    Purchaser and fails to reverse such payment instruction change within thirty (30) days’ written notice from the Purchaser, all further Contingent Payments shall be forfeited, including any quarterly payments that would otherwise have been due and
    payable.  Each Contingent Payment shall only be payable once, if earned in accordance with its terms.

   

  Section 2.3          [*****].

   

  Section 2.4          No Assumed Obligations. Notwithstanding any provision in this Purchase and Sale Agreement or any
    other writing to the contrary, the Purchaser is purchasing, acquiring and accepting only the Purchased Assets and is not assuming any liability or obligation of the Seller or any of the Seller’s Affiliates of whatever nature, whether presently in
    existence or arising or asserted hereafter (including any liability or obligation of the Seller under the Counterparty License Agreement or any Additional License Agreement) (collectively, the “Retained Liabilities”). All Retained Liabilities
    shall be retained by and remain liabilities and obligations of the Seller or the Seller’s Affiliates, as the case may be.

   

  Section 2.5          Excluded Assets. Except as otherwise explicitly set forth herein, the Purchaser does not, by purchase, acquisition or
    acceptance of the rights, title or interest granted hereunder or otherwise pursuant to any of the Transaction Documents, purchase, acquire or accept any Intellectual Property or other assets or property of the Seller, or rights, title or interests
    granted therein, by implication or otherwise, other than the Purchased Assets.

   

  

  
    12

    
      

  

  Section 2.6          Payment Default. In addition to the remedies set forth in Article VII or elsewhere herein, if either the Seller or
    the Purchaser fails to pay any [*****], Contingent Payment or other payment with respect to the Purchased Assets required to be made by the Seller (or any of its Affiliates) or the Purchaser, as applicable, within thirty (30) days after the applicable
    due date (the “Payment Date”), all such unpaid amounts shall bear interest at a rate of [*****] per annum, compounded monthly (“Default Interest”), commencing on the applicable due date on which such payment was not paid and continuing
    until such time as the unpaid payment is paid.  The receipt by the Purchaser or the Seller, as applicable, of such Default Interest shall not be construed as a waiver by such receiving party of any default or any of the rights or remedies of such
    receiving party under this Agreement. For the avoidance of doubt, Seller shall not be liable for any Default Interest in respect of an unpaid Royalty payment where a Counterparty has failed to make the corresponding payment under the Counterparty
    License Agreement.

   

  

  ARTICLE III

  REPRESENTATIONS AND WARRANTIES OF THE SELLER

   

  The Seller hereby represents and warrants to the Purchaser as of the date hereof as follows:

   

  Section 3.1          Organization. The Seller is a corporation duly organized, validly existing and in good standing under the laws of the State
    of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted and to exercise its
    rights and to perform its obligations under the Counterparty License Agreement. The Seller is duly qualified to transact business and is in good standing in every jurisdiction in which such qualification or good standing is required by Applicable Law
    (except where the failure to be so qualified or in good standing would not be a Material Adverse Change).

   

  Section 3.2          No Conflicts.

   

  

  (a)         None of the execution and delivery by the Seller of any of the Transaction Documents to which the Seller is party, the performance by the Seller of the obligations
    contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby will: (i) contravene, conflict with, result in a breach, violation, cancellation or termination of, constitute a default (with or without notice or
    lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy or obtain any additional rights under, or accelerate the maturity or performance of or payment under, in any respect, (A) any Applicable Law or
    any judgment, order, writ, decree, permit or license of any Governmental Authority, to which the Seller or any of its Subsidiaries or any of their respective assets or properties may be subject or bound, (B) any term or provision of any contract,
    agreement, indenture, lease, license, deed, commitment, obligation or instrument to which the Seller or any of its Subsidiaries is a party or by which the Seller or any of its Subsidiaries or any of their respective assets or properties is bound or
    committed (including the Counterparty License Agreement) or (C) any term or provision of any of the organizational documents of the Seller or any of its Subsidiaries; (ii) give rise to any additional right of
    termination, cancellation or acceleration of any right or obligation of the Seller or any of its Subsidiaries; or (iii) except as provided in any of the Transaction Documents to which it is party, result in or require the creation or imposition of any
    Lien on the Licensed Patents, the Products, the Counterparty License Agreement or the Purchased Assets.

   

  

  
    13

    
      

  

  (b)         Except for any Lien created or existing under the Counterparty License Agreement, the Seller has not granted, nor does there exist, any Lien on the Transaction
    Documents, the Counterparty License Agreement or the Purchased Assets. Except for any Lien created under the Counterparty License Agreement or in connection with the Seller’s commercial lending arrangements, the Seller has not granted, nor does there
    exist, any Lien on the Licensed Patents.  Except for the license granted by the Seller to Counterparty under the Counterparty License Agreement and any sublicenses granted by the Counterparty pursuant to Section 2.1.3 of the Counterparty License
    Agreement, there are no licenses, sublicenses or other rights under the Licensed Patents in the Territory that have been granted to any other Person.

   

  Section 3.3          Authorization. The Seller has all powers and authority to execute and deliver, and perform its obligations under, the
    Transaction Documents to which it is party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Transaction Documents to which the Seller is party and the performance by the Seller of its
    obligations hereunder and thereunder have been duly authorized by the Seller. Each of the Transaction Documents to which the Seller is party has been duly executed and delivered by the Seller. Each of the Transaction Documents to which the Seller is
    party constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws
    affecting creditors’ rights generally, general equitable principles and principles of public policy.

   

  Section 3.4          Ownership. The Seller is the exclusive owner of the entire right, title (legal and equitable) and interest in, to and under
    the Purchased Assets and has good and valid title thereto, free and clear of all Liens. The Seller is the exclusive owner of the entire right, title (legal and equitable) and interest in, or has a license, sublicense or otherwise permission to use and
    license Licensed Patents, free and clear of all Liens except for Liens granted in connection with the Seller’s commercial lending arrangements. The Seller has duly and legally filed or applied for registration for its ownership interest in the Licensed
    Patents in the appropriate agencies and in the jurisdictions set forth on Exhibit C, and the Seller is the exclusive “owner of record” of such Licensed Patents in each such jurisdiction. The Purchased Assets sold, assigned, transferred,
    conveyed and granted to the Purchaser on the Closing Date have not been pledged, sold, assigned, transferred, conveyed or granted by the Seller to any other Person. The Seller has full right to sell, assign, transfer, convey and grant the Purchased
    Assets to the Purchaser. Upon the sale, assignment, transfer, conveyance and granting by the Seller of the Purchased Assets to the Purchaser, the Purchaser shall acquire good and marketable title to the Purchased Assets free and clear of all Liens,
    other than Liens in favor of the Purchaser, and shall be the exclusive owner of the Purchased Assets. The Purchaser shall have the same rights as the Seller would have with respect to the Purchased Assets (if the Seller were still the owner of such
    Purchased Assets) against any other Person.

   

  

  
    14

    
      

  

  Section 3.5          Governmental and Third Party Authorizations. The execution and delivery by the Seller of the Transaction Documents to which
    the Seller is party, the performance by the Seller of its obligations hereunder and thereunder and the consummation of any of the transactions contemplated hereunder and thereunder (including the sale, assignment, transfer, conveyance and granting of
    the Purchased Assets to the Purchaser) do not require any consent, approval, license, order, authorization or declaration from, notice to, action or registration by or filing with any Governmental Authority or any other Person, except for the filing of
    a Current Report on Form 8-K with the Securities and Exchange Commission, the filing of UCC financing statements, the notice to Counterparty contained in the Counterparty Instruction, the notice to the holders of the Seller’s debt pursuant to its
    commercial lending arrangements and those previously obtained.

   

  Section 3.6          No Litigation. There is no (a) action, suit, arbitration proceeding, claim, demand, citation, summons, subpoena,
    investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the knowledge of the Seller, threatened in respect of the Products, the Counterparty License Agreement or the Purchased
    Assets, at law or in equity, or (b) to the knowledge of the Seller, inquiry or investigation (whether civil, criminal, administrative, regulatory, investigative or informal) by or before a Governmental Authority pending or threatened against the Seller
    or any of its Subsidiaries in respect of the Products, the Counterparty License Agreement or the Purchased Assets, that, in each case, (i) could reasonably be expected to result in a Material Adverse Change or (ii) challenges or seeks to prevent or
    delay the consummation of any of the transactions contemplated by any of the Transaction Documents to which the Seller is party. To the knowledge of the Seller, no event has occurred or circumstance exists that may give rise to or serve as a basis for
    the commencement of any such action, suit, arbitration, claim, investigation, proceeding or inquiry.

   

  Section 3.7          Solvency. The Seller has determined that, and by virtue of its entering into the transactions contemplated by the
    Transaction Documents to which the Seller is party and its authorization, execution and delivery of the Transaction Documents to which the Seller is party, the Seller’s incurrence of any liability hereunder or thereunder or contemplated hereby or
    thereby is in its own best interests. Upon consummation of the transactions contemplated by the Transaction Documents and the application of the proceeds therefrom, (a) the fair saleable value of the Seller’s assets will be greater than the sum of its
    debts, liabilities and other obligations, including contingent liabilities, (b) the present fair saleable value of the Seller’s assets will be greater than the amount that would be required to pay its probable liabilities on its existing debts,
    liabilities and other obligations, including contingent liabilities, as they become absolute and matured, (c) the Seller will be able to realize upon its assets and pay its debts, liabilities and other obligations, including contingent obligations, as
    they mature, (d) the Seller will not be rendered insolvent, will not have unreasonably small capital with which to engage in its business and will not be unable to pay its debts as they mature, (e) the Seller has not incurred, will not incur and does
    not have any present plans or intentions to incur debts or other obligations or liabilities beyond its ability to pay such debts or other obligations or liabilities as they become absolute and matured, (f) the Seller will not have become subject to any
    Voluntary Seller Bankruptcy or Involuntary Seller Bankruptcy and (g) the Seller will not have been rendered insolvent within the meaning of Section 101(32) of Title 11 of the United States Code. No step has been taken or is intended by the Seller or,
    so far as it is aware, any other Person to make the Seller subject to a Voluntary Seller Bankruptcy or Involuntary Seller Bankruptcy.

   

  

  
    15

    
      

  

  Section 3.8          No Brokers’ Fees. The Seller has not taken any action that would entitle any person or entity other than Morgan Stanley
    & Co. LLC to any commission or broker’s fee in connection with the transactions contemplated by this Purchase and Sale Agreement.

   

  Section 3.9          Compliance with Laws. None of the Seller or any of its Subsidiaries (a) has violated or is in violation of, or, to the
    knowledge of the Seller, is under investigation with respect to or has been threatened to be charged with or been given notice of any violation of, any Applicable Law or any judgment, order, writ, decree, injunction, stipulation, consent order, permit
    or license granted, issued or entered by any Governmental Authority or (b) is subject to any judgment, order, writ, decree, injunction, stipulation, consent order, permit or license granted, issued or entered by any Governmental Authority, in each
    case, that would be a Material Adverse Change. Each of the Seller and any Subsidiary of the Seller is in compliance with the requirements of all Applicable Laws, a breach of any of which would be a Material Adverse Change.

   

  Section 3.10        Intellectual Property Matters.

   

  (a)         Exhibit C sets forth an accurate and complete list of all Licensed Patents. For each of such Licensed Patents listed on Exhibit C, the Seller has
    indicated (i) the jurisdictions in which such Licensed Patent is pending, allowed, granted or issued, (ii) the patent number or patent serial number, (iii) the scheduled expiration date of such issued patent, (iv) the scheduled expiration date of each
    patent issuing from such pending patent application once issued and (v) the owner of such Licensed Patent.

   

  (b)         To the knowledge of the Seller, each claim that has been issued or granted by the appropriate Patent Office included in the relevant Licensed Patents is valid and
    enforceable.

   

  (c)         There are no unpaid maintenance or renewal fees payable by the Seller to any third party that currently are overdue for any of the Licensed Patents. No Licensed Patents
    listed on Exhibit C have lapsed or been abandoned, cancelled or expired. To the knowledge of the Seller, each individual associated with the filing and prosecution of the Licensed Patents, including the named inventors of the Licensed Patents,
    has complied in all material respects with all applicable duties of candor and good faith in dealing with any Patent Office, including any duty to disclose to any Patent Office all information known by such inventors to be material to the patentability
    of each of the Licensed Patents (including any relevant prior art), in each case, in those jurisdictions in the Territory where such duties exist.

   

  (d)         Subsequent to the issuance of the Licensed Patents, neither the Seller nor, to the knowledge of the Seller, Counterparty has filed any disclaimer or made or permitted
    any other voluntary reduction in the scope of the Licensed Patents.

   

  

  
    16

    
      

  

  (e)         To the knowledge of the Seller, there is no pending or threatened opposition, interference, inter partes proceeding, reexamination,
    injunction, claim, suit, action, citation, summon, subpoena, hearing, inquiry, investigation (by the International Trade Commission or otherwise), complaint, arbitration, mediation, demand, decree or other dispute, disagreement, proceeding or claim
    (collectively, “Disputes”) challenging the validity, enforceability or ownership of any of the Licensed Patents or that could reasonably be expected to give rise to any Set-off against the payments due to the Seller under the Counterparty
    License Agreement for the use of the related Licensed Patents. To the knowledge of the Seller, there are no Disputes by or with any third party against the Seller involving any of the Products. The Licensed Patents are not subject to any outstanding
    injunction, judgment, order, decree, settlement or, to the knowledge of the Seller, other disposition of a Dispute.

   

  (f)         To the knowledge of the Seller, there is no pending or threatened, and no event has occurred or circumstance exists that (with or without notice or lapse of time, or
    both) could reasonably be expected to give rise to or serve as a basis for any, action, suit or proceeding, or any investigation or claim, and the Seller has not received any written notice of the foregoing, that claims that the manufacture, use,
    marketing, sale, offer for sale, importation or distribution of any of the Products infringes on any valid and enforceable patent of any other Person or constitute misappropriation of any other Person’s trade secrets or other intellectual property
    rights.

   

  (g)         To the knowledge of the Seller, there is no third party infringing any Licensed Patents in any material respect, nor has the Seller received any notice under the
    Counterparty License Agreement of infringement of any of the Licensed Patents, except as set forth on Exhibit C.

   

  (h)        [*****].

   

  Section 3.11        Regulatory Approval, Manufacturing and Marketing.

   

  (a)         To the knowledge of the Seller, Counterparty has complied with its obligations to develop the Products and seek and obtain Regulatory Approval for the Products to the
    extent required by the Counterparty License Agreement.

   

  (b)         To the knowledge of the Seller, the KYNMOBI product received Regulatory Approval for marketing and distribution in the U.S. on May 21, 2020.

   

  Section 3.12        Counterparty License Agreement.

   

  (a)         Other than the Transaction Documents, the Counterparty License Agreement and (solely in respect of the creation of Liens) the commercial lending arrangements of the
    Seller, there is no contract, agreement or other arrangement (whether written or oral) to which the Seller or any of its Subsidiaries is a party or by which any of their respective assets or properties is bound or committed (i) that creates a Lien on,
    affects or otherwise relates to the Purchased Assets or the Counterparty License Agreement or the Licensed Patents or (ii) for which breach, nonperformance, cancellation or failure to renew would be a Material Adverse Change.

   

  

  
    17

    
      

  

  (b)         The Seller has provided to the Purchaser a true, correct and complete copy of the Counterparty License Agreement.  The Seller has no written agreement with the
    Counterparty with respect to the Product or the Licensed Patents other than the Counterparty License Agreement.

   

  (c)         The Counterparty License Agreement is in full force and effect and is the legal, valid and binding obligation of the Seller, enforceable against the Seller in
    accordance with its respective terms, subject, as to enforcement of remedies, to bankruptcy, insolvency, reorganization, moratorium or similar Applicable Laws affecting creditors’ rights generally, general equitable principles and principles of public
    policy. The execution and delivery of, and performance of obligations by the Seller under, the Counterparty License Agreement were and are within the powers of the Seller. The Counterparty License Agreement was duly authorized by all necessary action
    on the part of, and validly executed and delivered by, the Seller. The Seller is not in breach or violation of or in default under the Counterparty License Agreement that would be a Material Adverse Change. The representations and warranties of the
    Seller in the Counterparty License Agreement were true and correct on the date of the Counterparty License Agreement.  To the knowledge of the Seller, there is no event or circumstance that, upon notice or the passage of time, or both, would constitute
    or give rise to any breach or default in the performance of the Counterparty License Agreement by the Seller that would be a Material Adverse Change.

   

  (d)         Except as set forth under the First Amendment, the Seller has not waived any rights or defaults under the Counterparty License Agreement or released Counterparty or any
    other party thereto, in whole or in part, from any of its obligations under the Counterparty License Agreement the existence of which would have a Material Adverse Change. To the knowledge of the Seller, there are no oral waivers or modifications in
    respect of the Counterparty License Agreement. Except as set forth under the First Amendment and the Second Amendment, neither the Seller nor Counterparty has agreed to amend or waive any provision of the Counterparty License Agreement, and there is no
    current proposal to do so.

   

  (e)         To the knowledge of the Seller, no event has occurred that would give the Seller or Counterparty or any other party thereto the right to terminate the Counterparty
    License Agreement or cease paying Royalties thereunder. The Seller has not received any notice of an intention by Counterparty or any other Person to terminate or breach the Counterparty License Agreement, in whole or in part, of force majeure under
    the Counterparty License Agreement, or challenging the validity or enforceability of the Counterparty License Agreement or the obligation to pay the Royalties under the Counterparty License Agreement, or that the Seller or Counterparty or any other
    party thereto is in default of its obligations under the Counterparty License Agreement. The Seller is not aware of any default, violation or breach by Counterparty under or of the Counterparty License Agreement. The Seller has no present intention of
    terminating the Counterparty License Agreement and has not given Counterparty or any other party thereto any notice of termination of the Counterparty License Agreement, in whole or in part, or of force majeure under the Counterparty License Agreement.

   

  

  
    18

    
      

  

  (f)         Except as provided in the Counterparty License Agreement, the Seller is not a party to any agreement entitling any other Person to any payments, including by way of
    Set-off, in respect of the Royalties payable under the Counterparty License Agreement to the Seller.

   

  (g)         Except for sublicense arrangements pursuant to Section 2.1.3 of the Counterparty License Agreement, the Seller has not consented to an assignment by Counterparty or any
    other party thereto of any of Counterparty’s or such other party’s rights or obligations under the Counterparty License Agreement, and the Seller does not have knowledge of any such assignment by Counterparty or any other such party. Except as
    contemplated by Section 2.1, the Seller has not assigned, in whole or in part, and has not granted, incurred or suffered to exist any Liens (other than Liens created or existing under the Counterparty License Agreement) (i) on the Counterparty License
    Agreement or the Purchased Assets or (ii) other than Liens granted in connection with the Seller’s commercial lending arrangements, on any of the Seller’s rights, title or interest in and to the Licensed Patents.

   

  (h)         None of the Seller, Counterparty or any other party thereto has made any claim of indemnification under the Counterparty License Agreement.

   

  (i)         The Seller has not exercised its rights to conduct an audit under the Counterparty License Agreement.

   

  (j)          To the knowledge of the Seller, the Seller has received all amounts owed to it under the Counterparty License Agreement.

   

  (k)         The Seller has not granted any Person any rights in the Licensed Patents that conflict with the rights therein granted to the Counterparty under the Counterparty
    License Agreement.

   

  Section 3.13        UCC Matters. The Seller’s exact legal name is, and since January 1, 2018 has been, “Aquestive Therapeutics, Inc.”   Prior to
    such date, the Seller’s exact legal name was “MonoSol Rx, LLC.”  The Seller has had no other legal name during the 10 years preceding the date hereof.  The Seller’s principal place of business is, and for the preceding 10 years has been, located in
    Warren, New Jersey. The Seller’s jurisdiction of organization is, and for the preceding 10 years has been, Delaware.  For the preceding 10 years, the Seller has not been the subject of any merger or other corporate or other reorganization in which its
    identity or status was materially changed, except in each case when it was the surviving or resulting Person.

   

  

  
    19

    
      

  

   
  
    Section 3.14        Set-off and Other Sources of Royalty Reduction. Except as provided in the Counterparty License Agreement, Counterparty has
      no right of Set-off under any contract or other agreement against the Royalties or any other amounts payable to the Seller under the Counterparty License Agreement. Counterparty has not exercised, and, to the knowledge of the Seller, Counterparty has
      not had the right to exercise, and no event or condition exists that, upon notice or passage of time or both, would reasonably be expected to permit Counterparty to exercise, any Set-off against the Royalties or any other amounts payable to the
      Seller under the Counterparty License Agreement. To the knowledge of the Seller, there are no third party patents that would provide a basis for a reduction in the royalties due to the Seller pursuant to the Counterparty License Agreement. There are
      no compulsory licenses granted or, to the knowledge of the Seller, threatened to be granted with respect to the Licensed Patents.

  

  
     

      

    Section 3.15        Competing Products. Neither the Seller nor any of its Affiliates is currently involved in the development of another Apomorphine product for the Field
      that could reasonably be expected to result in a reduction or termination of any Royalties under the Counterparty License Agreement.  To the actual knowledge of the Seller, the Counterparty is not currently involved in the development of another
      Apomorphine product for the Field that could reasonably be expected to result in a reduction or termination of any Royalties under the Counterparty License Agreement.

  

  ARTICLE IV

  REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

   

  The Purchaser hereby represents and warrants to the Seller as of the date hereof as follows:

   

  Section 4.1          Organization. The Purchaser is a limited liability company duly organized, validly existing and in good standing under the
    laws of the State of Delaware and has all powers and authority, and all licenses, permits, franchises, authorizations, consents and approvals of all Governmental Authorities, required to own its property and conduct its business as now conducted.

   

  Section 4.2          No Conflicts. None of the execution and delivery by the Purchaser of any of the Transaction Documents to which the Purchaser
    is party, the performance by the Purchaser of the obligations contemplated hereby or thereby or the consummation of the transactions contemplated hereby or thereby will contravene, conflict with, result in a breach, violation, cancellation or
    termination of, constitute a default (with or without notice or lapse of time, or both) under, require prepayment under, give any Person the right to exercise any remedy or obtain any additional rights under, or accelerate the maturity or performance
    of or payment under, in any respect, (i) any Applicable Law or any judgment, order, writ, decree, permit or license of any Governmental Authority to which the Purchaser or any of its assets or properties may be subject or bound, (ii) any term or
    provision of any contract, agreement, indenture, lease, license, deed, commitment, obligation or instrument to which the Purchaser is a party or by which the Purchaser or any of its assets or properties is bound or committed or (iii) any term or
    provision of any of the organizational documents of the Purchaser.

   

  

  
    20

    
      

  

  Section 4.3          Authorization. The Purchaser has all powers and authority to execute and deliver, and perform its obligations under, the
    Transaction Documents to which it is party and to consummate the transactions contemplated hereby and thereby. The execution and delivery of each of the Transaction Documents to which the Purchaser is party and the performance by the Purchaser of its
    obligations hereunder and thereunder have been duly authorized by the Purchaser. Each of the Transaction Documents to which the Purchaser is party has been duly executed and delivered by the Purchaser. Each of the Transaction Documents to which the
    Purchaser is party constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar
    Applicable Laws affecting creditors’ rights generally, general equitable principles and principles of public policy.

   

  Section 4.4          Governmental and Third Party Authorizations. The execution and delivery by the Purchaser of the Transaction Documents to
    which the Purchaser is party, the performance by the Purchaser of its obligations hereunder and thereunder and the consummation of any of the transactions contemplated hereunder and thereunder do not require any consent, approval, license, order,
    authorization or declaration from, notice to, action or registration by or filing with any Governmental Authority or any other Person, except as described in Section 3.5.

   

  Section 4.5          No Litigation. There is no (a) action, suit, arbitration proceeding, claim, demand, citation, summons, subpoena,
    investigation or other proceeding (whether civil, criminal, administrative, regulatory, investigative or informal) pending or, to the knowledge of the Purchaser, threatened by or against the Purchaser, at law or in equity, or (b) inquiry or
    investigation (whether civil, criminal, administrative, regulatory, investigative or informal) by or before a Governmental Authority pending or, to the knowledge of the Purchaser, threatened against the Purchaser, that, in each case, challenges or
    seeks to prevent or delay the consummation of any of the transactions contemplated by any of the Transaction Documents to which the Purchaser is party.

   

  Section 4.6          Access to Information. The Purchaser acknowledges that it has (a) reviewed the Counterparty License Agreement and such other
    documents and information relating to the Licensed Patents and the Products and (b) had the opportunity to ask such questions of, and to receive answers from, representatives of the Seller concerning the Counterparty License Agreement, the Licensed
    Patents and the Products, in each case, as it deemed necessary to make an informed decision to purchase, acquire and accept the Purchased Assets in accordance with the terms of this Purchase and Sale Agreement. The Purchaser has such knowledge,
    sophistication and experience in financial and business matters that it is capable of evaluating the risks and merits of purchasing, acquiring and accepting the Purchased Assets in accordance with the terms of this Purchase and Sale Agreement.

   

  Section 4.7          Funds Available. The Purchaser has sufficient funds on hand or binding and enforceable commitments to provide it with
    sufficient funds to satisfy its obligations, in each case to pay the Purchase Price, and the Purchaser has no reason to believe, and has not been provided with oral or written notice that any of its investors are not required or do not intend, for any
    reason, to satisfy their obligations under such commitments. The Purchaser acknowledges and agrees that its obligations under this Purchase and Sale Agreement are not contingent on obtaining financing.

   

  

  
    21

    
      

  

  ARTICLE V

  COVENANTS

   

  The parties hereto covenant and agree as follows:

   

  Section 5.1          Books and Records; Notices.

   

  (a)         Promptly (but in no event more than five Business Days) after receipt by the Seller of notice of any action, suit, claim, demand, dispute, investigation, arbitration or
    other proceeding (commenced or threatened) relating to the transactions contemplated by any Transaction Document, the Purchased Assets or the Counterparty License Agreement or any default or termination by any Person under the Counterparty License
    Agreement, the Seller shall, except to the extent prohibited by Applicable Law, (i) inform the Purchaser in writing of the receipt of such notice and the substance thereof and (ii) if such notice is in writing, furnish the Purchaser with a copy of such
    notice and any related materials with respect thereto.

   

  (b)         The Seller shall keep and maintain, or cause to be kept and maintained, at all times full and accurate books and records adequate to reflect accurately all financial
    information it has received, and all amounts paid or received under the Counterparty License Agreement, with respect to the Royalties.

   

  (c)         Promptly (but in no event more than five Business Days) following receipt by the Seller of any material written notice, certificate, offer, proposal, correspondence,
    report or other communication relating to the Royalties or the Purchased Assets or, to the extent relating to or involving the Purchased Assets, the Counterparty License Agreement, the Licensed Patents or the Products, including, but not limited to,
    any Quarterly Royalty Reports under the Counterparty License Agreement, the Seller shall (i) inform the Purchaser in writing of such receipt and (ii) furnish the Purchaser with a copy of such notice, certificate, offer, proposal, correspondence, report
    or other communication, but in all cases excluding customary correspondence with a Patent Office relating to any pending patent applications.

   

  (d)         The Seller shall provide the Purchaser with written notice as promptly as practicable (and in any event within five Business Days) after becoming aware of any of the
    following: (i) the occurrence of a Voluntary Seller Bankruptcy or an Involuntary Seller Bankruptcy; (ii) any material breach or default by the Seller of or under any covenant, agreement or other provision of the Counterparty License Agreement or any
    Transaction Document to which it is party; (iii) any representation or warranty made by the Seller in the Counterparty License Agreement, any of the Transaction Documents or in any certificate delivered to the Purchaser pursuant to this Purchase and
    Sale Agreement shall prove to be untrue, inaccurate or incomplete in any material respect on the date as of which made; or (iv) any change, effect, event, occurrence, state of facts, development or condition that would be a Material Adverse Change.

   

  

  
    22

    
      

  

  (e)         The Seller shall notify the Purchaser in writing not less than 30 days prior to any change in, or amendment or alteration of, the Seller’s (i) legal name, (ii) form or
    type of organizational structure or (iii) jurisdiction of organization.

   

  (f)          Subject to applicable confidentiality restrictions and Applicable Laws relating to securities matters, the Seller shall make available such other information as the
    Purchaser may, from time to time, reasonably request with respect to (i) the Purchased Assets or (ii) the condition or operations, financial or otherwise, of the Seller that is reasonably likely to impact or affect the performance of the Seller’s
    obligations hereunder or the Seller’s compliance with the terms, provisions and conditions of this Purchase and Sale Agreement.

   

  Section 5.2          Confidentiality; Public Announcement.

   

  (a)         Except as otherwise required by Applicable Law, by the rules and regulations of any securities exchange or trading system or by the FDA or any other Governmental
    Authority with similar regulatory authority and except as otherwise set forth in this Section 5.2, all Confidential Information furnished by the Seller to the Purchaser, as well as the terms, conditions and provisions of this Purchase and Sale
    Agreement and any other Transaction Document (collectively, the “Covered Information”), shall be kept confidential by the parties hereto and shall be used by the parties only in connection with this Purchase and Sale Agreement and any other
    Transaction Document and the transactions contemplated hereby and thereby. Notwithstanding the foregoing, each of the parties hereto may disclose such information to (i) its actual and potential partners, directors, employees, managers, officers,
    agents, investors (including any holder of debt securities of such party and such holder’s advisors, agents and representatives), co-investors, insurers and insurance brokers, underwriters, financing parties, equity holders, brokers, advisors, lawyers,
    lenders, bankers, trustees and representatives and (ii) third parties in order to comply with any Applicable Law, and (solely with respect to the Purchaser) only after compliance with Section 5.2(b); provided, that such Persons listed in clause
    (i) above shall be informed of the confidential nature of such information and shall be obligated to keep such information confidential pursuant to obligations of confidentiality no less onerous than those set out herein.

   

  (b)         In the event that (i) either party is required by Applicable Law or by the rules and regulations of any securities exchange or trading
    system to disclose any of the terms, conditions and provisions of this Purchase and Sale Agreement and any other Transaction Document or (ii) the Purchaser is required by Applicable Law or by the rules and regulations of any securities exchange or
    trading system to disclose any other Covered Information, such party will notify the non-disclosing party promptly (unless such notice is prohibited by Applicable Law) so that the non-disclosing party may seek, at its own expense, a protective order or
    other appropriate remedy or, in the sole discretion of the non-disclosing party, waive compliance with the terms of this Section 5.2. In addition, the Seller will consult with the Purchasers in connection with the Seller’s seeking confidential
    treatment from the Securities and Exchange Commission of the relevant provisions of this Purchase and Sale Agreement to the extent possible under the rules of the Securities and Exchange Commission, and will provide the Purchaser with a reasonable
    opportunity to comment on such confidential treatment request; provided, however, that the final decision as to disclosure of the terms of this Purchase and Sale Agreement with the Securities and Exchange Commission shall be in the sole
    discretion of the Seller. In the event that no such protective order or other remedy is obtained, or the non-disclosing party does do not waive in writing compliance with the terms of this Section 5.2, the disclosing party will (i) furnish only that
    portion of the Covered Information that it is advised by counsel (which may be internal counsel) is legally required and will exercise commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Covered
    Information and (ii) provide the Seller with written notice of such disclosure promptly, but in any case, no later than three (3) days following such disclosure (unless such notice is prohibited by Applicable Law).

   

  

  
    23

    
      

  

  (c)         The Seller and the Purchaser acknowledge that each party hereto may, after execution of this Purchase and Sale Agreement, make a public announcement of the transactions
    contemplated by the Transaction Documents. The Seller and the Purchaser agree that, after the execution of this Purchase and Sale Agreement, public announcements may be issued in the form of one or more press releases, and in disclosures contained in
    documents to be filed with or furnished to the Securities and Exchange Commission, in each case subject to the Purchaser or the Seller having a reasonable prior opportunity to review such public announcement, and either party hereto may thereafter
    disclose any information contained in such press release or Securities and Exchange Commission documents at any time without the consent of the other party hereto.  Notwithstanding the foregoing, the Seller shall have sole discretion in determining the
    contents of disclosure materials with respect to the transactions contemplated by the Transaction Documents that the Seller files or furnishes to the Securities and Exchange Commission.

   

  Section 5.3          Reasonable Best Efforts; Further Assurances.

   

  (a)         Subject to the terms and conditions of this Purchase and Sale Agreement, each party hereto will use its reasonable best efforts to take, or cause to be taken, all
    actions and to do, or cause to be done, all things necessary under Applicable Laws to consummate the transactions contemplated by the Transaction Documents to which the Seller or the Purchaser, as applicable, is party, including to (i) perfect the
    sale, assignment, transfer, conveyance and granting of the Purchased Assets to the Purchaser pursuant to this Purchase and Sale Agreement, (ii) execute and deliver such other documents, certificates, instruments, agreements and other writings and to
    take such other actions as may be necessary or desirable, or reasonably requested by the other party hereto, in order to consummate or implement expeditiously the transactions contemplated by any Transaction Document to which the Seller or the
    Purchaser, as applicable, is party, (iii) perfect, protect, more fully evidence, vest and maintain in the Purchaser good, valid and marketable rights and interests in and to the Purchased Assets free and clear of all Liens (other than those permitted
    by the Transaction Documents), (iv) create, evidence and perfect the Purchaser’s back-up security interest granted pursuant to Section 2.1(d) and (v) enable the Purchaser to exercise or enforce any of the Purchaser’s rights under any Transaction
    Document to which the Seller or the Purchaser, as applicable, is party, including following the Closing Date.

   

  

  
    24

    
      

  

  (b)         The Seller and the Purchaser shall cooperate and provide assistance as reasonably requested by the other party hereto, at the expense of such other party hereto (except
    as otherwise set forth herein), in connection with any litigation, arbitration, investigation or other proceeding (whether threatened, existing, initiated or contemplated prior to, on or after the date hereof) to which the other party hereto, any of
    its Affiliates or controlling persons or any of their respective officers, directors, equityholders, controlling persons, managers, agents or employees is or may become a party or is or may become otherwise directly or indirectly affected or as to
    which any such Persons have a direct or indirect interest, in each case relating to any Transaction Document, the Purchased Assets or the transactions described herein or therein but in all cases excluding any litigation brought by the Seller (for
    itself or on behalf of any Seller Indemnified Party) against the Purchaser or brought by the Purchaser (for itself or on behalf of any Purchaser Indemnified Party) against the Seller.

   

  (c)         The Seller and the Purchaser shall each comply with all Applicable Laws with respect to the Transaction Documents to which it is party, the Counterparty License
    Agreement (in the case of the Seller), the Purchased Assets and all ancillary agreements related thereto, the violation of which would be a Material Adverse Change.

   

  (d)         The Seller shall not enter into any contract, agreement or other legally binding arrangement (whether written or oral), or grant any right to any other Person, in any
    case that would reasonably be expected to conflict with the Transaction Documents or serve or operate to limit or circumscribe any of the Purchaser’s rights under the Transaction Documents (or the Purchaser’s ability to exercise any such rights).

   

  (e)         The Seller shall use good faith efforts to get the Counterparty Instruction countersigned by the Counterparty prior to the Closing.  However, if such countersignature
    is not obtained prior to the Closing, the Seller shall use good faith efforts for ninety (90) days following the Closing to get the Counterparty Instruction countersigned by the Counterparty as soon as practicable following the Closing.  For the
    avoidance of doubt, in the absence of bad faith, the Seller’s failure to obtain the Counterparty’s countersignature to the Counterparty Instruction shall not constitute a breach of this covenant.

   

  Section 5.4          Payments on Account of the Purchased Assets.

   

  (a)         If Counterparty, any Sublicensee or any other Person makes any future payment in respect of the Purchased Assets to the Seller (or any of its Subsidiaries) directly on
    account of the Purchased Assets, then (i) the portion of such payment that represents Royalties shall be held by the Seller (or such Subsidiary) in trust for the benefit of the Purchaser in a segregated account, (ii) the Seller (or such Subsidiary)
    shall have no right, title or interest whatsoever in such portion of such payment and shall not create or suffer to exist any Lien thereon and (iii) the Seller (or such Subsidiary) promptly, and in any event no later than five (5) Business Days
    following the receipt and identification by the Seller (or such Subsidiary) of such portion of such payment, shall remit such portion of such payment, without interest, to the Purchaser Account pursuant to Section 5.4(b).

   

  

  
    25

    
      

  

  (b)         The Seller shall make all payments required to be made by it to the Purchaser pursuant to this Purchase and Sale Agreement by wire transfer
    of immediately available funds to the account listed on Exhibit 5.4(b) (or to such other account as the Purchaser shall notify the Seller in writing from time to time) (the “Purchaser Account”).

   

  (c)         If Counterparty, any Sublicensee or any other Person makes any payment to the Purchaser of Royalties relating to periods prior to the Royalties Commencement Date, then
    (i) such payment shall be held by the Purchaser in trust for the benefit of the Seller in a segregated account, (ii) the Purchaser shall have no right, title or interest whatsoever in such payment and shall not create or suffer to exist any Lien
    thereon and (iii) the Purchaser promptly, and in any event no later than five (5) Business Days following the receipt and identification by the Purchaser of such payment, shall remit such payment, without interest, to the Seller Account pursuant to
    Section 5.4(d).

   

  (d)         The Purchaser shall make all payments required to be made by it to the Seller pursuant to this Purchase and Sale Agreement by wire transfer
    of immediately available funds to the account listed on Exhibit 5.4(d) (or to such other account as the Seller shall notify the Purchaser in writing from time to time) (the “Seller Account”).

   

  (e)         If the Counterparty (or any Sublicensee) reduces the amount of any Royalties paid to the Purchaser as a result of any Set-off against such Royalties in respect of any
    amount owing from the Seller to such party, then, in the event that the Seller is unable to resolve such party’s claim with respect to such amount owing within ninety (90) days following payment of Royalties affected by such Set-off such that the
    Purchaser receives the amount previously Set-off against such Royalties, the Seller shall promptly, and in any event no later than five (5) Business Days, following the expiration of such period, pay to the Purchaser a sum equal to such Set-off amount;
    provided, however, that this Section 5.4(e) shall not apply to any reduction of Royalties by the Counterparty (or any Sublicensee) in connection with any dispute under the Counterparty License Agreement over amounts payable in respect of
    royalties, milestone payments or any other payments arising out of, related to or resulting from the sale by Counterparty or any of its Affiliates, successors, Sublicensees, subcontractors or agents of any and all Products in the Territory.

   

  

  
    26

    
      

  

  Section 5.5          Counterparty License Agreement.

   

  (a)         The Seller (i) shall perform and comply in all material respects with its duties and obligations under the Counterparty License Agreement,
    (ii) except as set forth under this Purchase and Sale Agreement, shall not forgive, release or compromise any amount owed to or becoming owing to it under the Counterparty License Agreement, (iii) shall not, without the consent of the Purchaser (such
    consent not to be unreasonably withheld, delayed or conditioned) assign, amend, modify, supplement, restate, waive, cancel or terminate (or consent to any cancellation or termination of), in whole or in part, any rights constituting or involving,
    affecting or relating to the Purchased Assets or the right to receive the Royalties under the Counterparty License Agreement, (iv) shall not breach in any material respects any of the provisions of the Counterparty License Agreement relevant to the
    Purchased Assets, (v) except pursuant to Section 5.6, shall not enter into any new agreement or legally binding arrangement in respect of the Purchased Assets, the Royalties or the Products (in respect of the Territory in the Field), (vi) shall not,
    without the consent of the Purchaser (such consent not to be unreasonably withheld, delayed or conditioned), waive any obligation of, or grant any consent to, Counterparty under the Counterparty License Agreement in respect of the Purchased Assets or,
    to the extent relevant to the Purchased Assets, under or in respect of the Products (in respect of the Territory in the Field), (vii) shall not alter or change the payment instructions contained in the Counterparty Instruction without the prior written
    consent of the Purchaser, and (viii) except pursuant to Section 5.6, shall not agree to do any of the foregoing.  Notwithstanding anything to contrary contained anywhere in this Purchase and Sale Agreement, in no event shall it be considered
    unreasonable for Purchaser to withhold its consent in the event the requested consent would reasonably be expected to have a material adverse effect on the Purchaser’s rights to receive, or the amount of, the Royalties under the Counterparty License
    Agreement.

   

  (b)         The Seller shall not, without the consent of the Purchaser (such consent not to be unreasonably withheld, delayed or conditioned) and except as set forth in Section
    5.5(a), withhold any consent, exercise or waive any right or option, fail to exercise any right or option or exercise or fail to exercise any action in respect of, affecting or relating to the Purchased Assets, the Products (in respect of the Territory
    in the Field) or the Counterparty License Agreement in any manner that would, in each case, (i) be a Material Adverse Change or (ii) conflict with or cause a default under, or breach or termination of, this Purchase and Sale Agreement or any other
    Transaction Document.

   

  (c)         Promptly after (i) receiving notice from Counterparty or any other Person (A) terminating the Counterparty License Agreement (in whole or in part), (B) alleging a
    material breach of or material default under the Counterparty License Agreement by the Seller or (C) asserting the existence of any facts, circumstances or events that, alone or together with other facts, circumstances or events, could reasonably be
    expected (with or without the giving of notice or passage of time, or both) to give rise to a material breach of or default under the Counterparty License Agreement by the Seller or the right to terminate the Counterparty License Agreement (in whole or
    in part) by Counterparty or any other Person or (ii) the Seller otherwise has knowledge of any fact, circumstance or event that, alone or together with other facts, circumstances or events, would (with or without the giving of notice or passage of
    time, or both) give rise to a material breach of or default under the Counterparty License Agreement by the Seller or give the right to terminate the Counterparty License Agreement (in whole or in part) by Counterparty or any other Person, in each
    case, the Seller shall (A) promptly (and in any event within five Business Days) give a written notice to the Purchaser describing in reasonable detail the relevant breach, default or termination event, including a copy of any written notice received
    from Counterparty or the other relevant Person, and, in the case of any breach or default or alleged breach or default by the Seller, describing in reasonable detail any corrective action the Seller proposes to take, and (B) in the case of any material
    breach or default or alleged breach or default by the Seller, use its reasonable best efforts to promptly cure such breach or default (if it is curable by the Seller) and shall give written notice to the Purchaser upon curing such breach or default; provided,
    however, that, if the Seller fails to promptly cure any such breach or default, the Purchaser shall, to the extent permitted by the Counterparty License Agreement, be entitled to take any and all actions the Purchaser considers reasonably
    necessary to promptly cure such breach or default, and the Seller shall cooperate with the Purchaser for such purpose and reimburse the Purchaser promptly (but in no event later than ten Business Days) following demand for all reasonable costs and
    expenses incurred in connection therewith.

   

  

  
    27

    
      

  

  (d)         Promptly after the Seller obtains knowledge of a material breach of or default under, or an alleged material
    breach of or default under, the Counterparty License Agreement by Counterparty or any other Person (each, a “Defaulting Party”) or of the existence of any facts, circumstances or events that, alone or together with other facts, circumstances or
    events, would (with or without the giving of notice or passage of time, or both) give rise to a material breach of or material default under the Counterparty License Agreement by a Defaulting Party or the right to terminate the Counterparty License
    Agreement (in whole or in part) by the Seller, in each case, the Seller shall (i) promptly (but in any event within five Business Days) give a written notice to the Purchaser describing in reasonable detail the relevant breach, default or termination
    event and (ii) proceed in consultation with the Purchaser and take such permissible actions (including commencing legal action against the Defaulting Party and the selection of legal counsel reasonably satisfactory to the Purchaser) to enforce
    compliance by the Defaulting Party with the relevant provisions of the Counterparty License Agreement and to exercise any or all of the Purchaser’s or the Seller’s rights and remedies, whether under the Counterparty License Agreement or by operation of
    law, with respect thereto. The Purchaser shall have the right to participate in, with counsel appointed by it, any meeting, discussion, action, suit or other proceeding relating to any such material breach, material default or termination event or
    alleged material breach, material default or termination event, including any counterclaim, settlement discussions or meetings.  All reasonable costs and expenses (including attorneys’ fees and expenses) incurred by Seller or Purchaser (other than fees
    for Purchaser’s separate counsel in the event Seller is already using counsel approved by Purchaser) in connection with the enforcement of the Counterparty License Agreement shall, to the extent not reimbursed by the Counterparty pursuant to the
    Counterparty License Agreement, be borne by Seller; provided, however, that in no event shall the Seller be obligated to bear the reasonable costs and expenses incurred by the Purchaser pursuant to this Section 5.5(d) in an amount
    greater than [*****].

   

  (e)         The Seller shall, subject to the provisions of the Counterparty License Agreement and any rights of Counterparty thereunder, take any and all actions, and prepare, 
    deliver and file any and all documents and instruments, that are reasonably necessary to preserve and maintain the Licensed Patents in the jurisdictions set forth in Exhibit C or such other jurisdictions agreed to in writing between the Seller and
    Counterparty in accordance with the Counterparty License Agreement, including payment of maintenance fees or annuities relating thereto, at the sole expense of the Seller (or Counterparty, as applicable in accordance with the Counterparty License
    Agreement. Except in accordance with the Counterparty License Agreement, and with the consent of the Purchaser (such consent not to be unreasonably withheld, delayed or conditioned), the Seller shall not disclaim or abandon, or fail to take any action
    necessary or desirable to prevent the disclaimer or abandonment of, any Licensed Patents.

   

  

  
    28

    
      

  

  (f)         The Seller shall diligently enforce its rights under Section 8.2 and Section 8.3 of the Counterparty License Agreement with respect to any
    alleged or threatened infringement of any of the Licensed Patents by any other Person in the Field (an “Infringement”), and against any claims of invalidity or unenforceability (each, an “Invalidity Claim”), in any jurisdiction in the
    Territory. In the event that the Seller becomes aware, or receives written notice, of any actual or suspected Infringement of any Licensed Patents in the Field or of any Invalidity Claim, then promptly (and in any event within five Business Days)
    following the Seller becoming aware or receiving such notice of such Infringement or Invalidity Claim, the Seller shall inform the Purchaser of such Infringement or Invalidity Claim (and shall provide the Purchaser with a copy of such written notice,
    if applicable).  The Seller and the Purchaser shall consult with each other (and the Counterparty) with a view to determining the appropriate course of action to take with respect to such Infringement or Invalidity Claim.  To the extent the Seller has
    the right pursuant to Section 8.2 or Section 8.3 of the Counterparty License Agreement to institute suit or other legal proceedings to enforce the Licensed Patents against a third party in respect of any Infringement or to defend the Licensed Patents
    against any Invalidity Claim, then promptly (and in any event within five Business Days) following the Seller becoming aware of such right of the Seller, the Seller shall provide notice of such right to the Purchaser.  The Seller may, and if requested
    in writing by the Purchaser (at the Purchaser’s expense) within five Business Days after receipt by the Purchaser of notice of such right pursuant to the foregoing sentence, shall, proceed, in consultation with the Purchaser and the Counterparty or
    allow the Counterparty to proceed in accordance with Section 8.2 or Section 8.3, as applicable, (i) in the case of Infringement, use commercially reasonable efforts to institute such a suit or other legal proceeding and enforce the Licensed Patents,
    and to exercise such rights and remedies, relating to such Infringement as shall be available to the Seller (or Counterparty, as applicable) under Applicable Law, or (ii) in the case of an Invalidity Claim, to use commercially reasonable efforts to
    defend the Licensed Patents against such Invalidity Claim, but, in each case of clauses (i) and (ii), subject to the terms and conditions of the Counterparty License Agreement.  In connection with any such enforcement or defense of the Licensed Patents
    by Seller, the Seller shall employ counsel reasonably acceptable to the Purchaser.   The Purchaser shall have the right, at its sole expense, to direct the Seller’s exercise and enforcement of its rights (on its own behalf and on behalf of the Seller)
    under the Counterparty License Agreement in connection with any Infringement or Invalidity Claim to the fullest extent permitted under the terms of the Counterparty License Agreement; provided, that the Seller’s exercise and enforcement of such
    rights shall not result in a breach of this Purchase and Sale Agreement or the Counterparty License Agreement or a Material Adverse Change.  Without limiting the foregoing, if the Seller shall have a consent right pursuant to Section 8.3 of the
    Counterparty License Agreement with respect to any allegation that the activities of the Seller or the Counterparty infringe a third party’s patent rights with respect to the Products, the Seller shall not grant such consent without first obtaining the
    prior written consent of the Purchaser (such consent not to be unreasonably withheld, delayed or conditioned).  All out-of-pocket costs and expenses (including attorneys’ fees and expenses) incurred by Seller or Purchaser in connection with the
    prosecution, maintenance, defense or enforcement of the Licensed Patents and the enforcement of Section 8.2 and Section 8.3 of the Counterparty License Agreement shall, to the extent not reimbursed by the Counterparty pursuant to the Counterparty
    License Agreement, be borne by the party incurring such out-of-pocket costs and expenses; provided, however, that any such out-of-pocket costs and expenses incurred in connection with the prosecution, maintenance, defense or enforcement
    of the Licensed Patents and the enforcement of Section 8.2 and Section 8.3 of the Counterparty License Agreement at the direction of the Purchaser shall, to the extent not reimbursed by the Counterparty pursuant to the Counterparty License Agreement,
    be borne by the Seller; provided, however, that in no event shall the Seller be obligated to bear the reasonable costs and expenses incurred by the Purchaser pursuant to this Section 5.5(f) in an amount greater than [*****].  Any reimbursement of costs
    by the Counterparty shall be paid to the party (Seller or Purchaser) who incurred such costs.  Any settlement amounts or other amounts recovered by Seller/Purchaser in respect of lost Royalties (and not as recovery for expenses or other damages) shall
    be considered Royalties hereunder, shall be credited to the period for which such Royalties would have been earned for purposes of calculating the Contingent Payments and shall belong to the Purchaser.

   

  

  
    29

    
      

  

  (g)         Except in connection with an assignment by the Seller to any other Person with which the Seller may merge or consolidate or to which the Seller may sell all or
    substantially all of its assets or all of its assets related to the Products in accordance with the provisions of Section 8.3, and except in connection with the Seller’s commercial lending arrangements, the Seller shall not dispose of or encumber the
    Licensed Patents (in whole or in part).

   

  (h)         The Seller shall make available its relevant records and shall make reasonable efforts to make available relevant personnel to the Purchaser in connection with any
    prosecution of litigation by the Seller or the Purchaser against any party to the Counterparty License Agreement to enforce any of the Purchaser’s rights under the Counterparty License Agreement, and provide reasonable assistance and authority to file
    and bring the litigation, including, if required to bring the litigation, being joined as a party plaintiff.

   

  

  
    30

    
      

  

  Section 5.6          Termination of the Counterparty License Agreement; Mergers, Consolidations and Asset Sales Involving
      Counterparty.

   

  (a)         Without limiting the provisions of Section 5.5, if Counterparty or the Seller terminates or provides written
    notice of termination of the Counterparty License Agreement (in whole or in part, including termination of the Counterparty License Agreement in respect of one or more jurisdictions in the Territory), or the Counterparty License Agreement otherwise
    terminates (in whole or in part), then, to the extent permitted by the survival provisions of the Counterparty License Agreement, [the Seller shall provide reasonable assistance to and reasonably cooperate with the Purchaser, at the Purchaser’s sole
    discretion, cost and expense (including the Purchaser’s payment of the Seller’s reasonable attorneys’ fees, if any, in connection therewith), in such efforts as the Purchaser shall undertake in connection with the negotiation of a license of the
    Intellectual Property, which shall include terms no less favorable to the Seller than those contained in the Counterparty License Agreement with respect to obligations and costs imposed on the Seller, disclaimers of the Seller’s liability, intellectual
    property ownership and control, commercialization diligence and indemnification of the Seller, and which, so long as the Counterparty License Agreement has not been terminated in full, shall not conflict or materially interfere with the Seller’s
    rights, obligations or performance under the Counterparty License Agreement. Should the Purchaser identify any such arrangement for a license of the Intellectual Property that is reasonably acceptable to the Seller, the Seller agrees to duly execute
    and deliver a new license agreement effecting such arrangement that satisfies the foregoing requirements promptly upon the written request of the Purchaser (any such license, an “Additional License Agreement” and the licensee under any such
    Additional License Agreement, the “Additional Licensee”).  In the event the Seller enters into an Additional License Agreement, for no additional consideration from the Purchaser, the covenants of the Seller in this Article V with respect to the
    Counterparty License Agreement and the Counterparty shall apply to such Additional License Agreement and the related Additional Licensee, respectively, mutatis mutandis, and the Purchaser shall have the same
    rights with respect to the Additional License Agreement as those acquired under the Counterparty Agreement pursuant to this Purchase and Sale Agreement, except as otherwise expressly provided for herein.  The Seller shall not take any action in
    connection with its negotiation of and entry into any Additional License Agreement with the intent of interfering with the Purchaser’s receipt of the full value of the Purchased Assets and shall not, without the Purchaser’s consent, enter into any
    Additional License Agreement if the economic terms of such Additional License Agreement are, in the aggregate, less favorable to the Purchaser than those of the Counterparty License Agreement.  In connection with the Seller’s entry into any Additional
    License Agreement, the Purchaser shall be entitled to receive, for no additional consideration from the Purchaser, (i) all royalties paid, owed, accrued or otherwise required to be paid to the Seller pursuant to the Additional License Agreement (net of
    any deduction or withholding from or Set-offs against such amounts made by the Additional Licensee in accordance with Section 5.4(e) hereof and the terms thereof) arising out of, related to or resulting from the sale by Additional Licensee or any of
    its Affiliates, successors, sublicensees, subcontractors or agents of any and all Products in the applicable territory up to an amount equal to the royalties that would be payable in respect of such sales at the royalty rate then applicable under the
    Counterparty License Agreement and (ii) all milestone payments paid, owed, accrued or otherwise required to be paid to the Seller by the Additional Licensee or any of its Affiliates or successors pursuant to the Additional License Agreement (net of any
    deduction or withholding from or Set-offs against such amounts made by the Additional Licensee in accordance with Section 5.4(e) hereof and the terms thereof); provided, however, that the aggregate amount payable to the Purchaser under
    this clause (ii) with respect to all Additional License Agreements shall [*****] (the amounts described in clauses (i) and (ii) above, subject to the limitations set forth therein, the “Substitute Amounts”).  All payments of Substitute Amounts
    by any Additional Licensee pursuant to any related Additional License Agreement shall be made directly to the Purchaser; any amounts payable under any Additional License Agreement in excess of the Substitute Amounts shall remain the property of the
    Seller.  At any time that there are still Contingent Payments that Seller may be entitled to earn, all such out-of-pocket fees and expenses of entering into and negotiating any such Additional License Agreement shall [*****].  Further, for the
    avoidance of doubt, such fees and expenses shall not include any development costs or any fees or expenses related to negotiation of other agreements (e.g., manufacturing or development agreements), which fees and expenses shall be borne by the Seller.

   

  

  
    31

    
      

  

  (b)         If there occurs a merger or consolidation of the Seller, on the one hand, and Counterparty or any of its Affiliates, on the other hand, a sale of all or substantially
    all of the Seller’s assets to Counterparty or a sale or assignment of the Counterparty License Agreement or the Licensed Patents by the Seller to Counterparty, and in any such event the Counterparty License Agreement is terminated in connection
    therewith, the Seller (or its successor) shall pay to the Purchaser royalties on Net Sales of the applicable Products for the term of the Counterparty License Agreement on the same basis as if the Counterparty License Agreement had continued and the
    Purchaser’s rights with respect to the Purchased Assets and the covenants of the Seller under this Purchase and Sale Agreement shall continue to apply on the same basis as if the Counterparty License Agreement were in place between the Seller and
    Counterparty.

   

  Section 5.7          Audits. The Seller shall, upon the reasonable written request of the Purchaser, cause an
    inspection or audit of Counterparty’s books and records to be conducted pursuant to, and in accordance with, Section 3.10 of the Counterparty License Agreement; provided, however, that the Seller shall retain the exclusive right to
    inspect and audit Counterparty’s books and records at any time and from time to time at its sole discretion for periods solely with respect to payments that are paid or payable to the Seller pursuant to the Counterparty License Agreement with respect
    to Net Sales and Royalties attributable to the period prior to the Royalties Commencement Date; provided, however, that if the period covered by such audit shall cover payments paid or payable to Seller and Purchaser, the parties shall
    cooperate with respect to the public accounting firm and the conduct of the audit. For the purposes of exercising the Purchaser’s rights pursuant to this Section 5.7, subject to the Counterparty’s rights under Section 3.10 of the Counterparty License
    Agreement, the Seller shall select such public accounting firm as the Purchaser shall reasonably recommend for such purpose. The Seller and the Purchaser agree that all of the expenses of any inspection or audit carried out pursuant to the Counterparty
    License Agreement, including such fees and expenses of such public accounting firm as are to be borne by the Seller pursuant to Section 3.10 of the Counterparty License Agreement together with each party’s reasonable out-of-pocket costs incurred in
    connection with such examination or audit, shall instead by borne [*****]. The Seller will furnish to the Purchaser any inspection or audit report prepared in connection with such inspection or audit. The Purchaser shall have the right to require the
    Seller, in writing, subject to the cost sharing provision above, to exercise the Seller’s rights under Section 3.11 of the Counterparty License Agreement to cause Counterparty to cure any underpayment of Royalties due from Counterparty in accordance
    with Section 3.11 of the Counterparty License Agreement.

   

  Section 5.8          Tax Matters.

   

  (a)         Notwithstanding the accounting treatment thereof, for United States federal, state and local tax purposes, the Seller and the Purchaser shall
    treat the transactions contemplated by the Transaction Documents as a sale for United States federal, state and local tax purposes.

   

  (b)         The parties hereto agree not to take any position that is inconsistent with the provisions of this Section 5.8 on any tax return or in any audit or other administrative
    or judicial proceeding. If there is an inquiry by any Governmental Authority of the Seller or the Purchaser related to this Section 5.8, the parties hereto shall cooperate with each other in responding to such inquiry in a reasonable manner consistent
    with this Section 5.8.

   

  

  
    32

    
      

  

  Section 5.9          Existence. During the term of this Purchase and Sale Agreement and the term of the Counterparty
    License Agreement, the Seller shall (a) preserve and maintain its existence (provided, however, that nothing in this Section 5.9 shall prohibit the Seller from entering into any merger, consolidation or amalgamation with, or selling or
    otherwise transferring all or substantially all of its assets to, any other Person if the Seller is the continuing or surviving entity or if the surviving or continuing or acquiring entity assumes (either expressly or by operation of law) all of the
    obligations of the Seller), (b) preserve and maintain its rights, franchises and privileges unless failure to do any of the foregoing would not be a Material Adverse Change, and (c) qualify and remain qualified in good standing in each jurisdiction
    where the failure to preserve and maintain such qualifications would be a Material Adverse Change, including appointing and employing such agents or attorneys in each jurisdiction where it shall be necessary to take action under this Purchase and Sale
    Agreement.

   

  

  ARTICLE VI

  THE CLOSING

   

  Section 6.1          Closing. The closing of the transactions contemplated hereby (the “Closing”) shall take
    place on the date, which shall be no later than fourteen (14) Business Days following the date hereof, on which the conditions described in Section 6.2 have been satisfied (the “Closing Date”) at the offices of Dechert LLP located at Three
    Bryant Park, New York, New York 10036, or such other place as the parties hereto mutually agree.

   

  Section 6.2          Closing Deliverables of the Seller. At the Closing, the Seller shall deliver or cause to be
    delivered to the Purchaser the following:

   

  (a)         the Bill of Sale executed by the Seller;

   

  
    (b)         the Counterparty Instruction executed by the Seller;

  

   

  (c)         evidence reasonably satisfactory to the Purchaser of the release of any identified Liens on the Purchased Assets;

   

  (d)         a certificate of an executive officer of the Seller (the statements made in which shall be true and correct on and as of the Closing Date): (i) attaching copies,
    certified by such officer as true and complete, of (x) the organizational documents of the Seller and (y) resolutions of the governing body of the Seller authorizing and approving the execution, delivery and performance by the Seller of the Transaction
    Documents and the transactions contemplated herein and therein; (ii) setting forth the incumbency of the officer or officers of the Seller who have executed and delivered the Transaction Documents, including therein a signature specimen of each such
    officer or officers; and (iii) attaching a copy, certified by such officer as true and complete, of a good standing certificate of the appropriate Governmental Authority of the Seller’s jurisdiction of organization, stating that the Seller is in good
    standing under the Applicable Laws of such jurisdiction; and

   

  

  
    33

    
      

  

  (e)         such other certificates, documents and financing statements as the Purchaser may reasonably request, including a financing statement reasonably satisfactory to the
    Purchaser to create, evidence and perfect the sale, assignment, transfer, conveyance and grant of the Purchased Assets pursuant to Section 2.1 and the back-up security interest granted pursuant to Section 2.1(d).

   

  Section 6.3          Closing Deliverables of the Purchaser. At the Closing, the Purchaser shall deliver or cause to
    be delivered to the Seller the following:

   

  (a)         the Bill of Sale executed by the Purchaser;

   

  (b)         the [*****]; and

   

  (c)         payment of the portion of the Purchase Price due at the Closing in accordance with Section 2.2(a).

   

  Section 6.4          Seller’s Conditions to Closing. The obligation of the Seller to consummate the transactions
    contemplated hereby is subject to the satisfaction (or waiver by the Seller in writing) on or before the Closing of the following conditions:

   

  (a)         The representations and warranties of Purchaser herein and in any other Transaction Documents shall be true and correct in all respects as of the date hereof and as of
    the date of the Closing as though made on Closing, except for any breaches of such representations or warranties that would not reasonably be expected to result in a Material Adverse Change; and

   

  (b)         The Purchaser shall have performed or complied with each obligation and covenant required by this Agreement and the Transaction Documents to be performed or complied
    with by the Purchaser on or before the Closing, including the delivery of all of the items in Section 6.3 above, except for any non-performance or non-compliance that would not reasonably be expected to result in a Material Adverse Change.

   

  Section 6.5          Purchaser’s Conditions to Closing. The obligation of the Purchaser to consummate the
    transactions contemplated hereby is subject to the satisfaction (or waiver by the Purchaser in writing) on or before the Closing of the following conditions:

   

  (a)         The representations and warranties of the Seller herein and in any other Transaction Documents shall be true and correct in all respects as of the date hereof and as of
    the date of the Closing as though made on Closing, except for any breaches of such representations or warranties that would not reasonably be expected to result in a Material Adverse Change;

   

  (b)         The Seller shall have performed or complied with each obligation and covenant required by this Agreement and the Transaction Documents to be performed or complied with
    by the Seller on or before the Closing, including the delivery of all of the items in Section 6.2 above, except for any non-performance or non-compliance that would not reasonably be expected to result in a Material Adverse Change; and

   

  

  
    34

    
      

  

  (c)         There shall not have occurred any event since the date of this Agreement and no circumstances shall exist that constitute or would reasonably be expected to result in a
    Material Adverse Change.

   

  Section 6.6          Termination. Notwithstanding anything to the contrary herein, this Agreement may be terminated
    and the transactions described herein abandoned at any time before the Closing:

   

  (a)         By the mutual written consent of the Seller and the Purchaser; and

   

  (b)         by the Seller if (A) the representations and warranties of the Purchaser herein and in any other Transaction Documents shall fail to be true and correct in all respects
    or the Purchaser shall have failed in any respect to perform or comply with any of its obligations or covenants required by this Agreement and the Transaction Documents to be performed or complied with by the Purchaser on or before the Closing and such
    failure would result in the failure to satisfy any of the conditions set forth in Section 6.4, which failure has not either been waived by the Seller or cured within ten (10) days after written notice thereof has been received by the Purchaser,
    provided, that the Seller is not then in breach of this Agreement as would prevent the conditions to Closing set forth in Section 6.5 from being satisfied or (B) any of the conditions set forth in Section 6.4 has become incapable of being satisfied on
    or before November 23, 2020 (the “Outside Date”) and have not been waived by the Seller;

   

  (c)         by the Purchaser if (A) the representations and warranties of the Seller herein and in any other Transaction Documents shall fail to be true and correct in all respects
    or the Seller shall have failed, in any respect, to perform or comply with any of its obligations or covenants required by this Agreement and the Transaction Documents to be performed or complied with by the Seller on or before the Closing and such
    failure would result in the failure to satisfy any of the conditions set forth in Section 6.5, which failure has not either been waived by the Purchaser or cured within ten (10) days after written notice thereof has been received by the Seller,
    provided, that the Purchaser is not then in breach of this Agreement as would prevent the conditions to Closing set forth in Section 6.4 from being satisfied or (B) any of the conditions set forth in Section 6.5 has become incapable of being satisfied
    on or before the Outside Date and have not been waived in writing by the Purchaser; or

   

  (d)         by the Seller or the Purchaser, if the Closing does not occur on or before the Outside Date.

   

  Section 6.7          Effect of Termination. If this Agreement is terminated and the transactions contemplated hereby are abandoned as described
    in Section 6.6, except as otherwise set forth herein, neither party hereto shall have any claim against the other except if the circumstances giving rise to such termination were caused by the other party’s willful failure to comply with a material
    covenant set forth herein, in which event termination shall not limit or deny any legal or equitable right or remedy of said party.

   

  

  
    35

    
      

  

  ARTICLE VII

  INDEMNIFICATION

   

  Section 7.1          Indemnification by the Seller. The Seller agrees to indemnify and hold each of the Purchaser and
    its Affiliates and any and all of their respective partners, directors, managers, members, officers, employees, agents and controlling persons (each, a “Purchaser Indemnified Party”) harmless from and against, and to pay to each Purchaser
    Indemnified Party the amount of, any and all Losses awarded against or incurred or suffered by such Purchaser Indemnified Party, involving a third party claim, demand, action or proceeding, arising out of (i) any breach of any representation, warranty
    or certification made by the Seller in any of the Transaction Documents to which the Seller is party or certificates given by the Seller to the Purchaser in writing pursuant to this Purchase and Sale Agreement or any other Transaction Document, (ii)
    any breach of or default under any covenant or agreement by the Seller to the Purchaser pursuant to any Transaction Document to which the Seller is party, (iii) any fees, expenses, costs, liabilities or other amounts incurred or owed by the Seller to
    any brokers, financial advisors or comparable other Persons retained or employed by it in connection with the transactions contemplated by this Purchase and Sale Agreement, (iv) any Retained Liabilities; provided, however, that the
    foregoing shall exclude any indemnification to any Purchaser Indemnified Party (A) that has the effect of imposing on the Seller any recourse liability for Royalties because of the insolvency or other creditworthiness problems of Counterparty or the
    insufficiency of the Royalties, whether as a result of the amount of cash flow arising from sales or licensing of the Products or otherwise, unless resulting from the failure of the Seller to perform its obligations under this Purchase and Sale
    Agreement, (B) that results from the bad faith, gross negligence or willful misconduct of such Purchaser Indemnified Party, (C) to the extent resulting solely from the failure of any Person (including the Purchaser) other than the Seller or its
    Affiliates to perform any of its obligations under any of the Transaction Documents or (D) to the extent resulting from acts or omissions of the Seller based upon the written instructions from any Purchaser Indemnified Party. Any amounts due to any
    Purchaser Indemnified Party hereunder shall be payable by the Seller to such Purchaser Indemnified Party upon demand.

   

  Section 7.2          Indemnification by the Purchaser. The Purchaser agrees to indemnify and hold each of the Seller
    and its Affiliates and any and all of their respective partners, directors, managers, members, officers, employees, agents and controlling Persons (each, a “Seller Indemnified Party”) harmless from and against, and will pay to each Seller
    Indemnified Party the amount of, any and all Losses (including attorneys’ fees) awarded against or incurred or suffered by such Seller Indemnified Party, involving a third party claim, demand, action or proceeding, arising out of (i) any breach of any
    representation, warranty or certification made by the Purchaser in any of the Transaction Documents or certificates given by the Purchaser in writing pursuant hereto or thereto, (ii) any breach of or default under any covenant or agreement by the
    Purchaser pursuant to any Transaction Document to which the Purchaser is party and (iii) any fees, expenses, costs, liabilities or other amounts incurred or owed by the Purchaser to any brokers, financial advisors or comparable other Persons retained
    or employed by it in connection with the transactions contemplated by this Purchase and Sale Agreement; provided, however, that the foregoing shall exclude any indemnification to any Seller Indemnified Party (A) that results from the
    bad faith, gross negligence or willful misconduct of such Seller Indemnified Party, (B) to the extent resulting from the performance by any other Person (including the Seller) or the failure of any other Person (including the Seller) to perform any of
    its obligations under any of the Transaction Documents or (C) to the extent resulting from acts or omissions of the Purchaser based upon the written instructions from any Seller Indemnified Party. Any amounts due to any Seller Indemnified Party
    hereunder shall be payable by the Purchaser to such Seller Indemnified Party upon demand.

   

  

  
    36

    
      

  

  Section 7.3          Procedures. If any claim, demand, action or proceeding (including any investigation by any
    Governmental Authority) shall be brought or alleged against an indemnified party in respect of which indemnity is to be sought against an indemnifying party pursuant to Section 7.1 or Section 7.2, the indemnified party shall, promptly after receipt of
    notice of the commencement of any such claim, demand, action or proceeding, notify the indemnifying party in writing of the commencement of such claim, demand, action or proceeding, enclosing a copy of all papers served, if any; provided, that
    the omission to so notify such indemnifying party will not relieve the indemnifying party from any liability that it may have to any indemnified party under Section 7.1 or Section 7.2 unless, and only to the extent that, the indemnifying party is
    actually prejudiced by such omission. In the event that any such action is brought against an indemnified party and it notifies the indemnifying party of the commencement thereof in accordance with this Section 7.3, the indemnifying party will be
    entitled, at the indemnifying party’s sole cost and expense, to participate therein and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and, after notice from the
    indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Article VII for any legal or other expenses subsequently incurred by such
    indemnified party in connection with the defense thereof other than reasonable costs of investigation. In any such proceeding, an indemnified party shall have the right to retain its own counsel, but the reasonable fees and expenses of such counsel
    shall be at the expense of such indemnified party unless (a) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (b) the indemnifying party has assumed the defense of such proceeding and has
    failed within a reasonable time to retain counsel reasonably satisfactory to such indemnified party or (c) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and
    representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interests between them based on the reasonable advice of counsel to the indemnifying party. It is agreed that the indemnifying party shall
    not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate law firm (in addition to local counsel where necessary) for all such indemnified parties.
    The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but, if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
    indemnified party from and against any Loss by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or discharge of any claim or pending or
    threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement, compromise or discharge, as the case may be, (i) includes an
    unconditional written release of such indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter of such claim or proceeding, (ii) does not include any statement
    as to an admission of fault, culpability or failure to act by or on behalf of any indemnified party and (iii) does not impose any continuing material obligation or restrictions on any indemnified party.

   

  

  
    37

    
      

  

  Section 7.4          Exclusive Remedy. The indemnification afforded by this Article VII shall be the sole and exclusive remedy for any and all
    Losses awarded against or incurred or suffered by a party hereto in connection with the transactions contemplated by the Transaction Documents, including with respect to any breach of any representation, warranty or certification made by a party hereto
    in any of the Transaction Documents or certificates given by a party hereto in writing pursuant hereto or thereto or any breach of or default under any covenant or agreement by a party hereto pursuant to any Transaction Document. Notwithstanding
    anything in this Purchase and Sale Agreement to the contrary, in the event of any breach or failure in performance of any covenant or agreement contained in any Transaction Document, the non-breaching party shall be entitled to specific performance,
    injunctive or other equitable relief pursuant to Section 8.1.

   

  Section 7.5          Survival. The representations and warranties contained in this Purchase and Sale Agreement shall survive the Closing solely
    for purposes of Section 7.1 and Section 7.2 and shall terminate on the date that is the fourth anniversary of the Closing Date.  No party hereto shall have any liability or obligation of any nature with respect to any representation or warranty after
    the termination thereof, unless another party hereto shall have delivered a notice to such party, pursuant to Section 7.3, claiming such a liability or obligation under Section 7.1 or Section 7.2, as applicable, prior to such fourth anniversary.

   

  Section 7.6          Adjustment to Purchase Price. All indemnification payments paid pursuant to this Article VII or [*****], shall be treated as
    adjustments to the Purchase Price for tax purposes, except as otherwise required by Law.

   

  

  ARTICLE VIII

  MISCELLANEOUS

   

  Section 8.1          Specific Performance. Each of the parties hereto acknowledges that the other party hereto will
    have no adequate remedy at law if it fails to perform any of its obligations under any of the Transaction Documents. In such event, each of the parties hereto agrees that the other party hereto shall have the right, in addition to any other rights it
    may have (whether at law or in equity), to specific performance of this Purchase and Sale Agreement.

   

  

  
    38

    
      

  

  Section 8.2          Notices. All notices, consents, waivers and other communications
    hereunder shall be in writing and shall be effective (a) upon receipt when sent through the mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return
    receipt, (b) upon receipt when sent by an overnight courier, (c) on the date personally delivered to an authorized officer of the party to which sent or (d) on the date transmitted by facsimile or other electronic transmission with a confirmation of
    receipt, in all cases, with a copy emailed to the recipient at the applicable address, addressed to the recipient at the address specified on Exhibit 8.2.

   

  Each party hereto may, by notice given in accordance herewith to the other party hereto, designate any further or different address to which subsequent notices, consents, waivers and other communications shall be sent.

   

  Section 8.3          Successors and Assigns. The provisions of this Purchase and Sale Agreement shall be binding
    upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The Seller shall not be entitled to assign any of its obligations and rights under this Purchase and Sale Agreement without the prior written
    consent of the Purchaser.  The Purchaser shall be entitled to assign any of its obligations and rights hereunder without the consent of the Seller; provided, however, that the Purchaser shall provide the Seller with ten Business Days’
    prior written notice of such assignment, including the legal name of the proposed assignee, and will not be permitted to proceed with any such assignment if the Seller shall have notified the Purchaser in writing within ten Business Days of its receipt
    of such notice that, in the Seller’s reasonable determination, the proposed assignee, or an Affiliate thereof, is a Competitor of the Seller.  Notwithstanding the foregoing, either party hereto may, without the consent of the other party hereto, assign
    any of its obligations or rights under this Purchase and Sale Agreement to any other Person with which it may merge, consolidate or amalgamate or to which it may sell or otherwise transfer all or substantially all of its assets (or, solely in the case
    of the Seller, all of its assets related to the Products), provided that if the assigning party is not the continuing or surviving entity in connection with any of the foregoing transactions, the assignee under such assignment shall be required
    to assume (either expressly or by operation of law) all of the obligations of the assigning party hereunder.  The Seller shall be under no obligation to reaffirm any representations, warranties or covenants made in this Purchase and Sale Agreement or
    any of the other Transaction Documents or take any other action in connection with any such assignment by the Purchaser.

   

  Section 8.4          Independent Nature of Relationship. The relationship between the Seller and the Purchaser is solely that of seller and
    purchaser, and neither the Seller nor the Purchaser has any fiduciary or other special relationship with the other party hereto or any of its Affiliates. Nothing contained herein or in any other Transaction Document shall be deemed to constitute the
    Seller and the Purchaser as a partnership, an association, a joint venture or any other kind of entity or legal form.

   

  

  
    39

    
      

  

  Section 8.5          Entire Agreement. This Purchase and Sale Agreement, together with the Exhibits hereto (which are incorporated herein by
    reference) and the other Transaction Documents, constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the
    parties hereto with respect to the subject matter of this Purchase and Sale Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein (or in the Exhibits hereto or the other Transaction Documents) has
    been made or relied upon by either party hereto. Neither this Purchase and Sale Agreement nor any provision hereof is intended to confer upon any Person other than the parties hereto and the other Persons referenced in Article VII any rights or
    remedies hereunder.

   

  Section 8.6          Governing Law.

   

  (a)         THIS PURCHASE AND SALE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE AND PROCEDURAL LAWS OF THE STATE OF NEW YORK WITHOUT
    REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
    LAWS.

   

  (b)         Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of
    the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
    Purchase and Sale Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such
    New York State court or, to the extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
    on the judgment or in any other manner provided by Applicable Law.

   

  (c)         Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or
    hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Purchase and Sale Agreement in any court referred to in Section 8.6(b). Each of the parties hereto hereby irrevocably waives, to the fullest
    extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

   

  (d)         Each of the parties hereto irrevocably consents to service of process in the manner provided for notices in Section 8.2. Nothing in this Purchase and Sale Agreement
    will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. Each of the parties hereto waives personal service of any summons, complaint or other process, which may be made by any other means permitted by
    New York law.

   

  

  
    40

    
      

  

  Section 8.7          Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
    APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS PURCHASE AND SALE AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
    OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY HERETO WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
    WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS PURCHASE AND SALE AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.7.

   

  Section 8.8          Severability. If one or more provisions of this Purchase and Sale Agreement are held to be invalid, illegal or unenforceable
    by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Purchase and Sale Agreement, which shall remain in full force and effect, and the parties hereto shall replace such
    invalid, illegal or unenforceable provision with a new provision permitted by Applicable Law and having an economic effect as close as possible to the invalid, illegal or unenforceable provision. Any provision of this Purchase and Sale Agreement held
    invalid, illegal or unenforceable only in part or degree by a court of competent jurisdiction shall remain in full force and effect to the extent not held invalid, illegal or unenforceable.

   

  Section 8.9          Counterparts. This Purchase and Sale Agreement may be signed in any number of counterparts, each of which shall be an
    original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Purchase and Sale Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party
    hereto. Any counterpart may be executed by facsimile or other electronic transmission, and such facsimile or other electronic transmission shall be deemed an original.

   

  Section 8.10        Amendments; No Waivers. Neither this Purchase and Sale Agreement nor any term or provision hereof may be amended,
    supplemented, restated, waived, changed or modified except with the written consent of the parties hereto. No failure or delay by either party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
    single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No notice to or demand on either party hereto in any case shall entitle it to any notice or demand in similar or
    other circumstances. No waiver or approval hereunder shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or
    approval thereafter to be granted hereunder. Except as expressly provided herein, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

   

  Section 8.11        Cumulative Remedies. Except as set for the in this Purchase and Sale Agreement, the remedies herein provided are cumulative
    and not exclusive of any remedies provided by Applicable Law.

   

  

  
    41

    
      

  

  Section 8.12        Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Purchase and Sale
    Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.

   

  Section 8.13        Waiver of Immunity. To the extent that the Seller may in any jurisdiction claim for itself or
    its assets immunity (to the extent such immunity may now or hereafter exist, whether on the grounds of sovereign immunity or otherwise) from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process
    (whether through service or notice or otherwise), and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed), the Seller irrevocably agrees with respect to any matter arising
    under this Purchase and Sale Agreement for the benefit of the Purchaser not to claim, and irrevocably waives, such immunity to the full extent permitted by the laws of such jurisdiction.

   

  

  {SIGNATURE PAGE FOLLOWS}

   

  
    42

    
      

  

  IN WITNESS WHEREOF, the parties hereto have executed this Purchase and Sale Agreement as of the day and year first written above.

   

  	 	
          AQUESTIVE THERAPEUTICS, INC.

        
	 	 
	 	
          By:

        	 	 
	 	
          

        	
          Name:  Keith J. Kendall

        
	 	
          

        	
          Title:    President and Chief Executive Officer

        

  

  

  	 	
          MAM PANGOLIN ROYALTY, LLC

        
	 	 
	 	
          By:

        	 	 
	 		
          Name:

        
	 		
          Title:

        

   

  

  
    

    {Signature Page to Purchase and Sale Agreement}

    

  

   

  

  
    
      

  

  
  EXHIBIT A

   

  FORM OF BILL OF SALE

   

  This BILL OF SALE (“Bill of Sale”) is dated as of November [_], 2020 (the “Closing Date”) by Aquestive Therapeutics, Inc., a Delaware corporation (the “Seller”), in favor of MAM Pangolin Royalty, LLC, a
    Delaware limited liability company (the “Purchaser”).

   

  RECITALS

   

  WHEREAS, the Seller and the Purchaser are parties to that certain Purchase and Sale Agreement, dated as of the Closing Date (the “Purchase and Sale Agreement”), pursuant to which, among other things, the Seller
    agrees to sell, assign, transfer, convey and grant to the Purchaser, and the Purchaser agrees to purchase, acquire and accept from the Seller, all of the Seller’s right, title and interest in, to and under the Purchased Assets, for the consideration
    described in the Purchase and Sale Agreement; and

   

  WHEREAS, the parties hereto now desire to carry out the purposes of the Purchase and Sale Agreement by the execution and delivery of this instrument evidencing the Purchaser’s purchase, acquisition and acceptance of the
    Purchased Assets;

   

  NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in the Purchase and Sale Agreement and of other good and valuable consideration, the receipt and adequacy of which are hereby
    acknowledged, the parties hereto agree as follows:

   

  	

        	1.	
          The Seller, by this Bill of Sale, does hereby sell, assign, transfer, convey and grant to the Purchaser, and the Purchaser does hereby purchase, acquire and accept, the Purchased Assets, free and clear of any and all Liens, other than those
            Liens created in favor of the Purchaser by the Transaction Documents.

        

   

  	

        	2.	
          The parties hereto acknowledge that, except as expressly provided in the Purchase and Sale Agreement, the Purchaser is not assuming any liability or obligation of the Seller or any of the Seller’s Affiliates of whatever nature, whether
            presently in existence or arising or asserted hereafter (including any liability or obligation of the Seller under the Counterparty License Agreement or any Additional License Agreement).

        

   

  	

        	3.	
          This Bill of Sale (i) is made pursuant to, and is subject to the terms of, the Purchase and Sale Agreement and (ii) shall be binding upon and inure to the benefit of the Seller, the Purchaser and their respective successors and permitted
            assigns, for the uses and purposes set forth and referred to above, effective immediately upon its delivery to the Purchaser. This Bill of Sale is subject in all respects to the terms and conditions of the Purchase and Sale Agreement, and all
            of the representations, warranties, covenants and agreements of Seller and Purchaser contained therein, all of which shall survive the execution and delivery of this Bill of Sale in accordance with the terms of the Purchase and Sale Agreement.
            Nothing contained in this Bill of Sale shall be deemed to supersede, enlarge or modify any of the obligations, agreements, covenants, representations or warranties of Seller and Purchaser contained in the Purchase and Sale Agreement.
            Notwithstanding anything to the contrary contained in this Bill of Sale, in the event of any conflict between the terms of this Bill of Sale and the terms of the Purchase and Sale Agreement, the terms of the Purchase and Sale Agreement shall
            control.

        

   

  

  

  
    A-1

    
      

  

  	

        	4.	
          THIS BILL OF SALE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL SUBSTANTIVE AND PROCEDURAL LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW OTHER THAN SECTION 5-1401 OF
            THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

        

   

  	

        	5.	
          This Bill of Sale may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument.

        

   

  	

        	6.	
          The following terms as used herein shall have the following respective meanings:

        

   

  “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes of this
    definition, “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Securities, by contract or otherwise,
    and the terms “controlled” and “controlling” have meanings correlative to the foregoing.

   

  “Capital Securities” means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital,
    whether now outstanding or issued after the date hereof, including common shares, ordinary shares, preferred shares, membership interests or share capital in a limited liability company or other Person, limited or general partnership interests in a
    partnership, beneficial interests in trusts or any other equivalent of such ownership interest or any options, warrants and other rights to acquire such shares or interests, including rights to allocations and distributions, dividends, redemption
    payments and liquidation payments.

   

  “Counterparty License Agreement” means that certain License Agreement, dated as of April 1, 2016, by and between the Seller (formerly MonoSol Rx, LLC) and Sunovion Pharmaceuticals Inc., a Delaware
    corporation (formerly Cynapsus Therapeutics Inc.), as amended by the First Amendment and the Second Amendment, as further amended in accordance with the provisions of this Purchase and Sale Agreement.

   

  “FDA” means the U.S. Food and Drug Administration and any successor agency thereto.

  
    

    

  

  
    A-2

    
      

  

  “First Amendment” means that certain First Amendment to License Agreement, dated as of March 16, 2020, by and between the Seller and the Counterparty.

   

  “Governmental Authority” means the government of the United States or any other nation or any political subdivision thereof, whether state or local, and any agency, authority (including
    supranational authority), commission, instrumentality, regulatory body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including
    each Patent Office, the FDA and any other governmental authority in any jurisdiction.

   

  “Patent Office” means the applicable patent office, including the United States Patent and Trademark Office and any comparable foreign patent office, for any Licensed Patents.

   

  “Person” means any natural person, firm, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, Governmental
    Authority or any other legal entity, including public bodies, whether acting in an individual, fiduciary or other capacity. “Product” has the meaning set forth in Section 1.1.46 of the Counterparty License Agreement.

   

  “Purchased Assets” means, collectively, the Seller’s (a) right, title and interest in, to and under the Counterparty License Agreement and any Additional License Agreement to receive all of the
    Royalties, (b) right to receive the Quarterly Royalty Reports produced by Counterparty pursuant to the Counterparty License Agreement and any comparable reports or information produced by any Additional License pursuant to any applicable Additional
    License Agreement, and (c) right to transfer, assign or pledge the foregoing, in whole or in part, and the payments, proceeds and income of and the rights to enforce each of the foregoing in accordance with the terms hereof.

   

  “Quarterly Royalty Reports” has the meaning set forth in Section 1.1.48 of the Counterparty License Agreement.

  
    

    

  

  
    A-3

    
      

  

  “Royalties” means, without duplication, (a) all royalties and other amounts or fees paid, owed, accrued or otherwise required to be paid to the Seller pursuant to the Counterparty License
    Agreement (net of any deduction or withholding from or Set-offs against such amounts made by the Counterparty in accordance with the terms thereof) arising out of, related to or resulting from the sale by Counterparty or any of its Affiliates,
    successors, Sublicensees, subcontractors or agents of any and all Products in the Territory and, in each case, attributable to the period commencing on October 1, 2020, including all amounts due or to be paid to the Seller or any of its Affiliates
    under Section 3.3 or Section 3.4 of the Counterparty License Agreement (whether based upon Net Sales of the Products in the Territory or otherwise), (b) all milestone payments paid, owed, accrued or otherwise required to be paid to the Seller by the
    Counterparty or any of its Affiliates or successors pursuant to the Counterparty License Agreement (net of any deduction or withholding from or Set-offs against such amounts made by the Counterparty in accordance with the terms thereof) and, in each
    case, attributable to the achievement during the period from and after the date hereof of any regulatory or sales milestones set forth in Sections 3.1.2 and 3.1.3 of the Counterparty License Agreement (but excluding, for the avoidance of doubt, the
    $4,000,000 milestone payment payable pursuant to section 3.1.2 of the Counterparty License Agreement upon the first day of Product availability at a pharmacy in the United States, which shall remain the property of the Seller), (c) all amounts due or
    to be paid to the Seller pursuant to Sections 3.5, 3.6 or 3.11 of the Counterparty License Agreement in respect or in lieu of amounts described in clauses (a) and (b) above, (d) all Substitute Amounts paid or payable to the Seller or any of its
    Affiliates by one or more Additional Licensees under any Additional License Agreement, and (e) all proceeds (as defined under the UCC) of any of the foregoing.

   

  “Second Amendment” means that certain Second Amendment to License Agreement, dated as of October 23, 2020, by and between the Seller and the Counterparty.

   

  “Set-off” means any set-off, off-set, rescission, counterclaim, reduction, deduction or defense, subject to the limitations set forth in the Purchase and Sale Agreement.

   

  “Sublicensee” means any sublicensee of Counterparty under the Counterparty License Agreement.

   

  “Substitute Amounts” means all amounts payable to the Purchaser, subject to the limitations set forth in Section 5.6(a) of the Purchase and Sale Agreement, in respect of royalties and milestone
    payments paid, owed, accrued or otherwise required to be paid to the Seller pursuant to any Additional License Agreement.

   

  “Territory” has the meaning set forth in Section 1.1.56 of the Counterparty License Agreement.

   

  “Voting Securities” means, with respect to any Person, Capital Securities of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members
    of the governing body of such Person.

   

  
    A-4

    
      

  

  IN WITNESS WHEREOF, the parties hereto have executed this Bill of Sale as of the day and year first written above.

   

  	 	
          AQUESTIVE THERAPEUTICS, INC.

        
	 	 
	 	
          By:

        	 	 
	 		
          Name:

        
	 		
          Title:

        

  

  

  	 	
          MAM PANGOLIN ROYALTY, LLC

        
	 	 
	 	
          By:

        	 	 
	 		
          Name:

        
	 		
          Title:

        

   

  

  
    A-5

    
      

  

  
  EXHIBIT B

   

  FORM OF COUNTERPARTY INSTRUCTION

   

  [*****]

  
    

    

  

  

  
    B-1

    
      

  

  
  EXHIBIT C

   

  INTELLECTUAL PROPERTY MATTERS

   

  [*****]

  
    

    

  

  
    C-1

    
      

  

  
  EXHIBIT D

   

  FORM OF COUNTERPARTY CONFIRMATION

   

  [*****]

  

  

  

  

  
    D-1

    
      

  

  
  EXHIBIT 5.4(b)

   

  PURCHASER ACCOUNT

   

  

  Bank Name: [*****]

  

  ABA Number: [*****]

  

  Account Number: [*****]

  

  Account Name: [*****]

  

  Attention: [*****]

  
    

    

    
      

      

    

  

  

  
    5.4(b)-1

    
      

  

  
  EXHIBIT 5.4(d)

   

  SELLER ACCOUNT

   

  

  Bank Name: [*****]

  Account Number: [*****]

  Account Name: [*****]

  ABA Number: [*****]

  ABA Number: [*****]

  SWIFT Code: [*****]

   

  

  
    5.4(d)-1

    
      

  

  
  EXHIBIT 8.2

   

  NOTICE ADDRESSES

  

  

  If to the Seller, to:

   

  Aquestive Therapeutics, Inc.

  

  [*****]

  

  Attention: [*****]

  

  Telephone: [*****]

  

  Email: [*****]

   

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

   

  Aquestive Therapeutics, Inc.

  

  [*****]

  

  Attention: [*****]

  

  Telephone: [*****]

  

  Email: [*****]

   

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

   

  Dechert LLP

  

  [*****]

  

  Attention: [*****]

  

  Telephone: [*****]

  

  Facsimile: [*****]

  

  Email: [*****]

   

  If to the Purchaser, to:

   

  MAM PANGOLIN ROYALTY, LLC

  

  c/o Marathon Asset Management, L.P.

  

  [*****]

  

  Attention: [*****]

  

  Telephone: [*****]

  

  Facsimile: [*****]

  

  Email: [*****]

   

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

   

  Holland & Knight LLP

  [*****]

  Attention: [*****]

  Telephone: [*****]

  Facsimile: [*****]

  Email: [*****]

   

  

  
    8.2-1

    
      

  

  
  SCHEDULE I

  

  

  [*****]

  

  

  

  

  
    Schedule I-1Exhibit 4.1

    

    

    WARRANT AGREEMENT

    

    

    TWIN RIDGE CAPITAL ACQUISITION CORP.

    

    

    and

    

    

    CONTINENTAL STOCK TRANSFER & TRUST COMPANY

    

    

    Dated March 3, 2021

    

    

    THIS WARRANT AGREEMENT (this “Agreement”), dated March 3, 2021, is by and between Twin Ridge Capital Acquisition
      Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant
      agent (in such capacity, the “Warrant Agent”).

    

    

    
      WHEREAS, it is proposed that the Company enter into that certain Private Placement Warrants Purchase Agreement, with Twin Ridge Capital Sponsor, LLC, a Delaware
          limited liability company (the “Sponsor”), pursuant to which the Sponsor will
          purchase an aggregate of 4,933,333 warrants simultaneously with the closing of the Offering (as defined below), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Ordinary Share (as defined below) at a price of $11.50 per share, subject to adjustment
          as described herein; and

    

    
      

      

    

    
      WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization
        or similar business combination, involving the Company and one or more businesses (a “Business Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s
        officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,000,000 Private Placement Warrants at a price of $1.50
        per Private Placement Warrant; and

    

    
      

      

    

    WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
      securities, each such unit comprised of one Ordinary Share and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection
      therewith, has determined to issue and deliver up to 7,666,667 redeemable warrants (including up to 1,000,000 redeemable warrants subject to the Over-allotment Option) to public
      investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise
      any fraction of a Warrant; and

    

    

    WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
      statement on Form S-1, File No. 333-252363, and a prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as
      amended (the “Securities Act”), of the Units, the Public Warrants and the Ordinary Shares included in the Units; and

    

    

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of
      the Warrants; and

    

    

    WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the
      Company, the Warrant Agent and the holders of the Warrants; and

    

    

    WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent (if a physical certificate
      is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.

    

    

    
      
        

    

    
    NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

    

    

    1.           Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the
      Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

    

    

    2.           Warrants.

    

    

    2.1.        Form of Warrant. Each Warrant shall initially be issued in registered form only.

    

    

    2.2.        Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this
      Agreement, a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

    

    

    2.3.        Registration.

    

    

    2.3.1.        Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and
      register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be
      shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”).

    

    

    If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement.
      In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent
      for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A.

    

    

    Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel,
      Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued,
      it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

    

    

    2.3.2.        Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem
      and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such
      Warrant and of each Warrant represented thereby, for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

    

    

    2.4.        Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the 52nd day
      following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Citigroup Global Markets Inc., but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a Current
      Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their
      right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of
      the Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall begin.

    

    

    
      2

      
        

    

    2.5.        Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one
      Ordinary Share and one-third of one whole Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole
      number the number of Warrants to be issued to such holder.

    

    

    2.6.        Private Placement Warrants.

    

    

    2.6.1.        The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below) the Private Placement
      Warrants: (i) may be exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) including the Ordinary Shares issuable upon exercise of the
      Private Placement Warrants, may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination, (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof and (iv) shall only be redeemable by the Company pursuant to Section 6.2 if the Reference Value (as defined
      below) is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof); provided, however, that in the case of (ii), the Private Placement Warrants and
      any Ordinary Shares issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof:

    

    

    (a)            to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the
      Sponsor, or any employees of such affiliates;

    

    

    (b)            in the case of an individual, by gift to a member of one of the individual’s immediate family, any estate planning vehicle or to a trust, the
        beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization;

    

    

    (c)            in the case of an individual, by virtue of laws of descent and distribution upon death of the individual;

    

    

    (d)            in the case of an individual, pursuant to a qualified domestic relations order;

    

    

    (e)            by private sales or transfers made in connection with any forward purchase agreement or similar agreement or in connection with the consummation
        of the Company’s Business Combination at prices no greater than the price at which the Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased;

    

    

    (f)             pro rata distributions from the Sponsor to its members, partners, or stockholders pursuant to the Sponsor’s operating agreement;

    

    

    (g)            by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor;

    

    

    (h)            to the Company for no value for cancellation in connection with the consummation of our initial Business Combination;

    

    

    (i)             in the event of the Company’s liquidation prior to the completion of its initial Business Combination; or

    

    

    
      3

      
        

    

    (j)             in the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results in all of the
        public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination;

    

    

    provided, however, that, in the case of clauses (a) through (g), these permitted transferees (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

    

    

    3.           Terms and Exercise of Warrants.

    

    

    3.1.        Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
      Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof
      and in the last sentence of this Section 3.1. The term “Warrant Price” as
      used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Ordinary Shares may be purchased at the
      time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than fifteen Business Days (unless otherwise required by the Commission,
      any national securities exchange on which the Warrants are listed or applicable law); provided that the Company shall provide at least five days’ prior written notice of such reduction to Registered Holders of the Warrants; and provided further, that
      any such reduction shall be identical among all of the Warrants.

    

    

    3.2.        Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a Business Combination, and (ii) the date that is twelve (12)
      months from the date of the closing of the Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes its initial Business Combination,
      (y) the liquidation of the Company in accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination, and (z) other than with respect to
      the Private Placement Warrants then held by the Sponsor or its Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof or, if the Reference Value
      equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2
      hereof, 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below)
      (other than with respect to a Private Placement Warrant then held by the Sponsor or its Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof or,
      if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), Section
          6.2 hereof) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant then held by the Sponsor or its
      Permitted Transferees in the event of a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in
      compliance with Section 4 hereof), Section 6.2 hereof) not exercised on or before the Expiration Date
      shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by
      delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in
      duration among all the Warrants.

    

    

    
      4

      
        

    

    3.3.        Exercise of Warrants.

    

    

    3.3.1.        Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by
      delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by
      the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) any Ordinary Shares pursuant to the
      exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with the Depositary’s
      procedures, and (iii) the payment in full of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the
      Ordinary Shares and the issuance of such Ordinary Shares, as follows:

    

    

    (a)            in good certified check or wire payable to the Warrant Agent;

    

    

    (b)            [Reserved];

    

    

    (c)            with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or a Permitted Transferee, by
        surrendering the Warrants for that number of Ordinary Shares equal to (i) if in connection with a redemption of Private Placement Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2 hereof with respect to a
        Make-Whole Exercise and (ii) in all other scenarios the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor
          Exercise Fair Market Value” (as defined in this subsection 3.3.1(c)) over the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of
        exercise of the Private Placement Warrant is sent to the Warrant Agent;

    

    

    (d)            as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

    

    

    (e)            as provided in Section 7.4 hereof.

    

    

    3.3.2.        Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in
      payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or
      certificate, as applicable, for the number of Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been
      exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any
      Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then
      effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is
      available. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be
      exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.6 of this Agreement,
      a Registered Holder of Warrants may exercise its Warrants only for a whole number of Ordinary Shares. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share,
      the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder.

    

    

    3.3.3.        Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly
      issued, fully paid and nonassessable.

    

    

    3.3.4.        Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued and
      who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant, or book-entry position representing such Warrant, was
      surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the register of members of
      the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book-entry system are
      open.

    

    

    
      5

      
        

    

    3.3.5.        Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
      contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such
      holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8%
      (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing
      sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
      made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
      unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion
      or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934,
      as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the
      number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent
      public announcement by the Company or (3) any other notice by the Company or Continental Stock Transfer & Trust Company, as transfer agent (in such capacity, the “Transfer Agent”), setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm
      orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the
      Company by the holder and its affiliates since the date as of which such number of issued and outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum
      Percentage applicable to such holder to any other percentage specified in such notice; provided, however,
      that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

    

    

    4.           Adjustments.

    

    

    4.1.         Share Capitalizations.

    

    

    4.1.1.        Sub-Divisions. If after the date hereof, and subject to the provisions of Section
          4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary Shares or other similar event, then, on the effective date of such
      share capitalization, sub-division or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering made to all or
      substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to the product
      of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus
      the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the
      rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received for such rights, as well as any additional
      amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Ordinary Shares
      during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary
      Shares shall be issued at less than their par value.

    

    

    
      6

      
        

    

    4.1.2.        Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially
      all of the holders of the Ordinary Shares a dividend or make a distribution in cash, securities or other assets on account of such Ordinary Shares (or other shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed
      initial Business Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the
      substance or timing of the Company’s obligation to provide holders of Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does
      not complete its initial Business Combination within the time period required by the Company’s Amended and Restated Memorandum and Articles of Association, as amended from time to time, or (ii) with respect to any other provision relating to the
      rights of holders of Ordinary Shares, (e) as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval or (f) in connection with the redemption
      of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash
      and/or the fair market value (as determined by the Company’s board of directors (the “Board”), in good faith) of any securities or other assets
      paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on
      the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it does not exceed $0.50 (which amount shall be adjusted to appropriately reflect any of the events referred to in other
      subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable
      on exercise of each Warrant).

    

    

    4.2.        Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other similar event, then, on
      the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and
      outstanding Ordinary Shares.

    

    

    4.3.        Adjustments in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as
      provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest
      cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y)
      the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter.

    

    

    4.4.        Raising of the Capital in Connection with the Initial Business Combination. If (x) the Company issues additional Ordinary Shares or
      equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per Ordinary Share (with such issue price or effective issue price
      to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Class B ordinary shares, par value $0.0001 per share, of the Company held by the Sponsor or such
      affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more
      than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial Business Combination (net of redemptions), and (z) the
      volume-weighted average trading price of Ordinary Shares during the twenty (20) trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market
      Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section
          6.2 shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

    

    

    
      7

      
        

    

    4.5.        Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding
      Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the
      par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
      reclassification or reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
      in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of
      the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or stock or other securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind
      or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be
      deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have
      been made to and accepted by the holders of the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s amended
      and restated memorandum and articles of association or as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in
      which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate
      of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of
      the issued and outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a
      shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange
      offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4;
      provided further that if less than 70% of the consideration receivable by the holders of the Ordinary
      Shares in the applicable event is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted
      immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K
      filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event
      less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant
      immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes of calculating such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price
      of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares  during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) the assumed volatility shall be the
      90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and (iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury
      rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the
      Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to
      the effective date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1, then such
      adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.5. The provisions of this Section 4.5
      shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant.

    

    

    
      8

      
        

    

    4.6.        Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
      the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of
      a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
      4.2, 4.3, 4.4 or 4.5, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the
      record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

    

    

    4.7.        No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
      shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such
      Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.

    

    

    4.8.        Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however,
      that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in
      exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

    

    

    5.           Transfer and Exchange of Warrants.

    

    

    5.1.        Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
      Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of
      Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

    

    

    5.2.        Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
      transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
      except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a
      successor depository; provided further, however
      that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant
      Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

    

    

    5.3.        Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in
      the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units.

    

    

    
      9

      
        

    

    5.4.        Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

    

    

    5.5.        Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
      terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply
      the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

    

    

    5.6.        Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in
      which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the
      Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment
      Date.

    

    

    6.           Redemption.

    

    

    6.1.        Redemption of Warrants When Shares Trade At or Above $18.00. Subject to Section
          6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants,
      as described in Section 6.3 below, at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in
      compliance with Section 4 hereof) and (b) there is an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a
      current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

    

    

    6.2.        Redemption of Warrants When Shares Trade At or Above $10.00. Subject to Section
          6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants,
      as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided that (i) the Reference Value equals or exceeds $10.00 per share (subject to adjustment in
      compliance with Section 4 hereof) and (ii) if the Reference Value is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period in connection with a
      redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the
      Warrants) and the “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2,
      the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends.

    

    

    
      10

      
        

    

    	 	
            
              Redemption Fair Market Value of Ordinary Shares

              (period to expiration of warrants)

            

          
	
            Redemption Date

          	
            
              £ $10.00

            

          	
            
              $11.00

            

          	
            
              $12.00

            

          	
            
              $13.00

            

          	
            
              $14.00

            

          	
            
              $15.00

            

          	
            
              $16.00

            

          	
            
              $17.00

            

          	
            
              ≥ $18.00

            

          
	
            60 months

          	
            0.261

          	
            0.280

          	
            0.297

          	
            0.311

          	
            0.324

          	
            0.337

          	
            0.348

          	
            0.358

          	
            0.361

          
	
            57 months

          	
            0.257

          	
            0.277

          	
            0.294

          	
            0.310

          	
            0.324

          	
            0.337

          	
            0.348

          	
            0.358

          	
            0.361

          
	
            54 months

          	
            0.252

          	
            0.272

          	
            0.291

          	
            0.307

          	
            0.322

          	
            0.335

          	
            0.347

          	
            0.357

          	
            0.361

          
	
            51 months

          	
            0.246

          	
            0.268

          	
            0.287

          	
            0.304

          	
            0.320

          	
            0.333

          	
            0.346

          	
            0.357

          	
            0.361

          
	
            48 months

          	
            0.241

          	
            0.263

          	
            0.283

          	
            0.301

          	
            0.317

          	
            0.332

          	
            0.344

          	
            0.356

          	
            0.361

          
	
            45 months

          	
            0.235

          	
            0.258

          	
            0.279

          	
            0.298

          	
            0.315

          	
            0.330

          	
            0.343

          	
            0.356

          	
            0.361

          
	
            42 months

          	
            0.228

          	
            0.252

          	
            0.274

          	
            0.294

          	
            0.312

          	
            0.328

          	
            0.342

          	
            0.355

          	
            0.361

          
	
            39 months

          	
            0.221

          	
            0.246

          	
            0.269

          	
            0.290

          	
            0.309

          	
            0.325

          	
            0.340

          	
            0.354

          	
            0.361

          
	
            36 months

          	
            0.213

          	
            0.239

          	
            0.263

          	
            0.285

          	
            0.305

          	
            0.323

          	
            0.339

          	
            0.353

          	
            0.361

          
	
            33 months

          	
            0.205

          	
            0.232

          	
            0.257

          	
            0.280

          	
            0.301

          	
            0.320

          	
            0.337

          	
            0.352

          	
            0.361

          
	
            30 months

          	
            0.196

          	
            0.224

          	
            0.250

          	
            0.274

          	
            0.297

          	
            0.316

          	
            0.335

          	
            0.351

          	
            0.361

          
	
            27 months

          	
            0.185

          	
            0.214

          	
            0.242

          	
            0.268

          	
            0.291

          	
            0.313

          	
            0.332

          	
            0.350

          	
            0.361

          
	
            24 months

          	
            0.173

          	
            0.204

          	
            0.233

          	
            0.260

          	
            0.285

          	
            0.308

          	
            0.329

          	
            0.348

          	
            0.361

          
	
            21 months

          	
            0.161

          	
            0.193

          	
            0.223

          	
            0.252

          	
            0.279

          	
            0.304

          	
            0.326

          	
            0.347

          	
            0.361

          
	
            18 months

          	
            0.146

          	
            0.179

          	
            0.211

          	
            0.242

          	
            0.271

          	
            0.298

          	
            0.322

          	
            0.345

          	
            0.361

          
	
            15 months

          	
            0.130

          	
            0.164

          	
            0.197

          	
            0.230

          	
            0.262

          	
            0.291

          	
            0.317

          	
            0.342

          	
            0.361

          
	
            12 months

          	
            0.111

          	
            0.146

          	
            0.181

          	
            0.216

          	
            0.250

          	
            0.282

          	
            0.312

          	
            0.339

          	
            0.361

          
	
            9 months

          	
            0.090

          	
            0.125

          	
            0.162

          	
            0.199

          	
            0.237

          	
            0.272

          	
            0.305

          	
            0.336

          	
            0.361

          
	
            6 months

          	
            0.065

          	
            0.099

          	
            0.137

          	
            0.178

          	
            0.219

          	
            0.259

          	
            0.296

          	
            0.331

          	
            0.361

          
	
            3 months

          	
            0.034

          	
            0.065

          	
            0.104

          	
            0.150

          	
            0.197

          	
            0.243

          	
            0.286

          	
            0.326

          	
            0.361

          
	
            0 months

          	
            —

          	
            —

          	
            0.042

          	
            0.115

          	
            0.179

          	
            0.233

          	
            0.281

          	
            0.323

          	
            0.361

          

    

    

    The exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair Market Value is between two values in the table or the Redemption Date is between
      two redemption dates in the table, the number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line interpolation between the number of shares set forth for the higher and lower
      Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

    

    

    The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4
      hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately
      prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the number of
      shares issuable upon exercise of a Warrant. If the Exercise Price of a warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share
      prices in the column headings shall equal the share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and
      (b) in the case of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such
      adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment. In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 Ordinary Shares per Warrant (subject to adjustment)

    

    

    6.3.        Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the
      Warrants pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to
      the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they
      shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2 and (b) “Reference
        Value” shall mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given.

    

    

    
      11

      
        

    

    6.4.        Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section
          6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

    

    

    6.5.        Exclusion of Private Placement Warrants. The Company agrees that (a) the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees and
      (b) if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2 hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its
      Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may
      redeem the Private Placement Warrants pursuant to Section 6.1 or 6.2 hereof, provided that the criteria
      for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4
      hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes of Section 9.8 hereof.

    

    

    7.           Other Provisions Relating to Rights of Holders of Warrants.

    

    

    7.1.        No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the
      Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of
      directors of the Company or any other matter.

    

    

    7.2.        Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
      Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so
      lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

    

    

    7.3.        Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
      Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

    

    

    7.4.        Registration of Ordinary Shares; Cashless Exercise at Company’s Option.

    

    

    7.4.1.        Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business
      Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon
      exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business Combination and to maintain the effectiveness of
      such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the
      sixtieth (60th) Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period
      when the Company shall fail to have maintained an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in
      accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Ordinary Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants,
      multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1,
      “Fair Market Value” shall mean the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day period
      immediately following the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be
      conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm
      with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered
      under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of
      the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the
      Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection
          7.4.1.

    

    

    
      12

      
        

    

    7.4.2.        Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Public Warrant not listed on a
      national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise
      such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects,
      the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to
      the contrary, and (y) use its commercially reasonable efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is not available.

    

    

    8.           Concerning the Warrant Agent and Other Matters.

    

    

    8.1.        Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
      Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

    

    

    8.2.        Resignation, Consolidation, or Merger of Warrant Agent.

    

    

    8.2.1.        Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
      discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint
      in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or
      by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the
      appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the laws of the State of New York, in
      good standing and having its principal office in the United States of America, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor
      Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for
      any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such
      predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
      successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

    

    

    
      13

      
        

    

    8.2.2.        Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
      to the predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment.

    

    

    8.2.3.        Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated
      or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

    

    

    8.3.        Fees and Expenses of Warrant Agent.

    

    

    8.3.1.        Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder
      and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

    

    

    8.3.2.        Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
      acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

    

    

    8.4.        Liability of Warrant Agent.

    

    

    8.4.1.        Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
      necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
      to be conclusively proved and established by a statement signed by the Chief Executive Officer, the President, the Chief Financial Officer, Chief Operating Officer, the General Counsel, the Secretary or the Chairman of the Board of the Company and
      delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

    

    

    8.4.2.        Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith.
      The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution
      of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.

    

    

    8.4.3.        Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
      validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
      not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the
      ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to
      this Agreement or any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and nonassessable.

    

    

    8.5.         Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon
      the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
      of Ordinary Shares through the exercise of the Warrants.

    

    

    
      14

      
        

    

    8.6.         Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between
      the Company and Continental Stock Transfer & Trust Company as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent
      hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account.

    

    

    9.           Miscellaneous Provisions.

    

    

    9.1.        Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and
      inure to the benefit of their respective successors and assigns.

    

    

    9.2.        Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any
      Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until
      another address is filed in writing by the Company with the Warrant Agent), as follows:

    

    

    Twin Ridge Capital Acquisition Corp.

    707 Menlo Avenue, Suite 110

    Menlo Park, California 94025

    Attention: Sanjay Morey

    

    

    with a copy to:

    

    

    Kirkland & Ellis LLP

    601 Lexington Avenue

    New York, New York 10022

    Attention: Peter S. Seligson

    

    

    Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by
      certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, NY 10004

    Attention: Compliance Department

    

    

    9.3.         Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be
      governed in all respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced
      in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The
      Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty
      created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

    

    

    
      15

      
        

    

    Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District
      Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have
      consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to
      enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement
      action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

    

    

    9.4.         Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person,
      corporation or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All
      covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

    

    

    9.5.         Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
      Agent in the United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

    

    

    9.6.         Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
      for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

    

    

    9.7.         Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the
      interpretation thereof.

    

    

    9.8.         Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i)
      curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or defective provision contained herein, (ii) amending the
      definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second sentence of subsection 4.1.2 or (iii) adding or changing any provisions with respect
      to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement. All other modifications or amendments,
      including any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 50% of
      the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of this Agreement with respect to the Private Placement Warrants, 50% of the then-outstanding Private
      Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

    

    

    9.9.        Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
      not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
      Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

    

    

    Exhibit A — Form of Warrant Certificate

    

    

    Exhibit B Legend — Private Placement Warrants

    

    

    
      16

      
        

    

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

    

    

    	 	
            TWIN RIDGE CAPITAL ACQUISITION CORP.

          
	 	 	 
	 	
            By:

          	
            /s/ Sanjay Morey

          
	 	 	
            Name:

          	
            Sanjay Morey

          
	 	 	
            Title:

          	
            Co-Chief Executive Officer

          

    

    

    	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

            as Warrant Agent

          
	 	 	 
	 	
            By:

          	
            /s/ Stacy Aqui

          
	 	 	
            Name:

          	
            Stacy Aqui

          
	 	 	
            Title:

          	
            Vice President

          

    

    

    
      
        

    

    
    EXHIBIT A

    

    

    [FACE]

    

    

    Number

    

    

    Warrants

    

    

    THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

    THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

    IN THE WARRANT AGREEMENT DESCRIBED BELOW

     

    

    Twin Ridge Capital Acquisition Corp.

    Incorporated Under the Laws of the Cayman Islands

    

    

    CUSIP [●]

    

    

    Warrant Certificate

    

    

    This Warrant Certificate certifies that [               ], or registered assigns, is the registered holder of [               ] warrant(s) (the “Warrants” and each, a “Warrant”) to purchase
      Class A ordinary shares, $0.0001 par value (“Ordinary Shares”), of Twin Ridge Capital Acquisition Corp., a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
      Company that number of fully paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined
      pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United
      States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used
      in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

    

    

    Each whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be
      entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares issuable upon
      exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

    

    

    The initial Exercise Price per one Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

    

    

    Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become
      void. The Warrants may be redeemed, subject to certain conditions, as set forth in the Warrant Agreement.

    

    

    Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this
      place.

    

    

    This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by and construed in accordance with the
      internal laws of the State of New York.

    

    

    
      A-1

      
        

    

    	 	
            TWIN RIDGE CAPITAL ACQUISITION CORP.

          
	 	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	
            Sanjay Morey

          
	 	 	
            Title:

          	
            Authorized Signatory

          

    

    

    	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY,

            AS WARRANT AGENT

          
	 	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 

    

    

    
      A-2

      
        

    

    [Form of Warrant Certificate]

    

    [Reverse]

    

    The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [               ] Ordinary Shares and are issued or to be issued pursuant to
      a Warrant Agreement dated as of [•], 2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer
      & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference
      in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered
      Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
      the meanings given to them in the Warrant Agreement.

    

    

    Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant
      Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number
      of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

    

    

    Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the issuance of the Ordinary Shares to
      be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise”
      as provided for in the Warrant Agreement.

    

    

    The Warrant Agreement provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted.
      If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares to be issued to the holder of the
      Warrant.

    

    

    Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be
      exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of
      Warrants.

    

    

    Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like
      number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection
      therewith.

    

    

    The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by
      anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this
      Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.

    

    

    
      A-3

      
        

    

    Election to Purchase

    

    

    (To Be Executed Upon Exercise of Warrant)

    

    

    The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive [               ] Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of
      Twin Ridge Capital Acquisition Corp. (the “Company”) in the amount of $[               ] in accordance with the terms hereof. The undersigned
      requests that a certificate for such Ordinary Shares be registered in the name of [               ], whose address is [               ] and that such Ordinary Shares be delivered to [               ] whose address is [               ]. If said [     
               ] number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of [     
               ], whose address is [               ] and that such Warrant Certificate be delivered to [               ], whose address is [               ].

    

    

    In the event that the Warrant has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof
      elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection
          3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable.

    

    

    In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the
      Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.

    

    

    In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of Ordinary
      Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

    

    

    In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that this Warrant is exercisable for would be determined in
      accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this
      Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary Shares. If said number of shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise),
      the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of [               ], whose address is [               ] and that such Warrant Certificate be delivered to [ 
                   ], whose address is [               ].

    

    

    [Signature Page Follows]

    

    

    
      A-4

      
        

    

    	
            Date: [               ], 20

          	 
	 	 
	 	
            (Signature)

          
	 	 
	 	
            (Address)

          
	 	 
	 	 
	 	
            (Tax Identification Number)

          

    

    

    	
            Signature Guaranteed:

          	 
	 	 
	 	 

    

    

    THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
      PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

    

    

    
      A-5

      
        

    

    
    EXHIBIT B

    

    

    LEGEND

    

    

    THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG TWIN RIDGE
      CAPITAL ACQUISITION CORP. (THE “COMPANY”), TWIN RIDGE CAPITAL SPONSOR, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION
          3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE
      COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

    

    

    SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION AND SHAREHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE
      COMPANY.

    

    

    NO. [               ] WARRANT

    

    

    

    

    
      B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]